Quarter

Apr. 30,
2012

Jul. 31,
2012

Oct. 31,
2012

Revenue
Cost of revenue
Gross profit

10,013
2,355
7,658

12,958
3,164
9,794

16,164
4,484
11,680

Operating expenses:
Research and development
Sales and marketing
General and administrative
Total operating expenses

5,994
17,971
3,910
27,875

6,663
22,363
5,385
34,411

7,993
27,934
8,447
44,374

Loss from operations

(20,217)
Remeasurement of redeemable convertible preferred stock warrant liabilityInterest income (expense), net
(222)
Other income (expense), net
9

(24,617)
(1,529)
(347)
6

(32,694)
(81)
(614)
-

Loss before provision (benefit) for income taxes

Provision (benefit) for income taxes
Net loss

(20,430)
3
(20,433)

(26,487)
(26,487)

(33,389)
8
(33,397)

76%
278%
179%
60%
-204%

29%
76%
266%
173%
51%
-204%

25%
72%
275%
173%
49%
-207%

Consolidated Statements of Operations Data:

Cashflow, operating
Cashflow, investing
Cashflow, financing
Cashflow, overall
Billings**
Billings growth
Key Metrics
YoY growth
QoQ growth (sequential)
Gross margin
Operating expenses (as % of revenue)
S&M expense (as % of revenue)
R&D expense (as % of revenue)
Return on sales (net loss/revenue)
Avg quarterly burn rate from operations
Operating cashflow/revenue
Billings/revenue
Retention rate

Prior-quarter S&M
New ARR estimate (using 0.8 ratio -- see post
CAC

8,010

17,971
10,366
1.7

22,363
12,931
1.7

* = year ended 12/31/11 + month ended 1/31/12

** for FY12 it's actually YE 12/31/11 without the extra month

All contents copyright 2014 Dave Kellogg and licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0

Quarter Ended
Jan. 31,
Apr. 30,
2013
2013

Jul. 31,
2013

Oct. 31,
2013

Jan. 31,
2014

19,662
4,277
15,385

23,414
4,561
18,853

28,364
5,907
22,457

33,585
7,172
26,413

38,829
8,334
30,495

24,460
7,723
16,737

58,797
14,280
44,517

8,346
30,953
7,687
46,986

9,439
33,936
8,261
51,636

10,965
41,416
10,010
62,391

12,090
48,822
11,386
72,298

13,473
47,014
10,186
70,673

16,311
40,435
14,605
71,351

28,996
99,221
25,429
153,646

(31,601)
(117)
(581)
101

(32,783)
(693)
(548)
(9)

(39,934)
(1,607)
(716)
(73)

(45,885)
(3,583)
(1,979)
111

(40,178)
(2,594)
(462)
(55)

(54,614)
(727)
(82)
41

(109,129)
(1,727)
(1,764)
116

(32,198)
48
(32,246)

(34,033)
6
(34,039)

(42,330)
(2,575)
(39,755)

(51,336)
55
(51,391)

(43,289)
83
(43,372)

(55,382)
16
(55,398)

(112,504)
59
(112,563)

(36,005)
(39,124)
102,825
27,696

(81,751)
314
172,797
91,360

30,391
177%

85,727
182%

22%
78%
239%
157%
42%
-164%

134%
19%
81%
221%
145%
40%
-145%

Fiscal Year

119%
21%
79%
220%
146%
39%
-140%

108%
18%
79%
215%
145%
36%
-153%

97%
16%
79%
182%
121%
35%
-112%

FY12*

FY13

141%
68%
292%
165%
67%
-226%

76%
261%
169%
49%
-191%

(9,001)
-215%

(20,438)
-184%

124%
129%

146%
144%

27,934
15,730
1.8

30,953
18,731
1.7

33,936
22,691
1.5

commercial-Share Alike 3.0 United States License

41,416
26,868
1.5

48,822
31,063
1.6

1.7

Fiscal Year
FY14

124,192
25,974
98,218

45,967
171,188
39,843
256,998
(158,780)
(8,477)
(3,705)
(26)
(170,988)
(2,431)
(168,557)
(91,769)
(32,285)
105,165
(18,889)
174,164
103%

