INPUTS

Segment Name
Overall
1st Cohort (Month)
May-19
% of Customer Success included in S&M (0 - 100%)
50%
S&M Month Offset Toggle (0,1,2,3)
0 Blue Text = Editable

COHORTS For Offset S&M + CS Only

Feb-19 Mar-19
New Customers
New ARR
S&M in month $0 $0
Customer Success in month $0 $0
Gross Margin % in month

S&M (+ Toggled CS) total in month $0 $0

Blended CAC
New Customer ASP (MRR)
Gross Profit per New Customer (M0)

MONTHLY NET $ RETENTION COHORTS

Month
Cohort M0 M1
May-19 100% 104%
Jun-19 100% 98%
Jul-19 100% 95%
Aug-19 100% 105%
Sep-19 100% 100%
Oct-19 100% 100%
Nov-19 100% 100%
Dec-19 100% 100%
Jan-20 100% 100%
Feb-20 100% 100%
Mar-20 100% 104%
Apr-20 100% 98%
May-20 100% 95%
Jun-20 100% 105%
Jul-20 100% 102%
 Aug-20 100% 109%
Sep-20 100% 102%
Oct-20 100% 105%
Nov-20 100% 104%
Dec-20 100% 94%
Jan-21 100% 114%
Feb-21 100%
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23

Average Net $ Retention 100% 102%

Median $ Retention 100% 100%
Dollar-Weighted Average Net $ Retention 100% 102%

NOTE: Blank cells will not be counted as part of

 NOTE: Randomized data provided for illustrative purposes only. The numbers provided are fictional a
To use this document to run your own cohort economics analysis, simply download or copy the shee

S&M + CS Only Start

Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19
40 38 45 47 51
$205,106 $305,684 $436,001 $356,115 $364,552
$0 $119,560 $168,966 $179,411 $186,156 $206,546
$0 $20,250 $20,250 $20,250 $20,250 $20,250
91% 92% 91% 86% 87%

$0 $129,685 $179,091 $189,536 $196,281 $216,671

$3,242 $4,713 $4,212 $4,176 $4,248
$427 $670 $807 $631 $596
$389 $617 $735 $543 $518

M2 M3 M4 M5 M6 M7
105% 110% 113% 112% 116% 118%
101% 103% 96% 95% 102% 103%
96% 88% 86% 84% 84% 81%
114% 109% 108% 109% 110% 107%
100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100% 100%
105% 110% 113% 112% 116% 118%
101% 103% 96% 95% 102% 103%
96% 88% 86% 53% 40% 0%
114% 109% 108% 109% 110% 107%
99% 98% 101% 105% 99% 106%
 112% 110% 140% 120% 129%
98% 127% 105% 114%
117% 96% 127%
98% 106%
110%

103% 103% 104% 100% 101% 96%

100% 100% 100% 100% 100% 100%
103% 103% 106% 101% 100% 103%

ot be counted as part of a cohort. If a cohort churns to $0, be sure to put the number 0% for the months in which that is valid, not
mbers provided are fictional and should not be taken as representative of any specific company.
y download or copy the sheet. We also welcome your feedback on template; please feel free to share any feedback here

Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20

29 36 55 61 72 65
$321,058 $406,542 $461,246 $534,771 $648,125 $694,514
$153,061 $161,564 $206,584 $215,494 $256,461 $315,146
$20,250 $20,250 $20,250 $20,250 $20,250 $20,250
89% 92% 90% 93% 89% 86%

$163,186 $171,689 $216,709 $225,619 $266,586 $325,271

$5,627 $4,769 $3,940 $3,699 $3,703 $5,004
$923 $941 $699 $731 $750 $890
$821 $866 $629 $679 $668 $766

M8 M9 M10 M11 M12 M13

121% 122% 115% 124% 124% 124%
101% 99% 106% 106% 106% 106%
50% 52% 52% 52% 52% 52%
116% 116% 116% 116% 116% 116%
100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100%
121% 122% 115% 124%
101% 99% 106%
0% 0%
116%
 95% 93% 101% 102% 100% 100%
100% 100% 100% 100% 100% 100%
102% 101% 101% 102% 98% 98%

hs in which that is valid, not a blank cell.

