Quarterly Payback Period

Heading

Payback Period	Ticker	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Mongo DB	MDB	0.7 yrs	1.1 yrs	0.8 yrs	0.6 yrs	0.8 yrs	0.4 yrs	0.5 yrs	0.6 yrs	0.8 yrs	1.3 yrs	0.7 yrs	0.6 yrs	0.4 yrs	0.4 yrs	0.4 yrs	0.2 yrs	0.2 yrs
Dropbox	DBX	profitable	profitable	profitable	1.9 yrs	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	no growth	no growth	no growth	no growth	profitable
Zuora	ZUO	1.8 yrs	2.4 yrs	2.8 yrs	7.7 yrs	2.0 yrs	1.8 yrs	1.0 yrs	2.3 yrs	1.8 yrs	1.3 yrs	1.5 yrs	---	---	---	---	---	---
Docusign	DOCU	0.2 yrs	0.4 yrs	0.3 yrs	0.0 yrs	0.1 yrs	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	9.1 yrs	profitable
SmartSheet	SMAR	1.4 yrs	1.2 yrs	0.8 yrs	0.7 yrs	0.6 yrs	0.7 yrs	0.8 yrs	0.7 yrs	0.6 yrs	0.4 yrs	0.2 yrs	---	---	---	---	---	---
Zscaler	ZS	0.8 yrs	---	0.6 yrs	0.5 yrs	0.4 yrs	0.3 yrs	0.3 yrs	0.3 yrs	0.3 yrs	0.2 yrs	0.2 yrs	0.2 yrs	0.2 yrs	0.0 yrs	0.4 yrs	0.4 yrs	0.4 yrs
Momentiv	MNTV	2.5 yrs	2.4 yrs	2.3 yrs	0.5 yrs	10.6 yrs	---	---	---	---	---	---	---	---	---	---	---	---
PagerDuty	PD	1.5 yrs	1.6 yrs	1.4 yrs	1.1 yrs	0.9 yrs	1.5 yrs	1.4 yrs	2.3 yrs	3.2 yrs	2.6 yrs	2.1 yrs	1.4 yrs	1.4 yrs	0.9 yrs	0.4 yrs	profitable	profitable
Zoom Video	ZM	profitable	profitable	profitable	1.7 yrs	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable
Fastly	FSLY	3.5 yrs	3.9 yrs	3.0 yrs	2.2 yrs	3.1 yrs	2.5 yrs	3.1 yrs	2.6 yrs	3.1 yrs	4.7 yrs	4.9 yrs	17.5 yrs	3.6 yrs	2.3 yrs	1.6 yrs	0.9 yrs	0.9 yrs
Crowdstrike	CRWD	0.1 yrs	0.2 yrs	0.3 yrs	0.3 yrs	0.1 yrs	0.1 yrs	profitable	0.0 yrs	profitable	profitable	0.0 yrs	0.1 yrs	0.3 yrs	0.5 yrs	0.4 yrs	0.3 yrs	0.2 yrs
DynaTrace	DT	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	---	---	profitable	profitable	---
Health Catalyst	HCAT	2.0 yrs	3.0 yrs	6.5 yrs	4.2 yrs	5.8 yrs	11.3 yrs	4.2 yrs	6.1 yrs	31.1 yrs	8.9 yrs	9.3 yrs	3.4 yrs	3.6 yrs	4.6 yrs	no growth	---	---
Ping Identity	PING	1.0 yrs	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
DataDog	DDOG	profitable	0.0 yrs	0.2 yrs	0.2 yrs	0.3 yrs	0.2 yrs	0.0 yrs	0.1 yrs	profitable	profitable	profitable	profitable	profitable	0.0 yrs	0.1 yrs	0.1 yrs	0.0 yrs
Cloudflare	NET	0.5 yrs	0.8 yrs	0.6 yrs	0.6 yrs	0.6 yrs	0.8 yrs	0.5 yrs	0.5 yrs	0.5 yrs	0.5 yrs	0.4 yrs	0.4 yrs	0.4 yrs	0.4 yrs	0.2 yrs	0.3 yrs	0.3 yrs
Sprout Social	SPT	0.6 yrs	0.9 yrs	0.9 yrs	0.7 yrs	0.7 yrs	0.8 yrs	1.1 yrs	0.7 yrs	0.8 yrs	0.9 yrs	1.0 yrs	1.1 yrs	1.2 yrs	1.1 yrs	0.9 yrs	0.8 yrs	0.9 yrs
Bill.com	BILL	0.8 yrs	---	0.8 yrs	1.1 yrs	0.5 yrs	3.8 yrs	0.8 yrs	2.7 yrs	2.9 yrs	0.9 yrs	0.6 yrs	0.4 yrs	0.6 yrs	0.5 yrs	0.6 yrs	0.4 yrs	0.3 yrs
