PRIVATE & CONFIDENTIAL
Technology, Media, Marketing, and Information Services Industry Sectors
December 2019
This is intended for client and institutional use only, and may not be Driven by your success. disseminated further 1. About CG Petsky Prunier
2. Market Environment
3. Monthly M&A and Investment Activity by Industry Segment
4. Additional Information
Driven by your success. US Team Jeff Barlow Sanjay Chadda Dan Coyne Andrew Pojani President, Canaccord Genuity Co-Head of US Investment Banking Co-Head of US Investment Banking Co-Head of US Technology Boston Co-Head of US Technology Boston Boston +1 617 371 3713 New York +1 617 371 3887 +1 617 788 1635 [email protected] +1 212 842 6022 [email protected] [email protected] [email protected]
Dudley Baker Lisa McClure Byrnes Scott Card Norman Colbert Duncan Dashiff Chris French Matthew Kratter Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Nashville Boston Boston Las Vegas Nashville New York New York +1 615 490 8448 +1 617 371 3847 +1 617 371 3895 +1 702 990 3280 +1 615 490 8446 +1 212 842 6033 +1 212 842 6024 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Joseph Laird Trevor Martin J.P. Michaud Jason Panzer, CFA Jason Partenza Michael Petsky John Prunier Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director New York Boston Charlotte New York New York New York New York +1 212 842 7120 +1 617 788 1514 +1 980 237 0380 +1 212 514 4203 +1 212 849 3976 +1 212 842 6001 +1 212 842 6021 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Seth Rosenfield Mark Young Christopher Dorn Marc Flor Christopher Heasman Dylan Kearns Matthew Kebel Managing Director Managing Director Director Director Director Director Director New York Boston New York New York New York New York New York +1 212 842 6018 +1 617 788 1584 +1 615 490 8444 +1 212 842 6034 +1 212 842 6038 +1 212 842 6025 +1 212 842 6036 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Anil Kuruganti Geoff Rhizor Lexia Schwartz Edin Trto Clayton Young Director Director Director Director Director New York San Francisco New York New York New York +1 212 842 7132 +1 415 229 0650 +1 212 842 7127 +1 212 842 6015 +1 212 842 6009 [email protected] [email protected] [email protected] [email protected] [email protected]
Global Team Europe Canada Israel M&A & Financial Sponsors
Simon Bridges Mike Lauzon Myles Hiscock Shachar Familia David Istock Amy LaBan, CFA Isaiah Knouff Head of European IB & Head of Canadian TMT Managing Director Vice Chairman Managing Director Managing Director Managing Director Head of European Technology Toronto Toronto Tel Aviv Head of US M&A US Financial Sponsor Coverage US Financial Sponsor Coverage London +1 416 869 7238 +1 416 869 7232 +972 58 7782139 San Francisco Chicago Nashville +1 415 229 0667 +1 212-842-7126 +44 20 7523 4606 [email protected] [email protected] [email protected] +1 615 490 8484 [email protected] [email protected] [email protected] [email protected]
Page 2 Driven by your success. Agency & Collaboration Data & Info ⚫ Advisory credentials across a wide range of outcomes E-Commerce HCM Media Marketing Services ⚫ Advisory credentials across a wide range of outcomes Services Consulting & Digital FinTech Infrastructure Software Transformation ⚫ Executed transactions up to $1B+ in value IOT Digital/ ⚫ Deep, extensive sponsor & strategic relationships AI CRM HCIT MarTech/AdTech Other Vertical(1) Mobile ⚫ Deep, extensive strategic & sponsor relationships
Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on strategic growth sale to acquisition of recapitalization by acquisition of sale to sale to sale to sale to financing from
December 2019 December 2019 December 2019 December 2019 December 2019 November 2019 November 2019 October 2019 October 2019
$140,000,000 Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on acquisition of acquisition of Investment in sale to sale to sale to sale to recapitalization by sale to
October 2019 September 2019 September 2019 September 2019 August 2019 July 2019 July 2019 July 2019 June 2019
$182,000,000 $300,000,000 Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on sale to Investment from sale to sale to sale to sale to sale to sale to sale to
June 2019 June 2019 June 2019 June 2019 May 2019 May 2019 May 2019 April 2019 April 2019
Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Registered significant acquisition of acquisition of sale to sale to sale to IPO/Acquired by SAP sale to investment from investment from
March 2019 March 2019 March 2019 February 2019 February 2019 February 2019 February 2019 January 2019 January 2019
Sources: Dealogic, Canaccord Genuity Inc. (includes transactions led by senior bankers with prior firms) (1)Other industry-focused businesses in verticals including education, entertainment, insurance, legal, Page 3 Driven by your success. real estate, and travel, among others Agency & ⚫ Collaboration Data & Info 245+ completed transactions(1) E-Commerce Marketing HCM Media Services ⚫ Raised $45B+ capital(1) Services Consulting & Digital FinTech Infrastructure Software Transformation Digital/ ⚫ ~110 as bookrunner or lead manager(1) AI CRM Mobile ⚫ Unique access to global growth investors HCIT MarTech/AdTech Other Vertical
$150,000,010 $216,117,638 $782,718,750 $65,110,000 A$23,200,000 $1,160,000,000 $45,000,000 $655,216,848 $140,000,000 Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on IPO IPO Equity Offering IPO Equity Offering IPO Debt Offering IPO Direct Listing acquisition of sale to sale to recapitalization by acquisition of sale to sale to sale to acquisition of Co-Manager Co-Manager Co-Manager Joint Bookrunner Joint-Bookrunner Co-Manager Sole Advisor Co-Manager Advisor
December 2019 December 2019 December 2019 DecemberOctober 2019 2019 SeptemberDecember 2019 2019 SeptemberOctober 2019 2019 SeptemberOctober 2019 2019 OctoberJuly 2019 2019 OctoberJune 2019 2019
$200,000,000 $13,955,800 $26,714,324 $645,322,500 $286,898,490 $244,950,000 $230,000,000 $8,100,000,000 $159,390,000$182,000,000 Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on FinancialConvertible advisor Debt on Financial advisor on Financial advisor on Debt Offering Equity Offering Equity Offering Equity Offering Equity Offering Equity Offering IPO Equity Offering acquisition of Investment in sale to sale to sale to sale to recapitalizationOffering by sale to sale to Sole Advisor Joint Bookrunner Joint Bookrunner Joint Bookrunner Co-Manager Co-Manager Co-Manager Co-Manager Lead Manager
SeptemberJune 2019 2019 SeptemberJune 2019 2019 SeptemberJune 2019 2019 AugustJune 2019 2019 JuneJuly 20192019 JuneJuly 20192019 June 2019 JuneMay 2019 JuneMay 2019
So-Young International $179,400,000 £27,800,000 $2,555,772,840$300,000,000 $565,180,000 $11,511,500 $135,625,000 $127,075,000 $30,529,690 $455,000,000 Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on IPO Equity Offering IPO Equity Offering Equity Offering Equity Offering Equity Offering Equity Offering Equity Offering Investment from sale to sale to sale to sale to sale to sale to sale to sale to Co-Manager Co-Manager Co-Manager Co-Manager Sole Bookrunner Co-Manager Co-Manager Sole Bookrunner Co-Manager
JuneMay 2019 MarchJune 2019 2019 MarchJune 2019 2019 MarchMay 2019 2019 MarchMay 2019 2019 MarchMay 2019 2019 JanuaryApril 2019 2019 DecemberApril 2019 2018 DecemberApril 2019 2018
$303,025,000 $289,800,000 $50,347,035 $446,703,125 $230,000,000 $46,230,000 $51,844,408 $373,749,969 $84,375,000 Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Registered Financial advisor on IPO IPO Equity Offering Equity Offering Convertible Debt Equity Offering IPO Equity Offering IPO acquisition of acquisition of sale to sale to recapitalizationOffering by investment from sale to IPO/Acquired by SAP sale to
Co-Manager Co-Manager Joint Bookrunner Co-Manager Co-Manager Joint Bookrunner Joint-Bookrunner Co-Manager Co-Manager
OctoberMarch 2019 2018 OctoberMarch 2019 2018 SeptemberFebruary 2019 2018 FebruaryAugust 2018 2019 FebruaryJuly 2018 2019 FebruaryJuly 2018 2019 JanuaryJuly 2018 2019 JanuaryJune 2018 2019 DecemberJune 2018 2018
Represents lead-managed transactions. Page 4 Sources: Dealogic. Driven by your success. Rank Firm Name # of Transactions 2019 1 Canaccord Genuity 42 1 Raymond James 42 3 William Blair 41 4 Goldman Sachs 36 5 Jefferies 31 5 Piper Jaffray 31 7 Bank of America 26 8 Robert W. Baird 25 9 Morgan Stanley 23 9 Needham 23 11 JP Morgan 21 12 Houlihan Lokey 20 12 Stifel Financial 20
• Numbers for CG Petsky Prunier represent total transactions in Technology, Media & Telecommunications as tracked by PitchBook completed forPetsky Prunier LLCand Canaccord Genuity Group Inc., which merged in February 2019 • The table includes US-based Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital transactions less than $500million in the Technology,Media &Telecommunicationsindustriesasclassified by PitchBook
Source: Pitchbook Page 5 Driven by your success. Rank Firm Name # of Transactions 2019 1 Canaccord Genuity 21 2 Goldman Sachs 10 3 JEGI 8 4 Raymond James 7 4 GP Bullhound 7 6 Morgan Stanley 5 6 Bank of America 5 6 Houlihan Lokey 5 6 Lincoln International 5 6 Needham 5 6 Robert W. Baird 5 6 Stifel Financial 5 13 Moelis 4 13 JP Morgan 4 13 Evercore 4
• Numbers for CG Petsky Prunier represent total transactions in Media &Information Services as tracked by PitchBook completed for Petsky Prunier LLCand Canaccord GenuityGroup Inc., which merged in February2019 • The table includes Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital transactions in the Media & Information Services industryas classified by PitchBook
Source: Pitchbook Page 6 Driven by your success. Total Roles Lead Manager Co-Manager Bank Rank Total Value No. Rank No. Rank No. ($M)
JPMorgan 1 256,951.0 441 1 429 66 12 Morgan Stanley 2 275,672.1 437 2 423 55 14 Goldman Sachs 3 264,099.1 413 3 400 60 13 Canaccord Genuity 4 38,812.1 400 6 263 1 137 Citi 5 229,047.0 354 4 339 52 15 BofA Securities 6 217,703.9 306 5 292 55 14 Credit Suisse 7 174,668.3 275 7 258 48 17 RBC Capital Markets 8 125,189.2 230 11 161 6 69 UBS 9 139,108.4 227 8 214 60 13 Barclays 10 118,605.3 191 9 177 55 14
$74,175,000 $157,761,120 $57,661,000 $79,589,200 $645,322,500 Follow-on Offering IPO Follow-on Offering Follow-on Offering Follow-On Offering Passive Bookrunner Passive Bookrunner Joint Bookrunner Passive Bookrunner Passive Bookrunner December 2019 October 2019 July 2019 July 2019 June 2019
Source: Dealogic as of 1/2/20. Includes all IPO, FO, & CONV Page 7 Driven by your success. • Top-ranked, global investment bank dedicated to digital advertising and marketing, e-commerce, digital media, technology, information, business services, and healthcare services industries ‒ Extensive sell-side M&A and capital raiseexpertise, witha transaction closing rateunmatched at our level ofdeal volume • Founded in 1999, merged withCanaccord Genuity in February 2019 • CG Petsky Prunier, combined with the other members of Canaccord Genuity’s investment banking team, has more than 100 focused professionals in offices inNew York, Boston, SanFrancisco, Chicago, Nashville, Charlotte, Las Vegas, and Toronto
• Deep relationships across a broad spectrum of strategic buyers, as well asprivate equity, growthequity, and VCgroups and lenders • Global reachenhanced through Canaccord Genuity’s international network of offices
• Securities transactions areprocessed through Canaccord Genuity LLC, a registered broker-dealer regulated bythe SECand FINRA. Member SIPC.