any feedback here

Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20

70 69 64 72 73 76
$725,615 $735,124 $654,815 $815,641 $815,056 $851,256
$513,215 $615,144 $702,105 $751,615 $601,516 $515,106
$20,250 $20,250 $20,250 $20,250 $20,250 $20,250
90% 91% 88% 89% 91% 89%

$523,340 $625,269 $712,230 $761,740 $611,641 $525,231

$7,476 $9,062 $11,129 $10,580 $8,379 $6,911
$864 $888 $853 $944 $930 $933
$777 $808 $750 $840 $847 $831

M14 M15 M16 M17 M18 M19

124% 124% 124% 124% 124% 124%
106% 106% 106% 106% 106% 106%
52% 52% 52% 52% 52% 52%
116% 116% 116% 116% 116%
100% 100% 100% 100%
100% 100% 100%
100% 100%
100%
100% 100% 100% 100% 100% 94%
100% 100% 103% 106% 111% 106%
97% 96% 96% 95% 93% 85%
 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
78 81 41 79 81 0
$915,126 $912,515 $402,659 $1,005,948 $942,196 $0
$761,165 $720,654 $610,515 $435,162 $601,651 $0
$20,250 $20,250 $20,250 $20,250 $20,250 $0
89% 90% 92% 91% 90% 0%

$771,290 $730,779 $620,640 $445,287 $611,776 $0

$9,888 $9,022 $15,138 $5,637 $7,553 N/A
$978 $939 $818 $1,061 $969 N/A
$870 $845 $753 $966 $872 N/A

M20 M21 M22 M23 M24 M25

124% 124%
106%
115% 124% 0% 0% 0% 0%
115% 124% 0% 0% 0% 0%
113% 124% N/A N/A N/A N/A
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
0% 0% 0% 0% 0% 0%

$0 $0 $0 $0 $0 $0
N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A

M26 M27 M28 M29 M30 M31

0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
N/A N/A N/A N/A N/A N/A
Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
0% 0% 0% 0% 0% 0%

$0 $0 $0 $0 $0 $0
N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A

M32 M33 M34 M35 M36 M37

0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
N/A N/A N/A N/A N/A N/A
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
0% 0% 0% 0% 0% 0%

$0 $0 $0 $0 $0 $0
N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A

M38 M39 M40 M41 M42 M43

0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
N/A N/A N/A N/A N/A N/A
Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
0 0 0 0 0 0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
0% 0% 0% 0% 0% 0%

$0 $0 $0 $0 $0 $0
N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A

M44 M45 M46 M47 M48

0% 0% 0% 0% 0%
0% 0% 0% 0% 0%
N/A N/A N/A N/A N/A
 S&M Offset Toggles
###
###
###
###

Apr-23 May-23
0 0
$0 $0
$0 $0
$0 $0
0% 0%

$0 $0
N/A N/A
N/A N/A
N/A N/A
 Segment Overall
First Cohort Month May-19
% CS included in S&M 50%
S&M Offset by Month(s) 0

