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Fourth Quarter & Fiscal Year 2025 Ended March 31, 2025 Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. May 19, 2025
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Forward looking statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Any statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as "may," "will," "should," "estimates," "predicts," "potential," "continue," "strategy," "believes," "anticipates," "plans," "expects," "intends," and similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to: the size of our market opportunity; the potential success and impact of our investments in artificial intelligence technologies; our strategic transformation initiatives; our ability to drive increased platform and multi-product adoption; our ability to increase profitability and cash flow and fund investment in innovation; whether we can increase customer retention; whether our unified communication and contact center traffic will increase; our future revenue and growth (including platform usage revenue); whether we can sustain an increasing pace of innovation; the success of our go-to-market engine; our ability to improve general and administrative synergies; our ability to enhance shareholder value; and our financial outlook, revenue growth, and profitability, including whether we will achieve sustainable growth and profitability. These forward-looking statements are predictions only, and actual events or results may differ materially from such statements depending on a variety of factors. These factors include, but are not limited to: • Customer adoption and demand for our products may be lower than we anticipate. • A reduction in our total costs as a percentage of revenue may negatively impact our revenues and our business. • Impact of economic downturns, political instability, rising interest rates and other inflationary pressures on us and our customers. • Risks related to our new delayed draw term loan due 2027 and convertible senior notes due 2028, including the impact of variable interest expense and timing of any future repayments or refinancing on our stock price; • We may not achieve our target service revenue or total revenue growth rates, or the revenue and other amounts we forecast in our guidance, for a particular quarter or for the full fiscal year. • Competitive dynamics of the UCaaS, CCaaS, CPaaS, video and other markets in which we compete may change in ways we are not anticipating. • Our customer churn rate may be higher than we anticipate. • Third parties may assert ownership rights in our IP, which may limit or prevent our continued use of the core technologies behind our solutions. • Impact of acquisitions, including Fuze, Inc., on future financial performance. • The impact of U.S. trade restrictions, tariffs and international trade policies could adversely affect our costs and operations. • Investments we make in marketing, channel and value-added resellers (VARs), e-commerce, and new products may not result in revenue growth. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Forms 10-K and 10-Q filed by 8x8, Inc. with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement, and 8x8, Inc. undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future. See Appendix for Non-GAAP reconciliation and disclaimers.
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Kevin Kraus 8x8 Chief Financial Officer8x8 Chief Executive Officer Samuel Wilson Q4 & FY 2025 Earnings Presentation
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved.Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. About Us Q4 & FY 2025 Earnings Presentation
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. We connect people and organizations through seamless communication, empowering them to unlock the potential of every interaction.
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Success intentionally engineered 6 FY25FY22 FY23 $107M $77M $110M Ranked #1 over competitors for Contact Center integrated with UCaaS1 Best of Breed 10x Recognized for CCaaS 13x Leader in UCaaS Gartner Magic Quadrant® 55K Global Customers Countries PSTN replacement 55+ 1. 2024 Gartner Critical Capabilities for Unified Communications as a Service Gartner, Magic Quadrant and associated logos are trademarks of Gartner, Inc. 2. Non-GAAP. Reconciliation to nearest GAAP metric included in the Appendix. 3. G-G2 and associated logos are trademarks of G2.com, Inc. TrustRadius and associated logos are trademarks of TrustRadius, Inc. R&D Investment2 Vonage Dialpad RingCentral Cisco Zoom GoTo Google Microsoft Wildix 4 3 2 1 0 FY24 $111M 5 3 Q4 & FY 2025 Earnings Presentation Global Reach® Geographic locations/regions 34
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved.Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. 7 z Mobile Workforce Remote Assessment Workflow Automation Self Service Performance Management Staff Scheduling Agent Training Employee Collaboration Internal Helpdesk Integrated UC/CC Agent Assist Mobility Interaction Journey Analytics Payment processing Call Quality Reports WEM /WFM Conversational AI Voice Queues Performance Analytics Chat Cloud PBX ACD Video SMS/A2P messaging Digital Ecosystem Unified Data AI Insights The 8x8 Platform for CX Connects customers and teams globally, empowering CX leaders with performance and insights to address customers’ key priorities for lasting business impact: • Elevate your CX • Maximize operational efficiencies • Modernize to stay ahead • Mitigate risk, build trust Q4 & FY 2025 Earnings Presentation
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. 8x8 Product Portfolio Local numbers in 100+ countries including toll-free Technology Partner Ecosystem Professional Service and Support Q4 & FY 2025 Earnings Presentation 8
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. An AI-powered Customer Experience 9 Supervisors Agents Customer-Facing Teams End Customer AI summarization with sentiment analysis within Supervisor Workspace AI summarization in external CRMs AI-powered next best actions for real- time knowledge lookup, sentiment analysis, and auto summarization Simple, customer health summary with overall customer sentiment, a detailed activity log, speech intelligence metrics, last customer contact by internal department, main topics covered via Interaction Analytics, and more Real-time chat translation AI-powered routing via 8x8 Intelligent Customer Assistant to escalate from voice self-service to to live assisted service in natural language and transfer the interaction to a live agent with complete context High transcription accuracy throughout ~90% accurate for most popular languages AI-agnostic approach Plug-in-play external AI providers & easily integrate with multiple CAIP platforms Q4 & FY 2025 Earnings Presentation
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Future-ready CX and EX Cutting-edge platform for better outcomes Meet your customers where they are and streamline AI-driven and live-assisted service Optimize CX with 8x8 TPES for specific use cases Enhance the Microsoft experience with deep 8x8 integrations Time tested, friction-less and custom-approach to deployment Insights for smarter decisions Identity CX gaps and eliminate data silos Unify customer interaction data for faster action Empower every employee with a 360-degree customer view Purpose-built workspaces for productivity Global reach and reliability Financially backed, platform- wide 99.999% uptime Proprietary platform with 4 levels of redundancy Connected teams with industry- leading global coverage Patented Global ReachTM ML technology for best quality of service Optimize IT and support footprint Eliminate multiple vendor and carrier partnerships Centralized and easy system management globally Monitor system and performance metrics Implement unified security, compliance, governance and data privacy policy 10Q4 & FY 2025 Earnings Presentation
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. YoY increase in AI- based Solutions YoY Growth in New Products YoY increase Intelligent Customer Assistant (ICA) - Voice & Digital 8x8 Momentum 14% 60% 92% 11Q4 & FY 2025 Earnings Presentation YoY Increase in Engage YoY Growth Microsoft Teams Licenses Sold Technology Partner Ecosystem 30% 28% 13%
