Target Model Non-GAAP Metrics (1) % of Revenue TARGET MODEL FY’17 FY’18 FY’19 Q2’20 Based on Rev of $1B(2) GROSS MARGIN 74% 76% 79% 81% ~80% TECHNOLOGY & 28% 24% 25% 23% ~15% CONTENT SALES & MARKETING 60% 60% 55% 49% ~35% GENERAL & 18% 16% 14% 14% ~8% ADMINISTRATIVE OPERATING MARGIN (31%) (23%) (16%) (5%) ~22% 1. Each of the measures presented in this table are non-GAAP measures. See the appendix for a reconciliation of each measure to the most directly comparable GAAP measure. The Company has not provided a reconciliation of the forward-looking information presented in the Target Model because material items that impact that reconciliation are not reasonably estimable at this time. 2. Target model is forward-looking, is subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the “Risk Factors” section of the Annual Report on Form 10-K. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved and the Company undertakes no duty to update its goals. 20