STOCK | 9/14/20 FRESH LOOK

SLACK TECHNOLOGIES INC. (Ticker: WORK) LBIR Recommendation

Stock Price: $25.6 (9/14/20) Company Size: 14.92B Author: Janice Quek

Company Rank: 859 Sector: Technology Industry: Productivity Software

Slack is a cloud-based work communication and collaboration software.

IN THIS FRESH LOOK WE’LL COVER: u Summary of the Business Slack is a work communication and collaboration software designed to become a Grab-and-Goä “digital office” for workers. THESIS u Recent Developments The company registered good new customer An investment in Slack is a play on growth from pandemic-related remote work demand for enterprise communication measures. However, churn also increased due software. Slack is a cloud-based to employees furloughs and layoffs. Slack also platform built for businesses to send released Slack Connect and acquired Rimeto. messages, make video and phone calls, and collaborate internally and u Competitive Environment externally on work projects. It is one The company is one of the leading vendors in of the top vendors in this space, but this space, competing aggressively with product innovation and aggressive for enterprise customers. However, sales in the enterprise will be two Slack appears to have the better product. areas it needs to continue to perform u Conclusions/Recommendations to remain in the lead. We think Slack has the potential to accelerate momentum as the economy recovers and as new products take flight. However, competition

is intense, and we want to see a stronger pace of growth before changing our recommendation.

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0.94 STOCK: WORK | 9/14/20 FRESH LOOK

Data as of 9/14/20 unless specified

Revenue Fwd $876M Enterprise Value: 14.92B Market Cap: 15.81B (TTM): ($167.9 M) YTD Return: 14.15% Fwd (TTM) 16.7x RSI: 51.9 Price/Sales: (18.5x) Gross Margin 86.79% Revenue Growth 38.9% ROIC (TTM): -73.9% (TTM): (Fwd, YoY): 52-Week High: 40.07 52-Week Low 15.10 200-day Moving 27.28 Avg. EBITDA -291.2M CFO 24.6M FCF -8.0M

Insider Transactions (2020): Insiders old 319,364 shares in the last three months

Replace email with a ‘digital office’ platform û SUMMARY OF BUSINESS Slack’s main goal is to replace email with a Slack is a leading channels-based communication dramatically more effective and engaging way to platform built for the enterprise. The company communicate. The platform’s interface is earns its revenue from subscription fees it charges designed for users to send text and work content its clients for using its cloud-based software. akin to a social media chat tool in an easy to read format using channels, with each channel created Email and its limitations are hindering for a specific topic. The entire history of the productivity channel which includes conversations, documents and application workflows remain in For decades email has been the primary means of the channel for every member even if they were written communication between employees of a added at a later stage, giving everyone a complete company and with external parties for business picture of the discussion. Channels can be shared activities. While improvements and various tools channels to include external participants outside have become available to make emails more of the organization, and with the ability to organized and work collaboration easier, email integrate over 2,300 third-party apps and external still has several limitations that makes software systems, members do not need to leave communication inefficient and incomplete, the platform to access information, take action or leading to lost productivity. As organizations advance workflows. However Slack’s vision is look to new tools to improve communication, a more than just a communication tool. It envisions market for enterprise communication platforms itself as a “digital office” and “information hub”, has grown, valued at $28 billion today, according bringing people, applications and data on a single to Slack. Grandview Research expects that the technology stack. Within the last year, the global team collaboration software market is company has been expanding its capabilities expected to grow at a CAGR of 9% between 2018 through internal development and acquisitions, and 2025. broadening its set of differentiated applications on the platform. Slack Connect and Rimeto are two recent examples. (see Recent Developments