• M&A Advisory and Sell-Side Representation • Advertising & Marketing – Privately-Owned Companies • E-commerce – Entrepreneur-Led Businesses • Digital Media – Private Equity Portfolio Companies • Technology – VC-Backed Companies • Information – Corporate Divestitures • Business & IT Services – Selected Buy-Side Engagements • Healthcare Services • Capital Raising and Private Placements
Page 8 Driven by your success. PRIVATE & CONFIDENTIAL
Driven by your success. For client and institutional use only, not for public dissemination 4,500 $600 4,196
4,000 3,827 3,792 3,643 3,606 $500 3,507 3,398 3,398 3,265 3,500 3,327 $452 $451 $450 3,146 3,082 $434
3,000 2,720 2,806 2,833 $400
2,500 $303 $281 $300 $268 1,880 2,000 1,778 $239 1,422 $198 $194 1,500 $200 $169 $158 $145 $146 1,000 $116 $104 $100 $64 500 $54
0 $0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Source: The 451 Group, as of 12/31/19. Page 10 Driven by your success. $1B+ Technology Deals Strategic vs Financial Sponsor Transactions 35 Strategic Financial Sponsor 30 28 300 26 25 22 250 223 220 20 19 20 184 192 18 18 17 200 170 35 34 22 39 144 148 148 15 150 29
# of of # Deals 20 25 25
10 of # Deals 100 188 186 170 141 145 5 50 124 123 123
0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2018 2019
Consideration Mix(1) Median 30-Day Premium % Cash % Cash & Stock % Stock 50.0% 100% 4% 9% 8% 4% 7% 2% 9% 22% 40.0% 36% 24% 22% 80% 24% 17% 32% 32% 32% 32% 30% 46% 28% 27% 30.0% 25% 26% 60% 34% 20.0%
40% % Premium 73% 74% 73% # of of # Deals 67% 61% 63% 52% 10.0% 20% 44%
0% 0.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019 2018 2019
# of Deals 113 126 145 156 119 145 147 139 # of Deals 15 11 13 20 17 19 13 15
Source: The 451 Group, as of 12/31/19. (1) For all deals with disclosed forms of consideration. Page 11 Driven by your success. Major Indices 2014 – December 2019 Major Indices December 2019, LTM Summary Performance Summary Performance 240.0% 145.0% NASDAQ 116.6% NASDAQ 35.2% 220.0% S&P 500 76.4% S&P 500 28.9% DJIA 73.6% DJIA 22.3% 135.0% 200.0% Russell 2000 45.0% Russell 2000 23.7% FTSE 100 12.3% FTSE 100 12.1% 180.0% 125.0% 160.0%
140.0% 115.0%
120.0% 105.0% 100.0%
80.0% 95.0%
NASDAQ Russell 2000 S&P 500 DJIA FTSE 100 NASDAQ Russell 2000 S&P 500 DJIA FTSE 100
Major Indices December 2019, Last 3 Months VIX 2014 – December 2019
120.0% Summary Performance 45.00 NASDAQ 12.2% S&P 500 8.5% 40.00 DJIA 6.0% 115.0% 35.00 Russell 2000 9.5% FTSE 100 1.8% 30.00 110.0% 25.00
20.00 105.0% 15.00
100.0% 10.00 5.00
95.0% -- 9/30/2019 10/31/2019 11/30/2019 12/31/2019
NASDAQ Russell 2000 S&P 500 DJIA FTSE 100
Sources: Capital IQ, as of 12/31/19. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Past performance is not a guarantee of future results. Page 12 Driven by your success. Deal Value EV/LTM EV/LTM Premium Cash Mix % Announced Acquirer Target Segment ($mm) Revenue EBITDA (1 Month) 12/26/19 Phoenix Tower International Telefonica Ecuador (tower assets) Carrier infrastructure $224 12/23/19 NCR Zynstra Infrastructure management 131 12/20/19 IAC Care.com Internet content & commerce 500 2.0x (27.7x) 100.0% 100.0% 12/19/19 Xperi TiVo Media technologies 1,205 2.5x (6.2x) 24.6% -- 12/19/19 F5 Networks Shape Security Security 1,000 16.7x 100.0% 12/19/19 The Rubicon Project Telaria Application software 364 4.4x (42.3x) 100.0% --
12/17/19 Leidos Holdings Dynetics Systems 1,650 100.0% (1) 12/17/19 GCI Nasstar Hosted services 106 3.2x 15.8x 100.0%
12/16/19 Intel Habana Labs Semiconductors 2,000 >$100M 12/13/19 Delivery Hero Woowa Brothers Internet content & commerce 3,995 9.1x 78.9x 47.0% 12/13/19 Universal Scientific AsteelFlash IT outsourcing 450 0.5x 90.0% 12/11/19 SolarWinds] VividCortex Infrastructure management 118 100.0% 12/09/19 Segra NorthState Communications services 240 1.7x 2.8x 100.0% 100.0% 12/04/19 TELUS Competence Call Center IT outsourcing 1,010 12/04/19 iA Financial Group Innovative Aftermarket Systems Application software 720 12/02/19 Cadence Design Systems AWR Corporation Semiconductors 160 100.0%
Mean: $867 5.0x 3.6x 81.1% 76.1% Median: $475 2.9x (1.7x) 100.0% 100.0%
12/23/19 Phoenix Tower International Telefonica Colombia (tower assets) Carrier infrastructure $96
12/23/19 Knowles ams (microphone design business) Semiconductors 58 100.0% (2) 12/12/19 Pushpay Church Community Builder Application software 88 100.0% 12/05/19 Euronext Nord Pool group Internet content & commerce 61 2.0x
$50-100M 12/03/19 Element Solutiona Kester Semiconductors 68 100.0% 12/02/19 Tenable Indegy Security 78 15.6x 100.0%
Mean: $75 8.8x NA NA 100.0% Median: $73 8.8x NA NA 100.0%
Mean: $651 5.8x 3.6x 81.1% 82.5% Blended Median: $232 2.9x (1.7x) 100.0% 100.0%
Sources: The 451 Group and CG LLC proprietary database, as of 12/31/19. (1) Transactions include deals with disclosed values over $100mm. Page 13 Driven by your success. (2) Transactions include deals with disclosed values between $50-100mm. Deal Value EV/LTM EV/LTM Premium Cash Mix % Announced Acquirer Target Segment ($mm) Revenue EBITDA (1 Month) 12/23/19 Brookfield Infrastructure Partners Cincinnati Bell Communications services $592 2.5x 6.3x 39.1% 100.0% 12/19/19 Brookfield Infrastructure Partners Wireless Infrastructure Group Carrier infrastructure 511
(1) 12/17/19 Francisco Partners/Evergreen Coast LogMeIn Enterprise networking 4,201 3.4x 9.4x 9.2% 100.0% 12/17/19 Hellman & Friedman AutoScout24 Internet content & commerce 3,224 26.5x --
>$100M 12/10/19 GS Acquisition Holdings Vertiv Group Systems 1,690 25.0% 12/05/19 Motive Partners Fiserv (Investment services business) Application software 510 12/04/19 Thoma Bravo Instructure Application software 1,811 6.9x NMF 2.4% 100.0%
Mean: $1,791 4.3x 14.1x 16.9% 65.0% Median: $1,690 3.4x 9.4x 9.2% 100.0%
(2) 12/13/19 Great Hill Partners VersaPay Application software $95 100.0%
12/04/19 ComSovereign Drone Aviation Holding Systems 78 13.0x NMF --
$50-100M Mean: $86 13.0x NA NA 50.0% Median: $86 13.0x NA NA 50.0%
Mean: $1,412 6.5x 14.1x 16.9% 60.7% Blended Median: $592 5.2x 9.4x 9.2% 100.0%
Sources: The 451 Group and CG LLC proprietary database, as of 12/31/19. (1) Transactions include deals with disclosed values over $100mm. Page 14 Driven by your success. (2) Transactions include deals with disclosed values between $50-100mm. Observations: • Private markets remain active and open, particularly for the strongest companies • Exit environment (IPOs, M&A) constructive leading to more favorable private valuation discussions
Date of Latest Latest Round of Latest Total Equity Company Segment Funding Funding ($mm) Valuation ($mm) Funding ($mm) Est. % Sold Recent Lead Investor(s) Ripple Information Technology 12/20/19 $200 $10,000 $200 ND Tetragon Financial Group Bright Health Financial Services 12/17/19 $635 $2,235 $635 28.4% NEA Chime Information Technology 12/05/19 $500 $5,800 $500 8.6% DST Global Duolingo Information Technology 12/04/19 $30 $1,500 $30 2.0% CapitalG
Sources: PitchBook and CG LLC’s proprietary database as of 12/31/19. Note: List includes selected high profile financings with minimum Post Money Page 15 Driven by your success. Valuation of $800mm. Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Dec 31, 2019 1st Trading Day Dec-19 BILL Software Bill.com Holdings, Inc. United States $19.00-21.00 22.00 $35.50, up 61.4% 38.05 7.2% Dec-19 SPT Software Sprout Social, Inc. United States 16.00-18.00 17.00 $16.60, down 2.4% 16.05 (3.3%) Sep-19 PTON Software Peloton Interactive, Inc. United States 26.00-29.00 29.00 $25.10, down 13.4% 28.40 13.1% Sep-19 DDOG Software Datadog, Inc. United States 24.00-26.00 27.00 $27.55, up 2.0% 37.78 37.1% Sep-19 NET Software Cloudflare, Inc. United States 12.00-14.00 15.00 $18.00, up 20.0% 17.06 (5.2%) Aug-19 SDC Software SmileDirectClub, Inc. United States 19.00-22.00 23.00 $16.67, down 27.5% 8.74 (47.6%) Aug-19 DT Software Dynatrace, Inc. United States 13.00-15.00 16.00 $23.85, up 49.1% 25.30 6.1% Jul-19 HCAT Software Health Catalyst, Inc. United States 24.00-25.00 26.00 $39.17, up 50.7% 34.70 (11.4%) Jul-19 MDLA Software Medallia, Inc. United States 16.00-18.00 21.00 $37.05, up 76.4% 31.11 (16.0%) Jun-19 WORK Software Slack Technologies, Inc. United States 24.00 38.50 $38.62, up 0.3% 22.48 (41.8%) Jun-19 CHWY Digital Media/Commerce Chewy, Inc. United States 19.00-21.00 22.00 $34.99, up 29.6% 29.00 (17.1%) Jun-19 FVRR Digital Media/Commerce Fiverr International Ltd. Israel 18.00-20.00 21.00 $39.90, up 90.0% 23.50 (41.1%) Jun-19 CRWD Software CrowdStrike Holdings, Inc. United States 28.00-30.00 34.00 $58.00, up 70.6% 49.87 (14.0%) Jun-19 RVLV Digital Media/Commerce Revolve Group, Inc. United States 16.00-18.00 18.00 $34.00, up 88.9% 18.36 (46.0%) May-19 PSN Business Services Parsons Corporation United States 26.00-28.00 27.00 $30.07, up 11.4% 41.28 37.3% May-19 HHR Business Services HeadHunter Group PLC Russia 11.00-13.50 13.50 $14.75, up 16.7% 21.45 36.2% May-19 FSLY Software Fastly, Inc. United States 14.00-16.00 16.00 $24.00, up 50.0% 20.07 (16.4%) May-19 UBER Digital Media/Commerce Uber Technologies, Inc. United States 44.00-50.00 45.00 $41.57, down 7.6% 29.74 (28.5%) Apr-19 PINS Digital Media/Commerce Pinterest, Inc. United States 15.00-17.00 19.00 $24.40, up 28.4% 18.64 (23.6%) Apr-19 ZM Software Zoom Video Communications, Inc. United States 33.00-35.00 36.00 $72.00, up 72.2% 68.04 9.7% Apr-19 JMIA Digital Media/Commerce Jumia Technologies AG Germany 13.00-16.00 14.50 $25.45, up 75.6% 6.73 (73.6%) Apr-19 PD Software PagerDuty, Inc. United States 21.00-23.00 24.00 $38.25, up 59.4% 23.39 (38.8%) Apr-19 TW Software Tradeweb Markets Inc. United States 24.00-26.00 27.00 $35.81, up 32.6% 46.35 29.4% Mar-19 LYFT Digital Media/Commerce Lyft, Inc. United States 62.00-68.00 72.00 $78.29, up 8.7% 43.02 (45.1%) Mar-19 FHL Software Freddie Mac United States 10.00-12.00 12.00 $15.32, up 27.7% 2.95 (80.8%)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. **Source: S&P Capital IQ Page 16 Driven by your success. Pricing Amount Mkt Cap % Mkt % Premium/Discount to: Aftermarket Performance Observations: Issuer Date Offered ($mm) at Offer Cap @ Offer Primary Last Sale Filing Price Offer + 1 Day Offer/Current
