Jan-16 Feb-16 Mar-16 Apr-16 May-16

PRO-FORMA P&L ($)

Revenues 178,550 200,668 223,654 247,827 273,202

CoGS 38,892 50,982 48,696 70,810 64,727

% of revenues 22% 25% 22% 29% 24%

Gross Profit 139,658 149,686 174,959 177,016 208,475

% of revenues 78% 75% 78% 71% 76%

Operating Costs

R&D 54,900 54,900 77,600 82,750 90,100

% of revenues 31% 27% 35% 33% 33%

S&M 120,250 302,400 291,650 297,650 330,900

% of revenues 67% 151% 130% 120% 121%

G&A 252,228 120,533 120,883 106,291 106,760

% of revenues 141% 60% 54% 43% 39%

Total Operating Costs 427,378 477,833 490,133 486,691 527,760

% of revenues 239% 238% 219% 196% 193%

EBIT -287,719 -328,147 -315,174 -309,675 -319,285

OPERATING CASH FLOW ($)

Cash inflow 329,550 395,668 402,654 410,827 420,202
Cash outflow 408,169 415,515 653,828 432,802 463,687
Total operating cashflow -78,619 -19,847 -251,174 -21,975 -43,485

BANK BALANCE ($)

Starting bank balance 500,000 5,421,381 5,401,533 5,150,359 5,128,384
Cash from financing 5,000,000 0 0 0 0
Cash from operations -78,619 -19,847 -251,174 -21,975 -43,485
Ending bank balance 5,421,381 5,401,533 5,150,359 5,128,384 5,084,899

Template created by Christoph Janz of Point Nine Capital.

Please take a look at these notes on how to use this model.

Revenues, Costs & Pro-forma EBIT

$2,000,000

$1,500,000
 Revenues, Costs & Pro-forma EBIT

$2,000,000

$1,500,000

$1,000,000

$500,000

$0

-$500,000

-$1,000,000
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

G&A S&M R&D CoGS Revenues Revenues

Operating Cash Flows

$500,000

$0

-$500,000

-$1,000,000

-$1,500,000

-$2,000,000

-$2,500,000

-$3,000,000
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

Cash outflow Cash inflow Cash flow

For the charts
CoGS ($) -38,892 -50,982 -48,696 -70,810 -64,727
R&D ($) -54,900 -54,900 -77,600 -82,750 -90,100
S&M ($) -120,250 -302,400 -291,650 -297,650 -330,900
G&A ($) -252,228 -120,533 -120,883 -106,291 -106,760
Cash outflow ($) -408,169 -415,515 -653,828 -432,802 -463,687
$ S&M per $ net new ARR 0.62 1.14 1.06 1.03 1.09
Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16

304,849 337,323 371,723 412,659 455,207 503,495 554,339

77,552 85,547 93,706 139,146 139,923 147,147 156,569

25% 25% 25% 34% 31% 29% 28%

227,297 251,776 278,016 273,513 315,284 356,348 397,771

75% 75% 75% 66% 69% 71% 72%

86,100 134,550 135,700 156,200 148,200 159,550 166,900

28% 40% 37% 38% 33% 32% 30%

349,350 355,350 365,350 375,350 385,350 395,350 405,350

115% 105% 98% 91% 85% 79% 73%

170,292 148,566 186,236 144,983 180,260 168,425 225,467

56% 44% 50% 35% 40% 33% 41%

605,742 638,466 687,286 676,533 713,810 723,325 797,717

199% 189% 185% 164% 157% 144% 144%

-378,445 -386,690 -409,270 -403,020 -398,526 -366,977 -399,946

490,849 502,323 515,723 590,659 607,207 493,495 514,339

853,995 582,514 637,293 965,779 699,333 713,072 1,540,386
-363,145 -80,190 -121,570 -375,120 -92,126 -219,577 -1,026,046

5,084,899 4,721,754 4,641,564 4,519,994 4,144,874 4,052,748 3,833,171

0 0 0 0 0 0 0
-363,145 -80,190 -121,570 -375,120 -92,126 -219,577 -1,026,046
4,721,754 4,641,564 4,519,994 4,144,874 4,052,748 3,833,171 2,807,124

Gross Profit Margin

80%

78%
 Gross Profit Margin

80%

78%

76%

74%

72%

70%

68%

66%

64%

62%
Oct-17
60%
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

Revenues

Bank balance

$6,000,000

$5,000,000

$4,000,000

$3,000,000

$2,000,000

$1,000,000

$0

-$1,000,000

-$2,000,000
Oct-17 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

w Cash from financing Operating cash flow Ending bank balance

 -77,552 -85,547 -93,706 -139,146 -139,923 -147,147 -156,569
-86,100 -134,550 -135,700 -156,200 -148,200 -159,550 -166,900
-349,350 -355,350 -365,350 -375,350 -385,350 -395,350 -405,350
-170,292 -148,566 -186,236 -144,983 -180,260 -168,425 -225,467
-853,995 -582,514 -637,293 -965,779 -699,333 -713,072 -1,540,386
0.92 0.91 0.89 0.76 0.75 0.68 0.66
Total 2016 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17

4,063,496 599,990 652,974 707,924 765,730 826,000 894,866

1,113,697 189,029 192,560 225,069 227,120 246,930 274,829

27% 32% 29% 32% 30% 30% 31%

2,949,799 410,961 460,414 482,856 538,611 579,070 620,037

73% 68% 71% 68% 70% 70% 69%

1,347,450 208,950 196,950 208,300 217,450 224,800 244,100

33% 35% 30% 29% 28% 27% 27%

3,974,300 415,350 440,200 457,450 463,450 473,450 539,450

98% 69% 67% 65% 61% 57% 60%

1,930,925 196,850 249,424 205,796 237,312 328,600 257,693

48% 33% 38% 29% 31% 40% 29%

7,252,675 821,150 886,574 871,546 918,212 1,026,850 1,041,243

178% 137% 136% 123% 120% 124% 116%

-4,302,876 -410,188 -426,160 -388,690 -379,601 -447,780 -421,206

5,673,496 741,990 893,474 920,924 951,230 984,000 1,145,866

8,366,372 842,979 909,534 1,223,415 968,431 1,092,780 1,430,872
-2,692,876 -100,988 -16,060 -302,490 -17,201 -108,780 -285,006

