SaaS Financial Model Strictly Confidential

Table of Contents

Monthly Schedule
Financial Model

© 2015 to 2024 CFI Education Inc.

This Excel model is for educational purposes only and should not be used for any other reason. All content is Copyright material of CFI Education Inc.
All rights reserved. The contents of this publication, including but not limited to all written material, content layout, images, formulas, and code, are protected
under international copyright and trademark laws. No part of this publication may be modified, manipulated, reproduced, distributed, or transmitted in any
form by any means, including photocopying, recording, or other electronic or mechanical methods, without prior written permission of the publisher,
except in the case of certain noncommercial uses permitted by copyright law.

https://corporatefinanceinstitute.com/
Assumptions

Customer Churn rate 3%

Average months paid upfront ###
Renewal rate 95%
ARPA (Average Revenue per Account per Month)- New A 100

Customer Churn rate 3%

Average months paid upfront ###
Renewal rate 95%
ARPA (Average Revenue per Account per Month)- New A 100

Customer Churn rate 3%

Average months paid upfront ###
Renewal rate 95%
ARPA (Average Revenue per Account per Month)- New A 100

2017F Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17
Number of customer accounts
Opening balance 100 107 114 120 127 133 139 145 150 156
New customer additions 10 10 10 10 10 10 10 10 10 10
Customer churn (3) (3) (3) (4) (4) (4) (4) (4) (5) (5)
Total number of customer accounts 107 114 120 127 133 139 145 150 156 161

MRR opening balance 10,000 10,850 11,687 12,512 13,324 14,124 14,913 15,689 16,454 17,207
New MRR 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Churned MRR (200) (217) (234) (250) (266) (282) (298) (314) (329) (344)
Expansion MRR 50 54 58 63 67 71 75 78 82 86
Net MRR 10,850 11,687 12,512 13,324 14,124 14,913 15,689 16,454 17,207 17,949
% growth 8% 7% 6% 6% 6% 5% 5% 5% 4%

ARPA (Average Revenue per Account per Month) - across installed 101 103 104 105 106 107 108 109 110 111

% MRR Churn Rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
% MRR Expansion Rate 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
% Net MRR Churn Rate 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%

Subscription billings 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000

Annualized run rate in 2017 182,787

Subscription billings in 2017 144,000

2018F Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18
Number of customer accounts
Opening balance 171 181 191 200 209 218 226 235 242 250
New customer additions 15 15 15 15 15 15 15 15 15 15
Customer churn (5) (5) (6) (6) (6) (7) (7) (7) (7) (8)
Total number of customer accounts 181 191 200 209 218 226 235 242 250 258

MRR opening balance 19,399 20,608 21,799 22,972 24,128 25,266 26,387 27,491 28,578 29,650
New MRR 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500
Churned MRR (388) (412) (436) (459) (483) (505) (528) (550) (572) (593)
Expansion MRR 97 103 109 115 121 126 132 137 143 148
Net MRR 20,608 21,799 22,972 24,128 25,266 26,387 27,491 28,578 29,650 30,705
% growth 6% 5% 5% 5% 4% 4% 4% 4% 4%

ARPA (Average Revenue per Account per Month) - across installed 114 114 115 115 116 117 117 118 118 119

% MRR Churn Rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
% MRR Expansion Rate 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
% Net MRR Churn Rate 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%

Subscription billings 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000 18,000

Annualized run rate in 2018 322,096

Subscription billings in 2018 216,000

2019F Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19
Number of customer accounts
Opening balance 272 284 295 306 317 328 338 348 357 367
New customer additions 20 20 20 20 20 20 20 20 20 20
Customer churn (8) (9) (9) (9) (10) (10) (10) (10) (11) (11)
Total number of customer accounts 284 295 306 317 328 338 348 357 367 376

MRR opening balance 32,768 34,277 35,763 37,226 38,668 40,088 41,486 42,864 44,221 45,558
New MRR 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
Churned MRR (655) (686) (715) (745) (773) (802) (830) (857) (884) (911)
Expansion MRR 164 171 179 186 193 200 207 214 221 228
Net MRR 34,277 35,763 37,226 38,668 40,088 41,486 42,864 44,221 45,558 46,875
% growth 4% 4% 4% 4% 3% 3% 3% 3% 3%
ARPA (Average Revenue per Account per Month) - across installed 121 121 121 122 122 123 123 124 124 125

