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Human Capital Management Q3 2020 Overview HOULIHAN LOKEY | TECHNOLOGY, M E D I A & TELECOM GROUP Table of Contents Page 1. Human Capital Management Market Overview 3 2. Houlihan Lokey Firm Overview 15 2 Page 1. Human Capital Management Market Overview 3 2. Houlihan Lokey Firm Overview 15 Current Market Conditions for SaaS and Human Capital Management (HCM) Broad SaaS and HCM markets have been weathering the uncertainty, with median multiples up from 2019 and YoY SaaS and HCM SaaS trading multiples were up somewhat significantly at the HCM trading has also enjoyed an increase during the Comps— end of the quarter broad market uncertainty Q3 Update(1) Median SaaS was 11.3x revenue at the end of Q3 2020 Median HCM was 5.6x revenue at the end of Q3 2020 Median SaaS was 6.9x revenue at the end of Q1 2020 Median HCM was 3.9x revenue at the end of Q1 2020 Last year, median SaaS multiples were trading at 8.3x Last year, median HCM multiples were trading at 4.8x Despite Many large strategics and financial sponsors are actively looking for acquisition and investment opportunities Broader Macro Private equity funds have record levels of dry powder Many are actively looking for new investment opportunities Market Many private equity funds have recently closed large funds in familiar industries/companies and pursuing aggressive Uncertainty, with active mandates and timelines to invest roll-up strategies for many of their portfolio companies Capital Billions of dollars of cash are on public company balance sheets Q2 2020 market uncertainty led to a drop in M&A and Remains Strategics will prioritize highly synergistic and value purchases investment activity but has increased in Q3 2020, as Highly Both strategics and investors are getting aggressive on executives rushed to revisit deals left on hold and take Available timeline and valuation for high-quality assets advantage of pre-COVID-19 deal dynamics The number of Special Purpose Acquisition Companies PIPE investment activity has picked up substantially, and (SPACs) has also increased greatly, with 67 IPOs and special situation and rescue financing deal flow has ramped $26.5 billion raised in 2020 as of August up in sectors most impacted by the lockdown Robust Deal With deal flow accelerating, investors are open for business and seeking high-quality assets Dynamics in an With the deal pipeline down significantly in 1H 2020 but Companies with high revenue visibility, strong unit Unusual accelerating in Q3 2020, buyers and investors are actively economics, differentiated competitive positioning, and Climate looking for new investments, which is driving competitive demonstrated financial model discipline will be favored in tension in the market these more uncertain market conditions Fears of increasing competitive market dynamics are also Although the impact varies across the market, companies encouraging buyers and investors to move quickly and have increasingly looked to their HCM executives as key aggressively on high-quality assets strategic leaders throughout the pandemic. Despite different Deal processes will look to remain flexible as buyers/ levels of volatility across the HCM landscape, HCM investors look to run diligence processes remotely and adjust companies will largely benefit from companies’ needs for to evolving macro climates increased digitalization and optimization, improved operational efficiencies, and driving employee culture and communications in the evolving workplace landscape Sources: 451 Research, S&P Capital IQ, MarketWatch, and Crunchbase. (1) Public equities trading multiples and growth based on 2020E figures. Data from S&P Capital IQ as of September 30, 2020. 4 Macro Market Snapshot EV/NTM Revenue by Index Share Price Weighted by Market Cap 18.0x SaaS HCM S&P 500 NASDAQ 120.0% SaaS HCM S&P 500 NASDAQ 16.0x 100.0% 14.5x 88.7% 14.0x 80.0% 12.0x 60.0% 10.0x 40.0% 39.0% 8.0x 20.0% 12.6% 6.0x 10.7% 4.1x 0.0% 4.0x 3.7x 2.0x 2.6x (20.0%) 0.0x (40.0%) Valuation Remains Closely Tied to Revenue Growth(1) Rule of 40: Premium on Growth + Profitability(1) 24.3x 22.1x 16.5x 16.6x 13.7x 13.8x 14.8x 18.2x 12.7x 16.0x 9.4x 13.3x 11.5x 10.8x 12.7x 6.5x 8.6x 8.3x 5.0x 8.6x 5.4x 5.5x 3.9x 3.6x 6.5x EV / 2020E /EV 2020E Revenue 6.8x /EV 2020E Revenue 5.4x 5.2x 4.8x 8.2x 4.3x 4.3x 5.0x 7.2x 3.5x 6.3x 3.2x 5.4x 4.3x 2.8x <10% >20% <10% >20% <10% >20% <10% >20% 10-20% 10-20% 10-20% 10-20% <40% >40% <40% >40% <40% >40% <40% >40% HCM Q4 2019(2) HCM Q3 2020(2) SaaS Q4 2019(3) SaaS Q3 2020(3) HCM Q4 2019(2) HCM Q3 2020(2) SaaS Q4 2019(3) SaaS Q3 2020(3) Source: S&P Capital IQ. Data as of September 30, 2020. (1) Ranges shown indicate Median through Top Quartile EV/2020E Revenue. (2) HCM Index comprised of companies shown on company benchmarking charts in the following pages. (3) SaaS Index comprised of an aggregate sample set of SaaS companies. 