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EQUITY 0.94 STOCK: WORK | 9/14/20 FRESH LOOK

for details). In the near future, the company intends to deepen integration with certain vendors to strengthen interoperability dramatically, making LB•LOGIC Slack Connect and work within Slack more seamless, convenient and Rimeto are two ways the company superior in user experience. can expand its product line to strengthen the user experience. Other possible ways include customer chat services, more collaboration tools, or Financial and Operational Metrics products built for specific verticals. Slack has shown tremendous growth rates in the last 4 years, increasing its revenue at a CAGR of 81.6% between FY17 and FY20. Although a large number of users use its free service, the number û RECENT DEVELOPMENTS of paid customers has also grown from 59,000 at Slack’s Q2 was generally positive, albeit with the end of FY18 to reach 130,000 in just two and a some negative Covid-related dynamics. Work- half years. Engagement on the platform is high, from-home practices continued to drive increase and more customers are adopting its Slack in the number of new paid customers and Slack Connect product. About 94% of paid customers Connect, its newest product that support inter- are building their customer integrations. Net organizational communication on the platform, dollar retention rates on the platform are strong helped add a good proportion of new accounts (1 at 125%, although this metric has been falling, in out of every 8) through existing customer invites. part due to higher churn from Covid-19. While The company reported that net new paid the company is not yet profitable, its margins are customers grew at a faster rate in June and July, expanding. compared to April and May, most likely after the initial trial periods for many ended, which Slack mentioned as “potentially finding a new baseline LB•LOGIC We think that the rate”. However, the weaker Covid economic percentage of custom integrations are also a reflection of customers’ level of environment also elevated churn as customers engagement on the Slack platform. downsized, furloughed and freezed hiring. As When users customize their platform Slack bills on a per seat basis, and with fair billing with applications and tools that fit their workflow, it builds dependencies and policies that pause fees if employees stop using routine over time that makes switching the platform, this affected billings and net dollar vendors more unlikely. retention rate to some extent. Management also highlighted more budget scrutiny and postponing of software for new categories in the enterprise and those with longer adoption curves, which slowed expansion rates in the quarter. The

company offered $4 million of Covid-related concessions to ease the financial burden of some distressed customers. Q2 aside, the company does not expect the sames rates to churn in subsequent quarters as the economy recovers.

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EQUITY 0.94 STOCK: WORK | 9/14/20 FRESH LOOK

Product Innovation and Company Expansion Financial and Operating Results Slack announced its acquisition of Rimeto, an enterprise directory software provider, in Q2. Against this backdrop, Slack announced total Rimeto has advanced profile and directory revenue of $215.9 million, an increase of 49% YoY features that provides detailed information about from Q2 of FY2020. It added about 8,000 net new an organization and its employees such as paid customers, up 30% YoY, of which 985 had departments, internal structure, work titles, annual recurring revenues (ARR) greater than employee skills, experience and current projects, $100,000, and 87 had ARRs greater than $1 so others can more easily connect and collaborate million. Churn was higher due to the more with them. Management sees Rimeto as a useful challenging economic conditions, and application to enhance connections within Slack, management saw contractions increased 3 enabling users to build networks with others percentage points above normal levels. In the from another organization, and to collaborate ARR>$100K segment, about 50 customers with more effectively with relevant professional ARRs previously in the $100,000 to $150,000 information about the person they are working category downgraded their contracts to the with. It is unclear how the company will $50,000 to $100,000 category, compared to 10 in monetize this solution, but it will be another the same quarter last year. On the bright side, capability built on the platform. these customers continue to maintain their subscription with Slack, versus reverting to email entirely for communication. Overall however, Slack also officially released Slack Connect in customer retention was still high in the mid-to- June after a soft launch earlier. Slack Connect high 90s for customers in the ARR>$100K allows employees of one organization to category and in the low 90s for those with ARR communicate with another using the platform. between $1,000 and $100,000. Net dollar retention Up to 20 organizations can share a single channel. rate fell to 125% in Q2 from 132% in the prior Slack Connect has shown very promising results. quarter. Calculated billings slowed to 25% YoY, At its Q2 earnings call, the company reported reaching $218 million in the quarter. over 52,000 paid customers using the product, an increase of 9,000 from Q1 of FY21. Slack Connect’s adoption is also driving the addition of new Slack Slack also reported non-GAAP gross margin of users as invites from existing users encourage 88.4% in Q2, and operating losses of $6.7 million, employees from other organizations to try out the translating to a margin of -3%, improving platform. sequentially from -8.2% in Q1 FY21. Cash flow was positive at $14.5 million, and free cash flow was at $10.8 million, or a margin of 5% in Q2. Despite some headwinds on its topline, Slack continued to improve its profitability metrics. Supplemental slides on its Q2 results can be found here.

