EX-99.1 2 healthcatalyst_jpmovervi.htm EX-99.1
Overview Presentation January 2023

© Health Catalyst. Confidential and proprietary. 2 Disclaimer This presentation and the accompanying oral presentation, if any, contain forward-looking statements. All statements other than statements of historical fact contained in this presentation, including statements as to future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of Health Catalyst, Inc. and its subsidiaries (“Health Catalyst” or the “Company”), market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “expect,” “plan,” “anticipate,” “intend,” “target,” “project,” “predicts,” “shall,” “potential,” “explore” or “continues” or the negative of these terms or other similar words. Health Catalyst has based these forward-looking statements largely on its current expectations and assumptions and on information available as of the date of this presentation. The Company assumes no obligation to update any forward-looking statements or any other information included in this presentation after the date of this presentation, except as required by law. The forward-looking statements contained in this presentation and the accompanying oral presentation are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and other factors include, but are not limited to, those related to our business and financial performance, the impact of macroeconomic challenges (including inflation) or public health emergencies, such as the COVID-19 pandemic, on our business and results of operations, our ability to attract and retain customers, our ability to develop new products and services and enhance existing products and services, our ability to respond rapidly to emerging technology trends, our ability to execute on our business strategy, our ability to compete effectively and our ability to manage growth. These risks and uncertainties may also include those described under the heading “Risk Factors” and elsewhere in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q on file with the Securities and Exchange Commission (the “SEC”) and our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. In addition to the Company’s GAAP financial information, this presentation may include certain non-GAAP financial measures. The non-GAAP measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We urge you to review the reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measures set forth in in the Company’s most recent Annual Report on form 10-K and Quarterly Report on Form 10-Q on file with the SEC and our other filings with the SEC, and not to rely on any single financial measure to evaluate our business. This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other industry data. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The Company has not independently verified the statistical and other industry data generated by independent parties and contained in this presentation and, accordingly, it cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of its future performance and the future performance of the markets in which it competes are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results or outcomes to differ materially from those expressed in the estimates made by the independent parties and by Health Catalyst. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

© Health Catalyst. Confidential and proprietary. 3 Health Catalyst Overview Analytics Applications Data Platform Integrate data in a flexible, open, and scalable platform Deliver insights on how to measurably improve Enable and accelerate data-informed improvement Components of Our Solution Services Expertise 1 2 3 We are a leading provider of data and analytics technology and services to healthcare organizations Our clients, which are primarily healthcare providers, use our Solution to manage their data, derive analytical insights to operate their organizations, and produce measurable clinical, financial, and operational improvements

© Health Catalyst. Confidential and proprietary. 4 Our mission is to be the catalyst for massive, measurable, data-informed healthcare improvement Our flywheel represents how we accomplish our mission—our company strategy

© Health Catalyst. Confidential and proprietary. 5 Investment Highlights Recognized industry leader in healthcare data & analytics Comprehensive solution: data platform, analytics applications & services expertise Measurable clinical, financial & operational improvements World-class team member engagement Attractive operating model $8B(2) TAM ~$1T (1) WASTE ~10-100 TBs / CLIENT >525 ANALYTICS & DOMAIN EXPERTS >90%(3) RECURRING REVENUE 20%+(4) LONG-TERM REVENUE GROWTH TARGET 76 BEST PLACE TO WORK AWARDS 95th-99th PERCENTILE ENGAGEMENT 102%-112%(5) DOLLAR-BASED RETENTION RATE 12 APP SUITES + LIBRARY >300 DATA SOURCES $1.5B IMPROVEMENTS CLIENT CASE STUDIES 6/YR  25/YR 300+ (1) According to estimates in 2019. Research estimates 25% of U.S. healthcare spending is wasteful in nature, implying approximately $1 trillion of waste amongst $3.8 trillion of total healthcare expenditure in 2019 (2) As of March 2019 (3) In 2021 (4) Long-term annual revenue growth goal. Given the unknown timeline, impact and near-term uncertainty of macroeconomic challenges (including inflation) and public health emergencies (including the COVID-19 pandemic), we are unable to predict the extent to which such challenges and emergencies may adversely impact our business operations, financial performance, and results of operations. Please refer to our recent earnings releases and our associated Form 10-K and Form 10-Q for more details on these risks. (5) Overall range from 2017 – 2021 for DOS Subscription Customers, as further defined in our Form 10-K (e.g., excludes clients acquired in Medicity, Able Health, Healthfinch, Vitalware, Twistle, KPI Ninja and ARMUS acquisitions and other non-DOS Subscription Customers). 2020 performance of 102% impacted by COVID-19 pandemic. (6) Estimated for FY 2023. (7) Bookings metrics results for FY 2022 (DOS subscription customers' dollar-based retention rate and net new DOS subscription customers) were generally consistent with management’s guidance for FY 2022 shared on the Q3 2022 earnings call on November 8, 2022. FY2023E(6) Adj. EBITDA POSITIVE

© Health Catalyst. Confidential and proprietary. 6 The Problems Health Systems Face (1) According to estimates in 2019. Research estimates 25% of U.S. healthcare spending is wasteful in nature, implying approximately $1 trillion of waste amongst $3.8 trillion of total healthcare expenditure in 2019 Waste Changing Economics Data Complexity  A volume-based US healthcare reimbursement model with $1 trillion/year of overspend(1)  This has led insurers to change to a value-based reimbursement model, but this will take time  During the next few decades, both margin pressure and the move to value-based care present economic complexity and change that require data, analytics & improvement expertise Time and Attendance Pharmacy Genomic Human Resources & Payroll Wearables and Monitoring Devices Socioeconomic Healthcare Information Exchange Radiology Patient Reported Outcomes Costing Claims General Ledger Patient Satisfaction Supply Chain Hospital Billing EMR (inpatient) EMR (ambulatory) Professional Billing EMR (post-acute) Clinical Specialty Systems Laboratory Managing this long-term complexity requires advanced capabilities in data, analytics & improvement