Phreesia 12/12/19 $201.8 $1,028.8 19.6% 0.0% (9.3%) (9.8%) 2.2% 2.5% Livongo Health 12/11/19 75.0 2,622.4 2.9% 0.0% (2.0%) (1.6%) 0.2% (7.2%) EVO Payments 12/05/19 124.2 2,153.4 5.8% 100.0% (0.6%) (0.6%) (0.7%) (4.3%) • Follow-on market activities track Dynatrace 12/05/19 782.7 7,041.5 11.1% 0.0% (1.4%) (8.4%) (1.4%) 2.2% Plug Power 12/05/19 126.5 806.7 15.7% 100.0% (11.0%) (27.6%) 14.6% 14.9% broader market direction TTEC Holdings 12/06/19 109.5 1,771.6 6.2% 0.0% (4.2%) (18.4%) 7.2% 8.5% Clarivate Analytics 12/04/19 857.0 5,354.7 16.0% 0.0% (1.7%) (3.9%) (0.9%) (2.6%) GSX Techedu 11/21/19 289.8 3,434.3 8.4% 0.0% (3.9%) (16.4%) 15.7% 56.1% Internap Corp 10/19/18 40.0 222.7 18.0% 100.0% (14.0%) (14.0%) (5.8%) (88.4%) Opera 09/20/19 75.0 1,165.7 6.4% 100.0% (5.4%) (22.8%) 1.0% (7.5%) NCR 09/19/19 299.0 4,281.4 7.0% 0.0% (2.6%) (2.6%) (1.4%) 7.4% • Better known, more liquid issuers International Money Express 09/11/19 76.5 493.8 15.5% 0.0% (1.9%) (6.3%) 9.8% (5.6%) using accelerating formats Cardlytics 09/10/19 105.3 779.6 13.5% 55.7% (0.4%) (11.2%) 10.1% 84.9% Clarivate Analytics 09/06/19 634.8 4,933.4 12.9% 0.0% (1.0%) (9.2%) 8.0% 5.0% Appian 09/04/19 130.4 3,763.3 3.5% 78.4% (3.5%) (3.5%) (1.3%) (31.8%) Workiva 08/13/19 72.4 2,631.0 2.8% 0.0% (1.4%) (9.2%) (8.3%) (25.2%) EVO Payments 08/13/19 114.0 2,411.4 4.7% 0.0% (3.0%) (3.0%) 0.1% (7.3%) Ceridian 08/06/19 497.5 7,136.8 7.0% 0.0% (1.1%) (1.1%) 1.4% 36.4% • Anterix 07/16/19 100.0 693.9 14.4% 100.0% (4.4%) (3.9%) (1.7%) (4.0%) Average discount to last sale of HealthEquity 07/09/19 473.5 3,966.3 11.9% 100.0% (3.5%) (3.6%) 10.6% 21.4% (4.3%) for December deals vs. InterXion 06/26/19 291.0 5,254.9 5.5% 100.0% (0.5%) (3.1%) 3.1% 15.2% Iteris 06/14/19 28.8 170.2 16.9% 100.0% (8.8%) (8.8%) 5.8% 7.3% (3.9%) for December deals Smartsheet 06/12/19 645.3 4,636.0 13.9% 60.5% (0.2%) (4.4%) 4.8% 3.3% Q2 06/06/19 210.8 3,114.6 6.8% 95.5% (1.3%) (4.6%) 1.2% 16.7% Avalara 06/05/19 286.9 4,860.9 5.9% 100.0% (0.1%) 6.0% 3.9% 5.5% Descartes Systems 06/05/19 245.0 2,828.7 8.7% 100.0% (3.1%) (9.0%) 6.2% 20.3% i3 Verticals 06/05/19 117.5 545.9 21.5% 100.0% (4.9%) (7.8%) 0.6% 24.2% Mercury Systems 05/22/19 476.1 3,437.9 13.8% 100.0% (2.8%) (5.3%) (0.3%) 0.2% SolarWinds 05/22/19 270.0 5,578.0 4.8% 0.0% (6.0%) (6.1%) (1.6%) 3.1% Veoneer 05/22/19 420.0 1,568.8 26.8% 100.0% (2.6%) (7.5%) 0.0% (10.7%) Ceridian 05/21/19 404.0 7,211.0 5.6% 0.0% (1.4%) (1.4%) 1.1% 34.4% Carvana 05/21/19 273.0 2,959.7 9.2% 100.0% (3.0%) (3.3%) 0.2% 41.6% Waitr Holdings 05/16/19 50.0 546.1 9.2% 100.0% (5.3%) (5.3%) 0.7% (95.6%) Dasan Zhone Solutions 05/16/19 46.0 165.7 27.8% 100.0% (2.3%) (2.3%) 7.5% (9.1%) Upland Software 05/08/19 159.4 949.9 16.8% 100.0% (5.2%) (9.6%) 10.7% (15.0%) Endava 04/17/19 156.7 1,382.4 11.3% 0.0% (2.3%) (2.5%) 10.1% 71.0% EVO Payments 04/03/19 152.4 719.5 21.2% 100.0% (2.4%) (9.3%) 5.4% (0.3%) Ceridian 03/19/19 656.5 6,986.4 9.4% 0.0% (0.6%) (1.7%) (1.1%) 34.4% Yext 03/18/19 150.5 2,350.0 6.4% 100.0% (6.5%) (6.5%) 2.5% (32.9%) eGain 03/14/19 22.0 347.7 6.3% 100.0% (11.7%) (11.7%) 0.8% (28.0%) ShotSpotter 03/06/19 17.8 517.3 3.4% 64.8% (2.5%) (2.5%) (1.6%) (44.9%) Bandwidth 03/06/19 156.0 733.5 21.3% 100.0% (1.7%) (6.0%) 12.8% 18.1% Pluralsight 03/06/19 456.1 4,051.2 11.3% 0.0% (1.2%) (11.3%) (1.0%) (41.2%) BlackLine 03/04/19 236.9 2,739.6 8.6% 0.0% (2.7%) (2.7%) (0.5%) 6.3% Benefitfocus 02/28/19 275.3 1,572.7 17.5% 0.0% (1.8%) (16.5%) (4.6%) (54.5%) HubSpot 02/14/19 354.8 6,742.5 5.3% 100.0% (4.0%) (4.0%) 0.7% (3.9%) eHealth 01/23/19 133.9 996.1 13.4% 100.0% (5.5%) 6.7% 12.6% 98.1% Everbridge 01/15/19 146.1 1,671.4 8.7% 100.0% (2.0%) 0.0% (1.8%) 41.3%
Mean: $250.5 $2,736.1 11.3% 57.4% (3.5%) (6.6%) 2.9% 3.3% Median: $158.0 $2,380.7 9.3% 97.7% (2.6%) (5.3%) 0.9% 2.8% Indicates Canaccord Genuity Transaction Sources: Dealogic, Capital IQ as of 12/31/19. Past performance is no guarantee of future results. Page 17 Driven by your success. Represents issuers with deal values >$10MM and market cap between $125MM and $7.5B. PRIVATE & CONFIDENTIAL
Driven by your success. For client and institutional use only, not for public dissemination Transaction Distribution • A total of 556 deals was announced in December 2019, of which 224 were worth $37.6 billion in aggregate reported value
• Software accounted for nearly 40 percent of transactions with 213 deals announced – 110 of which reported $15.7 billion in value • Business & IT Services was the second most active segment with 104 transactions– 21 of which were valued at $4.1 billion • Strategic buyers announced 334 deals (44 reported $22.1 billion in value)
• VC/Growth Capital investors completed 201 transactions (174 reported $6.3 billion in value)
• Private Equity buyers announced 21 deals during the month (six reported $9.2 billion in value)
December 2019 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 213 38% $15,684.0 42% 101 $10,174.5 5 $2,795.0 107 $2,714.5 Business Services 104 19% $4,147.2 11% 84 $1,677.1 7 $2,000.0 13 $470.1 Marketing Technology 85 15% $2,274.5 6% 42 $232.0 3 $1,100.0 40 $942.5 Digital Media/Commerce 73 13% $9,078.4 24% 38 $4,354.1 2 $3,000.0 33 $1,724.3 Agency & Marketing Services 36 6% $834.2 2% 27 $19.2 3 $330.0 6 $485.0 Traditional Media 30 5% $4,779.0 13% 29 $4,779.0 0 $0.0 1 $0.0 Digital Advertising 9 2% $825.0 2% 7 $824.0 1 $0.0 1 $1.0 Information 6 1% $0.0 0% 6 $0.0 0 $0.0 0 $0.0 Total 556 100% 37,622.3 100% 334 22,059.9 21 9,225.0 201 6,337.4
*The information contained on this page is sourced from CG LLC's proprietary Page 19 database. A more detailed methodology may befound inthe appendix. Driven by your success. Transaction Distribution • M&A total deal activity in December 2019 was flat, compared with activity in December 2018 • The largest transactions recorded during the month were:
‒ The $4.3 billion take-private of LogMeIn by Elliot Management and Francisco Partners
‒ Delivery Hero’s $4 billion purchase of South Korea-based food delivery company Woowa Brothers
‒ The $3.4 billion stake Tencent took in record label Universal Music Group from Vivendi, valuing the company at $33.6 billion
‒ Hellman & Friedman’s $3 billion purchase of Germany-based online automotive classifieds site AutoScout24
‒ The acquisition of human resources ERP platform P&I by HgCapital from Permira Funds for $2.7 billion
‒ Intel’s $2 billion purchase of Israel-based AI accelerators and software provider Habana Labs
$100.0 7000
$90.0
6000 $80.0 $71.4 $70.0 $68.1 $67.2 5000 $63.4 Global $60.9 Viacom/CBS $60.0 Payments/ Refinitiv/ 4000 TSYS Tableau/ Symantec’ Worldpay/ London Stock Salesforce Enterprise $50.0 Fidelity Exchange $44.4 Regional Sports Security Assets Just Eat/ Networks/ $37.6 3000 $40.0 Sinclair Takeaway $36.4 First Data/ $34.5 Tribune $30.5 Fiserv $27.9 The Stars Group $30.0 $25.8 2000 Ultimate Software $20.0
1000 $10.0 747 739 748 702 802 626 646 640 667 682 621 556
$- 0 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include Nexstar’s $6.4 billion acquisition of Tribune Media, Fiserv’s $22 billion acquisition of First Data Corporation, Ultimate Software’s $11 billion sale to a consortium of buyers, and Fidelity’s $35.2 billion acquisition of Worldpay, Disney’s pending sale of 21 regional sports networks to Sinclair Broadcast Group for $10.6 Billion, TSYS’ pending $22.1 billionacquisition ofGlobal Payments, the $15.7 billionacquisition of Tableau by Salesforce,the pending sale ofRefinitiv to London Stock Exchange for $27 billion, the pending $6 billion acquisition of Just Eat by Takeaway, CBS’ purchase of Viacom for $11.7 Billion, the $10.7 billion acquisition of Symantec’s enterprise security assets by Broadcom, and the $6billion acquisitionof The Stars Group byFlutter Entertainment *The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 20 Driven by your success. • Of the 73 transactions recorded in the Digital Media/Commerce segment in December, 40 were announced for $9.1 billion in reported value • Excluding the acquisitions of Woowa and AutoScout Digital Media/Commerce transactions include: ‒ The $277 million round of funding Netherlands-based online supermarket platform Picnic raised from NPM Capital, Hoyberg, Kruidvat, and Finci ‒ Pamplona Capital Management’s $200 million investment in fitness streaming platform iFit ‒ The $141 million round of funding Lithuania-based second-hand clothing marketplace Vintedraised at a $1.2 billion valuation from Lightspeed Venture Partners, Sprints Capital, Insight Venture Partners, Accel, and BurdaPrincipal Investments ‒ The 20 percent stake The Stars Group took in Australia-based gambling company BetEasy for $103 ‒ Facebook’s $78 million purchase of Spain-based gaming company PlayGiga