% MRR Churn Rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
% MRR Expansion Rate 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
% Net MRR Churn Rate 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%

Subscription billings 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 35,400 35,400

Annualized run rate in 2019 504,645

Subscription billings in 2019 333,600

2020F Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20
Number of customer accounts
Opening balance 393 406 419 431 443 455 466 477 488 498
New customer additions 25 25 25 25 25 25 25 25 25 25
Customer churn (12) (12) (13) (13) (13) (14) (14) (14) (15) (15)
Total number of customer accounts 406 419 431 443 455 466 477 488 498 509

MRR opening balance 49,449 51,207 52,939 54,645 56,325 57,980 59,611 61,216 62,798 64,356
New MRR 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500
Churned MRR (989) (1,024) (1,059) (1,093) (1,127) (1,160) (1,192) (1,224) (1,256) (1,287)
Expansion MRR 247 256 265 273 282 290 298 306 314 322
Net MRR 51,207 52,939 54,645 56,325 57,980 59,611 61,216 62,798 64,356 65,891
% growth 3% 3% 3% 3% 3% 3% 3% 2% 2%

ARPA (Average Revenue per Account per Month) - across installed 126 126 127 127 127 128 128 129 129 130

% MRR Churn Rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
% MRR Expansion Rate 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
% Net MRR Churn Rate 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%

Subscription billings 41,400 41,400 41,400 41,400 41,400 41,400 41,400 41,400 47,100 47,100

Annualized run rate in 2020 723,263

Subscription billings in 2020 656,400

2021F Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21
Number of customer accounts
Opening balance 528 542 556 569 582 594 607 618 630 641
New customer additions 30 30 30 30 30 30 30 30 30 30
Customer churn (16) (16) (17) (17) (17) (18) (18) (19) (19) (19)
Total number of customer accounts 542 556 569 582 594 607 618 630 641 652

MRR opening balance 68,892 70,858 72,795 74,703 76,583 78,434 80,258 82,054 83,823 85,566
New MRR 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000
Churned MRR (1,378) (1,417) (1,456) (1,494) (1,532) (1,569) (1,605) (1,641) (1,676) (1,711)
Expansion MRR 344 354 364 374 383 392 401 410 419 428
Net MRR 70,858 72,795 74,703 76,583 78,434 80,258 82,054 83,823 85,566 87,282
% growth 3% 3% 3% 2% 2% 2% 2% 2% 2%

ARPA (Average Revenue per Account per Month) - across installed 131 131 131 132 132 132 133 133 133 134

% MRR Churn Rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
% MRR Expansion Rate 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
% Net MRR Churn Rate 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%

Subscription billings 53,100 53,100 53,100 53,100 53,100 53,100 53,100 53,100 58,800 58,800

Annualized run rate in 2021 971,966

Subscription billings in 2021 865,200

2022F Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22
Number of customer accounts
Opening balance 672 687 702 715 729 742 755 767 779 791
New customer additions 35 35 35 35 35 35 35 35 35 35
Customer churn (20) (21) (21) (21) (22) (22) (23) (23) (23) (24)
Total number of customer accounts 687 702 715 729 742 755 767 779 791 802

MRR opening balance 90,638 92,779 94,887 96,964 99,009 101,024 103,009 104,964 106,889 108,786
New MRR 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500
Churned MRR (1,813) (1,856) (1,898) (1,939) (1,980) (2,020) (2,060) (2,099) (2,138) (2,176)
Expansion MRR 453 464 474 485 495 505 515 525 534 544
Net MRR 92,779 94,887 96,964 99,009 ### ### ### ### ### ###
% growth 2% 2% 2% 2% 2% 2% 2% 2% 2%

ARPA (Average Revenue per Account per Month) - across installed 135 135 136 136 136 136 137 137 138 138

% MRR Churn Rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
% MRR Expansion Rate 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
% Net MRR Churn Rate 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
Subscription billings 64,800 64,800 64,800 64,800 64,800 64,800 64,800 64,800 70,500 70,500