© Health Catalyst. Confidential and proprietary. 7 Blue Chip Client Base >500 clients(1) include academic medical centers, integrated delivery networks, community hospitals, large physician practices, ACOs, health information exchanges, health insurers, and other risk-bearing entities (1) 2022 figure; total clients inclusive of DOS Subscription and Other customers Note: Representative client list

© Health Catalyst. Confidential and proprietary. 8 Externally-Validated Industry Leadership Broad Recognition Chilmark Healthcare Analytics Report(1) 2019 Highest Client Satisfaction KLAS Evangelism Score(2) HIT Average Vendor Product Grade Market Grade Allscripts B+ B Arcadia A- A- Athenahealth B+ B+ CareEvolution A- A- Cerner A A- Change Healthcare B- B- eCW C+ B- Epic A A Forward Health Group B- B Health Catalyst A A HealthEC B+ C+ IBM Watson Health B B- Innovaccer B- C+ Lightbeam B- B MedeAnalytics B B Medecision C C- MEDITECH B C+ NextGen B B+ Optum B+ B+ Philips C+ C+ SCIO-EXL C+ C- SpectraMedix C C+ SPH Analytics B- B- ~2x the HIT average (1) © 2019 Chilmark Research. Source: 2019 Provider Analytics Market Trends Report. (2) Similar to a net promoter score, as of 12/31/21. Overall evangelism score is an average of each Health Catalyst solution’s average evangelism scores. 60 35

© Health Catalyst. Confidential and proprietary. Comprehensive Solution for Data-informed Improvement 9 Tech-Enabled Outsourcing (Abstraction, Analytics, etc.) Domain Expertise & Education Services (Analytics, Clinical, Financial, and Operational) Analytics Applications: A robust set of applications, built on top of DOS, that generate meaningful insights for improvement2 Data and Analytics Platform (DOSTM) : A healthcare-specific, open, flexible, scalable and self-service platform for analytics, app development & interoperability1 Services and Improvement Expertise: Analytical, clinical, financial, and operational experts facilitate and accelerate measurable improvement3 Analytics Services (Data Analysts, Data Scientists, and Data Engineers) Benchmarking Data (Touchstone) Activity-based Costing (PowerCosting) Revenue Improvement & Chargemaster Analytics (VitalCDM®) Financial & Operational Patient Safety (Patient Safety Monitor) Clinical Accelerators (CAUTI, CLABSI, COPD, Diabetes, Falls, Heart Failure, Joint Replacement, Labor and Delivery, Patient Flow, Pneumonia, Readmissions, Sepsis, Stroke, etc.) Clinical & Quality Care Management (Care FlowTM) Pop Health Analytics (Pop AnalyzerTM, Stratify, Pop InsightsTM) Quality and Regulatory Measures (MeasureAbleTM) EMR Embedded Insights (Care Gaps & Refills) Population Health Terminology Services Text Processing Real-time Streaming & Interoperability Machine Learning Big DataExpert Data CollectionsData Warehouse Cloud-basedSource Connectors Reusable Data Logic Pop Health Strategy (Value OptimizerTM) Implementation Services Financial Accelerators (Cost Insights, HR System, Revenue Cycle, Supply Chain, Surgical Supply, etc.) Labor Productivity (PowerLaborTM) Revenue Integrity & Auditing (VitalIntegrityTM) Patient Engagement (TwistleTM) Price Transparency (Hospital Price IndexTM) Self-Service Analytics AI (Healthcare.AITM) Analytics (Pop AnalyzerTM) Reporting (Pop InsightsTM) Data Entry (IDEATM)

© Health Catalyst. Confidential and proprietary. 10 Highly Differentiated, Comprehensive Solution Comprehensive solution guiding our clients to greater levels of digital maturity, enabling clinical, financial, and operational improvements 2 3 Consulting Highly specialized Unable to sustain recommended improvements High cost given ad-hoc work Services Expertise (~$3bn TAM) 1 Home grown solutions Control High start-up & maintenance costs Risk of failure Talent shortage Cross industry tech companies EMR vendors Modern technology Little healthcare content Fluctuating healthcare commitment Not improvement focused EMR integration Known vendor Rigid architecture, closed approach Slow time-to-value Not improvement focused Data Platform (~$2bn TAM) Tailored to specific needs Modern technology/interfaces Difficulty breaking through hundreds of vendors Often closed platforms Point solution vendors Difficulty growing sustainable businesses Lack domain expertise Analytics Applications (~$3bn TAM)

© Health Catalyst. Confidential and proprietary. 11 Clients’ Realized Improvements Accelerate Over Time, Reinforcing Decisions to Renew and Expand $1.5B 5.4M 2.9M More client-approved measurable healthcare improvements lives positively impacted care gaps closed Together with our clients, celebrating an important milestone in our journey to fulfill our mission

© Health Catalyst. Confidential and proprietary. A Health Catalyst Success Story As the financial and operational burden of reporting quality measurement in healthcare continues to increase, systems such as Banner Health and Community Health Network (CHNw) look for options to ease their resource spend in this area. These organizations partnered with Health Catalyst in a tech-enabled outsourcing arrangement for clinical chart abstraction. The result: lower costs, increased value from data, and a positive experience for team members. Challenges & Impact • Huge and increasing demand for data collection and abstraction, driven by registry reporting • Numerous clinicians involved in documentation, abstraction • Data used only for reporting, not analysis for improvement • Impact: Difficulty obtaining timely, accurate data; lost opportunity to learn from data; high costs of manual chart abstraction Results Tech-Enabled Outsourcing has improved data quality and yielded these measurable results: • 15% reduction in labor costs for clinical chart abstraction at CHNw • 49% relative improvement in clinical chart abstraction efficiency at Banner Health • 30% relative improvement in team member engagement Solution • Leveraged DOS™ platform to automate the extraction of required data. • Tech-Enabled Outsourcing provided by Health Catalyst: - Clinical data abstraction - Data analysis: identify variation and trends in cost, quality, and productivity - Support for the prioritization of improvement opportunities Tech-Enabled Outsourcing Improves Quality, Reduces Costs, and Optimizes Engagement 12