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EQUITY 0.94 STOCK: WORK | 9/14/20 FRESH LOOK

LB•LOGIC Slack Connect is a COMPANY MANAGEMENT powerful zero-cost adoption û multiplier for the platform as non- is the CEO and co-founder of users are introduced organically Slack. Prior to Slack, he started three other and get to experience the range of companies – Ludicorp, and Tiny Speck. features of the platform from the perspective of an experienced and Ludicorp and Tiny Speck were game publishing familiar user, rather than through companies. Ludicorp and Flickr were acquired by a high friction approach of Yahoo!. Stewart has had many years of starting and learning to use the platform on his/her own. We experience as an entrepreneur, designer, and expect a growing percentage of technologist. He graduated from the University new customer additions in the of Victoria with a B.A. (Hons) in Philosophy and future to come through this an MPhil in Philosophy from the University of funnel. Cambridge. In a recent interview, Stewart discussed Slack’s competition with Microsoft, the uniqueness of its product and how Slack can grow. The transcript can be found here. Outlook and Estimates

The outlook for Slack is generally expected to become more positive as broader economic Slack was founded in 2014 as a result of an conditions improve. Management pointed out at internal communication tool developed by its September call that churn had largely stabilize, founder Stewart Butterfield for his game and exposure of its business to heavily impacted company Tiny Speck. Tiny Speck was started in industries were less than 20%. It believes that 2009 by Butterfield who was building a game paid customer additions in H2 FY21 will likely called Glitch at that time, but did not gain exceed additions in H2 FY20. Furthermore, new sufficient traction to become successful. Slack products like Slack Connect are reflecting healthy managed to raise a substantial amount of venture adoption trends, with the potential to accelerate capital funding on the onset with investors such new customer growth ahead. The company as Partners and . By guided for total revenue in the range of $222 to the end of 2014, the company was valued at more $225 million, an increase of 32.5% growth at the than $1 billion dollars. The Slack platform became midpoint of the range. Non-GAAP operating loss popular quickly, adding users and enterprise is projected to be $27 to $23 million, reflecting a - accounts. By February 2015, it had 500,000 daily 11.1% margin. For the full fiscal year 2021, Slack active users, 60,000 teams and 135,000 paid revised its previous guidance upwards for total accounts. As its user base grew, the company also revenue to be between $870 to $876 million, a added new features to the platform, acquiring growth of 38.5% at the midpoint of the range. small technology firms and other communication Non-GAAP operating loss is projected to narrow platforms. These included companies like Space, to $70-$75 million, or a margin of -8.3% - a Stride and Hipchat. Slack became a public significant improvement from -21% at the end of company in June 2019, listing on the NYSE under FY20. The company also expects free cash flow to the ticker symbol “WORK”. The company is reach break even. headquartered in San Francisco, California and

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EQUITY 0.94 STOCK: WORK | 9/14/20 FRESH LOOK

