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+Name,Ticker,Price,Last Filing,Market Cap ($M),Revenue Growth,Gross Margin,LTM FCF,LTM FCF %,Rule of 40 (LTM FCF),Rule of 40 (Quarter FCF),EV / Revenue Run Rate,EV / LTM Revenue,EV / NTM Revenue,EV / 2020 Revenue,EV / 2021 Revenue,EV / 2022 Revenue,EV / 2023 Revenue,EV / 2021 Gross Profit,EV / NTM Gross Profit,Net Dollar Retention,Quarter FCF,Quarter FCF %,LTM Free Cash Flow Growth %,EBITDA,EBITDA %,LTM EBITDA,EV / LTM EBITDA,Quarter Magic Number,LTM CAC Ratio,Current CAC Ratio,LTM Mean Payback Period,Quarter CAC Payback Period,Implied 5yr LTV ($K),Implied CAC,Implied 5yr LTV/CAC,ARR Per Customer ($K),ARR / Employee ($K),Annualized Opex / Employee,Run Rate/Employees,R&D %,G&A %,S&M %,Annualized Revenue Run Rate ($M),ARR Type,ARR ($M),ARR Growth,Growth Persistence,Last Year Quarter Growth,Operating Income %,Rule of 40 (Op In Margin),2020 Revenue,2021 Analyst Revenue Estimates,US Revenue %,Last Year Run Rate ($M),LTM Revenue ($M),LTM Revenue Growth,NTM Revenue Growth,NTM Revenue Updated,EV / LTM Free Cash Flow,Enterprise Value,Total Cash,Net Cash,Consensus Revenue (Mean),Consensus Revenue Beat (Mean),Founding Year,IPO Year,Multiple on IPO,% of 52 Week High,Last Reported Employees,Earnings Link
+Zoom Video,ZM,$340.50 ,4/30/21,"$103,993 ",191%,72%,"$1,593 ",49%,240%,239%,26.0x,30.3x,24.0x,37.5x,25.7x,21.0x,18.8x,35.5x,33.2x,,"$454,228 ",48%,355%,"236,975",25%,"896,956",110.8x,1.4,3.1,1,3.9,12,,7157.8,,7,,,,7%,16%,26%,"$3,824 ",Revenue * 4,"$3,824 ",,113%,169%,24%,215%,"$2,651 ","$3,868 ",,"$1,312 ","$3,279 ",296%,26%,6/5/21,62.3x,"$99,303 ","$4,690 ",,"905,235",6%,2011,2019,5.2x,60%,,
+Snowflake,SNOW,$251.46 ,4/30/21,"$73,272 ",110%,57%,($62),-9%,102%,116%,75.8x,97.4x,55.1x,117.1x,65.0x,39.7x,25.3x,113.2x,95.9x,168%,"$12,944 ",6%,,"-200,911",-88%,"-640,141",,1,0.6,0.6,20.2,20.9,"6,149",391984.7,15.7,201,,,,48%,26%,73%,$915 ,Revenue * 4,$915 ,110%,74%,149%,-90%,21%,$592 ,"$1,066 ",,$435 ,$712 ,116%,77%,6/2/21,-1118.4x,"$69,341 ","$3,930 ",,"211,164",8%,,2020,10.6x,62%,,
+Shopify,SHOP,"$1,224.48 ",3/31/21,"$150,034 ",110%,57%,$615 ,18%,128%,124%,36.0x,41.2x,30.6x,48.5x,32.6x,24.6x,18.4x,57.8x,54.2x,,"$130,495 ",13%,,"134,699",14%,"353,779",402.7x,0.3,1.8,0.2,6.7,75.3,,,,,,,,18%,7%,19%,"$3,954 ",Reported ARR,"$1,079 ",62%,237%,47%,12%,122%,"$2,929 ","$4,355 ",,"$1,880 ","$3,448 ",100%,35%,6/7/21,231.2x,"$142,162 ","$7,872 ",,"855,164",16%,2004,2015,43.7x,83%,,https://www.sec.gov/Archives/edgar/data/1594805/000159480521000021/exhibit992mdaq12021.htm
+Monday.com,MNDY,,3/31/21,,85%,87%,,,,76%,,,,,,,,,,,"($5,262)",-9%,,"-37,300",-63%,"-37,300",,0.6,0.5,0.5,24.7,22.3,,,,,294,445,295,26%,17%,107%,$235 ,Revenue * 4,$235 ,85%,,,-64%,21%,$161 ,,,$127 ,$188 ,96%,,,,,$124 ,,,,,,,,799,https://www.sec.gov/Archives/edgar/data/0001845338/000110465921067423/tm211978-4_f1.htm
+UI Path,PATH,$73.85 ,1/31/21,"$38,340 ",81%,90%,$25 ,4%,85%,84%,45.6x,62.4x,46.4x,62.4x,,36.2x,,,51.3x,145%,"$6,496 ",3%,,,,,,2.4,1.2,2.2,10.2,5.5,"1,255",,,72,202,241,290,14%,21%,48%,$831 ,Reported ARR,$580 ,65%,,,7%,88%,$607 ,,,$459 ,$607 ,81%,35%,6/5/21,1515.2x,"$37,879 ",$461 ,,,,,,,87%,2863,https://www.sec.gov/Archives/edgar/data/0001734722/000119312521120347/d98556ds1a.htm
+Crowdstrike,CRWD,$213.44 ,4/30/21,"$47,843 ",70%,74%,$323 ,32%,102%,109%,38.7x,46.9x,31.7x,53.7x,35.6x,26.5x,22.2x,48.0x,42.8x,,"$117,303 ",39%,181%,"-19,392",-6%,"-52,936",,1.3,0.9,1,13.2,12,,73785.4,,104,,,,26%,14%,45%,"$1,211 ",Reported ARR,"$1,190 ",73%,82%,85%,-10%,60%,$874 ,"$1,319 ",,$712 ,$999 ,77%,48%,6/7/21,145.2x,"$46,897 ","$1,685 ",$947 ,"292,199",4%,2011,2019,3.4x,88%,,
+Twilio,TWLO,$314.91 ,3/31/21,"$54,384 ",62%,51%,($38),-2%,60%,60%,21.2x,25.1x,18.4x,28.3x,19.8x,15.3x,12.3x,39.1x,36.3x,133%,"($10,915)",-2%,,"-137,747",-23%,"-420,501",,0.9,0.8,0.5,14.4,25.5,127,12856.2,9.9,10,430,361,430,30%,19%,36%,"$2,359 ",Revenue * 4,"$2,359 ",,109%,57%,-33%,28%,"$1,761 ","$2,525 ",71%,"$1,459 ","$1,986 ",57%,37%,5/20/21,-1313.0x,"$49,895 ","$5,707 ","$4,489 ","533,442",11%,2008,2016,13.1x,71%,5482,https://www.sec.gov/Archives/edgar/data/1447669/000144766921000126/twlo-20210331.htm
+Asana,ASAN,$39.55 ,4/30/21,"$6,450 ",61%,90%,($67),-26%,34%,51%,21.0x,25.2x,,28.3x,20.3x,15.8x,12.7x,22.7x,,115%,"($7,664)",-10%,,"-49,009",-64%,"-192,748",,0.6,0.6,0.6,21,21.6,23,7646.7,3,3,,,,52%,29%,74%,$306 ,Revenue * 4,$306 ,61%,86%,71%,-65%,-4%,$227 ,$316 ,,$190 ,$255 ,57%,,6/7/21,-95.9x,"$6,425 ",$386 ,$25 ,"70,166",9%,,,,95%,,
+Zscaler,ZS,$194.06 ,4/30/21,"$26,466 ",60%,78%,$126 ,21%,81%,91%,37.4x,43.9x,31.5x,49.2x,34.7x,25.9x,,44.6x,40.5x,,"$55,781 ",32%,425%,"-35,776",-20%,"-158,445",,0.7,0.6,0.5,21.1,22,,,,,,,,23%,14%,66%,$705 ,Revenue * 4,$705 ,60%,150%,40%,-25%,35%,$536 ,$759 ,,$442 ,$601 ,54%,39%,6/3/21,209.2x,"$26,360 ",$107 ,,"164,395",7%,2007,2018,7.1x,86%,,
+DocuSign,DOCU,$242.28 ,4/30/21,"$47,085 ",58%,78%,$304 ,19%,77%,84%,25.1x,29.0x,21.8x,32.4x,23.8x,18.6x,15.1x,30.7x,28.1x,,"$123,001 ",26%,576%,"9,300",2%,"-65,651",,0.7,0.7,0.5,18.3,22.5,,,,1,,,,18%,11%,51%,"$1,876 ",Subscription Revenue * 4,"$1,807 ",61%,149%,39%,-2%,56%,"$1,453 ","$1,975 ",,"$1,188 ","$1,625 ",54%,33%,6/7/21,154.8x,"$47,060 ",$781 ,$25 ,"434,874",8%,2003,2018,6.4x,90%,,
+Cloudflare,NET,$89.30 ,3/31/21,"$27,737 ",51%,77%,($64),-13%,38%,50%,50.6x,58.6x,42.3x,64.8x,45.7x,34.5x,27.3x,59.5x,55.1x,123%,"($2,219)",-2%,,"-16,036",-12%,"-47,909",,0.8,0.7,0.6,18.2,20.5,,,,,,,,29%,20%,51%,$552 ,Revenue * 4,$552 ,51%,107%,48%,-23%,29%,$431 ,$612 ,52%,$365 ,$477 ,51%,39%,5/29/21,-436.6x,"$27,942 ",$187 ,($205),"131,262",5%,2009,2019,5.0x,96%,,https://www.sec.gov/Archives/edgar/data/1477333/000147733321000026/cloud-20210331.htm
+Datadog,DDOG,$92.36 ,3/31/21,"$28,484 ",51%,76%,$108 ,16%,67%,74%,34.8x,41.3x,28.8x,45.9x,31.4x,23.4x,19.9x,41.0x,37.7x,130%,"$44,469 ",22%,440%,"-8,428",-4%,"-14,217",,1.4,1,1.1,12.6,11.2,,,,,,,,40%,11%,32%,$794 ,Reported ARR,$794 ,51%,59%,87%,-6%,45%,$603 ,$882 ,72%,$524 ,$670 ,58%,43%,5/20/21,256.2x,"$27,669 ","$1,548 ",$815 ,"186,225",7%,2010,2019,2.3x,78%,,https://www.sec.gov/Archives/edgar/data/1561550/000156155021000007/ddog-20210331.htm
+Zoom Info,ZI,$44.38 ,3/31/21,"$17,369 ",50%,82%,$216 ,41%,91%,108%,29.0x,33.7x,24.6x,37.3x,26.3x,20.8x,17.1x,32.3x,30.2x,,"$88,300 ",58%,360%,"32,800",21%,"63,700",281.8x,1.2,0.9,1,13.7,12.2,,,,,,,,13%,12%,32%,$613 ,Subscription Revenue * 4,$605 ,50%,57%,87%,18%,68%,$476 ,$674 ,90%,$408 ,$527 ,55%,37%,5/8/21,82.2x,"$17,754 ",$354 ,($385),"145,275",6%,,2020,,76%,,https://www.sec.gov/Archives/edgar/data/1794515/000179451521000122/zi-20210331.htm
+Palantir,PLTR,$24.45 ,3/31/21,"$45,896 ",49%,78%,$82 ,7%,56%,83%,32.1x,36.3x,28.0x,40.1x,29.6x,23.4x,,37.8x,35.8x,,"$116,173 ",34%,,"-110,777",-32%,"-1,204,071",,0.5,0.5,0.4,23,29.6,,14761900,,"9,154",,,,29%,43%,40%,"$1,364 ",Revenue * 4,"$1,364 ",49%,86%,57%,-33%,15%,"$1,092 ","$1,478 ",58%,$917 ,"$1,204 ",46%,30%,5/15/21,533.6x,"$43,755 ","$2,339 ","$2,141 ","332,500",3%,,2020,,63%,,https://www.sec.gov/Archives/edgar/data/1321655/000119312521159222/d158374d10q.htm
+Bill.com,BILL,$158.32 ,3/31/21,"$13,173 ",45%,74%,($39),-19%,26%,36%,51.8x,61.1x,45.8x,67.4x,48.8x,37.7x,35.0x,65.7x,61.7x,,"($5,384)",-9%,,"-14,770",-25%,"-50,008",,1.6,1.1,1.2,11.3,10.1,,,,,,,,37%,37%,25%,$238 ,Subscription Revenue * 4,$234 ,63%,98%,46%,-26%,19%,$183 ,$253 ,,$164 ,$202 ,37%,33%,5/12/21,-316.3x,"$12,334 ","$1,736 ",$838 ,"54,232",10%,2006,2019,4.3x,82%,82627000,https://www.sec.gov/Archives/edgar/data/1786352/000156459021025543/bill-10q_20210331.htm
+Elastic N.V.,ESTC,$133.29 ,4/30/21,,44%,74%,$18 ,3%,47%,42%,,,,,,,,,,130%,"($3,062)",-2%,,"-32,696",-18%,"-112,241",,1.2,0.6,0.9,19.1,14,506,59239.2,8.5,43,,,,31%,18%,46%,$710 ,Subscription Revenue * 4,$658 ,45%,82%,53%,-21%,23%,$554 ,$721 ,,$494 ,$608 ,42%,29%,6/7/21,,,$401 ,,"158,732",12%,2012,2018,1.9x,78%,,
+HubSpot,HUBS,$504.03 ,3/31/21,"$23,551 ",41%,81%,$122 ,13%,54%,60%,20.3x,23.6x,17.2x,25.8x,18.4x,14.6x,12.1x,22.9x,21.4x,,"$51,392 ",18%,198%,"-3,824",-1%,"-12,202",,0.9,0.6,0.7,20.7,16.3,,12873.9,,9,,,,24%,11%,50%,"$1,125 ",Subscription Revenue * 4,"$1,081 ",41%,133%,31%,-5%,36%,$883 ,"$1,236 ",62%,$795 ,$965 ,34%,37%,5/14/21,186.9x,"$22,804 ","$1,180 ",$747 ,"263,975",7%,2005,2014,,88%,,https://www.sec.gov/Archives/edgar/data/1404655/000156459021024171/hubs-10q_20210331.htm
+Unity,U,$97.95 ,3/31/21,"$27,346 ",41%,75%,($82),-10%,31%,-2%,27.4x,30.6x,24.0x,33.3x,25.4x,19.7x,15.2x,33.9x,32.0x,140%,"($100,626)",-43%,,"-99,070",-42%,"-151,587",,0.8,1,0.6,12,19,,,,,213,261,213,66%,27%,30%,$939 ,Revenue * 4,$939 ,41%,115%,35%,-47%,-7%,$772 ,"$1,012 ",24%,$667 ,$840 ,44%,27%,5/18/21,-313.4x,"$25,699 ","$1,647 ",,"216,200",9%,,,,57%,4389,https://www.sec.gov/ix?doc=/Archives/edgar/data/1810806/000181080621000103/unity-20210331.htm
+Big Commerce,BIGC,$60.00 ,9/30/20,"$4,068 ",41%,78%,($34),-24%,16%,24%,24.8x,27.9x,22.1x,,19.9x,16.2x,14.1x,25.3x,28.2x,,"($6,539)",-16%,,"-8,876",-22%,"-31,016",,0.8,0.6,0.6,21.5,18.8,,,,,,,,31%,25%,49%,$158 ,Reported ARR,$167 ,38%,194%,21%,-25%,15%,,$197 ,83%,$113 ,$140 ,32%,27%,6/3/21,-115.0x,"$3,911 ",$179 ,$157 ,"36,191",10%,,,,43%,,https://www.sec.gov/Archives/edgar/data/1626450/000156459020051982/bigc-10q_20200930.htm
+Coupa Software,COUP,$222.47 ,4/30/21,"$16,210 ",40%,52%,$120 ,20%,60%,58%,23.9x,27.0x,22.1x,29.4x,23.9x,19.1x,14.8x,45.7x,42.3x,,"$29,844 ",18%,94%,"-37,316",-22%,"-136,640",,0.2,0.5,0.1,24.4,146.7,,,,,,,,26%,24%,47%,$667 ,Subscription Revenue * 4,$560 ,33%,86%,47%,-44%,-4%,$541 ,$666 ,,$476 ,$589 ,38%,22%,4/22/21,132.6x,"$15,909 ","$1,217 ",$302 ,"152,751",9%,2006,2016,6.4x,60%,,
+Everbridge,EVBG,$115.76 ,3/31/21,"$4,360 ",40%,69%,$2 ,1%,40%,58%,13.0x,14.5x,11.2x,15.7x,12.0x,9.6x,,17.3x,16.2x,,"$15,501 ",19%,,"-7,395",-9%,"-33,846",,0.8,0.5,0.5,22.5,22.1,,248933.3,,57,,,,22%,27%,42%,$328 ,Revenue * 4,$328 ,40%,105%,38%,-22%,17%,$271 ,$356 ,70%,$235 ,$294 ,36%,29%,5/22/21,2131.5x,"$4,263 ",$735 ,$97 ,"75,554",9%,2002,2016,,69%,,https://www.sec.gov/Archives/edgar/data/1437352/000156459021026068/evbg-10q_20210331.htm
+nCino,NCNO,$64.16 ,4/30/21,,39%,58%,$4 ,2%,41%,51%,,,,,,,,,,,"$7,036 ",11%,,"-13,379",-21%,"-46,028",,1.3,0.7,0.8,18,15.9,,,,,,,,28%,25%,30%,$249 ,Subscription Revenue * 4,$204 ,47%,79%,50%,-25%,15%,$204 ,$253 ,91%,$178 ,$221 ,44%,23%,6/5/21,,,$387 ,,"59,341",5%,,2020,0.9x,65%,,https://www.sec.gov/Archives/edgar/data/0001566895/000156689521000020/ncno-20210430.htm
+MongoDB,MDB,$316.38 ,4/30/21,"$19,414 ",39%,70%,($43),-7%,33%,44%,27.1x,30.7x,23.8x,33.3x,26.0x,20.3x,16.1x,37.2x,34.0x,,"$8,391 ",5%,,"-58,195",-32%,"-214,146",,0.4,0.4,0.3,27.1,39.3,,48841.5,,27,,,,36%,14%,54%,$726 ,Revenue * 4,$726 ,,86%,46%,-34%,6%,$590 ,$756 ,,$521 ,$641 ,39%,29%,6/7/21,-457.5x,"$19,671 ",$935 ,($257),"168,974",8%,2007,2017,9.6x,75%,,
+Slack,WORK,$44.12 ,10/31/20,"$25,419 ",39%,86%,$46 ,6%,45%,53%,26.3x,29.6x,22.3x,,21.3x,17.0x,14.1x,24.7x,25.9x,123%,"$32,604 ",14%,,"-58,110",-25%,"-273,734",,0.7,0.5,0.6,22,20.4,58,,,6,373,426,373,41%,22%,51%,$937 ,Revenue * 4,$937 ,,65%,60%,-28%,11%,,"$1,158 ",61%,$674 ,$833 ,46%,33%,5/27/21,535.9x,"$24,649 ","$2,051 ",$770 ,"223,480",5%,2009,2019,1.1x,100%,2510,https://www.sec.gov/ix?doc=/Archives/edgar/data/1764925/000176492520000652/work-20201031.htm
+Avalara,AVLR,$132.13 ,3/31/21,"$11,359 ",38%,71%,$14 ,3%,40%,17%,17.5x,19.8x,15.7x,21.4x,16.5x,13.4x,11.0x,23.2x,22.1x,107%,"($31,924)",-21%,,"-18,310",-12%,"-44,456",,0.6,0.6,0.4,19.8,28.6,240,86607.2,2.8,39,,,,25%,20%,42%,$614 ,Revenue * 4,$614 ,,121%,31%,-17%,21%,$500 ,$651 ,,$445 ,$542 ,33%,26%,6/2/21,765.7x,"$10,720 ",$639 ,,"142,908",7%,1999,2018,3.8x,72%,,https://www.sec.gov/Archives/edgar/data/0001348036/000156459021025131/avlr-10q_20210331.htm
+JFrog,FROG,$46.47 ,3/31/21,"$4,346 ",37%,81%,$36 ,22%,59%,54%,20.8x,22.9x,17.2x,24.9x,18.5x,14.2x,11.7x,22.8x,21.2x,130%,"$7,676 ",17%,,"-9,606",-21%,"-18,898",,0.5,0.7,0.4,17.9,28,,,,,,,,31%,30%,44%,$180 ,Subscription Revenue * 4,$180 ,37%,68%,55%,-24%,14%,$150 ,$202 ,63%,$131 ,$163 ,41%,33%,5/12/21,103.9x,"$3,740 ",$606 ,,"44,806",1%,,2020,1.1x,54%,,https://www.sec.gov/Archives/edgar/data/1800667/000095017021000141/frog-20210331.htm
+Okta,OKTA,$216.84 ,4/30/21,"$28,749 ",37%,74%,$133 ,15%,52%,58%,27.7x,30.8x,20.8x,33.3x,23.6x,17.0x,12.8x,32.1x,28.3x,120%,"$52,806 ",21%,156%,"-77,547",-31%,"-198,108",,0.6,0.5,0.4,25.3,28.8,804,177189.2,4.5,90,,,,27%,24%,58%,"$1,004 ",Subscription Revenue * 4,$960 ,38%,81%,46%,-36%,1%,$835 ,"$1,178 ",84%,$731 ,$903 ,40%,48%,6/3/21,209.3x,"$27,831 ","$2,690 ",$918 ,"238,556",5%,2009,2017,9.2x,75%,,https://www.sec.gov/Archives/edgar/data/1660134/000166013421000011/okta-4302021_ex991.htm
+Smartsheet,SMAR,$63.04 ,4/30/21,"$7,822 ",37%,77%,($12),-3%,34%,30%,15.8x,17.7x,13.5x,19.2x,14.7x,11.4x,8.7x,19.1x,17.5x,125%,"($8,198)",-7%,,"-36,090",-31%,"-119,757",,0.5,0.4,0.4,28.2,33.6,,,,,,,,31%,18%,61%,$468 ,Reported ARR,$432 ,40%,71%,52%,-33%,4%,$385 ,$501 ,,$341 ,$417 ,39%,31%,6/7/21,-615.2x,"$7,383 ",$440 ,,"111,595",5%,2005,2018,3.4x,75%,,
+Fastly,FSLY,$54.00 ,3/31/21,"$6,248 ",35%,56%,($28),-9%,26%,11%,17.9x,19.5x,15.0x,21.0x,15.9x,12.5x,9.9x,28.4x,26.8x,139%,"($19,937)",-23%,,"-38,181",-45%,"-118,153",,0.3,1,0.1,12.5,84.8,"2,284",282642.3,8.1,153,,,,34%,39%,41%,$339 ,Revenue * 4,$339 ,35%,91%,38%,-59%,-24%,$290 ,$383 ,74%,$251 ,$312 ,44%,30%,5/11/21,-217.2x,"$6,082 ","$1,097 ",$166 ,"85,145",0%,2011,2019,2.5x,42%,,https://www.sec.gov/Archives/edgar/data/1517413/000151741321000069/fsly-20210331.htm
+Ringcentral,RNG,$254.55 ,3/31/21,"$23,132 ",32%,72%,($107),-8%,23%,38%,17.1x,19.0x,15.2x,20.3x,16.0x,13.0x,10.4x,22.0x,20.9x,99%,"$23,189 ",7%,,"-17,434",-5%,"-46,119",,0.4,0.4,0.3,28.5,37.6,,,,,,,,18%,16%,51%,"$1,409 ",Subscription Revenue * 4,"$1,300 ",34%,97%,33%,-12%,20%,"$1,183 ","$1,506 ",,"$1,070 ","$1,268 ",31%,25%,5/13/21,-224.8x,"$24,057 ",$463 ,($925),"339,698",4%,1999,2013,,57%,,https://www.sec.gov/Archives/edgar/data/1384905/000138490521000019/rng-20210331.htm
+ServiceNow,NOW,$461.17 ,3/31/21,"$91,035 ",30%,78%,"$1,660 ",34%,64%,76%,16.4x,18.5x,14.8x,19.7x,15.6x,12.5x,10.1x,20.0x,18.9x,,"$620,000 ",46%,56%,,,,,0.8,0.5,0.6,23,18.7,,,,,,,,23%,9%,39%,"$5,440 ",Subscription Revenue * 4,"$5,172 ",30%,92%,33%,7%,37%,"$4,519 ","$5,723 ",65%,"$4,185 ","$4,833 ",30%,25%,5/1/21,53.7x,"$89,190 ","$3,456 ","$1,845 ","1,335,584",2%,2004,2012,,78%,,https://www.sec.gov/Archives/edgar/data/1373715/000137371521000114/now-20210331.htm
+Veeva Systems,VEEV,$293.40 ,4/30/21,"$47,593 ",29%,73%,$735 ,47%,76%,138%,26.2x,29.1x,24.0x,31.0x,25.4x,21.4x,18.0x,34.7x,32.8x,,"$475,729 ",110%,53%,"135,074",31%,"446,880",101.9x,2.4,1.2,1.7,10.2,6.9,,,,,,,,19%,9%,15%,"$1,734 ",Subscription Revenue * 4,"$1,364 ",26%,76%,38%,30%,58%,"$1,465 ","$1,791 ",,"$1,348 ","$1,561 ",31%,21%,6/3/21,61.8x,"$45,443 ","$2,150 ",,"409,431",6%,2007,2013,,92%,,
