{"id":15,"date":"2022-11-22T09:00:26","date_gmt":"2022-11-22T09:00:26","guid":{"rendered":"https:\/\/3.84.196.179\/insights\/?p=15"},"modified":"2023-02-24T08:45:18","modified_gmt":"2023-02-24T08:45:18","slug":"mostly-made-up-growth-adjusted-gross-profit-per-employee","status":"publish","type":"post","link":"https:\/\/virtuaresearch.com\/insights\/?p=15","title":{"rendered":"Mostly made up: Growth adjusted gross profit per employee"},"content":{"rendered":"\n<p>First off, thanks to everyone who joined the \u201c<strong>Mostly talent collective\u201d<\/strong>. We had over 50 people join in the first week \ud83e\udd2f. The collective now includes candidates from companies like&nbsp;<strong>PwC<\/strong>,&nbsp;<strong>Bain<\/strong>, and&nbsp;<strong>McKinsey<\/strong>, all looking to join high growth startups\ud83e\udde0.<\/p>\n\n\n\n<p>So, of course, I had to take the good boy for ice cream\ud83c\udf68 to celebrate.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4b8191a2-5971-4a39-8192-33e4a8d2a52a_3024x2945.jpeg\" target=\"_blank\" rel=\"noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4b8191a2-5971-4a39-8192-33e4a8d2a52a_3024x2945.jpeg\" alt=\"\" width=\"364\" height=\"355\"\/><\/a><figcaption class=\"wp-element-caption\">Mostly metrics\u2019 editor and chief: Wally<\/figcaption><\/figure>\n<\/div>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>If you\u2019re an employee looking for your dream job, you can get on board \ud83d\udc47\ud83c\udffe<\/p>\n\n\n\n<p><a href=\"https:\/\/mostlymetrics.pallet.com\/talent\/welcome?referral=true\">Join as a Candidate<\/a><\/p>\n\n\n\n<p>And if you\u2019re an employer looking to supercharge your&nbsp;<strong>finance<\/strong>,&nbsp;<strong>strategy<\/strong>, or&nbsp;<strong>operations<\/strong>&nbsp;muscles, find them here \ud83d\udc47\ud83c\udffe<\/p>\n\n\n\n<p><a href=\"https:\/\/mostlymetrics.pallet.com\/talent\/welcome\">Join as a Company<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>Now on to the meat\ud83e\udd69and potatoes\ud83e\udd54 of today\u2019s post &#8211; I teamed up with my friends at&nbsp;<strong><a href=\"https:\/\/virtuaresearch.com\/SAAS.html\">Virtua Research<\/a><\/strong>&nbsp;to bring a metric I\u2019ve had bouncing around in my head for a couple of years to life.<\/p>\n\n\n\n<p><em><strong>It\u2019s called Growth Adjusted Gross Profit per Employee.<\/strong><\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4aa0b41d-c57f-4f5e-9b32-e57efd658a7c_498x280.gif\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_lossy\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4aa0b41d-c57f-4f5e-9b32-e57efd658a7c_498x280.gif\" alt=\"Made up\" title=\"Made up\"\/><\/a><\/figure>\n<\/div>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Here\u2019s how it works:<\/h3>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Take a company\u2019s&nbsp;<strong>Gross profit<\/strong>&nbsp;(Revenue less Cost of Goods Sold)<\/li>\n\n\n\n<li>Divide that by the&nbsp;<strong>number of employees<\/strong>&nbsp;they have on board (total headcount)<\/li>\n\n\n\n<li>Multiply that by&nbsp;<strong>(1 + y\/y revenue growth)<\/strong><\/li>\n<\/ol>\n\n\n\n<p>Here\u2019s an example comparing two fictional companies:<\/p>\n\n\n\n<p><strong>Company A:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue of $120M<\/li>\n\n\n\n<li>Gross Margin of 74%<\/li>\n\n\n\n<li>Employee count of 500<\/li>\n\n\n\n<li>Revenue growth rate of 30%<\/li>\n\n\n\n<li><em>Step 1<\/em>: $120M x 74% = Gross Profit of $89M<\/li>\n\n\n\n<li><em>Step 2<\/em>: $89M \/ 500 employees = $178K Gross Profit per Employee<\/li>\n\n\n\n<li><em>Step 3<\/em>: $178K x (1 + 30%) revenue growth rate =&nbsp;<strong>$231K per Employee<\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>Company B:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Revenue