2,807,124 2,706,136 2,690,076 2,387,586 2,370,385 2,261,605

5,000,000 0 0 0 0 0 0
-2,692,876 -100,988 -16,060 -302,490 -17,201 -108,780 -285,006
2,706,136 2,690,076 2,387,586 2,370,385 2,261,605 1,976,599

Headcount by department

140

120
 Headcount by department

140

120

100

80

60

40

20

0
Jan-16 Mar-16May-16 Jul-16 Sep-16Nov-16 Jan-17 Mar-17May-17 Jul-17 Sep-17Nov-17
17 Oct-17

CS Sales Marketing R&D G&A

Sales & Marketing Efficiency

1.20

1.00

0.80

0.60

0.40

0.20

ul-17 Oct-17
0.00
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

Ending bank balance

Total S&M spend per $1 net new ARR

-189,029 -192,560 -225,069 -227,120 -246,930 -274,829
-208,950 -196,950 -208,300 -217,450 -224,800 -244,100
-415,350 -440,200 -457,450 -463,450 -473,450 -539,450
-196,850 -249,424 -205,796 -237,312 -328,600 -257,693
-842,979 -909,534 -1,223,415 -968,431 -1,092,780 -1,430,872
0.76 0.69 0.69 0.67 0.65 0.65
Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Total 2017

966,545 1,046,680 1,130,653 1,218,685 1,315,332 1,417,050 11,542,430

300,676 325,668 349,786 386,498 405,736 443,544 3,567,444

31% 31% 31% 32% 31% 31% 31%

665,868 721,013 780,868 832,186 909,596 973,506 7,974,986

69% 69% 69% 68% 69% 69% 69%

250,450 246,450 246,450 246,450 259,600 255,600 2,805,550

26% 24% 22% 20% 20% 18% 24%

533,450 595,200 637,950 649,600 655,600 665,600 6,526,750

55% 57% 56% 53% 50% 47% 57%

289,627 294,734 285,033 287,534 282,992 221,953 3,137,546

30% 28% 25% 24% 22% 16% 27%

1,073,527 1,136,384 1,169,433 1,183,584 1,198,192 1,143,153 12,469,846

111% 109% 103% 97% 91% 81% 108%

-407,659 -415,372 -388,565 -351,398 -288,595 -169,647 -4,494,861

1,184,545 1,286,680 1,392,653 1,442,685 1,430,832 1,490,050 13,864,930

1,168,404 1,235,652 1,671,418 1,321,582 1,350,827 2,821,397 16,037,290
16,141 51,028 -278,765 121,102 80,005 -1,331,347 -2,172,361

1,976,599 1,992,740 2,043,768 1,765,003 1,886,106 1,966,110

0 0 0 0 0 0 0
16,141 51,028 -278,765 121,102 80,005 -1,331,347 -2,172,361
1,992,740 2,043,768 1,765,003 1,886,106 1,966,110 634,763

Disclaimer: Please be aware that his model may be inaccurate, incorrect or misleading.
Use it at your own risk, yada yada yada.
-17 Jul-17 Sep-17Nov-17

&D G&A

Jul-17 Oct-17

R
 -300,676 -325,668 -349,786 -386,498 -405,736 -443,544
-250,450 -246,450 -246,450 -246,450 -259,600 -255,600
-533,450 -595,200 -637,950 -649,600 -655,600 -665,600
-289,627 -294,734 -285,033 -287,534 -282,992 -221,953
-1,168,404 -1,235,652 -1,671,418 -1,321,582 -1,350,827 -2,821,397
0.62 0.62 0.63 0.61 0.57 0.55
 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Total 2016
Assumptions
SIGNUPS

Signups beginning of 1st month: 5,000 Signups beginning of the month 5,000 5,600 6,310 7,137 8,090 9,176 10,408 11,795 13,350 15,088 17,024 19,177
New signups in month 0 500 New signups:
Organic signups 1st month: 500 Organic signups growth p.m. 0.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%
Organic signups growth rate p.m. in year 1 12.00% New organic signups 500 560 627 702 787 881 987 1,105 1,238 1,387 1,553 1,739 12,067
Organic signups growth rate p.m. in year 2 9.00% Marketing spending ($) 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 110,000 120,000 130,000 900,000
Costs per signup ($) 200 Costs per paid signup ($) 200 200 200 200 200 200 200 200 200 200 200 200
Marketing spending 1st month ($) 20,000 New paid signups 100 150 200 250 300 350 400 450 500 550 600 650 4,500
Marketing spending increase p.m. ($) 10,000 Total new signups 600 710 827 952 1,087 1,231 1,387 1,555 1,738 1,937 2,153 2,389 16,567
Signups end of month 5,600 6,310 7,137 8,090 9,176 10,408 11,795 13,350 15,088 17,024 19,177 21,567
Thereof unconverted signups 5,527 6,224 7,037 7,974 9,043 10,256 11,624 13,156 14,870 16,781 18,905 21,264

CUSTOMERS & MRR BASIC PLAN

Customers
Basic customers beginning of 1st month 100 Customers beginning of the month 100 161 231 312 405 510 628 760 907 1,071 1,253 1,455
New customers:
Conversion rate (of previous month's signups) 10.00% Conversions from previous month's signups 50 60 71 83 95 109 123 139 156 174 194 215 1,469
Conversion rate (of all older signups) 0.25% Conversions from older signups 13 14 16 18 20 23 26 29 33 37 42 47 318
Total new customers 63 74 87 101 115 132 149 168 189 211 236 262 1,787
Downgraded from Pro 2 2 2 3 4 4 5 6 7 8 10 11 64
Churn rate p.m. 3.00% Lost customers (churn) 3 5 7 9 12 15 19 23 27 32 38 44 234
Upgraded to Pro 1 1 1 2 2 3 3 4 5 5 6 7 40
Customers end of the month 161 231 312 405 510 628 760 907 1,071 1,253 1,455 1,677 1,677
CACs ($) 216 344 327 331 435 449 418 401 383 366 349 333

