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Earnings February 2026 Q4 2025
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 2 This presentation is made by OneStream, Inc. (the “Company,” “we,” “our” or “we”) and contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this presentation may be forward - looki ng statements. In some cases, you can identify forward - looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets, ” “ projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward - looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors. Some of these r isks are described in greater detail in our filings with the Securities and Exchange Commission, including our most recently filed Quarterly Report on Form 10 - Q or Annual Report on Form 10 - K. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of f act ors, may cause our actual results to differ materially from those contained in any forward - looking statements we may make. These factors may cause our actual results, performance or achiev ements to differ materially and adversely from those anticipated or implied by our forward - looking statements. Furthermore, if our forward - looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward - looking statements, you should not rely on these statements or regard these statements as a repre sentation or warranty by us or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. We undertake no obligation to update any forward - lo oking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject . These statements are based upon information available to us as of the date of this presentation, and although we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted a thorough inquiry into, or review of, all potentially available relevant information . These statements are inherently uncertain and you are cautioned not to unduly rely upon these statements . In addition to GAAP financial measures, this presentation includes non - GAAP financial measures and key performance indicators that we use to help us evaluate our business, identify trends affecting our business, formulate business plans and make strategic decisions . There are limitations to the non - GAAP financial measures included in this presentation, and they may not be comparable to similarly titled measures of other companies . The non - GAAP financial measures included in this presentation should not be considered in isolation from or as a substitute for their most directly comparable GAAP measures . Please see the Appendix for a reconciliation of each non - GAAP financial measure to the most directly comparable GAAP financial measures . Disclaimer
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 3 ARR (2) Non - GAAP Gross Margin (1) Total Revenue 71% Q4’25 Financial Highlights $150M 27% y/y growth Notes: 1. See Appendix for definition and for a reconciliation to the most directly comparable GAAP measure. 2. See Appendix for definition. Non - GAAP Operating Margin (1) 10 % $164M 24% y/y growth $699M 23% y/y growth Current RPO (2) $556M 29% y/y growth Dollar - Based Net Retention (2) 111% Gross Retention (2) 96% Subscription Revenue
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 4 Free Cash Flow (1) Non - GAAP Gross Margin (1) Total Revenue 70% FY25 Financial Highlights $550M 28% y/y growth Non - GAAP Operating Margin (1) $602M 23% y/y growth $96M Free Cash Flow Margin (1) Non - GAAP Software Gross Margin (1) 76% RPO (2) Subscription Revenue 16% 5% $1.4B 25% y/y growth Notes: 1. See Appendix for definition and for a reconciliation to the most directly comparable GAAP measure. 2. See Appendix for definition.
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 5 Delivering Strong Revenue Growth at Scale 27% y/y Growth of Subscription Revenue in Q4’25 $119 $125 $134 $141 $150 $7 $6 $7 $8 Q4’24 $4 Q1’25 Q2’25 $4 Q3’25 $4 Q4’25 $132 $136 $148 $154 $164 Professional Services & Other Revenue License Revenue Subscription Revenue 35% 31% 30% 27% 29% 24% 26% 19% Subscription Revenue y/y Growth Total Revenue y/y Growth 24% 27% Note: Totals may not foot due to rounding. ($ in Millions) $303 $428 $550 $41 $32 $29 $31 FY23 FY24 $18 FY25 $375 $489 $602 31% 41% 23% 28% $8 $9 $9 $34 34% 55%
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 6 Annual Customer (1) Count Trend 13% y/y Growth in FY25 877 954 1,011 440 551 666 96 128 71 FY23 FY24 FY25 1,388 1,601 1,805 Note: 1. See Appendix for definition. ARR (1) >$1M ARR (1) $250K - $1M ARR (1) $0 - $250K Total Customer (1) y/y Growth 15% Total Customer (1) ARR (1) >$1M y/y Growth 35% 65% 21% 13% 33%
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 7 Annual ARR (1) by Contract Type Ongoing Transition to Subscription Contracts 71 % 22 % 7 % FY23 80 % 15 % 5 % FY24 87 % 10 % 3 % FY25 SaaS Term - Based (2) Perpetual (2) Notes: 1. See Appendix for definition. 2. Term - based and perpetual balances include associated annually recurring cloud revenue. $460 $568 $699 ($ in Millions)
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 8 Billings (1) Trends 23% LTM y/y Growth $167 $154 $151 $178 $207 24% 24% 23% 21% 23% Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Note: 1. See Appendix for definition and for a reconciliation to the most directly comparable GAAP measure. ($ in Millions) LTM Billings y/y Growth $451 $560 $689 35% 24% 23% FY23 FY24 FY25
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 9 Quarterly Non - GAAP Gross Profit & Margin NON - GAAP SOFTWARE GROSS PROFIT & MARGIN (1) NON - GAAP GROSS PROFIT & MARGIN (1) ($ in Millions) $96 $98 $106 $109 $117 76% 76% 76% 75% 76% Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 $93 $96 $103 $107 $116 70% 70% 70% 69% 71% Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 % Margin Note: 1. See Appendix for definition and for a reconciliation to the most directly comparable GAAP measure.