© Health Catalyst. Confidential and proprietary. Partnership Expansion Overview • Five-year deal with Carle Health, worth up to ~$80M over the life of the contract ($16M ARR) • At $11M+ ARR expansion, it represents one of the largest expansion contracts in the company’s history • The contractual growth is inclusive of both technology expansion and tech-enabled outsourcing (more heavily weighted toward this revenue stream) Contractual Terms • Carle Health is an integrated health system based in Urbana, Illinois that includes 5 hospitals, multi-specialty physician group practices with >1,000 docs & Health Alliance Medical Plans • Health Catalyst and Carle first entered a partnership in 2020. This five-year expansion includes an all-access technology subscription, plus tech-enabled managed services in the areas of analytics, data management, reporting, abstraction and project management • This significant expansion makes Carle one of Health Catalyst’s largest enterprise & tech-enabled outsourcing clients Carle Health: Long-term, Significant Partnership Expansion Five-year deal, worth up to ~$80M over the life of the contract 13 “Carle Health is excited to announce this novel partnership with Health Catalyst. When combined with our own clinical expertise, Health Catalyst will help us transform the way we use data to support organizational decisions and improve patient outcomes. As a transformative health care system, it’s important that we lay the groundwork to ensure we’re able to provide the right solutions that blend data, analytics, and medical expertise to optimize the quality of care we provide for everyone who depend on us.” - Matt Kolb, Executive Vice President, Chief Operating Officer at Carle Health

© Health Catalyst. Confidential and proprietary. 14 World-class Team Member Engagement Driving Industry-leading Client Satisfaction, Renewal, Expansion & Referral Consistently Recognized as One of the “Best Places to Work” 2015 – 1H 2022 Gallup Overall Engagement Score Percentile KLAS Evangelism Score(1) (1) Similar to a net promoter score, as of 12/31/21. Overall evangelism score is an average of each Health Catalyst solution’s average evangelism scores. HIT Average 95%-99% ~2x the HIT average60 35

© Health Catalyst. Confidential and proprietary. 15 Experienced and Visionary Management Team Daniel Burton Chief Executive Officer and Director Tenure at Health Catalyst: 11 years Anne Marie Bickmore Chief Product Officer Tenure at Health Catalyst: 10 years Paul Horstmeier Chief Operating Officer Tenure at Health Catalyst: 11 years Bryan Hunt Chief Financial Officer Tenure at Health Catalyst: 9 years Linda Llewelyn Chief People Officer Tenure at Health Catalyst: 9 years Daniel Orenstein General Counsel Tenure at Health Catalyst: 7 years Holly Rimmasch Chief Clinical Officer Tenure at Health Catalyst: 10 years Trudy Sullivan Chief Communications and Diversity, Equity & Inclusion Officer Tenure at Health Catalyst: 4 years Kevin Freeman Chief Growth Officer Tenure at Health Catalyst: 2 years Dave Ross Chief Technology Officer Tenure at Health Catalyst: 1 year

© Health Catalyst. Confidential and proprietary. 16 The Health Catalyst Operating Principles The principles that govern our daily interactions Improvement • We are deeply committed to enabling our clients to achieve and sustain measurable clinical, financial, and operational improvements • We nurture deep, long-term partnerships because achieving and sustaining improvement is a transformational journey (not a quick trip) • We pragmatically balance the vision, priority, and pace of innovation for data and analytics technology. We prioritize innovations that accelerate improvement • We attract, develop, & retain experts who know best practice in their domain, leverage analytics for insight, & accelerate adoption for sustained improvement Ownership • We are accountable, as owners, to enable our clients’ measurable improvements • We make decisions that balance and optimize the interests of our teammates, clients, patients, and owners • We avoid an entitlement mentality and are good stewards of our assets • We don’t micro-manage and we encourage autonomy while also supporting scalable consistency Respect • We recognize the immeasurable value of every individual • We listen carefully to one another and learn from each of our colleagues • We care deeply about our colleagues, including teammates, clients, patients, and owners • We benefit from one another’s diverse backgrounds and experiences Transparency • We courageously tell the truth and we face the truth • We are the same company, culture, and people in all settings • We treat confidential information appropriately, and we protect the private data of our clients’ patients • We recommend the best solutions for our clients, whether or not those solutions come from Health Catalyst

© Health Catalyst. Confidential and proprietary. 17 The Health Catalyst Cultural Attributes Continuous Learner • I can learn from anyone • I love to learn, and I am a lifelong student • I recognize my mistakes and correct them quickly; I fail fast • I am open to and respond favorably to feedback and coaching • I value my autonomy and use it to gain new knowledge and skills • I recognize that diversity of perspectives leads to better decisions • I am self-aware and seek improvement, personally and professionally • I watch, listen, and learn from others; thank them for their teachings; and apply the teachings to the mastery of my profession Hard Working • I have a deep commitment to massive healthcare improvement • I stick to the task until the job is completed, then take on new work • I lead a balanced, healthy life that enables me to sustain my pace • I am willing to contribute more than my fair share to a project • I make personal sacrifices, as needed, to get the work done • I recognize that not every part of my job will be fun Humble • I listen first • I assume positive intent • I ask for help when I need it • I serve others without looking for recognition • I am secure in my own abilities (quiet self-confidence) • I seek to improve myself before trying to improve others • I am excited when others succeed and I offer sincere praise • I often acknowledge others for their contributions to my success • I frequently express gratitude and appreciation to those around me World-Class • I strive to be the best in the world at what I do by continuously learning • I recognize the importance of excellence in pursuit of our mission • I am well informed about events & trends in healthcare, data & analytics • I actively contribute to the company’s pursuit of excellence—in the data and analytics technology we build, in the domain expertise we provide, and in the functions that support this important work The attributes we prioritize in our hiring, retention, and promotion