MRR
ARPA (p.m.) 1st month ($) 50 ARPA (p.m.) ($) 50 50 51 51 51 51 52 52 52 52 53 53
ARPA increase p.m. 0.50% MRR beginning of the month ($) 5,000 8,050 11,608 15,756 20,555 26,014 32,193 39,154 46,961 55,730 65,526 76,470
ARPA in month 0 ($) 50 New MRR from new customers ($) 3,150 3,719 4,394 5,126 5,866 6,767 7,676 8,698 9,835 11,034 12,403 13,839 92,507
New MRR from customers who downgraded from Pro ( 100 101 101 152 204 205 258 311 364 418 526 581 3,320
Net Expansion MRR of Basic customers ($) 0 39 56 76 99 125 155 189 227 269 316 369 1,920
Lost MRR (churn) ($) 150 250 352 455 609 765 974 1,185 1,398 1,665 1,987 2,313 12,102
Lost MRR (upgraded to Pro) ($) 50 50 50 101 102 153 154 206 259 260 314 368 2,066
Net new MRR ($) 3,050 3,558 4,149 4,799 5,459 6,179 6,961 7,807 8,769 9,796 10,944 12,108 83,579
MRR end of month ($) 8,050 11,608 15,756 20,555 26,014 32,193 39,154 46,961 55,730 65,526 76,470 88,579 88,579
m/m growth 61.00% 44.20% 35.74% 30.46% 26.56% 23.75% 21.62% 19.94% 18.67% 17.58% 16.70% 15.83%

CUSTOMERS & MRR PRO PLAN

Pro customers beginning of 1st month 30 Customers

Customers beginning of the month 30 38 48 59 72 87 104 121 142 165 190 217
New customers:
Conversion rate (of previous month's signups) 1.00% Conversions from previous month's signups 5 6 7 8 10 11 12 14 16 17 19 22 147
Conversion rate (of all older signups) 0.10% Conversions from older signups 5 6 6 7 8 9 10 12 13 15 17 19 127
Total new customers 10 12 13 15 18 20 22 26 29 32 36 41 274
Upgrade rate (Basic => Pro) 0.50% Upgrades from Basic 1 1 1 2 2 3 3 4 5 5 6 7 40
Churn rate p.m. 2.00% Lost customers (churn) 1 1 1 1 1 2 2 2 3 3 4 4 25
Downgrade rate (Pro => Basic) 5.00% Downgraded to Basic 2 2 2 3 4 4 5 6 7 8 10 11 64
Upgrade rate (Pro => Enterprise) 0.50% Upgraded to Enterprise 0 0 0 0 0 0 1 1 1 1 1 1 6
Customers end of the month 38 48 59 72 87 104 121 142 165 190 217 249 249
CACs ($) 1,363 2,121 2,188 2,230 2,782 2,965 2,832 2,588 2,493 2,416 2,286 2,129

MRR
ARPA (p.m.) ($) 250 ARPA (p.m.) ($) 250 251 253 254 255 256 258 259 260 261 263 264
ARPA increase p.m. 0.50% MRR beginning of the month ($) 7,500 9,500 12,060 14,898 18,271 22,188 26,657 31,169 36,761 42,929 49,681 57,024
ARPA in month 0 ($) 250 New MRR from new customers ($) 2,500 3,015 3,283 3,807 4,591 5,126 5,667 6,731 7,545 8,367 9,460 10,828 70,920
New MRR from Basic customers who upgraded ($) 250 251 253 508 510 769 773 1,036 1,301 1,307 1,577 1,849 10,382
Net Expansion MRR of Pro customers ($) 0 44 57 69 85 103 123 144 170 199 229 264 1,487
Lost MRR (churn) ($) 250 250 251 253 254 510 513 515 777 781 1,046 1,051 6,450
Lost MRR (downgraded to Basic) ($) 500 500 503 758 1,015 1,020 1,282 1,546 1,812 2,081 2,615 2,891 16,521
Lost MRR (upgraded to Enterprise) ($) 0 0 0 0 0 0 256 258 259 260 261 263 1,557
Net new MRR ($) 2,000 2,560 2,838 3,373 3,917 4,468 4,512 5,592 6,168 6,752 7,344 8,736 58,261
MRR end of month ($) 9,500 12,060 14,898 18,271 22,188 26,657 31,169 36,761 42,929 49,681 57,024 65,761 65,761
m/m growth 26.67% 26.95% 23.53% 22.64% 21.44% 20.14% 16.93% 17.94% 16.78% 15.73% 14.78% 15.32%