$14.0 150 $12.5 $12.0 130 $11.0 $10.3 $10.0 $9.7 110 $9.1
$8.0 90 $7.1 $6.6 $5.8 $5.8 $6.0 $5.5 70
$4.1 $4.0 50 $3.1
$2.0 30 97 75 73 105 86 100 95 106 97 129 105 95 $- 10 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
DIGITAL MEDIA/COMMERCE 3Q19 4Q19 LTM Dec-19 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 159 $12,739.0 108 $14,487.0 514 $49,143.1 38 $4,354.1 Private Equity - Buyout 3 372.0 6 7,351.3 25 10,455.3 2 3,000.0 Private Equity - VC/Growth Capital 170 9,782.9 129 5,585.9 626 37,089.2 33 1,724.3 Total 332 $22,893.9 243 $27,424.2 1,165 $96,687.6 73 $9,078.4
*The information contained on this page is sourced from CG LLC's proprietary Page 21 database. A more detailed methodology may befound inthe appendix. Driven by your success. ($ in Millions, except stock price data)
US-Based Digital Media and Internet Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alphabet Inc. $1,339.39 -4% $ 922,946.3 $ 816,642.3 $ 155,058.0 $ 44,069.0 28.4% 19.4% 5.3x 18.5x Apple Inc. 293.65 -2% 1,304,764.8 1,312,254.8 260,174.0 76,477.0 29.4% -2.0% 5.0x 17.2x Facebook, Inc. 205.25 -4% 585,321.0 542,184.0 66,529.0 28,446.0 42.8% 28.2% 8.1x 19.1x Fitbit, Inc. 6.57 -10% 1,723.1 1,314.8 1,503.8 (129.1) NM -0.5% 0.9x NM Glu Mobile Inc. 6.05 -49% 882.0 821.4 394.1 3.4 0.9% 12.2% 2.1x NM GoPro, Inc. 4.34 -43% 635.1 773.8 1,043.7 (35.7) NM -5.6% 0.7x NM IAC/InterActiveCorp 249.11 -7% 21,074.7 22,314.8 4,643.5 781.8 16.8% 13.0% 4.8x 28.5x j2 Global, Inc. 93.71 -7% 4,566.5 5,719.9 1,312.5 490.8 37.4% 11.5% 4.4x 11.7x Leaf Group Ltd. 4.00 -56% 104.8 101.9 155.4 (16.3) NM 4.1% 0.7x NM The Meet Group, Inc. 5.01 -20% 359.3 371.6 206.6 28.8 13.9% 24.2% 1.8x 12.9x Netflix, Inc. 323.57 -16% 141,805.0 150,909.3 18,875.9 2,460.5 13.0% 26.7% 8.0x 61.3x Pinterest, Inc. 18.64 -49% 10,405.3 8,840.7 1,016.0 (1,276.7) NM 54.9% 8.7x NM RealNetworks, Inc. 1.20 -65% 45.7 49.3 145.3 (23.2) NM 102.3% 0.3x NM Remark Holdings, Inc. 0.52 -84% 25.3 44.9 76.4 (13.4) NM 193.1% 0.6x NM Roku, Inc. 133.90 -24% 15,811.8 15,583.1 993.4 (32.5) NM 51.7% 15.7x NM Snap Inc. 16.33 -11% 22,861.5 21,815.7 1,544.5 (957.3) NM 43.5% 14.1x NM Twitter, Inc. 32.05 -30% 24,834.2 21,562.9 3,360.8 772.7 23.0% 17.3% 6.4x 27.9x Upwork Inc. 10.67 -57% 1,195.3 1,083.9 289.3 (7.9) NM 20.2% 3.7x NM Zynga Inc. 6.12 -8% 5,789.0 5,120.6 1,165.9 (28.0) NM 30.7% 4.4x NM
Average 5.9x 18.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (40.7x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 22 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Internationally-based Digital Media and Internet Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Baidu, Inc. China $126.40 -32% $ 43,797.4 $ 37,029.5 $ 14,790.7 $ 2,705.8 18.3% 4.7% 2.5x 13.7x Bilibili Inc. * China 18.62 -21% 6,072.4 5,485.5 829.0 (65.5) NM 59.8% 6.6x NM CyberAgent, Inc. Japan 35.10 -22% 4,423.6 4,305.4 4,196.5 367.7 8.8% 8.1% 1.0x 11.7x DeNA Co., Ltd. Japan 16.15 -25% 2,197.5 1,477.6 1,120.8 170.0 15.2% -9.8% 1.3x 8.7x Fiverr International Ltd. * Israel 23.50 -47% 728.4 581.6 98.2 (28.6) NM 0.0% 5.9x NM G5 Entertainment AB (publ) Sweden 10.82 -40% 97.6 83.9 126.8 8.8 6.9% -15.0% 0.7x 9.6x GREE, Inc. Japan 4.54 -12% 1,044.8 268.0 634.4 54.0 8.5% -7.9% 0.4x 5.0x HolidayCheck Group AG * Germany 2.95 -16% 172.8 152.7 159.6 (2.5) NM 4.3% 1.0x NM HUYA Inc. * China 17.95 -40% 3,929.7 2,610.5 1,036.9 32.7 3.2% 90.1% 2.5x 79.7x International Game Technology PLC United Kingdom 14.97 -16% 3,060.4 10,747.0 4,796.8 1,389.0 29.0% -2.3% 2.2x 7.7x iQIYI, Inc. China 21.11 -28% 15,307.2 16,176.1 3,990.5 711.8 17.8% 25.2% 4.1x 22.7x mixi, Inc. Japan 19.05 -29% 1,435.2 122.4 1,108.5 238.8 21.5% -28.2% 0.1x 0.5x Meitu, Inc. * China 0.21 -64% 902.9 565.6 403.2 (108.1) NM -1.0% 1.4x NM Ncsoft Corporation South Korea 468.61 -8% 9,656.7 8,474.3 1,307.2 429.7 32.9% -15.2% 6.5x 19.7x NAVER Corporation South Korea 161.54 -1% 23,496.1 22,577.1 5,274.4 876.1 16.6% 18.5% 4.3x 25.8x NetEase, Inc. China 306.64 -9% 39,237.9 33,808.1 10,534.5 2,051.2 19.5% 29.3% 3.2x 16.5x NEXON Co., Ltd. Japan 13.34 -21% 11,844.8 7,389.7 2,270.1 1,012.4 44.6% -5.7% 3.3x 7.3x Opera Limited Norway 9.25 -38% 1,099.9 920.2 255.5 32.8 12.9% 58.7% 3.6x 28.0x Pacific Online Limited China 0.22 -15% 243.0 199.7 155.0 33.2 21.4% 8.9% 1.3x 6.0x Phoenix New Media Limited * China 1.96 -62% 142.9 (86.4) 204.2 (39.6) NM 1.4% NM 2.2x Renren Inc. * China 0.83 -66% 57.8 144.5 449.6 (79.9) NM 3.0% 0.3x NM Sea Limited * Singapore 40.22 -2% 18,631.7 16,986.7 1,681.4 (867.3) NM 151.6% 10.1x NM Sogou Inc. China 4.55 -36% 1,780.7 711.5 1,169.0 110.6 9.5% 5.9% 0.6x 6.4x Spotify Technology S.A. * Luxembourg 149.55 -7% 27,475.5 26,597.7 6,982.9 143.9 2.1% 30.3% 3.8x NM Tencent Music Entertainment China 11.74 -41% 19,196.7 16,335.6 3,292.9 530.9 16.1% 37.1% 5.0x 30.8x Weibo Corporation China 46.35 -38% 10,430.4 9,751.2 1,780.6 653.1 36.7% 10.3% 5.5x 14.9x Wemade Co.,Ltd. * South Korea 25.68 -44% 421.2 365.1 101.7 (32.7) NM -1.5% 3.6x NM Yandex N.V. Netherlands 43.49 -2% 14,294.6 13,594.1 2,504.4 623.7 24.9% 39.3% 5.4x 21.8x JOYY Inc. China 52.79 -41% 4,261.2 2,286.3 3,161.6 228.1 7.2% 53.2% 0.7x 10.0x
Average 3.7x 18.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (33.4x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 23 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
US-based e-commerce Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA 1-800-FLOWERS.COM, Inc. $14.50 -33% $ 936.6 $ 1,076.2 $ 1,266.4 $ 77.9 6.1% 8.8% 0.8x 13.8x Alphabet Inc. 1,339.39 -4% 922,946.3 816,642.3 155,058.0 44,069.0 28.4% 19.4% 5.3x 18.5x Amazon.com, Inc. 1,847.84 -9% 916,153.9 947,343.9 265,469.0 34,192.0 12.9% 20.1% 3.6x 27.7x Apple Inc. 293.65 -2% 1,304,764.8 1,312,254.8 260,174.0 76,477.0 29.4% -2.0% 5.0x 17.2x Blucora, Inc. 26.14 -30% 1,279.4 1,575.0 669.8 127.3 19.0% 20.2% 2.4x 12.4x Blue Apron Holdings, Inc. 6.58 -73% 86.7 155.4 501.3 (17.2) NM -29.8% 0.3x NM Booking Holdings Inc. 2,053.73 -1% 85,960.3 87,632.3 14,940.0 5,790.0 38.8% 5.8% 5.9x 15.1x CarGurus, Inc. 35.18 -22% 3,938.4 3,839.7 556.9 34.5 6.2% 33.0% 6.9x NM Carvana Co. 92.05 -7% 4,630.8 5,845.3 3,421.1 (213.4) NM 109.2% 1.7x NM CDW Corporation 142.84 -1% 20,523.3 24,164.8 17,570.3 1,357.1 7.7% 10.4% 1.4x 17.8x Chegg, Inc. 37.91 -21% 4,586.4 4,698.1 381.1 37.3 9.8% 27.5% 12.3x NM Chewy, Inc. 29.00 -30% 11,559.4 11,626.2 4,580.4 (234.2) NM 0.0% 2.5x NM Copart, Inc. 90.94 -3% 21,139.4 21,499.2 2,135.0 848.9 39.8% 15.5% 10.1x 25.3x eBay Inc. 36.11 -14% 29,376.4 34,702.4 10,856.0 3,112.0 28.7% 2.6% 3.2x 11.2x Etsy, Inc. 44.30 -40% 5,249.0 5,265.0 748.4 130.6 17.4% 38.6% 7.0x 40.3x Expedia Group, Inc. 108.14 -25% 15,668.0 18,264.0 11,879.0 1,404.0 11.8% 8.2% 1.5x 13.0x Grubhub Inc. 48.64 -45% 4,448.1 4,634.3 1,258.6 100.9 8.0% 36.1% 3.7x 45.9x IAC/InterActiveCorp 249.11 -7% 21,074.7 22,314.8 4,643.5 781.8 16.8% 13.0% 4.8x 28.5x Liberty TripAdvisor Holdings, Inc. 7.35 -59% 551.5 3,913.5 1,571.0 303.0 19.3% -1.2% 2.5x 12.9x Liquidity Services, Inc. 5.96 -35% 202.0 135.5 226.5 (10.1) NM 0.9% 0.6x NM Lyft, Inc. 43.02 -51% 12,806.9 10,138.5 3,268.5 (2,490.4) NM 0.0% 3.1x NM Match Group, Inc. 82.11 -14% 22,988.4 24,276.2 1,961.4 652.6 33.3% 18.8% 12.4x 37.2x Overstock.com, Inc. 7.05 -76% 273.4 303.5 1,541.1 (111.7) NM -15.6% 0.2x NM Peloton Interactive, Inc. 28.40 -23% 7,967.0 6,974.5 1,030.9 (181.2) NM 0.0% 6.8x NM PetMed Express, Inc. 23.52 -15% 470.0 375.1 274.6 34.0 12.4% -4.1% 1.4x 11.0x Qurate Retail, Inc. 8.43 -62% 3,507.2 11,162.2 13,661.0 1,926.0 14.1% 4.8% 0.8x 5.8x Revolve Group, Inc. 18.36 -62% 1,264.5 1,213.4 581.2 51.5 8.9% 22.9% 2.1x 23.6x Shutterstock, Inc. 42.88 -14% 1,520.4 1,290.3 646.2 51.8 8.0% 5.4% 2.0x 24.9x SmileDirectClub, Inc. 8.74 -59% 898.5 767.4 642.6 (442.5) NM 0.0% 1.2x NM Spark Networks SE 4.53 -74% 117.8 116.1 114.7 5.8 5.1% 4.4% 1.0x 20.0x Stamps.com Inc. 83.52 -60% 1,426.0 1,370.4 581.2 146.2 25.2% 5.8% 2.4x 9.4x Stitch Fix, Inc. 25.66 -32% 2,610.3 2,467.8 1,656.1 28.6 1.7% 27.7% 1.5x 86.4x Uber Technologies, Inc. 29.74 -37% 50,730.9 46,645.9 13,052.0 (8,013.0) NM 0.0% 3.6x NM U.S. Auto Parts Network, Inc. 2.20 -15% 79.1 94.3 282.3 (4.7) NM -3.7% 0.3x NM Wayfair Inc. 90.37 -48% 8,416.2 9,450.6 8,607.6 (638.5) NM 38.7% 1.1x NM