+Duck Creek Technologies,DCT,$39.53 ,2/28/21,"$5,202 ",19%,56%,$8 ,3%,22%,16%,19.4x,20.8x,17.8x,21.6x,18.3x,15.7x,,32.6x,31.8x,121%,"($1,619)",-3%,100%,"-1,062",-2%,"-15,951",,1.2,0.4,0.7,28.1,18,,,,,,,,20%,23%,23%,$250 ,Subscription Revenue * 4,$122 ,51%,,,-10%,8%,$224 ,$265 ,90%,$211 ,$233 ,19%,16%,4/8/21,604.7x,"$4,838 ",$364 ,,"59,135",6%,,,,67%,,https://www.sec.gov/Archives/edgar/data/1160951/000156459021018490/dct-10q_20210228.htm
+Sumo Logic,SUMO,$20.21 ,4/30/21,"$2,103 ",15%,72%,($41),-20%,-5%,9%,8.4x,8.7x,7.3x,9.0x,7.8x,6.6x,5.6x,11.0x,10.2x,,"($2,966)",-5%,,"-24,426",-45%,"-72,366",,0,0.2,0,62.3,1791.9,,,,,,,,38%,27%,56%,$216 ,Revenue * 4,$216 ,15%,33%,45%,-49%,-34%,$202 ,$231 ,,$188 ,$209 ,24%,18%,6/7/21,-44.2x,"$1,812 ",$291 ,,"53,762",1%,,2020,1.0x,50%,,
+Agora,API,$39.76 ,3/31/21,,13%,58%,($9),-7%,7%,-7%,,,,,,,,,,131%,"($7,975)",-20%,,"-13,906",-35%,"-18,648",,3.7,,2.2,,5.5,821,32476,25.3,68,,,,63%,14%,22%,$160 ,Revenue * 4,$160 ,13%,8%,166%,-40%,-27%,$133 ,$182 ,,$142 ,$138 ,60%,,,,,$877 ,$876 ,,,,2020,,37%,,

2021-06-11-comps_B2B_ALL.csv

@@ -0,0 +1,109 @@
+Name,Ticker,Price,Last Filing,Market Cap ($M),Revenue Growth,Gross Margin,LTM FCF,LTM FCF %,Rule of 40 (LTM FCF),Rule of 40 (Quarter FCF),EV / Revenue Run Rate,EV / LTM Revenue,EV / NTM Revenue,EV / 2020 Revenue,EV / 2021 Revenue,EV / 2022 Revenue,EV / 2023 Revenue,EV / 2021 Gross Profit,EV / NTM Gross Profit,Net Dollar Retention,Quarter FCF,Quarter FCF %,LTM Free Cash Flow Growth %,EBITDA,EBITDA %,LTM EBITDA,EV / LTM EBITDA,Quarter Magic Number,LTM CAC Ratio,Current CAC Ratio,LTM Mean Payback Period,Quarter CAC Payback Period,Implied 5yr LTV ($K),Implied CAC,Implied 5yr LTV/CAC,ARR Per Customer ($K),ARR / Employee ($K),Annualized Opex / Employee,Run Rate/Employees,R&D %,G&A %,S&M %,Annualized Revenue Run Rate ($M),ARR Type,ARR ($M),ARR Growth,Growth Persistence,Last Year Quarter Growth,Operating Income %,Rule of 40 (Op In Margin),2020 Revenue,2021 Analyst Revenue Estimates,US Revenue %,Last Year Run Rate ($M),LTM Revenue ($M),LTM Revenue Growth,NTM Revenue Growth,NTM Revenue Updated,EV / LTM Free Cash Flow,Enterprise Value,Total Cash,Net Cash,Consensus Revenue (Mean),Consensus Revenue Beat (Mean),Founding Year,IPO Year,Multiple on IPO,% of 52 Week High,Last Reported Employees,Earnings Link
+Zoom Video,ZM,"$346.50","2021-04-30","$102,095","191%","72%","$1,593","49%","240%","239%","25.5x","29.7x","23.5x","36.7x","25.2x","20.6x","18.4x","34.8x","32.6x",,"$454,228","48%","355%","236,975","25%","896,956","108.7x","1.4","3.1","1.0","3.9","12.0",,"7157.8",,"7","755","367.0","756.0","7%","16%","26%","$3,824","Revenue * 4","$3,824",,"113%","169%","24%","215%","$2,651","$3,868","66%","$1,312","$3,279","296%","26%","2021-06-05","61.1x","$97,405","$4,690",,"905,235","6%","2011","2019","5.3x","61%","5059",https://www.sec.gov/Archives/edgar/data/1585521/000158552121000131/zm-20210430.htm
+Lightspeed POS,LSPD,"$71.10","2021-03-31","$9,138","127%","53%","$-95","-43%","84%","97%","25.4x","37.8x","18.9x","47.8x","21.8x","15.4x","10.7x","40.9x","35.4x",,"$-24,493","-30%",,"-27,678","-34%","-93,724",,"3.5","1.6","1.9","7.5","6.4",,,,,,,,"20%","21%","40%","$329","Revenue * 4","$329",,"181%","70%","-52%","75%","$175","$383",,"$145","$221","84%","100%","2021-05-28","-88.0x","$8,361","$807","$777","69,331","19%","2005","2019",,"88%",,https://www.sec.gov/Archives/edgar/data/1823306/000182330621000038/may206-kannualreportexhi.htm
+Snowflake,SNOW,"$248.80","2021-04-30","$72,497","110%","57%","$-62","-9%","102%","116%","74.9x","96.3x","54.5x","115.8x","64.3x","39.3x","25.0x","111.9x","94.8x","168%","$12,944","6%",,"-200,911","-88%","-640,141",,"1.0","0.6","0.6","20.2","20.9","6,149","391984.7","15.7","201",,,,"48%","26%","73%","$915","Revenue * 4","$915","110%","74%","149%","-90%","21%","$592","$1,066",,"$435","$712","116%","77%","2021-06-02","-1105.9x","$68,566","$3,930",,"211,164","8%",,"2020","10.5x","61%",,
+Shopify,SHOP,"$1,231.10","2021-03-31","$150,845","110%","57%","$615","18%","128%","124%","36.2x","41.5x","30.8x","48.8x","32.8x","24.8x","18.5x","58.1x","54.5x",,"$130,495","13%",,"134,699","14%","353,779","405.0x","0.3","1.8","0.2","6.7","75.3",,,,,,,,"18%","7%","19%","$3,954","Reported ARR","$1,079","62%","237%","47%","12%","122%","$2,929","$4,355",,"$1,880","$3,448","100%","35%","2021-06-08","232.5x","$142,973","$7,872",,"855,164","16%","2004","2015","44.0x","84%",,https://www.sec.gov/Archives/edgar/data/1594805/000159480521000021/exhibit992mdaq12021.htm
+Monday.com,MNDY,"$178.87","2021-03-31","$2,227","85%","87%",,,,"76%","8.9x","11.2x",,"13.1x",,,,,,"107%","$-5,262","-9%",,"-37,300","-63%","-37,300",,"0.6","0.5","0.5","24.7","22.3",,,,,"294","445.0","295.0","26%","17%","107%","$235","Revenue * 4","$235","85%",,,"-64%","21%","$161",,,"$127","$188","96%",,,,"$2,103","$124",,,,,,,"100%","799",https://www.sec.gov/Archives/edgar/data/0001845338/000110465921067423/tm211978-4_f1.htm
+Crowdstrike,CRWD,"$228.60","2021-04-30","$51,620","70%","74%","$323","32%","102%","109%","41.8x","50.7x","34.2x","58.0x","38.4x","28.3x","22.6x","51.9x","46.2x",,"$117,303","39%","181%","-19,392","-6%","-52,936",,"1.3","0.9","1.0","13.2","12.0",,"73785.4",,"104",,,,"26%","14%","45%","$1,211","Reported ARR","$1,190","73%","82%","85%","-10%","60%","$874","$1,319","73%","$712","$999","77%","48%","2021-06-09","156.9x","$50,674","$1,685","$947","292,199","4%","2011","2019","3.6x","94%",,https://www.sec.gov/Archives/edgar/data/1535527/000153552721000013/crwd-20210430.htm
+Bandwidth,BAND,"$122.14","2021-03-31","$3,065","66%","46%","$4","1%","67%","67%","7.1x","8.3x","6.5x","9.4x","6.8x","5.8x",,"14.8x","14.1x","125%","$2,125","2%",,"9,006","8%","11,890","291.8x","0.1","2.3","0.1","5.3","203.7",,,,,,,,"12%","24%","11%","$453","Revenue * 4","$453","65%","230%","29%","-0%","66%","$343","$472",,"$274","$388","57%","27%","2021-05-13","802.5x","$3,210","$320","$-145","108,369","5%","2000","2017","5.8x","63%",,https://www.sec.gov/Archives/edgar/data/1514416/000151441621000167/band-20210331.htm
+Twilio,TWLO,"$324.10","2021-03-31","$55,971","62%","51%","$-38","-2%","60%","60%","21.8x","25.9x","18.9x","29.2x","20.4x","15.8x","12.7x","40.3x","37.5x","133%","$-10,915","-2%",,"-137,747","-23%","-420,501",,"0.9","0.8","0.5","14.4","25.5","127","12856.2","9.9","10","430","361.0","430.0","30%","19%","36%","$2,359","Revenue * 4","$2,359",,"109%","57%","-33%","28%","$1,761","$2,525","71%","$1,459","$1,986","57%","37%","2021-05-20","-1354.8x","$51,482","$5,707","$4,489","533,442","11%","2008","2016","13.5x","73%","5482",https://www.sec.gov/Archives/edgar/data/1447669/000144766921000126/twlo-20210331.htm
+Asana,ASAN,"$45.94","2021-04-30","$7,517","61%","90%","$-67","-26%","34%","51%","24.5x","29.4x",,"33.0x","23.1x","18.0x","13.5x","25.8x",,"115%","$-7,664","-10%",,"-49,009","-64%","-192,748",,"0.6","0.6","0.6","21.0","21.6","23","7646.7","3.0","3",,,,"52%","29%","74%","$306","Revenue * 4","$306","61%","86%","71%","-65%","-4%","$227","$324","58%","$190","$255","57%",,"2021-06-09","-111.8x","$7,492","$386","$25","70,166","9%",,,,"100%",,https://www.sec.gov/Archives/edgar/data/1477720/000147772021000028/asan-20210430.htm
+Zscaler,ZS,"$204.91","2021-04-30","$27,947","60%","78%","$126","21%","81%","91%","39.5x","46.3x","33.3x","51.9x","36.7x","27.4x",,"47.1x","42.7x",,"$55,781","32%","425%","-35,776","-20%","-158,445",,"0.7","0.6","0.5","21.1","22.0",,,,,,,,"23%","14%","66%","$705","Revenue * 4","$705","60%","150%","40%","-25%","35%","$536","$759",,"$442","$601","54%","39%","2021-06-03","221.0x","$27,840","$107",,"164,395","7%","2007","2018","7.5x","90%",,
+DocuSign,DOCU,"$243.08","2021-04-30","$47,361","58%","78%","$304","19%","77%","84%","25.2x","29.1x","21.9x","32.6x","24.0x","18.6x","15.0x","30.9x","28.3x",,"$123,001","26%","576%","9,300","2%","-65,651",,"0.7","0.7","0.5","18.3","22.5",,,,"1",,,,"18%","11%","51%","$1,876","Subscription Revenue * 4","$1,807","61%","149%","39%","-2%","56%","$1,453","$1,975","79%","$1,188","$1,625","54%","33%","2021-06-08","155.7x","$47,336","$781","$25","434,874","8%","2003","2018","6.4x","90%",,https://www.sec.gov/Archives/edgar/data/1261333/000126133321000108/docu-20210430.htm
+Confluent,CFLT,,"2021-03-31",,"51%","69%",,,,"24%",,,,,,,,,,"117%","$-21,228","-28%",,"-44,357","-58%","-44,357",,,,,,,,,,,"183","267.0","209.0","32%","20%",,"$308","Subscription Revenue * 4","$271","55%","69%","74%","-59%","-7%","$236",,,"$203","$262","53%",,,,,"$280",,,,,,,,"1473",
+Cloudflare,NET,"$93.47","2021-03-31","$29,034","51%","77%","$-64","-13%","38%","50%","53.0x","61.3x","44.3x","67.8x","47.8x","36.1x","28.6x","62.2x","57.7x","123%","$-2,219","-2%",,"-16,036","-12%","-47,909",,"0.8","0.7","0.6","18.2","20.5",,,,,,,,"29%","20%","51%","$552","Revenue * 4","$552","51%","107%","48%","-23%","29%","$431","$612","52%","$365","$477","51%","39%","2021-05-29","-456.9x","$29,239","$187","$-205","131,262","5%","2009","2019","5.2x","100%",,https://www.sec.gov/Archives/edgar/data/1477333/000147733321000026/cloud-20210331.htm
+Datadog,DDOG,"$94.50","2021-03-31","$29,142","51%","76%","$108","16%","67%","74%","35.7x","42.3x","29.5x","47.0x","32.1x","23.9x","20.4x","42.0x","38.6x","130%","$44,469","22%","440%","-8,428","-4%","-14,217",,"1.4","1.0","1.1","12.6","11.2",,,,,,,,"40%","11%","32%","$794","Reported ARR","$794","51%","59%","87%","-6%","45%","$603","$882","72%","$524","$670","58%","43%","2021-05-20","262.3x","$28,327","$1,548","$815","186,225","7%","2010","2019","2.3x","80%",,https://www.sec.gov/Archives/edgar/data/1561550/000156155021000007/ddog-20210331.htm
+Zoom Info,ZI,"$46.37","2021-03-31","$18,147","50%","82%","$216","41%","91%","108%","30.2x","35.2x","25.7x","38.9x","27.5x","21.8x","17.8x","33.7x","31.5x",,"$88,300","58%","360%","32,800","21%","63,700","294.2x","1.2","0.9","1.0","13.7","12.2",,,,,,,,"13%","12%","32%","$613","Subscription Revenue * 4","$605","50%","57%","87%","18%","68%","$476","$674","90%","$408","$527","55%","37%","2021-05-08","85.8x","$18,532","$354","$-385","145,275","6%",,"2020",,"80%",,https://www.sec.gov/Archives/edgar/data/1794515/000179451521000122/zi-20210331.htm
+Palantir,PLTR,"$24.14","2021-03-31","$45,305","49%","78%","$82","7%","56%","83%","31.6x","35.9x","27.6x","39.5x","29.2x","23.1x",,"37.3x","35.3x",,"$116,173","34%",,"-110,777","-32%","-1,204,071",,"0.5","0.5","0.4","23.0","29.6",,"14761900.0",,"9,154",,,,"29%","43%","40%","$1,364","Revenue * 4","$1,364","49%","86%","57%","-33%","15%","$1,092","$1,478","58%","$917","$1,204","46%","30%","2021-05-15","526.4x","$43,163","$2,339","$2,141","332,500","3%",,"2020",,"62%",,https://www.sec.gov/Archives/edgar/data/1321655/000119312521159222/d158374d10q.htm
+Five9,FIVN,"$165.36","2021-03-31","$11,086","45%","57%","$38","8%","53%","49%","20.4x","23.5x","19.8x","25.9x","20.5x","17.5x",,"36.2x","34.9x","121%","$5,536","4%","31%","-2,323","-2%","10,445","1122.5x","1.1","0.8","0.6","15.9","19.6",,,,,,,,"16%","16%","32%","$551","Revenue * 4","$551","45%","163%","28%","-8%","37%","$434","$547","91%","$380","$477","37%","19%","2021-05-04","295.4x","$11,225","$643","$-139","122,554","13%","2001","2014",,"84%",,https://www.sec.gov/Archives/edgar/data/1288847/000128884721000069/fivn-20210331.htm
+Bill.com,BILL,"$155.93","2021-03-31","$12,974","45%","74%","$-39","-19%","26%","36%","51.0x","60.1x","45.0x","66.3x","48.0x","37.1x","34.5x","64.7x","60.7x",,"$-5,384","-9%",,"-14,770","-25%","-50,008",,"1.6","1.1","1.2","11.3","10.1",,,,,,,,"37%","37%","25%","$238","Subscription Revenue * 4","$234","63%","98%","46%","-26%","19%","$183","$253",,"$164","$202","37%","33%","2021-05-12","-311.2x","$12,135","$1,736","$838","54,232","10%","2006","2019","4.2x","81%","82627000",https://www.sec.gov/Archives/edgar/data/1786352/000156459021025543/bill-10q_20210331.htm
+Elastic N.V.,ESTC,"$135.09","2021-04-30",,"44%","74%","$18","3%","47%","42%",,,,,,,,,,"130%","$-3,062","-2%",,"-32,696","-18%","-112,241",,"1.2","0.6","0.9","19.1","14.0","506","59239.2","8.5","43",,,,"31%","18%","46%","$710","Subscription Revenue * 4","$658","45%","82%","53%","-21%","23%","$554","$721",,"$494","$608","42%","29%","2021-06-08",,,"$401",,"158,732","12%","2012","2018","1.9x","79%",,
+HubSpot,HUBS,"$502.43","2021-03-31","$23,476","41%","81%","$122","13%","54%","60%","20.2x","23.6x","17.2x","25.7x","18.4x","14.5x","12.0x","22.8x","21.3x",,"$51,392","18%","198%","-3,824","-1%","-12,202",,"0.9","0.6","0.7","20.7","16.3",,"12873.9",,"9",,,,"24%","11%","50%","$1,125","Subscription Revenue * 4","$1,081","41%","133%","31%","-5%","36%","$883","$1,236","62%","$795","$965","34%","37%","2021-05-14","186.3x","$22,729","$1,180","$747","263,975","7%","2005","2014",,"88%",,https://www.sec.gov/Archives/edgar/data/1404655/000156459021024171/hubs-10q_20210331.htm
+Wix.com,WIX,"$271.87","2021-03-31",,"41%","62%","$103","10%","50%","46%",,,,,,,,,,,"$14,639","5%","-25%","-81,624","-27%","-227,526",,"0.8","0.5","0.5","22.6","24.6",,,,,,,,"31%","11%","48%","$1,216","Reported ARR","$926","25%","171%","24%","-28%","13%","$988","$1,289",,"$863","$1,076","34%","27%","2021-05-25",,,"$1,124","$205","295,695","3%","2006","2013",,"77%",,
+Unity,U,"$100.81","2021-03-31","$28,143","41%","75%","$-82","-10%","31%","-2%","28.2x","31.5x","24.7x","34.3x","26.2x","20.3x","15.7x","34.9x","33.0x","140%","$-100,626","-43%",,"-99,070","-42%","-151,587",,"0.8","1.0","0.6","12.0","19.0",,,,,"213","261.0","213.0","66%","27%","30%","$939","Revenue * 4","$939","41%","115%","35%","-47%","-7%","$772","$1,012","24%","$667","$840","44%","27%","2021-05-18","-323.1x","$26,496","$1,647",,"216,200","9%",,,,"59%","4389",https://www.sec.gov/ix?doc=/Archives/edgar/data/1810806/000181080621000103/unity-20210331.htm
+Big Commerce,BIGC,"$59.66","2020-09-30","$4,045","41%","78%","$-34","-24%","16%","24%","24.6x","27.8x","21.9x",,"19.7x","16.1x","14.0x","25.2x","28.0x",,"$-6,539","-16%",,"-8,876","-22%","-31,016",,"0.8","0.6","0.6","21.5","18.8",,,,,,,,"31%","25%","49%","$158","Reported ARR","$167","38%","194%","21%","-25%","15%",,"$197","83%","$113","$140","32%","27%","2021-06-03","-114.4x","$3,888","$179","$157","36,191","10%",,,,"42%",,https://www.sec.gov/Archives/edgar/data/1626450/000156459020051982/bigc-10q_20200930.htm
+Coupa Software,COUP,"$223.47","2021-04-30","$16,431","40%","52%","$120","20%","60%","58%","24.2x","27.4x","22.4x","29.8x","24.1x","19.4x","15.0x","46.1x","42.9x",,"$29,844","18%","94%","-37,316","-22%","-136,640",,"0.2","0.5","0.1","24.4","146.7",,,,,,,,"26%","24%","47%","$667","Subscription Revenue * 4","$560","33%","86%","47%","-44%","-4%","$541","$670","59%","$476","$589","38%","22%","2021-06-09","134.4x","$16,129","$1,217","$302","152,751","9%","2006","2016","6.4x","60%",,https://www.sec.gov/Archives/edgar/data/1385867/000138586721000019/coup-20210430.htm