CUSTOMERS & MRR ENTERPRISE PLAN

Customers
Enterprise customers beginning of 1st month 30 Customers beginning of the month 30 32 35 38 41 44 48 52 56 61 66 72
MRR beginning of month 1 ($) 150,000 New customers from direct sales 3 4 4 4 4 5 4 4 5 5 5 5 52
MRR target for end of month 12 ($) 400,000 Upgrades from Pro 0 0 0 0 0 0 1 1 1 1 1 1 6
MRR target for end of month 24 ($) 800,000 Customers up for renewal 3 3 3 3 3 3 3 3 3 3 0 0 30
MRR growth p.m. year 1 8.52% Customers who renewed 2 2 2 2 2 2 2 2 2 2 0 0 20
MRR growth p.m. year 2 5.95% Lost customers (churn) 1 1 1 1 1 1 1 1 1 1 0 0 10
ACV of existing customers ($) 60,000 Customers end of the month 32 35 38 41 44 48 52 56 61 66 72 78 78
ACV of new customers (and upgraders from Pro) 60,000 CACs ($) 31,000 62,875 58,688 57,688 57,688 46,150 46,150 46,150 38,458 38,458 38,458 38,458
ACV increase upon renewal 10.00%
Churn rate p.y. 20.00% MRR
ACV for new customers ($) 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
ACV for renewals ($) 66,000 66,000 66,000 66,000 66,000 66,000 66,000 66,000 66,000 66,000 66,000 66,000
MRR beginning of the month ($) 150,000 162,775 176,639 191,683 208,008 225,724 244,949 265,811 288,450 313,017 339,676 368,606
New MRR to meet target ($) 16,775 17,863 19,044 20,325 21,716 23,225 24,862 26,639 28,567 30,659 28,930 31,394 290,000
MRR end of month to meet target ($) 162,775 176,639 191,683 208,008 225,724 244,949 265,811 288,450 313,017 339,676 368,606 400,000 3,185,339
New MRR from new customers ($) 15,000 20,000 20,000 20,000 20,000 25,000 20,000 20,000 25,000 25,000 25,000 25,000 260,000
New MRR from Pro customers who upgraded ($) 0 0 0 0 0 0 5,000 5,000 5,000 5,000 5,000 5,000 30,000
Net Expansion MRR from renewals ($) 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 0 0 10,000
Lost MRR (churn) ($) 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 0 0 50,000
Net new MRR ($) 11,000 16,000 16,000 16,000 16,000 21,000 21,000 21,000 26,000 26,000 30,000 30,000 250,000
MRR end of month ($) 161,000 178,775 192,639 207,683 224,008 246,724 265,949 286,811 314,450 339,017 369,676 398,606 398,606
m/m growth 7.33% 9.83% 9.06% 8.35% 7.69% 9.30% 8.57% 7.90% 9.01% 8.31% 8.83% 8.14%
Pipeline closing rate 30.00% Quarterly pipeline value required in ARR ($) 2,340,000 2,340,000 2,700,000 2,340,000

TOTAL CUSTOMERS & MRR

Customers
Customers beginning of the month 160 231 314 409 518 641 780 933 1,105 1,297 1,509 1,744
New customers 76 90 104 120 137 157 175 198 223 248 277 308 2,113
Lost customers 7 7 9 11 14 18 22 26 31 36 42 48 271
Customers end of the month 229 314 409 518 641 780 933 1,105 1,297 1,509 1,744 2,004 2,004

MRR
MRR beginning of the month ($) 162,500 178,550 200,668 223,654 247,827 273,202 304,849 337,323 371,723 412,659 455,207 503,495
New MRR from new customers ($) 20,650 26,734 27,676 28,933 30,457 36,893 33,343 35,429 42,380 44,402 46,864 49,667 423,427
Net expansion MRR ($) 800 884 913 947 782 1,030 5,617 5,670 5,731 5,592 4,457 4,541 36,965
Lost MRR (churn) ($) 5,400 5,500 5,603 5,707 5,863 6,275 6,487 6,700 7,175 7,446 3,033 3,364 68,552
Net new MRR ($) 16,050 22,118 22,987 24,172 25,375 31,647 32,474 34,399 40,936 42,548 48,288 50,845 391,839
MRR end of month ($) 178,550 200,668 223,654 247,827 273,202 304,849 337,323 371,723 412,659 455,207 503,495 554,339 554,339
m/m growth 9.88% 12.39% 11.46% 10.81% 10.24% 11.58% 10.65% 10.20% 11.01% 10.31% 10.61% 10.10%
Net MRR churn ($) 4,600 4,616 4,690 4,760 5,081 5,246 870 1,030 1,443 1,854 -1,424 -1,178 31,587
Net MRR churn rate 2.83% 2.59% 2.34% 2.13% 2.05% 1.92% 0.29% 0.31% 0.39% 0.45% -0.31% -0.23%
Gross MRR churn rate 3.32% 3.08% 2.79% 2.55% 2.37% 2.30% 2.13% 1.99% 1.93% 1.80% 0.67% 0.67%

CASH INFLOW
Cash inflow from Basic customers ($) 8,050 11,608 15,756 20,555 26,014 32,193 39,154 46,961 55,730 65,526 76,470 88,579 486,597
Cash inflow from Pro customers ($) 9,500 12,060 14,898 18,271 22,188 26,657 31,169 36,761 42,929 49,681 57,024 65,761 386,899
Cash inflow from new Enterprise customers ($) 180,000 240,000 240,000 240,000 240,000 300,000 300,000 300,000 360,000 360,000 360,000 360,000 3,480,000
Cash inflow from Enterprise renewals ($) 132,000 132,000 132,000 132,000 132,000 132,000 132,000 132,000 132,000 132,000 0 0 1,320,000
Total cash inflow 329,550 395,668 402,654 410,827 420,202 490,849 502,323 515,723 590,659 607,207 493,495 514,339 5,673,496

Template created by Christoph Janz of Point Nine Capital.

Please take a look at these notes on how to use this model.

New signups & new customers Customers by pricing plan MRR by pricing plan

7,000 8,000 $1,600,000

7,000 $1,400,000
6,000
6,000 $1,200,000
5,000
5,000 $1,000,000
4,000
4,000 $800,000
3,000
3,000 $600,000

2,000 $400,000
2,000

1,000 1,000 $200,000

0 0 $0
Jan-16 Mar-16May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17May-17 Jul-17 Sep-17Nov-17 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17

New customers New signups Enterprise Pro Basic Enterprise Pro

 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Total 2016
Assumptions
Payroll taxes & benefits: 20% SALARIES ($) Cost type