111%
79%
207%
138%
37%
-136%
(22,942)
-93%
140%
136%

1.6

Model To Show Relationship Between Reven

1Q10

2Q10

3Q10

4Q10

1Q11

Starting ARR
New ARR
Renewal ARR
Churn ARR
Ending ARR

500
500

500
1,000
1,500

1,500
1,500
3,000

3,000
2,000
5,000

5,000
2,500
450
50
7,450

Revenue
Deferred revenue
Change in deferred revenue

500
500

125
1,375
875

375
2,500
1,125

750
3,750
1,250

1,250
5,450
1,700

Billings
New-ARR/billings
Change-in-deferred/new-ARR
New-ARR/revenue

500
1.0
1.0

1,000
1.0
0.9
8.0

1,500
1.0
0.8
4.0

2,000
1.0
0.6
2.7

2,950
0.8
0.7
2.0

Revenue growth
Deferred revenue growth
New ARR YoY growth
Billings growth

Assumptions
- All orders placed on last day of the quarter
- All orders 1 year
- All orders prepaid
- Renewal Rate

990%
400%
490%

90%

All contents copyright 2014 Dave Kellogg and licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0

ationship Between Revenue, Billings, and New ARR: Generic Example with New ARR Increasing by 500K/quarter
2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

7,450
3,000
900
100
10,350

10,350
3,500
1,350
150
13,700

13,700
4,000
1,800
200
17,500

17,500
4,500
2,655
295
21,705

21,705
5,000
3,510
390
26,315

26,315
5,500
4,365
485
31,330

31,330
6,000
5,220
580
36,750

36,750
6,500
6,440
716
42,535

42,535
7,000
7,659
851
48,684

1,863
7,488
2,038

2,588
9,750
2,263

3,425
12,125
2,375

4,375
14,905
2,780

5,426
17,989
3,084

6,579
21,275
3,286

7,833
24,663
3,388

9,188
28,415
3,752

10,634
32,440
4,025

3,900
0.8
0.7
1.6

4,850
0.7
0.6
1.4

5,800
0.7
0.6
1.2

7,155
0.6
0.6
1.0

8,510
0.6
0.6
0.9

9,865
0.6
0.6
0.8

11,220
0.5
0.6
0.8

12,940
0.5
0.6
0.7

14,659
0.5
0.6
0.7

1390%
445%
200%
290%

590%
290%
133%
223%

357%
223%
100%
190%

ommercial-Share Alike 3.0 United States License

250%
173%
80%
143%

191%
140%
67%
118%

154%
118%
57%
103%

129%
103%
50%
93%

110%
91%
44%
81%

96%
80%
40%
72%

/quarter
3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

FY10

FY11

FY12

48,684
7,500
8,879
987
55,197

55,197
8,000
10,098
1,122
62,075

62,075
8,500
11,646
1,294
69,281

69,281
9,000
13,193
1,466
76,815

76,815
9,500
14,741
1,638
84,677

84,677
10,000
16,288
1,810
92,868

5,000
5,000

5,000
13,000
4,500
500
17,500

17,500
21,000
15,750
1,750
36,750

12,171
36,648
4,208

13,799
40,946
4,299

15,519
45,573
4,627

17,320
50,446
4,873

19,204
55,483
5,037

21,169
60,602
5,119

1,250
3,750
3,750

9,125
12,125
8,375

24,213
24,663
12,538

16,379
0.5
0.6
0.6

18,098
0.4
0.5
0.6

20,146
0.4
0.5
0.5

22,193
0.4
0.5
0.5

24,241
0.4
0.5
0.5

26,288
0.4
0.5
0.5

5,000
1.0
0.8
4.9

17,500
0.8
0.6
1.5

36,750
0.6
0.6
0.9

85%
72%
36%
66%

76%
66%
33%
61%

69%
60%
31%
56%

63%
56%
29%
51%

58%
51%
27%
48%

53%
48%
25%
45%

630%
223%
160%
250%

165%
103%
62%
110%

FY13

FY14

36,750
29,000
33,075
3,675
62,075

62,075
37,000
55,868
6,208
92,868

45,791
40,946
16,284

73,212
60,602
19,655

62,075
0.5
0.6
0.6

92,868
0.4
0.5
0.5

89%
66%
38%
69%

60%
48%
28%
50%