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 10 Quarterly Non - GAAP Operating Expenses (1) Increasing OpEx Leverage ($ in Millions) NON - GAAP SALES & MKTG (2) NON - GAAP RESEARCH & DEV (2) NON - GAAP GENERAL & ADMIN (2) $45 $53 $58 $53 $54 34% 39% 39% 35% 33% Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 $22 $24 $24 $24 $25 16% 18% 16% 16% 15% Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 $17 $19 $20 $20 $21 13% 14% 13% 13% 13% Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 % of Revenue Notes: 1. See Appendix for definition. 2. See Appendix for a reconciliation to the most directly comparable GAAP measure.
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 11 Non - GAAP Operating Income / (Loss) (1) 10% 7% 0% 1% 6% $9 $2 $9 $17 Q4’24 ($1) Q1’25 Q2’25 Q3’25 Q4’25 ($ in Millions) Non - GAAP Operating Margin (1) Note: 1. See Appendix for definition and for a reconciliation to the most directly comparable GAAP measure. $27 ($ 22) FY23 $1 FY24 FY25 (6%) 0% 5% Non - GAAP Operating Margin Improved 3 percentage points y/y in Q4’25
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 12 Free Cash Flow (1) Generated $96M in Free Cash Flow in FY25 ($ in Millions) 16% 19% 26% 20% 3% $25 $36 $29 $5 $26 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Free Cash Flow Margin (1) Note: 1. See Appendix for definition and for a reconciliation to the most directly comparable GAAP measure. $19 $59 $96 FY23 FY24 FY25 5% 12% 16%
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 13 Appendix
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 14 • Annual Recurring Revenue (ARR) • Contractually committed annual recurring revenue; calculated as annualized software revenue, as of a measurement date, that w ill be recognized from a contract assuming any contract expiring in the next year is renewed at the rate prevailing in the final month of the contract. • Dollar - Based Net Retention • Sum of software billings at the end of 12 - month period for the base set of customers from which we had software billings in the year prior to the calculation, divided by the sum of software billings from the same set of customers for the immediately preceding 12 - month period. • Gross Retention • We calculate our gross retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 m ont hs prior to such period - end, or the prior period ARR. We then deduct from the prior period ARR any (1) ARR attrition from customers who are no longer customers as of the curr ent period end and (2) ARR reduction from customers whose contracts are at a lower value as of the current period end, or the current period remaining ARR. We then div ide the current period remaining ARR by the prior period ARR to arrive at the point - in - time dollar - based gross retention rate, which is the percentage of ARR from all custo mers as of the year prior that is not lost to attrition or reduction. • Current Remaining Performance Obligation ( cRPO ) • Revenue that we have under contract that will be recognized in the next 12 months . • Remaining Performance Obligation (RPO) • Revenue that we have under contract that will be recognized over time . • Non - GAAP Gross Profit and Non - GAAP Gross Margin • Non - GAAP gross margin is our non - GAAP gross profit as a percentage of our total revenue. Non - GAAP gross profit equals our softwa re revenue and professional services revenue and fees less subscription costs and professional services costs adjusted for non - cash, non - operational and non - recurrin g items, including equity - based compensation expense, employer taxes on employee stock transactions and amortization of acquired intangible assets. Software rev enue represents revenue from the sale of access to our platform, either pursuant to SaaS contracts that we account for as subscription revenue or pursuant to perpe tua l or term - based software licenses that we account for as license revenue. Subscription revenue also includes cloud computing service fees and customer support and main ten ance for software under our term - based and perpetual licenses. Professional services revenue includes revenue from consulting, implementation and configuration serv ice s and training. Key Financial Presentation Notes