Cohorted LTV ("Realized LTV") NOTE: Realized LTV is the cumulative gross profit per customer in
Realized Customer
Cohort Starting Average MRR M0 M1 M2
LTV
May-19 $427 $9,979 $389 $798 $1,206
Jun-19 $670 $13,022 $617 $1,215 $1,797
Jul-19 $807 $9,667 $735 $1,394 $2,069
Aug-19 $631 $12,098 $543 $1,120 $1,760
Sep-19 $596 $9,626 $518 $1,048 $1,596
Oct-19 $923 $14,106 $821 $1,670 $2,500
Nov-19 $941 $13,551 $866 $1,713 $2,588
Dec-19 $699 $9,421 $629 $1,279 $1,901
Jan-20 $731 $9,190 $679 $1,330 $1,958
Feb-20 $750 $8,739 $668 $1,313 $1,988
Mar-20 $890 $10,864 $766 $1,599 $2,450
Apr-20 $864 $8,582 $777 $1,548 $2,316
May-20 $888 $4,438 $808 $1,550 $2,309
Jun-20 $853 $7,498 $750 $1,547 $2,432
Jul-20 $944 $6,893 $840 $1,716 $2,548
Aug-20 $930 $6,886 $847 $1,749 $2,677
Sep-20 $933 $5,439 $831 $1,678 $2,501
Oct-20 $978 $4,820 $870 $1,794 $2,849
Nov-20 $939 $3,476 $845 $1,743 $2,580
Dec-20 $818 $2,263 $753 $1,453 $2,263
Jan-21 $1,061 $2,054 $966 $2,054 $0
Feb-21 $969 $872 $872 $0 $0
Mar-21 N/A N/A $0 $0 $0
Apr-21 N/A N/A $0 $0 $0
May-21 N/A N/A $0 $0 $0
Jun-21 N/A N/A $0 $0 $0
Jul-21 N/A N/A $0 $0 $0
Aug-21 N/A N/A $0 $0 $0
Sep-21 N/A N/A $0 $0 $0
Oct-21 N/A N/A $0 $0 $0
Nov-21 N/A N/A $0 $0 $0
Dec-21 N/A N/A $0 $0 $0
Jan-22 N/A N/A $0 $0 $0
Feb-22 N/A N/A $0 $0 $0
Mar-22 N/A N/A $0 $0 $0
Apr-22 N/A N/A $0 $0 $0
May-22 N/A N/A $0 $0 $0
Jun-22 N/A N/A $0 $0 $0
Jul-22 N/A N/A $0 $0 $0

Cohorted CAC Payback NOTE: A cohort has "paid back" when >= 100%. This means that R
Starting Average
Month Starting Customers CAC M0 M1
MRR
May-19 40 $427 $3,242 12% 25%
Jun-19 38 $670 $4,713 13% 26%
Jul-19 45 $807 $4,212 17% 33%
Aug-19 47 $631 $4,176 13% 27%
Sep-19 51 $596 $4,248 12% 25%
Oct-19 29 $923 $5,627 15% 30%
Nov-19 36 $941 $4,769 18% 36%
Dec-19 55 $699 $3,940 16% 32%
Jan-20 61 $731 $3,699 18% 36%
Feb-20 72 $750 $3,703 18% 35%
Mar-20 65 $890 $5,004 15% 32%
Apr-20 70 $864 $7,476 10% 21%
May-20 69 $888 $9,062 9% 17%
Jun-20 64 $853 $11,129 7% 14%
Jul-20 72 $944 $10,580 8% 16%
Aug-20 73 $930 $8,379 10% 21%
Sep-20 76 $933 $6,911 12% 24%
Oct-20 78 $978 $9,888 9% 18%
Nov-20 81 $939 $9,022 9% 19%
Dec-20 41 $818 $15,138 5% 10%
Jan-21 79 $1,061 $5,637 17% 36%
Feb-21 81 $969 $7,553 12%
Mar-21 N/A N/A N/A
Apr-21 N/A N/A N/A
May-21 N/A N/A N/A
Jun-21 N/A N/A N/A
Jul-21 N/A N/A N/A
Aug-21 N/A N/A N/A
Sep-21 N/A N/A N/A
Oct-21 N/A N/A N/A
Nov-21 N/A N/A N/A
Dec-21 N/A N/A N/A
Jan-22 N/A N/A N/A
Feb-22 N/A N/A N/A
Mar-22 N/A N/A N/A
Apr-22 N/A N/A N/A
May-22 N/A N/A N/A
Jun-22 N/A N/A N/A
Jul-22 N/A N/A N/A

CAC Payback by Cohort Summary

Average Starting
Month Starting Customers CAC Payback Month
MRR
May-19 40 $427 $3,242 M7
Jun-19 38 $670 $4,713 M7
Jul-19 45 $807 $4,212 M6
Aug-19 47 $631 $4,176 M6 N
Sep-19 51 $596 $4,248 M7
$1,200
Oct-19 29 $923 $5,627 M6
Nov-19 36 $941 $4,769 M5
Dec-19 55 $699 $3,940 M6 $1,000
Jan-20 61 $731 $3,699 M5
Feb-20 72 $750 $3,703 M5 $800 $807
Mar-20 65 $890 $5,004 M5
Apr-20 70 $864 $7,476 M9 $670
$631
$600 $59
May-20 69 $888 $9,062 N/A
Jun-20 64 $853 $11,129 N/A
$400 $427