© Health Catalyst. Confidential and proprietary. 18 Strategic Levers to Drive Long-Term Growth Grow our overall client base 90 DOS subscription customers(2) amidst ~1,200 potential clients  ~8% penetration Cross-sell DOS to hundreds of application-specific clients & cross-sell applications to DOS customers Add new applications and services Developed a multitude of new software applications in last few years(3) Partnerships and open platform provide insights into new offerings Accelerates as relationships deepen and dataset grows Grow addressable market through adjacencies International Additional types of healthcare organizations Partnerships and M&A Consolidate data assets and best-of-breed applications Selectively pursue complementary capabilities Best-in-class culture a differentiating factor in sourcing opportunities Sell additional applications and services Built-in, annual technology escalators High dollar-based retention rate of 102%- 112%(1) Expand within our current client base Monetize Core Expand Opportunity (1) Overall range from 2017 - 2021 for DOS Subscription Customers, as further defined in our Form 10-K (e.g., excludes clients acquired in Medicity, Able Health, Healthfinch, Vitalware, Twistle, KPI Ninja and ARMUS acquisitions and other non-DOS Subscription Customers). 2020 performance of 102% impacted by COVID-19 pandemic. (2) As of 12/31/21 (3) Added to this figure recently via M&A

© Health Catalyst. Confidential and proprietary. Share Repurchase Program • Dan Burton (CEO & Director): ~$6M(1) • Duncan Gallagher (Director): ~$175K Insider Purchases • Authorization to purchase up to $40 million of HCAT Common Stock • Demonstrates our confidence in the future of our business and our commitment to creating long-term, sustainable value for our shareholders, our clients and our team members • We believe the current market does not reflect the long-term value of our shares of common stock and this share repurchase program will allow us to unlock more of the long-term value and opportunity we see ahead As of Q3 2022, >$375M of cash and equivalents on our balance sheet Strong Balance Sheet & High Confidence in our Outlook / Path to Profitability Leading to Share Repurchase Program and Insider Purchases 19 (1) Inclusive of open market purchases and option exercises in 2022.

© Health Catalyst. Confidential and proprietary. 20 Attractive Financial Model Long-term Revenue Growth Target Improving gross margin >90%(1) Recurring Revenue 20%+(2) Long-term Growth Target 102%-112%(3) Dollar-based Retention Rate Strong client retention and stickiness Recurring revenue streams across technology, analytics and services 34(4)  90(4) 2017 Clients 2021 Clients 1) In 2021 2) Long-term annual revenue growth goal. Given the unknown timeline, impact and near-term uncertainty of macroeconomic challenges (including inflation) and public health emergencies (including the COVID-19 pandemic), we are unable to predict the extent to which such challenges and emergencies may adversely impact our business operations, financial performance, and results of operations. Please refer to our recent earnings releases and our associated Form 10-K and Form 10-Q for more details on these risks 3) Overall range from 2017 - 2021 for DOS Subscription Customers, as further defined in our Form 10-K (e.g., excludes clients acquired in Medicity, Able Health, Healthfinch, Vitalware, Twistle, KPI Ninja and ARMUS acquisitions and other non-DOS Subscription Customers). 2020 performance of 102% impacted by COVID-19 pandemic. 4) DOS Subscription Customers only. 5) Adjusted Gross Margin is a non-GAAP financial measure we define as our Adjusted Gross Profit divided by our revenue – see Appendix and our most recent Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for more information. See Appendix for reconciliation to GAAP. 6) Adjusted Operating Expense is a non-GAAP financial measure - see Appendix and our most recent Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for more information. See Appendix for reconciliation to GAAP. 41%(5)  54%(5) 2017 Adj. Gross Margin Q1-Q3 2022 Adj. Gross Margin Continued operating leverage 90%(6)  54%(6) 2017 Adj. Operating Expense % of Revenue Q1-Q3 2022 Adj. Operating Expense % of Revenue Bookings metrics results for FY 2022 (DOS subscription customers' dollar-based retention rate and net new DOS subscription customers) were generally consistent with management’s guidance for FY 2022 shared on the Q3 2022 earnings call on November 8, 2022.

© Health Catalyst. Confidential and proprietary. 21 Total Revenue ($mm) Dollar-based Retention Rate(2) (1) Excludes impact of Medicity acquisition, which occurred on June 29, 2018. (2) We calculate our dollar-based retention rate as of a period end by starting with the sum of the Annual Recurring Revenue (ARR) from all DOS subscription customers as of the date 12 months prior to such period end (prior period ARR). We then calculate the sum of the ARR from these same clients as of the current period end (current period ARR). (3) Vast majority of Other customers were acquired via 2018 Medicity acquisition and 2020 and 2021 acquisitions of Vitalware, Healthfinch, Able Health and Twistle. High Engagement, Satisfaction & Expansion Produces a High-Growth, Predictable, Recurring Revenue Business Total Customers 108% 107% 109% 102% 112% 2017 2018 2019 2020 2021 $73 $113 $155 43% 51% 54% 58% 61% 61% 64% 57% 49% 46% 42% 39% 39% 36% 2017 2018 2019 Professional services Technology 46 126 130 >350 >440 34 50 65 74 9012 76 65 >300 >350 2017 2018 2019 2020 2021 Other DOS Subscription (3) COVID-19 impacted Pro Services 2020 $189 $242 2021 Q1-Q3 ‘21 Q1-Q3 ‘22 $177 $207 Growth: 54% 37% growth ex-Medicity(1) Growth: 38% Growth: 22% Growth: 28% Growth: 17%

© Health Catalyst. Confidential and proprietary. 22 Adj. Gross Profit(1) ($mm) $30 $54 $81 $95 $128 $111 41 % 48 % 52 % 50 % 53 % 54 % 64 % 66 % 67 % 68 % 69 % 70 % 24 % 29 % 35 % 25 % 27 % 26 % 2017 2018 2019 2020 2021 Q1-Q3 2022 Total Adjusted Gross Margin Adjusted Technology Gross Margin Adjusted Professional Services Gross Margin (1) Adjusted Gross Profit is a non-GAAP financial measure that we define as revenue less cost of revenue, excluding depreciation and amortization, stock-based compensation, tender offer payments deemed compensation, acquisition-related costs, net, and restructuring charges. Please see the Appendix and our recent Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for more details. (2) Adjusted Gross Margin is a non-GAAP financial measure that we define as our Adjusted Gross Profit divided by our revenue. Please see the Appendix and our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for more information. High Engagement, Satisfaction & Expansion Leads to Technology Gross Margin Expansion Adjusted Gross Margin(2)