Annualized run rate in 2022 ###

Subscription billings in 2022 ###
Nov-17 Dec-17

161 166
10 10
(5) (5)
166 171

17,949 18,679
1,000 1,000
(359) (374)
90 93
18,679 19,399
4% 4%

112 113

2.0% 2.0%
0.5% 0.5%
1.5% 1.5%

12,000 12,000

Nov-18 Dec-18

258 265
15 15
(8) (8)
265 272

30,705 31,744
1,500 1,500
(614) (635)
154 159
31,744 32,768
3% 3%

120 120

2.0% 2.0%
0.5% 0.5%
1.5% 1.5%

18,000 18,000

Nov-19 Dec-19

376 384
20 20
(11) (12)
384 393

46,875 48,171
2,000 2,000
(937) (963)
234 241
48,171 49,449
3% 3%
 125 126

2.0% 2.0%
0.5% 0.5%
1.5% 1.5%

35,400 35,400

Nov-20 Dec-20

509 518
25 25
(15) (16)
518 528

65,891 67,403
2,500 2,500
(1,318) (1,348)
329 337
67,403 68,892
2% 2%

130 131

2.0% 2.0%
0.5% 0.5%
1.5% 1.5%

47,100 47,100

Nov-21 Dec-21

652 662
30 30
(20) (20)
662 672

87,282 88,973
3,000 3,000
(1,746) (1,779)
436 445
88,973 90,638
2% 2%

134 135

2.0% 2.0%
0.5% 0.5%
1.5% 1.5%

58,800 58,800

Nov-22 Dec-22

802 813
35 35
(24) (24)
813 824

110,654 112,494
3,500 3,500
(2,213) (2,250)
553 562
### ###
2% 2%

138 139

2.0% 2.0%
0.5% 0.5%
1.5% 1.5%
70,500 70,500
Other assumptions

2017F 2018F 2019F 2020F 2021F 2022F

Total number of customer accounts 171 272 393 528 672 824

Subscription billings 144,000 216,000 333,600 656,400 865,200 1,117,320

Average bill size for professional services and other 50 50 50 50 50 50
Professional services and other billings 8,572 13,601 19,643 26,385 33,615 41,183
Total billings 152,572 229,601 353,243 682,785 898,815 1,158,503

Revenue

Subscription revenue 182,787 322,096 504,645 723,263 971,966 1,245,765

Professional services and other revenue 8,572 13,601 19,643 26,385 33,615 41,183

Cost of revenue

Cost of subscription revenue 27,418 48,314 75,697 108,489 145,795 186,865

% of subscription revenue 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%
Cost of professional services and other revenue 7,286 11,561 16,696 22,428 28,573 35,005
% of professional services and other revenue 85.0% 85.0% 85.0% 85.0% 85.0% 85.0%

Sales and marketing expenses

Sales and marketing staff headcount 45 63 76 85 91 95

New accounts per headcount 1.59 1.59 1.59 1.59 1.59 1.59
Salary (fixed component) 1,000 1,000 1,000 1,000 1,000 1,000
Fixed component of sales and marketing expen 45,000 63,366 76,109 84,950 91,085 95,341

Commission rate 5%
Total commissions (including deferred portion) 7,629 11,480 17,662 34,139 44,941 57,925
Annual commission expense (excludes deferred porti 9,139 16,105 25,232 36,163 48,598 62,288

Total sales and marketing expense 54,139 79,471 101,341 121,113 139,683 157,630

Research and development expenses

Research and development headcount 15 20 25 30 35 40

Salary (fixed component) 1,500 1,500 1,500 1,500 1,500 1,500
Personnel related research and development e 22,500 30,000 37,500 45,000 52,500 60,000
Data center and infrastructure related costs 100 100 100 100 100 100
Total research and development expense 22,600 30,100 37,600 45,100 52,600 60,100

General and administrative expenses

General and administrative headcount 8 9 10 11 12 13

Salary (fixed component) 1,000 1,000 1,000 1,000 1,000 1,000
Personnel related research and development e 8,000 9,000 10,000 11,000 12,000 13,000
Rental expense and other 100 100 100 100 100 100
Total research and development expense 8,100 9,100 10,100 11,100 12,100 13,100

Balance sheet items

Number of days in a year 365

Current Assets
Accounts Receivable Days (billings based) 45 45 45 45 45 45
Prepaid expenses and other (% of revenue) 15% 15% 15% 15% 15% 15%

Liabilities
Accounts Payable Days 10 10 10 10 10 10

Capital Expenditures
Technology 500 200 200 200 200 200
Property and equipment 500 200 200 200 200 200

Depreciation
Technology - Straight-line Years 5 5 5 5 5 5
Property and Equipment - Straight-line Years 5 5 5 5 5 5

