EXAMPLE 1 – TWILIO (<$5M ARR) G + R + I + T = GRIT SCORE % YoY Growth % Annual Net Yrsof Runway Net New ARR / Retention Net Burn 50 –200% 80 –150% 1 –3 Yrs 0.5 –1.5x 3 + 1.6 + 2 + 1.5 = 8.1 (300%+ Growth) (160% Retention) (2 Years) (1.5x Efficiency) BEST S A A S T R A N N U A L 2 0 1 9