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Business Highlights Q4 & FY 2025 Earnings Presentation
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Innovations in AI-driven Automation New AI-powered features across the 8x8 Platform, including Compose with AI, AI chat summarization, AI Orchestrator, JourneyIQ and AI Agent Boost, empower organizations to elevate engagement, streamline operations and deliver exceptional experiences Multi-Product Strategy Driving Value The number of customers with 3 or more 8x8 products increased 13% from Q4 FY 2024 Expanded Partnerships Announced Technology Partner EcoSystem partnerships with SpinSci Technologies, and integrating 8x8 Contact Center to enable streamlined healthcare workflows and secure, compliant data management Q4 2025 Business Highlights 13 Investment in AI-powered Customer Experience Solutions Voice AI interactions increased nearly 75% from Q3 2025 Q4 & FY 2025 Earnings Presentation
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Recent Industry Recognition 8x8 Received 5-Star Award in the 2025 CRN Partner Program Guide and CRN named Michelle Paitich, Global Vice President, Channel Sales, to the prestigious 2025 CRN® Channel Chiefs list Named in the Communications category of the Singapore Business Review (SBR) International Business Awards 2025 for its communication APIs platform. The awards celebrate the outstanding achievements of foreign companies in Singapore, highlighting their impactful projects and innovative strategies. Awarded Gold Stevie® Award in the Customer Service Team of the Year category and a Silver Stevie® Award in the Technology Team of the Year in the 23rd Annual American Business Awards Q4 & FY 2025 Earnings Presentation 14
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Q4 & FY 2025 Financial Performance Q4 & FY 2025 Earnings Presentation
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. 1. See Appendix for a reconciliation of Non-GAAP metrics to the nearest GAAP metric. Reconciliation not available for forward looking metrics. 2. Reflects $15 million early prepayment of principal on Term Loan during Q4 2025 ($73M during FY’ 2025). Q4 2025 Financial Highlights • Service Revenue of $172M and Total Revenue of $177M ◦ Excluding revenue from Fuze customers, service revenue increased ~5% ◦ New Products +14% YoY; 60% YoY Growth in AI-based products • GAAP and non-GAAP Operating Profitability1 • GAAP Operating Margin of 0.2% • Non-GAAP Operating Margin of 10% • 17th consecutive quarter of positive Operating Cash Flow • Cash Flow generated by operations of $6M • $89M cash, equivalents and restricted cash at quarter-end2 • $15M 2027 Term Loan Prepayment ◦ Reduced cash interest expense by 44% from Q4 2024 Q4 & FY 2025 Earnings Presentation 16
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. 1. See Appendix for a reconciliation of Non-GAAP metrics to the nearest GAAP metric. Reconciliation not available for forward looking metrics. 2. Reflects reduction of principal upon refinance of $25M in Aug. 2024, $33M of prepayments in Q3’25 and $15M of prepayments in Q4’25. FY 2025 Financial Highlights • Service Revenue of $693M and Total Revenue of $715M ◦ Excluding revenue from Fuze customers, service revenue grew ~3% • GAAP and non-GAAP Operating Profitability1 • GAAP Operating Margin of 2% • Non-GAAP Operating Margin of 11% • Reduced principal of term loan debt by $73M in FY 20252 ◦ Refinanced original term loan ◦ Reduced cash paid for interest by 26% vs. FY 2024 Q4 & FY 2025 Earnings Presentation 17
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. (US$ millions) Q4 2025 Results (Qtr ended 3/31/2025) Guidance Ranges (As of 2/4/2025) Service Revenue $171.6M $170 – $175M % Growth Y/Y (0.5)% (1%) - 1% Total Revenue $177.0M $175 – $181M % Growth Y/Y (1.3)% (2%) – 1% Non-GAAP Operating Margin1 10.0%1 9% - 10% Q4 2025 Results vs. Guidance 1. See Appendix for a reconciliation of Non-GAAP metrics to the nearest GAAP metric. Q4 & FY 2025 Earnings Presentation 18
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. (US$ millions) FY 2025 Results (FY ended 3/31/2025) Guidance Ranges (As of 2/4/2025) Service Revenue $692.9M $691M - $696M % Growth Y/Y (1.1)% (1%) - (0.6%) Total Revenue $715.1M $713M - $719M % Growth Y/Y (1.9)% (2%) – (1%) Non-GAAP Operating Margin1 11.0%1 10.7% - 11.0% Non-GAAP Earnings per Share - Diluted2 $0.36 $0.35 - $0.37 Weighted Average Shares - Diluted 133,653,598 132M - 133M FY 2025 Results vs. Guidance 1. See Appendix for a reconciliation of Non-GAAP metrics to the nearest GAAP metric. 2. Reconciliation to nearest GAAP metric not available for forward looking Non-GAAP metrics. Refer to Forward Looking Statements for a discussion of factors that could cause actual results to differ from guidance and refer to 8x8’s Fourth Quarter and Fiscal Year 2025 earnings release for a discussion of reasons why 8x8 does not reconcile non-GAAP guidance metrics. Q4 & FY 2025 Earnings Presentation 19
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Amounts may not sum to total due to rounding. 1. Service revenue consists of subscriptions and platform usage revenue. 2. Other revenue includes product revenue from the sale of pre-configured phones and equipment, phone rentals, and professional services. 3. See appendix for reconciliation of non-GAAP metrics to nearest comparable GAAP metric. 4. Non-GAAP Interest expense excludes amortization of debt discount and issuance costs. See Appendix for additional detail. 5. Stock based compensation includes related employer payroll taxes. Income Statement (US$ millions) Q4 2025 % of Total Revenue % Change YoY FY 2025 % of Total Revenue % Change YoY Revenue Service Revenue1 $171.6 97% (1)% $692.9 97% (1)% Other Revenue2 $5.5 3% (21)% $22.1 3% (21)% Total Revenue $177.0 100% (1)% $715.1 100% (2)% GAAP Metrics Gross Profit $120.1 68% (2)% $485.3 68% (4)% Operating Income $0.4 —% 103% $15.2 2% 155% Interest Expense $5.2 3% (47)% $28.9 4% (28)% Non-GAAP Metrics3 Gross Profit $122.1 69% (4)% $499.2 70% (5)% Operating Income $17.7 10% (13)% $78.4 11% (17)% Adjusted EBITDA $22.2 13% (14)% $98.6 14% (19)% Interest Expense4 $4.8 3% (44)% $26.4 4% (25)% Other Stock-based Compensation5 $8.6 5% (46)% $41.8 6% (36)% Q4 & FY 2025 Financial Metrics Q4 & FY 2025 Earnings Presentation 20
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. 1. Includes Cash, cash equivalents and restricted cash in Q4 2025, Q4 2024 and Q3 2024. Reduction in cash balance compared with Q3 2025 reflects $15M of cash payments to reduce principal outstanding on the Term Loan. 2. Debt and net debt outstanding as of 3/31/25 and includes $201.9M in 2028 Notes and $152M Term Loan. 3. QoQ change reflects $15M prepayment of principal on the Term Loan. 4. YoY change reflects $73M prepayment of term loan principal ($25M in Q2’25, $33M in Q3’25 and $15M in Q4’25). 5. See Appendix for reconciliation of GAAP to non-GAAP metrics, including adjusted EBITDA. Income Statement (in US$ millions) Q4 2025 Change QoQ Change YoY Liquidity and Cash Flow Cash & Investments1 $89.3 $(15.3) $(28.4) Operating Cash Flow $5.9 $(21.3) $(6.8) CapEx + Cap SW $(3.0) $0.1 $0.7 TTM Operating Cash Flow $63.6 $(6.8) $(15.4) TTM CapEx + Cap SW $(13.5) $0.7 $3.5 Balance Sheet Deferred Revenue $37.8 $4.4 $3.4 Total Debt O/S2 $353.9 $(15.0)3 $(73.0)4 Net Debt O/S2 $264.6 $0.3 $(44.6) Net Debt / TTM Adj EBITDA5 2.7 0.1 0.1 Other Remaining Performance Obligations $780.0 $(20.0) $5.0 Q4 2025 Financial Metrics (Cont’d) Q4 & FY 2025 Earnings Presentation 21
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. $172 $173 $172 Q4 2024 Q3 2025 Q4 2025 $179 $179 $177 Q4 2024 Q3 2025 Q4 2025 Total Revenue Service Revenue (US$ millions) (US$ millions) (0.5)% YoY (1.1)% QoQ Q4 2025 Revenue Q4 & FY 2025 Earnings Presentation (1.0)% QoQ (1.3)% YoY 22
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. $710 $701 $693 FY23 FY24 FY25 $744 $729 $715 FY23 FY24 FY25 Total Revenue Service Revenue (US$ millions) (US$ millions) (2.4)% YoPY (1.1)% YoY FY 2025 Revenue Q4 & FY 2025 Earnings Presentation (1.9)% YoY (3.9)% YoPY 23
