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Monthly Report August2008

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Monthly Report August2008 Software Equity Group Flash Report August 2008 Financial and Stock Market Performance Public Software Companies By Product Category Public SaaS Companies Public Internet Companies and Selected M&A Transactions Software Equity Group, L.L.C. 12220 El Camino Real, #320 San Diego, CA 92130 p: (858) 509-2800 f: (858) 509-2818 [email protected] Copyright © 2008 by Software Equity Group, L.L.C., All Rights Reserved Copyright © 2008 by Software Equity Group, L.L.C., All Rights Reserved List of Commonly Used Acronyms CAD Computer-aided Design CAM Computer-aided Manufacturing CRM Customer Relationship Management EBITDA Earnings before Interest, Taxes, Depreciation, and Amortization EV Enterprise Value FCF Free Cash Flow HR Human Resources NASDAQ National Association of Securities Dealers Automated Quotation System OS Operating System PLM Product Lifecycle Management R&D Research and Development S&P Standard & Poor's SaaS Software-as-a-Service SEG Software Equity Group SG&A Selling, General, & Administrative SW Software TTM Trailing Twelve Month YoY Year-over-Year YTD Year-to-date Copyright © 2008 by Software Equity Group, L.L.C., All Rights Reserved SEG Software Index Category Performance Copyright © 2008 by Software Equity Group, L.L.C., All Rights Reserved SEG Software Index: All Categories Category Name Market Cap EV TTM Revenue TTM Gross TTM EBITDA TTM EV/ Revenue EV/ Forward Forward YoY Stock Margin Margin Revenue EBITDA EV/ Revenue EV/ Market Growth EBITDA Return SEG Software Index $332.74 $343.47 $166.30 66.2% 12.7% 14.6% 1.9x 12.7x 1.8x 10.1x -15.9% Billing & Service Provisioning $622.39 $562.99 $300.84 48.0% 15.6% 12.6% 1.7x 7.6x 2.1x 12.6x -22.5% Business Intelligence $405.31 $301.84 $163.23 77.2% 15.5% 14.6% 1.6x 11.7x 1.7x 7.4x -18.4% Content/Document Management $180.32 $118.90 $149.04 72.8% 11.1% 25.8% 1.6x 10.5x 2.3x 8.6x -34.5% CRM, Marketing & Sales Software $109.30 $66.10 $97.14 60.6% 4.2% 21.9% 0.9x 14.8x 1.0x 12.1x -46.4% Database & File Management $842.25 $708.20 $259.79 83.1% 20.1% 18.8% 2.7x 9.5x 2.4x 9.7x 13.6% Development Tools, OS & Application Testing So $228.13 $214.38 $159.66 81.5% 6.1% 14.2% 2.1x 9.3x 2.0x 13.3x -7.0% eCommerce Enablement Software $296.82 $259.79 $148.45 60.4% 3.6% 7.2% 1.7x 35.6x 5.0x 20.0x -11.2% Education & eLearning $119.46 $90.37 $109.41 67.5% 5.5% 6.8% 1.0x 23.8x 2.4x 13.3x -34.7% Electronic Design Automation $1,261.22 $1,330.48 $864.45 82.3% 12.2% 8.1% 1.4x 11.1x 1.5x 7.7x -57.2% Engineering, PLM & CAD/CAM Software $1,592.26 $1,547.44 $645.26 83.2% 21.5% 7.4% 2.0x 12.2x 1.8x 9.2x -4.3% Enterprise Application Integration $824.26 $689.25 $357.94 71.3% 16.3% 15.6% 2.2x 10.8x 1.9x 10.0x 0.1% Enterprise Resource Planning $366.00 $486.95 $402.24 55.1% 13.8% 13.5% 1.3x 9.9x 1.2x 7.5x -42.0% Entertainment $678.89 $583.08 $149.82 55.4% 6.9% 8.6% 1.3x 7.0x 1.6x 9.4x -38.5% Financial