of $200M<\/li>\n\n\n\n<li>Gross Margin of 62%<\/li>\n\n\n\n<li>Employee count of 1,500<\/li>\n\n\n\n<li>Revenue growth rate of 60%<\/li>\n\n\n\n<li><em>Step 1<\/em>: $200M x 62% = Gross Profit of $124M<\/li>\n\n\n\n<li><em>Step 2<\/em>: $124M \/ 1,500 employees = $83K Gross Profit per Employee<\/li>\n\n\n\n<li><em>Step 3<\/em>: $83K x (1+ 60%) revenue growth rate =&nbsp;<strong>$133K per Employee<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Company A comes out as the more efficient operator, and a potentially better bet. Even though Company A isn\u2019t growing as fast as Company B, it has a healthier gross margin and is generating more Gross Profit per employee.<\/p>\n\n\n\n<p>With that example under our belts, let\u2019s get familiar with the formula\u2019s components and why they\u2019re important.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F098b57e6-c995-4e15-9f07-4d8c3a5e0742_500x265.gif\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_lossy\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F098b57e6-c995-4e15-9f07-4d8c3a5e0742_500x265.gif\" alt=\"Innovation\" title=\"Innovation\"\/><\/a><\/figure>\n<\/div>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Gross Profit:<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>At the end of the day,&nbsp;<strong>the higher your gross profit<\/strong>,&nbsp;<strong>the more money you have to run the rest of the business.<\/strong><\/li>\n\n\n\n<li>A gross margin of 74% (a rough median for software companies) means that for every $1 the biz brings in, 74 cents is left over for salaries, rent, and other OPEX (including those ugly laptop backpacks they give out each year at your company sales kickoff).<\/li>\n\n\n\n<li><strong>Margins matter<\/strong>&nbsp;&#8211; take it from my friend&nbsp;<a href=\"https:\/\/twitter.com\/kwharrison13\">Kyle Harrison<\/a>, who dove into why Twilio is trading at a&nbsp;<strong>MASSIVE<\/strong>&nbsp;discount to other high growth SaaS companies like Atlassian and DataDog:<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>So when companies like Datadog and Atlassian are trading at ~10-15x revenue, why is Twilio down at ~1.5x revenue?<br><br>In part? Gross margins.<br><br>Remember that Twilio has ~50% gross margins.<br><br>Datadog? 77%<br>Atlassian? 84%<br>Cloudflare? 78%<br><br>Right out of the gate, that $2.8B in revenue?&nbsp;<strong>It\u2019s costing Twilio ~2.5x more to get it.<\/strong><\/em><\/p>\n\n\n\n<p>&#8211;<a href=\"https:\/\/www.linkedin.com\/posts\/kyle-harrison-9274b278_twilio-has-36b-in-revenue-they-dropped-activity-6995860233835225088-nJYr?utm_source=share&amp;utm_medium=member_desktop\">Kyle Harrison, Contrary Capital<\/a><\/p>\n<\/blockquote>\n\n\n\n<p>I believe we should&nbsp;<strong>STOP<\/strong>&nbsp;talking so much about revenue multiples and&nbsp;<strong>START<\/strong>&nbsp;talking more about&nbsp;<strong>multiples of Gross Profit<\/strong>.<\/p>\n\n\n\n<p>Why?<\/p>\n\n\n\n<p>Well, as a friend of mine likes to say:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI love Revenue, but if I fed my dog Revenue,&nbsp;<strong>he\u2019d die<\/strong>. He needs Gross Profit to survive.\u201d<\/p>\n<\/blockquote>\n\n\n\n<p>Gross Profit is the lifeblood of any business. Companies can\u2019t just trade a dollar for a dollar forever (unless it\u2019s the Costco $1.38 hotdog).<\/p>\n\n\n\n<p>Now, with that being said, you might say why don\u2019t we just look at profitability?<\/p>\n\n\n\n<p>I don\u2019t want to over rotate and only size up companies based on their profitability. I think that too misses the forest through the trees&nbsp;<em><strong>when you are talking about high growth tech firms<\/strong><\/em>.