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Q1 2025 Earnings Call Presentation Matt Calkins, Founder & CEO Mark Lynch, Interim CFO Q3 2026 Earnings Call Presentation Matt Calkins, CEO Serge Tanjga, CFO
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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 financial results, trends and guidance for the fourth quarter and full year 2026, the impact of macroeconomic changes, the benefits of our platform, industry and market trends, our go-to-market and growth strategy, our market opportunity and ability to expand our leadership position, our ability to maintain and upsell existing customers, and our ability to acquire new customers. The words “anticipate,” “continue,” “estimate,” “expect,” “intend,” “will,” “plan,” and similar expressions are intended to identify forward-looking statements or similar indications of future expectations. These statements reflect our views only as of this presentation and should not be reflected upon as representing our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a discussion of the material risks and other important factors that could affect our actual results, refer to our most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings with the SEC. These documents are also available on the investor section of our website. Additionally, non-GAAP financial measures will be shared. Refer to the tables included within this presentation as well as in our earnings release and the Investors section of our website for a reconciliation of these measures to their most directly comparable GAAP financial measures. Disclaimer. 2
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Revenue • Cloud subscriptions revenue was $136.4 million (+20% Y/Y) • Subscriptions revenue was $187.8 million (+28% Y/Y) • Total revenue was $234.6 million (+25% Y/Y) Non-GAAP Gross Margins* • Subscriptions gross margin was 86%. • Professional services gross margin was 24%. • Overall gross margin was 74%. Profitability • Adjusted EBITDA was $43.4 million. Q3 2026 Highlights. * Data excludes stock-based compensation expense. Refer to the reconciliation of GAAP to non-GAAP measures in the Appendix. 3
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2.70 3.47 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 20260.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 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 expense for the trailing 12-month period. Refer to the reconciliation of GAAP to non-GAAP measures in the Appendix for details. GTM Productivity. 4
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187.0 202.9 202.2 203.3 234.6 113.6 117.0 124.5 131.7 136.4 33.6 45.2 35.8 26.0 51.439.8 40.6 41.9 45.6 46.9 Cloud Subscriptions RevenueOther Subscriptions RevenueProfessional Services Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 $50.0 million $100.0 million $150.0 million $200.0 million $250.0 million * Reported in millions. Totals may not foot due to rounding. Total Revenue.* 5
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Cloud Revenue 21% 18% 16% 18% 18% 16% 20% 22% 21% Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Subscriptions Revenue 18% 18% 15% 14% 17% 16% 15% 18% 29% Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 Total Revenue 11% 14% 12% 14% 19% 19% 17% 18% 26% Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 6 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.
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114% 113% 112% 113% 112% 114% 115% 115% 120% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 125% To calculate this metric, we define ARR on a customer level as monthly recurring cloud subscriptions revenue multiplied by 12. We then compare the period-end ARR of the previous year's customer cohort to their ARR at the end of the current period. The cloud net ARR expansion represents the ratio between these two periods. The cloud net ARR expansion calculation is performed on a constant currency basis. Cloud Net ARR Expansion. 7
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Subscriptions 86% 86% 86% 84% 86% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Professional Services 31% 23% 29% 31% 24% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Overall 74% 73% 74% 72% 74% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 * 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. Non-GAAP Gross Margins.* 8
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(in millions, except for EPS) Q4 2026 Full Year 2026 Cloud Subscriptions Revenue $143.0 – $145.0 $536.0 – $538.0 Cloud Subscriptions Revenue Growth YoY 22% – 24% 23% Total Revenue $233.0 – $237.0 $873.0 – $877.0 Total Revenue Increase YoY 15% – 17% 20% – 21% Adjusted EBITDA $30.0 – $33.0 $116.0 – $119.0 Non-GAAP Diluted Earnings per Share* $0.30 – $0.34 $1.20 – $1.24 * Based on estimated diluted weighted average common shares outstanding of 73.4 million and 73.5 million for Q4 and FY 2026, respectively. Guidance. Given on November 5, 2026 9
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10 < Multi-Pronged Growth Algorithm.* ~300 bps margin expansion < 53% $118M Adjusted EBITDA 2026 Y/Y Growth De-levering + buybacks 100% $1.22 Non-GAAP EPS 20% $875M Revenue * Amounts based on the midpoint of FY 2026 guidance.