Services Software $672.13 $641.40 $240.45 60.7% 21.9% 18.3% 2.5x 12.3x 2.2x 9.9x -0.6% Healthcare $603.54 $503.28 $136.78 55.2% 15.4% 10.9% 2.2x 14.4x 2.2x 12.2x -22.0% HR & Workforce Management $144.59 $100.29 $101.86 61.2% 3.6% 14.3% 1.1x 29.6x 3.1x 13.5x -51.0% Messaging, Conferencing & Communications $171.33 $136.07 $114.97 62.1% 6.6% 16.5% 1.2x 11.0x 1.2x 7.8x 4.5% Multimedia, Graphics, Digital Media $355.45 $444.24 $199.14 70.8% 10.4% 23.6% 1.8x 19.9x 2.0x 10.8x -11.0% Networking & Connectivity $1,253.95 $788.40 $413.08 76.4% 8.4% 13.0% 2.0x 15.9x 2.6x 10.2x -20.5% Security $343.29 $318.72 $118.56 74.8% 11.3% 19.4% 2.8x 17.3x 2.8x 9.7x -23.8% Storage & Systems Management Software $7,300.88 $6,472.29 $1,724.35 80.1% 21.5% 16.3% 2.7x 10.3x 2.5x 9.7x -9.8% Supply Chain Management & Logistics $276.98 $333.56 $257.04 57.1% 15.0% 6.5% 1.4x 9.2x 1.4x 8.7x -15.2% Web Analytics $770.31 $737.28 $278.63 75.7% 20.3% 20.7% 2.8x 15.3x 2.3x 8.3x -13.3% Wireless $221.38 $173.39 $122.37 45.1% 7.4% 19.2% 1.7x 20.5x 1.9x 11.6x -2.0% Income Statement Analysis (Median) SEG SW Index Stock Market Return: Jan - Jul 2008 TTM Revenue Growth 14.6% 0% TTM EBITDA Growth 21.0% TTM Earnings Growth 11.6% Gross Profit Margin 66.2% EBITDA Margin 12.7% -5% Net Income Margin 5.5% SG&A Expenses as a % of Total Revenue 40.9% R&D Expenses as a % of Total Revenue 15.9% -10% Balance Sheet Analysis (Median) Current Ratio 1.9 Quick Ratio 1.7 Cash as Percent of Market Cap 19.4% -15% Avg Days Outstanding: Accounts Receivable 71 Avg Days Outstanding: Accounts Payable 43 Working Capital to TTM Operating Expense Ratio 0.3 -20% Cash Flow Statement Analysis (Median) Levered FCF Margin 6.4% Cash from Operations Growth (YoY) 22.5% Cash from Investing Growth (YoY) 32.7% -25% Cash from Financing Growth (YoY) -27.8% S&P 500 NASDAQ SEG SW Index Levered FCF Growth (YoY) 30.0% Copyright © 2008 by Software Equity Group, L.L.C., All Rights Reserved August 2008 SEG Software Index Category: Billing and Service Provisioning Company Name Ticker Market Cap EV TTM Revenue TTM Gross TTM EBITDA TTM EV/ Revenue EV/ EBITDA Forward Forward YoY Stock Margin Margin Revenue EV/ Revenue EV/ EBITDA Market Growth Return Amdocs Limited DOX $6,296.39 $5,568.02 $3,063.51 36.1% 19.2% 10.4% 1.8x 9.5x 1.7x 7.5x -16.0% AsiaInfo Holdings, Inc. ASIA $624.99 $424.40 $150.20 48.4% 11.3% 25.7% 2.8x 24.9x 2.6x 17.7x 67.7% CSG Systems International, Inc. CSGS $619.78 $701.58 $451.48 47.7% 26.9% 14.8% 1.6x 5.8x n/a n/a -29.1% MIND C.T.I. Ltd. MNDO $22.89 $10.48 $18.45 68.6% 12.0% -8.0% 0.6x 4.7x n/a n/a -59.5% Median: $622.39 $562.99 $300.84 48.0% 15.6% 12.6% 1.7x 7.6x 2.1x 12.6x -22.5% Income Statement Analysis (Median) Billing & Service Provisioning Software Stock Market Return: Jan - Jul 2008 TTM Revenue Growth 12.6% 10% TTM EBITDA Growth 10.0% TTM Earnings Growth 4.4% Gross Profit Margin 48.0% 5% EBITDA Margin 15.6% Net Income Margin 12.7% SG&A Expenses as a % of Total Revenue 19.5% 0% R&D Expenses as a % of Total Revenue 13.4% -5% Balance Sheet Analysis (Median) Current Ratio 2.9 Quick Ratio 2.6 -10% Cash as Percent of Market Cap 28.0% Avg Days Outstanding: Accounts Receivable 103 Avg Days Outstanding: Accounts Payable 53 -15% Working Capital to TTM Operating Expense Ratio 0.6 Cash Flow Statement Analysis (Median) -20% Levered FCF Margin 11.9% Cash from Operations Growth (YoY) 346.3% Cash from Investing Growth (YoY) 109.3% -25% Cash from Financing Growth (YoY) -9.3% Billing & Service Provisioning SW S&P 500 NASDAQ SEG SW Index Levered FCF Growth (YoY) 144.1% Copyright © 2008 by Software Equity Group, L.L.C., All Rights Reserved August 2008 SEG Software Index Category: Business Intelligence Company Name Ticker Market Cap EV TTM Revenue TTM Gross TTM EBITDA TTM EV/ Revenue EV/ EBITDA Forward Forward YoY Stock Margin Margin Revenue EV/ Revenue EV/ EBITDA Market Growth Return Actuate Corporation ACTU $274.66 $217.65 $138.07 80.5% 13.5% 3.2% 1.6x 11.7x 1.4x 5.9x -29.9% Datawatch Corporation DWCH $13.76 $9.31 $24.57 72.8% 8.4% 3.5% 0.4x 4.5x n/a n/a -55.6% Informatica Corporation INFA $1,432.91 $1,200.47 $427.35 81.1% 17.4% 21.4% 2.8x 16.1x 2.7x 14.1x 16.1% Insightful Corporation IFUL $23.95 $13.92 $20.89 74.0% -15.8% -16.5% 0.7x n/a n/a n/a -21.0% MicroStrategy Incorporated MSTR $718.03 $618.15 $376.52 82.3% 24.3% 18.0% 1.6x 6.8x 1.7x 7.4x -17.3% Pegasystems Inc. PEGA $535.97 $375.11 $188.39 59.8% 5.5% 32.1% 2.0x 36.4x 1.7x n/a 40.7% PROS Holdings PRO $274.05 $228.57 $70.75 73.6% 20.6% 32.1% 3.2x 15.7x 1.8x 8.8x -16.3% SPSS Inc. SPSS $598.70 $442.71 $305.85 93.6% 23.4% 11.3% 1.4x 6.2x 1.4x 6.0x -19.5% Median: $405.31 $301.84 $163.23 77.2% 15.5% 14.6% 1.6x 11.7x 1.7x 7.4x -18.4% Income Statement Analysis (Median) Business Intelligence Software Stock Market Return: Jan - Jul 2008 TTM Revenue Growth 14.6% 0% TTM EBITDA Growth 26.2% TTM Earnings Growth 51.4% Gross Profit Margin 77.2% -5% EBITDA Margin 15.5% Net Income Margin 12.7% SG&A Expenses as a % of Total Revenue 51.3% -10% R&D Expenses as a % of Total Revenue 16.0% -15% Balance Sheet Analysis (Median) Current Ratio 2.0 Quick Ratio 1.9 -20% Cash as Percent of Market Cap 32.3% Avg Days Outstanding: Accounts Receivable 77 Avg Days Outstanding: Accounts Payable 37 -25% Working Capital to TTM Operating Expense Ratio 0.5 Cash Flow Statement Analysis (Median) -30% Levered FCF Margin 12.9% Cash from Operations Growth (YoY) 16.7% Cash from Investing Growth (YoY) 28.8% -35% Cash from Financing Growth (YoY) -61.6% Business Intelligence SW S&P 500 NASDAQ SEG SW Index Levered FCF Growth (YoY) 4.6% Copyright © 2008 by Software Equity Group, L.L.C., All Rights Reserved August 2008 SEG Software Index Category: Content & Document Management Company Name Ticker Market Cap EV TTM Revenue TTM Gross TTM EBITDA TTM EV/ Revenue EV/ EBITDA Forward Forward YoY Stock Margin Margin Revenue EV/ Revenue EV/ EBITDA Market Growth Return Adobe Systems Incorporated ADBE $21,934.27 $20,419.54 $3,540.23 89.9% 38.6% 32.1% 5.8x 14.9x 5.9x 12.7x 2.6% Captaris, Inc.
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