26 Existing business has proven profitable unit economics Supports investing in growth and scaling existing markets 82% Subscription Gross Margin in CY20E 20% Profit margin after COGS and S&M in CY20E Notes: Subscription gross margin excludes amortization of capitalized software and stock-based compensation expense Profit margin after COGS and S&M is calculated as the quotient of the difference of subscription gross profit less total sales and marketing expense, divided by subscription revenue; non-GAAP $ Per Subscriber Per Month