The Metrics Brothers

After 122 episodes, Dave "CAC" Kellogg and Ray "Growth" Rike announce The Metrics Brothers is going on hiatus, reflecting on the show's top moments and sharing their next chapters in AI and SaaS metrics.

The Metrics Brothers break down Salesforce's Agentic Work Unit (AWU), debating whether it represents a meaningful step toward outcome-based AI pricing or just another awkward intermediate metric in the long history of software vendors searching for a pricing model that maps to real business value.

When a PE firm buys a SaaS company using Private Credit leverage and the growth slows, rates rise, and PIK interest compounds, the equity goes to zero and the lenders take the keys - and the Medallia deal is the clearest example of exactly how that plays out

The Metrics Brothers break down the Redpoint Ventures 2026 Software and AI Market Update, covering six key themes: why the AI build-out is not a dot-com repeat, the $6T agent maturity opportunity, what CIOs are actually buying, why terminal value (not near-term growth) is driving SaaS valuation compression, the new ARR-per-employee benchmarks set by AI-native companies, and why private markets are concentrating bets at an accelerating pace.

Dave and Ray dissect the Intercom AI transformation, using real growth, margin, and NRR data to show what it takes for a mature SaaS company to fully reinvent itself around AI, outcome-based pricing, and a new economic model