Slide 1: Q4 2025 Earnings Call Presentation
Q1 Q4 2025 2025 Earnings Earnings Call Call Presentation Presentation Matt MattCalkins, Calkins,Founder CEO & CEO Mark SergeLynch, Interim Tanjga, CFO CFO
Slide 2: Disclaimer
Disclaimer. In this presentation, we may make statements related to our business that are forward-looking statements under federal securities laws and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to our financia
Slide 3: Q4 2025 Highlights
Q4 2025 Highlights. Revenue • Cloud subscriptions revenue was $117.0 million in Q4 2025 (+18% Y/Y) • Subscriptions revenue was $162.3 million in Q4 2025 (+19% Y/Y) • Total revenue was $202.9 million in Q4 2025 (+22% Y/Y) Non-GAAP Gross Margins* • Subscriptions gross margin was 86%. • Professional se
Slide 4: Full Year 2025 Highlights
Full Year 2025 Highlights. Revenue • Cloud subscriptions revenue was $437.4 million in Q4 2025 (+19% Y/Y) • Subscriptions revenue was $576.5 million in Q4 2025 (+18% Y/Y) • Total revenue was $726.9 million in Q4 2025 (+18% Y/Y) Non-GAAP Gross Margins* • Subscriptions gross margin was 86%. • Professi
Slide 5: GTM Productivity
GTM Productivity. Calculated by adding total revenue and the quarterly changes in short term deferred revenue for the trailing 12-month period, then dividing the result by non-GAAP sales and marketing 5 expense for the trailing 12-month period. Refer to the reconciliation of GAAP to non-GAAP measure
Slide 6: Total Revenue
Total Revenue.* 6 * Reported in millions. Totals may not foot due to rounding.
Slide 7: Constant Currency Revenue Growth Rates
Constant Currency Revenue Growth Rates. Growth on a constant currency basis is calculated by translating revenue in the current period using the comparable prior year exchange rates. 7
Slide 8: Cloud Net ARR Expansion
Cloud Net ARR Expansion. To calculate this metric, we first define ARR on a customer level as monthly recurring cloud subscriptions revenue multiplied by 12. Next, we identify all customers with cloud subscriptions 8 ARR as of the end of the prior year quarter, then calculate cloud subscriptions ARR
Slide 9: Non-GAAP Gross Margins
Non-GAAP Gross Margins.* 9 * Data excludes stock-based compensation expense and severance costs. Amounts also reflect reclassified expenses. Refer to the reconciliation of GAAP to non-GAAP measures in the Appendix.
Slide 10: Guidance
Guidance. Given on February 19, 2026 (in millions, except for EPS) Q1 2026 Full Year 2026 Cloud Subscriptions Revenue $119.0 – $121.0 $502.0 – $510.0 Cloud Subscriptions Revenue Growth YoY 19% – 21% 15% – 17% Total Revenue $189.0 – $193.0 $801.0 – $817.0 Total Revenue Increase YoY 14% – 16% 10% – 12
Slide 11: Appendix
Appendix
Slide 12: Cloud Gross Renewal Rate
Cloud Gross Renewal Rate. Q1 Q2 Q3 Q4 2022 99% 99% 99% 99% 99 99%% 2023 98% 98% 97% 98% 2024 99% 99% 99% 99% 2025 99% 98% 98% 98% Calculated by dividing the aggregate recurring cloud subscriptions revenue in the current trailing 12-month period by the aggregate recurring cloud subscriptions revenue
Slide 13: Cloud Subscriptions Revenue Retention Rate
Cloud Subscriptions Revenue Retention Rate. Calculated by dividing the aggregate recurring cloud subscriptions revenue in the current trailing 12-month period by the aggregate recurring cloud subscriptions revenue from the 13 previous trailing 12-month period. This calculation includes the combined
Slide 14: Summary of Cost Reclassifications
Summary of Cost Reclassifications 14
Slide 15: Overview
Overview For the year ended December 31, 2025, the Company reclassified certain information technology, cybersecurity and facility operating expenses from general and administrative expenses to cost of revenue, research and development, and sales and marketing expense. Prior year amounts have been r
Slide 16: GAAP Basis - Revised
GAAP Basis - Revised Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Cost of revenue subscriptions Reported $23,093 $17,762 $17,154 $14,894 $13,873 $14,082 $13,262 $12,270 $11,071 $11,265 $10,779 $10,448 Adjustment — 3,905 3,553 3,627 2,901 2,972 3,130
Slide 17: Non-GAAP Basis - Summary
