Turns Out to Be True: Growth Persistence Is a Thing SaaS Comps –2011 to 2016 100% 80% et 60% a R hwt 40% roG y = 0.82x 2 r 20% R² = 0.77 Yea 0% -40% -20% 0% 20% 40% 60% 80% 100% 120% -20% Year 1 Growth Rate

The Mendoza Line For SaaS Growth - Page 12 The Mendoza Line For SaaS Growth Page 11 Page 13