Start date Base salary ($) Bonus G&A

Jan-16 100,000 20% Founder & CEO 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 144,000
Jul-16 150,000 20% CFO 0 0 0 0 0 0 18,000 18,000 18,000 18,000 18,000 18,000 108,000
May-17 70,000 20% Business Analyst 0 0 0 0 0 0 0 0 0 0 0 0 0
Nov-16 55,000 20% Finance Manager 0 0 0 0 0 0 0 0 0 0 6,600 6,600 13,200
Jan-16 40,000 20% Office Manager 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 57,600
Nov-17 40,000 20% Team Assistant 0 0 0 0 0 0 0 0 0 0 0 0 0
Oct-16 110,000 20% Director of Recruiting 0 0 0 0 0 0 0 0 0 13,200 13,200 13,200 39,600
Jan-16 60,000 20% Recruiter 7,200 7,200 7,200 7,200 7,200 7,200 7,200 7,200 7,200 7,200 7,200 7,200 86,400
Jul-16 60,000 20% Recruiter 0 0 0 0 0 0 7,200 7,200 7,200 7,200 7,200 7,200 43,200
Total G&A Salaries G&A 24,000 24,000 24,000 24,000 24,000 24,000 49,200 49,200 49,200 62,400 69,000 69,000 492,000
Thereof bonuses (incl. payroll taxes) 4,000 4,000 4,000 4,000 4,000 4,000 8,200 8,200 8,200 10,400 11,500 11,500 82,000
G&A Headcount 3 3 3 3 3 3 5 5 5 6 7 7

R&D
Jan-16 100,000 20% Founder & CTO 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 144,000
Jul-16 150,000 20% VP Engineering 0 0 0 0 0 0 18,000 18,000 18,000 18,000 18,000 18,000 108,000
Jan-17 150,000 20% VP Product 0 0 0 0 0 0 0 0 0 0 0 0 0
Jan-16 80,000 20% Product Manager 9,600 9,600 9,600 9,600 9,600 9,600 9,600 9,600 9,600 9,600 9,600 9,600 115,200
Jul-16 80,000 20% Product Manager 0 0 0 0 0 0 9,600 9,600 9,600 9,600 9,600 9,600 57,600
Jul-17 80,000 20% Product Manager 0 0 0 0 0 0 0 0 0 0 0 0 0
Jan-16 60,000 20% Designer 7,200 7,200 7,200 7,200 7,200 7,200 7,200 7,200 7,200 7,200 7,200 7,200 86,400
Jan-17 60,000 20% Designer 0 0 0 0 0 0 0 0 0 0 0 0 0
Jun-17 60,000 20% Designer 0 0 0 0 0 0 0 0 0 0 0 0 0
Jan-16 70,000 20% Sr. Developer 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 100,800
Apr-16 70,000 20% Sr. Developer 0 0 0 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 75,600
Aug-16 70,000 20% Sr. Developer 0 0 0 0 0 0 0 8,400 8,400 8,400 8,400 8,400 42,000
Apr-17 70,000 20% Sr. Developer 0 0 0 0 0 0 0 0 0 0 0 0 0
Nov-17 70,000 20% Sr. Developer 0 0 0 0 0 0 0 0 0 0 0 0 0
Jan-16 55,000 20% Jr. Developer 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 79,200
Jan-16 55,000 20% Jr. Developer 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 79,200
Mar-16 55,000 20% Jr. Developer 0 0 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 66,000
May-16 55,000 20% Jr. Developer 0 0 0 0 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 52,800
Jul-16 55,000 20% Jr. Developer 0 0 0 0 0 0 6,600 6,600 6,600 6,600 6,600 6,600 39,600
Sep-16 55,000 20% Jr. Developer 0 0 0 0 0 0 0 0 6,600 6,600 6,600 6,600 26,400
Nov-16 55,000 20% Jr. Developer 0 0 0 0 0 0 0 0 0 0 6,600 6,600 13,200
Jan-17 55,000 20% Jr. Developer 0 0 0 0 0 0 0 0 0 0 0 0 0
Mar-17 55,000 20% Jr. Developer 0 0 0 0 0 0 0 0 0 0 0 0 0
May-17 55,000 20% Jr. Developer 0 0 0 0 0 0 0 0 0 0 0 0 0
Mar-16 55,000 20% QA Engineer 0 0 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 6,600 66,000
Dec-16 55,000 20% QA Engineer 0 0 0 0 0 0 0 0 0 0 0 6,600 6,600
Jun-17 55,000 20% QA Engineer 0 0 0 0 0 0 0 0 0 0 0 0 0
Sep-16 70,000 20% Devops Engineer 0 0 0 0 0 0 0 0 8,400 8,400 8,400 8,400 33,600
Total R&D Salaries R&D 50,400 50,400 63,600 72,000 78,600 78,600 112,800 121,200 136,200 136,200 142,800 149,400 1,192,200
Thereof bonuses (incl. payroll taxes) 8,400 8,400 10,600 12,000 13,100 13,100 18,800 20,200 22,700 22,700 23,800 24,900 198,700
R&D Headcount 6 6 8 9 10 10 13 14 16 16 17 18

Marketing
May-16 150,000 20% VP Marketing 0 0 0 0 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 144,000
Feb-17 80,000 20% Product Marketing Manager 0 0 0 0 0 0 0 0 0 0 0 0 0
Feb-16 70,000 20% Demand Gen Manager 0 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 92,400
Jun-16 60,000 20% Designer 0 0 0 0 0 7,200 7,200 7,200 7,200 7,200 7,200 7,200 50,400
Jan-16 50,000 20% Content Writer 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 72,000
Mar-17 50,000 20% Content Writer 0 0 0 0 0 0 0 0 0 0 0 0 0
Jun-17 50,000 20% Video Editor 0 0 0 0 0 0 0 0 0 0 0 0 0
Oct-17 70,000 20% PR Manager 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Marketing Salaries S&M 6,000 14,400 14,400 14,400 32,400 39,600 39,600 39,600 39,600 39,600 39,600 39,600 358,800
Thereof bonuses (incl. payroll taxes) 1,000 2,400 2,400 2,400 5,400 6,600 6,600 6,600 6,600 6,600 6,600 6,600 59,800
Marketing Headcount 1 2 2 2 3 4 4 4 4 4 4 4

