Slide 1: Q1 2025 Earnings Call Presentation
Q1 Q1 2025 2025 Earnings Earnings Call Call Presentation Presentation Matt MattCalkins, Calkins,Founder Founder&&CEO CEO Mark MarkLynch, Lynch,Interim InterimCFO 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: Q1 2025 Highlights
Q1 2025 Highlights. Profitability • Q1 2025 adjusted EBITDA was $16.8 million. Revenue • Cloud subscriptions revenue was $99.8 million in Q1 2025, representing growth of 15% over Q1 2024. • Subscriptions revenue was $134.4 million in Q1 2025, representing growth of 14% over Q1 2024. • Total revenue
Slide 4: GTM Productivity
GTM Productivity. 3.5 3.12 3.0 2.40 2.5 2.0 1.5 1.0 0.5 0.0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 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
Slide 5: AI works best inside a Process
AI works best Launch AI in process with just a few clicks. inside a Process Process gives AI a goal, Process provides the a team, a flow of work, tools and infrastructure exception handling, required to scale AI usage. human oversight, and escalation paths. Process provides Process tracks every acce
Slide 6: 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% 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 pre
Slide 7: Annualized Recurring Revenue (ARR)
Annualized Recurring Revenue ("ARR"). Total ARR $250K+ ARR Customers Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 '22 '23 '23 '23 '23 '24 '24 '24 '24 '25 '20 '20 '20 '20 '21 '
Slide 8: Total Revenue
Total Revenue.* 166.7 166.4 154.1 149.8 146.5 $150.0 million 29.9 32.1 30.9 32.1 7.9 7.6 33.5 7.8 7.3 7.3 29.9 26.9 21.3 $100.0 million 23.8 17.2 $50.0 million 94.1 98.9 99.8 86.6 88.4 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Cloud Subscriptions Revenue Term License Revenue Maintenance and Support Pr
Slide 9: Cloud Subscriptions Revenue Retention Rate
Cloud Subscriptions Revenue Retention Rate. 125% 120% 118% 117% 116% 112% 0% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 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 9 pr
Slide 10: Subscriptions vs. Professional Services Revenues
Subscriptions vs. Professional Services Revenues. IPO (Q2 2017) Q1 2025 Subscriptions Services Subscriptions Services 51% 49% 81% 19% 10
Slide 11: Non-GAAP Gross Margins
Non-GAAP Gross Margins.* Subscriptions Professional Services Overall 90% 89% 89% 90% 89% 80% 78% 76% 75% 77% 30% 30% 31% 30% 25% Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 2025 2024 2024 2024 2024 2025 2024 2024 2024 2024 2025 11 * Data excludes stock-based compensation expense
Slide 12: Q1 2025 Summary
Q1 2025 Summary. Cloud Subscriptions Revenue Cloud Subscriptions Revenue Non-GAAP Overall Gross (USD, in millions) Retention Margins* 99.8 As of March 31, 2025 1 5% 86.6 76% 78% 112% Q1 2024 Q1 2025 Q1 2024 Q1 2025 12 * Data excludes stock-based compensation expense. Refer to the reconciliation of G
Slide 13: Guidance
Guidance. Given on May 8, 2025 (in millions, except for EPS) Q2 2025 Full Year 2025 Cloud Subscriptions Revenue $101.0 – $103.0 $419.0 – $423.0 Cloud Subscriptions Revenue Growth YoY 14% – 16% 14% – 15% Total Revenue $158.0 – $162.0 $680.0 – $688.0 Total Revenue Increase YoY 8% – 11% 10% – 12% Adjus
Slide 14: Appendix
Appendix
Slide 15: Balance Sheet
Balance Sheet. As of $ in thousands March 31, 2025 December 31, 2024 Assets (unaudited) Cash and cash equivalents $ 134,982 $ 118,552 Short-term investments and marketable securities 64,716 41,308 Accounts receivable, net of allowance 136,037 195,069 Deferred commissions, current 34,858 36,630 Prepa
Slide 16: Income Statement
Income Statement. Three Months Ended March 31, $ in thousands, except for per share data 2025 2024 (unaudited) Revenue Cloud subscriptions $ 99,826 $ 86,603 Term license subscriptions 26,914 23,771 Maintenance and support 7,612 7,320 Total subscriptions revenue 134,352 117,694 Professional services
Slide 17: Stock-Based Compensation Expense
Stock-Based Compensation Expense. Three Months Ended March 31, $ in thousands 2025 2024 (unaudited) Cost of revenue Subscriptions $ 243 $ 213 Professional services 1,407 1,578 Operating expenses Sales and marketing 2,188 2,527 Research and development 2,938 3,001 General and administrative 3,263 3,2
Slide 18: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures. $ in thousands Lease Impairment and Lease- Unrealized GAAP Stock-Based Litigation JPI Related Foreign Exchange Non-GAAP Measure Compensation Expenses Amortization Severance Costs Charges Gains and Losses Measure Three Months Ended March 31, 2025 Subscript
Slide 19: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures. $ in thousands Three Months Ended March 31, 2025 2024 Reconciliation of adjusted EBITDA: GAAP net loss $ (1,177) $ (32,923) Other (income) expense, net (5,716) 8,207 Interest expense 5,318 5,646 Income tax expense (benefit) 741 (465) Depreciation expense
Slide 20: 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 21: 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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