5 New Emerging Challengers Leaders Representative Human Sourcing Recruitment Marketing Talent Acquisition Talent Assessments Applicant Tracking Hiring Tools Capital Management Landscape Onboarding Payroll HRIS Core HR Workforce Management Contingent Labor Compensation and Benefits Performance and Management Talent Succession Learning Employee Engagement Talent 6 Analytics Large and Growing Market With Massive TAM The HCM market is forecasted to grow at nearly 10% annually until 2023, driven in large part by the growth in overall enterprise SaaS and cloud software and the consistent need for operational efficiency in the evolving HCM roles Human Capital Management Growth SaaS and Cloud Services Forecast $ in Billions $ in Billions Cloud Services SaaS $300.5 $276.2 $252.8 $230.4 $209.9 $20.4 $193.7 $166.6 $19.0 $148.1 $17.6 $130.5 $16.3 $114.0 $15.2 $98.3 $14.1 $85.1 $128.1 $133.9 $108.6 $111.5 $116.3 $122.3 2018A 2019A 2020E 2021E 2022E 2023E 2018A 2019A 2020E 2021E 2022E 2023E Estimated $20.4 billion in total revenue by 2023, driven by: Overall enterprise software growth has been driven by the proliferation of SaaS and hybrid cloud models in the last decade Enterprises looking for unified HCM suites to save costs and manage the entire HCM workflow Organizations are seeking simpler, more flexible, and economic ways to move and manage workloads across Emergence of artificial intelligence in automating HR processes, environments intelligently recommending candidates, and streamlining the recruiting process Overall, the SaaS market is estimated to grow to $166.6 billion by 2023 at a CAGR of 14.4% Companies continuing to evolve to generate more HR efficiencies through changing macro dynamics Talent management and employee engagement platforms evolving to meet changing COVID-19 climate dynamics Sources: U.S. Bureau of Labor Statistics, Gartner, Deloitte. 7 Historical HCM M&A Summary HCM M&A Transaction Summary (2010–YTD 2020) Aggregate Enterprise Value ($M) Deal Volume $15,000 64 70 $14,000 58 56 $13,000 54 60 $12,000 48 49 50 49 $11,000 50 $10,000 $9,000 36 40 $8,000 29 $7,000 30 $6,000 21 $5,000 20 $4,000 $3,000 10 $2,000 $1,000 $2,440 $4,326 $5,324 $153 $5,629 $5,072 $41,928 $4,614 $2,914 $16,274 $6,728 $0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 HCM M&A Transaction by Subsector (2015–YTD 2020) Deal Volume Average EV / Revenue 60 Average EV / EBITDA 50.0x 40.0x 40.0x 31.4x 40 30.0x 19.6x 13.8x 20.0x 20 9.0x 7.6x 10.0x 4.7x 3.6x 2.8x 4.9x 2.3x 2.5x 3.5x 1.9x 2.1x 3.4x 2.1x 0.7x 0 0.0x Workforce Learning Compensation Payroll Applicant Talent Performance Hiring Tools Sourcing Contingent Employee Onboarding Assessments HRIS Recruitment Management and Benefits Tracking Analytics and Labor Engagement Marketing Succession # of Deals 40 25 30 19 12 8 13 19 11 7 14 4 13 19 16 Aggregate EV $13,612 $5,185 $4,396 $5,660 $33 $73 $817 $205 $517 $0 $228 $0 $3,773 $6,648 $27,485 ($M) Source: Trading multiples are based on share price, other market data, and broker consensus future earnings estimates from S&P Capital IQ, 451 Research, and Kognetics as of September 30, 2020. Note: Includes transactions with undisclosed financial terms. Transactions may fall into more than one indicator. NA or data not shown if data isn’t publicly available or EV/Revenue or EV/EBITDA is greater than 50x. 8 Historical M&A: Select Strategic Transactions HCM M&A Transaction by Subsector (2015–2020 YTD) Sourcing Recruitment Assessments Applicant Hiring Tools Onboarding Payroll HRIS Workforce Contingent Comp and Performance Learning Employee Talent Marketing Tracking Management Labor Benefits and Engagement Analytics Succession Deal Volume 11 16 13 12 19 4 19 19 40 7 30 13 25 14 8 $517 $27,485 $3,773 $33 $205 $0 $5,660 $6,648 $13,612 $0 $4,396 $817 $5,185 $228 $73 Aggregate ($M) EV Engage Sterling Randstad LinkedIn PSI Paycor 2Excel ADP ECI Kronos Intuit PlanSource Salesforce SAP REFFIND Workday Indeed Microsoft PSI Snagajob Infor Equifax Visma AS Roper ShiftHub Adecco Mercer Deltek LinkedIn Blackhawk Ultimate Indeed Monster Gartner Sage Adecco Sterling NGA Ultimate ADP IQ Navigator CareerBuilder Saba Talentsoft Aon CEB Cornerstone Figaro GIS HealthEquity Saba OnDemand Classifieds CEB Saba Recruit Intuit Kronos Intuit ADP Workday Deloitte Medix Staffing Learning Access Group Ascentis Workday Stone Point WayUp Xing ADP Bullhorn iCIMs ADP Visma Tech.
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