CFO Summit

TUESDAYJuly 14th, 2015

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Summit Intro“Share data,

unblemished and

unbiased, in an effort to

provide transparency and

define best practices, but

also create a network for

ongoing collaboration

that lives on long past

this afternoon.” @tylerslo

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So, what’s happening?

of companies believe their

customers

are switching to new consumption

models.

4 / 5

83%73%

84%

@tylerslo

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Businesses are Responding

US 13%28%

AU 24%43%

UK 25%23%

Over half of companies are in the

process of changing or have changed the way they price and deliver their goods and services.

51%

@tylerslo

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“Innovation is the hottest word in business…

…but most of the discussion

centers around products and

services. The more profound

challenge for most companies

now is imagining a new business

model, a new answer to the

fundamental question, how do

we make money?”

- Fortune Magazine

@tylerslo

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Owningthe new model.

“…vast majority (81%) felt they worked at

companies that viewed their finance

operation as a ‘strategic business partner,’

involving the CFO in top-level decision

making as never before…”

- Fortune Magazine

@tylerslo

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10%0% 5% 15% 20% 25% 30% 35% 40%

38%26%

Traditional tasks

19%20%

Directly assisting the board/audit committee

18%24%

Business strategy and other commercial work

15%16%

Market and shareholder information

10%14%

Enhancing the efficiency of the finance function

Current

3 years time

How CFOs are allocating their tasks…

…today and tomorrow.

Survey@tylerslo

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“There’s been an evolution in America in terms of

the CFO. The CFO is increasingly being called

upon to weigh in on much more strategic

decisions involving the company, including

everything from transactions to providing

assessments of emerging markets and analyses

that go far beyond looking at the books and

determining whether there will be enough cash to

support investment.”

- Fortune Magazine

@tylerslo

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“CFOs’ responsibilities go well beyond finance into

balancing compliance and risk management with

business-performance goals. They have an

important role to play in reading and

understanding evolving business drivers and

helping their companies seize opportunities. CFOs

now spend more time on strategy and operating

issues and less on budgeting and accounting.”

- Business Week

@tylerslo

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obsolete. Your business model is

everything you think you know

Assume this:

doesn’t work anymore. about staying competitive

@tylerslo

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The new model is much more complex. @tylerslo

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The old model

Build a widget. Sell the widget. Recognize your

revenue.

simple.

@tylerslo

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The new model

Build a widget. Recognize your

revenue.

complex.

Sell the widget. Acquire

customers &

monetize

relationships.

free

trial

paid

subscripti

ons

add on

upgraderenewal

@tylerslo

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The new model

Build a widget. Recognize your

revenue.

Sell the widget. Acquire

customers &

monetize

relationships.

free

trial

paid

subscripti

ons

add on

upgraderenewal

complex.

@tylerslo

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Executing against the business model requires an understanding of a whole new set of metrics. @tylerslo

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The Metrics

@tylerslo

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The Metrics

Growth Efficiency IndexCost to acquire customers

in comparison to new ACV

@tylerslo

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The Metrics

Retention RateLost ARR from customers churning or downselling

@tylerslo

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The Metrics

Recurring ProfitCost to service your customer base and

organization

@tylerslo

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The Metrics

One-time ChargesAny non-recurring

revenue and costs (e.g. hardware / services)

@tylerslo

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But there’s a problem…

@tylerslo

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THIS DOESN’TMEAN WE HAVE A HALL PASS. THERE STILL NEEDS TO BE AN OWNER.

“The benchmark for these metrics don’t exist in the public domain. They are not GAAP.”

@tylerslo

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It’s a completely new way of thinking…

@tylerslo

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ARR GOVERNS ALLA R R n – Churn + A C V = A R R n +

1

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A R R n – Churn + A C V (+/- FX impact) = A R R n + 1

Even the simplest of formulas will evolve…

@tylerslo

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The model…

COGS, G&A,R&D

50%Recurring

Profit Margin

Sales, Marketing

, Customer Success

BREAK EVEN

0%

100%

50%

ARR Non-GrowthExpense

GrowthExpens

e

BREAK EVEN INVEST IN FIELD & GROW FASTER

Sales, Marketing

, Customer Success

OR

@tylerslo

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Growth is best measured by GEI.

