Like you, I can only guess, but personnel costs must have gone up, along with all kinds of external services (whether labor intensive or capital intensive; the cost of letting someone use your gear goes up as interest rates rise).

This would not be a problem if the user base was growing quickly. Trainerroad is scalable, being a SaaS business. If I sign up, they don’t need more software engineers.

So, if Nate is correct in saying that TR are under inflationary pressure, this means that the user count has stagnated.

Also: since they have no outside investors, they are not under pressure to “improve economics” or whatever.

I'm just honestly curious as to WHAT those inflationary pressures are on a company like TR.

The software is already coded and developed for multiple platforms. You don't need a lot more resources there. They've got enough workouts and plans to not need anymore as well. And in its current incarnation, it pretty much should run itself for the users with very little input required from the company.

And even if the userbase is stagnant or not increasing, it's not like they NEED to keep growing. They have a lot of users already, and they'll make plenty good money even if it declines a little. (In contrast to something like Zwift which may be pushing out new worlds, new sponorships, new hardware, which all require more revenue coming in.) Is TR doing something new on their end for their product?

Just surprised that something even seeming as low-resource-intensive as TR is encountering such price pressures. Again, I have no idea what they or the industry is going through, so I'm likely missing something huge!