Model To Show Relationship Between Revenue

1Q10

2Q10

3Q10

4Q10

1Q11

Starting ARR
New ARR
Renewal ARR
Churn ARR
Ending ARR

400
400

400
800
1,200

1,200
1,200
2,400

2,400
1,500
3,900

3,900
2,500
360
40
6,360

Revenue
Deferred revenue
Change in deferred revenue

400
400

100
1,100
700

300
2,000
900

600
2,900
900

975
4,785
1,885

Billings
New-ARR/billings
Change-in-deferred/new-ARR
New-ARR/revenue

400
1.0
1.0

800
1.0
0.9
8.0

1,200
1.0
0.8
4.0

1,500
1.0
0.6
2.5

2,860
0.9
0.8
2.6

Revenue growth
Deferred revenue growth
New ARR YoY growth
Billings growth

Assumptions
- All orders placed on last day of the quarter
- All orders 1 year
- All orders prepaid
- Renewal Rate

1096%
525%
615%

90%

All contents copyright 2014 Dave Kellogg and licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0

tionship Between Revenue, Billings, and New ARR: Adapted to Look a Bit Like Box on Annual Basis for Past 3 Years
2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

6,360
3,000
720
80
9,280

9,280
3,200
1,080
120
12,360

12,360
4,000
1,350
150
16,210

16,210
4,500
2,574
286
20,424

20,424
5,500
3,348
372
25,552

25,552
9,000
3,852
428
34,124

34,124
12,000
4,815
535
45,589

45,589
8,000
6,367
707
52,882

52,882
10,000
7,963
885
61,997

1,590
6,915
2,130

2,320
8,875
1,960

3,090
11,135
2,260

4,053
14,157
3,022

5,106
17,899
3,742

6,388
24,363
6,464

8,531
32,647
8,284

11,397
35,616
2,969

13,220
40,359
4,743

3,720
0.8
0.7
1.9

4,280
0.7
0.6
1.4

5,350
0.7
0.6
1.3

7,074
0.6
0.7
1.1

8,848
0.6
0.7
1.1

12,852
0.7
0.7
1.4

16,815
0.7
0.7
1.4

14,367
0.6
0.4
0.7

17,963
0.6
0.5
0.8

1490%
529%
275%
365%

673%
344%
167%
257%

415%
284%
167%
257%

ommercial-Share Alike 3.0 United States License

316%
196%
80%
147%

221%
159%
83%
138%

175%
175%
181%
200%

176%
193%
200%
214%

181%
152%
78%
103%

159%
125%
82%
103%

ast 3 Years
3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

FY10

FY11

FY12

61,997
14,000
11,567
1,285
74,712

74,712
18,000
15,134
1,682
91,030

91,030
20,000
12,930
1,437
109,593

109,593
24,000
16,167
1,796
131,797

131,797
26,000
23,010
2,557
155,240

155,240
28,000
29,820
3,313
179,927

3,900
3,900

3,900
12,700
3,510
390
16,210

16,210
31,000
14,589
1,621
45,589

15,499
50,426
10,068

18,678
64,882
14,456

22,758
75,054
10,172

27,398
87,823
12,769

32,949
103,884
16,061

38,810
122,894
19,010

1,000
2,900
2,900

7,975
11,135
8,235

24,078
32,647
21,512

25,567
0.5
0.7
0.9

33,134
0.5
0.8
1.0

32,930
0.6
0.5
0.9

40,167
0.6
0.5
0.9

49,010
0.5
0.6
0.8

57,820
0.5
0.7
0.7

3,900
1.0
0.8
4.8

16,210
0.8
0.7
1.8

45,589
0.7
0.7
1.3

143%
107%
56%
99%

119%
99%
50%
97%

100%
111%
150%
129%

107%
118%
140%
124%

113%
106%
86%
92%

108%
89%
56%
75%

698%
284%
226%
316%

202%
193%
144%
181%

FY13

FY14

45,589
50,000
41,030
4,559
91,030

91,030
98,000
81,927
9,103
179,927

58,795
64,882
32,235

121,915
122,894
58,012

91,030
0.6
0.6
0.8

179,927
0.6
0.6
0.8

144%
99%
61%
100%

107%
89%
96%
98%