$100M Growth Exp.

1.5 GEI

=$65M ARR

Growth

Therefore, if GEI is 1.5 and $100M is spent on growth:

Growth ExpenseARR Growth

=Growth

Efficiency Index (GEI)

Growth Expense

GEI=ARR

Growth

@tylerslo

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• incurred to maximize ACV

• traditionally sales & marketing efforts

• sometimes customer success

• incurred to support the organization• traditionally COGs, R&D, admin

functions

GROWTH SPEND NON-GROWTH

SPEND

@tylerslo

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The model interpreted…

COGS, G&A,R&D

50%Recurring

Profit Margin

Sales, Marketing

, Customer Success

BREAK EVEN

0%

100%

50%

ARR Non-GrowthExpense

GrowthExpens

e

BREAK EVEN INVEST IN FIELD & GROW FASTER

Sales, Marketing

, Customer Success

OR

With a GEI of 1.0 and churn at 15%, you’ll have 35% growth while maintaining break even. But only if deals are collected upfront and you’re cash flow positive.

But, if your GEI is 2.0 you’re growth will slow to 10% to break event.

““

@tylerslo

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The Marketloves these business models.

@tylerslo

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IPOs in 2014. or 55 of the IPOs were in Tech. of Tech were either Software

or Internet/New Media.

263

20% 73%

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@tylerslo

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Lower development, support and maintenance

costs

Predictability allows longer-term thinking

No quarter-end pricing games

Oh yeah, investors give you a higher

valuation

Downside: longer ramp to scale from lack

of up front license fee

At scale, subscription models are

superior in every aspect

“Ultimate Software will never make money.”

- Competitor CEO in 2002 … just as ULTI stock price was on the cusp of a 12 year, 14-fold

advance

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In 2008, a globally over levered

world collapses. US GDP falls

0.9%, the S&P 500 drops >50%

peak to trough.

Perpetual license companies

saw roughly 5-15% y-o-y

declines in quarterly

revenues.

On average, subscription

firms’ revenue growth

decelerated to ~18% from

30%+.

Since the 2009 bottom,

subscription software revenues

and stock prices are up nearly

400% and 575%.

Perpetual and mixed models’

revenue growth and stock

price: 70% and 280%

The Great Recession: Subscription

wins

@tylerslo

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INTROSubscription goes

mainstream…• 30-50 subscription software

IPO’s over the next two years seems

reasonable.

• Hottest areas:

• Vertical SaaS

• Security/Systems Software

• Analytics

• Next Generation Marketing

• Caution:

• High valuations allow features

to think they’re companies.

0

10

20

30

40

50

60

2005 2010 Today

Number of Public Saas Companies

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• Bookings / New ARR

• Gross Customer Churn

• Mix of S&M spend that is growth

oriented

• New ARR = forward year increase in subscription revenue + gross dollars churned in current year

• Assume all S&M spend is driving new ARR• S&M Efficiency = $ S&M Spend / $ New

ARR• Range of Public SaaS Companies: $0.67 -

$2.30

DATA WE DON’T GET HOW WE THINK ABOUT IT

SLIDE HEADERS&M Efficiency: a challenge for public investors

Conclusion: the trend line is up

2012 2013 2014 2015E 2016EAverage S&M / $ARR $0.99 $1.02 $1.18 $1.27 $1.40Based on Canaccord Genuity analysis of the 30 largest SaaS companies; leverages SEC filings, Capital IQ estimates, and Canaccord Genuity estimates

@tylerslo

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S&M Efficiency

Best in Class 2015EVeeva $0.67Descartes $0.76Q2 Holdings $0.80Ultimate Software $0.94Constant Contact $0.95Analysis based on SEC filings, Capital IQ estimates, and Canaccord Genuity estimates

Best in class

@tylerslo

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The level to which operating margins revert to if you were to cull all growth spend.

