Should you default your SaaS pricing page to annual billing or monthly plans?

We used to default to monthly pricing because it lowered the friction for new users. However, after switching the toggle default to annual billing (with a "2 months free" incentive), our upfront cash flow and annual contract value doubled within two quarters.

While initial visitor drop off was slightly higher, the users who did sign up were significantly higher quality and had a much lower churn rate.

Curious about your pricing page strategy does defaulting to annual plans hurt your initial sign ups or does it dramatically improve user retention ?