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Appendix
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As of $ in thousands September 30, 2026 December 31, 2025 Assets (unaudited) Cash and cash equivalents $ 47,326 $ 135,810 Short-term investments and marketable securities 41,620 51,415 Accounts receivable, net of allowance 244,041 255,063 Deferred commissions 116,512 100,365 Property and equipment, net 35,271 32,087 Goodwill 27,875 28,811 Intangible assets, net of accumulated amortization 433 1,246 Right-of-use assets for operating leases 29,628 28,075 Other assets 58,198 58,523 Total assets $ 600,904 $ 691,395 Liabilities and Stockholders’ Deficit Accounts payable and accrued expenses 36,258 25,138 Accrued compensation and related benefits 60,647 61,781 Deferred revenue 343,532 350,243 Debt 199,485 240,826 Operating lease liabilities 57,437 58,874 Other liabilities 1,419 1,526 Total liabilities 698,778 738,388 Stockholders’ deficit Common stock 7 7 Treasury stock (82,958) (16,935) Additional paid-in capital 623,466 617,318 Accumulated other comprehensive loss (26,467) (36,462) Accumulated deficit (611,922) (610,921) Total stockholders’ deficit (97,874) (46,993) Total liabilities and stockholders’ deficit $ 600,904 $ 691,395 Balance Sheet. 12
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Three Months Ended September 30, Nine Months Ended September 30, $ in thousands, except for per share data 2026 2025 2026 2025 Revenue (unaudited) Cloud subscriptions $ 136,361 $ 113,596 $ 392,539 $ 320,337 Other subscriptions 51,393 33,592 113,208 93,860 Total subscriptions revenue 187,754 147,188 505,747 414,197 Professional services 46,878 39,816 134,321 109,873 Total revenue 234,632 187,004 640,068 524,070 Cost of revenue Subscriptions 26,187 21,667 74,500 60,895 Professional services 37,291 29,037 101,902 82,803 Total cost of revenue 63,478 50,704 176,402 143,698 Gross profit 171,154 136,300 463,666 380,372 Operating expenses Sales and marketing 65,826 53,574 200,558 172,041 Research and development 50,554 42,561 144,183 127,046 General and administrative 33,471 27,051 99,906 79,989 Total operating expenses 149,851 123,186 444,647 379,076 Operating income 21,303 13,114 19,019 1,296 Other non-operating expense (income) Other expense (income), net 4,822 (1,398) 5,565 (24,678) Interest expense 3,304 5,311 11,256 15,948 Total non-operating other expense (income) 8,126 3,913 16,821 (8,730) Income before income taxes 13,177 9,201 2,198 10,026 Income tax expense 836 1,376 3,199 3,690 Net income (loss) $ 12,341 $ 7,825 $ (1,001) $ 6,336 Net income (loss) per Class A and Class B share: Basic $ 0.17 $ 0.11 $ (0.01) $ 0.09 Diluted $ 0.17 $ 0.10 $ (0.01) $ 0.08 Weighted average common shares outstanding: Basic 71,641 74,008 72,773 74,101 Diluted 72,741 74,575 72,773 74,554 Income Statement. 13
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unaudited, $ in thousands GAAP Measure Stock-Based Compensation Litigation Expense JPI Amortization Lease Impairment and Lease- Related Charges Other Adjustments(a) Non-GAAP Measure Three Months Ended September 30, 2026 Subscriptions cost of revenue $ 26,187 $ (514) $ — $ — $ — $ — $ 25,673 Professional services cost of revenue 37,291 (1,658) — — — — 35,633 Total cost of revenue 63,478 (2,172) — — — — 61,306 Sales and marketing expense 65,826 (2,591) — — — — 63,235 Research and development expense 50,554 (3,852) — — — — 46,702 General and administrative expense 33,471 (3,967) (4,664) (1,732) (292) — 22,816 Total operating expense 149,851 (10,410) (4,664) (1,732) (292) — 132,753 Operating income 21,303 12,582 4,664 1,732 292 — 40,573 Non-operating expense (income) 4,822 — — — — (6,291) (1,469) Income tax impact of above items 836 443 — — — 342 1,621 Net income 12,341 12,139 4,664 1,732 292 5,949 37,117 Net income per share, basic $ 0.17 $ 0.17 $ 0.07 $ 0.02 $ — $ 0.08 $ 0.51 Net income per share, diluted(b,c) $ 0.17 $ 0.17 $ 0.06 $ 0.02 $ — $ 0.08 $ 0.51 Reconciliation of GAAP to Non-GAAP Measures. 14 (a) Other adjustments primarily includes unrealized foreign exchange gains and losses and write off of deferred debt issuance costs. (b) Accounts for the impact of 1.1 million shares of dilutive securities. (c) Per share amounts do not foot due to rounding.