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Q4 2025 Non-GAAP Gross Margins1 1. See Appendix for reconciliation of Non-GAAP metrics to nearest GAAP metric. . Q4 & FY 2025 Earnings Presentation Non-GAAP Total and Service Gross Margins as a % of Revenue 74.2% 72.6% 71.9%70.8% 69.5% 69.0% Service Gross Margin Total Gross Margin Q4 2024 Q3 2025 Q4 2025 24
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. FY 2025 Non-GAAP Gross Margins1 1. See Appendix for reconciliation of Non-GAAP metrics to nearest GAAP metric. . Q4 & FY 2025 Earnings Presentation Non-GAAP Total and Service Gross Margins as a % of Revenue 74.7% 74.9% 72.9%70.8% 71.7% 69.8% Service Gross Margin Total Gross Margin FY23 FY24 FY25 25
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Q4 2025 Non-GAAP Operating Expenses and Total Costs1,2,3 1. See Appendix for reconciliation of Non-GAAP metrics to nearest GAAP metric. 2. Non-GAAP Operating Expenses includes non-GAAP R&D, Sales and Marketing, and G&A expenses, but does not include non-GAAP Cost of Total Revenue (“COGS”). 3. Non-GAAP Total Costs is defined as Non-GAAP Operating Expenses plus Non-GAAP Cost of Total Revenue (“COGS”). Q4 & FY 2025 Earnings Presentation 59.5% 58.8% 59.0% 88.7% 89.3% 90.0% Operating Expenses Total Costs Q4 2024 Q3 2025 Q4 2025 (As a % of Revenue) 26
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. FY 2025 Non-GAAP Operating Expenses and Total Costs1,2,3 1. See Appendix for reconciliation of Non-GAAP metrics to nearest GAAP metric. 2. Non-GAAP Operating Expenses includes non-GAAP R&D, Sales and Marketing, and G&A expenses, but does not include non-GAAP Cost of Total Revenue (“COGS”). 3. Non-GAAP Total Costs is defined as Non-GAAP Operating Expenses plus Non-GAAP Cost of Total Revenue (“COGS”). Q4 & FY 2025 Earnings Presentation Spending levels remained consistent with earlier quarters 62.4% 58.7% 58.8% 91.6% 87.0% 89.0% Operating Expenses Total Costs FY23 FY24 FY25 (As a % of Revenue) 27
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Non-GAAP Operating Income ($ in millions) (% of revenue) Non-GAAP Operating Margin % 1. See Appendix for reconciliation of Non-GAAP metrics to nearest GAAP metric. . Q4 2025 Non-GAAP Operating Income and Margin1 Q4 & FY 2025 Earnings Presentation $20 $19 $18 Q4 2024 Q3 2025 Q4 2025 11.3% 10.7% 10.0% Q4 2024 Q3 2025 Q4 2025 28
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Non-GAAP Operating Income ($ in millions) (% of revenue) Non-GAAP Operating Margin % 1. See Appendix for reconciliation of Non-GAAP metrics to nearest GAAP metric. . FY 2025 Non-GAAP Operating Income and Margin1 Q4 & FY 2025 Earnings Presentation $62 $95 $78 FY23 FY24 FY25 8.4% 13.0% 11.0% FY23 FY24 FY25 29
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. ($ in millions) Q1 2026 Service Revenue $170M – $175M % Growth Y/Y (2%) – 1% Total Revenue $175M – $182M % Growth Y/Y (2%) – 2% Non-GAAP Operating Margin1 9.0% – 9.5% Interest Expense ~$4.9M Cash Interest Paid ~$2.6M Non-GAAP Earnings Per Share - Diluted1 $0.07 – $0.09 Operating Cash Flow ~$5M – $6M 1. Reconciliation to nearest GAAP metric not available for forward looking Non-GAAP metrics. Refer to Forward Looking Statements for a discussion of factors that could cause actual results to differ from guidance and refer to 8x8’s Fourth Quarter and Fiscal Year 2025 earnings release for a discussion of reasons why 8x8 does not reconcile non-GAAP guidance metrics. Q1 2026 Guidance Ranges1 Q4 & FY 2025 Earnings Presentation As of 5/19/2025 30
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. 1. Reconciliation to nearest GAAP metric not available for forward looking Non-GAAP metrics. Refer to Forward Looking Statements for a discussion of factors that could cause actual results to differ from guidance and refer to 8x8’s Fourth Quarter and Fiscal Year 2025 earnings release for a discussion of reasons why 8x8 does not reconcile non-GAAP guidance metrics. FY 2026 Guidance1 Q4 & FY 2025 Earnings Presentation As of 5/19/2025 Service Revenue $682M – $702M % Growth Y/Y (1%) – 1% Total Revenue $702 – $724M % Growth Y/Y (2%) – 1% Non-GAAP Operating Margin1 9.0% – 10.0% Non-GAAP Earnings per Share - Diluted1 $0.34 – $0.37 Weighted Average Shares - Diluted ~144M Cash Flow from Operations $40M – $50M 31 As of 5/19/2025
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Appendix
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Q4 2025 Balance Sheet Q4 & FY 2025 Earnings Presentation
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Outstanding Debt - Principal Amount 1. $15 million of debt repaid in January 2025 For more detailed disclosures on the terms of the Company’s convertible senior notes and term loan, see the Company’s most recent quarterly and annual SEC filings. Q4 & FY 2025 Earnings Presentation Components of convertible senior notes and term loans were as follows as of March 31, 2025 and March 31, 2024, respectively (in thousands): March 31, 2025 March 31, 2024 Term Loan 2022 Term Loan 2028 Notes Total 2022 Term Loan 2028 Notes Total Principal $ 152,000 $ — $ 201,914 $ 353,914 $ 225,000 $ 201,914 $ 426,914 Unamortized debt discount and issuance costs (826) — (3,124) (3,950) (13,106) (4,118) (17,224) Net carrying amount $ 151,174 $ — $ 198,790 $ 349,964 $ 211,894 $ 197,796 $ 409,690 Current portion of long-term debt $ 11,593 $ — $ — $ 11,593 $ — $ — $ — Non-current portion of long-term debt $ 139,581 $ — $ 198,790 $ 338,371 $ 211,894 $ 197,796 $ 409,690 1 34
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Interest Expense Detail - Senior Convertible Notes and Term Loan Amounts may not sum to total due to rounding. Interest is payable semi-annually on the 2028 Senior Convertible Notes in August and February. The Company has the option to pay interest monthly, quarterly, or semi-annually on the Term Loan. For more detailed disclosures on the terms of the Company’s convertible senior notes, term loan and detachable warrants, see the Company’s quarterly and annual SEC filings. Q4 & FY 2025 Earnings Presentation Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Term Loan 2022 Term Loan 2028 Notes 2024 Notes Total 2022 Term Loan 2028 Notes 2024 Notes Total Contractual interest expense $ 2,813 $ — $ 2,019 $ — $ 4,832 $ 2,003 $ 6,789 $ 26 $ 8,818 Amortization of debt discount and issuance costs 100 — 221 — 321 236 802 37 1,075 Total interest expense $ 2,913 $ — $ 2,240 $ — $ 5,153 $ 2,239 $ 7,591 $ 63 $ 9,893 Year ended March 31, 2025 Year ended March 31, 2024 Term Loan 2022 Term Loan 2028 Notes 2024 Notes Total 2022 Term Loan 2028 Notes 2024 Notes Total Contractual interest expense $ 8,828 $ 9,466 $ 8,096 $ — $ 26,390 $ 27,022 $ 8,065 $ 265 $ 35,352 Amortization of debt discount and issuance costs 362 1,110 994 — 2,466 3,135 974 363 4,472 Total interest expense $ 9,190 $ 10,576 $ 9,090 $ — $ 28,856 $ 30,157 $ 9,039 $ 628 $ 39,824 Components of interest expense were as follows as of the three months ended March 31, 2025 and 2024, respectively (in thousands): Components of interest expense were as follows as of the year ended March 31, 2025 and 2024, respectively (in thousands): 35
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. $500.0 $500.0 $548.1 $542.1 $520.3 $515.2 $490.2 $490.2 $490.2 $426.9 $426.9 $401.9 $368.9 $353.9 $338.9 $500.0 $500.0 $96.2 $90.2 $68.3 $63.3 $63.3 $63.3 $63.3 $201.9 $201.9 $201.9 $201.9 $201.9 $201.9 $201.9 $201.9 $201.9 $201.9 $201.9 $201.9 $201.9 $250.0 $250.0 $250.0 $250.0 $225.0 $225.0 $225.0 $225.0 $225.0 $200.0 $167.0 $152.0 $137.0 2024 Notes 2028 Notes 2022 Term Loan 2024 Term Loan Q4'22 Q1'23 Aug'22 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4’25 May’25 $— $200.0 $400.0 $600.0 History of Reducing Debt Outstanding Reduced Principal Amount of Debt by ~$224M since August 2022 For more detailed disclosures on the terms of the Company’s convertible senior notes and term loan, see the Company’s most recent SEC filings. Q4 & FY 2025 Earnings Presentation Exchange Transaction 8/3/22 Early repay $25M on Term Loan Repay 2024 Notes Refi Term LoanRepurchase additional $6 million 2024 NotesRepurchase ~$22 million 2024 Notes Repay $33MRepay $15MRepurchase ~$5 million 2024 Notes 36 Repay $15M
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Customer Success Stories Q4 2025