+Everbridge,EVBG,"$122.37","2021-03-31","$4,608","40%","69%","$2","1%","40%","58%","13.8x","15.3x","11.9x","16.6x","12.7x","10.2x",,"18.3x","17.2x",,"$15,501","19%",,"-7,395","-9%","-33,846",,"0.8","0.5","0.5","22.5","22.1",,"248933.3",,"57",,,,"22%","27%","42%","$328","Revenue * 4","$328","40%","105%","38%","-22%","17%","$271","$356","70%","$235","$294","36%","29%","2021-05-22","2255.9x","$4,512","$735","$97","75,554","9%","2002","2016",,"73%",,https://www.sec.gov/Archives/edgar/data/1437352/000156459021026068/evbg-10q_20210331.htm
+nCino,NCNO,"$61.96","2021-04-30",,"39%","58%","$4","2%","41%","51%",,,,,,,,,,,"$7,036","11%",,"-13,379","-21%","-46,028",,"1.3","0.7","0.8","18.0","15.9",,,,,,,,"28%","25%","30%","$249","Subscription Revenue * 4","$204","47%","79%","50%","-25%","15%","$204","$253","91%","$178","$221","44%","23%","2021-06-05",,,"$387",,"59,341","5%",,"2020","0.9x","63%",,https://www.sec.gov/Archives/edgar/data/0001566895/000156689521000020/ncno-20210430.htm
+Cornerstone OnDemand,CSOD,"$50.82","2021-03-31","$3,364","39%","71%","$135","17%","56%","73%","5.2x","5.4x",,"5.8x","5.1x",,,"7.1x",,,"$69,447","33%","67%","45,851","22%","122,061","35.4x","0.1","0.7","0.1","17.7","131.9",,"-1005397.3",,"131",,,,"15%","15%","33%","$837","Subscription Revenue * 4","$802","39%","551%","7%","4%","44%","$740","$855","61%","$600","$800","37%",,"2021-05-20","32.0x","$4,323","$129","$-959",,,"1999","2011",,"92%",,https://www.sec.gov/Archives/edgar/data/0001401680/000140168021000021/csod-20210331.htm
+MongoDB,MDB,"$329.52","2021-04-30","$20,476","39%","70%","$-43","-7%","33%","44%","28.6x","32.3x","25.0x","35.1x","27.2x","21.0x","16.7x","38.8x","35.8x",,"$8,391","5%",,"-58,195","-32%","-214,146",,"0.4","0.4","0.3","27.1","39.3",,"48841.5",,"26","254","274.0","264.0","36%","14%","54%","$726","Subscription Revenue * 4","$698","40%","86%","46%","-34%","6%","$590","$763","60%","$521","$641","39%","29%","2021-06-09","-482.2x","$20,734","$935","$-257","168,974","8%","2007","2017","10.0x","78%","2745",https://www.sec.gov/Archives/edgar/data/1441816/000144181621000095/mdb-20210430.htm
+Intuit,INTU,"$471.33","2021-04-30","$128,795","39%","86%","$2,864","32%","71%","95%","7.6x","14.3x","11.4x","16.4x","12.7x","11.1x",,"14.8x","13.3x",,"$2,354,000","56%","47%","2,027,000","49%","2,881,000","44.0x",,,,,,,,,,,,,"11%","7%","21%","$16,692","Revenue * 4",,,,"-8%","46%","85%","$7,717","$9,998",,"$12,008","$8,888","30%","25%","2021-05-28","44.2x","$126,712","$4,116","$2,083","4,168,455","0%","1983","1993",,"100%",,https://www.sec.gov/Archives/edgar/data/896878/000089687821000115/intu-20210430.htm
+Slack,WORK,"$44.46","2020-10-31","$25,618","39%","86%","$46","6%","45%","53%","26.5x","29.8x","22.5x",,"21.4x","17.1x","14.2x","24.9x","26.1x","123%","$32,604","14%",,"-58,110","-25%","-273,734",,"0.7","0.5","0.6","22.0","20.4","58",,,"6","373","426.0","373.0","41%","22%","51%","$937","Revenue * 4","$937",,"65%","60%","-28%","11%",,"$1,159","61%","$674","$833","46%","33%","2021-05-27","540.2x","$24,848","$2,051","$770","223,480","5%","2009","2019","1.2x","100%","2510",https://www.sec.gov/ix?doc=/Archives/edgar/data/1764925/000176492520000652/work-20201031.htm
+Atlassian Corporation,TEAM,"$238.56","2021-03-31","$60,863","38%","85%","$696","36%","74%","102%","26.1x","30.3x","26.5x","32.9x","27.0x","22.5x","16.9x","31.7x","31.2x",,"$360,368","63%","39%","83,421","15%","160,127","370.6x","3.5","1.7","3.0","6.9","4.0",,"4176.4",,"6",,,,"43%","14%","16%","$2,274","Subscription Revenue * 4","$1,399","43%","115%","33%","12%","50%","$1,802","$2,196",,"$1,646","$1,960","29%","14%","2021-05-06","85.2x","$59,299","$1,564",,"569,200","-0%","2002","2015","8.6x","92%",,https://www.sec.gov/Archives/edgar/data/1650372/000165037221000015/teamq3-2021shareholderle.htm
+Avalara,AVLR,"$135.50","2021-03-31","$11,649","38%","71%","$14","3%","40%","17%","17.9x","20.3x","16.1x","22.0x","16.9x","13.8x","11.3x","23.8x","22.7x","107%","$-31,924","-21%",,"-18,310","-12%","-44,456",,"0.6","0.6","0.4","19.8","28.6","240","86607.2","2.8","39",,,,"25%","20%","42%","$614","Revenue * 4","$614",,"121%","31%","-17%","21%","$500","$651",,"$445","$542","33%","26%","2021-06-02","786.4x","$11,010","$639",,"142,908","7%","1999","2018","3.9x","74%",,https://www.sec.gov/Archives/edgar/data/0001348036/000156459021025131/avlr-10q_20210331.htm
+JFrog,FROG,"$45.72","2021-03-31","$4,276","37%","81%","$36","22%","59%","54%","20.4x","22.5x","16.9x","24.5x","18.2x","13.9x","11.4x","22.3x","20.8x","130%","$7,676","17%",,"-9,606","-21%","-18,898",,"0.5","0.7","0.4","17.9","28.0",,,,,,,,"31%","30%","44%","$180","Subscription Revenue * 4","$180","37%","68%","55%","-24%","14%","$150","$202","63%","$131","$163","41%","33%","2021-05-12","101.9x","$3,670","$606",,"44,806","1%",,"2020","1.1x","53%",,https://www.sec.gov/Archives/edgar/data/1800667/000095017021000141/frog-20210331.htm
+Okta,OKTA,"$222.12","2021-04-30","$29,449","37%","74%","$133","15%","52%","58%","28.4x","31.6x","21.4x","34.2x","24.2x","17.5x","13.1x","32.9x","29.0x","120%","$52,806","21%","156%","-77,547","-31%","-198,108",,"0.6","0.5","0.4","25.3","28.8","804","177189.2","4.5","90",,,,"27%","24%","58%","$1,004","Subscription Revenue * 4","$960","38%","81%","46%","-36%","1%","$835","$1,178","84%","$731","$903","40%","48%","2021-06-03","214.5x","$28,531","$2,690","$918","238,556","5%","2009","2017","9.4x","77%",,https://www.sec.gov/Archives/edgar/data/1660134/000166013421000011/okta-4302021_ex991.htm
+Smartsheet,SMAR,"$63.99","2021-04-30","$8,006","37%","77%","$-12","-3%","34%","30%","16.2x","18.1x","13.9x","19.7x","15.1x","11.7x","8.9x","19.5x","17.9x","125%","$-8,198","-7%",,"-36,090","-31%","-119,757",,"0.5","0.4","0.4","28.2","33.6",,,,,,,,"31%","18%","61%","$468","Reported ARR","$432","40%","71%","52%","-33%","4%","$385","$501","82%","$341","$417","39%","31%","2021-06-08","-630.5x","$7,566","$440",,"111,595","5%","2005","2018","3.5x","76%",,https://www.sec.gov/Archives/edgar/data/1366561/000136656121000069/smar-20210430.htm
+The Trade Desk,TTD,"$590.27","2021-03-31","$28,083","37%",,"$358","40%","77%","65%","31.2x","30.6x","23.2x","32.8x","24.1x","18.6x","14.4x",,,"95%","$61,950","28%","551%","17,795","8%","173,392","158.4x",,,,,,,,,,,,,"25%","24%","25%","$879","Revenue * 4","$879","37%","112%","33%","4%","40%","$836","$1,137",,"$642","$895","28%","32%","2021-05-14","76.5x","$27,403","$680",,"216,446","2%","2009","2016","20.5x","61%",,https://www.sec.gov/Archives/edgar/data/1671933/000156459021026067/ttd-10q_20210331.htm
+Qualtrics,XM,"$35.77","2021-03-31","$18,351","36%","74%",,,,"2%","19.1x","22.1x","17.9x","23.9x","18.6x","15.6x",,"25.1x","24.2x","120%","$-81,234","-34%",,"-189,002","-79%","-192,105",,"0.9","0.4","0.7","27.6","17.6",,,,,,,,"26%","73%","57%","$954","Subscription Revenue * 4","$747","46%","99%","36%","-82%","-47%","$763","$983","71%","$704","$826","30%","23%","2021-04-27",,"$18,266","$587","$85","227,499","5%",,,,"65%",,https://www.sec.gov/Archives/edgar/data/1747748/000162828021009292/xm-20210331.htm
+Fastly,FSLY,"$53.91","2021-03-31","$6,237","35%","56%","$-28","-9%","26%","11%","17.9x","19.5x","14.9x","20.9x","15.9x","12.5x","9.9x","28.4x","26.8x","139%","$-19,937","-23%",,"-38,181","-45%","-118,153",,"0.3","1.0","0.1","12.5","84.8","2,284","282642.3","8.1","153",,,,"34%","39%","41%","$339","Revenue * 4","$339","35%","91%","38%","-59%","-24%","$290","$383","74%","$251","$312","44%","30%","2021-05-11","-216.8x","$6,071","$1,097","$166","85,145","-0%","2011","2019","2.5x","42%",,https://www.sec.gov/Archives/edgar/data/1517413/000151741321000069/fsly-20210331.htm
+Sprout Social,SPT,"$77.32","2021-03-31","$4,144","34%","76%","$-8","-6%","28%","42%","24.4x","27.8x","21.3x","30.1x","22.7x","17.9x",,"30.1x","28.2x",,"$3,447","8%",,"-5,439","-13%","-24,060",,"0.9","0.5","0.6","23.5","18.6",,"11599.0",,"6",,,,"20%","26%","44%","$163","Reported ARR","$172","38%","110%","31%","-15%","18%","$132","$175","79%","$122","$143","31%","31%","2021-06-03","-497.0x","$3,976","$168",,"39,700","3%",,"2019",,"95%",,https://www.sec.gov/Archives/edgar/data/1517375/000151737521000025/spt-20210331.htm
+2U,TWOU,"$38.43","2021-03-31","$2,859","32%",,"$42","5%","38%","35%","2.9x","3.2x","2.7x","3.4x","2.8x","2.4x","2.2x",,,,"$6,789","3%",,"-12,145","-5%","-64,186",,,,,,,,,,,,,,,"20%",,"$929","Revenue * 4","$929","33%","75%","44%","-16%","17%","$774","$943","90%","$701","$831","33%","18%","2021-05-04","63.2x","$2,653","$487","$206","219,660","6%","2008","2014",,"69%",,https://www.sec.gov/Archives/edgar/data/1459417/000145941721000009/twou-20210331.htm
+Ringcentral,RNG,"$268.00","2021-03-31","$24,354","32%","72%","$-107","-8%","23%","38%","17.9x","19.9x","16.0x","21.4x","16.8x","13.6x","11.0x","23.2x","22.0x","99%","$23,189","7%",,"-17,434","-5%","-46,119",,"0.4","0.4","0.3","28.5","37.6",,,,,,,,"18%","16%","51%","$1,409","Subscription Revenue * 4","$1,300","34%","97%","33%","-12%","20%","$1,183","$1,506",,"$1,070","$1,268","31%","25%","2021-05-13","-236.2x","$25,279","$463","$-925","339,698","4%","1999","2013",,"60%",,https://www.sec.gov/Archives/edgar/data/1384905/000138490521000019/rng-20210331.htm
+Dynatrace,DT,"$54.47","2021-03-31","$15,451","31%","82%","$206","29%","60%","72%","19.7x","22.1x","17.5x","23.6x","18.4x","14.8x","12.7x","22.4x","21.3x","120%","$80,612","41%",,"36,181","18%","152,860","102.1x","0.8","0.7","0.7","17.9","17.4","2,349","456542.3","5.1","263","278","201.0","282.0","16%","13%","38%","$786","Reported ARR","$774","35%","103%","30%","11%","41%","$657","$845",,"$602","$703","29%","26%","2021-05-22","75.3x","$15,518","$325","$-67","191,246","3%","1999","2019","2.1x","97%","2779",https://www.sec.gov/Archives/edgar/data/1773383/000177338321000054/dt-20210331.htm#i707c357104d94cce8bceabb8f9efd0b6_82
+ServiceNow,NOW,"$489.13","2021-03-31","$96,554","30%","78%","$1,660","34%","64%","76%","17.4x","19.6x","15.7x","21.0x","16.5x","13.3x","10.7x","21.2x","20.1x",,"$620,000","46%","56%",,,,,"0.8","0.5","0.6","23.0","18.7",,,,,,,,"23%","9%","39%","$5,440","Subscription Revenue * 4","$5,172","30%","92%","33%","7%","37%","$4,519","$5,723","65%","$4,185","$4,833","30%","25%","2021-05-01","57.1x","$94,709","$3,456","$1,845","1,335,584","2%","2004","2012",,"82%",,https://www.sec.gov/Archives/edgar/data/1373715/000137371521000114/now-20210331.htm
+Veeva Systems,VEEV,"$294.98","2021-04-30","$45,108","29%","73%","$735","47%","76%","138%","24.8x","27.5x","22.7x","29.3x","24.0x","20.2x","17.0x","32.8x","31.0x",,"$475,729","110%","53%","135,074","31%","446,880","96.3x","2.4","1.2","1.7","10.2","6.9",,,,,,,,"19%","9%","15%","$1,734","Subscription Revenue * 4","$1,364","26%","76%","38%","30%","58%","$1,465","$1,791","57%","$1,348","$1,561","31%","21%","2021-06-03","58.4x","$42,958","$2,150",,"409,431","6%","2007","2013",,"93%",,https://www.sec.gov/Archives/edgar/data/1393052/000139305221000028/veev-20210430.htm
+PagerDuty,PD,"$39.89","2021-04-30","$3,336","28%","84%","$8","4%","31%","29%","12.0x","13.5x","10.9x","14.4x","11.6x","9.2x","7.5x","13.9x","13.0x","121%","$652","1%",,"-19,266","-30%","-68,701",,"0.5","0.4","0.4","32.6","28.2","165","418321.0","0.4","18",,,,"32%","26%","59%","$254","Revenue * 4","$254",,"83%","33%","-33%","-6%","$213","$264","75%","$199","$227","28%","24%","2021-06-08","382.4x","$3,059","$557","$277","61,956","3%","2010","2019","1.1x","71%",,https://www.sec.gov/Archives/edgar/data/1568100/000156810021000029/pd-20210430.htm
+Q2 Holdings,QTWO,"$97.62","2021-03-31","$5,497","26%","46%","$-20","-5%","21%","15%","11.9x","13.0x","10.6x","13.8x","11.2x","9.2x","7.7x","24.4x","23.3x",,"$-12,411","-11%",,"-4,601","-4%","-34,408",,"1.7","0.6","0.8","20.0","15.5",,,,,,,,"23%","16%","17%","$466","Subscription Revenue * 4","$340","29%","88%","30%","-15%","11%","$402","$496",,"$369","$426","27%","22%","2021-05-20","-276.6x","$5,532","$529","$-36","115,393","1%","2005","2014",,"67%",,https://www.sec.gov/Archives/edgar/data/1410384/000141038421000071/qtwo-20210331.htm
+Zendesk,ZEN,"$136.60","2021-03-31","$16,208","26%","80%","$68","6%","32%","34%","13.6x","14.9x","11.7x","15.7x","12.4x","9.9x","8.1x","15.5x","14.7x","114%","$26,066","9%","1260%","-27,765","-9%","-122,615",,"0.4","0.4","0.3","32.9","37.0",,,,,"263","242.0","263.0","25%","14%","53%","$1,192","Revenue * 4","$1,192","26%","83%","31%","-13%","13%","$1,029","$1,310","51%","$949","$1,090","25%","27%","2021-05-05","238.2x","$16,200","$954","$8","294,495","1%","2007","2014",,"86%","4520",https://www.sec.gov/Archives/edgar/data/1463172/000146317221000166/zen-20210331.htm
+Anaplan,PLAN,"$50.99","2021-04-30","$7,380","25%","75%","$-21","-4%","21%","31%","13.6x","14.9x","12.0x","15.8x","12.9x","10.2x","8.0x","17.2x","16.0x","118%","$7,610","6%",,"-42,653","-33%","-137,911",,"0.3","0.3","0.3","46.6","45.9",,,,,,,,"26%","19%","68%","$519","Subscription Revenue * 4","$473","26%","68%","37%","-38%","-13%","$447","$548","55%","$415","$473","26%","24%","2021-06-02","-335.8x","$7,052","$328",,"127,022","2%","2008","2018","2.1x","61%",,https://www.sec.gov/Archives/edgar/data/1540755/000154075521000006/plan-20210430.htm
+Rapid7,RPD,"$88.16","2021-03-31","$4,860","24%","69%","$14","3%","28%","40%","10.9x","11.8x","9.7x","12.4x","10.2x","8.5x",,"14.7x","14.1x",,"$17,865","15%",,"-16,376","-14%","-52,867",,"0.3","0.3","0.2","35.8","55.1",,"-68810.4",,"50",,,,"28%","14%","47%","$469","Reported ARR","$456","30%","85%","29%","-20%","5%","$411","$502","79%","$377","$434","25%","21%","2021-05-12","365.0x","$5,110","$606","$-250","114,305","3%","2000","2015","3.3x","95%",,https://www.sec.gov/Archives/edgar/data/1560327/000156032721000071/rp-20210331.htm
+Health Catalyst,HCAT,"$57.68","2021-03-31","$2,568","24%","51%","$-26","-13%","11%","8%","11.1x","12.4x","10.2x","13.2x","10.8x","8.9x",,"21.1x","20.0x",,"$-9,025","-16%",,"-16,503","-30%","-78,675",,"0.7","0.6","0.4","20.0","33.9",,,,,,,,"26%","27%","28%","$223","Revenue * 4","$223","24%","85%","28%","-44%","-20%","$188","$230",,"$180","$199","21%","22%","2021-05-29","-95.1x","$2,473","$266","$95","54,088","3%","2008","2019","1.5x","98%",,https://www.sec.gov/Archives/edgar/data/1636422/000163642221000046/hcat-20210331.htm
+Domo,DOMO,"$69.65","2021-04-30","$2,207","24%","75%","$-12","-5%","18%","16%","9.3x","10.1x","8.7x","10.6x","9.0x","7.7x","6.3x","12.1x","11.6x","89%","$-4,506","-8%",,"-13,926","-23%","-61,573",,"0.4","0.3","0.3","41.5","39.0","372",,,"104",,,,"27%","17%","56%","$240","Subscription Revenue * 4","$208","23%","124%","19%","-25%","-1%","$210","$246","77%","$194","$221","22%","16%","2021-06-02","-185.2x","$2,222","$85","$-16","57,000","5%","2010","2018","2.9x","93%",,https://www.sec.gov/Archives/edgar/data/1505952/000150595221000017/domo10q-20210430.htm