2014A 2015E 2016ESubscription Services Revenue $5,014 $6,055 $7,295

Growth 31% 21% 20%Subscription Gross Margin 83.4% 83.7% 84.5%

Subscription Gross Proft $4,182 $5,068 $6,164

R&D Expense (672) (819) (997)G&A Expense (577) (672) (780)

Recurring Gross Profit $2,933 $3,577 $4,388Recurring Profit Margin 58.5% 59.1% 60.1%

* Based on Canaccord Genuity projections

Salesforce.com: Top of the Pack and Improving

C2015E Sub Rev

Recurring Profit Margin

1 CRM 6,055 3,577 59.1%2 N 599 347 57.9%3 PAYC 201 113 56.2%4 CSOD 306 165 54.1%5 NOW 830 428 51.5%6 VEEV 308 158 51.2%7 LOCK 560 279 49.8%8 SPSC 142 69 48.3%9 MKTO 182 87 48.1%

10 OPWR 133 64 48.0%11 CVT 173 83 47.7%12 ULTI 515 242 47.0%13 CTCT 374 169 45.3%14 HUBS 155 70 45.2%15 SQI 102 45 43.8%

Recurring Proft Margin

Analysis based on SEC filings, Capital IQ consensus, and Canaccord Genuity estimates

Recurring Profit Margin

@tylerslo

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INTRORetention: most powerful lever to

LTVToday, Salesforce.com’s gross churn is about

10%...

What if it improved to 7%?Salesforce.com

Annual Gross Churn Rate: 10% Implied Customer Life (years): 10.02012A 2013A 2014A 2015E 2016E

Subscription Services Revenue $2,869 $3,825 $5,014 $6,055 $7,295Growth 35% 33% 31% 21% 20%

Subscription Gross Margin 85.5% 84.2% 83.4% 83.7% 84.5%Subscription Gross Proft $2,453 $3,220 $4,182 $5,068 $6,164

R&D Expense (353) (516) (672) (819) (997)G&A Expense (364) (505) (577) (672) (780)

Recurring Gross Profit $1,736 $2,199 $2,933 $3,577 $4,388Recurring Profit Margin 60.5% 57.5% 58.5% 59.1% 60.1%

New ARR Approximation $1,243 $1,572 $1,543 $1,846 $2,189S&M Expense (1,404) (1,872) (2,406) (2,858) (3,475)

Cost / $ARR (CAC) $1.13 $1.19 $1.56 $1.55 $1.59

LTV / $ARR $6.05 $5.75 $5.85 $5.91 $6.01LTV / CAC 5.4x 4.8x 3.8x 3.8x 3.8x

Salesforce.comAnnual Gross Churn Rate: 7% Implied Customer Life (years): 14.3

2012A 2013A 2014A 2015E 2016ESubscription Services Revenue $2,869 $3,825 $5,014 $6,205 $7,481

Growth 35% 33% 31% 24% 21%Subscription Gross Margin 85.5% 84.2% 83.4% 83.7% 84.5%

Subscription Gross Proft $2,453 $3,220 $4,182 $5,194 $6,322

R&D Expense (353) (516) (672) (819) (997)G&A Expense (364) (505) (577) (672) (780)

Recurring Gross Profit $1,736 $2,199 $2,933 $3,703 $4,545Recurring Profit Margin 60.5% 57.5% 58.5% 59.7% 60.8%

New ARR Approximation $1,157 $1,457 $1,543 $1,710 $2,021S&M Expense (1,404) (1,872) (2,406) (2,858) (3,475)

Cost / $ARR (CAC) $1.21 $1.29 $1.56 $1.67 $1.72

LTV / $ARR $8.64 $8.21 $8.36 $8.53 $8.68LTV / CAC 7.1x 6.4x 5.4x 5.1x 5.0x

Note: we estimate that a 3% improvement in retention could drive a ~16% increase in C2015 operating profit – an incremental $150M at subscription GMs

Analysis based on SEC filings, Capital IQ consensus, and Canaccord Genuity estimates

@tylerslo

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It’s no wonder that investors value net dollar retention.