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 15 • Software Revenue • Software revenue represents revenue from the sale of access to our platform, either pursuant to SaaS contracts that we accoun t f or as subscription revenue or pursuant to perpetual or term - based software licenses that we account for as license revenue. Subscription revenue also includes cloud compu ting service fees and customer support and maintenance for software under our term - based and perpetual licenses. Software revenue excludes revenue from professional se rvices and fees. • Non - GAAP Software Gross Profit and Non - GAAP Software Gross Margin • We define non - GAAP software gross profit as software revenue less subscription costs adjusted for non - cash, non - operational and non - recurring items, including equity - based compensation expense, employer taxes on employee stock transactions and amortization of acquired intangible assets . Non - GAAP software gross margin is our non - GAAP software gross profit as a percentage of our software revenue. • Non - GAAP Operating Expenses • We define non - GAAP operating expenses as operating expenses adjusted for non - cash, non - operational and non - recurring items, incl uding equity - based compensation expense, employer taxes on employee stock transactions, secondary offering costs, amortization of acquired intangible assets and acquisition - related costs. • Non - GAAP Operating Income / (Loss) and Non - GAAP Operating Margin • We define non - GAAP operating income / (loss) as loss from operations adjusted for non - cash, non - operational and non - recurring it ems, including equity - based compensation expense, employer taxes on employee stock transactions, secondary offering costs, amortization of acquired intan gib le assets and acquisition - related costs. Non - GAAP operating margin is non - GAAP operating income / (loss) as a percentage of total revenue. • Billings • Billings is a non - GAAP measure that we calculate by taking the change in deferred revenue less the change in unbilled accounts r eceivable between the start and end of the period and adding total revenue recognized in the same period. • Total Customers • We define a customer as an entity with an active contract as of the measurement date. Organizations with multiple divisions, seg ments or subsidiaries may be counted as multiple customers. • Free Cash Flow and Free Cash Flow Margin • We define free cash flow as net cash provided by operating activities less purchases of property and equipment. We define fre e c ash flow margin as free cash flow as a percentage of revenue. Key Financial Presentation Notes
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 16 Key Financial Presentation Notes • Non - GAAP Net Income / (Loss) • We define non - GAAP net income / (loss) as net loss adjusted for non - cash, non - operational and non - recurring items, including equ ity - based compensation expense, employer taxes on employee stock transactions, secondary offering costs, amortization of acquired intangible assets and acqui sit ion - related costs. • Non - GAAP Net Income Per Share • We define non - GAAP net income per share as basic net loss per share adjusted for non - cash, non - operational and non - recurring ite ms, including equity - based compensation expense, employer taxes on employee stock transactions, secondary offering costs, amortization of acquired intangible assets, ac quisition - related costs and net loss attributable to non - controlling interests.
