Investor Presentaiton

Attractive unit economics delivers a profit margin today Existing business has proven profitable unit economics - 82% Subscription Gross Margin in CY20E 20% Profit margin after COGS and S&M in CY20E → Supports investing in growth and scaling existing markets Notes: $109 ($20) ARPS (Avg. Revenue Per Subscriber) COGS $ Per Subscriber Per Month $89 ($67) $22 Gross Profit Sales & Marketing OPEX CY20E GP - S&M Subscription gross margin excludes amortization of capitalized software and stock-based compensation expense Profit margin after COGS and S&M is calculated as the quotient of the difference of subscription gross profit less total sales and marketing expense, divided by subscription revenue; non-GAAP 26

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