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Sectorwatch: Artificial Intelligence June 2018 Artificial Intelligence June 2018 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [13] Appendix [14] 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 2 Overview 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus. Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages. Public Basket Performance Recent Deals • Summary valuation and operating metrics for • The most recently announced deals in the a basket of comparable public companies sector 3 Dashboard Revenue Growth Momentum Operating Metrics 1 - year revenue growth compared to revenue growth 0.05 average for last 3 years Median LTM GP Margin % 60.0% Current revenue growth rate exceeds the average of the last 3 years by this amount, indicating that market momentum is increasing Median LTM EBITDA Margin % 31.1% Pricing / Gross Margin Momentum 1 - year gross profit % compared to gross profit % Median LTM Rev. Growth % 18.0% -1.5% average for last 3 years Current gross profit margin is less than the average of the last 3 years gross 0% 20% 40% 60% profit margins, indicating customer pricing power Valuation Profitability Momentum Median Price / LTM Earnings 1 - year EBITDA % compared to EBITDA % average for 41.8x -1.7% last 3 years Current EBITDA margin is less than the average of the last 3 years EBITDA Median TEV / LTM EBIT 24.4x margins, which may signal further consolidation Median TEV / LTM EBITDA 20.3x Median TEV / LTM Revenue 5.3x 0x 10x 20x 30x 40x 50x 4 Public Basket Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k salesforce.com, inc. 100,049 11,089 25% 74% 9% 9.0 95.8 29,000 382 International Business Machines Corporation 164,677 80,056 1% 46% 21% 2.1 9.9 366,600 218 Intel Corporation 261,539 64,031 6% 62% 43% 4.1 9.5 102,700 623 Facebook, Inc. 540,759 44,587 47% 86% 57% 12.1 21.1 25,105 1,776 Alphabet Inc. 719,846 117,251 24% 58% 31% 6.1 19.6 80,110 1,464 Microsoft Corporation 739,035 99,259 8% 63% 35% 7.4 21.1 124,000 800 Amazon.com, Inc. 868,710 193,194 36% 38% 9% 4.5 50.4 566,000 341 Apple Inc. 950,573 247,417 12% 38% 31% 3.8 12.4 123,000 2,012 Average 543,148 107,111 20% 58% 30% 6.2 30.0 177,064 952 Median 630,302 89,658 18% 60% 31% 5.3 20.3 112,850 712 share price as of 21Jun18 5 10x 12x 14x 16x 18x 20x Public Basket Valuation Trends Valuation Basket Public 0x 2x 4x 6x 8x Sep-13 Dec-13 Mar-14 TEV/EBITDA -Average TEV/EBITDA -Median TEV/EBITDA Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 13.5x Sep-15 3.7x Dec-15 Mar-16 TEV/Revenue -Average TEV/Revenue -Median TEV/Revenue Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 0x 1x 2x 3x 4x 5x 6x 10x 15x 20x 0x 5x Public Public Time Multiples over Public EBITDA Sep-13 Sep-13 Dec-13 Dec-13 TEV/Revenue -Median TEV/Revenue Mar-14 TEV/EBITDA -Median TEV/EBITDA Mar-14 Jun-14 Multiples Revenue Jun-14 Sep-14 Sep-14 Dec-14 Dec-14 Mar-15 Mar-15 Jun-15 Jun-15 Sep-15 Sep-15 Dec-15 Dec-15 Mar-16 Mar-16 TEV/Revenue -Average TEV/Revenue Jun-16 -Average TEV/EBITDA Jun-16 Sep-16 Sep-16 Dec-16 Dec-16 Mar-17 Time over Mar-17 Jun-17 Jun-17 Sep-17 Sep-17 Dec-17 Dec-17 Mar-18 Mar-18 Jun-18 Jun-18 6 Operational Metrics LTM Gross Profit Margin % LTM EBITDA % Facebook, Inc. Facebook, Inc. salesforce.com, inc. Intel Corporation Microsoft Corporation Microsoft Corporation Intel Corporation Alphabet Inc. Alphabet Inc. Apple Inc. International Business Machines International Business Corporation Machines Corporation Apple Inc. salesforce.com, inc. Amazon.com, Inc. Amazon.com, Inc. Median Median - 20% 40% 60% 80% 100% - 20% 40% 60% 80% 7 Operational Metrics LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s Facebook, Inc. Apple Inc. Amazon.com, Inc. Facebook, Inc. salesforce.com, inc. Alphabet Inc. Alphabet Inc. Microsoft Corporation Apple Inc. Intel Corporation Microsoft Corporation salesforce.com, inc. Intel Corporation