Average 4.6x 20.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (41.0x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 24 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Internationally-based e-commerce Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA 58.com Inc. China $64.73 -13% $ 9,679.0 $ 8,957.4 $ 2,102.7 $ 449.6 21.4% 22.3% 4.3x 19.9x Alibaba Group Holding Limited * China 212.10 -4% 569,005.6 574,778.6 62,215.6 17,626.3 28.3% 43.0% 9.2x 32.6x Cango Inc. China 9.15 -10% 1,385.4 1,353.1 190.3 46.4 24.4% 25.8% 7.1x 29.1x Cnova N.V. * Netherlands 2.78 -34% 960.7 1,647.3 2,504.9 43.1 1.7% 2.0% 0.7x 38.2x Despegar.com, Corp. Argentina 13.48 -29% 912.5 642.8 542.1 70.8 13.1% -5.6% 1.2x 9.1x Farfetch Limited * United Kingdom 10.35 -67% 3,103.5 2,947.9 834.3 (219.6) NM 56.4% 3.5x NM JD.com, Inc. * China 35.23 -9% 51,441.5 48,720.7 75,690.7 1,467.5 1.9% 23.7% 0.6x 33.2x Jumei International Holding Limited * China 2.05 -27% 243.1 (88.5) 623.6 (13.4) NM -26.3% NM 6.6x Jumia Technologies AG * Germany 6.73 -86% 527.7 221.0 168.9 (232.8) NM 0.0% 1.3x NM LightInTheBox Holding Co., Ltd. * China 1.05 -42% 117.4 149.6 226.4 (12.3) NM -13.4% 0.7x NM MercadoLibre, Inc. * Argentina 571.94 -18% 28,431.1 26,663.9 2,050.1 (20.6) NM 49.7% 13.0x NM MOGU Inc. * China 2.28 -88% 243.9 63.8 144.3 (45.8) NM 5.0% 0.4x NM PChome Online Inc. Taiwan 3.17 -42% 370.9 348.9 1,217.5 12.6 1.0% 16.1% 0.3x 27.6x Pinduoduo Inc. * China 37.82 -16% 43,960.3 39,094.8 3,497.9 (1,191.1) NM 189.2% 11.2x NM Rakuten, Inc. Japan 8.60 -29% 11,662.2 15,083.3 11,258.2 1,406.5 12.5% 15.0% 1.3x 10.7x Secoo Holding Limited China 5.89 -44% 295.9 435.9 926.4 36.0 3.9% 32.3% 0.5x 12.1x trivago N.V. Germany 2.62 -59% 923.1 809.2 926.0 59.4 6.4% -8.6% 0.9x 13.6x Uxin Limited * China 2.26 -61% 663.4 886.8 528.9 (173.9) NM 153.0% 1.7x NM Vipshop Holdings Limited China 14.17 -6% 9,479.7 9,162.1 12,557.2 634.6 5.1% 8.7% 0.7x 14.4x X Financial China 1.69 -78% 269.5 195.2 463.9 145.5 31.4% -2.7% 0.4x 1.3x
Average 8.1x 15.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.1x) and EBITDA multiples that are 1.0 standard deviations above the mean (30.9x)
*The stock prices shown are as of 12/31/2019 and should not be relied upon as current Page 25 Driven by your success. **Sourcethereafter:.S&P Capital IQ • The Marketing Technology segment announced 85 transactions in December, of which 38 were reported for $2.3 billion in value
• Strategic buyers accounted for more than half of segment activity ‒ Providence Equity’s $200 million investment in SaaS-based ad optimization and automation tool Smartly.io ‒ The $75 million round of funding customer interaction analytics platform CallMinerraised from Goldman Sachs ‒ Uberflip’s acquisition of sales leads platform SnapApp ‒ Endurance’s sale of menu management company Single Platform to TripAdvisor ‒ The acquisition of photo improving platform Spectral Edge by Apple ‒ Facebook’s acquisition of live shopping platform Packaged
$6.0 130 $5.4 120 $5.0 $4.9 $4.4 $4.3 110 $4.0 $3.9 $3.4 100 $3.0 90 $2.4 $2.3 $2.3 $2.1 $2.0 80 $2.0 $1.7 70 $1.0 106 92 119 60 107 122 74 94 94 92 115 94 85 $- 50 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
MARKETING TECHNOLOGY 3Q19 4Q19 LTM Dec-19 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 127 $3,827.4 133 $2,776.2 557 $39,419.9 42 $232.0 Private Equity - Buyout 13 3,320.0 10 3,800.0 40 11,602.9 3 1,100.0 Private Equity - VC/Growth Capital 141 2,801.8 151 3,332.3 602 12,017.6 40 942.5 Total 281 $9,949.2 294 $9,908.5 1,199 $63,040.4 85 $2,274.5
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 26 Driven by your success. ($ in Millions, except stock price data)
US-based Marketing Technology Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. $329.81 -1% $ 159,080.23 $ 159,041.52 $ 11,171.30 $ 3,856.20 34.5% 23.7% 14.2x 41.2x AppFolio, Inc. 109.95 -6% 3,745.1 3,777.0 239.0 17.8 7.4% 34.6% 15.8x 212.7x Blackbaud, Inc. 79.60 -18% 3,814.7 4,410.5 883.8 113.9 12.9% 4.6% 5.0x 38.7x Brightcove Inc. 8.69 -33% 337.2 331.0 177.7 (2.3) NM 8.3% 1.9x NM Cardlytics, Inc. 62.86 -4% 1,616.2 1,521.1 189.0 (25.4) NM 32.9% 8.1x NM ChannelAdvisor Corporation 9.04 -35% 253.7 221.9 130.0 7.1 5.4% -0.4% 1.7x 31.4x Cision Ltd. 9.97 -31% 1,480.4 2,734.9 748.3 221.8 29.6% 5.0% 3.7x 12.3x Eventbrite, Inc. 20.17 -39% 1,701.8 1,244.2 320.1 (46.1) NM 15.0% 3.9x NM eBay Inc. 36.11 -14% 29,376.4 34,702.4 10,856.0 3,112.0 28.7% 2.6% 3.2x 11.2x Endurance International Group 4.70 -45% 688.1 2,448.0 1,118.5 280.2 25.0% -3.3% 2.2x 8.7x Five9, Inc. 65.58 -6% 4,005.5 3,906.4 308.1 19.6 6.4% 28.0% 12.7x 199.1x GoDaddy Inc. 67.92 -17% 11,597.0 13,302.2 2,903.5 396.0 13.6% 13.1% 4.6x 33.6x HubSpot, Inc. 158.50 -24% 6,787.2 6,415.0 632.7 (32.0) NM 33.1% 10.1x NM IBM Corporation 134.04 -12% 118,710.8 179,516.8 77,131.0 16,664.0 21.6% -4.0% 2.3x 10.8x LivePerson, Inc. 37.00 -14% 2,349.3 2,338.8 278.3 (43.3) NM 15.2% 8.4x NM Marin Software Incorporated 1.38 -81% 9.2 10.8 53.5 (12.2) NM -11.6% 0.2x NM Medallia, Inc. 31.11 -30% 3,992.4 3,673.1 378.7 (77.8) NM 0.0% 9.7x NM MicroStrategy Incorporated 142.63 -10% 1,464.4 1,000.7 484.7 (1.0) NM -3.5% 2.1x NM Nuance Communications, Inc. 17.83 -2% 5,066.8 6,273.9 1,823.1 377.5 20.7% -1.0% 3.4x 16.6x Oracle Corporation 52.98 -12% 169,941.2 197,041.2 39,583.0 16,190.0 40.9% 0.3% 5.0x 12.2x PayPal Holdings, Inc. 108.17 -11% 127,012.4 122,027.4 17,037.0 3,235.0 19.0% 13.8% 7.2x 37.7x PROS Holdings, Inc. 59.92 -21% 2,656.7 2,519.5 236.8 (36.5) NM 24.1% 10.6x NM salesforce.com, inc. 162.64 -6% 144,261.7 144,225.7 15,850.0 2,293.0 14.5% 26.4% 9.1x 62.9x Senvion S.A. 0.03 -99% 1.5 268.3 1,676.8 70.0 4.2% -31.6% 0.2x 3.8x SharpSpring, Inc. 11.47 -46% 132.1 123.8 21.7 (8.2) NM 25.8% 5.7x NM Sprout Social, Inc. 16.05 -14% 768.5 880.1 96.8 (21.0) NM 0.0% 9.1x NM SVMK Inc. 17.87 -10% 2,405.6 2,598.3 291.0 (38.6) NM 19.6% 8.9x NM Square, Inc. 62.56 -25% 26,880.9 26,775.9 4,332.6 79.7 1.8% 45.3% 6.2x NM GlobalData Plc 17.08 -8% 2,015.7 2,139.9 217.4 38.7 17.8% 25.0% 9.8x 55.3x Teradata Corporation 26.77 -46% 3,011.6 3,158.6 1,993.0 157.0 7.9% -9.5% 1.6x 20.1x Verint Systems Inc. 55.36 -13% 3,699.4 4,211.9 1,294.7 178.0 13.7% 6.3% 3.3x 23.7x Veritone, Inc. 2.49 -75% 61.3 12.1 48.1 (59.6) NM 145.6% 0.3x NM Zoom Video Communications, Inc. 68.04 -37% 18,806.4 18,050.8 540.2 21.8 4.0% 0.0% 33.4x NM Zendesk, Inc. 76.63 -19% 8,596.0 8,747.6 758.8 (129.2) NM 38.4% 11.5x NM
Adjusted Weighted Average 7.0x 32.1x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (108.9x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 27 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Internationally-based Marketing Technology Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Baozun Inc. China $33.12 -41% $ 2,067.44 $ 2,139.07 $ 936.77 $ 70.77 7.6% 40.8% 2.3x 30.2x Bitauto Holdings Limited China 14.84 -29% 1,041.3 3,902.5 1,565.0 72.6 4.6% 10.2% 2.5x 53.8x ChinaCache International Holdings Ltd. China 0.05 -97% 1.42 60.10 134.14 3.32 2.5% 8.2% 0.4x 18.1x MercadoLibre, Inc. Argentina 571.94 -18% 28,431.1 26,663.9 2,050.1 (20.6) NM 49.7% 13.0x NM Open Text Corporation Canada 44.07 -1% 11,875.0 13,728.7 2,898.5 903.4 31.2% 2.0% 4.7x 15.2x Shopify Inc. Canada 397.58 -5% 46,086.4 43,530.2 1,416.9 (95.6) NM 48.8% 30.7x NM The Sage Group plc United Kingdom 9.92 -8% 10,823.7 11,345.5 2,381.2 594.1 24.9% 4.9% 4.8x 19.1x United Internet AG Germany 32.86 -27% 6,452.8 9,961.9 5,665.4 1,341.6 23.7% 3.6% 1.8x 7.4x Weborama SA France 6.06 -26% 24.7 23.9 41.8 (3.1) NM -2.1% 0.6x NM Wix.com Ltd. Israel 122.38 -21% 6,260.0 5,894.3 720.7 (50.6) NM 29.1% 8.2x NM
Adjusted Weighted Average 4.2x 18.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (27.3x) and EBITDA multiples that are 1.0 standard deviations above the mean (40.3x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 28 Driven by your success. **Source: S&P Capital IQ • A total of nine transactions was announced in the Digital Advertising segment • Strategic transactions represented more than 75 percent of segment activity in December 2019 • Select transactions in the segment include: ‒ The $470 million take-private of family care lead generation business Care.com by IAC ‒ Rubicon’s purchase of digital video ad management software company Telaria for $354 million
‒ The acquisition of home services marketing automation platform Bridgevine by Updater
‒ Rewardful’s acquisition of France-based referral marketing platform SalesCamp ‒ The purchase of Thruline Marketing’s education marketing and lead generation services by EducationDynamics
DIGITAL ADVERTISING 3Q19 4Q19 LTM Dec-19 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 30 $958.9 22 $4,836.1 118 $6,853.9 7 $824.0 Private Equity - Buyout 0 0.0 1 0.0 4 1,000.0 1 0.0 Private Equity - VC/Growth Capital 33 3,013.0 20 596.5 90 4,442.5 1 1.0 Total 63 $3,971.9 43 $5,432.6 212 $12,296.4 9 $825.0
*The information contained on this page is sourced from CG LLC's proprietary Page 29 database. A more detailed methodology may befound inthe appendix. Driven by your success. ($ in Millions, except stock price data)
