Why does revenue look strong but growth isn’t sustainable?

Revenue metrics look healthy but underlying growth is weak.

S: At 118%, NRR signals that the existing customer base is worth more at the end of the period than at the beginning — without any new customer acquisition. C: The mechanism is the net calculation that combines base retention and expansion into a single output. I: When GRR is 82% and NRR is 118%, the thirty-six percent expansion revenue share is covering an eighteen percent base erosion and producing twelve percent net growth.