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(a) Other adjustments primarily includes unrealized foreign exchange gains and losses. (b) Accounts for the impact of 0.6 million of dilutive securities. (c) Totals do not foot due to rounding. unaudited, $ in thousands GAAP Measure Stock-Based Compensation Litigation Expense JPI Amortization Lease Impairment and Lease- Related Charges Other Adjustments(a) Non-GAAP Measure Three Months Ended September 30, 2025 Subscriptions cost of revenue $ 21,667 $ (419) $ — $ — $ — $ — $ 21,248 Professional services cost of revenue 29,037 (1,448) — — — — 27,589 Total cost of revenue 50,704 (1,867) — — — — 48,837 Sales and marketing expense 53,574 (1,882) — — — — 51,692 Research and development expense 42,561 (2,991) — — — — 39,570 General and administrative expense 27,051 (3,520) (2,130) (3,153) (1,105) — 17,143 Total operating expense 123,186 (8,393) (2,130) (3,153) (1,105) — 108,405 Operating income 13,114 10,260 2,130 3,153 1,105 — 29,762 Non-operating (income) expense (1,398) — — — — 110 (1,288) Income tax impact of above items 1,376 375 — — — (406) 1,345 Net income 7,825 9,885 2,130 3,153 1,105 296 24,394 Net income per share, basic $ 0.11 $ 0.13 $ 0.03 $ 0.04 $ 0.01 $ — $ 0.32 Net income per share, diluted(b,c) $ 0.10 $ 0.13 $ 0.03 $ 0.04 $ 0.01 — $ 0.32 Reconciliation of GAAP to Non-GAAP Measures. 15
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(a) Other adjustments primarily includes unrealized foreign exchange gains and losses and write off of deferred debt issuance costs. (b) Accounts for the impact of 0.7 million of dilutive securities. (c) Per share amounts do not foot due to rounding. unaudited, $ in thousands GAAP Measure Stock-Based Compensation Litigation Expense JPI Amortization Lease Impairment and Lease- Related Charges Other Adjustments(a) Non-GAAP Measure Nine months ended September 30, 2026 Subscriptions cost of revenue $ 74,500 $ (1,570) $ — $ — $ — $ — $ 72,930 Professional services cost of revenue 101,902 (4,816) — — — — 97,086 Total cost of revenue 176,402 (6,386) — — — — 170,016 Sales and marketing expense 200,558 (6,957) — — — — 193,601 Research and development expense 144,183 (10,969) — — — — 133,214 General and administrative expense 99,906 (10,719) (17,905) (5,744) (873) — 64,665 Total operating expense 444,647 (28,645) (17,905) (5,744) (873) — 391,480 Operating income 19,019 35,031 17,905 5,744 873 — 78,572 Non-operating expense (income) 5,565 — — — — (9,663) (4,098) Income tax impact of above items 3,199 1,454 — — — 636 5,289 Net (loss) income (1,001) 33,577 17,905 5,744 873 9,027 66,125 Net (loss) income per share, basic $ (0.01) $ 0.46 $ 0.25 $ 0.08 $ 0.01 $ 0.12 $ 0.91 Net (loss) income per share, diluted(b,c) $ (0.01) $ 0.46 $ 0.24 $ 0.08 $ 0.01 $ 0.12 $ 0.90 Reconciliation of GAAP to Non-GAAP Measures. 16
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unaudited, $ in thousands GAAP Measure Stock-Based Compensation Litigation Expense JPI Amortization Lease Impairment and Lease- Related Charges Other Adjustments(a) Non-GAAP Measure Nine months ended September 30, 2025 Subscriptions cost of revenue $ 60,895 $ (1,335) $ — $ — $ — $ — $ 59,560 Professional services cost of revenue 82,803 (4,304) — — — — 78,499 Total cost of revenue 143,698 (5,639) — — — — 138,059 Sales and marketing expense 172,041 (6,215) — — — — 165,826 Research and