US-based Digital Advertising Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alliance Data Systems Corporation $112.20 -39% $ 5,167.5 $ 23,203.9 $ 7,709.5 $ 1,712.2 22.2% 22.2% 3.0x 13.6x Alphabet Inc. 1,339.39 -4% 922,946.3 816,642.3 155,058.0 44,069.0 28.4% 19.4% 5.3x 18.5x ANGI Homeservices Inc. 8.47 -55% 4,258.7 4,266.9 1,283.7 196.1 15.3% 19.3% 3.3x 21.8x AutoWeb, Inc. 2.47 -51% 32.5 35.5 119.6 (11.0) NM -5.6% 0.3x NM Care.com, Inc. 15.03 -42% 500.0 455.9 207.4 10.1 4.9% 11.1% 2.2x 45.2x CarGurus, Inc. * 35.18 -22% 3,938.4 3,839.7 556.9 34.5 6.2% 33.0% 6.9x 111.3x DHI Group, Inc. 3.01 -32% 149.1 168.6 149.6 26.0 17.4% -14.3% 1.1x 6.5x EverQuote, Inc. 34.35 -11% 897.8 855.9 214.8 (12.6) NM 37.7% 4.0x NM Facebook, Inc. 205.25 -4% 585,321.0 542,184.0 66,529.0 28,446.0 42.8% 28.2% 8.1x 19.1x Fluent, Inc. 2.50 -67% 192.0 233.5 272.5 25.0 9.2% 15.5% 0.9x 9.4x Groupon, Inc. 2.39 -40% 1,349.7 1,161.3 2,406.5 118.1 4.9% -11.2% 0.5x 9.8x Inuvo, Inc. 0.30 -83% 14.5 16.3 60.3 (5.7) NM -24.7% 0.3x NM LendingTree, Inc. 303.44 -30% 3,944.5 4,270.1 1,054.1 135.3 12.8% 45.8% 4.1x 31.6x QuinStreet, Inc. 15.31 -24% 784.3 729.2 468.9 23.6 5.0% 9.1% 1.6x 30.9x Quotient Technology Inc. 9.86 -18% 877.4 812.0 424.7 14.7 3.5% 13.9% 1.9x 55.2x Redfin Corporation 21.14 -10% 1,950.4 1,882.1 670.7 (76.2) NM 46.3% 2.8x NM Snap Inc. * 16.33 -11% 22,861.5 21,815.7 1,544.5 (957.3) NM 43.5% 14.1x NM Telaria, Inc. 8.81 -18% 410.3 374.6 68.1 (11.9) NM 34.7% 5.5x NM The Rubicon Project, Inc. 8.16 -25% 433.0 371.4 149.4 (4.4) NM 30.3% 2.5x NM The Trade Desk, Inc. * 259.78 -10% 11,725.0 11,612.1 605.6 123.9 20.5% 44.4% 19.2x 93.7x TiVo Corporation 8.48 -28% 1,073.1 1,792.3 661.4 164.4 24.9% -10.8% 2.7x 10.9x Travelzoo 10.70 -53% 125.0 132.5 111.6 12.6 11.3% 0.3% 1.2x 10.5x TripAdvisor, Inc. 30.38 -50% 4,234.7 3,470.7 1,571.0 244.0 15.5% -1.2% 2.2x 14.2x TrueCar, Inc. 4.75 -54% 506.3 378.6 355.3 (39.3) NM 2.8% 1.1x NM Twitter, Inc. 32.05 -30% 24,834.2 21,562.9 3,360.8 772.7 23.0% 17.3% 6.4x 27.9x Yelp Inc. 34.83 -15% 2,445.1 2,306.4 989.1 59.7 6.0% 7.7% 2.3x 38.7x Yext, Inc. 14.42 NA 1,655.6 1,529.3 281.2 (97.4) NM 32.3% 5.4x NM Zillow Group, Inc. 45.74 -10% 9,517.5 9,642.9 2,164.2 (134.2) NM 73.1% 4.5x NM
Average 7.8x 19.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (63.0x)
*The stock prices shown are as of 12/31/2019 and should notbe relieduponas current thereafter. Page 30 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Internationally-based Digital Advertising Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Cliq Digital AG Germany $3.25 -14% $ 20.1 $ 31.5 $ 63.6 $ 4.4 6.9% -15.5% 0.5x 7.1x Criteo S.A. France 17.33 -44% 1,110.5 921.6 2,279.0 217.0 9.5% -1.1% 0.4x 4.2x iClick Interactive Asia Group Limited Hong Kong 3.22 -45% 184.1 232.2 182.2 (14.9) NM 13.7% 1.3x NM MakeMyTrip Limited India 22.90 -29% 2,358.5 2,139.8 504.7 (120.9) NM -11.7% 4.2x NM Matomy Media Group Ltd. Israel 0.06 -69% 5.5 19.9 68.3 9.7 14.1% -55.3% 0.3x 2.1x Metaps Inc. Japan 7.99 -55% 108.4 80.4 108.3 32.5 30.0% -45.6% 0.7x 2.5x Pacific Online Limited China 0.22 -15% 243.0 199.7 155.0 33.2 21.4% 8.9% 1.3x 6.0x Perion Network Ltd. Israel 6.22 -18% 160.8 152.1 255.2 24.1 9.5% -1.2% 0.6x 6.3x Rightmove plc * United Kingdom 8.39 -6% 7,341.9 7,286.8 356.6 269.3 75.5% 10.1% 20.4x 27.1x Septeni Holdings Co., Ltd. Japan 2.59 -34% 328.1 194.9 155.4 20.4 13.1% 10.0% 1.3x 9.6x Tencent Holdings Limited * China 48.22 -6% 457,934.3 465,684.1 49,862.6 18,169.3 36.4% 21.2% 9.3x 25.6x TradeDoubler AB (publ) Sweden 0.35 -22% 15.9 31.5 120.7 1.8 1.5% 2.4% 0.3x 17.7x XLMedia PLC Cyprus 0.58 -53% 106.9 77.6 113.1 34.0 30.1% -3.2% 0.7x 2.3x Yandex N.V. * Netherlands 43.49 -2% 14,294.6 13,594.1 2,504.4 623.7 24.9% 39.3% 5.4x 21.8x
Average 3.3x 9.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.4x)
*The stock prices shown are as of 12/31/2019 and should not be relied upon as current Page 31 Driven by your success. **Sourcethereafter:.S&P Capital IQ • A total of 36 transactions was announced in the Agency & Marketing Services segment • Strategic transactions accounted for more than 75 percent of segment activity • Select transactions include:
‒ CourtSquare’s acquisition of Medical Knowledge Group from Windrose Health (CG Petsky Prunier advisedthe buyer)
‒ The $200 million investment digital marketing agency You & Mr. Jones received at a $1.3 billion valuation from Baillie Gifford ‒ Blackstone’s $130 million investment in marketing services agency HH Global ‒ Carlyle’s purchase of Netherlands-based digital agency Dept Agency
‒ Digital marketing agency The Search Agency by Stagwell Group-owned ForwardPMX
70
60
50
40
# ofdeals # 30
20
10 61 53 38 55 45 33 47 46 32 56 40 40 - Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Note: Deal values are not included in chart, as the majority of Agency & Marketing Services transactions were reported without a value
AGENCY/MARKETING SERVICES 3Q19 4Q19 LTM Dec-19 Number of Reported Number of Reported Value Number of Reported Value Number of Reported Value Transactions Value ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 111 $293.0 92 $546.5 454 $7,105.4 27 $19.2 Private Equity - Buyout 4 3,170.9 5 0.0 22 3,889.8 3 330.0 Private Equity - VC/Growth Capital 11 939.0 34 627.0 65 1,677.3 6 485.0 Total 126 $4,402.9 131 $1,173.5 541 $12,672.5 36 $834.2
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 32 Driven by your success. ($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Cello Health plc United Kingdom $1.78 -3% $ 189.2 $ 200.2 $ 213.4 $ 17.3 8.1% -0.5% 0.9x 11.6x Dentsu Group Inc. Japan 34.74 -29% 9,647.9 13,614.3 9,620.9 1,607.6 16.7% NM 1.4x 8.5x Enero Group Limited Australia 1.26 -21% 108.0 78.8 161.4 16.0 9.9% 40.7% 0.5x 4.9x Hakuhodo DY Holdings Inc Japan 16.27 -6% 6,072.0 5,915.7 13,553.8 615.3 4.5% 5.6% 0.4x 9.6x Huntsworth plc United Kingdom 1.08 -27% 398.4 612.7 312.9 55.3 17.7% 20.1% 2.0x 11.1x M&C Saatchi plc United Kingdom 1.64 -69% 152.9 201.6 538.5 27.9 5.2% 23.5% 0.4x 7.2x MDC Partners Inc. United States 2.78 -21% 200.6 1,580.8 1,427.5 171.2 12.0% -3.9% 1.1x 9.2x Next Fifteen Communications Group United Kingdom 7.13 -19% 616.7 693.6 354.0 52.5 14.8% 14.3% 2.0x 13.2x Omnicom Group Inc. United States 81.02 -5% 17,640.6 22,744.9 14,899.2 2,317.4 15.6% -3.1% 1.5x 9.8x OPT Holding, Inc. * Japan 15.41 -17% 352.9 321.7 793.0 4.9 0.6% -0.8% 0.4x 65.9x Publicis Groupe S.A. France 45.29 -27% 10,732.5 13,420.1 10,368.7 2,049.4 19.8% 2.0% 1.3x 6.5x S4 Capital plc * United Kingdom 2.55 -2% 1,154.9 1,202.2 119.8 10.3 8.6% 0.0% 10.0x 117.1x The Interpublic Group of Companies, United States 23.10 -4% 8,956.6 13,966.8 8,605.8 1,397.7 16.2% 11.1% 1.6x 10.0x UDG Healthcare plc Ireland 10.67 -4% 2,669.9 2,773.4 1,298.5 178.3 13.7% -1.3% 2.1x 15.6x WPP plc United Kingdom 14.12 -1% 17,552.4 26,851.4 19,983.6 2,099.0 10.5% 0.5% 1.3x 12.8x
Adjusted Weighted Average 1.4x 10.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (51.3x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 33 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Aimia Inc. Canada 2.78 -16% 301.3 96.3 102.6 (42.9) NM NM 0.9x NM Alliance Data Systems Corporation United States 112.20 -39% 5,167.5 23,203.9 7,709.5 1,712.2 22.2% 22.2% 3.0x 13.6x Dolphin Entertainment, Inc. United States 0.70 -63% 12.1 28.6 24.4 (2.3) NM 1.7% 1.2x NM Fluent, Inc. United States 2.50 -67% 192.0 233.5 272.5 25.0 9.2% 15.5% 0.9x 9.4x CSG Systems International, Inc. United States 51.78 -12% 1,647.2 1,932.2 989.3 167.6 16.9% 18.8% 2.0x 11.5x Deluxe Corporation United States 49.92 -8% 2,101.7 2,997.5 2,011.3 414.2 20.6% 2.2% 1.5x 7.2x Fair Isaac Corporation * United States 374.68 -2% 10,851.3 11,575.5 1,160.1 283.2 24.4% 16.0% 10.0x 40.9x Harte Hanks, Inc. United States 3.58 -20% 22.6 41.9 235.5 (8.9) NM -25.1% 0.2x NM High Co. SA France 6.82 -2% 142.0 96.3 198.7 22.1 11.1% 7.2% 0.5x 4.4x Kin and Carta plc United Kingdom 1.32 -12% 222.5 273.4 181.2 21.1 11.7% -1.0% 1.5x 12.9x Pitney Bowes Inc. United States 4.03 -52% 688.5 3,298.3 3,542.1 480.1 13.6% 8.3% 0.9x 6.9x Points International Ltd. Canada 15.28 -4% 203.6 152.0 389.1 18.8 4.8% 5.3% 0.4x 8.1x Viad Corp United States 67.50 -7% 1,372.0 1,817.7 1,347.3 124.3 9.2% 5.5% 1.3x 14.6x
Adjusted Weighted Average 2.1x 11.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (23.3x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 34 Driven by your success. **Source: S&P Capital IQ • Of the 30 transactions recorded in the Traditional Media segment in December, nine were reported for $4.8 billion in aggerate value
• Strategic transactions accounted for the majority of transactions in the segment • In addition to the Tencent’s $3.4 billion investment in Universal Music, transactions in the segment include:
‒ The 25 percent stake of Penguin Random House Bertelsmann acquired from Pearson for $675 million
‒ DPG Media’s $507 million acquisition of Finland-based newspaper and magazine publishing company Sanoma’s Netherlands operations
‒ The purchase of UK-based children’s TV production company Silvergate Media by Sony Pictures Television for $195 million ‒ Comcast’s acquisition of on- demand video platform XUMO ‒ The sale of Golf Channel Latin America to Discovery
$8.0 $7.5 355 $7.0 $6.4 305 $6.0 255 $5.1 $4.8 $5.0 $4.7 205 $4.0 155
$3.0 105
$2.0 $1.3 55 $1.0 $1.2 $0.6 $0.9 $1.0 $0.5 27 32 $0.5 5 32 32 24 37 22 30 33 22 28 $- 28 -45 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
TRADITIONAL MEDIA 3Q19 4Q19 LTM Dec-19 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 72 $7,324.1 71 $10,675.2 295 $60,441.3 29 $4,779.0 Private Equity - Buyout 2 0.0 1 0.0 15 1,033.8 0 0.0 Private Equity - VC/Growth Capital 7 237.5 18 28.7 41 729.8 1 0.0 Total 81 $7,561.6 90 $10,703.9 351 $62,204.9 30 $4,779.0
*The information contained on thispage is sourced from CG LLC'sproprietary database. A more detailed methodology may befound inthe appendix. Page 35 Driven by your success. ($ in Millions, except stock price data)