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. 38 UK Residential Property Developer About One of the largest residential property development firms in the United Kingdom, this company operates extensively across England, Wales, and Scotland. Industry Construction & Engineering Company Size 5,000+ employees Channel Partner FluidOne Limited Competitors Cisco, RingCentral • 8x8® Contact Center™ • 8x8® Work™ • 8x8® Voice™ for Microsoft Teams • Strong collaboration between 8x8 and the partner • Preferred vendor via standout demo and strong collaboration. • Executed comprehensive POC despite delays and legal hurdles. • Met robust requirements: security, Teams integration, exceptional service. 8x8 Solutions & Highlights Why 8x8
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. • 8x8® Work™ • 8x8® Voice™ for Microsoft Teams 39 • Move from legacy on-premises system to a unified cloud CC & UC platform • Reliability and advanced functionality 8x8 Solutions & Highlights Why 8x8 Leading Pediatric Hospital About A leading pediatric hospital located in Southern California with over 50 locations is recognized for its comprehensive care, research, and child health advocacy. Industry Healthcare Company Size 6,000 employees Channel Partner DataTel 1 Competitors Cisco, Talkdesk
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. • 8x8® Contact Center™ • 8x8® Work™ • 8x8® Service Management for Contact Center • Comprehensive quality management and speech analytics • Delivered a flawless POC covering UC and CC 40 8x8 Solutions & Highlights Why 8x8 UK Regional Automotive Dealership About A privately-owned automotive dealership group based in England operates across Yorkshire, Lincolnshire, Derbyshire, and the North East. Industry Retail Company Size 2,000 employees across 53 dealerships Channel Partner Bistech PLC Competitors RingCentral, Zoom
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. 41 Award Winning Mortgage Broker About One of UK’s best mortgage brokers, offering fee-free mortgage advice with no hidden costs, guiding customers through every step of the process and delivering award-winning service recognized over 160 times since 2002. Industry Financial Services Company Size Channel Partner Wavenet Limited Competitors Zoom, RingCentral, Five9 • 8x8® Contact Center™ • 8x8® Work™ • 8x8® Voice™ for Microsoft Teams • 8x8’s consultative approach built strong internal advocacy and trusted relationships across the organization. • Seamless Microsoft Teams integration offered a unified user experience and clear cost savings, outperforming competitors. • Future-Ready Platform 8x8 Solutions Why 8x8
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. • 8x8® Contact Center™ • 8x8® Work™ • 8x8® Voice™ for Microsoft Teams 42 • Fully integrated CC & UC solution • Scalability and global reach, supporting ongoing expansion efforts • Seamless communication and collaboration, enhancing operational efficiency across regions Why 8x8 UK-Based Travel Management Company About A prominent UK-based travel management company with roots dating back to 1865. Today, it remains privately owned and continues to be recognized as one of the country's leading providers of corporate travel services. Industry Consumer Services Channel Partner Wavenet Limited Competitors Microsoft Operators 8x8 Solutions & Highlights purple
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. • 8x8 CPaaS - Jitsi as a Service 43 • Superior video quality, with ultra- low latency for seamless calls • Predictable pricing model, optimized for scalable growth • Open-source transparency, built- in trust and flexibility • Developer-ready platform, tailored to security and integration needs • Validated by enterprise users, proven reliability at scale 8x8 Solutions Why 8x8 US-Based AI-Powered Global Talent Experience Platform About A global HR tech company transforming talent acquisition through AI-driven solutions, founded in 2010. Its platform has helped over 500 enterprises attract, engage, and retain top talent, and has received industry recognition for its innovative CRM capabilities in talent management. Industry Software & Technology Region US Competitors Zoom, AWS Chime SDK, Vonage, Twilio
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. • 8x8 CPaaS - SMS 44 • Reliable message delivery, every time • Cost-effective at scale, maximizing ROI • Intuitive interface, simple to adopt and use 8x8 Solutions Why 8x8 Leading university in the Philippines About Established in 1611, one of the leading universities in the Philippines and is consistently ranked among the top 1000 universities globally. Industry Higher Education Region Southeast Asia Reseller Partner Trends & Technologies, Inc. (Philippines)
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. 45 Leading Services Organization About A US-based services organization helping underserved and at-risk disabled people with the complex journey to receive all the disability benefits they medically, legally, and ethically qualify for from both government and private entities. Industry Professional Services Company Size 1,000+ employees Channel Partner Telarus, Open Communications, Upstack • 8x8® Contact Center™ • 8x8® Work™ • 8x8® Voice™ for Microsoft Teams • 8x8 Intelligent Customer Assistant • Proactive Outreach • In-house development of AI agent assist system too complex with limited resources • Trust using 8x8 Platform for CX solutions • Powerful, intuitive features and seamless integration to streamline processes and improve agent efficiency 8x8 Solutions & Highlights Why 8x8 • 8x8® AI Agent Boost Added/8x8 Upsell
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. GAAP to non-GAAP Reconciliations and Historical Financial Results Q4 & FY 2025 Earnings Presentation
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Copyright 2025 8x8, Inc. or its affiliates. All rights reserved. Non-GAAP Measures This presentation contains certain financial information that has not been prepared in accordance with Generally Accepted Accounting Principles (GAAP). Management uses these non-GAAP financial measures internally in analyzing the Company’s financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating the Company’s ongoing operational performance. This information should not be considered a substitute for any measures derived in accordance with GAAP. Non-GAAP Guidance The Company does not reconcile its forward-looking estimates of non-GAAP operating margins to the corresponding GAAP measures of GAAP operating margin due to the significant variability of, and difficulty in making accurate forecasts and projections with regards to, the various expenses it excludes. For example, future hiring and employee turnover may not be reasonably predictable, stock-based compensation expense depends on variables that are largely not within the control of nor predictable by management, such as the market price of 8x8 common stock, and may also be significantly impacted by events like acquisitions, the timing and nature of which are difficult to predict with accuracy. The actual amounts of these excluded items could have a significant impact on the Company's GAAP operating margins. Accordingly, management believes that reconciliations of this forward-looking non-GAAP financial measure to the corresponding GAAP measure are not available without unreasonable effort. All projections are on a non-GAAP basis. Non-GAAP Measures and Guidance Q4 & FY 2025 Earnings Presentation