Financing
Interest Rate 3% 3% 3% 3% 3% 3%
Debt Issued (Repaid) 5,000 - - - - -
Equity Raised (Repurchased) 50,000 - - - - -
Dividends Paid - - - - - -

Valuation
Tax Rate 30% 30% 30% 30% 30% 30%
WACC 10%
Terminal uFCF Multiple 11.0x

Income Statement

2017F 2018F 2019F 2020F 2021F 2022F

Subscription revenue 182,787 322,096 504,645 723,263 971,966 1,245,765

Professional services and other revenue 8,572 13,601 19,643 26,385 33,615 41,183
Total revenue 191,358 335,697 524,288 749,648 1,005,581 1,286,947
% growth 75% 56% 43% 34% 28%
Cost of revenue 34,704 59,876 92,393 130,917 174,368 221,870
Gross profit 156,654 275,822 431,895 618,731 831,214 1,065,077
% margin 82% 82% 82% 83% 83% 83%
Sales and marketing 54,139 79,471 101,341 121,113 139,683 157,630
% of revenue 35% 29% 23% 20% 17% 15%
Research and development 22,600 30,100 37,600 45,100 52,600 60,100
% of revenue 12% 9% 7% 6% 5% 5%
General and administrative 8,100 9,100 10,100 11,100 12,100 13,100
% of revenue 4% 3% 2% 1% 1% 1%
EBITDA 71,815 157,151 282,854 441,418 626,830 834,248
% margin 38% 47% 54% 59% 62% 65%

Depreciation and amortization 800 1,600 2,400 3,200 4,000 4,000

Interest 150 150 150 150 150 150
Earnings Before Tax 70,865 155,401 280,304 438,068 622,680 830,098

Taxes 21,260 46,620 84,091 131,420 186,804 249,029

Net Income 49,606 108,781 196,213 306,648 435,876 581,068

Dividends paid - - - - - -

Balance sheet

2017F 2018F 2019F 2020F 2021F 2022F

ASSETS
Current
Cash 17,566 (7,982) (19,485) 148,146 417,080 801,147
Accounts Receivable 18,810 28,307 43,550 84,179 110,813 142,829
Deferred commissions (1,511) (6,135) (13,706) (15,729) (19,387) (23,750)
Prepaid expenses and other current assets 28,704 50,355 78,643 112,447 150,837 193,042
Total Current Assets 63,570 64,544 89,003 329,043 659,343 1,113,268
Technology 1,600 2,800 3,600 4,000 4,000 4,000
Property & Equipment 1,600 2,800 3,600 4,000 4,000 4,000
Total Assets 66,770 70,144 96,203 337,043 667,343 1,121,268

LIABILITIES & SHAREHOLDER EQUITY

Liabilities
Current
Accounts Payable 951 1,640 2,531 3,587 4,777 6,079
Deferred Revenue (38,787) (144,883) (315,928) (382,791) (489,557) (618,002)
Total Current Liabilities (37,836) (143,242) (313,397) (379,204) (484,780) (611,923)
Debt 5,000 5,000 5,000 5,000 5,000 5,000
Total Liabilities (32,836) (138,242) (308,397) (374,204) (479,780) (606,923)
Shareholder Equity
Share Capital 50,000 50,000 50,000 50,000 50,000 50,000
Retained Earnings 49,606 158,386 354,599 661,247 1,097,123 1,678,191
Total Shareholder Equity 99,606 208,386 404,599 711,247 1,147,123 1,728,191
Total Liabilities & Shareholder Equity 66,770 70,144 96,203 337,043 667,343 1,121,268

Check: - - - - - -

Cash flow statement

2017F 2018F 2019F 2020F 2021F 2022F

Cash Flow from Operating Activities
Net Income 49,606 108,781 196,213 306,648 435,876 581,068
Depreciation 800 1,600 2,400 3,200 4,000 4,000
Changes in non cash working capital
Accounts Receivable (18,810) (9,497) (15,243) (40,629) (26,634) (32,016)
Deferred Commissions 1,511 4,625 7,570 2,024 3,658 4,363
Prepaid expenses and other (28,704) (21,651) (28,289) (33,804) (38,390) (42,205)
Accounts Payable 951 690 891 1,055 1,190 1,301
Deferred Revenue (38,787) (106,096) (171,045) (66,863) (106,766) (128,445)
Cash Flow from Operating Activities (33,434) (21,548) (7,504) 171,631 272,934 388,067

