The Figures and the Triggers, page-9

From VMK himself:

The growth path to $100 m ARR is on track. It will be back loaded into 2021 because 60% growth in 2021 will be a much larger number than 60% growth in 2020. As they grow in absolute terms, it will allow them to reinvest in further growth. In other words dont take the difference between now and June 2021 and divide by 8 and expect 8 equal installments. As revenues grow it will fund more marketing and the growth in revenue per quarter will be ;larger in 2021 than 2020

Small point of clarification. This is not from me, this is me passing on my interpretation of what I heard the company say in a playback of the investor call.

As some will know we base our revenue forecast models on a Cost of Acquisition approach. For full disclosure, while the model was working well for several quarters, with the company slightly beating the forecast (due to improving COA) on a sequential basis, however the most recent quarter did not meet the models expectations. Part of the company's explanation during the call (and in the presentation doc) was that an emphasis on larger customers and offering a higher value bundled offering lengthened the sales cycle and introduced some greater volatility into the quarter by quarter ARR growth which could make the seasonally smaller quarters (March and September) be either significantly larger or smaller depending on when a few very large contracts closed.

Another investor came up with a small piece of research to test this explanation which I found quite interesting. I will ask their permission to post it here.