© Health Catalyst. Confidential and proprietary. 23 2017 2018 2019 2020 2021 Q1-Q3 2022 2025 Long-Term Goals(4) Total Revenue Growth 54% 38% 22% 28% 17% 20%+37% Excl. Medicity(1) Adj. Gross Margin(2) 41% 48% 52% 50% 53% 54% Tech: mid-70% Pro Serv: mid-30% Overall: high 50% Operating Expenses(3) S&M as % of Revenue 34% 34% 28% 22% 21% 21% R&D as % of Revenue 38% 32% 27% 24% 21% 20% G&A as % of Revenue 18% 16% 15% 15% 15% 13% Adj. EBITDA Margin(3) (48%) (34%) (18%) (11%) (5%) (1)% 10% 20%+ Long Term Target Model (Non-GAAP) (1) We acquired Medicity on June 29, 2018. We expect flat to declining revenue from Medicity clients in the foreseeable future. As the Medicity acquisition closed on June 29, 2018, we expect Medicity will impact our organic overall growth rate moving forward. (2) Adjusted Gross Profit is a non-GAAP financial measure that we define as revenue less cost of revenue, excluding depreciation and amortization, stock-based compensation, tender offer payments deemed compensation, acquisition-related costs, net, and rest. We define Adjusted Gross Margin as our Adjusted Gross Profit divided by our revenue. Please see the Appendix and our recent Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for more details. (3) Excluding D&A, stock-based compensation, tender offer payments deemed compensation, loss on extinguishment of debt, acquisition-related costs, net, non-recurring lease-related charges, income tax provision (benefit), interest expense and other (net) and restructuring charges. Please see the Appendix and our recent Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for more details. (4) Long-term annual revenue growth goal. Given the unknown timeline, impact and near-term uncertainty of macroeconomic challenges (including inflation) and public health emergencies (including the COVID-19 pandemic), we are unable to predict the extent to which such challenges and emergencies may adversely impact our business operations, financial performance, and results of operations. Please refer to our recent earnings releases and our associated Form 10-K and Form 10-Q for more details on these risks

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© Health Catalyst. Confidential and proprietary. 25 Healthcare Success: Proven Methodology Identify Variation and Generate Actionable Analytics Insights2 Integrate All Revenue, Cost, and Quality Data1 Quantify and Communicate Value4 Apply Expertise to Drive Sustainable Improvements3 ExpansionVolume Labor Supply Chain OtherPayment Population Health Revenue Cost Quality ⇩ Pharmacy Supply Costs ⇩ Surgical Supply Costs ⇩ General Supply Costs ⇩ Blood Utilization ⇧ Capacity ⇧ Access ⇩ Referral Leakage ⇧ Care Expansion ⇧ Collection Rate ⇧ Cash Acceleration ⇧ Payer Contracts ⇧ Service Lines ⇧ M&A ⇧ Trials Revenue ⇧ Digital Retail ⇧ Care Management ⇧ Quality Measures Performance ⇧ Financial & Operations Patient Safety Clinical Operations ⇩ Readmissions ⇧ Outcomes Excellence ⇧ Research & Operations ⇩ Events & Infections ⇩ Liability ⇧ Safety Excellence ⇧ Voluntary Reporting ⇩ Vendor Costs ⇩ Clinical Support Services Costs ⇧ Ambulatory Operations Efficiency ⇧ Analytics Efficiency ⇩ Building & Equipment Costs –––– ⇧ Cost Accuracy and Transparency –––– ⇩ Labor Costs ⇩ Staffing Contracts ⇧ Provider Contracts ⇧ Outsourcing ⇧ COVID-19 Response

© Health Catalyst. Confidential and proprietary. 26 Comprehensive Solution for Data-informed Improvement Services Expertise (~$3bn TAM) 3 Enable and accelerate data-informed improvement with the assistance of analytical, clinical, financial, and operational experts Analytics Applications (~$3bn TAM) 2 Deliver insights on how to measurably improve through the use of analytics applications Data Platform (~$2bn TAM) 1 Integrate data in a flexible, open, and scalable platform to power healthcare’s digital transformation

© Health Catalyst. Confidential and Proprietary. Allina Health: High-Value Data & Analytics Drive $33M+ in Quality & Operations Improvements The Challenge: As the breadth, complexity, and volume of healthcare data grow, Allina Health recognized the need to manage data as a strategic asset by ensuring ongoing data utilization and building capacity for continuous, data-driven improvement. Analytics Applications2 Data and Analytics Platform (DOSTM) 1 Expert Services3 DOS data and analytics platform enabled Allina Health to integrate, organize, and enhance 65 different data sources—clinical, financial, and operational. Key capabilities used: 90+ applications and accelerators surface high-value data and analytics to augment insights, stratify risk, prioritize opportunities, and monitor and report outcomes. Key examples: Health Catalyst analytics engineers, data scientists, and domain experts partnered closely with Allina teams to use high-value data and analytics to unlock the highest value use cases and accelerate time to value. Data-Driven Insights and Measurable ResultsThe Health Catalyst Solution Key Process Analysis (KPA) Identify highest value opportunities Spine Pain Improve care and outcomes Blood Utilization Improve blood management Key Opportunities Identified Length of stay | Readmissions | Supply costs Key Improvements  $33M+ in positive margin impact by expense reduction and additional hospital inpatient and outpatient revenue.  $2.3M decrease in annual blood product acquisition costs.  Improved care for patients undergoing spine surgery - 31% of expected complications avoided - 22% relative reduction in surgical site infections - 8.8% relative reduction in length of stay  350K+ unique sessions in Allina Health’s top 10 analytics applications and accelerators in one year. CLINICAL & QUALITY and OPERATIONAL EXAMPLE Unleashing the data at Allina Health has been key to increasing organizational efficiency, reducing costs, and improving outcomes for our patients. —Jonathan Shoemaker, SVP, CIO, Allina Health Patient Safety (e.g., CAUTI) Prevent and manage complications Reusable Data Logic Expert Data Collections Source Connectors Self-Service Analytics—Pop Insights, Pop Analyzer, Healthcare.AI, IDEA (data entry)—enable both technical and non-technical users to easily build populations; create reusable data elements; and explore, analyze, and report on data. 27