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FY2023 FY2024 FY2025 FY2023 FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 YTD Q4 YTD Q4 YTD 30-Jun 30-Sep 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar 31-Mar 31-Mar 31-Mar 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2023 2024 2025 Service revenue 179,161 178,556 175,765 176,562 175,238 177,782 175,069 172,490 172,801 175,075 173,459 171,588 710,044 700,579 692,923 Other revenue 8,459 8,833 8,635 7,967 8,049 7,217 5,937 6,923 5,346 5,923 5,423 5,455 33,894 28,126 22,147 Total revenue 187,620 187,389 184,400 184,529 183,287 184,999 181,006 179,413 178,147 180,998 178,882 177,043 743,938 728,705 715,070 Cost of service revenue 53,547 51,038 47,335 46,951 46,276 49,144 48,983 48,557 49,496 50,251 50,529 49,818 198,871 192,960 200,094 Cost of other revenue 13,126 11,000 10,176 8,302 8,398 7,958 7,177 8,412 7,691 7,572 7,268 7,173 42,604 31,945 29,704 Total cost of revenue 66,673 62,038 57,511 55,253 54,674 57,102 56,160 56,969 57,187 57,823 57,797 56,991 241,475 224,905 229,798 Gross profit 120,947 125,351 126,889 129,276 128,613 127,897 124,846 122,444 120,960 123,175 121,085 120,052 502,463 503,800 485,272 Operating expenses: Research and development 34,955 36,019 35,062 36,455 35,292 34,207 32,787 33,930 32,137 31,291 29,833 29,950 142,491 136,216 123,211 Sales and marketing 83,527 80,487 79,021 68,848 68,505 68,687 66,997 67,755 67,106 64,867 65,644 66,844 311,883 271,944 264,461 General and administrative 29,219 31,411 27,158 20,213 26,226 27,586 23,419 34,978 23,091 19,848 16,629 22,839 108,001 112,209 82,407 Impairment of long-lived assets 0 2,424 3,729 227 0 0 11,034 0 0 0 0 0 6,380 11,034 0 Total operating expenses 147,701 150,341 144,970 125,743 130,023 130,480 134,237 136,663 122,334 116,006 112,106 119,633 568,755 531,403 470,079 Income (loss) from operations (26,754) (24,990) (18,081) 3,533 (1,410) (2,583) (9,391) (14,219) (1,374) 7,169 8,979 419 (66,292) (27,603) 15,193 Interest expense (1,456) (6,052) (8,743) (11,024) (10,078) (10,061) (10,035) (9,650) (9,956) (7,905) (5,842) (5,153) (27,274) (39,824) (28,856) Other income (expense), net 2,572 20,002 831 (174) (2,395) 4,803 (1,275) 2,344 1,716 (12,709) 793 (200) 23,230 3,477 (10,400) Income (loss) before provision (benefit) for income taxes (25,638) (11,040) (25,993) (7,665) (13,883) (7,841) (20,701) (21,525) (9,614) (13,445) 3,930 (4,934) (70,336) (63,950) (24,063) Provision (benefit) for income taxes 405 599 37 1,766 1,444 (389) 521 2,066 676 1,098 908 467 2,807 3,642 3,149 Net income (loss) (26,043) (11,639) (26,030) (9,431) (15,327) (7,452) (21,222) (23,591) (10,290) (14,543) 3,022 (5,401) (73,143) (67,592) (27,212) Net income (loss) per share: Basic $ (0.22) $ (0.10) $ (0.23) $ (0.08) $ (0.13) $ (0.06) $ (0.17) $ (0.19) $ (0.08) $ (0.11) $ 0.02 $ (0.04) $ (0.63) $ (0.56) $ (0.21) Diluted $ (0.22) $ (0.10) $ (0.23) $ (0.08) $ (0.13) $ (0.06) $ (0.17) $ (0.19) $ (0.08) $ (0.11) $ 0.02 $ (0.04) $ (0.63) $ (0.56) $ (0.21) Weighted average number of shares: Basic 119,721 116,013 113,201 114,924 116,777 120,757 122,556 124,324 125,999 129,250 130,970 132,877 115,959 121,106 129,767 Diluted 119,721 116,013 113,201 114,924 116,777 120,757 122,556 124,324 125,999 129,250 135,742 132,877 115,959 121,106 129,767 Comprehensive loss: Net income (loss) (26,043) (11,639) (26,030) (9,431) (15,327) (7,452) (21,222) (23,591) (10,290) (14,543) 3,022 (5,401) (73,143) (67,592) (27,212) Unrealized gain (loss) on investments in securities (94) (5) (31) (54) 290 7 (16) (1) (5) 0 0 0 (184) 280 (5) Foreign currency translation adjustment (8,384) (8,548) 10,244 1,858 1,441 (4,320) 5,987 (2,014) (354) 8,363 (9,321) 3,759 (4,830) 1,094 2,447 Comprehensive loss (34,521) (20,192) (15,817) (7,627) (13,596) (11,765) (15,251) (25,606) (10,649) (6,180) (6,299) (1,642) (78,157) (66,218) (24,770) % of Revenue Service revenue gross profit 70.1 % 71.4 % 73.1 % 73.4 % 73.6 % 72.4 % 72.0 % 71.8 % 71.4 % 71.3 % 70.9 % 71.0 % 72.0 % 72.5 % 71.1 % Other revenue gross profit (55.2) % (24.5) % (17.8) % (4.2) % (4.3) % (10.3) % (20.9) % (21.5) % (43.9) % (27.8) % (34.0) % (31.5) % (25.7) % (13.6) % (34.1) % Total revenue gross profit 64.5 % 66.9 % 68.8 % 70.1 % 70.2 % 69.1 % 69.0 % 68.2 % 67.9 % 68.1 % 67.7 % 67.8 % 67.5 % 69.1 % 67.9 % Research and Development 18.6 % 19.2 % 19.0 % 19.8 % 19.3 % 18.5 % 18.1 % 18.9 % 18.0 % 17.3 % 16.7 % 16.9 % 19.2 % 18.7 % 17.2 % Sales and Marketing 44.5 % 43.0 % 42.9 % 37.3 % 37.4 % 37.1 % 37.0 % 37.8 % 37.7 % 35.8 % 36.7 % 37.8 % 41.9 % 37.3 % 37.0 % General and administrative 15.6 % 16.8 % 14.7 % 11.0 % 14.3 % 14.9 % 12.9 % 19.5 % 13.0 % 11.0 % 9.3 % 12.9 % 14.5 % 15.4 % 11.5 % Total Operating Expenses 78.7 % 80.2 % 78.6 % 68.1 % 70.9 % 70.5 % 74.2 % 76.2 % 68.7 % 64.1 % 62.7 % 67.6 % 76.5 % 72.9 % 65.7 % Income (loss) from operations (14.3) % (13.3) % (9.8) % 1.9 % (0.8) % (1.4) % (5.2) % (7.9) % (0.8) % 4.0 % 5.0 % 0.2 % (8.9) % (3.8) % 2.1 % GAAP CONSOLIDATED STATEMENT OF OPERATIONS Unaudited, in thousands except per share amounts Historical Financial Results Page 1
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(continued) FY2023 FY2024 FY2025 FY2023 FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 YTD Q4 YTD Q4 YTD 30-Jun 30-Sep 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar 31-Mar 31-Mar 31-Mar 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2023 2024 2025 Supplemental Information: Interest expense (625) (4,883) (7,607) (9,906) (8,970) (8,929) (8,878) (8,575) (8,894) (7,249) (5,415) (4,832) (23,020) (35,352) (26,390) Amortization of debt discount (831) (1,169) (1,136) (1,118) (1,108) (1,132) (1,157) (1,075) (1,062) (656) 1,706 (321) (4,254) (4,472) (2,466) Total interest expense (1,456) (6,052) (8,743) (11,024) (10,078) (10,061) (10,035) (9,650) (9,956) (7,905) (3,709) (5,153) (27,274) (39,824) (28,856) Gain (loss) on debt extinguishment — 16,106 2,144 296 (1,766) — — — — (11,996) (216) (113) 18,545 (1,766) (12,325) Gain (loss) on warrants remeasurement — 1,293 (771) (104) (250) 2,781 (1,297) 942 1,747 263 (813) 1,028 417 2,176 2,225 Interest income 619 374 360 593 635 603 1,382 1,357 1,041 936 768 570 1,946 3,977 3,316 Gain (loss) on sale of assets — — 1,757 (5) — — — (179) — — — — 1,821 (179) — Other income (expense) 1,953 2,229 (2,659) (954) (1,014) 1,419 (1,360) 224 (1,072) (1,912) 1,054 (1,685) 501 (731) (3,616) Other income (expense), net 2,572 20,002 831 (174) (2,395) 4,803 (1,275) 2,344 1,716 (12,709) 793 (200) 23,230 3,477 (10,400) GAAP CONSOLIDATED STATEMENT OF OPERATIONS Unaudited, in thousands except per share amounts Historical Financial Results Page 2
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FY2023 FY2024 FY2025 Fiscal Years Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 30-Jun 30-Sep 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar 31-Mar 31-Mar 31-Mar 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2023 2024 2025 Service revenue $ 179,161 $ 178,556 $ 175,765 $ 176,562 $ 175,238 $ 177,782 $ 175,069 $ 172,490 $ 172,801 $ 175,075 $ 173,459 $ 171,588 $710,044 $700,579 $692,923 Other revenue 8,459 8,833 8,635 7,967 8,049 7,217 5,937 6,923 5,346 5,923 5,423 5,455 33,894 28,126 22,147 Total revenue 187,620 187,389 184,400 184,529 183,287 184,999 181,006 179,413 178,147 180,998 178,882 177,043 743,938 728,705 715,070 Cost of service revenue 47,585 46,160 42,629 43,538 41,728 45,201 44,727 44,495 45,249 46,848 47,613 48,154 179,912 176,151 187,864 Cost of other revenue 11,446 9,819 8,757 7,279 7,725 7,462 6,644 7,939 7,172 7,112 6,928 6,760 37,301 29,770 27,972 Total cost of revenue 59,031 55,979 51,386 50,817 49,453 52,663 51,371 52,434 52,421 53,960 54,541 54,914 217,213 205,921 215,836 Gross profit 128,589 131,410 133,014 133,712 133,834 132,336 129,635 126,979 125,726 127,038 124,341 122,129 526,725 522,784 499,234 Operating expenses: Research and development 26,725 28,139 26,712 28,356 27,330 28,075 27,012 28,148 27,441 27,530 26,429 26,094 109,932 110,565 107,494 Sales and marketing 71,750 70,167 66,911 59,436 60,100 61,295 59,779 59,655 60,741 59,191 60,456 60,621 268,264 240,829 241,009 General and administrative 19,979 24,031 21,062 21,100 19,974 19,202 18,588 18,900 17,434 18,779 18,368 17,703 86,172 76,664 72,284 Total operating expenses 118,454 122,337 114,685 108,892 107,404 108,572 105,379 106,703 105,616 105,500 105,253 104,418 464,368 428,058 420,787 Income (loss) from operations 10,135 9,073 18,329 24,820 26,430 23,764 24,256 20,276 20,110 21,538 19,088 17,711 62,357 94,726 78,447 Interest expense (625) (4,883) (7,607) (9,906) (8,970) (8,929) (8,878) (8,575) (8,894) (7,249) (5,415) (4,832) (23,020) (35,352) (26,390) Other income (expense), net 2,456 2,487 (2,415) (475) (496) 1,905 (98) 921 (147) (1,092) 1,706 (1,115) 1,983 2,232 (648) Loss before provision (benefit) for income taxes 11,966 6,677 8,307 14,439 16,964 16,740 15,280 12,622 11,069 13,197 15,379 11,764 41,320 61,606 51,409 Provision (benefit) for income taxes 405 599 37 1,766 1,444 (389) 521 2,066 676 1,098 908 467 2,807 3,642 3,149 Net income (loss) $ 11,561 $ 6,078 $ 8,270 $ 12,673 $ 15,520 $ 17,129 $ 14,759 $ 10,556 $ 10,393 $ 12,099 $ 14,471 $ 