• Most public companies don’t provide gross customer retention

• Instead, they give net dollar retention, which is inclusive of upsell

TickerDollar-Based

Retention1 VEEV 138%2 BOX 126%3 NOW 125%4 HDP 125%5 QTWO 122%6 ZEN 120%7 NEWR 120%8 ULTI 110%9 PAYC 110%

10 MKTO 109%

VEEV

BOX NOWHDP

QTWOZEN NEWR

ULTI PAYCMKTO

WK CSLT

AMBR DWRE

OPWR

ECOM

FIVN

RNGCVTMRIN

SQI BNFT

CSOD SPSC HUBS

ILCRM

LOCK

CARB

LOGM

CTCT

70%

80%

90%

100%

110%

120%

130%

140%

1.0x 3.0x 5.0x 7.0x 9.0x 11.0x

Dol

lar B

ased

Ret

entio

n

EV/C2015E Revenues

DBR is based on most recently available publicly stated information

Valuation based on Capital IQ consensus and Canaccord Genuity estimates

@tylerslo

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• In March 2014, investors transitioned

from GAAP to GARP– That means from “Growth at any Price”

to “Growth at a Reasonable Price”

• A quick trick we like to use: Revenue Growth + FCF Margin– Gold, Silver, Bronze: 50%, 40%, 30%– Change in G+M is an important

indicator as well Many trending down as growth rates

decelerate faster than margins ramp

An Easy Screen:

growth + margin

@tylerslo

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The Top 20: growth plus marginWhat Are You Worth?

Benchmark your business metrics against the

least squares regression of public comps

C2015E Growth +

MarginImplied EV/Revs

Needs Work 0% 2.8x10% 3.8x20% 4.8x

About Average Today 30% 5.8x40% 6.7x50% 7.7x

Best-in-Class 60% 8.7x

Regression Analysis on Public SaaS Firms

Revenue Growth + FCF Margin Top Performers

C2015E C2016E

Rank CompanyRevenue Growth

FCF Margin

Growth + Margin

Revenue Growth

FCF Margin

Growth + Margin

Y-O-Y Change

1 ServiceNow 46% 16% 62% 36% 17% 53% -9%2 Textura* 44% 16% 59% 40% 19% 59% -1%3 Demandware 51% -1% 50% 34% 3% 37% -13%4 Paycom 39% 10% 50% 29% 10% 39% -11%5 WageWorks* 26% 22% 48% 14% 24% 38% -10%6 Veeva Systems 27% 21% 47% 24% 24% 48% 1%7 Elli Mae* 45% 2% 47% 23% 9% 32% -15%8 Workday 46% 1% 47% 39% 6% 45% -2%9 LogMeIn* 19% 23% 43% 16% 23% 40% -3%

10 Zendesk 55% -13% 42% 37% -1% 36% -6%11 Netsuite 32% 7% 39% 29% 9% 38% -1%12 Salesforce.com 21% 16% 37% 21% 17% 38% 1%13 Descartes 11% 26% 37% 12% 26% 38% 1%14 Cornerstone OnD* 30% 5% 36% 26% 7% 33% -2%15 SPS Commerce 24% 9% 33% 19% 11% 30% -3%16 Paylocity* 33% -1% 31% 26% 4% 30% -2%17 Cvent* 29% 3% 31% 23% 12% 35% 4%18 Marketo 41% -10% 30% 33% -3% 30% 0%19 Ultimate Software 22% 8% 30% 21% 9% 30% 0%20 HubSpot 47% -17% 30% 27% -7% 20% -10%

* Indicates company is not under formal Canaccord Genuity research coverage

Canaccord Genuity Research Disclosures: http://disclosures.canaccordgenuity.com/EN/Pages/default.aspx

@tylerslo

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A Sector Emerges• Hyper-growth phase

• Crowding-in drives up

valuation

• Investors more willing to

tolerate losses; misses

overly-punished

SLIDE HEADERThe future of subscription

valuations…TODAY: 3-5 Years Later• A shakeout: distribution

flattens

• The “haves” and “have-nots”