+Palo Alto Networks,PANW,"$362.45","2021-04-30","$35,299","24%","69%","$1,390","35%","58%","47%","8.3x","8.9x","7.4x","9.4x","7.8x","6.7x","5.8x","11.3x","10.7x",,"$250,900","23%","99%",,,"56,200","634.7x","0.5","0.5","0.4","24.7","32.5",,,,,,,,"29%","9%","42%","$4,295","Subscription Revenue * 4","$1,895","34%","120%","20%","-10%","13%","$3,782","$4,532",,"$3,477","$3,987","22%","20%","2021-05-28","25.6x","$35,545","$2,945","$-245","1,057,691","2%","2005","2012",,"91%",,https://www.sec.gov/Archives/edgar/data/1327567/000132756721000014/panw-20210430.htm
+Salesforce.com,CRM,"$240.19","2021-04-30","$222,416","23%","74%","$5,612","25%","48%","74%","8.8x","9.4x","7.7x","9.9x","8.2x","6.9x","5.6x","11.1x","10.5x",,"$3,057,000","51%","64%","1,039,000","17%","3,822,000","55.0x",,,,,,,,,,,,,"16%","9%",,"$23,852","Subscription Revenue * 4","$22,144","21%","75%","30%","6%","29%","$21,252","$25,503",,"$19,460","$22,350","23%","22%","2021-06-03","37.4x","$210,065","$15,023","$12,351","5,881,580","1%","1999","2004",,"85%",,https://www.sec.gov/Archives/edgar/data/1108524/000110852421000030/crm-20210430.htm
+Workiva,WK,"$98.66","2021-03-31","$4,932","21%","77%","$37","10%","31%","32%","11.3x","12.7x","10.8x","13.3x","11.3x","9.7x",,"14.6x","14.0x",,"$10,654","10%","32%","-3,090","-3%","-28,584",,"1.1","0.6","0.8","21.3","14.1",,"378130.0",,"89",,,,"26%","16%","39%","$416","Subscription Revenue * 4","$339","24%","95%","23%","-4%","17%","$351","$416",,"$343","$370","18%","17%","2021-05-26","126.6x","$4,684","$541","$249","100,367","4%","2008","2014",,"86%",,https://www.sec.gov/Archives/edgar/data/1445305/000144530521000074/wk-20210331.htm
+Pluralsight,PS,"$22.45","2020-09-30","$3,271","20%","79%","$-44","-12%","9%","5%","8.5x","8.9x","7.9x",,"7.6x","6.5x","5.3x","9.6x","10.0x",,"$-14,861","-15%",,"-23,500","-24%","-127,571",,"0.3","0.2","0.3","51.7","46.4",,,,,,,,"30%","20%","58%","$397","Revenue * 4","$397","20%","60%","34%","-28%","-8%",,"$440","61%","$330","$375","27%","13%","2021-03-10","-76.3x","$3,356","$405","$-85","95,322","4%","2004","2018",,"100%",,https://www.sec.gov/Archives/edgar/data/1725579/000172557920000062/ps-20200930.htm
+SailPoint Technologies,SAIL,"$46.53","2021-03-31","$4,296","20%","73%","$24","6%","27%","6%","11.7x","11.2x","10.1x","11.7x","10.4x","9.1x","7.6x","14.3x","13.8x",,"$-12,984","-14%","-47%","-10,799","-12%","9,084","473.7x",,,,,,,,,,,,,"22%","12%","56%","$363","Subscription Revenue * 4","$236","35%","83%","25%","-17%","3%","$365","$408","72%","$301","$380","25%","11%","2021-05-14","177.6x","$4,264","$416","$32","91,580","-1%","2004","2017","3.1x","73%",,https://www.sec.gov/Archives/edgar/data/1627857/000162828021009712/sail-20210331.htm
+Black Knight,BKI,"$74.56","2021-03-31","$11,677","20%",,"$310","24%","44%","34%","9.9x","10.7x","9.5x","11.2x","9.8x","9.0x","8.6x",,,,"$47,500","14%","14%","155,600","44%","567,200","24.5x",,,,,,,,,,,,,,,,"$1,398","Revenue * 4","$1,398","20%","756%","3%","19%","40%","$1,238","$1,423",,"$1,162","$1,297","10%","12%","2021-05-20","44.8x","$13,891","$45","$-2,214","336,755","4%","2013","2015",,"78%",,https://www.sec.gov/Archives/edgar/data/0001627014/000162701421000015/bki-20210331x10q.htm
+Tenable Holdings,TENB,"$42.99","2021-03-31","$4,539","20%","82%","$77","17%","37%","51%","8.5x","9.1x","7.7x","9.5x","8.0x","6.8x",,"9.8x","9.4x",,"$37,564","30%",,"-2,986","-2%","-11,714",,"0.4","0.3","0.3","39.5","40.0",,,,"1,296",,,,"22%","17%","48%","$492","Subscription Revenue * 4","$429","24%","72%","28%","-5%","15%","$440","$522","65%","$410","$460","22%","18%","2021-05-01","54.5x","$4,199","$340",,"119,494","3%","2002","2018","1.3x","76%",,https://www.sec.gov/Archives/edgar/data/1660280/000166028021000054/tenb-20210331.htm
+J2 Global,JCOM,"$127.54","2021-03-31","$5,754","20%","85%","$464","30%","50%","58%","4.4x","4.5x","4.1x","4.7x","4.1x","3.9x",,"4.8x","4.8x",,"$152,455","38%","36%","143,972","36%","598,093","11.7x",,,,,,,,,,,,,"5%","30%","30%","$1,592","Subscription Revenue * 4","$203","12%","183%","11%","20%","40%","$1,489","$1,685","81%","$1,329","$1,555","11%","10%","2021-05-25","15.0x","$6,967","$373","$-1,214","365,250","9%","1995","1999",,"99%",,https://www.sec.gov/Archives/edgar/data/1084048/000108404821000032/jcom-20210331.htm
+BlackLine,BL,"$104.27","2021-03-31","$6,052","20%","78%","$53","14%","34%","43%","15.1x","16.2x","13.7x","16.9x","14.3x",,,"18.4x","17.6x","106%","$23,219","23%","121%","-12,163","-12%","-8,376",,"0.3","0.3","0.2","39.4","55.6","627","926163.3","0.7","105",,,,"19%","29%","49%","$395","Subscription Revenue * 4","$366","19%","68%","29%","-19%","1%","$352","$416","73%","$330","$368","20%","18%","2021-05-20","112.5x","$5,962","$1,157","$91","95,951","3%","2001","2016","4.3x","69%",,https://www.sec.gov/Archives/edgar/data/1666134/000166613421000010/bl-20210331.htm
+8x8,EGHT,"$25.76","2021-03-31","$2,831","19%","58%","$-50","-9%","10%","15%","5.2x","5.6x","4.9x","5.9x","5.1x","4.4x","3.5x","8.8x","8.5x",,"$-6,614","-5%",,"-35,972","-25%","-127,966",,"0.5","0.2","0.3","56.5","41.4",,,,,"305","291.0","341.0","17%","19%","49%","$578","Reported ARR","$518","22%","65%","30%","-28%","-9%","$509","$585",,"$485","$532","19%","14%","2021-05-14","-59.7x","$2,986","$153","$-156","140,374","3%","1987","1997",,"68%","1696",https://www.sec.gov/Archives/edgar/data/1023731/000102373121000091/eght-20210331.htm#i812147a24a1844ba922529e2f3c20cb6_91
+Microsoft Corporation,MSFT,"$257.24","2021-03-31","$1,937,422","19%","69%","$53,789","34%","53%","60%","11.2x","11.7x","10.4x","12.2x","10.7x","9.6x","9.0x","15.5x","15.2x",,"$17,090,000","41%","24%","19,984,000","48%","76,074,000","24.6x",,,,,,,,,,,,,"12%","3%","12%","$166,824","Revenue * 4",,,"131%","15%","41%","60%","$153,284","$175,341","49%","$140,084","$159,969","15%","12%","2021-05-27","34.8x","$1,870,073","$125,407","$67,349","40,938,727","2%","1975","1986",,"98%",,https://www.sec.gov/Archives/edgar/data/789019/000156459021020891/msft-10q_20210331.htm
+Pegasystems,PEGA,"$128.56","2021-03-31","$10,450","18%","74%","$24","2%","20%","24%","8.5x","9.9x","8.4x","10.4x","8.6x","7.3x","5.9x","11.7x","11.4x",,"$19,866","6%",,"8,607","3%","-94,173",,"0.4",,"0.3",,"41.0",,,,,,,,"20%","6%","47%","$1,253","Subscription Revenue * 4","$1,019","23%","72%","25%","1%","19%","$1,017","$1,226","62%","$1,062","$1,065","10%","19%","2021-06-09","441.5x","$10,596","$442","$-146","295,930","6%","1983","1996",,"98%",,https://www.sec.gov/Archives/edgar/data/1013857/000101385721000093/pega-20210331.htm
+Talend S.A.,TLND,"$65.30","2021-03-31","$2,128","17%","77%","$-21","-7%","10%","26%","6.6x","7.0x",,"7.3x","6.4x",,,"8.3x",,"108%","$6,586","8%",,"-19,644","-25%","-67,664",,"0.1","0.3","0.1","38.1","162.0","2,775","-7887.9",,"438",,,,"26%","25%","53%","$319","Reported ARR","$291","19%","97%","18%","-27%","-10%","$287","$327","45%","$272","$299","16%",,"2021-02-13","-99.9x","$2,098","$173","$30","77,855","3%","2005","2016","2.4x","100%",,https://www.sec.gov/Archives/edgar/data/0001668105/000166810521000027/tlnd-20210331.htm
+Mimecast Limited,MIME,"$51.75","2021-03-31","$3,332","17%","76%","$30","6%","23%","35%","5.9x","6.3x","5.5x","6.5x","5.7x","5.0x",,"7.4x","7.2x","104%","$24,042","18%","-19%","17,459","13%","69,357","45.5x","0.4","0.3","0.3","35.5","41.8","73","150623.3","0.5","13",,,,"20%","13%","34%","$535","Revenue * 4","$535","17%","72%","24%","6%","23%","$481","$554",,"$456","$501","18%","15%","2021-05-25","104.8x","$3,143","$293","$189","131,084","2%","2003","2015",,"88%",,
+RealPage,RP,"$88.72","2020-12-31","$9,058","17%","57%","$212","18%","35%","35%","7.8x","8.1x","7.2x","8.1x","7.3x",,,"12.7x","12.6x",,"$53,168","18%","-20%","63,622","21%","241,546","38.7x",,,,,,,,,,"156","75.0","156.0","12%","12%","20%","$1,192","Revenue * 4","$1,192","17%","139%","12%","9%","26%","$1,158","$1,286",,"$1,019","$1,158","17%","12%","2021-04-23","44.0x","$9,327","$595","$-269","294,798","1%","1998","2010",,"100%","7600",https://www.sec.gov/Archives/edgar/data/1286225/000128622521000007/rp-20201231.htm#ie938854df03243a492aa089bc9a339de_82
+Medallia,MDLA,"$28.38","2021-04-30","$4,501","17%","64%","$-30","-6%","11%","23%","8.6x","9.1x","7.6x","9.5x","8.1x","6.8x",,"12.7x","11.9x","111%","$7,849","6%",,"-39,943","-30%","-109,838",,"0.2","0.2","0.1","56.3","89.4","2,350","377988.0","6.2","340",,,,"23%","23%","56%","$525","Subscription Revenue * 4","$424","19%","81%","20%","-38%","-22%","$477","$560","77%","$450","$495","18%","21%","2021-06-03","-150.7x","$4,521","$541","$-20","127,334","3%","2000","2019","0.8x","60%",,https://www.sec.gov/Archives/edgar/data/1540184/000154018421000017/mdla-20210430.htm
+Commvault,CVLT,"$80.87","2021-03-31",,"16%","85%","$115","16%","32%","49%",,,,,,,,,,,"$62,526","33%","35%","12,525","7%","-7,635",,"0.2","0.4","0.1","30.0","89.6",,,,,"133","226.0","286.0","19%","12%","45%","$765","Subscription Revenue * 4","$357","35%",,"-9%","5%","22%","$696","$755",,"$658","$723","8%","6%","2021-05-14",,,"$397",,"182,375","5%",,,,"100%","2671",https://www.sec.gov/Archives/edgar/data/1169561/000116956121000018/cvlt-20210331.htm
+Survey Monkey,SVMK,"$21.04","2021-03-31","$3,064","16%","80%","$59","15%","31%","31%","7.4x","7.8x","6.5x","8.1x","6.8x","5.7x","4.4x","8.5x","8.1x",,"$15,050","15%","64%","-16,121","-16%","-39,909",,"0.1","0.3","0.1","47.2","124.7",,,,,,,,"32%","23%","51%","$409","Revenue * 4","$409","16%","56%","29%","-26%","-10%","$375","$445","64%","$353","$389","19%","20%","2021-05-20","51.4x","$3,030","$247","$34","100,893","1%","1999","2018",,"75%",,https://www.sec.gov/Archives/edgar/data/1739936/000156459021025538/svmk-10q_20210331.htm
+Splunk,SPLK,"$120.54","2021-04-30","$19,759","16%","66%","$-190","-8%","7%","30%","10.1x","8.8x","7.7x","9.1x","8.1x","6.8x","5.2x","12.4x","11.7x","129%","$69,807","14%",,"-409,551","-82%","-827,953",,,,,,,,,,,,,,"49%","32%","71%","$2,008","Reported ARR","$2,468","39%","721%","2%","-87%","-71%","$2,229","$2,490","69%","$1,736","$2,297","-6%","15%","2021-06-09","-106.4x","$20,222","$1,865","$-464","492,888","2%","2003","2012",,"54%",,https://www.sec.gov/Archives/edgar/data/1353283/000135328321000019/splk-20210430.htm
+Workday,WDAY,"$229.07","2021-04-30","$56,580","15%","72%","$1,193","27%","42%","48%","11.8x","12.4x","10.6x","12.8x","11.2x","9.5x","8.0x","15.6x","14.8x",,"$382,632","33%","75%","44,150","4%","162,151","342.3x","0.5","0.4","0.4","32.4","32.4",,,,,,,,"38%","10%","28%","$4,700","Subscription Revenue * 4","$4,128","17%","66%","23%","-3%","12%","$4,317","$4,958","75%","$4,073","$4,474","17%","17%","2021-06-03","46.5x","$55,451","$2,995","$1,130","1,160,515","1%","2005","2012",,"81%",,https://www.sec.gov/Archives/edgar/data/1327811/000132781121000054/wday-20210430.htm
+Proofpoint,PFPT,"$173.60","2021-03-31","$9,959","15%","74%","$200","18%","34%","46%","8.7x","9.2x","8.0x","9.5x","8.3x","7.0x","5.8x","11.1x","10.7x",,"$88,475","31%","-16%","-18,029","-6%","1,039","9983.9x","0.4","0.2","0.3","52.0","40.4",,,,,,,,"28%","11%","50%","$1,151","Subscription Revenue * 4","$1,134","16%","66%","23%","-15%","1%","$1,050","$1,207","77%","$999","$1,088","16%","15%","2021-05-11","49.9x","$9,984","$883","$-24","281,515","2%","2002","2012",,"100%",,https://www.sec.gov/Archives/edgar/data/1212458/000156459021023343/pfpt-10q_20210331.htm
+Sumo Logic,SUMO,"$21.49","2021-04-30","$2,295","15%","72%","$-41","-20%","-5%","9%","9.3x","9.6x","8.1x","9.9x","8.7x","7.2x","6.2x","12.1x","11.3x","115%","$-2,966","-5%",,"-24,426","-45%","-72,366",,"0.0","0.2","0.0","62.3","1791.9",,,,,,,,"38%","27%","56%","$216","Revenue * 4","$216","15%","33%","45%","-49%","-34%","$202","$231","84%","$188","$209","24%","18%","2021-06-09","-48.9x","$2,005","$291",,"53,762","1%",,"2020","1.0x","53%",,https://www.sec.gov/Archives/edgar/data/1643269/000164326921000014/sumo-20210430.htm
+Adobe,ADBE,"$535.52","2020-11-30","$256,353","14%","88%","$5,308","41%","56%","63%","18.6x","19.8x","16.6x","19.8x","16.2x","14.2x","12.4x","18.6x","18.9x",,"$1,679,000","49%","30%","1,405,000","41%","2,609,000","97.5x","0.5","0.4","0.4","32.5","27.3",,,,,"553","316.0","608.0","16%","7%","27%","$13,696","Subscription Revenue * 4","$12,460",,"67%","21%","35%","50%","$12,868","$15,678",,"$11,967","$12,868","15%","19%","2021-06-09","47.9x","$254,478","$5,992","$1,875","3,361,004","2%","1982","1986",,"100%","22516",https://www.sec.gov/Archives/edgar/data/796343/000079634321000004/adbe-20201127.htm#ib32ef6f531ec46d8a6555201235bf70f_109
+GoDaddy,GDDY,"$81.67","2021-03-31","$13,733","14%","64%","$691","20%","34%","37%","4.5x","4.8x","4.3x","4.9x","4.4x","3.9x","3.6x","6.8x","6.6x",,"$212,300","24%","1%",,,,,,,,,,,,,,,,,"21%","11%",,"$3,604","Revenue * 4","$3,604","14%","119%","12%","4%","18%","$3,316","$3,745","66%","$3,168","$3,425","12%","12%","2021-05-14","23.6x","$16,339","$1,293","$-2,606","885,387","2%","2014","2015","3.1x","88%",,https://www.sec.gov/Archives/edgar/data/1609711/000160971121000060/gddy-20210331.htm
+Agora,API,"$44.66","2021-03-31",,"13%","58%","$-9","-7%","7%","-7%",,,,,,,,,,"131%","$-7,975","-20%",,"-13,906","-35%","-18,648",,"3.7",,"2.2",,"5.5","821","32476.0","25.3","68",,,,"63%","14%","22%","$160","Revenue * 4","$160","13%","8%","166%","-40%","-27%","$133","$182",,"$142","$138","60%",,,,,"$877","$876",,,,"2020",,"42%",,
+LiveRamp Holdings,RAMP,"$48.36","2021-03-31","$3,308","13%","68%","$-23","-5%","8%","-3%","5.7x","6.2x",,"6.4x","5.6x","4.5x","3.7x","8.1x",,"101%","$-18,263","-15%",,"-45,631","-38%","-92,807",,,,,,,"2,349","2926933.3","0.8","456","314","445.0","397.0","39%","27%","45%","$476","Subscription Revenue * 4","$377",,"36%","35%","-44%","-31%","$429","$491","94%","$422","$443","17%",,,"-118.9x","$2,736","$573",,"116,550","2%","1999","1983",,"56%","1200",
+Appian Corporation,APPN,"$111.04","2021-03-31","$7,867","13%","74%","$-9","-3%","10%","9%","21.5x","24.3x","20.7x","25.1x","21.6x","18.6x",,"29.3x","28.2x","118%","$-3,278","-4%",,"-9,212","-10%","-34,168",,"0.8","0.7","0.6","17.6","20.0",,,,,,,,"23%","22%","40%","$355","Revenue * 4","$355","13%","39%","32%","-12%","1%","$304","$354","68%","$315","$314","11%","17%","2021-05-11","-848.2x","$7,634","$233",,"82,373","8%","1999","2017","7.4x","47%",,https://www.sec.gov/Archives/edgar/data/0001441683/000144168321000041/appn-20210331.htm
+Dropbox,DBX,"$29.75","2021-03-31","$11,936","12%","79%","$574","29%","42%","34%","4.9x","5.1x","4.6x","5.2x","4.7x","4.3x","4.0x","6.0x","5.9x",,"$108,800","21%","49%","77,200","15%","-106,800",,"0.3","0.4","0.2","28.3","55.9",,,,,,,,"35%","11%","20%","$2,046","Reported ARR","$2,112","13%","69%","18%","8%","21%","$1,913","$2,124","52%","$1,820","$1,970","14%","10%","2021-05-20","17.5x","$10,020","$1,916",,"505,012","1%","2007","2018","1.0x","100%",,https://www.sec.gov/Archives/edgar/data/1467623/000146762321000025/dbx-20210331.htm