Sales
Mar-16 120,000 50% VP Sales 0 0 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 180,000
70,000 100% Sales Directors 14,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 322,000
See Sales Team Hiring Plan 55,000 100% Account Executives 55,000 121,000 121,000 121,000 121,000 121,000 121,000 121,000 121,000 121,000 121,000 121,000 1,386,000
tab 60,000 100% SDR Directors 0 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 132,000
35,000 100% SDRs 14,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 28,000 322,000
Total Sales Salaries S&M 83,000 189,000 207,000 207,000 207,000 207,000 207,000 207,000 207,000 207,000 207,000 207,000 2,342,000
Thereof bonuses (incl. payroll taxes) 41,500 94,500 100,500 100,500 100,500 100,500 100,500 100,500 100,500 100,500 100,500 100,500 1,141,000
Sales Headcount 8 18 19 19 19 19 19 19 19 19 19 19

Customer Success
Sep-16 150,000 20% VP Customer Success 0 0 0 0 0 0 0 0 18,000 18,000 18,000 18,000 72,000
200 40,000 20% Customer Success Managers (BASIC & PRO) 4,800 9,600 9,600 14,400 14,400 19,200 24,000 28,800 33,600 38,400 43,200 48,000 288,000
40 50,000 20% Customer Success Manager (ENTERPRISE) 6,000 6,000 6,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 126,000
8 70,000 20% Customer Success Directors 8,400 8,400 8,400 8,400 8,400 8,400 8,400 8,400 16,800 16,800 16,800 16,800 134,400
Total Customer Success Salaries CoGS 19,200 24,000 24,000 34,800 34,800 39,600 44,400 49,200 80,400 85,200 90,000 94,800 620,400
Thereof bonuses (incl. payroll taxes) 3,200 4,000 4,000 5,800 5,800 6,600 7,400 8,200 13,400 14,200 15,000 15,800 103,400
CS Headcount 3 4 4 6 6 7 8 9 12 13 14 15

Total Salaries 182,600 301,800 333,000 352,200 376,800 388,800 453,000 466,200 512,400 530,400 548,400 559,800 5,005,400
Thereof bonuses (incl. payroll taxes) 58,100 113,300 121,500 124,700 128,800 130,800 141,500 143,700 151,400 154,400 157,400 159,300 1,584,900
Total Headcount 21 33 36 39 41 43 49 51 56 58 61 63

OTHER COSTS ($) Cost type

Staff related

Travel
Travel costs per G&A employee per month ($) 2,000 G&A staff G&A 6,000 6,000 6,000 6,000 6,000 6,000 10,000 10,000 10,000 12,000 14,000 14,000 106,000
Travel costs per R&D employee per month ($) 500 R&D staff R&D 3,000 3,000 4,000 4,500 5,000 5,000 6,500 7,000 8,000 8,000 8,500 9,000 71,500
Travel costs per Marketing employee per month ($ 1,000 Marketing staff S&M 1,000 2,000 2,000 2,000 3,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 38,000
Travel costs per Sales employee per month ($) 1,000 Sales staff S&M 8,000 18,000 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19,000 19,000 216,000
Travel costs per CS employee per month ($) 500 Customer success staff CoGS 1,500 2,000 2,000 3,000 3,000 3,500 4,000 4,500 6,000 6,500 7,000 7,500 50,500
Total travel costs 19,500 31,000 33,000 34,500 36,000 37,500 43,500 44,500 47,000 49,500 52,500 53,500 482,000

Other (office supplies, subscriptions, phones,...)

Other costs per G&A employee per month ($) 250 G&A staff G&A 750 750 750 750 750 750 1,250 1,250 1,250 1,500 1,750 1,750 13,250
Other costs per R&D employee per month ($) 250 R&D staff R&D 1,500 1,500 2,000 2,250 2,500 2,500 3,250 3,500 4,000 4,000 4,250 4,500 35,750
Other costs per Marketing employee per month ($) 250 Marketing staff S&M 250 500 500 500 750 1,000 1,000 1,000 1,000 1,000 1,000 1,000 9,500
Other costs per Sales employee per month ($) 250 Sales staff S&M 2,000 4,500 4,750 4,750 4,750 4,750 4,750 4,750 4,750 4,750 4,750 4,750 54,000
Other costs per CS employee per month ($) 250 Customer success staff CoGS 750 1,000 1,000 1,500 1,500 1,750 2,000 2,250 3,000 3,250 3,500 3,750 25,250
Total other costs 5,250 8,250 9,000 9,750 10,250 10,750 12,250 12,750 14,000 14,500 15,250 15,750 137,750

Onboarding (computer, software, desk,...)

Onboarding costs per new G&A employee ($) 4,000 G&A staff G&A 0 0 0 0 0 0 8,000 0 0 4,000 4,000 0 16,000
Onboarding costs per new R&D employee ($) 4,000 R&D staff R&D 0 0 8,000 4,000 4,000 0 12,000 4,000 8,000 0 4,000 4,000 48,000
Onboarding costs per new Marketing employee ($) 4,000 Marketing staff S&M 0 4,000 0 0 4,000 4,000 0 0 0 0 0 0 12,000
Onboarding costs per new Sales employee ($) 4,000 Sales staff S&M 0 40,000 4,000 0 0 0 0 0 0 0 0 0 44,000
Onboarding costs per new CS employee ($) 4,000 Customer success staff CoGS 0 4,000 0 8,000 0 4,000 4,000 4,000 12,000 4,000 4,000 4,000 48,000
Total onboarding costs 0 48,000 12,000 12,000 8,000 8,000 24,000 8,000 20,000 8,000 12,000 8,000 168,000

Total staff related 24,750 87,250 54,000 56,250 54,250 56,250 79,750 65,250 81,000 72,000 79,750 77,250 787,750