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 17 Non - GAAP Gross Profit & Gross Margin Reconciliation $000, except percentages Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2023 2024 2025 Total Revenue 132,475 136,309 147,590 154,303 163,732 374,921 489,407 601,934 GAAP Gross Profit 88,550 92,731 101,198 105,051 114,311 260,419 310,078 413,291 (+) Equity-Based Compensation Expense 3,943 2,743 1,824 1,878 1,626 15 30,810 8,071 (+) Employer Taxes on Employee Stock Transactions 333 132 137 97 103 - 386 469 (+) Amortization of Acquired Intangible Assets - - - 61 60 - - 121 Non-GAAP Gross Profit 92,826 95,606 103,159 107,087 116,100 260,434 341,274 421,952 GAAP Gross Margin 67% 68% 69% 68% 70% 69% 63% 69% Non-GAAP Gross Margin 70% 70% 70% 69% 71% 69% 70% 70% Software Revenue 125,569 128,798 139,592 145,099 154,287 343,441 459,929 567,776 GAAP Software Gross Profit 94,662 97,311 105,297 108,230 116,862 269,295 347,015 427,700 (+) Equity-Based Compensation Expense 958 706 634 534 457 - 5,939 2,331 (+) Employer Taxes on Employee Stock Transactions 50 68 47 22 37 - 57 174 (+) Amortization of Acquired Intangible Assets - - - 61 60 - - 121 Non-GAAP Software Gross Profit 95,670 98,085 105,978 108,847 117,416 269,295 353,011 430,326 GAAP Software Gross Margin 75% 76% 75% 75% 76% 78% 75% 75% Non-GAAP Software Gross Margin 76% 76% 76% 75% 76% 78% 77% 76%
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 18 Non - GAAP OpEx & OpEx as % of Rev Reconciliation $000, except percentages Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2023 2024 2025 Total Revenue 132,475 136,309 147,590 154,303 163,732 374,921 489,407 601,934 GAAP Sales & Marketing 65,618 67,622 70,258 63,506 62,729 175,795 328,843 264,115 (-) Equity-Based Compensation Expense (19,228) (13,868) (11,774) (9,377) (8,497) (3,938) (135,215) (43,516) (-) Employer Taxes on Employee Stock Transactions (913) (557) (889) (808) (387) - (1,047) (2,641) Non-GAAP Sales & Marketing 45,477 53,197 57,595 53,321 53,845 171,857 192,581 217,958 GAAP Sales & Marketing as a % of Revenue 50% 50% 48% 41% 38% 47% 67% 44% Non-GAAP Sales & Marketing as a % of Revenue 34% 39% 39% 35% 33% 46% 39% 36% GAAP Research & Development 36,896 35,002 33,918 30,639 31,042 55,289 156,812 130,601 (-) Equity-Based Compensation Expense (14,421) (10,548) (8,799) (6,134) (5,963) (518) (77,926) (31,444) (-) Employer Taxes on Employee Stock Transactions (486) (235) (511) (132) (200) - (579) (1,078) (-) Amortization of Acquired Intangible Assets (275) (275) (315) (275) (275) - (733) (1,140) (-) Acquisition-Related Costs - - (117) - - - - (117) Non-GAAP Research & Development 21,714 23,944 24,176 24,098 24,604 54,771 77,574 96,822 GAAP Research & Development as a % of Revenue 28% 26% 23% 20% 19% 15% 32% 22% Non-GAAP Research & Development as a % of Revenue 16% 18% 16% 16% 15% 15% 16% 16% GAAP General & Administrative 33,442 29,980 29,262 28,364 25,769 59,847 143,951 113,375 (-) Equity-Based Compensation Expense (14,990) (10,750) (9,037) (7,830) (4,759) (3,799) (72,446) (32,376) (-) Employer Taxes on Employee Stock Transactions (173) (243) (303) (139) (106) - (285) (791) (-) Secondary Offering Costs (1,325) - - - - - (1,325) - (-) Acquisition-Related Costs - - (126) - - - - (126) Non-GAAP General & Administrative 16,954 18,987 19,796 20,395 20,904 56,048 69,895 80,082 GAAP General & Administrative as a % of Revenue 25% 22% 20% 18% 16% 16% 29% 19% Non-GAAP General & Administrative as a % of Revenue 13% 14% 13% 13% 13% 15% 14% 13%
