Assumption Two: Pretty Clear from the Data 2016-2018 SaaS IPOs 120% 100% 80% IPOat te60% a R h wtro40% G 20% 0% 0 100 200 300 400 500 600 ARR at IPO

Assumption Two: Pretty Clear from the Data 2016-2018 SaaS IPOs 120% 100% 80% IPOat te60% a R h wtro40% G 20% 0% 0 100 200 300 400 500 600 ARR at IPO