11,297 $ 38,513 $ 57,964 $ 48,260 Net income (loss) per share: Basic $ 0.10 $ 0.05 $ 0.07 $ 0.11 $ 0.13 $ 0.14 $ 0.12 $ 0.08 $ 0.08 $ 0.09 $ 0.11 $ 0.09 $ 0.33 $ 0.48 $ 0.37 Diluted $ 0.09 $ 0.05 $ 0.07 $ 0.11 $ 0.13 $ 0.14 $ 0.12 $ 0.08 $ 0.08 $ 0.09 $ 0.11 $ 0.08 $ 0.33 $ 0.47 $ 0.36 Weighted average number of shares: Basic 119,721 116,013 113,201 114,924 116,777 120,757 122,556 124,324 125,999 129,250 130,970 132,877 115,959 121,106 129,767 Diluted 121,756 116,186 113,711 117,442 118,445 122,624 124,253 125,962 127,433 131,294 135,742 138,678 117,443 122,560 133,654 As a % of Revenue Service revenue gross profit 73.4 % 74.1 % 75.7 % 75.3 % 76.2 % 74.6 % 74.5 % 74.2 % 73.8 % 73.2 % 72.6 % 71.9 % 74.7 % 74.9 % 72.9 % Other revenue gross profit (35.3) % (11.2) % (1.4) % 8.6 % 4.0 % (3.4) % (11.9) % (14.7) % (34.2) % (20.1) % (27.8) % (23.9) % (10.1) % (5.8) % (26.3) % Total revenue gross profit 68.5 % 70.1 % 72.1 % 72.5 % 73.0 % 71.5 % 71.6 % 70.8 % 70.6 % 70.2 % 69.5 % 69.0 % 70.8 % 71.7 % 69.8 % Research and development 14.2 % 15.0 % 14.5 % 15.4 % 14.9 % 15.2 % 14.9 % 15.7 % 15.4 % 15.2 % 14.8 % 14.7 % 14.8 % 15.2 % 15.0 % Sales and marketing 38.2 % 37.4 % 36.3 % 32.2 % 32.8 % 33.1 % 33.0 % 33.3 % 34.1 % 32.7 % 33.8 % 34.2 % 36.1 % 33.0 % 33.7 % General and administrative 10.6 % 12.8 % 11.4 % 11.4 % 10.9 % 10.4 % 10.3 % 10.5 % 9.8 % 10.4 % 10.3 % 10.0 % 11.6 % 10.5 % 10.1 % Operating Expenses 63.1 % 65.3 % 62.2 % 59.0 % 58.6 % 58.7 % 58.2 % 59.5 % 59.3 % 58.3 % 58.8 % 59.0 % 62.4 % 58.7 % 58.8 % Operating income 5.4 % 4.8 % 9.9 % 13.5 % 14.4 % 12.8 % 13.4 % 11.3 % 11.3 % 11.9 % 10.7 % 10.0 % 8.4 % 13.0 % 11.0 % NON-GAAP CONSOLIDATED STATEMENT OF OPERATIONS Unaudited, in thousands except for per share amounts Historical Financial Results Page 3
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GAAP CONSOLIDATED BALANCE SHEET Unaudited, in thousands except per share amounts FY2023 FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 30-Jun 30-Sep 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 ASSETS Current assets: Cash and cash equivalents $ 92,686 $ 100,512 $ 92,960 $ 111,400 $ 122,229 $ 144,030 $ 168,513 $ 116,262 $ 130,764 $ 117,405 $ 104,165 $ 88,050 Restricted cash 590 511 511 511 165 521 356 356 461 462 462 462 Short-term investments 48,945 30,411 37,445 26,228 15,946 4,744 1,035 1,048 — — — — Accounts receivable, net 55,441 58,345 53,811 62,307 64,951 61,063 63,042 58,979 59,205 64,567 52,312 49,680 Deferred contract acquisition costs 36,510 36,350 37,401 38,048 38,247 37,610 36,996 35,933 34,625 34,107 32,046 30,935 Other current assets 38,545 37,537 32,449 34,630 32,930 33,967 32,528 35,258 32,723 29,810 30,105 34,739 Total current assets 272,717 263,666 254,577 273,124 274,468 281,935 302,470 247,836 257,778 246,351 219,090 203,866 Property and equipment, net 73,876 68,717 60,915 57,871 54,538 53,508 55,661 53,181 51,400 50,364 49,228 47,919 Operating lease, right-of-use assets 59,859 54,201 55,269 52,444 50,438 50,396 38,546 35,924 35,933 34,825 32,777 33,508 Intangible assets, net 122,737 117,490 112,236 107,112 102,013 96,914 91,816 86,717 81,618 76,519 71,420 67,949 Goodwill 265,029 262,393 265,578 266,863 266,386 265,732 267,453 266,574 266,399 269,229 266,217 271,530 Restricted cash, non-current 818 818 818 818 818 462 462 105 — — — 812 Deferred contract acquisition costs, non-current 76,083 71,647 70,530 67,644 64,699 60,440 56,317 52,859 49,199 48,711 45,154 44,239 Other assets, non-current 18,028 17,009 16,184 15,934 15,103 14,336 13,993 12,783 13,412 14,127 14,325 13,354 Total assets $ 889,147 $ 855,941 $ 836,107 $ 841,810 $ 828,463 $ 823,723 $ 826,718 $ 755,979 $ 755,739 $ 740,126 $ 698,211 $ 683,177 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 42,584 $ 43,844 $ 40,632 $ 46,802 $ 42,537 $ 49,391 $ 49,493 $ 48,862 $ 51,727 $ 51,261 $ 53,072 $ 45,773 Accrued and other liabilities 84,344 81,633 77,393 73,740 78,862 71,700 73,232 78,102 75,369 68,783 61,601 63,025 Operating lease liabilities, current 14,424 12,648 12,537 11,504 11,469 11,623 11,763 11,295 11,564 11,707 11,386 11,102 Deferred revenue, current 34,064 30,860 34,207 34,909 40,410 33,223 32,778 34,325 33,701 37,696 33,394 37,751 Convertible senior notes, current — — — 62,932 63,039 63,153 63,260 — — — — — Term loan, current — — — — — — — — — 39,393 16,524 11,593 Total current liabilities 175,416 168,985 164,769 229,887 236,317 229,090 230,526 172,584 172,361 208,840 175,977 169,244 Operating lease liabilities, non-current 71,806 68,437 68,358 65,623 62,850 61,926 59,417 56,647 55,179 52,785 49,842 49,196 Deferred revenue, non-current 11,023 10,465 10,480 10,615 10,618 10,231 10,128 7,810 7,659 6,594 5,960 706 Convertible senior notes, non-current 494,444 286,682 264,443 196,821 197,048 197,303 197,561 197,796 198,033 198,300 198,569 198,790 Term loan — 230,049 231,202 231,993 209,534 210,303 211,092 211,894 212,718 159,194 149,437 139,581 Other liabilities, non-current 2,936 6,541 6,828 6,965 7,227 4,460 8,322 7,290 5,201 4,601 5,413 3,456 Total liabilities 755,625 771,159 746,080 741,904 723,594 713,313 717,046 654,021 651,151 630,314 585,198 560,973 Stockholders' equity: Common stock 120 111 113 115 119 122 123 125 128 131 131 134 Additional paid-in capital 895,602 867,063 888,123 905,635 924,190 941,493 956,005 973,895 987,171 998,572 1,008,072 1,018,902 Accumulated other comprehensive loss (16,391) (24,944) (14,731) (12,927) (11,196) (15,509) (9,538) (11,553) (11,912) (3,549) (12,870) (9,111) Accumulated deficit (745,809) (757,448) (783,478) (792,917) (808,244) (815,696) (836,918) (860,509) (870,799) (885,342) (882,320) (887,721) Total stockholders' equity 133,522 84,782 90,027 99,906 104,869 110,410 109,672 101,958 104,588 109,812 113,013 122,204 Total liabilities and stockholders' equity $ 889,147 $ 855,941 $ 836,107 $ 841,810 $ 828,463 $ 823,723 $ 826,718 $ 755,979 $ 755,739 $ 740,126 $ 698,211 $ 683,177 Historical Financial Results Page 4
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CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) FY2024 FY2025 Fiscal Years Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY23 FY24 FY25 30-Jun 30-Sep 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar 31-Mar 31-Mar 31-Mar 2023 2023 2023 2024 2024 2024 2024 2025 2023 2024 2025 Cash flows from operating activities: Net income (loss) $ (15,327) $ (7,452) $ (21,222) $ (23,591) $ (10,290) $ (14,543) $ 3,022 $ (5,401) $ (73,143) $ (67,592) $ (27,212) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation 2,126 1,964 2,043 2,168 1,908 1,848 1,866 1,765 10,464 8,301 7,387 Amortization of intangible assets 5,099 5,099 5,098 5,099 5,099 5,099 5,098 3,808 21,078 20,395 19,104 Amortization of capitalized internal-use software costs 5,282 4,779 4,357 4,068 3,758 3,264 2,959 2,748 20,739 18,486 12,729 Impairment of capitalized software — — — — — — — — 3,729 — — Amortization of debt discount and issuance costs 1,109 1,131 1,157 1,075 1,062 656 427 321 4,254 4,472 2,466 Amortization of deferred contract acquisition costs 10,019 10,080 10,051 10,031 9,838 9,859 9,284 8,996 38,195 40,181 37,977 Allowance for credit losses 490 503 670 573 334 935 156 418 1,892 2,236 1,843 Operating lease expense, net of accretion 2,507 2,602 2,948 2,877 3,165 2,873 2,869 2,724 12,030 10,934 11,631 Impairment of right-of-use assets — — 11,034 — — — — — 2,651 11,034 — Stock-based compensation expense 18,195 14,522 14,118 15,075 12,801 9,376 9,533 8,230 89,536 61,910 39,940 Loss (gain) on debt extinguishment 1,766 — — — — 11,996 216 113 (18,545) 1,766 12,325 Loss (gain) on remeasurement of warrants 250 (2,781) 1,297 (942) (1,747) (263) 813 (1,028) (417) (2,176) (2,225) Gain on sale of assets — — — 179 — — — — (1,821) 179 — Other (184) 236 (622) 1,250 581 (4,207) 4,481 (1,201) 101 680 (346) Changes in assets and liabilities: Accounts receivable, net (3,397) 3,696 (2,487) 2,941 (732) (4,582) 10,460 2,699 (8,450) 753 7,845 Deferred contract acquisition costs (7,209) (4,859) (5,027) (5,784) (4,803) (7,644) (5,134) (6,407) (31,086) (22,879) (23,988) Other current and non-current assets 2,327 (3,633) 720 (1,762) (658) 1,508 (2,793) (5,674) 2,150 (2,348) (7,617) Accounts payable and accrued liabilities (2,084) (850) (1,537) 289 (1,413) (7,473) (10,295) (5,629) (24,403) (4,182) (24,810) Deferred