Zoominfo	ZI	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	no growth	no growth	no growth	no growth	profitable	profitable	profitable	profitable
Snowflake	SNOW	1.0 yrs	0.9 yrs	0.9 yrs	1.0 yrs	1.4 yrs	1.6 yrs	1.5 yrs	1.5 yrs	1.4 yrs	1.6 yrs	1.6 yrs	1.7 yrs	1.8 yrs	1.4 yrs	1.4 yrs	1.2 yrs	0.9 yrs
Unity Software	U	2.0 yrs	8.2 yrs	6.6 yrs	3.0 yrs	1.4 yrs	0.8 yrs	0.6 yrs	1.3 yrs	no growth	no growth	no growth	no growth	no growth	no growth	5.1 yrs	no growth	2.4 yrs
Sumo Logic	SUMO	2.5 yrs	2.4 yrs	1.6 yrs	6.4 yrs	---	---	---	---	---	---	---	---	---	---	---	---	---
Jfrog	FROG	1.0 yrs	0.1 yrs	1.2 yrs	2.2 yrs	1.4 yrs	1.1 yrs	1.1 yrs	0.9 yrs	0.8 yrs	0.9 yrs	1.0 yrs	1.2 yrs	1.1 yrs	1.1 yrs	0.9 yrs	0.8 yrs	0.6 yrs
Palantir	PLTR	0.4 yrs	0.4 yrs	0.7 yrs	0.2 yrs	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable
Asana	ASAN	2.2 yrs	2.4 yrs	2.5 yrs	2.1 yrs	2.0 yrs	2.6 yrs	2.4 yrs	3.2 yrs	3.4 yrs	4.0 yrs	4.0 yrs	3.9 yrs	4.1 yrs	3.1 yrs	3.3 yrs	---	---
Datto	MSP	profitable	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
PubMatic	PUBM	profitable	profitable	profitable	profitable	11.8 yrs	---	no growth	profitable	profitable	profitable	profitable	profitable	no growth	0.3 yrs	no growth	---	---
C3.ai	AI	2.3 yrs	5.5 yrs	17.9 yrs	---	76.1 yrs	10.6 yrs	8.8 yrs	11.1 yrs	5.6 yrs	159.2 yrs	5.5 yrs	3.9 yrs	---	no growth	no growth	---	---
Certara	CERT	profitable	profitable	profitable	profitable	profitable	profitable	53.0 yrs	10.2 yrs	1.9 yrs	5.4 yrs	0.5 yrs	0.0 yrs	profitable	profitable	profitable	profitable	profitable
Qualtrics	XM	3.0 yrs	2.5 yrs	2.3 yrs	2.4 yrs	3.4 yrs	---	---	---	---	---	---	---	---	---	---	---	---
ON24	ONTF	---	---	---	---	---	---	no growth	no growth	no growth	no growth	no growth	no growth	no growth	no growth	no growth	---	---
Viant	DSP	5.4 yrs	17.1 yrs	---	---	---	0.8 yrs	0.3 yrs	0.5 yrs	0.3 yrs	0.2 yrs	0.0 yrs	profitable	profitable	profitable	profitable	profitable	profitable
Olo	OLO	2.0 yrs	1.2 yrs	1.6 yrs	1.1 yrs	1.8 yrs	2.1 yrs	1.5 yrs	1.4 yrs	1.1 yrs	0.7 yrs	0.6 yrs	0.4 yrs	0.2 yrs	0.3 yrs	---	---	---
DigitalOcean	DOCN	0.4 yrs	0.2 yrs	profitable	0.4 yrs	0.9 yrs	0.0 yrs	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable
SEMrush	SEMR	0.1 yrs	0.5 yrs	0.6 yrs	0.9 yrs	0.8 yrs	0.2 yrs	profitable	0.1 yrs	profitable	profitable	profitable	profitable	profitable	0.0 yrs	0.1 yrs	0.4 yrs	---
UiPath	PATH	2.0 yrs	2.5 yrs	1.6 yrs	0.9 yrs	1.1 yrs	1.7 yrs	0.9 yrs	0.4 yrs	0.9 yrs	1.7 yrs	1.6 yrs	2.3 yrs	1.5 yrs	0.3 yrs	profitable	profitable	0.1 yrs
Alkami	ALKT	1.1 yrs	1.4 yrs	1.4 yrs	0.4 yrs	1.1 yrs	1.2 yrs	1.1 yrs	1.0 yrs	0.9 yrs	0.8 yrs	0.7 yrs	0.6 yrs	0.5 yrs	0.4 yrs	0.5 yrs	0.4 yrs	0.1 yrs