$200
 $800 $807

$670
$631
$600 $59

$400 $427
Jul-20 72 $944 $10,580 N/A
Aug-20 73 $930 $8,379 N/A
Sep-20 76 $933 $6,911 N/A $200
Oct-20 78 $978 $9,888 N/A
Nov-20 81 $939 $9,022 N/A
$0
Dec-20 41 $818 $15,138 N/A 6 7 7 8 9
58 361 364 367 370 37
Jan-21 79 $1,061 $5,637 N/A 43 4 4 4 4 4
Feb-21 81 $969 $7,553 N/A
Mar-21 N/A N/A N/A N/A
Apr-21 N/A N/A N/A N/A
May-21 N/A N/A N/A N/A
Jun-21 N/A N/A N/A N/A
$16,000.00
Jul-21 N/A N/A N/A N/A
Aug-21 N/A N/A N/A N/A $14,000.00
Sep-21 N/A N/A N/A N/A
Oct-21 N/A N/A N/A N/A $12,000.00
Nov-21 N/A N/A N/A N/A
Dec-21 N/A N/A N/A N/A $10,000.00
Jan-22 N/A N/A N/A N/A
$8,000.00
Feb-22 N/A N/A N/A N/A
Mar-22 N/A N/A N/A N/A $6,000.00
Apr-22 N/A N/A N/A N/A $4,713
May-22 N/A N/A N/A N/A $4,000.00 $4,212
$4,1
$3,242
Jun-22 N/A N/A N/A N/A
Jul-22 N/A N/A N/A N/A $2,000.00

$0.00
6 7 7 8 9
58 61 64 67 70
43 43 43 43 43
NOTE: This is a graphical representation of Realized LTV minus CAC per customer. It is calculated on a
Annuity Graph
cohort basis, so the line is generally smoother in earlier months (when there are more cohort data points)
AsSegment
andsuch, we in
choppier suggest
outer months M0 less
focusing
(when on later
there M1 Though
months
are fewer). M2 zeroing
and instead
Realized M3two
LTV caninnever
on mainfor
decline outputs:
a
#NAME? the ($6,205) crosses ($5,398)
$0) and the ($4,752)
general growth ($3,685)
customer (it has already been realized!), this view can theoretically have some downward fluctuation if(the
payback month (when the line curve of the "annuity" an
slope of the line).
over-performing These
cohort twoout.
drops pieces
Thisof information
happens in our should
examplegive a sense
at right, whenfor
thethe profitability of
high-performing a
Jun-19
customer
cohort segment.
drops out in M21For example,
because if the
it only hasline crosses
20 months ofthe x-axis sooner, this segment is paying
data.
back faster, freeing up cash for additional growth; if
Feel free to run this sheet multiple times for different customer the line begins to flattens
segments (e.g. out,
for athis could
specific
represent declining
Customer Geo, Pricingnet Plan,
$ retention
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plot would be a limiter
the annuity graphson onLTV).
top of each other. Through
these comparisons, a company should be able to assess the relative profitability of different
segments -- and then begin to decide where to allocate resources accordingly.
gross profit per customer in each cohort. This is not an estimate or forward projection.
M3 M4 M5 M6 M7 M8
$1,610 $2,030 $2,456 $2,912 $3,366 $3,847
$2,398 $2,970 $3,556 $4,172 $4,814 $5,416
$2,701 $3,340 $3,950 $4,581 $5,163 $5,510
$2,394 $3,007 $3,647 $4,266 $4,847 $5,506
$2,133 $2,686 $3,217 $3,729 $4,265 $4,807
$3,358 $4,179 $4,973 $5,803 $6,643 $7,454
$3,425 $4,235 $5,082 $5,938 $6,766 $7,604
$2,502 $3,131 $3,767 $4,382 $5,004 $5,640
$2,615 $3,280 $3,923 $4,573 $5,238 $5,888
$2,671 $3,331 $3,998 $4,681 $5,349 $6,016
$3,312 $4,207 $5,115 $6,034 $6,969 $7,939
$3,107 $3,862 $4,592 $5,377 $6,177 $6,980
$3,020 $3,699 $4,118 $4,438 $4,438 $4,438
$3,259 $4,078 $4,915 $5,778 $6,608 $7,498
$3,372 $4,230 $5,142 $5,992 $6,893 $0
$3,598 $4,794 $5,806 $6,886 $0 $0
$3,590 $4,482 $5,439 $0 $0 $0
$3,703 $4,820 $0 $0 $0 $0
$3,476 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