revenue 5,504 (7,574) (202) (893) (755) 3,615 (5,746) (609) (168) (3,165) (3,495) Net cash provided by operating activities 26,473 17,463 22,396 12,653 18,148 12,317 27,216 5,873 48,786 78,985 63,554 Cash flows from investing activities: Purchases of property and equipment (186) (1,372) (783) (309) (382) (1,207) (456) (381) (2,991) (2,650) (2,401) Proceeds from sale of intangible assets — — — — — — — — 1,000 — — Capitalized internal-use software costs (3,488) (3,954) (3,471) (3,376) (3,025) (2,867) (2,570) (2,579) (11,896) (14,289) (11,066) Purchases of investments (3,093) (3,081) — — — — — — (53,308) (6,174) — Purchase of cost investment — — — — (771) — — — — — (771) Sales of investments — — — — — — — — 8,296 — — Maturities of investments 13,559 14,350 3,750 — 1,048 — — — 66,199 31,659 1,048 Acquisition of businesses, net of cash acquired — — — — — — — (3,234) (1,250) — (3,234) Net cash provided by (used in) investing activities 6,792 5,943 (504) (3,685) (3,130) (4,074) (3,026) (6,194) 6,050 8,546 (16,424) Cash flows from financing activities: Proceeds from issuance of common stock under employee stock plans — 2,365 — 2,519 — 1,682 (1) 2,011 4,679 4,884 3,692 Repurchase of capped calls — — — — — — — — 244 — — Payments for debt issuance costs — — — — — (1,114) (403) — — — (1,517) Repayment of principal on term loan (25,000) — — — — (225,000) (33,000) (15,000) — (25,000) (273,000) Proceeds from term loan — — — — — 200,000 — — 234,806 — 200,000 Repayment and exchange of convertible senior notes — — — (63,295) — — — — (217,299) (63,295) — Repurchase of common stock — — — — — — — — (60,214) — — Other financing activities — — — — (352) (352) (557) (3,020) — — (4,281) Net cash provided by (used in) financing activities (25,000) 2,365 — (60,776) (352) (24,784) (33,961) (16,009) (37,784) (83,411) (75,106) Effect of exchange rate changes on cash 2,218 (3,970) 2,426 (800) (164) 3,183 (3,469) 1,027 (5,037) (126) 577 Net increase (decrease) in cash and cash equivalents 10,483 21,801 24,318 (52,608) 14,502 (13,358) (13,240) (15,303) 12,015 3,994 (27,399) Cash, cash equivalents and restricted cash, beginning of period 112,729 123,212 145,013 169,331 116,723 131,225 117,867 104,627 100,714 112,729 116,723 Cash, cash equivalents and restricted cash, end of year $ 123,212 $ 145,013 $ 169,331 $ 116,723 $ 131,225 $ 117,867 $ 104,627 $ 89,324 $ 112,729 $ 116,723 $ 89,324 Historical Financial Results Page 5
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CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, continued) FY2024 FY2025 Fiscal Years Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY23 FY24 FY25 30-Jun 30-Sep 31-Dec 31-Mar 30-Jun 30-Sep 31-Dec 31-Mar 31-Mar 31-Mar 31-Mar 2023 2023 2023 2024 2024 2024 2024 2025 2023 2024 2025 Supplemental and non-cash disclosures: Interest paid $ 4,919 $ 12,880 $ 6,864 $ 10,911 $ 6,707 $ 9,617 $ 3,193 $ 6,780 $ 22,162 $ 35,574 $ 26,297 Income taxes paid $ 336 $ 2,782 $ 2,326 $ 530 $ 479 $ 1,907 $ 708 $ 673 $ 1,530 $ 5,974 $ 3,767 Payables and accruals for property and equipment $ 37 $ — $ 3,861 $ 3,868 $ 3,574 $ 3,207 $ 2,861 $ (2,729) $ 38 $ 3,868 $ 132 Historical Financial Results Page 6
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GAAP to NON-GAAP Reconciliation FY2023 FY2024 FY2025 Fiscal Years Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY23 FY24 FY25 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 3/31/23 3/31/24 3/31/25 Reconciliation of GAAP to Non-GAAP Financial Measures: Cost of Revenue: GAAP cost of service revenue $ 53,547 $ 51,038 $ 47,335 $ 46,951 $ 46,276 $ 49,144 $ 48,983 $ 48,557 $ 49,496 $ 50,251 $ 50,529 $ 49,818 $ 198,871 $ 192,960 $ 200,094 Amortization of acquired intangible assets (2,369) (2,140) (2,125) (2,118) (2,118) (2,118) (2,118) (2,115) (2,117) (2,118) (2,117) (824) (8,752) (8,469) (7,176) Stock-based compensation expense and related employer payroll taxes (2,696) (2,457) (2,148) (2,031) (2,224) (1,743) (1,694) (1,767) (1,608) (1,230) (857) (759) (9,332) (7,428) (4,454) Legal and regulatory costs — — (85) — — — — — — — 55 — (85) — 55 Severance, transition and contract exit costs (897) (281) (348) 736 (206) (82) (444) (180) (522) (55) 3 (81) (790) (912) (655) Non-GAAP cost of service revenue $ 47,585 $ 46,160 $ 42,629 $ 43,538 $ 41,728 $ 45,201 $ 44,727 $ 44,495 $ 45,249 $ 46,848 $ 47,613 $ 48,154 $ 179,912 $ 176,151 $ 187,864 GAAP service revenue margin $ 125,614 $ 127,518 $ 128,430 $ 129,611 $ 128,962 $ 128,638 $ 126,086 $ 123,933 $ 123,305 $ 124,824 $ 122,930 $ 121,770 $ 511,173 $ 507,619 $ 492,829 Non-GAAP service revenue margin $ 131,576 $ 132,396 $ 133,136 $ 133,024 $ 133,510 $ 132,581 $ 130,342 $ 127,995 $ 127,552 $ 128,227 $ 125,846 $ 123,434 $ 530,132 $ 524,428 $ 505,059 GAAP cost of other revenue $ 13,126 $ 11,000 $ 10,176 $ 8,302 $ 8,398 $ 7,958 $ 7,177 $ 8,412 $ 7,691 $ 7,572 $ 7,268 $ 7,173 $ 42,604 $ 31,945 $ 29,704 Stock-based compensation expense and related employer payroll taxes (1,147) (937) (902) (634) (651) (468) (459) (442) (419) (304) (272) (218) (3,620) (2,020) (1,213) Legal and regulatory costs — — — — — — — — — — 62 — — — 62 Severance, transition and contract exit costs (533) (244) (517) (389) (22) (28) (74) (31) (100) (156) (130) (195) (1,683) (155) (581) Non-GAAP cost of other revenue $ 11,446 $ 9,819 $ 8,757 $ 7,279 $ 7,725 $ 7,462 $ 6,644 $ 7,939 $ 7,172 $ 7,112 $ 6,928 $ 6,760 $ 37,301 $ 29,770 $ 27,972 GAAP other revenue margin $ (4,667) $ (2,167) $ (1,541) $ (335) $ (349) $ (741) $ (1,240) $ (1,489) $ (2,345) $ (1,649) $ (1,845) $ (1,718) $ (8,710) $ (3,819) $ (7,557) Non-GAAP other revenue margin $ (2,987) $ (986) $ (122) $ 688 $ 324 $ (245) $ (707) $ (1,016) $ (1,826) $ (1,189) $ (1,505) $ (1,305) $ (3,407) $ (1,644) $ (5,825) GAAP gross margin $ 120,947 $ 125,351 $ 126,889 $ 129,276 $ 128,613 $ 127,897 $ 124,846 $ 122,444 $ 120,960 $ 123,175 $ 121,085 $ 120,052 $ 502,463 $ 503,800 $ 485,272 Non-GAAP gross margin $ 128,589 $ 131,410 $ 133,014 $ 133,712 $ 133,834 $ 132,336 $ 129,635 $ 126,979 $ 125,726 $ 127,038 $ 124,341 $ 122,129 $ 526,725 $ 522,784 $ 499,234 Operating Expenses: GAAP research and development $ 34,955 $ 36,019 $ 35,062 $ 36,455 $ 35,292 $ 34,207 $ 32,787 $ 33,930 $ 32,137 $ 31,291 $ 29,833 $ 29,950 $ 142,491 $ 136,216 $ 123,211 Stock-based compensation expense and related employer payroll taxes (8,193) (7,773) (7,183) (6,789) (7,438) (5,345) (5,190) (5,469) (4,657) (3,348) (3,209) (2,536) (29,938) (23,442) (13,750) Acquisition and integration costs — — — — (213) 115 — — — — — (8) — (98) (8) Legal and regulatory costs — — — — — — — — — — 352 — — — 352 Severance, transition and contract exit costs (37) (107) (1,167) (1,310) (311) (902) (585) (313) (39) (413) (547) (1,312) (2,621) (2,111) (2,311) Non-GAAP research and development $ 26,725 $ 28,139 $ 26,712 $ 28,356 $ 27,330 $ 28,075 $ 27,012 $ 28,148 $ 27,441 $ 27,530 $ 26,429 $ 26,094 $ 109,932 $ 110,565 $ 107,494 GAAP sales and marketing $ 83,527 $ 80,487 $ 79,021 $ 68,848 $ 68,505 $ 68,687 $ 66,997 $ 67,755 $ 67,106 $ 64,867 $ 65,644 $ 66,844 $ 311,883 $ 271,944 $ 264,461 Amortization of acquired intangible assets (3,106) (3,107) (3,106) (3,007) (2,982) (2,982) (2,982) (2,980) (2,982) (2,981) (2,981) (2,984) (12,326) (11,926) (11,928) Stock-based compensation expense and related employer payroll taxes (8,280) (6,883) (6,653) (3,536) (5,254) (4,176) (3,894) (3,400) (3,258) (2,305) (2,373) (2,145) (25,352) (16,724) (10,081) Acquisition and integration costs — — — 1,105 — — — — — — — — 1,105 — — Legal and regulatory cost — — — — — — — — — — 335 — — — 335 Severance, transition and contract exit costs (391) (330) (2,351) (3,974) (169) (234) (342) (1,720) (125) (390) (169) (1,094) (7,046) (2,465) (1,778) Non-GAAP sales and marketing $ 71,750 $ 70,167 $ 66,911 $ 59,436 $ 60,100 $ 61,295 $ 59,779 $ 59,655 $ 60,741 $ 59,191 $ 60,456 $ 60,621 $ 268,264 $ 240,829 $ 241,009 Historical Financial Results Page 7