Large Cap Diversified Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Discovery, Inc. United States 32.74 -3% 21,894.1 39,429.1 11,079.0 5,156.0 46.5% 15.3% 3.6x 7.6x Fox Corporation United States 36.40 -12% 22,830.4 27,064.4 11,515.0 2,776.0 24.1% 9.6% 2.4x 9.7x The Walt Disney Company * United States 144.63 -6% 260,680.9 316,223.9 69,570.0 16,113.2 23.2% 17.1% 4.5x 19.6x ViacomCBS Inc. United States 41.97 -22% 25,962.4 36,265.4 15,295.0 2,957.0 19.3% 6.1% 2.4x 12.3x
Adjusted Weighted Average 4.2x 10.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.5x) ($ in Millions, except stock price data)
B-to-B Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Ascential plc United Kingdom $5.19 -5% $ 2,088.1 $ 2,266.5 $ 503.0 $ 124.2 24.7% 25.0% 4.5x 18.3x Centaur Media Plc United Kingdom $0.48 -38% 69.4 53.1 88.4 7.1 8.0% 24.7% 0.6x 7.5x Emerald Expositions Events, Inc. United States $10.55 -28% 753.5 1,292.5 373.0 119.0 31.9% 5.0% 3.5x 10.9x Euromoney Institutional Investor PLC United Kingdom $17.24 -13% 1,855.4 1,790.9 314.9 72.7 23.1% 4.6% 5.7x 24.6x Hyve Group Plc United Kingdom 1.35 -1% 1,098.7 1,276.8 271.5 58.0 21.4% 25.6% 4.7x 22.0x Informa plc United Kingdom $11.35 -4% 14,207.3 18,207.1 3,583.5 1,129.7 31.5% 56.8% 5.1x 16.1x MCH Group AG * Switzerland 26.95 -12% 161.9 340.5 442.4 8.4 1.9% -19.6% 0.8x 40.7x TechTarget, Inc. United States $26.10 -13% 730.9 732.6 129.9 26.4 20.3% 8.4% 5.6x 27.7x
Adjusted Weighted Average 5.0x 17.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (31.4x) ($ in Millions, except stock price data)
Radio Broadcasting Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Beasley Broadcast Group, Inc. United States $3.09 -40% $ 86.1 $ 362.8 $ 265.0 $ 44.8 16.9% 10.2% 1.4x 8.1x Emmis Communications Corporation United States 4.03 -40% 53.1 168.1 112.6 16.0 14.2% 31.6% 1.5x 10.5x Entercom Communications Corp. United States 4.64 -42% 638.6 2,617.6 1,487.2 320.5 21.5% 14.6% 1.8x 8.2x Salem Media Group, Inc. United States 1.44 -56% 38.4 349.3 256.5 34.1 13.3% -2.4% 1.4x 10.2x Sirius XM Holdings Inc. * United States 7.15 -1% 31,629.6 39,910.6 7,227.7 2,191.0 30.3% 27.3% 5.5x 18.2x Townsquare Media, Inc. United States 9.97 -2% 189.0 721.5 450.6 102.0 22.6% 13.6% 1.6x 7.1x Urban One, Inc. United States 1.90 -21% 84.1 993.6 444.6 131.6 29.6% 2.3% 2.2x 7.6x
Adjusted Weighted Average 1.7x 8.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.8x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 36 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Altice Europe N.V. Netherlands $6.45 -3% $ 7,690.7 $ 50,960.5 $ 15,685.2 $ 4,274.0 27.2% -0.4% 3.2x 11.9x AMC Networks Inc. United States $39.50 -42% 2,194.5 5,108.0 3,048.0 948.6 31.1% 4.2% 1.7x 5.4x CVC Limited * Australia 1.56 -16% 180.1 165.9 41.5 4.2 10.2% -4.6% 4.0x 39.4x Charter Communications, Inc. United States 485.08 -3% 104,185.5 187,383.5 45,234.0 16,152.0 35.7% 5.2% 4.1x 11.6x Comcast Corporation United States 44.97 -5% 204,579.8 308,901.8 108,390.0 33,675.0 31.1% 22.1% 2.8x 9.2x Discovery, Inc. United States 32.74 -3% 21,894.1 39,429.1 11,079.0 5,156.0 46.5% 15.3% 3.6x 7.6x DISH Network Corporation United States 35.47 -21% 18,547.2 31,765.0 12,873.6 2,476.8 19.2% -6.7% 2.5x 12.8x Entravision Communications Corporation United States 2.62 -36% 221.5 358.2 284.8 53.1 18.6% -1.5% 1.3x 6.7x Gray Television, Inc. United States 21.44 -15% 2,115.1 6,388.1 1,871.1 643.8 34.4% 89.1% 3.4x 9.9x Grupo Televisa, S.A.B. Mexico 2.35 -12% 6,780.7 13,224.5 5,077.6 1,923.8 37.9% -1.0% 2.6x 6.9x Liberty Global Plc United Kingdom 22.74 -21% 13,970.4 35,344.9 11,508.4 4,631.5 40.2% -3.4% 3.1x 7.6x Nexstar Media Group, Inc. United States 117.25 -2% 5,409.8 13,888.1 2,737.3 974.5 35.6% 4.4% 5.1x 14.3x Sinclair Broadcast Group, Inc. * United States 33.34 -50% 3,071.4 15,928.4 3,511.1 722.0 20.6% 22.1% 4.5x 22.1x TEGNA Inc. United States 16.69 -3% 3,620.1 7,902.4 2,247.7 748.4 33.3% 9.4% 3.5x 10.6x The E.W. Scripps Company United States 15.71 -33% 1,271.2 3,254.1 1,347.5 202.5 15.0% 22.3% 2.4x 16.1x ViacomCBS Inc. United States 41.97 -22% 25,962.4 36,265.4 15,295.0 2,957.0 19.3% 6.1% 2.4x 12.3x
Adjusted Weighted Average 3.2x 10.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.0x)
($ in Millions, except stock price data)
Entertainment Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Cineplex Inc. Canada $26.10 -1% $ 1,652.9 $ 3,208.5 $ 1,248.0 $ 200.3 16.0% 2.6% 2.6x 16.0x Eros International Plc United States 3.39 -69% 369.1 617.8 222.4 (2.5) NM -14.7% 2.8x NM Lions Gate Entertainment Corp. United States 10.66 -44% 2,244.1 5,483.5 3,794.0 363.6 9.6% -5.5% 1.4x 15.1x Live Nation Entertainment, Inc. United States 71.47 -3% 15,060.7 17,893.9 11,260.4 769.2 6.8% 7.2% 1.6x 23.3x Fox Corporation United States 36.40 -12% 22,830.4 27,064.4 11,515.0 2,776.0 24.1% 9.6% 2.4x 9.7x Liberty Global Plc United Kingdom 22.74 -21% 13,970.4 35,344.9 11,508.4 4,631.5 40.2% -3.4% 3.1x 7.6x Village Roadshow Limited Australia 2.67 0% 521.1 755.4 690.7 59.9 8.7% 2.4% 1.1x 12.6x World Wrestling Entertainment, Inc. * United States 64.87 -35% 5,095.9 5,442.4 910.1 115.1 12.6% 4.7% 6.0x 47.3x
Adjusted Weighted Average 2.3x 10.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (34.0x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 37 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Out-of-Home Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA APG|SGA SA Switzerland $293.24 -21% $ 879.1 $ 868.4 $ 318.7 $ 67.7 21.3% 3.2% 2.7x 12.8x Clear Channel Outdoor Holdings, Inc. United States 2.86 -50% 1,322.9 8,193.5 2,686.2 567.2 21.1% -0.6% 3.1x 14.4x Clear Media Limited Hong Kong 0.83 -14% 447.7 733.7 245.9 90.0 36.6% -6.2% 3.0x 8.2x JCDecaux SA France 30.84 -7% 6,565.6 13,937.8 3,851.8 707.3 18.4% 10.7% 3.6x 19.7x Lamar Advertising Company (REIT) United States 89.26 -1% 8,964.5 13,207.5 1,718.9 746.7 43.4% 7.6% 7.7x 17.7x National CineMedia, Inc. United States 7.29 -18% 564.0 1,696.9 435.0 167.4 38.5% -2.2% 3.9x 10.1x NTN Buzztime, Inc. United States 2.20 -50% 6.4 10.3 20.6 2.4 11.8% -9.5% 0.5x 4.2x Outfront Media Inc. United States 26.82 -6% 3,849.3 7,659.4 1,746.5 447.4 25.6% 12.3% 4.4x 17.1x Stingray Group Inc. Canada 5.50 -10% 418.6 716.7 227.0 75.7 33.3% 117.0% 3.2x 9.5x TOM Group Limited * Hong Kong 0.16 -37% 639.9 1,045.7 118.4 14.8 12.5% -3.2% 8.8x 70.9x
Adjusted Weighted Average 5.2x 17.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (31.5x)
($ in Millions, except stock price data)
Publishing Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA A.H. Belo Corporation United States $2.82 -37% $ 60.5 $ 33.9 $ 196.0 $ 4.4 2.3% -13.0% 0.2x 7.6x Daily Mail and General Trust plc United Kingdom 10.98 -7% 2,504.4 2,392.5 1,644.4 203.7 12.4% -0.3% 1.5x 11.7x Emmis Communications Corporation United States 4.03 -40% 53.1 168.1 112.6 16.0 14.2% 31.6% 1.5x 10.5x Gannett Co., Inc. United States 6.38 -55% 782.9 1,309.8 1,584.7 152.1 9.6% 5.3% 0.8x 8.6x Glacier Media Inc. * Canada 0.43 -27% 54.1 90.7 141.1 3.6 2.6% -0.9% 0.6x 25.2x John Wiley & Sons, Inc. United States 48.52 -8% 2,726.8 3,596.7 1,830.3 301.3 16.5% 2.1% 2.0x 11.9x Meredith Corporation United States 32.47 -47% 1,508.9 4,957.5 3,139.3 671.1 21.4% 18.7% 1.6x 7.4x News Corporation United States 14.14 -4% 8,394.0 10,945.0 9,890.0 903.0 9.1% 2.4% 1.1x 12.1x Pearson plc United Kingdom 8.43 -36% 6,571.0 8,770.8 5,201.2 737.0 14.2% -5.5% 1.7x 11.9x Scholastic Corporation United States 38.45 -16% 1,330.6 1,161.5 1,660.6 75.9 4.6% -0.2% 0.7x 15.3x The E.W. Scripps Company United States 15.71 -33% 1,271.2 3,254.1 1,347.5 202.5 15.0% 22.3% 2.4x 16.1x The McClatchy Company United States 0.48 -94% 3.8 804.7 739.4 70.4 9.5% -11.9% 1.1x 11.4x The New York Times Company * United States 32.17 -11% 5,341.5 4,992.8 1,777.6 215.5 12.1% 4.0% 2.8x 23.2x
Adjusted Weighted Average 1.7x 12.0x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.8x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 38 Driven by your success. **Source: S&P Capital IQ • A total of 213 transactions was announced in the Software segment, of which 110 were valued at $15.7 billion
• VC/Growth Capital investor transactions represented more than 50 percent of segment activity • In addition to the acquisitions of LogMeIn, Habana Labs, and P&I, transactions in the segment include:
‒ The $1.7 billion purchase of satellite imaging platform Dynetics by Leidos
‒ F5 Network’s acquisition of cybersecurity platform Shape Security for $1 billion
‒ Genstar Capital’s sale of vehicle dealership finance and insurance management SaaS provider IAS to iAFinancial
‒ The $400 million round of funding Brazil-based financial technology company Neon Pagamentos raised from General Atlantic, Banco Votorantim, Monashees, Omidyar Network, Propel, Quona, and Mabi
‒ NCR’s $131 million acquisition of server virtualization platform Zynstra
$25.0 355
305 $20.0 $19.1 255 $15.7 $14.7 $15.0 $13.1 $12.1 205 $10.6 155 $10.0 $11.7 $9.6 $10.0 $7.4 $8.2 105
$4.7 55 $5.0 288 5 282 247 263 278 255 254 288 313 248 286 250 213 $- -45 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
SOFTWARE 3Q19 4Q19 LTM Dec-19 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 330 $15,695.2 319 $15,579.0 1,241 $149,864.7 101 $10,174.5 Private Equity - Buyout 21 3,873.4 21 6,616.0 86 29,578.5 5 2,795.0 Private Equity - VC/Growth Capital 447 13,548.1 434 11,441.6 1,856 56,286.9 107 2,714.5 Total 798 $33,116.7 774 $33,636.6 3,183 $235,730.1 213 $15,684.0