has almost 2,000 employees working around the with the rest of Office 365 significantly lowers the world. friction to adoption. In fact, Microsoft has been aggressive on this front, even blocking Teams û COMPETITIVE ENVIRONMENT removal from Office 365 – one of the reasons why Slack has filed a competition complaint against Microsoft in the EU. Furthermore, Teams also Slack operates in a competitive market with integrates well with other third party apps such numerous apps and social software available as Trello and Smartsheet, and allows developers today for communication. At the enterprise level, to build their own tools for integration. the industry is still at its early stages and rapidly Microsoft’s Teams is a formidable rival to Slack evolving as technology firms develop their but Slack is also registering several big wins software for business communication, or expand against Teams in the enterprise. 7 out of 10 of their offerings into this space. As a result, Slack’s largest customers are members of the functionality and features vary, ranging from Fortune 100, and 17 of its top 20 customers are specialization such as video conferencing tools members of either the Global or Fortune 500, for only e.g. , to a broader, more example. 4 out of 5 of its largest deals in Q4 were comprehensive set of capabilities which includes against Teams. These large organizations are also instant messaging, file sharing and third-party Office 365 users, but have made the switch to software integrations e.g. Microsoft Teams, purchase Slack instead, suggesting a more RingCentral. Slack competes with many vendors superior software in Slack. The main competitive in this space which includes more established advantages to these wins have been Slack’s better productivity software vendors such as Microsoft, user experience, such as scalability with no limits Cisco, Dropbox and Google, consumer to message history, number of channels, and the application apps that have entered the business ability to collaborate in the platform internally software market e.g. Facebook and Whatsapp, and externally with stakeholders, using over and point solution vendors or smaller niche 2,300 third-party apps and software integrations players e.g. Huddle that focuses on document – a technological feat that is hard to replicate collaboration. successfully and reliably. The user interface has also reportedly been more user friendly, based on Slack’s most prominent and its largest competitor customer feedback that have switched from is Microsoft, which offers a Teams application Teams, and with plenty of customization options, that has a broad range of features that includes users can tailor their interface for a more chat and instant messaging, file sharing, video personalized experience. Set up is a cinch, relative conferencing, and collaboration tools, most to Teams’ complex menu of options. similar to Slack’s offerings. Microsoft bundles Teams in its Office 365 business packages, “I think there’s this perpetual question, which at making it available to users of its Microsoft Office this point is a little puzzling for us, that at some applications for free. In addition to seamless point Microsoft is going to kill us,” says integration with its other productivity Butterfield in the CNBC interview. “In another applications ie. you can access the full range of sense, they’ve got to be a little frustrated at this Office features within your Teams messaging point. They have 250 million-ish Office 365 thread such as edit a document, bundling Teams

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EQUITY 0.94 STOCK: WORK | 9/14/20 FRESH LOOK

users, they just announced this massive growth of 10+ hours per day, and use the platform in Teams to a little under 30 percent. So after actively at an average of 100+ minutes each day. three years of bundling it, preinstalling it on These are metrics that Microsoft have not counter people’s machines, insisting that administrators offered publicly, which some have hinted that the turn it on, forcing users from Skype for Business company has been loose on its definition of DAU1 to switch to Teams, they still only have 29 to inflate user numbers. For example, Microsoft percent which means 71 percent of their users had reported 200 million meeting participants in have said no thank you.” – Stewart Butterfield April 2020, but as an individual attending five on competing with Microsoft after it Teams meetings a day, you would be counted as announced 75 million DAUs in April 2020 five daily meeting participants.

LB•LOGIC Another possible reason why Slack may not be growing its LB•LOGIC Both Slack and Teams number of paid customers faster is offer a set of very similar features and because IT teams do not truly capabilities. However, reviews have understand the value of the platform suggested that the user experience on yet. With similar features to Teams and Slack is better and preferred once a Zoom or an internal communication person switches. Microsoft’s offense product, they see Slack as another strategy at this point has been to make similar software. We think this Teams easily accessible, leveraging its impression could change with Slack Office 365 user base. Slack Connect Connect and as the platform expands its has the potential to change the capability offerings. Adoption dynamics in the quarters ahead when momentum could accelerate as Slack invitations and word-of-mouth matures as a product. referrals occur, and more workers try out Slack from working with business partners. Another up and coming high growth player is RingCentral Inc, which has an integrated In terms of market share, Slack is growing its user platform of communication solutions similar to base rapidly, and the most recent figures released Teams and Slack. RingCentral is growing its in October 2019 by the company show 12 million revenue rapidly. It has about 2 million users, and daily active users (DAU). Microsoft’s most recent the company recently announced a strategic announcement of its DAU occurred in late April, partnership with communications technology where it reported its DAU reaching 75 million, provider Avaya that commits to using catalyzed by remote working arrangements due RingCentral as its communications platform to Covid-19. While Slack has yet to release exclusively. Avaya has an installed base of more updated DAU figures, it is clear that both than 100 million users globally. companies are in the top two spots in this space. Slack has in its defense emphasized the high levels of user enagement on its platform. As of Q2 FY21, users are connected on Slack at an average

