Figure 118 Aug 2026From “The metric didn't die. The cohort did.”

The disclosure rate over four fiscal years

The same 96 companies in all four years. Companies entering or leaving the panel would move the denominator, so they are excluded rather than allowed to create a trend.

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Figure 1The disclosure rate over four fiscal years

Source: Author's own replication. Frame: the 135 companies of Appendix A in Ordway Labs, 'Dollar-Based Net Retention Rate: How Public SaaS Companies Report' (published July 2024, analysis performed December 2023), of which 134 rows parsed from the report's PDF. 438 annual reports (10-K, 20-F, 40-F) read from SEC EDGAR at 18 August 2026 for the 104 baseline companies still filing. The series is the balanced panel of the 96 companies with a filing in each of fiscal 2022–2025; entrants and leavers are excluded rather than allowed to move the denominator. A company counts as disclosing where a named net or gross retention metric appears in its annual report. Frame and codebook were fixed and dated before any filing was read. Every row carries its accession number and the sha256 of the source document, so each value can be recomputed. Single coder; a second pass is owed. Corpus: 80 Reference/Source library/files/retention-replication-2026-08.

PNG4:3, 1600 × 1200, with the title, the source line and the attribution set in the image isoglu-2026-the-metric-didnt-die-the-cohort-did-fig01.png

From the essay

From the research bench

The metric didn't die. The cohort did.

Software companies are said to be quietly retiring net retention disclosure. Across 104 companies and 438 annual filings, the rate did not move.

18 Aug 2026

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This exhibit belongs to an essay: the numbers live here, the argument lives there.

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APA 7

Isoglu, S. (2026). The disclosure rate over four fiscal years [Figure]. isoglu.com. https://isoglu.com/insights/exhibits/isoglu-2026-the-metric-didnt-die-the-cohort-did-fig01/

BibTeX

@misc{isoglu-2026-the-metric-didnt-die-the-cohort-did-fig01,
  author = {Isoglu, Sinan},
  title = {{The disclosure rate over four fiscal years}},
  year = {2026},
  howpublished = {Figure 1, isoglu.com},
  url = {https://isoglu.com/insights/exhibits/isoglu-2026-the-metric-didnt-die-the-cohort-did-fig01/},
  note = {From the essay {The metric didn't die. The cohort did.}}
}

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<figure>
  <a href="https://isoglu.com/insights/exhibits/isoglu-2026-the-metric-didnt-die-the-cohort-did-fig01/">
    <img src="https://isoglu.com/social/isoglu-2026-the-metric-didnt-die-the-cohort-did-fig01.png" alt="Figure 1: The disclosure rate over four fiscal years" width="3200" height="2400">
  </a>
  <figcaption>Figure 1: The disclosure rate over four fiscal years. Source: Author&#39;s own replication. Frame: the 135 companies of Appendix A in Ordway Labs, &#39;Dollar-Based Net Retention Rate: How Public SaaS Companies Report&#39; (published July 2024, analysis performed December 2023), of which 134 rows parsed from the report&#39;s PDF. 438 annual reports (10-K, 20-F, 40-F) read from SEC EDGAR at 18 August 2026 for the 104 baseline companies still filing. The series is the balanced panel of the 96 companies with a filing in each of fiscal 2022–2025; entrants and leavers are excluded rather than allowed to move the denominator. A company counts as disclosing where a named net or gross retention metric appears in its annual report. Frame and codebook were fixed and dated before any filing was read. Every row carries its accession number and the sha256 of the source document, so each value can be recomputed. Single coder; a second pass is owed. Corpus: 80 Reference/Source library/files/retention-replication-2026-08. <a href="https://isoglu.com/insights/exhibits/isoglu-2026-the-metric-didnt-die-the-cohort-did-fig01/">View exhibit</a>.</figcaption>
</figure>