+Paycom Software,PAYC,"$335.41","2021-03-31","$20,186","12%","87%","$140","16%","28%","36%","18.4x","23.0x","18.5x","23.8x","19.7x","15.8x","12.5x","22.7x","21.3x",,"$64,127","24%","15%",,,,,"3.3","1.7","2.8","7.1","4.2",,,,,,,,"9%","17%","23%","$1,088","Subscription Revenue * 4","$1,071","12%","58%","21%","35%","47%","$841","$1,017",,"$969","$871","12%","24%","2021-05-08","142.9x","$20,001","$215","$185","271,420","0%","1998","2014",,"72%",,https://www.sec.gov/Archives/edgar/data/1590955/000156459021024960/payc-10q_20210331.htm
+Ping Identity,PING,"$24.94","2021-03-31","$2,046","12%","70%","$18","7%","19%","40%","7.4x","8.1x","7.3x","8.4x","7.6x","6.7x",,"10.8x","10.5x","109%","$19,160","28%","500%",,,,,"0.9","0.4","0.6","29.6","18.7",,,,,,,,"31%","21%","37%","$275","Reported ARR","$266","16%","56%","22%","-26%","-14%","$243","$268","78%","$245","$251","-1%","10%","2021-05-27","112.8x","$2,030","$55","$16","62,827","10%","2016","2019","1.3x","66%",,https://www.sec.gov/Archives/edgar/data/1679826/000155837021005961/ping-20210331x10q.htm
+Qualys,QLYS,"$103.05","2021-03-31","$4,034","12%","78%","$156","42%","54%","65%","10.1x","10.5x","9.5x","10.8x","9.8x","8.8x","7.8x","12.6x","12.2x",,"$51,595","53%","10%","6,373","7%","107,694","36.7x","0.4","0.5","0.3","24.6","35.4",,,,,"252","202.0","252.0","18%","43%","19%","$387","Revenue * 4","$387","12%","84%","14%","-3%","9%","$362","$402","62%","$345","$373","12%","11%","2021-06-03","25.2x","$3,925","$109",,"95,174","2%","1999","2012",,"71%","1535",https://www.sec.gov/Archives/edgar/data/1107843/000143774921010932/qlys20210331_10q.htm
+LogMein,LOGM,"$86.04","2020-06-30","$4,218","12%","73%","$312","24%","36%","37%","3.0x","3.2x","2.9x",,"3.0x",,,"4.0x","3.9x",,"$88,586","25%","1%","101,557","29%","318,229","13.1x","0.9","0.3","0.7","39.7","18.2",,,,,"361","232.0","362.0","11%","9%","35%","$1,402","Revenue * 4","$1,402","12%","496%","2%","9%","21%",,"$1,406","77%","$1,252","$1,312","6%","11%","2020-07-31","13.4x","$4,169","$249","$49","328,100","7%","2003","2009",,"100%","3875",https://www.sec.gov/ix?doc=/Archives/edgar/data/1420302/000156459020034298/logm-10q_20200630.htm
+Autodesk,ADSK,"$277.50","2021-04-30","$61,054","12%","91%","$1,452","37%","49%","44%","15.6x","15.9x","13.6x","16.3x","14.4x","12.2x","10.8x","15.9x","15.0x",,"$315,800","32%","-1%",,,,,,,,,,,,,,,,,"27%","11%",,"$3,957","Reported ARR","$967","12%","57%","20%",,,"$3,790","$4,292","44%","$3,542","$3,894","14%","17%","2021-06-02","42.5x","$61,768","$923","$-715","964,793","3%","1982","1985",,"87%",,https://www.sec.gov/Archives/edgar/data/769397/000076939721000034/adsk-20210430.htm
+Box,BOX,"$25.04","2021-04-30","$4,076","10%","70%","$156","20%","30%","48%","4.7x","4.9x","4.4x","5.0x","4.5x","4.1x","3.6x","6.5x","6.3x","103%","$75,890","37%","721%","9,117","5%","53,247","72.3x","0.2","0.2","0.1","62.8","82.9",,,,,,,,"25%","15%","34%","$809","Revenue * 4","$809","10%","81%","13%","-5%","5%","$770","$843","69%","$734","$789","10%","10%","2021-06-02","24.6x","$3,831","$611","$245","200,478","1%","2005","2015","1.2x","100%",,https://www.sec.gov/Archives/edgar/data/1372612/000156459021031777/box-10q_20210430.htm
+Akamai,AKAM,"$119.08","2021-03-31",,"10%","64%","$484","15%","25%","20%",,,,,,,,,,,"$85,074","10%",,"313,835","37%","1,182,220",,,,,,,,,,,,,,"10%","16%","14%","$3,370","Revenue * 4","$3,370","10%","125%","8%","22%","32%","$3,198","$3,433","55%","$3,057","$3,276","11%","7%","2021-05-22",,,"$1,288","$-636","829,696","2%",,,,"99%",,https://www.sec.gov/Archives/edgar/data/1086222/000108622221000146/akam-20210331.htm
+Nuance,NUAN,"$54.96","2021-03-31","$15,723","10%","64%","$199","14%","24%","31%","12.2x","12.2x","12.0x","12.5x","12.1x","11.1x",,"19.0x","18.9x",,"$73,113","21%","-31%","63,151","18%","212,576","79.6x","0.1","0.4","0.0","27.8","252.4",,,,,,,,"17%","10%","20%","$1,387","Revenue * 4","$1,387",,,"-23%","11%","21%","$1,353","$1,398","80%","$1,263","$1,384","-9%","1%","2021-05-11","84.8x","$16,870","$412","$-1,147","345,450","0%","1992","1995",,"100%",,https://www.sec.gov/Archives/edgar/data/1002517/000100251721000033/nuan-20210331.htm
+FireEye,FEYE,"$21.15","2021-03-31","$5,043","10%","66%","$115","12%","22%","14%","4.8x","4.9x","4.5x","5.0x","4.6x","4.3x","3.9x","7.1x","6.9x",,"$10,837","4%",,"-9,119","-4%","-29,178",,,,,,,,,,,,,,"29%","11%","40%","$985","Revenue * 4","$985","10%","143%","7%","-15%","-5%","$940","$1,018","61%","$898","$962","7%","8%","2021-05-01","41.0x","$4,715","$1,301","$328","237,256","4%","2004","2013",,"88%",,https://www.sec.gov/Archives/edgar/data/1370880/000137088021000020/feye-20210331.htm
+Alteryx,AYX,"$82.15","2021-03-31","$5,515","9%","91%","$53","10%","20%","26%","11.4x","10.7x","9.1x","10.9x","9.5x","8.0x","6.5x","10.5x","10.0x","120%","$20,325","17%","130%","-25,128","-21%","411",,,,,,,"634","525145.0","1.2","71","342","365.0","317.0","26%","28%","61%","$475","Reported ARR","$513","27%","21%","43%","-24%","-15%","$495","$569","65%","$435","$505","12%","17%","2021-05-25","102.1x","$5,413","$839","$101","105,674","12%","1997","2017","4.8x","45%","1498",https://www.sec.gov/Archives/edgar/data/1689923/000168992321000050/ayx-20210331.htm
+AppFolio,APPF,"$140.42","2021-03-31","$4,845","9%","58%","$3","1%","10%","-6%","15.2x","15.2x","13.1x","15.5x","13.6x",,,"23.6x","22.6x",,"$-11,515","-15%",,"1,700","2%","29,029","165.5x","1.7","1.0","1.0","11.7","12.3",,,,,,,,,"17%","21%","$315","Revenue * 4","$315","9%","33%","27%","-7%","2%","$310","$352",,"$289","$316","17%","16%","2021-05-14","1600.0x","$4,800","$45",,"78,160","1%","2006","2015","11.6x","76%",,https://www.sec.gov/Archives/edgar/data/1433195/000143319521000044/appf-20210331.htm
+Zuora,ZUO,"$15.11","2021-04-30","$1,834","9%","59%","$4","1%","10%","19%","5.1x","5.3x","4.7x","5.4x","4.9x","4.3x","3.8x","8.3x","8.0x","103%","$8,286","10%",,"-13,262","-17%","-57,608",,"0.1","0.1","0.1","93.0","154.2",,,,,,,,"24%","18%","40%","$321","Subscription Revenue * 4","$260","15%","57%","15%","-22%","-13%","$305","$334",,"$295","$311","9%","11%","2021-05-29","410.3x","$1,641","$197","$192","79,000","2%","2006","2018","0.8x","86%",,
+Paylocity,PCTY,"$174.54","2021-03-31","$9,509","8%","69%","$79","13%","22%","39%","12.5x","15.6x","12.7x","16.0x","13.3x","11.0x","9.3x","19.3x","18.3x",,"$57,146","31%","-2%","50,142","27%","97,410","96.1x","4.2","1.3","2.9","9.0","4.1",,,,,,,,"10%","17%","22%","$744","Reported ARR","$744","8%","36%","23%","21%","29%","$584","$700",,"$686","$598","9%","23%","2021-05-15","118.1x","$9,327","$182",,"185,446","0%","1997","2014",,"81%",,https://www.sec.gov/Archives/edgar/data/1591698/000155837021006389/pcty-20210331x10q.htm
+Nutanix,NTNX,"$34.48","2021-04-30","$7,162","8%","78%","$-131","-10%","-2%","-13%","5.0x","5.2x","4.7x","5.3x","4.8x","4.3x","3.8x","6.2x","6.0x",,"$-71,494","-21%",,"-157,051","-46%","-595,579",,,,,,,,"395562.1",,"63",,,,"42%","12%","76%","$1,378","Subscription Revenue * 4","$1,229","18%","77%","11%","-52%","-44%","$1,305","$1,435",,"$1,273","$1,331","4%","11%","2021-05-29","-53.0x","$6,945","$1,255","$217","336,622","2%","2009","2016","1.3x","98%",,
+New Relic,NEWR,"$67.30","2021-03-31","$4,293","8%","67%","$37","6%","14%","21%","5.7x","5.9x","5.5x","6.0x","5.6x","5.0x","4.5x","8.4x","8.3x","99%","$21,788","13%","32%","-31,311","-18%","-82,088",,"0.3","0.1","0.2","115.6","65.4",,,,,"310","313.0","318.0","25%","18%","55%","$690","Reported ARR","$674","5%","39%","21%","-31%","-23%","$654","$698",,"$638","$667","11%","7%","2021-05-26","106.1x","$3,927","$816","$367","166,990","3%","2007","2014",,"83%","2168",https://www.sec.gov/Archives/edgar/data/1448056/000144805621000025/newr-20210331.htm#i9a2157392d2f4d9ea72814acfd5d34f9_76
+Yext,YEXT,"$14.48","2021-04-30","$1,828","8%","76%","$-15","-4%","4%","38%","4.2x","4.3x","3.9x","4.4x","4.1x","3.6x","3.0x","5.4x","5.1x",,"$27,606","30%",,"-13,515","-15%","-70,091",,,,,,,,,,,,,,"15%","20%","60%","$367","Revenue * 4","$367","8%","32%","24%","-19%","-11%","$354","$380","79%","$341","$361","15%","10%","2021-06-02","-103.7x","$1,556","$272",,"88,520","4%","2006","2017","1.0x","72%",,
+Tyler Technologies,TYL,"$424.52","2021-03-31","$17,294","7%","49%","$347","31%","37%","29%","13.6x","14.1x","13.0x","14.4x","13.3x","12.3x",,"27.2x","26.7x",,"$65,139","22%","39%","59,308","20%","260,013","61.7x",,,,,,,,,,,,,"7%","27%",,"$1,179","Reported ARR","$886","13%","55%","12%","13%","20%","$1,116","$1,206",,"$1,106","$1,134","2%","8%","2021-05-04","46.2x","$16,044","$1,251",,"288,272","2%","1966","1969",,"89%",,https://www.sec.gov/Archives/edgar/data/860731/000086073121000025/tyl-20210331.htm
+Cloudera,CLDR,"$15.81","2021-04-30","$4,620","7%","81%","$239","27%","34%","78%","5.5x","5.6x","5.3x","5.7x","5.4x","4.9x","4.5x","6.7x","6.5x",,"$160,635","72%","1607%","-14,124","-6%","-47,762",,,,,,,,,,,,,,"29%","18%","48%","$897","Subscription Revenue * 4","$802","7%","54%","12%","-15%","-8%","$869","$916","57%","$841","$883","8%","6%","2021-03-16","20.7x","$4,937","$169","$-317","217,293","3%","2008","2017","0.9x","83%",,https://www.sec.gov/Archives/edgar/data/1535379/000162828021011680/cldr-20210430.htm
+CyberArk Software,CYBR,"$136.59","2021-03-31","$5,221","6%","81%","$98","21%","26%","33%","10.5x","10.1x","9.4x","10.2x","9.7x","8.6x","6.8x","11.9x","11.5x",,"$31,310","28%","-20%","-11,996","-11%","4,435","1187.3x",,,,,,,,,,,,,"26%","14%","54%","$451","Revenue * 4","$451","6%","49%","11%","-14%","-8%","$464","$492",,"$427","$470","6%","8%","2021-05-27","48.5x","$4,749","$978","$472","109,630","3%","1999","2014",,"82%",,
+Ceridian HCM Holding,CDAY,"$87.71","2021-03-31","$13,090","5%","40%","$-96","-11%","-6%","-3%","14.8x","16.2x","13.5x","16.5x","13.8x","12.1x","10.0x","34.8x","34.0x",,"$-19,800","-8%",,,,,,,,,,,,,,,,,,"11%","41%",,"$938","Reported ARR","$811","6%","57%","9%",,,"$842","$1,003",,"$890","$854","1%","20%","2021-06-03","-144.5x","$13,874","$340","$-784","222,631","5%",,,,"80%",,
+Check Point Software,CHKP,"$120.25","2021-03-31","$16,510","4%","89%","$1,156","55%","60%","77%","7.2x","7.0x","6.8x","7.1x","6.9x","6.7x","6.6x","7.7x","7.6x",,"$370,700","73%","9%","221,600","44%","945,700","15.5x",,,,,,,,,,,,,"13%","5%","28%","$2,030","Subscription Revenue * 4","$709","12%","139%","3%","42%","47%","$2,064","$2,136",,"$1,946","$2,086","4%","3%","2021-05-28","12.7x","$14,634","$1,876",,"502,069","1%","1993","1996",,"87%",,https://www.sec.gov/Archives/edgar/data/1015922/000117891321001446/zk2125926.htm
+SolarWinds,SWI,"$17.30","2021-03-31","$5,462","4%","73%","$309","30%","34%","12%","6.8x","6.8x","6.5x","6.9x","6.6x","6.1x",,"9.1x","9.0x","104%","$21,125","8%","5%","67,683","26%","357,531","19.6x",,,,,,"11",,,"2",,,,"15%","19%","32%","$1,027","Reported ARR","$928","10%","28%","14%","-1%","3%","$1,019","$1,059",,"$987","$1,029","7%","4%","2021-05-04","22.6x","$6,988","$374","$-1,525","255,960","0%","1999","2018","1.1x","73%",,https://www.sec.gov/Archives/edgar/data/1739942/000173994221000080/swi-20210331.htm
+Blackbaud,BLKB,"$75.63","2021-03-31","$3,692","-2%","53%","$131","14%","12%","6%","4.8x","4.6x","4.6x","4.6x","4.7x",,,"8.8x","8.7x",,"$17,331","8%","21%","27,105","12%","126,855","33.5x",,,,,,,,,,,,,"13%","14%","22%","$876","Reported ARR","$827","1%",,"4%","3%","1%","$913","$905","85%","$894","$908",,"1%","2021-05-04","32.2x","$4,215","$28","$-523","218,773","0%","1981","2004",,"96%",,https://www.sec.gov/Archives/edgar/data/1280058/000128005821000021/blkb-20210331.htm
+Guidewire Software,GWRE,"$109.46","2021-04-30","$9,102","-2%","44%","$86","11%","9%","-5%","12.8x","11.0x","11.0x","11.0x","11.1x","10.4x",,"25.4x","25.1x",,"$-4,019","-2%","26%","-38,769","-24%","-21,745",,,,,,,,,,,,,,"33%","14%","25%","$655","Reported ARR","$538","11%",,"3%","-29%","-31%","$761","$750",,"$672","$757","7%","0%","2021-06-08","97.1x","$8,354","$1,088","$748","157,915","4%","2001","2012",,"83%",,https://www.sec.gov/Archives/edgar/data/1528396/000152839621000028/gwre-20210430.htm
+SAP SE,SAP,"$141.95","2021-03-31","$174,386","-3%","70%","$6,552","25%","22%","44%","7.1x","6.9x","5.4x","6.9x","5.5x","5.3x","5.0x","7.8x","7.7x",,"$2,932,000","46%","146%","1,397,000","22%","10,897,000","16.6x",,,,,,,,,"1,548",,,,"18%","8%","26%","$25,392","Revenue * 4","$25,392","-3%",,"7%","15%","12%","$26,308","$32,938","40%","$26,084","$26,135","-7%","27%","2021-06-08","27.6x","$181,017","$10,332","$-6,631","7,705,190","-18%","1972","1995",,"84%",,https://www.sap.com/docs/download/investors/2021/sap-2021-q1-statement.pdf
+Eventbrite,EB,"$20.81","2021-03-31","$1,950","-43%","51%","$-72","-86%","-129%","101%","15.4x","20.3x",,"16.1x","8.8x","5.7x","4.6x","17.2x",,,"$40,051","144%",,"-20,555","-74%","-65,324",,,,,,,,,,,,,,"55%","68%","20%","$111","Revenue * 4",,,,"-40%","-93%","-136%","$106","$195","72%","$196","$84","-71%",,"2021-05-20","-23.7x","$1,709","$593","$241","24,557","13%","2008","2018","0.6x","81%",,https://www.sec.gov/Archives/edgar/data/1475115/000147511521000048/eb-20210331.htm
+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
+Median,,"$93.98",,"$9,120","23%","74%","$56","10%","34%","40%","12.1x","13.2x","11.5x","14.1x","11.6x","10.2x","8.9x","17.2x","17.2x","118%","$21,788","14%","39%",,"-11%",,"87.9x","0.6","0.5","0.4","22.8","27.7",,"118615.3","4.5",,,"274.0","295.0","25%","17%","41%","$765",,"$702","25%","83%","29%","-15%","15%","$654","$843","69%","$602","$703","24%","20%",,"44.5x","$8,844","$595","$67",,"3%",,,"3.0x","82%",,
+Mean,,"$147.46",,"$44,733","30%","71%","$898","10%","38%","46%","16.1x","18.2x","14.4x","19.8x","15.0x","12.4x","10.3x","21.6x","20.8x","117%","$313,396","16%","163%",,"-9%",,"487.0x","0.9","0.7","0.6","27.5","65.7",,"774757.9","6.2",,,"279.4","322.2","26%","19%","41%","$3,345",,"$1,456","29%","112%","32%","-15%","15%","$3,068","$3,591","68%","$2,776","$3,113","29%","22%",,"46.1x","$43,572","$2,462","$1,083",,"4%",,,"5.0x","80%",,

2021-06-11-comps_B2B_High_Growth.csv

@@ -0,0 +1,39 @@
+Name,Ticker,Price,Last Filing,Market Cap ($M),Revenue Growth,Gross Margin,LTM FCF,LTM FCF %,Rule of 40 (LTM FCF),Rule of 40 (Quarter FCF),EV / Revenue Run Rate,EV / LTM Revenue,EV / NTM Revenue,EV / 2020 Revenue,EV / 2021 Revenue,EV / 2022 Revenue,EV / 2023 Revenue,EV / 2021 Gross Profit,EV / NTM Gross Profit,Net Dollar Retention,Quarter FCF,Quarter FCF %,LTM Free Cash Flow Growth %,EBITDA,EBITDA %,LTM EBITDA,EV / LTM EBITDA,Quarter Magic Number,LTM CAC Ratio,Current CAC Ratio,LTM Mean Payback Period,Quarter CAC Payback Period,Implied 5yr LTV ($K),Implied CAC,Implied 5yr LTV/CAC,ARR Per Customer ($K),ARR / Employee ($K),Annualized Opex / Employee,Run Rate/Employees,R&D %,G&A %,S&M %,Annualized Revenue Run Rate ($M),ARR Type,ARR ($M),ARR Growth,Growth Persistence,Last Year Quarter Growth,Operating Income %,Rule of 40 (Op In Margin),2020 Revenue,2021 Analyst Revenue Estimates,US Revenue %,Last Year Run Rate ($M),LTM Revenue ($M),LTM Revenue Growth,NTM Revenue Growth,NTM Revenue Updated,EV / LTM Free Cash Flow,Enterprise Value,Total Cash,Net Cash,Consensus Revenue (Mean),Consensus Revenue Beat (Mean),Founding Year,IPO Year,Multiple on IPO,% of 52 Week High,Last Reported Employees,Earnings Link