development expense 127,046 (9,362) — — — — 117,684 General and administrative expense 79,989 (9,776) (6,324) (9,355) (1,714) — 52,820 Total operating expense 379,076 (25,353) (6,324) (9,355) (1,714) — 336,330 Operating income 1,296 30,992 6,324 9,355 1,714 — 49,681 Non-operating (income) expense (24,678) — — — — 20,879 (3,799) Income tax impact of above items 3,690 1,125 — — — (1,732) 3,083 Net income (loss) 6,336 29,867 6,324 9,355 1,714 (19,147) 34,449 Net income (loss) per share, basic $ 0.09 $ 0.40 $ 0.09 $ 0.13 $ 0.02 $ (0.26) $ 0.47 Net income (loss) per share, diluted(b,c) $ 0.08 $ 0.40 $ 0.08 $ 0.13 $ 0.02 $ (0.26) $ 0.46 Reconciliation of GAAP to Non-GAAP Measures. 17 (a) Other adjustments primarily includes unrealized foreign exchange gains and losses. (b) Accounts for the impact of 0.5 million shares of dilutive securities. (c) Per share amounts do not foot due to rounding.
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unaudited, $ in thousands Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Reconciliation of adjusted EBITDA: GAAP net income (loss) $ 12,341 $ 7,825 $ (1,001) $ 6,336 Other expense (income), net 4,822 (1,398) 5,565 (24,678) Interest expense 3,304 5,311 11,256 15,948 Income tax expense 836 1,376 3,199 3,690 Depreciation expense and amortization of intangible assets 2,875 2,459 7,655 7,429 Stock-based compensation expense 12,582 10,260 35,031 30,992 Litigation Expense 4,664 2,130 17,905 6,324 JPI Amortization 1,732 3,153 5,744 9,355 Lease Impairment and Lease-Related Charges 292 1,105 873 1,714 Adjusted EBITDA $ 43,448 $ 32,221 $ 86,227 $ 57,110 Reconciliation of GAAP to Non-GAAP Measures. 18
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Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Reconciliation of non-GAAP overall gross margin: GAAP overall gross margin 72.9% 71.2% 73.1% 72.4% 72.9% Add back: Non-GAAP adjustments to overall gross margin 1.0% 1.0% 1.1% 1.0% 1.0% Non-GAAP overall gross margin 73.9% 72.2% 74.2% 73.4% 73.9% Reconciliation of non-GAAP subscriptions gross margin: GAAP subscriptions gross margin 86.1% 83.9% 85.7% 85.8% 85.3% Add back: Non-GAAP adjustments to subscriptions gross margin 0.2% 0.3% 0.4% 0.3% 0.3% Non-GAAP subscriptions gross margin 86.3% 84.2% 86.1% 86.1% 85.6% Reconciliation of non-GAAP professional services gross margin: GAAP professional services gross margin 20.5% 27.4% 24.7% 19.2% 27.1% Add back: Non-GAAP adjustments to professional services gross margin 3.5% 3.3% 4.0% 3.6% 3.6% Non-GAAP professional services gross margin 24.0% 30.7% 28.7% 22.8% 30.7% 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 compensation expense and severance costs recorded to "Cost of revenue" within our consolidated income statements. Reconciliation of GAAP to Non-GAAP Measures. 19
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in thousands Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 GAAP sales and marketing expense 65,826 70,113 64,619 69,145 53,574 62,157 56,310 57,073 52,710 Subtract: Sales and marketing stock compensation (2,591) (1,963) (2,403) (2,219) (1,882) (2,087) (2,246) (1,991) (1,827) Non-GAAP sales and marketing expense 63,235 68,150 62,216 66,926 51,692 60,070 54,064 55,082 50,883 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 marketing expense" within our consolidated income statements. Reconciliation of GAAP to Non-GAAP Measures. 20