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GAAP to NON-GAAP Reconciliation (continued) FY2023 FY2024 FY2025 Fiscal Years Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY23 FY24 FY25 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 3/31/23 3/31/24 3/31/25 GAAP general and administrative $ 29,219 $ 31,411 $ 27,158 $ 20,213 $ 26,226 $ 27,586 $ 23,419 $ 34,978 $ 23,091 $ 19,848 $ 16,629 $ 22,839 $ 108,001 $ 112,209 $ 82,407 Stock-based compensation expense and related employer payroll taxes (7,923) (6,763) (4,354) (3,352) (4,108) (3,695) (3,653) (4,787) (3,651) (2,658) (3,058) (2,957) (22,392) (16,243) (12,324) Acquisition and integration costs (624) (1,554) (555) 6,181 (130) (422) (102) (145) (123) (193) (244) (533) 3,448 (799) (1,093) Legal and regulatory cost 62 207 (57) (898) (1,468) (3,879) (98) (10,072) (548) 3,166 6,045 (102) (686) (15,517) 8,561 Severance, transition and related exit costs (755) 730 (1,130) (1,044) (546) (388) (978) (1,074) (1,335) (1,384) (1,004) (1,544) (2,199) (2,986) (5,267) Non-GAAP general and administrative $ 19,979 $ 24,031 $ 21,062 $ 21,100 $ 19,974 $ 19,202 $ 18,588 $ 18,900 $ 17,434 $ 18,779 $ 18,368 $ 17,703 $ 86,172 $ 76,664 $ 72,284 GAAP Operating Expenses $ 147,701 $ 147,917 $ 141,241 $ 125,516 $ 130,023 $ 130,480 $ 123,203 $ 136,663 $ 122,334 $ 116,006 $ 112,106 $ 119,633 $ 562,375 $ 520,369 $ 470,079 Amortization of acquired intangible assets (3,106) (3,107) (3,106) (3,007) (2,982) (2,982) (2,982) (2,980) (2,982) (2,981) (2,981) (2,984) (12,326) (11,926) (11,928) Stock-based compensation expense and related employer payroll taxes (24,396) (21,419) (18,190) (13,677) (16,800) (13,216) (12,737) (13,656) (11,566) (8,311) (8,640) (7,638) (77,682) (56,409) (36,155) Acquisition and integration costs (624) (1,554) (555) 7,286 (343) (307) (102) (145) (123) (193) (244) (541) 4,553 (897) (1,101) Legal and regulatory cost 62 207 (57) (898) (1,468) (3,879) (98) (10,072) (548) 3,166 6,732 (102) (686) (15,517) 9,248 Severance, transition and contract exit costs (1,183) 293 (4,648) (6,328) (1,026) (1,524) (1,905) (3,107) (1,499) (2,187) (1,720) (3,950) (11,866) (7,562) (9,356) Non-GAAP Operating Expenses $ 118,454 $ 122,337 $ 114,685 $ 108,892 $ 107,404 $ 108,572 $ 105,379 $ 106,703 $ 105,616 $ 105,500 $ 105,253 $ 104,418 $ 464,368 $ 428,058 $ 420,787 Operating Profit (Loss): GAAP income (loss) from operations $ (26,754) $ (24,990) $ (18,081) $ 3,533 $ (1,410) $ (2,583) $ (9,391) $ (14,219) $ (1,374) $ 7,169 $ 8,979 $ 419 $ (66,292) $ (27,603) $ 15,193 Amortization of acquired intangible assets 5,475 5,247 5,231 5,125 5,100 5,100 5,100 5,095 5,099 5,099 5,098 3,808 21,078 20,395 19,104 Stock-based compensation expense and related employer payroll taxes 28,239 24,813 21,240 16,342 19,675 15,427 14,890 15,865 13,593 9,845 9,769 8,615 90,634 65,857 41,822 Acquisition and integration costs 624 1,554 555 (7,286) 343 307 102 145 123 193 244 541 (4,553) 897 1,101 Legal and regulatory costs (62) (207) 142 898 1,468 3,879 98 10,072 548 (3,166) (6,849) 102 771 15,517 (9,365) Severance, transition and contract exit costs 2,613 232 5,513 5,981 1,254 1,634 2,423 3,318 2,121 2,398 1,847 4,226 14,339 8,629 10,592 Impairment of long-lived assets — 2,424 3,729 227 — — 11,034 — — — — — 6,380 11,034 — Non-GAAP operating profit $ 10,135 $ 9,073 $ 18,329 $ 24,820 $ 26,430 $ 23,764 $ 24,256 $ 20,276 $ 20,110 $ 21,538 $ 19,088 $ 17,711 $ 62,357 $ 94,726 $ 78,447 Interest Expense: GAAP interest expense $ (1,456) $ (6,052) $ (8,743) $ (11,024) $ (10,078) $ (10,061) $ (10,035) $ (9,650) $ (9,956) $ (7,905) $ (5,842) $ (5,153) $ (27,274) $ (39,824) $ (28,856) Amortization of debt discount and issuance cost 831 $ 1,169 $ 1,136 $ 1,118 1,108 $ 1,132 $ 1,157 $ 1,075 1,062 $ 656 $ 427 $ 321 $ 4,254 $ 4,472 $ 2,466 Non-GAAP interest expense $ (625) $ (4,883) $ (7,607) $ (9,906) $ (8,970) $ (8,929) $ (8,878) $ (8,575) $ (8,894) $ (7,249) $ (5,415) $ (4,832) $ (23,020) $ (35,352) $ (26,390) Other Income (Expenses): GAAP other income (expense), net $ 2,572 $ 20,002 $ 831 $ (174) $ (2,395) $ 4,803 $ (1,275) $ 2,344 $ 1,716 $ (12,709) $ 793 $ (200) $ 23,230 $ 3,477 $ (10,400) Legal and regulatory costs — — — — — — — (550) — — — — — (550) — (Gain) loss on debt extinguishment — (16,106) (2,144) (295) 1,766 — — — — 11,996 216 113 (18,545) 1,766 12,325 (Gain) loss on warrants remeasurement — (1,293) 771 105 250 (2,781) 1,297 (942) (1,747) (263) 813 (1,028) (417) (2,176) (2,225) (Loss) gain on sale of assets — — (1,757) 5 — — — 179 — — — — (1,821) 179 — Other income (116) (116) (116) (116) (117) (117) (120) (110) (116) (116) (116) — (464) (464) (348) Non-GAAP other income and expense $ 2,456 $ 2,487 $ (2,415) $ (475) $ (496) $ 1,905 $ (98) $ 921 $ (147) $ (1,092) $ 1,706 $ (1,115) $ 1,983 $ 2,232 $ (648) Historical Financial Results Page 8
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GAAP to NON-GAAP Reconciliation (continued) FY2023 FY2024 FY2025 Fiscal Years Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY23 FY24 FY25 6/30/22 9/30/22 12/31/22 3/31/23 6/30/23 9/30/23 12/31/23 3/31/24 6/30/24 9/30/24 12/31/24 3/31/25 3/31/23 3/31/24 3/31/25 Net Income (Loss): GAAP net loss $ (26,043) $ (11,639) $ (26,030) $ (9,431) $ (15,327) $ (7,452) $ (21,222) $ (23,591) $ (10,290) $ (14,543) $ 3,022 $ (5,401) $ (73,143) $ (67,592) $ (27,212) Amortization of acquired intangible assets 5,475 5,247 5,231 5,125 5,100 5,100 5,100 5,095 5,099 5,099 5,098 3,808 21,078 20,395 19,104 Stock-based compensation expense and related employer payroll taxes 28,239 24,813 21,240 16,342 19,675 15,427 14,890 15,865 13,593 9,845 9,769 8,615 90,634 65,857 41,822 Acquisition and integration costs 624 1,554 555 (7,286) 343 307 102 145 123 193 244 541 (4,553) 897 1,101 Legal and regulatory costs (62) (207) 142 898 1,468 3,879 98 9,522 548 (3,166) (6,849) 102 771 14,967 (9,365) Severance, transition and contract exit costs 2,613 232 5,513 5,981 1,254 1,634 2,423 3,318 2,121 2,398 1,847 4,226 14,339 8,629 10,592 Impairment of long-lived assets — 2,424 3,729 227 — — 11,034 — — — — — 6,380 11,034 — Amortization of debt discount and issuance cost 831 1,169 1,136 1,118 1,108 1,132 1,157 1,075 1,062 656 427 321 4,254 4,472 2,466 (Gain) loss on debt extinguishment — (16,106) (2,144) (295) 1,766 — — — — 11,996 216 113 (18,545) 1,766 12,325 (Gain) loss on warrants remeasurement — (1,293) 771 105 250 (2,781) 1,297 (942) (1,747) (263) 813 (1,028) (417) (2,176) (2,225) (Loss) gain on sale of assets — — (1,757) 5 — — — 179 — — — — (1,821) 179 — Other income (116) (116) (116) (116) (117) (117) (120) (110) (116) (116) (116) — (464) (464) (348) Income tax expense effects, net — — — — — — — — — — — — — — — Non-GAAP net income $ 11,561 $ 6,078 $ 8,270 $ 12,673 $ 15,520 $ 17,129 $ 14,759 $ 10,556 $ 10,393 $ 12,099 $ 14,471 $ 11,297 $ 38,513 $ 57,964 $ 48,260 Interest expense 625 4,883 7,607 9,906 8,970 8,929 8,878 8,575 8,894 7,249 5,415 4,832 23,020 35,352 26,390 Provision (benefit) for income taxes 405 599 37 1,766 1,444 (389) 521 2,066 676 1,098 908 467 2,807 3,642 3,149 Depreciation 2,789 2,834 2,432 2,409 2,126 1,964 2,043 2,168 1,908 1,848 1,866 1,765 10,464 8,301 7,387 Amortization of capitalized internal-use software costs 5,964 5,529 4,904 4,341 5,282 4,779 4,358 4,067 3,758 3,264 2,959 2,748 20,739 18,486 12,729 Other expense (income), net (2,456) (2,487) 2,415 477 496 (1,905) 98 (1,471) 147 1,092 (1,706) 1,115 (1,983) (2,782) 648 Adjusted EBITDA $ 18,888 $ 17,436 $ 25,665 $ 31,572 $ 33,838 $ 30,507 $ 30,657 $ 25,961 $ 25,776 $ 26,650 $ 23,913 $ 22,224 $ 93,560 $ 120,963 $ 98,563 Shares used in computing net income (loss) per share amounts: Basic 119,721 116,013 113,201 114,924 116,777 120,757 122,556 124,324 125,999 129,250 130,970 132,877 115,959 121,106 129,767 Diluted 121,756 116,186 113,711 117,442 118,445 122,624 124,253 125,962 127,433 131,294 135,742 138,678 117,443 122,560 133,654 GAAP net income (loss) per share - Basic $ (0.22) $ (0.10) $ (0.23) $ (0.08) $ (0.13) $ (0.06) $ (0.17) $ (0.19) $ (0.08) $ (0.11) $ 0.02 $ (0.04) $ (0.63) $ (0.56) $ (0.21) GAAP net income (loss) per share - Diluted $ (0.22) $ (0.10) $ (0.23) $ (0.08) $ (0.13) $ (0.06) $ (0.17) $ (0.19) $ (0.08) $ (0.11) $ 0.02 $ (0.04) $ (0.63) $ (0.56) $ (0.21) Non-GAAP net income per share - Basic $ 0.10 $ 0.05 $ 0.07 $ 0.11 $ 0.13 $ 0.14 $ 0.12 $ 0.08 $ 0.08 $ 0.09 $ 0.11 $ 0.09 $ 0.33 $ 0.48 $ 0.37 Non-GAAP net income per share - Diluted $ 0.09 $ 0.05 $ 0.07 $ 0.11 $ 0.13 $ 0.14 $ 0.12 $ 0.08 $ 0.08 $ 0.09 $ 0.11 $ 0.08 $ 0.33 $ 0.47 $ 0.36 Historical Financial Results Page 9
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