Responsive Acquisition Marketing Platform (RAMP)
Historical and Projected Financial Detail
Pro Forma Billings Adj. Revenue
Owned & Operated Properties
Network Partners
Advertising Total
Subscription
Total
2018
2019
2020
2021E
($ in millions)
2022E
$228
35
$263
$348
38
$386
$472
$434
38
$566
$608
42
$676
47
$723
42
64
108
155
183
$305
$450
$580
$763
$906
48%
29%
32%
19%
YoY Growth
Pro Forma Billings Adj. Gross Profit
Owned & Operated Properties
$80
$102
$100
$120
$155
Network Partners
Advertising Total
Subscription
Total
% Margin
33
37
36
41
46
$113
$140
$136
$161
$201
(9)
(1)
16
47
59
$104
$139
$152
$208
$260
34.2%
30.9%
26.3%
27.3%
28.7%
Operating Expense
$52
$60
$72
$88
$102
Pro Forma Billings Adj. EBITDA
$52
$79
$80
$120
$158
% Margin
17.1%
17.6%
13.8%
15.8%
17.4%
YoY Growth
52%
1%
50%
31%
Less: Capitalized Software
($5)
($6)
($6)
($7)
Less: Capital Expenditures
($1)
($1)
($0)
($0)
哥哥
($9)
($0)
Adj. Free Cash Flow
$47
$72
$73
$113
$149
Adj. FCF/Billings Adj. EBITDA
89.6%
91.3%
91.8%
94.1%
94.5%
S1
Note: Pro Forma Billings Adj. Revenue, Pro Forma Billings Adj. Gross Profit and Pro Forma Billings Adj. EBITDA are billings based metrics with respect to subscription revenue.
Historical periods include pro forma consolidation of pre-acquisition results. These metrics adjust our similarly titled financial metrics for differences between revenues and billings.
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