1 Microsoft defines DAU as the maximum daily users performing an client and web client. Intentional actions include sending or replying intentional action in a 24-hour period across the desktop client, mobile to a chat, joining a meeting, or opening a file in Teams.”

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EQUITY 0.94 STOCK: WORK | 9/14/20 FRESH LOOK

û TREND ANALYSIS: VALUATION pandemic, compared to other remote Slack’s stock price and valuation fell after the collaboration software companies e.g. Zoom. company released its Q2 results. Despite good Increased churn was likely another concern, and performance and a revenue guidance raise, the broader market also sold off on tech stocks. At investors were generally disappointed that the a forward P/S of 16.71x, Slack’s valuation has company did not outperform significantly from become more reasonable for its competitive the increased use of its platform due to the position and longer term outlook.

Revenue Revenue Fwd GAAP Growth Forecast (Millions Forward P/E Forward P/S Gross Margin Forecast (%) USD)

Slack Technologies Inc. (WORK) 38.90% 876.0 88.2 - 16.71

RingCentral Inc. (RNG) 26.20% 1,140.0 76.4 273.91 19.88

Facebook Inc. (FB) 13.00% 79,915.0 80.5 29.76 9.50

Zendesk Inc. (ZEN) 24.00% 1,012.0 77.3 205.52 10.78

Microsoft Corp (MSFT) 9.55% 156,673.0 68.1 31.63 9.86

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EQUITY 0.94 STOCK: WORK | 9/14/20 FRESH LOOK

û CONCLUSION / RECOMMENDATION Slack delivered good results in the first half of However, we are still cautious of the 2020, benefitting from the remote work competition, and increased churn in the near practices of many organizations due to the term as the economy is slow to recover. We pandemic. Adoption of the platform was would like to see Slack Connect successfully strong, and the company added new paid driving strong new paid customer growth for customers at a solid pace. We see potential for the platform, and improved churn rates in the momentum to grow from the launch of Slack near term before changing our Connect and new capability acquisitions that recommendation. For these reasons, we rate has strengthened its value proposition. WORK a “YELLOW LIGHT”. n Stock Chart for Slack Technologies Inc. (WORK)

n Performance Data FY15 FY16 FY17 FY18 FY19 FY20 RETURN ON INVESTED CAPITAL (%) N.A. N.A. N.A. N.A. -21.0% -65.8% GROSS MARGIN (%) N.A. N.A. 85.2% 88.0% 87.2% 84.6% EARNINGS (MILLIONS USD) N.A. N.A. -146.9 -140.1 -140.7 -571.1 YoY Earnings Growth (%) N.A. N.A. - 4.6% -0.4% -305.9% REVENUE (MILLIONS USD) N.A. N.A. 105.2 220.5 400.6 630.4 YoY Revenue Growth (%) N.A. N.A. - 109.7% 81.6% 57.4%

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EQUITY 0.94 STOCK: WORK | 9/14/20 FRESH LOOK n Valuation Data

FY15 FY16 FY17 FY18 FY19 FY20 SHARE PRICE (USD) N.A. N.A. N.A. N.A. N.A. 22.32 SHARES OUTSTANDING (MILLIONS) N.A. N.A. N.A. N.A. 248.3 555.4 MARKET CAP (MILLIONS USD) N.A. N.A. N.A. N.A. N.A. 11,513 PRICE/SALES RATIO N.A. N.A. N.A. N.A. N.A. 13.1