• Investors now expect growth

and margin expansion

TOMORROW: Steady

State• Growth slows, target margins

• Investor attention shifts toward

cash flow growth/value; 1.5-

2.0x PE/G

• EV/Revs in the 6-8x forward

range

0

1

2

3

4

5

0.0x-2.0x 2.1x-4.0x 4.1x-6.0x 6.1x-8.0x 8.1x-10.0x 10.0x+EV/Revenues on C2015E

Valuation Distribution for Next Generation Tools

Includes names like: DATA, NOW, SPLK, FEYE, PANW, NEWR, HDP

0

2

4

6

8

10

12

14

0.0x-2.0x 2.1x-4.0x 4.1x-6.0x 6.1x-8.0x 8.1x-10.0x 10.0x+EV/Revenues on C2015E

Valuation Distribution for Cloud Software

Includes names like: CRM, WDAY, N, ULTI, VEEV, DWRE, CSOD

EV/FCFFCF

MarginSecular Growth PE/G EV/Revs

ADBE* 21x 28% 15% 1.3x 8.0xAZPN 18x 47% 12% 1.4x 8.0xINTU* 31x 20% 15% 1.9x 6.2xANSS* 23x 34% 14% 1.5x 7.9xMEAN 23x 32% 14% 1.5x 7.5x

Steady State: 2015E Valuations

* Indicates company is not under formal Canaccord Genuity research coverage

Note: analysis based on Capital IQ consensus and Canaccord Genuity estimates

@tylerslo

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But how do you get the metrics…

@tylerslo

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…and how do you operationalize across your company? @tylerslo

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The survey.

@tylerslo

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150+survey respondents

100+survey questions

@tylerslo

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10,000+points of data

The respondents.

@tylerslo

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10%

60%

50%

40%

30%

20%

70%

80%

90%

100%

0%

34%

40%

90%

62%

> $50M in TTM Rev

> 200employees

Software

Recurring

only@tylerslo

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The framework.

@tylerslo

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P A D R E

P P M

@tylerslo

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Pipeline

• How do you drive pipe

• How much do you need

• Quality vs. Quantity

• How long does it last

@tylerslo

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Pipeline: What does your funnel look like?

Of those, 76% clarified

that as ORGANIC (website, free trials)

INBOUND is the largest individual

source of pipe (46% listed as primary source)

40%Investing in your website pays off – more than 40% of website visits were unique for majority of respondents 46%

76%

@tylerslo

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web visits

IB leads

new S1 pipeline

S2 accepted

bookings

ratios

total to unique

web to IB leads

IB lead to IB opp

S1 to S2

win ratio

%

%

%

%

%

%

%

Pipeline: What does your funnel look like?

@tylerslo

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16%

16%

18%

23%

27%

81-100%

41-60%

0-20%21-40%

61-80%

Pipeline: What comes from inbound?

@tylerslo

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Pipe Score w/ Targets IB leads MQLs #New opps

$ New opps

IB lead to S1 conv

rate IB Leads MQLs# New opps

$ New opps

IB lead to S1 conv rate

Inbound Organic

Inbound Paid

Events / Other

Outbound

AE

TOTAL

QTD Actuals Plan

Pipeline: Expose, communicate, align

@tylerslo

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Thought Leadership drives pipeline

@tylerslo

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New Pipe Creation Workable Pipe (Current QTR) Workable Pipe (Next QTR)

Pipe Score w/ Targets

New Opps (S1)

New Opps (S1)

Accept Opps (S2)

Accept Opps (S2)

