within a company and because employee data is such an important primitive for the rest of Rippling, we are usually (but not always) ripping out one of these existing vendors when we win a new client. But our competitive set is broader. If we’re selling device management software, our competitors might be JAMF or JumpCloud. For expense management software, corporate cards, bill pay, and travel: Brex, Ramp, Expensify, Navan, and Concur. For recruiting software (ATS), we compete with Greenhouse, Lever, Jazz, and most of the all-in-one competitors with embedded ATS systems (Paylocity, UKG, Workday, etc). If we’re selling a prospect on our global Employer of Record (EOR) services, we might be competing against Deel, Remote, Papaya, or Velocity Global. It’s unusual for a software business to have such a broad competitive set but Rippling is remarkably successful competing against all of these point-SaaS companies once we’re in front of a prospect. See our win rates when displacing incumbent vendors in the table below. These products were all launched within the last 18 months but are replacing point solutions from companies that have been in-market for years.1 1 Source: Rippling Internal Data. Financial 昀椀gures are under review and subject to change. Note: Win Rates are based on situations where we are displacing an incumbent solution (i.e. it excludes green昀椀eld sales). The 昀椀gures in the table above include both NLS (Stage 3) and XSell (Stage 4). Based on external benchmarking with HR peers and other SaaS companies, we believe these opportunity stages are equivalent to the stages most software companies benchmark their win rates. NLS Stage 3 and XSell Stage 4 are de昀椀ned as the opportunity has a strong 昀椀t, with speci昀椀c product interest and a demo has been completed—it is intended to qualify a “live deal” where there is an active evaluation by a potential buyer and explicitly excludes initial 昀椀rst calls/demos where there is no active buying process—e.g. a company takes an initial call or demo for a gift card, but has no intent to switch systems. All opportunity information is based on Salesforce data, where we are replacing an incumbent solution and the competitor is tagged by the sales representative. There are situations where we do not have competitor info— the two most prominent reasons are (1) not all opportunities replace an incumbent solution and (2) sales reps do not always note the name of the incumbent competitor. This data also relies upon the information that our sales representatives enter into Salesforce and their pipeline management hygiene—while we enforce this on a best efforts basis, it is likely imperfect.