<\/p>\n\n\n\n<p>EBITDA multiples are cool, but there are times when you are chasing a market opportunity and it makes sense to burn cash,&nbsp;<em><strong>IF<\/strong><\/em>&nbsp;you can still protect your gross margin, which will eventually be your route to scalability. Tech markets come with windows of opportunity, and the difference between being #1 vs #2 in a market is huge.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Gross Profit per Employee<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>This is a&nbsp;<em>remix<\/em>&nbsp;of one of my favorite metrics,&nbsp;<strong>Revenue per Employee<\/strong><\/li>\n\n\n\n<li>Revenue per employee is a simple metric that cuts through all the noise<\/li>\n\n\n\n<li>There\u2019s no hiding from it &#8211; just take the amount of revenue you\u2019re generating and divide it by the number of people on board<\/li>\n\n\n\n<li>This should go up over time, and&nbsp;<strong>demonstrate leverage<\/strong>&nbsp;in your business model.<\/li>\n\n\n\n<li>With Revenue per Employee, ideally you get close to $250K or $300k per person when you approach $100M in revenue<\/li>\n\n\n\n<li>So for Gross Profit per Employee, ideally you get into the $200K to $250K range as you approach scale (on an annualized basis)<\/li>\n\n\n\n<li>This is something companies should track closely to make sure they aren\u2019t getting out over their skis with hiring during hyper growth<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Revenue Growth Rate<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Best measured on a TTM (trailing twelve month) basis<\/li>\n\n\n\n<li>No matter how you slice it, high revenue growth covers up a lot of sins<\/li>\n\n\n\n<li>The question this formula assess is\u2026 just how many sins?<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">So what\u2019s the point?<\/h3>\n\n\n\n<p>The point of this formula is to balance&nbsp;<strong>business model scalability<\/strong>&nbsp;(Gross Profit) with&nbsp;<strong>operational leverage<\/strong>&nbsp;(Gross Profit per Head) and&nbsp;<strong>ability to execute on the sales side<\/strong>&nbsp;(Revenue growth rate).<\/p>\n\n\n\n<p>When I look at a company to work for, advise, or invest in, I want to have faith in where they\u2019re going. I\u2019m very willing to accept that not all companies will be profitable RIGHT NOW.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Applying the metric in real life:<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F8d24cbbc-7a5a-4506-aec3-420527e181ef_3815x1393.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F8d24cbbc-7a5a-4506-aec3-420527e181ef_3815x1393.png\" alt=\"\"\/><\/a><figcaption class=\"wp-element-caption\">Source:&nbsp;<strong><a href=\"https:\/\/virtuaresearch.com\/SAAS.html\">Virtua Lifecyle Research<\/a><\/strong><\/figcaption><\/figure>\n\n\n\n<p>Here\u2019s Crowdstrike ($CRWD) vs their Cyber Security sector cohort. You can see they are generating $15K to $25K above the industry median and average. It makes sense why investors are willing to pay a premium &#8211; not only is their Gross Profit healthier than most, they are generating it with a sensible number of employees on board, and growing faster than the sector. A few more examples\u2026<\/p>\n\n\n\n<p>A(nother) cybersecurity company&nbsp;<em><strong>outperforming<\/strong><\/em>: Palo Alto ($PANW)<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F42488a81-c420-4f99-adf9-c4f70070b752_3815x1393.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F42488a81-c420-4f99-adf9-c4f70070b752_3815x1393.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>A cybersecurity company&nbsp;<em><strong>on the rise<\/strong><\/em>: Sentinel One ($S)<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F0c6a944d-f474-4746-89ae-81f6661aa29d_3815x1393.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F0c6a944d-f474-4746-89ae-81f6661aa29d_3815x1393.