What’s so different about SaaS? Cash Flow for a Single Deal $1,000 $- Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month Month Month $(1,000) 10 11 12 $(2,000) $(3,000) $(4,000) $(5,000) $(6,000) $(7,000) CAC (Cost to acquire the customer) Subscription payments * GM%