Various
Payment processing fees 1.50% Payment charges CoGS 4,943 5,935 6,040 6,162 6,303 7,363 7,535 7,736 8,860 9,108 7,402 7,715 85,102
Infrastructure costs as a % of MRR 7.00% Server infrastructure CoGS 12,499 14,047 15,656 17,348 19,124 21,339 23,613 26,021 28,886 31,864 35,245 38,804 284,445
Marketing spend S&M 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 110,000 120,000 130,000 900,000
Rent p.m. year 1 / year 2 ($ 15,000 30,000 Office rent G&A 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000
Costs per new hire ($) 15,000 External recruiters G&A 180,000 45,000 45,000 30,000 30,000 90,000 30,000 75,000 30,000 45,000 30,000 90,000 720,000
Costs p.m. year 1 / year 2 ( 10,000 15,000 Service providers (lawyers, accountants, ...) G&A 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000
Other costs as a % of MRR 5.00% Other costs G&A 16,478 19,783 20,133 20,541 21,010 24,542 25,116 25,786 29,533 30,360 24,675 25,717 283,675
Total various costs 258,919 139,765 151,828 149,052 161,437 238,245 191,264 249,543 222,279 251,333 242,322 317,236 2,573,222

Total costs 466,269 528,815 538,828 557,502 592,487 683,295 724,014 780,993 815,679 853,733 870,472 954,286 8,366,372

CASH OUTFLOW ($)

Salaries 124,500 188,500 211,500 227,500 248,000 258,000 311,500 322,500 361,000 376,000 391,000 400,500 3,420,500
Bonuses (Sales Team) 0 0 236,500 0 0 301,500 0 0 301,500 0 0 301,500 1,141,000
Bonuses (everybody else) 0 0 0 0 0 0 0 0 0 0 0 443,900 443,900
Other costs 283,669 227,015 205,828 205,302 215,687 294,495 271,014 314,793 303,279 323,333 322,072 394,486 3,360,972
Total cash outflow 408,169 415,515 653,828 432,802 463,687 853,995 582,514 637,293 965,779 699,333 713,072 1,540,386 8,366,372

Template created by Christoph Janz of Point Nine Capital.

Please take a look at these notes on how to use this model.

Monthly costs by P&L category Monthly costs by category Monthly salaries by department

$1,800,000 $1,200,000
$1,800,000
$1,600,000
$1,600,000 $1,000,000
$1,400,000
$1,400,000
$1,200,000 $800,000
$1,200,000
$1,000,000
$1,000,000 $600,000
$800,000
$800,000
$600,000 $400,000
$600,000
$400,000
$400,000 $200,000
$200,000
$200,000
D e c -1 6

D e c -1 7

D e c -1 6

D e c -1 7
D e c -1 7
D e c -1 6

$0 $0
$-

Nov-16
Nov-17 Nov-16
Nov-17
Nov-16
Nov-17
Oct-16
Oct-17 Oct-16
Oct-17 Oct-16
Oct-17
Sep-16
Sep-17 Sep-16
Sep-17 Various Staff related Salaries Sep-16
Sep-17
Aug-16
Aug-17 G&A S&M R&D CoGS CS Sales Marketing R&D
Aug-16
Aug-17 Aug-16
Aug-17
Jul-16
Jul-17 Jul-16
Jul-17 Jul-16
Jul-17
Jun-16
Jun-17 Jun-16
Jun-17 Jun-16
Jun-17
May-16
May-17 May-16
May-17 May-16
May-17
Apr-16
A pr-17 Apr-16
A pr-17 Apr-16
A pr-17
Mar-16
Mar-17 Mar-16
Mar-17 Mar-16
Mar-17
Feb-16
Feb-17 Feb-16
Feb-17 Feb-16
Feb-17
Jan-16
Jan-17 Jan-16
Jan-17 Jan-16
Jan-17
 ASSUMPTIONS

AE quota & ramp-up Sales support staff

New ARR per AE p.m. $40,000 Hire 1st Sales Director at
Month 1: 25% Maximum # of AEs per Sales Director:
Month 2: 50% Maximum # of AEs per SDR:
Month 3: 75% Hire 1st SDR Director at
Month 4+: 100% Maximum # of SDRs per SDR Director

HIRING PLAN

Year 0
12 1 2

New ARR target ($) 192,000 192,000 252,000

AE Quota ($)
AE 1 40,000 40,000 40,000
AE 2 40,000 40,000 40,000
AE 3 40,000 40,000 40,000
AE 4 40,000 40,000 40,000
AE 5 40,000 40,000 40,000
AE 6 0 10,000
AE 7 0 10,000
AE 8 0 10,000
AE 9 0 10,000
AE 10 0 10,000
AE 11 0 10,000
AE 12 0
AE 13 0
AE 14 0
AE 15 0
AE 16 0
AE 17 0
AE 18 0
AE 19 0
AE 20 0
AE 21 0
AE 22 0
AE 23 0
AE 24 0
AE 25 0
Total 200,000 200,000 260,000

Number of AEs 5 5 11

Sales Directors 1 2
SDRs 2 4
SDR Directors 0 1
 Total sales headcount 5 8 18
New additions 3 10

Template created by Christoph Janz of Point Nine Capital.

Please take a look at these notes on how to use this model.
s support staff
1st Sales Director at 4 AEs
mum # of AEs per Sales Director: 7
mum # of AEs per SDR: 3
1st SDR Director at 4 SDRs
mum # of SDRs per SDR Director 7

Year 1
3 4 5 6 7

252,000 252,000 252,000 312,000 312,000

40,000 40,000 40,000 40,000 40,000

40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000
20,000 30,000 40,000 40,000 40,000
20,000 30,000 40,000 40,000 40,000
20,000 30,000 40,000 40,000 40,000
20,000 30,000 40,000 40,000 40,000
20,000 30,000 40,000 40,000 40,000
20,000 30,000 40,000 40,000 40,000

320,000 380,000 440,000 440,000 440,000

11 11 11 11 11

2 2 2 2 2
4 4 4 4 4
1 1 1 1 1
18 18 18 18 18
0 0 0 0 0
8 9 10 11 12 1

312,000 372,000 372,000 360,000 360,000 324,000

40,000 40,000 40,000 40,000 40,000 40,000

40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000

440,000 440,000 440,000 440,000 440,000 440,000

11 11 11 11 11 11

2 2 2 2 2 2
4 4 4 4 4 4
1 1 1 1 1 1
18 18 18 18 18 18
0 0 0 0 0 0
 Year 2
2 3 4 5 6 7