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p>A cybersecurity company&nbsp;<em><strong>underperforming<\/strong><\/em>: JAMF.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/substackcdn.com\/image\/fetch\/f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F5c1faa9d-59c6-4304-a9d9-afa7b14e3ce1_3815x1393.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F5c1faa9d-59c6-4304-a9d9-afa7b14e3ce1_3815x1393.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Putting it to use<\/h3>\n\n\n\n<p>This metric, in my (made up) opinion, is best used to&nbsp;<strong>compare high tech growth companies<\/strong>&nbsp;<strong>who are later in their lifecycles (<\/strong>+$100M ARR, post series C, or post IPO) with&nbsp;<strong>similar monetization models<\/strong>.<\/p>\n\n\n\n<p>I think it\u2019s also interesting to not only compare companies vs one another, but also check how a single company is trending over time &#8211; are they getting better at what they do?<\/p>\n\n\n\n<p>I\u2019m going to start tracking&nbsp;<strong>Growth adjusted gross profit per employee<\/strong>&nbsp;as my own personal \u201cindex\u201d of sorts.<\/p>\n\n\n\n<p>As a metrics wonk, it combines three of my favorite signals into one. I think looking purely at revenue multiples quarter to quarter is misleading. You can still go fast and grow like crazy, but have a rotten core that\u2019s ripe for burn out.<\/p>\n\n\n\n<p>And I don\u2019t think we should only care about profitability. Like, how boring is that? If you want slow growth and high profitability, go buy a car wash or dry cleaning business. (I joke, I joke, I joke).<\/p>\n\n\n\n<p>So there it is &#8211; Growth adjusted gross profit per employee.<\/p>\n\n\n\n<p>Next time we revisit this metric we\u2019ll size up the DevOps industry to see how companies are performing.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">What I\u2019ve been reading<strong>\u200b<\/strong><\/h3>\n\n\n\n<p>As a business leader, you have a few big decisions that will 10x your growth or sink your business.<\/p>\n\n\n\n<p>That\u2019s why I\u2019m a big fan of&nbsp;<em><a href=\"https:\/\/click.convertkit-mail2.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\">Brian<\/a><\/em>&nbsp;and his newsletter. Every week he shares simple tips to help you make the big choices that grow your business.<\/p>\n\n\n\n<p>Join 7,000+ business leaders and check out&nbsp;<strong>The Competitive Edge<\/strong>&nbsp;to help position your business to grow<\/p>\n\n\n\n<p><a href=\"https:\/\/brianfoconnor.beehiiv.com\/\">Subscribe to The Competitive Edge<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Quote I\u2019ve been pondering<\/h3>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cAt no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul.\u201d<\/em><\/p>\n\n\n\n<p>-Principal in Billy Madison<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>First off, thanks to everyone who joined the \u201cMostly talent collective\u201d. We had over 50 people join in the first week \ud83e\udd2f. The collective now includes candidates from companies like&nbsp;PwC,&nbsp;Bain, and&nbsp;McKinsey, all looking to join high growth startups\ud83e\udde0. So, of course, I had to take the good boy for ice cream\ud83c\udf68 to celebrate. If you\u2019re&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-15","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=\/wp\/v2\/posts\/15","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15"}],"version-history":[{"count":4,"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=\/wp\/v2\/posts\/15\/revisions"}],"predecessor-version":[{"id":34,"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=\/wp\/v2\/posts\/15\/revisions\/34"}],"wp:attachment":[{"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/virtuaresearch.com\/insights\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}