Lucas and Luna sit down to dissect the mechanics of subscription software businesses: how unit economics, churn, and net revenue retention collide to produce the ARR growth that investors love. Each episode takes one metric or model — cohort-based retention curves, expansion MRR from multi-year contracts, the tension between NRR and gross margin — and walks through real company filings and public deck disclosures. Lucas, a journalist with a habit of asking what the footnotes don't say, and Luna, who tests every assumption against operating data, don't preach playbooks. They ask: When does a 120% NRR mask a broken sales motion? Why do some SaaS firms hit the 'Rule of 40' while others hang at 20? And what does a flattening cohort curve actually imply for a board's next hire? This is the show for operators, investors, and founders who want to think in multiples and curves — not catchphrases. You'll leave with a sharper question about your own retention model, not a to-do list.

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