>= 100%. This means that Realized LTV is greater than or equal to CAC for the average customer in that cohort.
M2 M3 M4 M5 M6 M7
37% 50% 63% 76% 90% 104%
38% 51% 63% 75% 89% 102%
49% 64% 79% 94% 109% 123%
 42% 57% 72% 87% 102% 116%
38% 50% 63% 76% 88% 100%
44% 60% 74% 88% 103% 118%
54% 72% 89% 107% 125% 142%
48% 63% 79% 96% 111% 127%
53% 71% 89% 106% 124% 142%
54% 72% 90% 108% 126% 144%
49% 66% 84% 102% 121% 139%
31% 42% 52% 61% 72% 83%
25% 33% 41% 45% 49% 49%
22% 29% 37% 44% 52% 59%
24% 32% 40% 49% 57% 65%
32% 43% 57% 69% 82%
36% 52% 65% 79%
29% 37% 49%
29% 39%
15%

NOTE: There are 4 main drivers of Payback -- Average Starting MRR per Customer, CAC, Gross Margin %, and Net $ R
Overall GM % applies to all cohorts in that month, but New Customer MRR and CAC are cohort-specific. Net

New Customer ASP (MRR) in Month

$1,200

$1,061
$1,000 $978 $969
$923 $941 $944 $930 $933 $939
$890 $864 $888
$853
$800 $807 $818
$731 $750
$670 $699
$631
$600 $596

$400 $427

$200
 $800 $807
$731 $750
$670 $699
$631
$600 $596

$400 $427

$200

$0 $0 $0
586 617 647 678 709 739 770 800 831 862 891 922 952 983 013 044 075 105 136 166 197 228 256 287
43 43 43 43 43 43 43 43 43 43 43 43 43 43 44 44 44 44 44 44 44 44 44 44

Blended CAC in Month

$16,000.00
$15,138
$14,000.00

$12,000.00
$11,129
$10,580
$10,000.00 $9,888
$9,062 $9,022
$8,000.00 $8,379
$7,476 $7,553
$6,911
$6,000.00 $5,627 $5,637
$4,713 $4,769 $5,004
$4,000.00 $4,212 $4,248
$4,176 $3,940
$3,699
$3,703
$3,242
$2,000.00

$0.00 $0 $0
86 17 47 78 09 39 70 00 31 62 91 22 52 83 13 44 75 05 36 66 97 28 56 87
5 6 6 6 7 7 7 8 8 8 8 9 9 9 0 0 0 1 1 1 1 2 2 2
43 43 43 43 43 43 43 43 43 43 43 43 43 43 44 44 44 44 44 44 44 44 44 44
er. It is calculated on a
more cohort data points)
on two
never mainfor
decline aM4
outputs: M5 M6 M7 M8 M9
ve ($2,758)
wnward fluctuation if(the
of the "annuity" an ($1,840) ($1,156) ($468) $477 $1,472
ethe profitability of
high-performing a
Jun-19
s segment is paying
tens
(e.g. out,
for athis could
specific
ch other. Through
Annuity Graph
tability of different 10000
ngly.
8000
Overall Segment: Realized LTV - CAC

6000

4000

2000

0
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38
-2000

-4000

-6000

-8000
 -4000

Ov
-6000

-8000
 M9 M10 M11 M12 M13 M14
$4,311 $4,733 $5,210 $5,693 $6,159 $6,630
$5,987 $6,627 $7,273 $7,899 $8,531 $9,178
$5,888 $6,270 $6,640 $7,013 $7,395 $7,769
$6,172 $6,817 $7,469 $8,135 $8,787 $9,439
$5,331 $5,861 $6,403 $6,934 $7,464 $8,000
$8,276 $9,115 $9,936 $10,757 $11,588 $12,436
$8,460 $9,298 $10,135 $10,982 $11,848 $12,704
$6,262 $6,884 $7,513 $8,156 $8,792 $9,421
$6,539 $7,196 $7,868 $8,533 $9,190 $0
$6,691 $7,381 $8,064 $8,739 $0 $0
$8,938 $9,870 $10,864 $0 $0 $0
$7,758 $8,582 $0 $0 $0 $0
$4,438 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