Non-GAAP Basis - Summary The table below summarizes our revised non-GAAP expenses by quarter (in thousands). Refer to the subsequent slides for the complete quarterly reconciliations of revised GAAP measures to revised non-GAAP measures. Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 202
Slide 18: Non-GAAP Basis - Cost of Revenue
Non-GAAP Basis - Cost of Revenue Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Cost of revenue subscriptions GAAP Measure (Revised) $ 23,093 $ 21,667 $ 20,707 $ 18,521 $ 16,774 $ 17,054 $ 16,392 $ 15,460 $ 13,902 $ 14,105 $ 13,555 $ 13,338 Stock-Base
Slide 19: Non-GAAP Basis - Operating Expenses
Non-GAAP Basis - Operating Expenses Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Sales and marketing GAAP Measure (Revised) $ 69,145 $ 53,574 $ 62,157 $ 56,310 $ 57,073 $ 52,710 $ 68,535 $ 60,136 $ 62,938 $ 57,568 $ 64,439 $ 65,023 Stock-Based Compe
Slide 20: Balance Sheet
Balance Sheet. As of $ in thousands December 31, 2025 December 31, 2024 Assets (unaudited) Cash and cash equivalents $ 135,810 $ 118,552 Short-term investments and marketable securities 51,415 41,308 Accounts receivable, net of allowance 255,063 195,069 Deferred commissions, current 35,166 36,630 Pr
Slide 21: Income Statement
Income Statement. Three Months Ended December 31, Year Ended December 31, $ in thousands, except for per share data 2025 2024 2025 2024 (unaudited) Revenue Cloud subscriptions $ 117,024 $ 98,924 $ 437,361 $ 368,030 Term license subscriptions 36,420 29,925 105,849 92,188 Maintenance and support 8,821
Slide 22: Stock-Based Compensation Expense
Stock-Based Compensation Expense. Three Months Ended December 31, Year Ended December 31, $ in thousands 2025 2024 2025 2024 (unaudited) Cost of revenue Subscriptions $ 475 $ 395 $ 1,810 $ 1,638 Professional services 1,483 1,362 5,787 5,925 Operating expenses Sales and marketing 2,219 1,991 8,434 8,
Slide 23: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures. unaudited, $ in thousands Lease Impairment Unrealized and Lease- Foreign GAAP Stock-Based Litigation JPI Related Exchange Rate Non-GAAP Measure Compensation Expense Amortization Charges Gains and Losses Measure Three Months Ended December 31, 2025 Subscri
Slide 24: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures. unaudited, $ in thousands Lease Impairment Unrealized and Lease- Foreign GAAP Stock-Based Litigation JPI Related Exchange Rate Non-GAAP Measure Compensation Expense Amortization Charges Gains and Losses Measure Three Months Ended December 31, 2024 Subscri
Slide 25: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures. unaudited, $ in thousands Lease Unrealized Impairment and Foreign Exchange GAAP Stock-Based Litigation JPI Lease-Related Rate Gains and Non-GAAP Measure Compensation Expense Amortization Charges Losses Measure Year Ended December 31, 2025 Subscriptions co
Slide 26: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures. unaudited, $ in thousands Lease Unrealized Impairment Foreign and Lease- Short-Swing Exchange Rate GAAP Stock-Based Litigation JPI Severance Related Profit Gains and Non-GAAP Measure Compensation Expense Amortization Costs Charges Payment Losses Measure Y
Slide 27: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures. unaudited, $ in thousands Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Reconciliation of adjusted EBITDA: GAAP net (loss) income $ (5,103) $ (13,647) $ 1,233 $ (92,262) Other (income) expense, net (2,007) 12,655 (26,685) 6,7
Slide 28: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures. The following table reconciles our GAAP gross margin percentage to our non-GAAP gross margin percentage for our overall, subscriptions, and professional services margins. The non-GAAP adjustment represents adding back the margin impact of stock- based com
Slide 29: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures. The following table reconciles our GAAP sales and marketing expense to our non-GAAP sales and marketing expense. The non- GAAP adjustment represents adding back the impact of stock-based compensation expense and severance costs recorded to "Sales and mark
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