Amazon.com, Inc. International Business Machines International Business Machines Corporation Corporation Median Median - 20% 40% 60% $- $1,000 $2,000 $3,000 8 Operational Metrics Average Days Accounts Receivable Turnover Sales Outstanding Amazon.com, Inc. Microsoft Corporation Apple Inc. salesforce.com, inc. Intel Corporation Alphabet Inc. International Business Facebook, Inc. Machines Corporation International Business Facebook, Inc. Machines Corporation Alphabet Inc. Intel Corporation salesforce.com, inc. Apple Inc. Microsoft Corporation Amazon.com, Inc. Median Median 0x 10x 20x 30x 0 20 40 60 80 9 Valuation TEV / LTM Revenue TEV / LTM EBITDA Facebook, Inc. salesforce.com, inc. salesforce.com, inc. Amazon.com, Inc. Microsoft Corporation Facebook, Inc. Alphabet Inc. Microsoft Corporation Amazon.com, Inc. Alphabet Inc. Intel Corporation Apple Inc. International Business Apple Inc. Machines Corporation International Business Intel Corporation Machines Corporation Median Median 0x 4x 8x 12x 16x 20x 0x 40x 80x 120x 10 Valuation TEV / LTM EBIT Price / LTM Earnings salesforce.com, inc. Amazon.com, Inc. Amazon.com, Inc. salesforce.com, inc. Microsoft Corporation Microsoft Corporation Alphabet Inc. Alphabet Inc. Facebook, Inc. Facebook, Inc. Apple Inc. International Business Machines Corporation Intel Corporation International Business Apple Inc. Machines Corporation Median Median 0x 100x 200x 300x 0x 100x 200x 300x 11 Valuation Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate 120x 100% 120x 50% 86.0% 90% 47.2% 45% 100x 100x 73.9% 80% 40% 35.5% 70% 35% 80x 62.7% 80x 60% 30% 62.0% 45.6% 58.0% 23.7% 60x 50% 60x 25% 25.0% 40% 20% 40x 38.3% 37.8% 40x 12.2% 30% 15% 5.9% 8.4% 20% 10% 20x 20x 10% 0.8% 5% 10x 10x 12x 20x 21x 21x 50x 96x 10x 10x 12x 20x 21x 21x 50x 96x EBITDA(x) EBITDA(x) LTM GP% LTM 0x 0% 0x 0% RGR% LTM EBITDA(x) LTM GP% EBITDA(x) LTM RGR% 12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA 4Jun18 HeavyWater Solutions, Inc. Black Knight, Inc. - - - - 4May18 ServiceNow, Inc. - - 2,093.48 - - 1May18 Accompani, Inc. Cisco Systems, Inc. - - - - 27Mar18 Asimmetric Inc. HPE Aruba - - - - 30Jan18 Intelligens Ltda. Conversica, Inc. - - - - 5Jan18 Niddel Corp. Verizon Communications Inc. - - - - 19Dec17 Next IT Corporation and Next IT Innovation Verint Systems Inc. 51.00 - - - Labs, LLC 28Nov17 Fluenty Inc. Samsung Electronics Co., Ltd. - - - - 27Oct17 Princeton Lightwave, Inc. Argo AI, LLC - - - - 16Aug17 Scyfer B.V. Qualcomm Technologies, Inc. - - - - 8Jul17 Game Sparks Ltd Amazon.com, Inc. - - - - 4Jul17 KITT.AI Baidu, Inc. - - - - 11May17 MindMeld, Inc. Cisco Systems, Inc. 125.00 - - - 13Apr17 Skytree, Inc. Infosys Limited - - - - 14Mar17 Meerchant Inc. ShopKeep.com Inc. - - - - 12Mar17 Mobileye N.V. Intel Corporation 15,426.38 358.16 42.0x 108.1x 15Feb17 Do, Inc. Amazon Web Services, Inc. - - - - 20Feb17 RealFace Apple Inc. - - - - 23Jan17 Meta Chan Zuckerberg Initiative - - - - 18Jan17 Intelligentsia.ai Quartz Media LLC - - - - 13Jan17 Maluuba Inc Microsoft Corporation - - - - 5Dec16 Geometric Intelligence Inc. Uber Technologies, Inc. - - - - 6Oct16 Viv Labs, Inc. Samsung Electronics Co., Ltd. 211.55 - - - 31May16 Tuplejump Software Private Limited Apple Inc. - - - - 9Aug16 Nervana Systems Intel Corporation - - - - 5Aug16 Turi Inc. Apple Inc. 200.00 - - - 11Jul16 SalesPredict Ltd. eBay Inc. 40.00 - - - 22Apr16 ReD Associates U.S., Inc. Cognizant Technology Solutions Corporation - - - - 11Apr16 OpenSpan, Inc. Pegasystems Inc. 52.30 - - - 4Apr16 MetaMind Inc. salesforce.com, inc. 48.00 - - - 19Feb16 TappingStone Inc. salesforce.com, inc. - - - - 11Jan16 Nexidia Inc. NICE Systems Ltd. (nka:NICE Ltd.) 135.00 - - - 7Jan16 Emotient, Inc. Apple Inc. - - - - 13 Artificial Intelligence June 2018 APPENDIX: Public Basket Constituents 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein.
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