A word about our Fresh Looks: These reports are meant to be produced quickly, giving our Portfolio Manager the information he needs to make an investment decision in a short timeframe, as markets often move quickly after earnings announcements. You will notice the “Traffic Light” at the top. This is a scale indicating the likelihood that we follow a name in future quarters, with the intention of producing a rating of Buy/Hold/Sell after we study the company further. “Green Light” is roughly equivalent to “Buy” after we study a company more than once. “Yellow Light” approximately means “Hold” and “Red Light” would indicate a sell and an end to our continuing coverage of a company. By making these reports public, we intend to give the broader investing community a window into the Left Brain investment process. Since many of the names we cover lack Wall Street research, sometimes these Quick Looks will be some of the only publicly available analysis on a particular stock/bond. We believe that even our rapid-fire reports on certain names will provide great value for the reader. Given the time-sensitive nature of Fresh Looks, they are raw, unfiltered documents. You may see a typo here or there, or perhaps a note from an analyst written directly to our PM, Noland Langford. That is just part of the process. The methodology here is the analyst reads the most recent earnings call, along with the Management Discussion & Analysis section of the most recent Quarterly Report, along with compiling the key quantitative metrics that we value most at Left Brain. The result is a short report that gives us just enough information to take a position in securities where time is of the essence: sometimes the market doesn’t give us enough time to consider every angle before we take action. We hope you find these previously “internal use only” documents useful in your understanding of the investment markets.

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EQUITY 0.94 STOCK: WORK | 9/14/20 FRESH LOOK

DISCLAIMER: This Report is provided for informational purposes only and is prepared without regard to the investment objectives, financial situation, or needs of any investor. The Report is not intended, and should not be relied upon, as a source of any investment recommendation, makes no implied or express recommendation to hold, sell, purchase or take any other action with regard to a security, and is not an offer or solicitation for the purchase or sale of the security that is the subject of the Report. Investors must exercise their own independent judgment as to the suitability of a security. Past performance is not indicative of future performance. The price of securities can and will fluctuate, and any individual security may become worthless. A high or favorable rating, rating outlook, gauge, or similar opinion is not indicative of future performance, and no user should rely on any such rating, rating outlook, gauge, or similar opinion to predict performance or potential for return. Future performance may not equal projected or forecasted performance or potential for return. All ratings and related analysis, as well as data, statistics, analysis and opinions contained herein are solely statements of opinion and are not statements of fact or recommendations to purchase, hold, or sell any security or make any other investment decisions. This report may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will materialize. Reliance upon information herein is at the sole discretion of the reader. THE REPORT IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND. Left Brain Investment Research LLC DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES WITH RESPECT TO THE REPORT, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. The Report is current only as of the date set forth herein. Left Brain Investment Research LLC (LBIR) has no obligation to update the Report or any material or content set forth herein. For LBWM readers of this report: Please consult with your LBWM financial advisor to ensure that any contemplated transaction in any securities mentioned in this letter align with your overall investment goals, objectives and tolerance for risk. In addition, please note that Left Brain Investment Research LLC, through its wealth management affiliate, Left Brain Wealth Management, including its principals, employees, agents, affiliates and advisory clients, may have positions in one or more of the securities discussed in this communication. Please note that LBIR, LBWM, including its principals, employees, agents, affiliates and advisory clients may take positions or effect transactions contrary to the views expressed in this communication based upon individual or firm circumstances. Any decision to effect transactions in the securities discussed within this communication should be balanced against the potential conflict of interest that LBIR, LBWM, its principals, employees, agents, affiliates and advisory clients has by virtue of its investment in one or more of these securities. LBIR is an affiliate of Left Brain Wealth Management LLC, an investment advisor registered with the Securities and Exchange Commission. LBIR is an affiliate of Left Brain Capital Appreciation Fund, L.P., Left Brain Capital Appreciation Offshore Ltd, and Left Brain Capital Appreciation Master Fund, Ltd., all of which are hedge funds managed by Left Brain Capital Management, LLC. The general partner of these hedge funds, Left Brain Capital Management, LLC, is an affiliate of LBIR. © 2020, Left Brain Investment Research LLC. All rights reserved. Reproduction in any form is prohibited.

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