390,000 390,000 390,000 390,000 456,000 456,000

40,000 40,000 40,000 40,000 40,000 40,000

40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000 40,000
10,000 20,000
10,000 20,000

440,000 440,000 440,000 440,000 460,000 480,000

11 11 11 11 13 13

2 2 2 2 2 2
4 4 4 4 5 5
1 1 1 1 1 1
18 18 18 18 21 21
0 0 0 0 3 0
8 9 10 11 12

516,000 576,000 576,000 570,000 570,000

40,000 40,000 40,000 40,000 40,000

40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000
40,000 40,000 40,000 40,000 40,000
30,000 40,000 40,000 40,000 40,000
30,000 40,000 40,000 40,000 40,000
10,000 20,000 30,000 40,000 40,000
10,000 20,000 30,000 40,000 40,000
10,000 20,000 30,000 40,000
10,000 20,000 30,000 40,000

520,000 580,000 620,000 660,000 680,000

15 17 17 17 17

3 3 3 3 3
5 6 6 6 6
1 1 1 1 1
 24 27 27 27 27
3 3 0 0 0

Disclaimer: Please be aware that his model may be inaccurate, incorrect or misleading.
Use it at your own risk, yada yada yada.
 New signups & new customers

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0
Jan-16 Mar-16May-16 Jul-16 Sep-16Nov-16 Jan-17 Mar-17May-17 Jul-17 Sep-17Nov-17

New customers New signups

MRR movements

$140,000

$120,000

$100,000

$80,000

$60,000

$40,000

$20,000

$0

-$20,000

-$40,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Churn MRR Net Expansion MRR New MRR from new customers

Net new MRR

 -$20,000

-$40,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Churn MRR Net Expansion MRR New MRR from new customers

Net new MRR

Monthly costs by P&L category

$1,800,000

$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000
D e c -1 6

D e c -1 7

$0

Nov-16
Nov-17
Oct-16
Oct-17
Sep-16
Sep-17
Aug-16
Aug-17 G&A S&M R&D CoGS
Jul-16
Jul-17
Jun-16
Jun-17
May-16
May-17
Apr-16
Apr-17
Mar-16
Mar-17
Feb-16
Feb-17
Jan-16
Jan-17

Revenues, Costs & EBIT

$2,000,000

$1,500,000

$1,000,000

$500,000

$0

-$500,000

-$1,000,000
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17
 $500,000

$0

-$500,000

-$1,000,000
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

G&A S&M R&D CoGS Revenues Revenues

Sales & Marketing Efficiency

1.20

1.00

0.80

0.60

0.40

0.20

0.00
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

Total S&M spend per $1 net new ARR

Operating Cash Flows

$500,000

$0

-$500,000

-$1,000,000

-$1,500,000

-$2,000,000
 $0

-$500,000

-$1,000,000

-$1,500,000

-$2,000,000

-$2,500,000

-$3,000,000
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

Cash outflow Cash inflow Cash flow

Template created by Christoph Janz of Point Nine Capital.

Please take a look at these notes on how to use this model.
 Customers by pricing plan

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0
Jan-16 Mar-16May-16 Jul-16 Sep-16Nov-16 Jan-17 Mar-17May-17 Jul-17 Sep-17Nov-17

Enterprise Pro Basic

MRR growth

$120,000 14.00%

$100,000 12.00%

10.00%
$80,000
8.00%
$60,000
6.00%
$40,000
4.00%

$20,000 2.00%

$0 0.00%
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

Net new MRR m/m growth

$20,000 2.00%

$0 0.00%
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

Net new MRR m/m growth

Monthly costs by category

$1,800,000

$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000
D e c -1 6

D e c -1 7

$-

Nov-16
Nov-17
Oct-16
Oct-17
Sep-16
Sep-17 Various Staff related Salaries
Aug-16
Aug-17
Jul-16
Jul-17
Jun-16
Jun-17
May-16
May-17
Apr-16
Apr-17
Mar-16
Mar-17
Feb-16
Feb-17
Jan-16
Jan-17

Gross Profit Margin

80%

78%

76%

74%

72%

70%

68%

66%

64%

62%

60%
 72%

70%

68%

66%

64%

62%

60%
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

CAC payback time pricing plan

18.00

16.00

14.00

12.00

10.00

8.00

6.00

4.00

2.00

0.00
Jan-16 Mar-16May-16 Jul-16 Sep-16Nov-16 Jan-17 Mar-17May-17 Jul-17 Sep-17Nov-17

Basic Pro Enterprise

Bank balance

$6,000,000

$5,000,000

$4,000,000

$3,000,000

$2,000,000

$1,000,000

$0
$5,000,000

$4,000,000

$3,000,000

$2,000,000

$1,000,000

$0

-$1,000,000

-$2,000,000
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

Cash from financing Operating cash flow Ending bank balance

 MRR by pricing plan

$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

$0
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17

Enterprise Pro Basic

Enterprise customer wins/losses

10

-2

-4
Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17May-17 Jul-17 Sep-17 Nov-17

Lost customers Upgrades from Pro New Enterprise customers

 -2

-4
Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17May-17 Jul-17 Sep-17 Nov-17

Lost customers Upgrades from Pro New Enterprise customers

Monthly salaries by department

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000
D e c -1 6

D e c -1 7

$0

Nov-16
Nov-17
Oct-16
Oct-17
Sep-16
Sep-17
Aug-16
Aug-17 CS Sales Marketing R&D G&A
Jul-16
Jul-17
Jun-16
Jun-17
May-16
May-17
Apr-16
Apr-17
Mar-16
Mar-17
Feb-16
Feb-17
Jan-16
Jan-17

Headcount by department

140

120

100

80

60

40

20

0
Jan-16 Mar-16May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17May-17 Jul-17 Sep-17 Nov-17
80

60

40

20

0
Jan-16 Mar-16May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17May-17 Jul-17 Sep-17 Nov-17

CS Sales Marketing R&D G&A

Disclaimer: Please be aware that his model may be inaccurate, incorrect or misleading.
Use it at your own risk, yada yada yada.
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