+Zoom Video,ZM,"$346.50","2021-04-30","$102,095","191%","72%","$1,593","49%","240%","239%","25.5x","29.7x","23.5x","36.7x","25.2x","20.6x","18.4x","34.8x","32.6x",,"$454,228","48%","355%","236,975","25%","896,956","108.7x","1.4","3.1","1.0","3.9","12.0",,"7157.8",,"7","755","367.0","756.0","7%","16%","26%","$3,824","Revenue * 4","$3,824",,"113%","169%","24%","215%","$2,651","$3,868","66%","$1,312","$3,279","296%","26%","2021-06-05","61.1x","$97,405","$4,690",,"905,235","6%","2011","2019","5.3x","61%","5059",https://www.sec.gov/Archives/edgar/data/1585521/000158552121000131/zm-20210430.htm
+Snowflake,SNOW,"$248.80","2021-04-30","$72,497","110%","57%","$-62","-9%","102%","116%","74.9x","96.3x","54.5x","115.8x","64.3x","39.3x","25.0x","111.9x","94.8x","168%","$12,944","6%",,"-200,911","-88%","-640,141",,"1.0","0.6","0.6","20.2","20.9","6,149","391984.7","15.7","201",,,,"48%","26%","73%","$915","Revenue * 4","$915","110%","74%","149%","-90%","21%","$592","$1,066",,"$435","$712","116%","77%","2021-06-02","-1105.9x","$68,566","$3,930",,"211,164","8%",,"2020","10.5x","61%",,
+Shopify,SHOP,"$1,231.10","2021-03-31","$150,845","110%","57%","$615","18%","128%","124%","36.2x","41.5x","30.8x","48.8x","32.8x","24.8x","18.5x","58.1x","54.5x",,"$130,495","13%",,"134,699","14%","353,779","405.0x","0.3","1.8","0.2","6.7","75.3",,,,,,,,"18%","7%","19%","$3,954","Reported ARR","$1,079","62%","237%","47%","12%","122%","$2,929","$4,355",,"$1,880","$3,448","100%","35%","2021-06-08","232.5x","$142,973","$7,872",,"855,164","16%","2004","2015","44.0x","84%",,https://www.sec.gov/Archives/edgar/data/1594805/000159480521000021/exhibit992mdaq12021.htm
+Monday.com,MNDY,"$178.87","2021-03-31","$2,227","85%","87%",,,,"76%","8.9x","11.2x",,"13.1x",,,,,,"107%","$-5,262","-9%",,"-37,300","-63%","-37,300",,"0.6","0.5","0.5","24.7","22.3",,,,,"294","445.0","295.0","26%","17%","107%","$235","Revenue * 4","$235","85%",,,"-64%","21%","$161",,,"$127","$188","96%",,,,"$2,103","$124",,,,,,,"100%","799",https://www.sec.gov/Archives/edgar/data/0001845338/000110465921067423/tm211978-4_f1.htm
+UI Path,PATH,"$74.03","2021-01-31","$38,433","81%","90%","$25","4%","85%","84%","45.7x","62.6x","46.5x","62.6x",,"36.3x",,,"51.5x","145%","$6,496","3%",,,,,,"2.4","1.2","2.2","10.2","5.5","1,255",,,"72","202","241.0","290.0","14%","21%","48%","$831","Reported ARR","$580","65%",,,"7%","88%","$607",,,"$459","$607","81%","35%","2021-06-05","1518.9x","$37,972","$461",,,,,,,"87%","2863",https://www.sec.gov/Archives/edgar/data/0001734722/000119312521120347/d98556ds1a.htm
+Crowdstrike,CRWD,"$228.60","2021-04-30","$51,620","70%","74%","$323","32%","102%","109%","41.8x","50.7x","34.2x","58.0x","38.4x","28.3x","22.6x","51.9x","46.2x",,"$117,303","39%","181%","-19,392","-6%","-52,936",,"1.3","0.9","1.0","13.2","12.0",,"73785.4",,"104",,,,"26%","14%","45%","$1,211","Reported ARR","$1,190","73%","82%","85%","-10%","60%","$874","$1,319","73%","$712","$999","77%","48%","2021-06-09","156.9x","$50,674","$1,685","$947","292,199","4%","2011","2019","3.6x","94%",,https://www.sec.gov/Archives/edgar/data/1535527/000153552721000013/crwd-20210430.htm
+Twilio,TWLO,"$324.10","2021-03-31","$55,971","62%","51%","$-38","-2%","60%","60%","21.8x","25.9x","18.9x","29.2x","20.4x","15.8x","12.7x","40.3x","37.5x","133%","$-10,915","-2%",,"-137,747","-23%","-420,501",,"0.9","0.8","0.5","14.4","25.5","127","12856.2","9.9","10","430","361.0","430.0","30%","19%","36%","$2,359","Revenue * 4","$2,359",,"109%","57%","-33%","28%","$1,761","$2,525","71%","$1,459","$1,986","57%","37%","2021-05-20","-1354.8x","$51,482","$5,707","$4,489","533,442","11%","2008","2016","13.5x","73%","5482",https://www.sec.gov/Archives/edgar/data/1447669/000144766921000126/twlo-20210331.htm
+Asana,ASAN,"$45.94","2021-04-30","$7,517","61%","90%","$-67","-26%","34%","51%","24.5x","29.4x",,"33.0x","23.1x","18.0x","13.5x","25.8x",,"115%","$-7,664","-10%",,"-49,009","-64%","-192,748",,"0.6","0.6","0.6","21.0","21.6","23","7646.7","3.0","3",,,,"52%","29%","74%","$306","Revenue * 4","$306","61%","86%","71%","-65%","-4%","$227","$324","58%","$190","$255","57%",,"2021-06-09","-111.8x","$7,492","$386","$25","70,166","9%",,,,"100%",,https://www.sec.gov/Archives/edgar/data/1477720/000147772021000028/asan-20210430.htm
+Zscaler,ZS,"$204.91","2021-04-30","$27,947","60%","78%","$126","21%","81%","91%","39.5x","46.3x","33.3x","51.9x","36.7x","27.4x",,"47.1x","42.7x",,"$55,781","32%","425%","-35,776","-20%","-158,445",,"0.7","0.6","0.5","21.1","22.0",,,,,,,,"23%","14%","66%","$705","Revenue * 4","$705","60%","150%","40%","-25%","35%","$536","$759",,"$442","$601","54%","39%","2021-06-03","221.0x","$27,840","$107",,"164,395","7%","2007","2018","7.5x","90%",,
+DocuSign,DOCU,"$243.08","2021-04-30","$47,361","58%","78%","$304","19%","77%","84%","25.2x","29.1x","21.9x","32.6x","24.0x","18.6x","15.0x","30.9x","28.3x",,"$123,001","26%","576%","9,300","2%","-65,651",,"0.7","0.7","0.5","18.3","22.5",,,,"1",,,,"18%","11%","51%","$1,876","Subscription Revenue * 4","$1,807","61%","149%","39%","-2%","56%","$1,453","$1,975","79%","$1,188","$1,625","54%","33%","2021-06-08","155.7x","$47,336","$781","$25","434,874","8%","2003","2018","6.4x","90%",,https://www.sec.gov/Archives/edgar/data/1261333/000126133321000108/docu-20210430.htm
+Cloudflare,NET,"$93.47","2021-03-31","$29,034","51%","77%","$-64","-13%","38%","50%","53.0x","61.3x","44.3x","67.8x","47.8x","36.1x","28.6x","62.2x","57.7x","123%","$-2,219","-2%",,"-16,036","-12%","-47,909",,"0.8","0.7","0.6","18.2","20.5",,,,,,,,"29%","20%","51%","$552","Revenue * 4","$552","51%","107%","48%","-23%","29%","$431","$612","52%","$365","$477","51%","39%","2021-05-29","-456.9x","$29,239","$187","$-205","131,262","5%","2009","2019","5.2x","100%",,https://www.sec.gov/Archives/edgar/data/1477333/000147733321000026/cloud-20210331.htm
+Datadog,DDOG,"$94.50","2021-03-31","$29,142","51%","76%","$108","16%","67%","74%","35.7x","42.3x","29.5x","47.0x","32.1x","23.9x","20.4x","42.0x","38.6x","130%","$44,469","22%","440%","-8,428","-4%","-14,217",,"1.4","1.0","1.1","12.6","11.2",,,,,,,,"40%","11%","32%","$794","Reported ARR","$794","51%","59%","87%","-6%","45%","$603","$882","72%","$524","$670","58%","43%","2021-05-20","262.3x","$28,327","$1,548","$815","186,225","7%","2010","2019","2.3x","80%",,https://www.sec.gov/Archives/edgar/data/1561550/000156155021000007/ddog-20210331.htm
+Zoom Info,ZI,"$46.37","2021-03-31","$18,147","50%","82%","$216","41%","91%","108%","30.2x","35.2x","25.7x","38.9x","27.5x","21.8x","17.8x","33.7x","31.5x",,"$88,300","58%","360%","32,800","21%","63,700","294.2x","1.2","0.9","1.0","13.7","12.2",,,,,,,,"13%","12%","32%","$613","Subscription Revenue * 4","$605","50%","57%","87%","18%","68%","$476","$674","90%","$408","$527","55%","37%","2021-05-08","85.8x","$18,532","$354","$-385","145,275","6%",,"2020",,"80%",,https://www.sec.gov/Archives/edgar/data/1794515/000179451521000122/zi-20210331.htm
+Palantir,PLTR,"$24.14","2021-03-31","$45,305","49%","78%","$82","7%","56%","83%","31.6x","35.9x","27.6x","39.5x","29.2x","23.1x",,"37.3x","35.3x",,"$116,173","34%",,"-110,777","-32%","-1,204,071",,"0.5","0.5","0.4","23.0","29.6",,"14761900.0",,"9,154",,,,"29%","43%","40%","$1,364","Revenue * 4","$1,364","49%","86%","57%","-33%","15%","$1,092","$1,478","58%","$917","$1,204","46%","30%","2021-05-15","526.4x","$43,163","$2,339","$2,141","332,500","3%",,"2020",,"62%",,https://www.sec.gov/Archives/edgar/data/1321655/000119312521159222/d158374d10q.htm
+Bill.com,BILL,"$155.93","2021-03-31","$12,974","45%","74%","$-39","-19%","26%","36%","51.0x","60.1x","45.0x","66.3x","48.0x","37.1x","34.5x","64.7x","60.7x",,"$-5,384","-9%",,"-14,770","-25%","-50,008",,"1.6","1.1","1.2","11.3","10.1",,,,,,,,"37%","37%","25%","$238","Subscription Revenue * 4","$234","63%","98%","46%","-26%","19%","$183","$253",,"$164","$202","37%","33%","2021-05-12","-311.2x","$12,135","$1,736","$838","54,232","10%","2006","2019","4.2x","81%","82627000",https://www.sec.gov/Archives/edgar/data/1786352/000156459021025543/bill-10q_20210331.htm
+Elastic N.V.,ESTC,"$135.09","2021-04-30",,"44%","74%","$18","3%","47%","42%",,,,,,,,,,"130%","$-3,062","-2%",,"-32,696","-18%","-112,241",,"1.2","0.6","0.9","19.1","14.0","506","59239.2","8.5","43",,,,"31%","18%","46%","$710","Subscription Revenue * 4","$658","45%","82%","53%","-21%","23%","$554","$721",,"$494","$608","42%","29%","2021-06-08",,,"$401",,"158,732","12%","2012","2018","1.9x","79%",,
+HubSpot,HUBS,"$502.43","2021-03-31","$23,476","41%","81%","$122","13%","54%","60%","20.2x","23.6x","17.2x","25.7x","18.4x","14.5x","12.0x","22.8x","21.3x",,"$51,392","18%","198%","-3,824","-1%","-12,202",,"0.9","0.6","0.7","20.7","16.3",,"12873.9",,"9",,,,"24%","11%","50%","$1,125","Subscription Revenue * 4","$1,081","41%","133%","31%","-5%","36%","$883","$1,236","62%","$795","$965","34%","37%","2021-05-14","186.3x","$22,729","$1,180","$747","263,975","7%","2005","2014",,"88%",,https://www.sec.gov/Archives/edgar/data/1404655/000156459021024171/hubs-10q_20210331.htm
+Unity,U,"$100.81","2021-03-31","$28,143","41%","75%","$-82","-10%","31%","-2%","28.2x","31.5x","24.7x","34.3x","26.2x","20.3x","15.7x","34.9x","33.0x","140%","$-100,626","-43%",,"-99,070","-42%","-151,587",,"0.8","1.0","0.6","12.0","19.0",,,,,"213","261.0","213.0","66%","27%","30%","$939","Revenue * 4","$939","41%","115%","35%","-47%","-7%","$772","$1,012","24%","$667","$840","44%","27%","2021-05-18","-323.1x","$26,496","$1,647",,"216,200","9%",,,,"59%","4389",https://www.sec.gov/ix?doc=/Archives/edgar/data/1810806/000181080621000103/unity-20210331.htm
+Big Commerce,BIGC,"$59.66","2020-09-30","$4,045","41%","78%","$-34","-24%","16%","24%","24.6x","27.8x","21.9x",,"19.7x","16.1x","14.0x","25.2x","28.0x",,"$-6,539","-16%",,"-8,876","-22%","-31,016",,"0.8","0.6","0.6","21.5","18.8",,,,,,,,"31%","25%","49%","$158","Reported ARR","$167","38%","194%","21%","-25%","15%",,"$197","83%","$113","$140","32%","27%","2021-06-03","-114.4x","$3,888","$179","$157","36,191","10%",,,,"42%",,https://www.sec.gov/Archives/edgar/data/1626450/000156459020051982/bigc-10q_20200930.htm
+Coupa Software,COUP,"$223.47","2021-04-30","$16,431","40%","52%","$120","20%","60%","58%","24.2x","27.4x","22.4x","29.8x","24.1x","19.4x","15.0x","46.1x","42.9x",,"$29,844","18%","94%","-37,316","-22%","-136,640",,"0.2","0.5","0.1","24.4","146.7",,,,,,,,"26%","24%","47%","$667","Subscription Revenue * 4","$560","33%","86%","47%","-44%","-4%","$541","$670","59%","$476","$589","38%","22%","2021-06-09","134.4x","$16,129","$1,217","$302","152,751","9%","2006","2016","6.4x","60%",,https://www.sec.gov/Archives/edgar/data/1385867/000138586721000019/coup-20210430.htm
+Everbridge,EVBG,"$122.37","2021-03-31","$4,608","40%","69%","$2","1%","40%","58%","13.8x","15.3x","11.9x","16.6x","12.7x","10.2x",,"18.3x","17.2x",,"$15,501","19%",,"-7,395","-9%","-33,846",,"0.8","0.5","0.5","22.5","22.1",,"248933.3",,"57",,,,"22%","27%","42%","$328","Revenue * 4","$328","40%","105%","38%","-22%","17%","$271","$356","70%","$235","$294","36%","29%","2021-05-22","2255.9x","$4,512","$735","$97","75,554","9%","2002","2016",,"73%",,https://www.sec.gov/Archives/edgar/data/1437352/000156459021026068/evbg-10q_20210331.htm
+nCino,NCNO,"$61.96","2021-04-30",,"39%","58%","$4","2%","41%","51%",,,,,,,,,,,"$7,036","11%",,"-13,379","-21%","-46,028",,"1.3","0.7","0.8","18.0","15.9",,,,,,,,"28%","25%","30%","$249","Subscription Revenue * 4","$204","47%","79%","50%","-25%","15%","$204","$253","91%","$178","$221","44%","23%","2021-06-05",,,"$387",,"59,341","5%",,"2020","0.9x","63%",,https://www.sec.gov/Archives/edgar/data/0001566895/000156689521000020/ncno-20210430.htm
+MongoDB,MDB,"$329.52","2021-04-30","$20,476","39%","70%","$-43","-7%","33%","44%","28.6x","32.3x","25.0x","35.1x","27.2x","21.0x","16.7x","38.8x","35.8x",,"$8,391","5%",,"-58,195","-32%","-214,146",,"0.4","0.4","0.3","27.1","39.3",,"48841.5",,"26","254","274.0","264.0","36%","14%","54%","$726","Subscription Revenue * 4","$698","40%","86%","46%","-34%","6%","$590","$763","60%","$521","$641","39%","29%","2021-06-09","-482.2x","$20,734","$935","$-257","168,974","8%","2007","2017","10.0x","78%","2745",https://www.sec.gov/Archives/edgar/data/1441816/000144181621000095/mdb-20210430.htm
+Slack,WORK,"$44.46","2020-10-31","$25,618","39%","86%","$46","6%","45%","53%","26.5x","29.8x","22.5x",,"21.4x","17.1x","14.2x","24.9x","26.1x","123%","$32,604","14%",,"-58,110","-25%","-273,734",,"0.7","0.5","0.6","22.0","20.4","58",,,"6","373","426.0","373.0","41%","22%","51%","$937","Revenue * 4","$937",,"65%","60%","-28%","11%",,"$1,159","61%","$674","$833","46%","33%","2021-05-27","540.2x","$24,848","$2,051","$770","223,480","5%","2009","2019","1.2x","100%","2510",https://www.sec.gov/ix?doc=/Archives/edgar/data/1764925/000176492520000652/work-20201031.htm
+Avalara,AVLR,"$135.50","2021-03-31","$11,649","38%","71%","$14","3%","40%","17%","17.9x","20.3x","16.1x","22.0x","16.9x","13.8x","11.3x","23.8x","22.7x","107%","$-31,924","-21%",,"-18,310","-12%","-44,456",,"0.6","0.6","0.4","19.8","28.6","240","86607.2","2.8","39",,,,"25%","20%","42%","$614","Revenue * 4","$614",,"121%","31%","-17%","21%","$500","$651",,"$445","$542","33%","26%","2021-06-02","786.4x","$11,010","$639",,"142,908","7%","1999","2018","3.9x","74%",,https://www.sec.gov/Archives/edgar/data/0001348036/000156459021025131/avlr-10q_20210331.htm
+JFrog,FROG,"$45.72","2021-03-31","$4,276","37%","81%","$36","22%","59%","54%","20.4x","22.5x","16.9x","24.5x","18.2x","13.9x","11.4x","22.3x","20.8x","130%","$7,676","17%",,"-9,606","-21%","-18,898",,"0.5","0.7","0.4","17.9","28.0",,,,,,,,"31%","30%","44%","$180","Subscription Revenue * 4","$180","37%","68%","55%","-24%","14%","$150","$202","63%","$131","$163","41%","33%","2021-05-12","101.9x","$3,670","$606",,"44,806","1%",,"2020","1.1x","53%",,https://www.sec.gov/Archives/edgar/data/1800667/000095017021000141/frog-20210331.htm
+Okta,OKTA,"$222.12","2021-04-30","$29,449","37%","74%","$133","15%","52%","58%","28.4x","31.6x","21.4x","34.2x","24.2x","17.5x","13.1x","32.9x","29.0x","120%","$52,806","21%","156%","-77,547","-31%","-198,108",,"0.6","0.5","0.4","25.3","28.8","804","177189.2","4.5","90",,,,"27%","24%","58%","$1,004","Subscription Revenue * 4","$960","38%","81%","46%","-36%","1%","$835","$1,178","84%","$731","$903","40%","48%","2021-06-03","214.5x","$28,531","$2,690","$918","238,556","5%","2009","2017","9.4x","77%",,https://www.sec.gov/Archives/edgar/data/1660134/000166013421000011/okta-4302021_ex991.htm