DoubleVerify	DV	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable
SquareSpace	SQSP	1.2 yrs	profitable	profitable	9.1 yrs	profitable	profitable	profitable	profitable	profitable	profitable	---	---	---	---	---	---	---
ZipRecruiter	ZIP	profitable	profitable	profitable	profitable	---	---	no growth	no growth	no growth	no growth	0.1 yrs	no growth	no growth	no growth	no growth	---	---
Procore	PCOR	1.6 yrs	1.5 yrs	1.3 yrs	1.3 yrs	1.3 yrs	1.0 yrs	0.8 yrs	0.9 yrs	0.7 yrs	0.5 yrs	0.6 yrs	0.8 yrs	0.9 yrs	1.1 yrs	0.9 yrs	0.7 yrs	0.5 yrs
Sprinklr	CXM	0.7 yrs	0.7 yrs	0.2 yrs	0.1 yrs	0.1 yrs	profitable	profitable	profitable	profitable	15.4 yrs	profitable	profitable	profitable	profitable	profitable	1.9 yrs	profitable
Zeta Global	ZETA	2.7 yrs	2.5 yrs	1.8 yrs	1.2 yrs	1.7 yrs	1.4 yrs	1.0 yrs	1.1 yrs	1.0 yrs	0.6 yrs	0.3 yrs	0.2 yrs	0.2 yrs	0.1 yrs	0.0 yrs	profitable	profitable
Doximity	DOCS	---	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable
Confluent	CFLT	2.3 yrs	2.3 yrs	2.4 yrs	2.0 yrs	3.5 yrs	2.4 yrs	2.2 yrs	2.7 yrs	2.5 yrs	2.2 yrs	2.0 yrs	2.2 yrs	1.9 yrs	2.8 yrs	2.0 yrs	---	---
SentinelOne	S	2.2 yrs	1.9 yrs	1.8 yrs	1.5 yrs	2.1 yrs	2.1 yrs	1.7 yrs	1.9 yrs	1.6 yrs	1.6 yrs	1.8 yrs	1.6 yrs	2.0 yrs	2.0 yrs	1.7 yrs	1.8 yrs	1.6 yrs
EverCommerce	EVCM	0.3 yrs	0.2 yrs	0.2 yrs	0.1 yrs	0.3 yrs	profitable	profitable	profitable	profitable	profitable	profitable	profitable	0.2 yrs	0.2 yrs	0.3 yrs	0.6 yrs	profitable
Couchbase	BASE	2.7 yrs	1.4 yrs	2.0 yrs	2.2 yrs	3.7 yrs	5.3 yrs	2.6 yrs	2.5 yrs	2.0 yrs	2.5 yrs	3.7 yrs	4.2 yrs	3.6 yrs	3.3 yrs	---	---	---
Kaltura	KLTR	3.2 yrs	51.7 yrs	---	profitable	profitable	4.8 yrs	2.8 yrs	48.3 yrs	9.1 yrs	no growth	9.7 yrs	profitable	profitable	no growth	no growth	---	---
Blend Labs	BLND	1.8 yrs	2.4 yrs	---	95.9 yrs	---	---	no growth	no growth	no growth	no growth	3.7 yrs	2.8 yrs	profitable	profitable	no growth	profitable	1.1 yrs
MeridianLink	MLNK	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	---	---	---
Powerschool Holdings	PWSC	0.1 yrs	0.1 yrs	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	---	---	---	---	---	---	---
Fresh Works	FRSH	1.4 yrs	2.0 yrs	1.8 yrs	1.8 yrs	2.1 yrs	1.8 yrs	1.6 yrs	1.6 yrs	1.4 yrs	1.3 yrs	1.2 yrs	1.0 yrs	0.9 yrs	0.7 yrs	0.4 yrs	profitable	profitable
Definitive Healthcare	DH	0.8 yrs	0.8 yrs	0.7 yrs	0.6 yrs	1.3 yrs	2.0 yrs	1.0 yrs	1.6 yrs	2.7 yrs	27.3 yrs	no growth	profitable	no growth	no growth	no growth	---	---
ForgeRock	FORG	2.2 yrs	6.0 yrs	0.9 yrs	1.3 yrs	1.7 yrs	---	---	---	---	---	---	---	---	---	---	---	---