© Health Catalyst. Confidential and Proprietary. Carle Health & Health Alliance: Solution Uncovers $10M+ in Population Health Opportunities The Challenge: For Carle Health and Health Alliance*, burdensome manual data collection and reporting processes made it difficult—and time-consuming—to identify and address opportunities for value-based care improvement across its populations. Analytics Applications2 Data and Analytics Platform (DOSTM) 1 Expert Services3 DOS data and analytics platform enabled integration, organization, and enhancement of 13 Carle source systems, +10 Health Alliance source systems, +37 different physician claim formats from the Carle clinically integrated network (CIN). Key capabilities used: Health Catalyst population health domain expert partnered with Carle Health and Health Alliance teams to surface compelling, actionable insights for the best opportunities for success in value-based care—providing practical guidance for transformation to reduce cost and utilization, increase quality scores, improve patient outcomes, and accelerate time to value. Data-Driven Insights and Measurable ResultsThe Health Catalyst Solution Value Optimizer surfaces insights—mined from claims data and enhanced by terminology, groupers, logic, and additional data from DOS—to instantly identify the most promising and impactful opportunities for value-based care (VBC) performance improvement. Key Opportunities Identified Cost, utilization, and performance metrics across 10 key population health areas, including: Emergency department utilization | Inpatient utilization Ambulatory utilization | Post-acute care Key Improvements  $10M+ in cost and utilization opportunity identified  $100K manual labor costs avoided by eliminating multiple iterations and meetings to obtain the necessary data and analyses  >90% improvement in analytic efficiency; analyses that previously required months to complete are now complete in minutes Self-Service Analytics—Pop Insights, Pop Analyzer, Healthcare.AI— enable both technical and non-technical users to easily build populations; create reusable data elements; and explore, analyze, and report on data. POPULATION HEALTH EXAMPLE Value Optimizer allows us to uncover opportunities quickly and easily without building a data set to see the likely impact. We can quickly drill down into the data and recommend potential interventions. Rich Balbach, Director Clinical and Business Intelligence Health Alliance Reusable Data Logic Expert Data Collections Cloud- based Source Connectors *Health Alliance Medical Plans is a leading provider-driven health plan28

MultiCare Health System: Operational and Charge Capture Improvements Help Realize $75M+ in Annual Revenue The Challenge: Inconsistent improvement methods, differing competencies, and inefficient data collection and analytics were impeding MultiCare Health System’s ability to improve—leaving financial and operational metrics below expectations. © Health Catalyst. Confidential and Proprietary. Analytics Applications2 Data and Analytics Platform (DOSTM) 1 Expert Services3 DOS data and analytics platform enabled MultiCare Health System to integrate, organize, and enhance 35 different data sources—clinical, financial, and operational. Key capabilities used: 20+ applications and accelerators surface high-value data and analytics to augment insights, stratify risk, prioritize opportunities, and monitor and report outcomes. Key examples: Data-Driven Insights and Measurable ResultsThe Health Catalyst Solution Key Process Analysis (KPA) Identify highest value opportunities VitalIntegrity Improve charge capture and revenue performance Key Opportunities Identified Charge capture | Contribution margins | Length of stay Key Improvements  $6.1M net revenue retained, the result of resolving more than 350 charge capture issues.  $48M in revenue, surpassing three-year market share goals in year two. - Overall market share improved in every submarket.  $24M in savings, the result of a 0.6-day reduction in LOS across the health system. VitalIntegrity enabled us to efficiently identify and resolve charge capture issues, retaining $6.1M in net revenue in just three months, while supporting root cause analyses for ongoing process improvement.” – Nicole Gorder, MBA, Executive Director of Revenue Integrity & CDM MulltiCare Health System Departmental Explorer Review and improve operational efficiency Health Catalyst experts partnered with MultiCare teams to help increase organizational alignment, boost data utilization and analytic acumen for more proactive revenue management, and realize new efficiencies by optimizing technology and processes. FINANCIAL & OPERATIONAL EXAMPLE Self-Service Analytics—Pop Insights, Pop Analyzer, Healthcare.AI, IDEA (data entry)—enable both technical and non-technical users to easily build populations; create reusable data elements; and explore, analyze, and report on data. Reusable Data Logic Expert Data Collections Cloud- based Source Connectors 29

© Health Catalyst. Confidential and Proprietary. The Challenge: INTEGRIS Health had high volumes of data but lacked the timely, accurate, and actionable insight needed to support key leadership decisions and drive meaningful improvements. Analytics Applications2 Data and Analytics Platform (DOSTM) 1 Expert Services3 DOS data and analytics platform enabled integration, organization, and enhancement of 10 different data source systems. Key capabilities used: Data-Driven Insights and Measurable ResultsThe Health Catalyst Solution Key Opportunities Identified Value-based care measures performance | Patient safety targeted mortality and readmissions (e.g., sepsis) Key Improvements  Aligned executive incentives based on shared understanding of highest value and most actionable improvement opportunities  $500K saved annually by sunsetting a third-party benchmarking tool  50x faster data refresh than previous benchmarking tool—and benchmarks are now more adaptive as well as more detailed Self-Service Analytics—Pop Insights, Pop Analyzer, Healthcare.AI enable both technical and non-technical users to easily build populations; create reusable data elements; and explore, analyze, and report on data INTEGRIS: Healthcare.AI Helps Drive Executive Alignment and Decision-making HEALTHCARE AI EXAMPLE Healthcare.AI capabilities, integrated within Touchstone and other BI tools, deliver easy-to-use statistical and AI capabilities to help analysts produce more accurate, faster insights. Health Catalyst’s analytics engineers, data scientists, and domain experts partnered with INTEGRIS teams to optimally leverage integrated data, analytics, and machine-learning-driven algorithms to identify and realize meaningful opportunities for improvement. Touchstone® enabled INTEGRIS to analyze risk-adjusted benchmarks and integrated machine-learning algorithms to enhance understanding of performance compared to peer organizations—and proactively prioritize improvement opportunities. Using DOS and Touchstone has been transformational for our organization. The data and analytics are exactly what our CEO, CMO, and CNE need to set our organization's course. We’ve effectively separated the signals from noise in the data and are able to clearly see where the organization needs to go. Benjamin Mansalis, MD Chief Information Officer, INTEGRIS Health Reusable Data Logic Expert Data Collections Cloud- based Source Connectors 30

