Annualized OpEx/FTE: Dollars in thousands. Annualized OpEx (Operating Expenses) / FTE (Full-Time Employee) calculated as quarterly non-GAAP OpEx from the most recent period in which FTEs was reported divided by FTEs from that same period.

Implied ARR/FTE: Dollars in thousands. Implied ARR/FTE (Full-Time Employee) calculated as Implied ARR from the most recent period in which FTEs was reported divided by FTEs from that same period. 

Cumulative Equity Value: Represents total cumulative equity value for all companies in the Meritech Software Index.

Cumulative Total Revenue: Represents total cumulative NTM (next-twelve-months) revenue for all companies in the Meritech Software Index

Equity Value: Equity value (and enterprise value) are fully diluted based on the impact of outstanding options, RSUs, and other dilutive securities.

Growth Adjusted EV/NTM Revenue: Calculated as enterprise value divided by NTM revenue divided by NTM revenue growth rate.

Implied ARR: Implied ARR represents annualized revenue run-rate and calculated as current quarter total revenue multiplied by four.

Implied Average ACV: Dollars in thousands. Implied ACV (annual contract value) calculated as implied ARR  from the most recent period in which total customers was reported divided by total customers from that same period.

Magic Number: Magic number calculated as current quarter net new implied ARR divided by prior quarter non-GAAP sales and marketing expense.

Net Dollar Retention: Shows most recent reported net dollar retention or dollar-based net dollar retention (or expansion) figure. 

Payback Period: Payback period shown in months. Payback period calculated as prior quarter non-GAAP sales and marketing expense divided by current quarter implied net new ARR multiplied by current quarter non-GAAP gross margin multiplied by 12.

LTM Rule of 40: LTM Rule of 40 calculated as LTM (last-twelve-months) revenue growth plus LTM (last-twelve-months) free cash flow margin.

Share Price Multiple Return Since IPO: Calculated as most recent share price divided by IPO price or direct listing reference price.

* Indicates current or former Meritech Capital Partners investment.