Amplitude	AMPL	1.1 yrs	1.3 yrs	1.4 yrs	1.2 yrs	2.0 yrs	3.0 yrs	1.9 yrs	3.4 yrs	3.5 yrs	3.3 yrs	4.9 yrs	3.7 yrs	3.2 yrs	2.3 yrs	1.9 yrs	1.6 yrs	1.6 yrs
Gitlab	GTLB	1.1 yrs	1.5 yrs	1.2 yrs	0.9 yrs	1.5 yrs	1.4 yrs	1.1 yrs	1.1 yrs	1.1 yrs	1.0 yrs	1.3 yrs	0.6 yrs	0.7 yrs	0.5 yrs	0.3 yrs	0.5 yrs	0.3 yrs
Enfusion	ENFN	1.3 yrs	0.4 yrs	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	profitable	---	---	---	---	---
avidxchange	AVDX	1.3 yrs	1.2 yrs	1.3 yrs	1.3 yrs	1.1 yrs	1.3 yrs	0.6 yrs	0.7 yrs	0.5 yrs	0.4 yrs	0.2 yrs	0.1 yrs	0.3 yrs	0.6 yrs	---	---	---
Informatica	INFA	profitable	0.3 yrs	profitable	profitable	10.0 yrs	1.3 yrs	profitable	0.1 yrs	profitable	profitable	profitable	2.0 yrs	profitable	profitable	---	---	---
BackBlaze	BLZE	2.9 yrs	2.4 yrs	2.4 yrs	2.8 yrs	4.1 yrs	4.6 yrs	5.3 yrs	2.2 yrs	1.9 yrs	1.6 yrs	1.5 yrs	2.7 yrs	2.4 yrs	2.1 yrs	1.8 yrs	1.5 yrs	1.1 yrs
Expensify	EXFY	0.5 yrs	0.5 yrs	1.1 yrs	0.1 yrs	---	---	no growth	no growth	no growth	no growth	no growth	no growth	0.1 yrs	1.1 yrs	no growth	---	---
Weave	WEAV	1.8 yrs	2.1 yrs	2.0 yrs	1.4 yrs	1.4 yrs	1.4 yrs	1.0 yrs	1.2 yrs	1.1 yrs	1.0 yrs	1.0 yrs	0.8 yrs	0.8 yrs	0.9 yrs	0.8 yrs	0.8 yrs	0.8 yrs
Braze	BRZE	1.3 yrs	1.1 yrs	1.2 yrs	1.1 yrs	1.7 yrs	1.2 yrs	1.1 yrs	1.1 yrs	1.1 yrs	1.1 yrs	1.2 yrs	1.0 yrs	1.1 yrs	1.0 yrs	0.9 yrs	0.8 yrs	0.7 yrs
UserTesting	USER	1.0 yrs	1.5 yrs	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Hashicorp	HCP	2.3 yrs	2.0 yrs	1.8 yrs	1.4 yrs	1.8 yrs	2.8 yrs	2.7 yrs	3.1 yrs	2.8 yrs	2.4 yrs	1.7 yrs	---	---	---	---	---	---
Samsara	IOT	1.3 yrs	1.3 yrs	1.1 yrs	0.9 yrs	1.2 yrs	1.0 yrs	0.8 yrs	0.7 yrs	0.8 yrs	0.7 yrs	1.0 yrs	0.5 yrs	0.5 yrs	0.3 yrs	0.1 yrs	0.2 yrs	0.0 yrs
Klaviyo	KVYO	---	---	---	---	---	---	---	0.3 yrs	0.4 yrs	1.4 yrs	0.1 yrs	0.3 yrs	0.3 yrs	0.4 yrs	0.3 yrs	0.2 yrs	0.1 yrs
Rubrik	RBRK	---	---	---	---	---	---	---	---	---	1.1 yrs	1.3 yrs	1.2 yrs	1.4 yrs	1.0 yrs	0.6 yrs	0.6 yrs	0.7 yrs
Waystar	WAY	---	---	---	---	---	---	---	---	---	profitable	profitable	profitable	---	---	---	---	profitable
Onestream	OS	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
ServiceTitan	TTAN	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	0.7 yrs
Sailpoint	SAIL	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	1.0 yrs
Figma	FIG	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Netskope	NTSK	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---



MEDIAN		1.3 yrs	1.4 yrs	1.3 yrs	1.1 yrs	1.4 yrs	1.4 yrs	1.1 yrs	1.2 yrs	1.3 yrs	1.3 yrs	1.2 yrs	1.1 yrs	0.94 yrs	0.67 yrs	0.58 yrs	0.62 yrs	0.66 yrs


Active Companies		66	64	64	64	63	61	61	61	62	64	62	60	58	60	57	47	44
Profitable		12	11	15	12	14	17	19	23	16	21	22	24	14	18	19	22	16