© Health Catalyst. Confidential and proprietary. $27 $40 $120 ~$105 31 Continued Execution of M&A Strategy Transaction value amount (1) Note: Transaction close date shown (1) Transaction value includes only the upfront purchase price amount anticipated at the time of the execution of the respective acquisition agreements $mm 2019 2020 20212018 Health Catalyst IPO M&A Strategy • Ability to integrate and scale software applications on top of DOS platform • Broadens value proposition to existing and new clients • Primary focus on applications layer  Hundreds of opportunities  Gross margin accretive  Faster time to market (buy vs. build) • Additional focus areas in adjacent markets  Life Sciences  International • Wide range of targets  tuck- ins to larger transactions • COVID-19 accelerated certain M&A opportunities • HCAT is destination of choice for many targets given cultural differentiation July February July September JulyJune 20202020 2022 February $27 $40 $120 ~$105 ~$33 ~$15 2022 April

© Health Catalyst. Confidential and proprietary. 32 How We Engage With Our Customers All-Access Option 1 Includes subscription access to DOS and all Analytics Applications Based on client size and data footprint; includes annual price escalators Includes opportunity to upsell additional applications Includes subscription access to DOS only or DOS plus selected Analytics Applications Recurring access to a specific number of FTEs that is listed in the contract Overview Technology Access Subscription Professional Services Subscription Limited-Access / Modular Option 2 Historically ~70% of our DOS Subscription clients have chosen the all-access model All-access provides clients budget predictability and use-case flexibility and aligns with clients’ increases in improvements, data sources, users, and analytics applications

© Health Catalyst. Confidential and proprietary. 33 A single clinical, financial, or operational question often requires integrated data from multiple source systems DOS: ingests, integrates and organizes data sourcesData platform Data sources Use cases Financial Operational How do I reduce my hip and knee cost per case? How are new treatment protocols impacting length of stay and satisfaction? Clinical How do I improve my system’s sepsis care? Questions answered Data sources needed EHR, Claim, Clinical Specialty, etc. EHR, Financial ERP, Claims EHR, Clinical Specialty, Patient Satisfaction, etc. EHR (e.g. Cerner, Epic, Meditech) Financial (e.g. Lawson, EPSI) Billing (e.g. McKesson) HR/ERP (e.g. Peoplesoft, AP1) Claims (e.g. QXNT, CMS) Clinical Specialty (e.g. Lab, Rad. Rx, Clin Op Systems) Patient Satisfaction (e.g. Press Ganey) Other (e.g. benchmarking, homegrown) $ Health Catalyst Analytics Applications Health Catalyst Professional Services Organization Customer Developed Applications & Algorithms 3rd Party Applications & Services    1 3 42

© Health Catalyst. Confidential and proprietary. 34 A typical problem facing a healthcare organization most often requires data from multiple source systems: Sepsis example Question? EMR (Epic, Cerner, Meditech) How many cases of sepsis did we have last year? Benchmarking (Truven, UHC, Touchstone) Is our sepsis mortality rate above industry benchmarks? Financial (Lawson, EPSI) How much did those sepsis cases cost? What were the readmission rates of my sepsis population? Claims (QXNT, CMS, etc.) What lab or pharmacy tests were ordered for these sepsis patients? Lab (Quest, LabCorp) Pharmacy (McKesson, Cardinal) 1 2 3 4 5 Required Data Source

© Health Catalyst. Confidential and proprietary. 35 Pre-Health Catalyst Early implementation Maturity Improve Health & Reduce Variation Level 9 Direct-to-Patient Analytics & Artificial Intelligence Level 8 Personalized Medicine & Prescriptive Analytics Level 7 Clinical Risk Intervention & Predictive Analytics Level 6 Population Health Management & Suggestive Analytics Level 5 Waste & Care Variability Reduction Increase Efficiency Level 4 Automated External Reporting Level 3 Automated Internal Reporting Level 2 Standardized Vocabulary & Patient Registries Level 1 Enterprise Data Operating System Level 0 Fragmented Point Solutions A Customer’s Path to Greater Digital Maturity with Health Catalyst The Healthcare Analytics Adoption Model (1) Healthcare Analytics Adoption Model created by Health Catalyst’s former CTO Dale Sanders; HIMSS was granted a creative commons copyright, which they call HIMSS Analytics Adoption Model for Analytics Maturity (AMAM) https://www.himssanalytics.org/amam