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 19 Non - GAAP Op Income / (Loss) & Op Margin Reconciliation $000, except percentages Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2023 2024 2025 Total Revenue 132,475 136,309 147,590 154,303 163,732 374,921 489,407 601,934 GAAP Operating Loss (47,406) (39,873) (32,240) (17,458) (5,229) (30,512) (319,528) (94,800) (+) Equity-Based Compensation Expense 52,582 37,909 31,434 25,219 20,845 8,270 316,397 115,407 (+) Employer Taxes on Employee Stock Transactions 1,904 1,167 1,840 1,176 796 - 2,297 4,979 (+) Secondary Offering Costs 1,325 - - - - - 1,325 - (+) Amortization of Acquired Intangible Assets 275 275 315 336 335 - 733 1,261 (+) Acquisition-Related Costs - - 243 - - - - 243 Non-GAAP Operating Income / (Loss) 8,680 (522) 1,592 9,273 16,747 (22,242) 1,224 27,090 GAAP Operating Margin (36%) (29%) (22%) (11%) (3%) (8%) (65%) (16%) Non-GAAP Operating Margin 7% (0%) 1% 6% 10% (6%) 0% 5%
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 20 Non - GAAP Net Income / (Loss) Reconciliation $000 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2023 2024 2025 GAAP Net (Loss) / Income (44,505) (32,651) (24,810) (11,491) 1,290 (28,931) (306,659) (67,662) (+) Equity-Based Compensation Expense 52,582 37,909 31,434 25,219 20,845 8,270 316,397 115,407 (+) Employer Taxes on Employee Stock Transactions 1,904 1,167 1,840 1,176 796 - 2,297 4,979 (+) Secondary Offering Costs 1,325 - - - - - 1,325 - (+) Amortization of Acquired Intangible Assets 275 275 315 336 335 - 733 1,261 (+) Acquisition-Related Costs - - 243 - - - - 243 Non-GAAP Net Income / (Loss) 11,581 6,700 9,022 15,240 23,266 (20,661) 14,093 54,228
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 21 Non - GAAP Net Income per Share Reconciliation Notes Non - GAAP Net Income per Share may not foot due to rounding. $ in actuals Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2024 2025 Net (Loss) / Income per Share–basic (excluding NCI) (0.19) (0.14) (0.10) (0.05) 0.01 (1.23) (0.28) (+) Equity-Based Compensation Expense 0.32 0.22 0.18 0.14 0.11 1.91 0.63 (+) Employer Taxes on Employee Stock Transactions 0.01 0.01 0.01 0.01 - 0.01 0.03 (+) Secondary Offering Costs 0.01 - - - - 0.01 - (+) Amortization of Acquired Intangible Assets - - - - - - 0.01 (+) Acquisition-Related Costs - - - - - - - (-) Net Loss Attributable to Non-Controlling Interests (0.08) (0.05) (0.04) (0.01) - (0.55) (0.10) Non-GAAP Net Income per Share (excluding NCI) 0.07 0.04 0.05 0.08 0.12 0.14 0.29 Weighted-average shares of Class A and Class D common stock outstanding–basic (in 000s) 165,844 174,729 178,302 186,629 188,643 163,469 182,126
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 22 Free Cash Flow & Free Cash Flow Margin Reconciliation $000, except percentages Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2023 2024 2025 Total Revenue 132,475 136,309 147,590 154,303 163,732 374,921 489,407 601,934 Net Cash Provided by Operating Activities 25,138 36,197 29,741 4,967 25,767 21,265 61,152 96,672 (-) Purchases of Property and Equipment (441) (380) (366) (178) (118) (2,589) (2,618) (1,042) Free Cash Flow 24,697 35,817 29,375 4,789 25,649 18,676 58,534 95,630 Net Cash Provided by Operating Activities as a Percentage of Revenue 19% 27% 20% 3% 16% 6% 12% 16% Free Cash Flow Margin 19% 26% 20% 3% 16% 5% 12% 16% Net Cash (Used in) Provided by Investing Activities (441) (380) (4,066) (178) (368) 84,750 (10,212) (4,992) Net Cash Provided by (Used in) Financing Activities 24,520 13,314 32,539 (2,685) 14,409 (3,845) 376,453 57,577
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ONESTREAM SOFTWARE | ALL RIGHTS RESERVED. 23 Billings Reconciliation $000 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2023 2024 2025 Total Revenue 132,475 136,309 147,590 154,303 163,732 374,921 489,407 601,934 (+) Deferred revenue, end of period 243,806 259,789 262,504 282,721 326,115 182,606 243,806 326,115 (-) Deferred revenue, beginning of period 209,958 243,806 259,789 262,504 282,721 116,373 182,606 243,806 (-) Unbilled accounts receivable, end of period 24,094 22,565 22,263 19,179 19,319 33,528 24,094 19,319 (+) Unbilled accounts receivable, beginning of period 25,044 24,094 22,565 22,263 19,179 43,157 33,528 24,094 Billings 167,273 153,821 150,607 177,604 206,986 450,783 560,041 689,018