er in that cohort.
M8 M9 M10 M11 M12 M13
119% 133% 146% 161% 176% 190%
115% 127% 141% 154% 168% 181%
131% 140% 149% 158% 167% 176%
 132% 148% 163% 179% 195% 210%
113% 125% 138% 151% 163% 176%
132% 147% 162% 177% 191% 206%
159% 177% 195% 213% 230% 248%
143% 159% 175% 191% 207% 223%
159% 177% 195% 213% 231% 248%
162% 181% 199% 218% 236%
159% 179% 197% 217%
93% 104% 115%
49% 49%
67%

AC, Gross Margin %, and Net $ Retention.

d CAC are cohort-specific. Net $ retention is also cohort-specific, but the chart below is the dollar-weighted average a

Gross Margin % in Month

100.00%
91% 92% 91% 92% 90% 93% 90% 91% 88% 89% 91% 89% 89% 90% 92% 91% 90%
89% 89%
1,061 90.00% 86% 87% 86%
$969 80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
 60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
$0 $0 0.00%
228 256 287 6 7 7 8 9 9 0 0 1 2 1 2 2 3 3 4 5 5 6 6 7 8
58 361 364 367 370 373 377 380 383 386 389 392 395 398 401 404 407 410 413 416 419 422 4
44 44 44 43 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4 4

Dollar-Weighted Average Net $ Retention by Cohort

Month
38
140.00%

1
120.00%
113%
106%
100.00% 100%102%103%103% 101%100%103%102%101%101%102%98% 98% 97%
96% 96% 95% 93%
85%
$7,553 80.00%

$5,637 60.00%

40.00%

20.00%
$0 $0
8 6 7
22 25 28 0.00%
44 44 44 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

M10 M11 M12 M13 M14 M15

$2,840 $3,736 $4,072 $4,515 $4,952 $5,458

uity Graph

Row 137

4 26 28 30 32 34 36 38 40 42 44 46 48
 M15 M16 M17 M18 M19 M20
$7,113 $7,584 $8,056 $8,533 $9,020 $9,502
$9,810 $10,442 $11,082 $11,736 $12,382 $13,022
$8,143 $8,521 $8,907 $9,289 $9,667 $0
$10,098 $10,772 $11,438 $12,098 $0 $0
$8,548 $9,090 $9,626 $0 $0 $0
$13,276 $14,106 $0 $0 $0 $0
$13,551 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

M14 M15 M16 M17 M18 M19

205% 219% 234% 248% 263% 278%
195% 208% 222% 235% 249% 263%
184% 193% 202% 211% 221% 230%
 226% 242% 258% 274% 290%
188% 201% 214% 227%
221% 236% 251%
266% 284%
239%

the dollar-weighted average across cohorts, included to help illustrate the overall retention profile.

onth
92% 91% 90%
9% 91% 89% 89% 90%

0% 0%
 0% 0%
3 4 5 5 6 6 7 8 6 7
04 407 410 413 416 419 422 425 428
44 4 4 4 4 4 4 4 4

etention by Cohort

124%
113%

8% 97% 96% 96% 95%

93%
85%

0% 0%
14 15 16 17 18 19 20 21 22 23

M16 M17 M18 M19 M20 M21

$5,552 $5,708 $6,349 $6,244 $7,258 $6,737
 M21 M22 M23 M24 M25 M26
$9,979 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

M20 M21 M22 M23 M24 M25

293% 308%
276%
ntion profile.
M22 M23 M24 M25 M26 M27
M27 M28 M29 M30 M31 M32
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

M26 M27 M28 M29 M30 M31

M28 M29 M30 M31 M32 M33
M33 M34 M35 M36 M37 M38
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

M32 M33 M34 M35 M36 M37

M34 M35 M36 M37 M38 M39
M39 M40 M41 M42 M43 M44
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0

M38 M39 M40 M41 M42 M43

M40 M41 M42 M43 M44 M45
M45 M46 M47 M48
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0 $0

M44 M45 M46 M47 M48

M46 M47 M48 0