Cash Flow from Investing Activities

Capital Expenditures (4,000) (4,000) (4,000) (4,000) (4,000) (4,000)
Cash Flow from Investing Activities (4,000) (4,000) (4,000) (4,000) (4,000) (4,000)

Cash Flow from Financing Activities

Increase (decrease) in Debt 5,000 - - - - -
Equity Issued (repurchased) 50,000 - - - - -
Dividends Paid - - - - - -
Cash Flow from Financing Activities 55,000 - - - - -

Total Cash Flow 17,566 (25,548) (11,504) 167,631 268,934 384,067

Opening cash balance - 17,566 (7,982) (19,485) 148,146 417,080

Increase (Decrease) 17,566 (25,548) (11,504) 167,631 268,934 384,067
Closing cash balance 17,566 (7,982) (19,485) 148,146 417,080 801,147

Depreciation and amortization schedule

2017F 2018F 2019F 2020F 2021F 2022F

Technology
Opening balance – - 1,600 2,800 3,600 4,000 4,000
Capital expenditure 2,000 2,000 2,000 2,000 2,000 2,000
Depreciation and amortization (400) (800) (1,200) (1,600) (2,000) (2,000)
Closing balance 1,600 2,800 3,600 4,000 4,000 4,000

Technology
2017 400 400 400 400 400 -
2018 - 400 400 400 400 400
2019 - - 400 400 400 400
2020 - - - 400 400 400
2021 - - - - 400 400
2022 - - - - - 400
Total 400 800 1,200 1,600 2,000 2,000

Property and Equipment

Opening balance – - 1,600 2,800 3,600 4,000 4,000
Capital expenditure 2,000 2,000 2,000 2,000 2,000 2,000
Depreciation and amortization (400) (800) (1,200) (1,600) (2,000) (2,000)
Closing balance 1,600 2,800 3,600 4,000 4,000 4,000

Property and Equipment

2017 400 400 400 400 400 -
2018 - 400 400 400 400 400
2019 - - 400 400 400 400
2020 - - - 400 400 400
2021 - - - - 400 400
2022 - - - - - 400
Total 400 800 1,200 1,600 2,000 2,000

Debt schedule
Opening balance - 5,000 5,000 5,000 5,000 5,000
Issuance / (repayment) of debt 5,000 - - - - -
Closing balance 5,000 5,000 5,000 5,000 5,000 5,000

Interest on debt 150 150 150 150 150 150

Metrics

2017F 2018F 2019F 2020F 2021F 2022F

% MRR Churn Rate 2% 2% 2% 2% 2% 2%

Lifetime value (LTV) 4,093 4,108 4,119 4,127 4,133 4,138

Customer acquisition cost (CAC) 758 790 839 898 966 1,041
LTV : CAC ratio 5.4x 5.2x 4.9x 4.6x 4.3x 4.0x
Months to recover customer acquisition costs 9.26 9.62 10.18 10.88 11.69 12.58

Valuation

2017F 2018F 2019F 2020F 2021F 2022F

EBIT 71,015 155,551 280,454 438,218 622,830 830,248

Tax effected EBIT 49,711 108,886 196,318 306,753 435,981 581,173
Plus: Depreciation and amortization 800 1,600 2,400 3,200 4,000 4,000
Less: Capital Expenditures (4,000) (4,000) (4,000) (4,000) (4,000) (4,000)
Plus: Changes in Deferred Revenue (38,787) (106,096) (171,045) (66,863) (106,766) (128,445)
Less: Changes in Deferred Commissions 1,511 4,625 7,570 2,024 3,658 4,363
Less: Changes in Non Deferred Working Capital (46,563) (30,458) (42,641) (73,377) (63,833) (72,920)
Unlevered free cash flow (37,329) (25,443) (11,399) 167,736 269,039 384,172

Terminal value ###

Present value of uFCF 434,947

Present value of Terminal Value ###
Enterprise value ###
Plus: Cash 17,566
Less: Debt (5,000)
Equity value ###

2018E Enterprise value / uFCF -110.8x

2019E Enterprise value / uFCF -247.4x

Sensitivity analysis (Implied Enterprise Value)

Illustrative WACC
8% 9% 10% 11% 12% 13%
9.0x
Terminal uFCF
Illustrative

10.0x
multiple

11.0x
12.0x
13.0x
14.0x