Assertion Not publicly verifiable AI assessment confidence: 85% certainty 4/5 debate potential 1/5

UserTesting maintains an 86% gross revenue retention rate

Andy MacMillan · 1699 UserTesting Grabs $100m Series D w/ $84m in Revenues While Rest Of World Virus Panics, How Will CEO Spend Money? · Mar 19, 2020 · at 8:15

UserTesting CEO Andy MacMillan discusses the company's gross retention and churn unit economics across customer tiers.

0:00 / 0:06exact quote · 6.0s

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“We're at about 86% right now retention, so call it 24 sorry, 14% gross churn.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

As of March 2020, UserTesting had approximately 86% gross dollar retention, representing about 14% gross dollar churn.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

On 2020-03-19, then-CEO Andy MacMillan stated on the Top Founders podcast that UserTesting had approximately 86% gross dollar retention (and 14% gross churn). However, UserTesting's subsequent Form S-1 registration statement (filed in October 2021) and subsequent public SEC filings reported customer retention exclusively via Net Dollar-Based Retention Rate (110% as of December 31, 2020) and never publicly disclosed historical gross dollar retention or gross churn rates. UserTesting was subsequently acquired by Thoma Bravo and taken private in January 2023, concluding its SEC reporting obligations. Because the figure was an internal operational metric that was never disclosed in SEC filings, audited reports, or official investor releases during the company's public period, the claim cannot be settled using public records.

UserTesting Form S-1 (2021) and subsequent Form 10-K/10-Q filings disclosed Net Dollar-Based Retention Rate (110% as of December 31, 2020) but did not report Gross Dollar Retention or Gross Dollar Churn percentages.
UserTesting was acquired by Thoma Bravo and taken private in January 2023, permanently concluding its public SEC reporting window without ever publishing gross retention figures for early 2020.

Checked against

[1] sec.gov [2] sec.gov [3] sec.gov [4] getlatka.com [5] getlatka.com [6] fool.com [7] sec.gov

"UserTesting, Inc." "gross dollar retention" OR "gross retention rate" OR "gross churn" "UserTesting, Inc." S-1 "gross retention" OR "gross dollar retention" OR "dollar retention" "UserTesting" "S-1" "gross dollar retention" OR "gross retention" OR "net dollar retention" "UserTesting" "S-1" "retention rate" OR "churn" "2020" OR "2019" site:sec.gov "UserTesting, Inc." "retention" S-1 OR "S-1/A"

assessed as of 2026-09-02

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

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Andy MacMillan UserTesting

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More from Andy MacMillan

Insight

SaaS customer success teams should not be incentivized on net retention

“One of my big areas of CEOs to think about the fact that you don't want to incent your post sales team on net retention. Let your sales team go sell the upsell. They're the sellers. You want a post sales team that gets up every day and just because my job is t…”

Andy MacMillan May 26, 2019 ▶ 17:38 1401 UserTesting CEO "We're at $65m in ARR Now, Hoping to Break $80m by EOY" across 3000 paying customers

Disclosure

UserTesting's customer success team does no selling or upsells

“I have a chief customer officer who reports directly to me and they are solely responsible for making sure the customers are successful. They don't sell them anything. They don't upsell them anything.”

Andy MacMillan Mar 19, 2020 ▶ 9:12 1699 UserTesting Grabs $100m Series D w/ $84m in Revenues While Rest Of World Virus Panics, How Will CEO Spend Money?

Insight

SaaS companies should focus on gross revenue retention over net retention

“So we're a company that believes net retention is really important to a SaaS company, but I'm a CEO that believes the focus of a SaaS company should be gross retention, not net, and that that's an even more upside.”

Andy MacMillan May 26, 2019 ▶ 16:39 1401 UserTesting CEO "We're at $65m in ARR Now, Hoping to Break $80m by EOY" across 3000 paying customers

Disclosure

UserTesting raised a $100M round from Insight Partners

“We just raised a hundred million dollars from insight partners and have yet to announce that publicly, but pretty excited to have raised that.”

Andy MacMillan Mar 19, 2020 ▶ 4:01 1699 UserTesting Grabs $100m Series D w/ $84m in Revenues While Rest Of World Virus Panics, How Will CEO Spend Money?

Prediction Partly held up

UserTesting expects to cross $100M ARR by mid-2020

“So we're going to cross a hundred million in ARR probably mid this year growing about 40%.”

Andy MacMillan Mar 19, 2020 ▶ 6:10 1699 UserTesting Grabs $100m Series D w/ $84m in Revenues While Rest Of World Virus Panics, How Will CEO Spend Money?

Disclosure

UserTesting is acquiring Norway-based testing platform Teston

“One of the announcements we'll be making by the time this is live is we're acquiring a company called Teston, which is based in Norway. Allows you to test in a couple of different languages that we don't yet support on our platform.”

Andy MacMillan Mar 19, 2020 ▶ 11:38 1699 UserTesting Grabs $100m Series D w/ $84m in Revenues While Rest Of World Virus Panics, How Will CEO Spend Money?

UserTesting maintains an 86% gross revenue retention rate

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