+Smartsheet,SMAR,"$63.99","2021-04-30","$8,006","37%","77%","$-12","-3%","34%","30%","16.2x","18.1x","13.9x","19.7x","15.1x","11.7x","8.9x","19.5x","17.9x","125%","$-8,198","-7%",,"-36,090","-31%","-119,757",,"0.5","0.4","0.4","28.2","33.6",,,,,,,,"31%","18%","61%","$468","Reported ARR","$432","40%","71%","52%","-33%","4%","$385","$501","82%","$341","$417","39%","31%","2021-06-08","-630.5x","$7,566","$440",,"111,595","5%","2005","2018","3.5x","76%",,https://www.sec.gov/Archives/edgar/data/1366561/000136656121000069/smar-20210430.htm
+Fastly,FSLY,"$53.91","2021-03-31","$6,237","35%","56%","$-28","-9%","26%","11%","17.9x","19.5x","14.9x","20.9x","15.9x","12.5x","9.9x","28.4x","26.8x","139%","$-19,937","-23%",,"-38,181","-45%","-118,153",,"0.3","1.0","0.1","12.5","84.8","2,284","282642.3","8.1","153",,,,"34%","39%","41%","$339","Revenue * 4","$339","35%","91%","38%","-59%","-24%","$290","$383","74%","$251","$312","44%","30%","2021-05-11","-216.8x","$6,071","$1,097","$166","85,145","-0%","2011","2019","2.5x","42%",,https://www.sec.gov/Archives/edgar/data/1517413/000151741321000069/fsly-20210331.htm
+Ringcentral,RNG,"$268.00","2021-03-31","$24,354","32%","72%","$-107","-8%","23%","38%","17.9x","19.9x","16.0x","21.4x","16.8x","13.6x","11.0x","23.2x","22.0x","99%","$23,189","7%",,"-17,434","-5%","-46,119",,"0.4","0.4","0.3","28.5","37.6",,,,,,,,"18%","16%","51%","$1,409","Subscription Revenue * 4","$1,300","34%","97%","33%","-12%","20%","$1,183","$1,506",,"$1,070","$1,268","31%","25%","2021-05-13","-236.2x","$25,279","$463","$-925","339,698","4%","1999","2013",,"60%",,https://www.sec.gov/Archives/edgar/data/1384905/000138490521000019/rng-20210331.htm
+ServiceNow,NOW,"$489.13","2021-03-31","$96,554","30%","78%","$1,660","34%","64%","76%","17.4x","19.6x","15.7x","21.0x","16.5x","13.3x","10.7x","21.2x","20.1x",,"$620,000","46%","56%",,,,,"0.8","0.5","0.6","23.0","18.7",,,,,,,,"23%","9%","39%","$5,440","Subscription Revenue * 4","$5,172","30%","92%","33%","7%","37%","$4,519","$5,723","65%","$4,185","$4,833","30%","25%","2021-05-01","57.1x","$94,709","$3,456","$1,845","1,335,584","2%","2004","2012",,"82%",,https://www.sec.gov/Archives/edgar/data/1373715/000137371521000114/now-20210331.htm
+Veeva Systems,VEEV,"$294.98","2021-04-30","$45,108","29%","73%","$735","47%","76%","138%","24.8x","27.5x","22.7x","29.3x","24.0x","20.2x","17.0x","32.8x","31.0x",,"$475,729","110%","53%","135,074","31%","446,880","96.3x","2.4","1.2","1.7","10.2","6.9",,,,,,,,"19%","9%","15%","$1,734","Subscription Revenue * 4","$1,364","26%","76%","38%","30%","58%","$1,465","$1,791","57%","$1,348","$1,561","31%","21%","2021-06-03","58.4x","$42,958","$2,150",,"409,431","6%","2007","2013",,"93%",,https://www.sec.gov/Archives/edgar/data/1393052/000139305221000028/veev-20210430.htm
+Duck Creek Technologies,DCT,"$38.76","2021-02-28","$5,100","19%","56%","$8","3%","22%","16%","18.9x","20.3x","17.5x","21.1x","17.9x","15.3x",,"31.9x","31.2x","121%","$-1,619","-3%","100%","-1,062","-2%","-15,951",,"1.2","0.4","0.7","28.1","18.0",,,,,,,,"20%","23%","23%","$250","Subscription Revenue * 4","$122","51%",,,"-10%","8%","$224","$265","90%","$211","$233","19%","16%","2021-04-08","592.1x","$4,736","$364",,"59,135","6%",,,,"65%",,https://www.sec.gov/Archives/edgar/data/1160951/000156459021018490/dct-10q_20210228.htm
+Sumo Logic,SUMO,"$21.49","2021-04-30","$2,295","15%","72%","$-41","-20%","-5%","9%","9.3x","9.6x","8.1x","9.9x","8.7x","7.2x","6.2x","12.1x","11.3x","115%","$-2,966","-5%",,"-24,426","-45%","-72,366",,"0.0","0.2","0.0","62.3","1791.9",,,,,,,,"38%","27%","56%","$216","Revenue * 4","$216","15%","33%","45%","-49%","-34%","$202","$231","84%","$188","$209","24%","18%","2021-06-09","-48.9x","$2,005","$291",,"53,762","1%",,"2020","1.0x","53%",,https://www.sec.gov/Archives/edgar/data/1643269/000164326921000014/sumo-20210430.htm
+Agora,API,"$44.66","2021-03-31",,"13%","58%","$-9","-7%","7%","-7%",,,,,,,,,,"131%","$-7,975","-20%",,"-13,906","-35%","-18,648",,"3.7",,"2.2",,"5.5","821","32476.0","25.3","68",,,,"63%","14%","22%","$160","Revenue * 4","$160","13%","8%","166%","-40%","-27%","$133","$182",,"$142","$138","60%",,,,,"$877","$876",,,,"2020",,"42%",,
+,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
+Median,,"$135.09",,"$24,986","41%","74%","$16","3%","49%","58%","25.0x","29.3x","22.4x","32.8x","24.0x","18.6x","14.6x","32.8x","31.3x","125%","$8,391","7%","189%",,"-21%",,"201.4x","0.8","0.6","0.6","20.0","20.9",,"66512.3","8.3",,,"317.5","292.5","28%","20%","45%","$710",,"$658","45%","86%","47%","-25%","20%","$554","$759","70%","$459","$607","44%","31%",,"85.8x","$25,063","$877","$524",,"6%",,,"4.2x","77%",,
+Mean,,"$194.24",,"$32,717","52%","72%","$167","6%","57%","63%","28.2x","32.9x","24.8x","36.9x","25.8x","20.3x","15.9x","36.7x","35.0x","126%","$64,545","11%","249%",,"-20%",,"226.1x","1.0","0.8","0.7","19.9","77.7",,"1157438.1","9.7",,,"296.9","327.6","30%","21%","45%","$1,069",,"$942","48%","97%","59%","-23%","29%","$857","$1,184","69%","$679","$928","57%","33%",,"88.9x","$31,597","$1,535","$669",,"6%",,,"6.9x","74%",,

app.py

@@ -0,0 +1,547 @@
+##############################################################################
+# Understanding the impact of Growth and Margin profile on B2B SaaS Valuations
+# Dataset: 106 B2B SaaS companies
+#   Author: Ramu Arunachalam (ramu@acapital.com)
+#   Created: 06/20/21
+#   Datset last updated: 06/09/21
+###############################################################################
+
+import joblib as jl
+import pandas as pd
+import plotly.express as px
+import plotly.graph_objects as go
+import statsmodels.api as sm
+import streamlit as st
+from statsmodels.stats.outliers_influence import variance_inflation_factor
+from transformers import pipeline
+from transformers import TapasTokenizer, TapasForQuestionAnswering
+import json
+import requests
+
+file_date = '2021-06-11'
+saas_filename_all = f'{file_date}-comps_B2B_ALL.csv'
+saas_filename_high_growth = f'{file_date}-comps_B2B_High_Growth.csv'
+
+
+def get_scatter_fig(df, x, y):
+    fig = px.scatter(df,
+                     x=x,
+                     y=y,
+                     hover_data=['Name'],
+                     title=f'{y} vs {x}')
+    df_r = df[[y] + [x]].dropna()
+    model = sm.OLS(df_r[y], sm.add_constant(df_r[x])).fit()
+    regline = sm.OLS(df_r[y], sm.add_constant(df_r[x])).fit().fittedvalues
+    fig.add_trace(go.Scatter(x=df_r[x],
+                             y=model.predict(),
+                             mode='lines',
+                             marker_color='black',
+                             name='Best-fit',
+                             line=dict(width=4, dash='dot')))
+    return fig
+
+
+latex_dict = {'EV / NTM Revenue': r'''\frac{EV}{Rev_{NTM}}''',
+              'EV / 2021 Revenue': r'''\frac{EV}{Rev_{2021}}''',
+              'EV / NTM Gross Profit': r'''\frac{EV}{GP_{NTM}}''',
+              'EV / 2021 Gross Profit': r'''\frac{EV}{GP_{2021}}''',
+              'NTM Revenue Growth': r'''Rev\,Growth_{NTM}''',
+              '2021 Revenue Growth': r'''Rev\,Growth_{2021}''',
+              'Growth adjusted EV / LTM Revenue': r'''\frac{EV}{Rev_{LTM}}\cdot\frac{1}{Growth_{NTM}}''',
+              'Growth adjusted EV / 2020 Revenue': r'''\frac{EV}{Rev_{2020}}\cdot\frac{1}{Growth_{2021}}'''
+              }
+
+
+class RegressionInput:
+    def __init__(self, df, x_vars, y_var):
+        self.df = df
+        self.x_vars = x_vars
+        self.y_var = y_var
+        self._hash = tuple([jl.hash(df), tuple(self.x_vars), tuple([self.y_var])])
+        return
+
+    def hash(self):
+        return self._hash
+
+
+class RegressionOutput:
+    def __init__(self, reg_input, df_r, model, df_pvalues, vif_data):
+        self.df_r = df_r
+        self.model = model
+        self.df_pvalues = df_pvalues
+        self.vif_data = vif_data
+        self.plot_figs = dict()
+
+        # Regression equation
+        self.eq_str = latex_dict.get(reg_input.y_var, reg_input.y_var) + r'''= \beta_0'''
+
+        for x, i in zip(reg_input.x_vars, range(len(reg_input.x_vars))):
+            self.eq_str += rf'''+\beta_{{{i + 1}}}\cdot {{{latex_dict.get(x, x)}}}'''
+        self.eq_str += r'''+\epsilon'''
+        self.eq_str = self.eq_str.replace("%", "\%").replace("&", "\&").replace("$", "\$")
+
+        # Compute regression plots and save them
+        # Plot residuals
+        for x in reg_input.x_vars:
+            self.plot_figs[x] = sm.graphics.plot_regress_exog(self.model, x)
+
+        self._hash = tuple([reg_input.hash(), jl.hash(df_r), id(model), jl.hash(df_pvalues), jl.hash(vif_data)])
+        return
+
+    def hash(self):
+        return self._hash
+
+
+def reg_input_hash(reg_input):
+    h = reg_input.hash()
+    # st.info(f"reg_input_hash: h = {h}")
+    return h
+
+
+def reg_output_hash(reg_output):
+    h = reg_output.hash()
+    # st.info(f'reg_output hash = {h}')
+    return h
+
+
+class Experiment:
+    id_num = 0
+
+    def __init__(self):
+        df_main = pd.read_csv(saas_filename_all)
+
+        # Clean: 2x --> 2, 80% --> 80, $3,000 --> 3000
+        df_obj = df_main[set(df_main.columns) - {'Name'}].select_dtypes(['object'])
+        df_main[df_obj.columns] = df_obj \
+            .apply(lambda x: x.str.strip('x')) \
+            .apply(lambda x: x.str.strip('%')) \
+            .replace(',', '', regex=True) \
+            .replace('\$', '', regex=True)
+
+        cols = df_main.columns
+        for c in cols:
+            try:
+                df_main[c] = pd.to_numeric(df_main[c])
+            except:
+                pass
+
+        df_main['2021 Revenue Growth'] = (df_main['2021 Analyst Revenue Estimates'].astype(float) / df_main[
+            '2020 Revenue'].astype(
+            float) - 1) * 100
+
+        df_main = df_main[df_main['Name'].notna()]
+        self.tickers_all = list(df_main[df_main['Name'].isin(['Median', 'Mean']) == False]['Name'])
+        df_main_hg = pd.read_csv(saas_filename_high_growth)
+        df_main_hg = df_main_hg[df_main_hg['Name'].notna()]
+        self.tickers_hg = list(df_main_hg[df_main_hg['Name'].isin(['Median', 'Mean']) == False]['Name'])
+        self.tickers_excl_hg = list(set(self.tickers_all) - set(self.tickers_hg))
+
+
+        self.df_main = df_main
+        self.df = df_main
+        self.reg_input = None
+        self.reg_output = None
+
+        return
+
+    def get_tickers(self, growth='High'):
+        if growth == 'High':
+            return self.tickers_hg
+        elif growth == 'Low':
+            return self.tickers_excl_hg
+        else:
+            return self.tickers_all
+
+    def filter(self, by):
+        if by == 'High growth only':
+            tickers = self.tickers_hg
+        elif by == 'All (excl. high growth)':
+            tickers = self.tickers_excl_hg
+        else:
+            tickers = self.tickers_all
+
+        self.df = self.df_main[self.df_main['Name'].isin(tickers)]  # type of dataset
+        return self
+
+    def set_fwd_timeline(self, type):
+        self.rev_g = f'{type} Revenue Growth'
+        self.rev_mult = f'EV / {type} Revenue'
+        self.gp_mult = f'EV / {type} Gross Profit'
+        self.gm = f'Gross Margin'
+
+        # To avoid double counting growth, for growth-adjusted multiples
+        # we take the forward growth rate with the current revenue multiple
+        rev_mult = 'LTM' if type == 'NTM' else '2020'
+        self.growth_adj_mult = f'Growth adjusted EV / {rev_mult} Revenue'
+        self.df[self.growth_adj_mult] = self.df[f'EV / {rev_mult} Revenue'] / self.df[self.rev_g]
+        return self
+
+    def get_y_metric_list(self):
+        return [self.rev_mult, self.gp_mult, self.growth_adj_mult, self.rev_g]
+
+    def get_x_metric_list(self):
+        return self.df.select_dtypes(['float', 'int']).columns
+
+    def to_frame(self):
+        return self.df
+
+    @st.cache(suppress_st_warning=True,
+              hash_funcs={RegressionInput: reg_input_hash, RegressionOutput: reg_output_hash})
+    def _regression(self, reg_input):
+        df = reg_input.df
+        reg_x_vars = reg_input.x_vars
+        reg_y = reg_input.y_var
+
+        if not reg_x_vars:
+            return None
+
+        df_r = df[[reg_y] + reg_x_vars].dropna()
+
+        # Run the regression
+        X = df_r[reg_x_vars]
+        X = sm.add_constant(X)
+
+        model = sm.OLS(df_r[reg_y], X).fit()
+
+        # Compute Variance Inflation Factors
+        df_v = df_r[reg_x_vars]
+        vif_data = None
+        if len(df_v.columns) >= 2:
+            # VIF dataframe
+            vif_data = pd.DataFrame()
+
+            vif_data["feature"] = df_v.columns
+            # calculating VIF for each feature
+            vif_data["VIF"] = [variance_inflation_factor(df_v.values, i)
+                               for i in range(len(df_v.columns))]
+
+        # pvalue dataframe
+        df_pvalues = model.params.to_frame().reset_index().rename(columns={'index': 'vars', 0: 'Beta'})
+        df_pvalues['p-value'] = model.pvalues.to_frame().reset_index().rename(columns={0: 'p-value'})['p-value']
+        df_pvalues['Statistical Significance'] = 'Low'
+        df_pvalues.loc[df_pvalues['p-value'] <= 0.05, 'Statistical Significance'] = 'High'
+        df_pvalues = df_pvalues[df_pvalues['vars'] != 'const']
+
+        return RegressionOutput(reg_input, df_r, model, df_pvalues, vif_data)
+
+    def regression(self, reg_x_vars, reg_y_var):
+        self.reg_input = RegressionInput(self.df, reg_x_vars, reg_y_var)
+        self.reg_output = self._regression(self.reg_input)
+        return self
+
+    def print(self, show_detail=False):
+        # Print regression equation
+        st.latex(self.reg_output.eq_str)
+
+        def highlight_significant_rows(val):
+            color = 'green' if val['p-value'] <= 0.05 else 'red'
+            return [f"color: {color}"] * len(val)
+
+        st.subheader("Summary", anchor='summary')
+        st.write(f"1. N = {len(self.reg_output.df_r)} companies")
+
+        # Assess model fit
+        if self.reg_output.model.rsquared * 100 > 30:
+            st.write(f"2. Model fit is **good** R ^ 2 = {self.reg_output.model.rsquared * 100: .2f}%")
+            if self.reg_output.model.f_pvalue < 0.05:
+                st.write(f"3. Model is **statistically significant** (F-test = {self.reg_output.model.f_pvalue:.2f})")
+            else:
+                st.write(
+                    f"3. The regression is **NOT statistically significant** (F-test = {self.reg_output.model.f_pvalue:.2f})")
+
+        else:
+            st.write(f"2. Model fit is **poor** (R ^ 2 = {self.reg_output.model.rsquared * 100: .2f}%)")
+
+        # Check for Multicolinearity
+        if (
+                self.reg_output.vif_data is not None
+                and len(self.reg_output.vif_data[self.reg_output.vif_data['VIF'] > 10]) > 0
+        ):