© Health Catalyst. Confidential and proprietary. 36 GAAP to Non-GAAP Reconciliation: Gross Profit and Gross Margin Year Ended 31-Dec-2017 (in thousands, except percentages) Technology Professional Services Total Revenue $31,693 $41,388 $73,081 Cost of Revenue, Excluding Depreciation and Amortization ($11,610) ($32,032) ($43,642) Gross Profit, Excluding Depreciation and Amortization $20,083 $9,356 $29,439 Add: Stock-Based Compensation 65 514 579 Adjusted Gross Profit $20,148 $9,870 $30,018 Gross Margin, Excluding Depreciation and Amortization 63% 23% 40% Adjusted Gross Margin 64% 24% 41% Year Ended 31-Dec-2018 (in thousands, except percentages) Technology Professional Services Total Revenue $57,224 $55,350 $112,574 Cost of Revenue, Excluding Depreciation and Amortization ($19,429) ($40,423) ($59,852) Gross Profit, Excluding Depreciation and Amortization $37,795 $14,927 $52,722 Add: Stock-Based Compensation 78 480 558 Tender Offer Payments Deemed Compensation(1) 28 284 312 Acquisition-related costs, net(2) 0 337 337 Adjusted Gross Profit $37,901 $16,028 $53,929 Gross Margin, Excluding Depreciation and Amortization 66% 27% 47% Adjusted Gross Margin 66% 29% 48% Year Ended 31-Dec-2019 (in thousands, except percentages) Technology Professional Services Total Revenue $83,975 $70,966 $154,941 Cost of Revenue, Excluding Depreciation and Amortization ($27,797) ($47,548) ($75,345) Gross Profit, Excluding Depreciation and Amortization $56,178 $23,418 $79,596 Add: Stock-Based Compensation 200 968 1,168 Acquisition-related costs, net(2) 0 108 108 Adjusted Gross Profit $56,378 $24,494 $80,872 Gross Margin, Excluding Depreciation and Amortization 67% 33% 51% Adjusted Gross Margin 67% 35% 52% Year Ended 31-Dec-2020 (in thousands, except percentages) Technology Professional Services Total Revenue $110,467 $78,378 $188,845 Cost of Revenue, Excluding Depreciation and Amortization ($35,604) ($62,473) ($98,077) Gross Profit, Excluding Depreciation and Amortization $74,863 $15,905 $90,768 Add: Stock-Based Compensation 803 3,453 4,256 Adjusted Gross Profit $75,666 $19,358 $95,024 Gross Margin, Excluding Depreciation and Amortization 68% 20% 48% Adjusted Gross Margin 68% 25% 50% Year Ended 31-Dec-2021 (in thousands, except percentages) Technology Professional Services Total Revenue $147,718 $94,208 $241,926 Cost of Revenue, Excluding Depreciation and Amortization ($47,516) ($76,838) ($124,354) Gross Profit, Excluding Depreciation and Amortization $100,202 $17,370 $117,572 Add: Stock-Based Compensation 2,063 8,047 10,110 Acquisition-related costs, net(2) 61 127 188 Adjusted Gross Profit $102,326 $25,544 $127,870 Gross Margin, Excluding Depreciation and Amortization 68% 18% 49% Adjusted Gross Margin 69% 27% 53% 9-Months Ended 30-Sep-2022 (in thousands, except percentages) Technology Professional Services Total Revenue $131,624 $75,450 $207,074 Cost of Revenue, Excluding Depreciation and Amortization ($41,895) ($63,048) ($104,943) Gross Profit, Excluding Depreciation and Amortization $89,729 $12,402 $102,131 Add: Stock-Based Compensation 1,563 6,082 7,645 Acquisition-related costs, net(2) 267 509 776 Restructuring Charges(3) 0 247 247 Adjusted Gross Profit $91,559 $19,240 $110,799 Gross Margin, Excluding Depreciation and Amortization 68% 16% 49% Adjusted Gross Margin 70% 26% 54% (1) Tender offer payments deemed compensation relate to employee compensation from repurchases of common stock at a price in excess of its estimated fair value. (2) Acquisition-related costs, net included in the Adjusted Gross Profit reconciliation relate to post acquisition restructuring costs and deferred retention expenses incurred as part of business combinations. (3) Restructuring charges include severance and other team member costs from workforce reductions.

© Health Catalyst. Confidential and proprietary. 9 Months Ended September 30, Year Ended December 31, (in thousands) 2022 2021 2021 2020 2019 2018 2017 Net loss ($101,621) ($104,218) ($153,210) ($115,017) ($60,096) ($61,984) ($47,035) Add: Interest and other expense, net $2,700 $12,082 $16,458 $11,572 $3,419 $2,024 $1,469 Loss on extinguishment of debt $0 $0 $0 $8,514 $1,670 $0 $0 Income tax provision (benefit) ($4,339) ($6,749) ($6,898) ($1,194) $142 ($135) $26 Depreciation and amortization $36,633 $26,604 $37,528 $18,725 $9,212 $7,412 $5,892 Stock-based compensation $53,356 $48,724 $65,145 $37,957 $17,844 $4,198 $4,241 Tender offer payments deemed compensation(1) $0 $0 $0 $0 $0 $8,318 $0 Acquisition-related costs, net(2) $3,188 $16,787 $27,929 $16,758 $446 $2,114 $0 Restructuring costs(3) $4,499 $0 $0 $0 $0 $0 $0 Non-recurring lease-related charges(4) $3,700 $1,800 $1,800 $1,398 $0 $0 $0 Adjusted EBITDA ($1,884) ($4,970) ($11,248) ($21,287) ($27,363) ($38,053) ($35,407) 37 GAAP to Non-GAAP Reconciliation: Adjusted EBITDA (1) Tender offer payments deemed compensation relate to employee compensation from repurchases of common stock at a price in excess of its estimated fair value. (2) Acquisition-related costs, net impacting Adjusted EBITDA includes third party fees associated with due diligence, deferred retention expenses, and post-acquisition restructuring costs incurred as part of business combinations, and changes in fair value of contingent consideration liabilities for potential earnout payments. (3) Restructuring costs include severance and other team member costs from workforce reductions, impairment of discontinued capitalized software projects, and other minor miscellaneous charges. (4) Includes the lease-related impairment charge for the subleased portion of our corporate headquarters and duplicate rent expense incurred during the relocation of our corporate headquarters.

© Health Catalyst. Confidential and proprietary. 9 Months Ended September 30, Year Ended December 31, (in thousands) 2022 2021 2021 2020 2019 2018 2017 Operating expenses $205,391 $185,618 $261,222 $186,893 $134,461 $112,817 $74,979 Less: Depreciation and amortization ($36,633) ($26,604) ($37,528) ($18,725) ($9,212) ($7,412) ($5,892) Stock-based compensation ($45,711) ($41,377) ($55,035) ($33,701) ($16,676) ($3,640) ($3,662) Tender offer payments deemed compensation $0 $0 $0 $0 $0 ($8,006) $0 Acquisition-related costs, net ($2,412) ($16,693) ($27,741) ($16,758) ($338) ($1,777) $0 Restructuring costs ($4,252) $0 $0 $0 $0 $0 $0 Non-recurring lease-related charges ($3,700) ($1,800) ($1,800) ($1,398) $0 $0 $0 Adjusted Operating Expenses $112,684 $99,144 $139,118 $116,311 $108,235 $91,982 $65,425 Adjusted Operating Expenses as % of Revenue 54% 56% 58% 62% 70% 82% 90% 38 GAAP to Non-GAAP Reconciliation: Adjusted Operating Expenses