Acceptance Rate Quota

Workable Opps (S1-

8)Workable Coverage Quota

Workable Opps (S1-

8)Workable Coverage

Northwest

Northwest

Northwest

NorthwestNoAm

Enterprise

EMEA

APAC

ROW total

West

EastCommercial

Total

ZBR / Other

TotalPrevious Week

Total

Previous QTR Total

WoW Delta

Pipeline: Transition to acquire

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Pipeline: Coverage

1.0x-2.0x

2.1x-3.0x

3.1x-4.0x

4.1x-5.0x>5.0x

12% 47% 24% 10% 7%

@tylerslo

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Acquire

• How do you model

• How do you compensate

• How do you drive efficiency in your sales org

• Accelerate, digest or pull back

77%of respondents sell

primarily through a direct sales

approach52%use a self

service model

65%offer their

prospects a free trial period 20%

However, only 47% said less than 20% convert from

free trial to customer

Acquire: Selling Approach

@tylerslo

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Acquire: How do you organizeSales team segmentation stack rank:

Industry Verticals31%

Customer Rev26%

#Employees21%

@tylerslo

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Acquire: Bookings growth

29% < 20%

29% 20 – 60%

17% 60 – 100%

25% > 100%@tylerslo

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AcquireWhat percentage of your total sales opportunities close?

1-2% 3-5% 6-10%

>10%

5%

37%

21%

36%

@tylerslo

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Acquire: How to model ramp?

30 days 60 days 90 days > 4 mos21%

24%41%

14%

@tylerslo

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Acquire: How to model sales cycle

10 days

4%

30 days

16%

60 days

32%

120 days29%

19%@tylerslo

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Acquire: How to model quota attainment

> 40 %

12% 10%

40 – 60%

39%

60 – 80%

31%

80 – 100%

7%

> 100%

@tylerslo

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Acquire: What’s your over-assign

100Min quota on the

street

35% >$90MEXPECT

36% $80-90MEXPECT

25% $70-80MEXPECT

2% $50-70MEXPECT

2% < $50M

EXPECT

@tylerslo

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ACQUIRE: What is OTE to quota?

16% < 150k

26% < 200k

35% < 250k

13% < 300k

10% > 300k

$1M

@tylerslo

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Acquire: What’s your quota based on?

19%

18%

47%

15%

MRRTCVACVOther

@tylerslo

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Acquire: What are your commission rates?

9% 5%

35% 6- 10%37% 11 - 15% 12% 20%

CHEAPSKATES

THE NORM

THE NORM

BREAKING THE BANK

@tylerslo

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ACQUIRE: Expose, communicate, align

Current Qtr (Current Week)

Current Week

CapacityCorporate

Street

Closed#Deals

$ACV

RVP / AVPCommit Best

CaseTechnical Buy Off

# Deals $ACVIn Contracts

# Deals $ACV

@tylerslo

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Deploy

• Profit or break even

• What KPIs should you hold • the implementation team

accountable to

• Alignment between Sales Professional Services

• When does subscription start@tylerslo

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Deploy

Have an implementation

component to their solution

Charge less than 10% of initial

year ACV for the implementation

75% commence the subscription on contract signing

Of customers go live within 30 days of contract signing

@tylerslo

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Run

• Churn is the Achilles heel of any subscription business

• Who owns renewals

• Support verses customer success

• SLAs and uptime commitments

• How does a company learn from service tickets @tylerslo

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Run: Are your customers committed?

15%Monthly

4%Semi-Annual 73

%1-2 years

> 2 years 7%

Contract Terms

Run: Who owns renewals?

Customer Success;

55%Sales; 33%

Other; 12%

@tylerslo

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Expand

• Who owns the upsell

• Sales efficiency depends on farming the existing base

• New usage, new divisions, new products…can all be leveraged as upsell strategy

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ExpandUpsells are important – over

40% 20%

>60%

14%

of respondents generate more

than

of their bookings from upsells

of companies are changing pricing

At least annually

Only every 3 years

Sales reps are the key – companies generating higher upsells assign reps to manage

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42%

51%

7%

Who Manages Upsells?

Customer Success Team

Sales Reps

Other

35%

65%

Do you pay for results?

no

yes

Expand

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Conclusion

“As CFOs we have an

opportunity and challenge.

Own the business model

and drive strategic

decisions within our

organizations.”

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Conclusion

“To be successful, we need

information and

collaboration. That is why

we are here today.”

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Thank you.

CFO Summit

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