+            st.write("4. **Potential multicolinearity**")
+        else:
+            st.write("4. **NO multicolinearity**")
+
+        # print p-values
+        st.write('***')
+        for _, row in self.reg_output.df_pvalues.iterrows():
+            str = 'strong' if row['Statistical Significance'] == 'High' else 'weak'
+            st.write(f"* There is a **{str} relationship** between *'{self.reg_input.y_var}'* and *'{row['vars']}'*")
+
+        st.table(self.reg_output.df_pvalues.set_index('vars').style.apply(highlight_significant_rows, axis=1))
+
+        if show_detail:
+            # Show details
+            st.subheader("Details:", anchor='details')
+            # Plot residuals
+            for k, f in self.reg_output.plot_figs.items():
+                st.write(f"Plotting residuals for **{k}**")
+                st.pyplot(f)
+                # st.pyplot(f)
+            st.markdown('***')
+            st.write(self.reg_output.model.summary())
+            st.markdown('***')
+            if self.reg_output.vif_data is not None:
+                st.write("Variance Inflation Factors")
+                st.table(self.reg_output.vif_data.set_index('feature'))
+
+        return self
+
+
+def workbench(show_detail):
+    fwd_time = st.sidebar.selectbox('Timeline', ('2021', 'NTM'))
+    slice_by_growth = st.sidebar.radio("B2B SaaS Dataset", ['High growth only', 'All', 'All (excl. high growth)'])
+
+    e = Experiment().set_fwd_timeline(fwd_time).filter(slice_by_growth)
+
+    st.sidebar.write("**Regression:**")
+    y_sel = st.sidebar.radio("Target metric", e.get_y_metric_list())
+    st.sidebar.text("Select independent variable(s)")
+
+    st.header("Regression")
+    # Check if user selected revenue growth and/or gross margin
+    reg_x_cols = [i for i in [e.rev_g, e.gm] if st.sidebar.checkbox(i, value={e.rev_g: True, e.gm: True}, key=i)]
+    remaining_cols = list(set(e.get_x_metric_list()) - {e.rev_g, e.gm})
+    reg_x_cols += st.sidebar.multiselect("Additional independent variables:", remaining_cols)
+    e.regression(reg_x_vars=reg_x_cols, reg_y_var=y_sel).print(show_detail)
+
+
+    ## Plots
+    #st.header("Plots")
+    #for _, x in zip(range(4), e.reg_input.x_vars):
+    #    st.plotly_chart(get_scatter_fig(e.to_frame(), x=x, y=e.reg_input.y_var))
+    #st.plotly_chart(get_scatter_fig(e.to_frame(), x=e.gm, y=e.reg_input.y_var))
+
+    st.subheader("Dataset")
+    st.expander('Table Output') \
+        .table(e.to_frame()[['Name'] + [y_sel] + reg_x_cols]
+               .set_index('Name')
+               .sort_values(y_sel, ascending=False))
+    st.expander('Full Raw Table Output').table(e.df_main)
+    st.sidebar.info(f"""*{len(e.df)} companies selected*    
+        *Prices as of {file_date}*""")
+
+    return
+
+def get_dataset(filter='All'):
+
+   e = Experiment()
+   df = e.set_fwd_timeline('2021').to_frame()[['Name'] + ['EV / 2021 Revenue', '2021 Revenue Growth','Gross Margin']].set_index('Name')
+   
+   high_growth_tickers = e.get_tickers(growth='High')
+   low_growth_tickers = e.get_tickers(growth='Low')
+   high_growth_tickers = set(high_growth_tickers).intersection(set(df.index.values.tolist()))
+   df.loc[high_growth_tickers,'Category'] = 'High Growth'
+   low_growth_tickers = set(low_growth_tickers).intersection(set(df.index.values.tolist()))
+   df.loc[low_growth_tickers,'Category'] = 'Low Growth'
+   df = df[df['Category'].notna()]
+   if filter == 'High Growth':
+       return df.loc[high_growth_tickers]
+   elif filter == 'Low Growth':
+       return df.loc[low_growth_tickers]
+
+   return df
+
+
+def summary(e1, e2, e3, e4):
+    st.header("High Growth B2B SaaS")
+    st.markdown("""
+    For high growth B2B SaaS, ***revenue growth*** (*not profitability*) ***drives valuation***
+    * *Valuation multiples* are well explained by *revenue growth* 
+        * Model fit is good (High R^2)
+        * Revenue growth is a statistically significant factor (low p-value)
+    * *Gross Margin* does not influence *valuation multiples*
+        * Poor relationship between Revenue multiples and Gross margin (high p-value)
+    """)
+    with st.expander("More info"):
+        e1.print(True)
+
+    st.markdown("""
+        * Looking at Free Cash Flow % instead of Gross Margin yield similar results
+            * Model fit is good (High R^2)
+            * *Revenue growth* is a statistically significant factor (low p-value)
+        * *FCF Margin* does not influence *valuation multiples*
+            * Poor relationship between Revenue multiples and FCF margin (high p-value)
+        """)
+    with st.expander("More info"):
+        e2.print(True)
+
+    st.markdown('***')
+    st.header("B2B SaaS (excluding high growth)")
+    st.markdown("""
+        
+        For the rest of B2B SaaS (i.e non high growth SaaS), the picture is less clear
+        * *Revenue growth* by itself doesn't adequately explain *valuation multiples* 
+            * Model fit is poor (low R^2)
+        * But *Revenue growth* is still a statistically significant factor (low p-value)
+        * *Gross Margin* does not influence *valuation multiples*
+            * Poor relationship between Revenue multiples and Gross margin (high p-value)
+        """)
+    with st.expander("More info"):
+        e3.print(True)
+    st.markdown("""
+            * Looking at Free Cash Flow % instead of Gross Margin improves model fit
+            * FCF Margin* has a **small positive effect** on *valuation multiples*
+                * Low p-value but small Beta.
+            * But overall *revenue growth* still has a much **larger effect** on valuation multiples than profitability
+                * Low p-value and higher Beta relative to FCF %
+            """)
+    with st.expander("More info"):
+        e4.print(True)
+    return
+
+
+def make_api_call(queries, df:pd.DataFrame):
+    API_TOKEN = "api_DjJYjFpAQfQkhpfzncoRuuKuuLWrSzHdav"
+    headers = {"Authorization": f"Bearer {API_TOKEN}"}
+    API_URL = "https://api-inference.huggingface.co/models/google/tapas-base-finetuned-wtq"
+
+    st.sidebar.info("Using ** google/tapas-large-finetuned-wtq**")
+    def query(payload):
+        response = requests.post(API_URL, headers=headers, json=payload)
+        return response.json()
+
+    table_dict = df.to_dict(orient='list')
+    output = query({
+    "inputs": {
+		"query": queries,
+        "table": table_dict
+    }})
+
+    return output
+
+def nlu_query_use_api():
+ 
+    df = get_dataset(filter='High Growth').dropna().reset_index().rename(columns={'Name':'Company','EV / 2021 Revenue':'Revenue Multiple','2021 Revenue Growth':'Growth Rate'})
+
+    df['Revenue Multiple'] = df['Revenue Multiple'].round(2).apply(str)
+    df['Growth Rate'] = df['Growth Rate'].round(2).apply(str)
+    df['Gross Margin'] = df['Gross Margin'].round(2).apply(str)
+    df = df[['Company','Revenue Multiple','Growth Rate','Gross Margin']]
+
+    with st.expander("Dataset"):
+        st.table(df)
+    
+    questions = ['How many companies are in this dataset?', 
+    'Which company has the highest growth rate?',
+    'Which company has the highest gross margin?',
+    'Which company trades at the highest revenue multiple?',
+    'List all companies with growth rates greater than 40?',
+    'What is the average gross margin for companies in this dataset?',
+    'What is the average trading multiple for companies in this dataset?'
+    
+    ]
+
+    st.sidebar.write("Sample questions:")
+    st.sidebar.caption("[Copy and Paste any of these questions into the textbox below]")
+    for i in questions: st.sidebar.markdown(f"* {i}") 
+        
+    queries = st.text_area("Enter Question:", 'How many companies are in this dataset?')
+    #queries = ['Which company has the highest gross margin?']
+    output = make_api_call(queries=queries, df=df)
+    if 'error' in output:
+        st.write(output['error'])
+    else:
+        df_output = pd.DataFrame.from_dict(output['cells'])
+        if output['aggregator'] == 'COUNT':
+            st.info(f"[COUNT] Answer: {df_output[0].count()}")
+        elif output['aggregator'] == 'SUM':
+            st.info(f"[SUM] Answer: {df_output[0].astype(float).sum().round(2)}")
+        elif output['aggregator'] == 'AVERAGE':
+            st.info(f"[AVERAGE] Answer: {df_output[0].astype(float).mean().round(2)}")
+        else:
+            st.info(f"Answer is {output['answer']}")
+
+        with st.expander("Raw Output"):
+            st.write(output)
+    return
+
+def nlu_query():
+    from torch_scatter import scatter
+
+    st.header("NLU Query")
+    model_name = 'google/tapas-large-finetuned-wtq'
+    model = TapasForQuestionAnswering.from_pretrained(model_name)
+    tokenizer = TapasTokenizer.from_pretrained(model_name)
+    df = get_dataset().dropna().reset_index().rename(columns={'Name':'Company','EV / 2021 Revenue':'Revenue Multiple','2021 Revenue Growth':'Growth Rate'})
+
+    df['Revenue Multiple'] = df['Revenue Multiple'].round(2).apply(str)
+    df['Growth Rate'] = df['Growth Rate'].round(2).apply(str)
+    df['Gross Margin'] = df['Gross Margin'].round(2).apply(str)
+    df = df[['Company','Revenue Multiple','Growth Rate','Gross Margin']]
+
+    st.table(df)
+    queries = ['How many companies are in the dataset', 'Which company has the highest growth rate?','Which company has the highest gross margin?']
+    st.write(queries)
+    #queries = st.text_area('Ask a question')
+    
+    inputs = tokenizer(table=df, queries=queries, padding='max_length', return_tensors="pt")
+    outputs = model(**inputs)
+    predicted_answer_coordinates, predicted_aggregation_indices = tokenizer.convert_logits_to_predictions(
+        inputs, 
+        outputs.logits.detach(), 
+        outputs.logits_aggregation.detach())
+
+    inputs = tokenizer(table=df, queries=queries, padding='max_length', return_tensors="pt")
+    id2aggregation = {0: "NONE", 1: "SUM", 2: "AVERAGE", 3:"COUNT"}
+    aggregation_predictions_string = [id2aggregation[x] for x in predicted_aggregation_indices]
+
+    answers = []
+    for coordinates in predicted_answer_coordinates:
+        if len(coordinates) == 1:
+            # only a single cell:
+            answers.append(df.iat[coordinates[0]])
+        else:
+            # multiple cells
+            cell_values = []
+            for coordinate in coordinates:
+                cell_values.append(df.iat[coordinate])
+            answers.append(", ".join(cell_values))
+
+    st.write(answers)
+    st.write(aggregation_predictions_string)
+    return
+
+def main():
+    #st.set_page_config(initial_sidebar_state="collapsed")
+    sel = st.sidebar.radio("Menu", ['NLU Question Answer','Summary', 'Workbench'])
+    
+    show_detail = True
+
+    # pre compute three experiments
+    # Experiment 1
+    e1 = Experiment() \
+        .set_fwd_timeline('2021') \
+        .filter('High growth only')
+    e1.regression(reg_x_vars=[e1.rev_g, e1.gm], reg_y_var=e1.rev_mult)
+
+    # Experiment 2
+    e2 = Experiment() \
+        .set_fwd_timeline('2021') \
+        .filter('High growth only')
+    e2.regression(reg_x_vars=[e2.rev_g, 'LTM FCF %'], reg_y_var=e2.rev_mult)
+
+    # Experiment 3
+    e3 = Experiment() \
+        .set_fwd_timeline('2021') \
+        .filter('All (excl. high growth)')
+    e3.regression(reg_x_vars=[e3.rev_g, e3.gm], reg_y_var=e3.rev_mult)
+
+    # Experiment 4
+    e4 = Experiment() \
+        .set_fwd_timeline('2021') \
+        .filter('All (excl. high growth)')
+    e4.regression(reg_x_vars=[e4.rev_g, 'LTM FCF %'], reg_y_var=e4.rev_mult)
+
+    if sel == 'NLU Question Answer':
+        st.title("Query Dataset")
+        return nlu_query_use_api()
+    elif sel == 'Workbench':
+        st.title('Impact of Growth and Margins on Valuation')
+        return workbench(True)
+    else:
+        st.title('Impact of Growth and Margins on Valuation')
+        return summary(e1, e2, e3, e4)
+
+
+if __name__ == "__main__":
+    main()

requirements.txt

@@ -0,0 +1,151 @@
+absl-py==0.15.0
+altair==4.1.0
+appnope==0.1.2
+argh==0.26.2
+argon2-cffi==21.1.0
+astor==0.8.1
+astunparse==1.6.3
+async-generator==1.10
+attrs==21.2.0
+backcall==0.2.0
+backports.functools-lru-cache==1.6.4
+base58==2.1.1
+bleach==4.1.0
+blinker==1.4
+boto3==1.20.2
+botocore==1.23.2
+brotlipy==0.7.0
+cachetools==4.2.4
+certifi==2021.10.8
+cffi==1.14.6
+chardet==4.0.0
+charset-normalizer==2.0.0
+click==7.1.2
+cryptography==35.0.0
+cycler==0.11.0
+dataclasses==0.8
+debugpy==1.5.1
+decorator==5.1.0
+defusedxml==0.7.1
+entrypoints==0.3
+filelock==3.3.2
+flatbuffers==1.12
+gast==0.3.3
+gitdb==4.0.9
+GitPython==3.1.24
+google-auth==1.21.3
+google-auth-oauthlib==0.4.6
+google-pasta==0.2.0
+grpcio==1.37.1
+h5py==2.10.0
+huggingface-hub==0.1.2
+idna==2.10
+importlib-metadata==4.8.2
+importlib-resources==5.4.0
+ipykernel==6.5.0
+ipython==7.29.0
+ipython-genutils==0.2.0
+ipywidgets==7.6.5
+jedi==0.18.0
+Jinja2==3.0.3
+jmespath==0.10.0
+joblib==1.1.0
+jsonschema==4.2.1
+jupyter-client==7.0.6
+jupyter-core==4.9.1
+jupyterlab-pygments==0.1.2
+jupyterlab-widgets==1.0.2
+Keras-Preprocessing==1.1.2
+kiwisolver==1.3.2
+Markdown==3.3.4
+MarkupSafe==2.0.1
+matplotlib==3.4.3
+matplotlib-inline==0.1.3
+mistune==0.8.4
+mkl-fft==1.3.1
+mkl-random==1.2.2
+mkl-service==2.4.0
+nbclient==0.5.5
+nbconvert==6.2.0
+nbformat==5.1.3
+nest-asyncio==1.5.1
+notebook==6.4.5
+numpy==1.21.2
+oauthlib==3.1.1
+olefile==0.46
+opt-einsum==3.3.0
+packaging==21.0
+pandas==1.2.5
+pandocfilters==1.5.0
+parso==0.8.2
+patsy==0.5.2
+pexpect==4.8.0
+pickleshare==0.7.5
+Pillow==8.4.0
+pip==21.2.4
+plotly==5.3.1
+prometheus-client==0.12.0
+prompt-toolkit==3.0.22
+protobuf==3.15.8
+ptyprocess==0.7.0
+pyarrow==3.0.0
+pyasn1==0.4.8
+pyasn1-modules==0.2.7
+pycparser==2.21
+pydeck==0.7.0
+Pygments==2.10.0
+PyJWT==2.3.0
+pyOpenSSL==21.0.0
+pyparsing==3.0.5
+pyrsistent==0.18.0
+PySocks==1.7.1
+python-dateutil==2.8.2
+pytz==2021.3
+pytz-deprecation-shim==0.1.0.post0
+PyYAML==6.0
+pyzmq==22.3.0
+regex==2021.8.3
+requests==2.26.0
+requests-oauthlib==1.3.0
+rsa==4.7.2
+s3transfer==0.5.0
+sacremoses==0.0.43
+scipy==1.7.1
+Send2Trash==1.8.0
+setuptools==58.0.4
+six==1.16.0
+smmap==3.0.5
+statsmodels==0.13.0
+streamlit==1.1.0
+tenacity==8.0.1
+tensorboard==2.4.1
+tensorboard-plugin-wit==1.8.0
+tensorflow==2.4.1
+tensorflow-estimator==2.4.0
+termcolor==1.1.0
+terminado==0.12.1
+testpath==0.5.0
+tokenizers==0.10.3
+toml==0.10.2
+toolz==0.11.2
+torch==1.10.0
+torch-scatter==2.0.9
+torchaudio==0.10.0
+torchvision==0.11.1
+tornado==6.1
+tqdm==4.62.3
+traitlets==5.1.1
+transformers==4.12.3
+typing-extensions==3.10.0.2
+tzdata==2021.5
+tzlocal==4.1
+urllib3==1.26.7
+validators==0.18.2
+watchdog==2.1.6
+wcwidth==0.2.5
+webencodings==0.5.1
+Werkzeug==2.0.1
+wheel==0.37.0
+widgetsnbextension==3.5.2
+wrapt==1.13.3
+zipp==3.6.0