*The information contained on this page is sourced from CG LLC's proprietary Page 39 database. A more detailed methodology may befound inthe appendix. Driven by your success. ($ in Millions, except stock price data)
Financial & Credit/Risk Management Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alfa Financial Software Holdings PLC United Kingdom $1.59 -29% $ 476.8 $ 434.3 $ 87.7 $ 25.0 28.5% -8.6% 5.0x 17.4x Anaplan, Inc. United States 52.40 -13% 7,001.2 6,744.9 319.0 (125.6) NM 46.5% 21.1x NM Avalara, Inc. United States 73.25 -22% 5,636.0 5,189.1 351.7 (41.7) NM 38.9% 14.8x NM Bill.com Holdings, Inc. United States 38.05 -9% 2,684.6 2,804.1 121.1 (11.5) NM 0.0% 23.2x NM BlackLine, Inc. United States 51.56 -8% 2,868.8 2,672.0 271.0 (13.0) NM 25.8% 9.9x NM Coupa Software Incorporated United States 146.25 -12% 9,330.5 9,258.8 353.2 (47.9) NM 47.6% 26.2x NM Donnelley Financial Solutions, Inc. United States 10.47 -39% 359.1 777.2 884.7 92.9 10.5% -10.4% 0.9x 8.4x Ebix, Inc. United States 33.41 -48% 1,018.9 1,710.7 570.8 158.8 27.8% 22.4% 3.0x 10.8x GreenSky, Inc. United States 8.90 -46% 564.1 674.6 505.5 146.4 29.0% 28.1% 1.3x 4.6x Guidewire Software, Inc. United States 109.77 -11% 9,064.8 8,476.2 696.3 14.5 2.1% -4.0% 12.2x NM i3 Verticals, Inc. United States 28.25 -10% 409.1 609.7 376.3 25.0 6.6% 16.3% 1.6x 24.4x Intuit Inc. United States 261.93 -11% 68,182.1 66,702.1 6,933.0 2,078.0 30.0% 13.1% 9.6x 32.1x Model N, Inc. United States 35.07 -2% 1,157.1 1,140.6 141.2 (8.2) NM -8.7% 8.1x NM Performant Financial Corporation United States 1.02 -64% 55.0 119.8 146.3 (14.0) NM -1.9% 0.8x NM Q2 Holdings, Inc. United States 81.08 -13% 3,904.5 3,725.0 295.8 (30.5) NM 31.1% 12.6x NM RealPage, Inc. United States 53.75 -18% 4,974.0 5,441.2 960.3 163.0 17.0% 15.7% 5.7x 33.4x SS&C Technologies Holdings, Inc. United States 61.40 -9% 15,516.4 23,394.7 4,540.4 1,680.2 37.0% 65.2% 5.2x 13.9x StoneCo Ltd. * Brazil 39.89 -13% 11,064.2 11,593.6 245.7 0.1 0.1% 71.5% 47.2x NM Tradeweb Markets Inc. United States 46.35 -8% 7,444.2 4,572.3 756.9 159.5 21.1% 16.6% 6.0x 28.7x Tyler Technologies, Inc. * United States 300.02 -3% 11,696.7 11,526.9 1,039.6 195.7 18.8% 14.1% 11.1x 58.9x Zuora, Inc. United States 14.33 -42% 1,621.6 1,462.8 269.2 (77.1) NM 21.6% 5.4x NM
Adjusted Weighted Average 8.9x 28.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (32.5x)and EBITDA multiples that are 1.0 standard deviations ($ in Millions, except stock price data)
Healthcare Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Allscripts Healthcare Solutions, Inc. United States $9.82 -21% $ 1,593.6 $ 2,502.6 $ 1,763.0 $ 129.6 7.4% 16.3% 1.4x 19.3x Cegedim SA France 32.54 -5% 451.2 713.6 552.9 57.0 10.3% 5.4% 1.3x 12.5x Cerner Corporation United States 73.39 -4% 23,051.6 23,590.8 5,616.0 1,109.7 19.8% 5.7% 4.2x 21.3x Computer Programs and Systems, Inc. United States 26.40 -22% 365.1 490.1 276.3 35.0 12.7% -3.4% 1.8x 14.0x Craneware plc United Kingdom 34.17 -20% 904.6 855.0 71.4 20.2 28.3% 6.5% 12.0x 42.4x HealthEquity, Inc. * United States 74.07 -13% 5,250.0 6,386.6 406.6 133.0 32.7% 49.5% 15.7x 48.0x McKesson Corporation United States 138.32 -11% 24,923.6 35,496.6 221,981.0 3,896.0 1.8% 5.2% 0.2x 9.1x NantHealth, Inc. United States 1.03 -47% 113.9 323.5 94.6 (22.4) NM 6.4% 3.4x NM NextGen Healthcare, Inc. United States 16.07 -24% 1,051.5 1,060.2 531.8 39.4 7.4% 0.1% 2.0x 26.9x Streamline Health Solutions, Inc. United States 1.39 -33% 41.7 54.0 21.0 1.5 7.0% -12.7% 2.6x 36.8x Veeva Systems Inc. * United States 140.66 -20% 20,900.2 19,432.5 1,024.9 309.1 30.2% 25.6% 19.0x 62.9x
Adjusted Weighted Average 3.5x 15.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.9x)and EBITDA multiples that are 1.0 standard deviations
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 40 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
HR Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA 51job, Inc. China $84.90 -13% $ 5,638.7 $ 4,262.4 $ 551.6 $ 189.6 34.4% 11.9% 7.7x 22.5x Benefitfocus, Inc. United States 21.94 -64% 718.3 869.1 283.3 (19.6) NM 12.5% 3.1x NM Castlight Health, Inc. United States 1.33 -68% 194.4 158.6 149.0 (30.0) NM -1.7% 1.1x NM Ceridian HCM Holding Inc. United States 67.88 -4% 9,773.2 10,213.5 802.8 148.7 18.5% 10.2% 12.7x 68.7x Cornerstone OnDemand, Inc. United States 58.55 -7% 3,555.0 3,553.5 565.2 17.1 3.0% 6.3% 6.3x NM DHI Group, Inc. United States 3.01 -32% 149.1 168.6 149.6 26.0 17.4% -14.3% 1.1x 6.5x Domo, Inc. United States 21.72 -54% 605.2 589.4 166.6 (112.4) NM 25.2% 3.5x NM Paycom Software, Inc. * United States 264.76 -5% 15,265.4 15,217.1 694.6 236.2 34.0% 31.0% 21.9x 64.4x Paylocity Holding Corporation * United States 120.82 -6% 6,465.4 6,419.8 493.8 75.5 15.3% 24.5% 13.0x 85.0x Pluralsight, Inc. United States 17.21 -52% 1,751.8 1,872.9 295.4 (131.6) NM 39.2% 6.3x NM Workday, Inc. United States 164.45 -28% 37,823.5 37,271.3 3,439.5 (190.6) NM 31.5% 10.8x NM
Adjusted Weighted Average 10.5x 57.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.5x)and EBITDA multiples that are 1.0 standard deviations
($ in Millions, except stock price data)
Security Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Absolute Software Corporation Canada $6.71 -6% $ 280.6 $ 250.3 $ 100.3 $ 16.4 16.3% 5.6% 2.5x 15.3x Check Point Software Technologies Ltd. Israel 110.96 -16% 16,892.5 15,208.0 1,976.4 900.1 45.5% 4.2% 7.7x 16.9x Cisco Systems, Inc. United States 47.96 -18% 203,458.9 195,066.9 51,991.0 16,207.0 31.2% 3.4% 3.8x 12.0x Cheetah Mobile Inc. China 3.63 -55% 505.7 185.4 609.5 (29.1) NM -12.7% 0.3x NM Cloudflare, Inc. United States 17.06 -23% 5,121.2 4,484.3 258.6 (74.7) NM 0.0% 17.3x NM CrowdStrike Holdings, Inc. * United States 49.87 -51% 10,250.5 9,416.8 409.8 (126.1) NM 96.9% 23.0x NM CyberArk Software Ltd. Israel 116.58 -22% 4,415.9 3,909.3 413.3 77.7 18.8% 31.4% 9.5x 50.3x FireEye, Inc. United States 16.53 -11% 3,527.7 3,620.7 871.6 (120.3) NM 6.4% 4.2x NM Forescout Technologies, Inc. United States 32.80 -29% 1,547.3 1,502.3 330.2 (85.2) NM 19.7% 4.5x NM Fortinet, Inc. United States 106.76 -5% 18,259.6 16,360.9 2,048.8 371.5 18.1% 19.8% 8.0x 44.0x Juniper Networks, Inc. United States 24.63 -14% 8,243.8 7,883.0 4,418.3 712.3 16.1% -6.1% 1.8x 11.1x Mimecast Limited * United Kingdom 43.38 -21% 2,689.2 2,733.2 382.4 28.7 7.5% 26.9% 7.1x 95.2x Palo Alto Networks, Inc. United States 231.25 -11% 22,652.7 21,670.4 3,015.5 91.4 3.0% 24.2% 7.2x NM Proofpoint, Inc. United States 114.78 -14% 6,479.8 6,227.0 843.2 (24.6) NM 26.7% 7.4x NM Qualys, Inc. United States 83.37 NA 3,231.6 2,971.8 311.1 95.4 30.7% 16.3% 9.6x 31.1x Rapid7, Inc. United States 56.02 NA 2,766.5 2,782.0 304.1 (27.9) NM 30.5% 9.1x NM SecureWorks Corp. United States 16.66 NA 1,353.3 1,244.6 541.5 (7.7) NM 6.4% 2.3x NM Tenable Holdings, Inc. United States 23.96 -34% 2,352.6 2,097.7 332.8 (77.2) NM 35.1% 6.3x NM Trend Micro Incorporated Japan 51.53 -14% 7,165.0 5,576.3 1,511.4 493.1 32.6% 2.7% 3.7x 11.3x Tufin Software Technologies Ltd. Israel 17.59 -43% 613.0 515.1 102.4 (15.0) NM 0.0% 5.0x NM VeriSign, Inc. United States 192.68 -13% 22,622.4 23,189.6 1,228.6 847.8 69.0% 2.1% 18.9x 27.4x Varonis Systems, Inc. United States 77.71 -3% 2,368.9 2,303.5 269.1 (51.5) NM 5.2% 8.6x NM Zscaler, Inc. United States 46.50 -48% 5,950.0 5,606.6 333.1 (21.2) NM 56.0% 16.8x NM
Adjusted Weighted Average 6.1x 16.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.7x)and EBITDA multiples that are 1.0 standard deviations
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 41 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Engineering Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Altair Engineering Inc. * United States $35.91 -17% $ 2,577.4 $ 2,534.2 $ 438.0 $ 25.9 5.9% 14.3% 5.8x 97.9x ANSYS, Inc. United States 257.41 -1% 22,029.5 21,404.4 1,445.1 570.1 39.4% 22.4% 14.8x 37.5x Dassault Systèmes SE France 164.46 -1% 42,738.1 40,316.2 4,210.7 1,235.6 29.3% 15.5% 9.6x 32.6x PTC Inc. * United States 74.89 -27% 8,649.3 9,020.9 1,255.6 165.9 13.2% 1.1% 7.2x 54.4x Synopsys, Inc. United States 139.20 -5% 20,954.5 20,369.4 3,360.7 691.8 20.6% 7.7% 6.1x 29.4x Trimble Inc. United States 41.69 -10% 10,386.4 12,091.5 3,225.8 640.9 19.9% 6.7% 3.7x 18.9x
Adjusted Weighted Average 9.2x 31.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.7x)and EBITDA multiples that are 1.0 standard deviations
($ in Millions, except stock price data)
Infrastructure Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. United States $329.81 -1% $ 159,080.2 $ 159,041.5 $ 11,171.3 $ 3,856.2 34.5% 23.7% 14.2x 41.2x Atlassian Corporation Plc Australia 120.34 -20% 29,383.0 28,752.9 1,306.2 (29.3) NM 37.1% 22.0x NM Appian Corporation United States 38.21 -39% 2,565.9 2,404.6 256.1 (46.5) NM 18.0% 9.4x NM Alteryx, Inc. United States 100.07 -32% 6,512.2 6,364.7 350.6 26.3 7.5% 72.7% 18.2x NM Bandwidth Inc. United States 64.05 -29% 1,504.7 1,312.2 222.9 (11.1) NM 14.8% 5.9x NM Cloudera, Inc. United States 11.63 -25% 3,339.6 3,160.2 727.0 (226.8) NM 63.8% 4.3x NM Commvault Systems, Inc. United States 44.64 -35% 2,040.6 1,583.6 695.5 50.0 7.2% -2.1% 2.3x 31.7x Datadog, Inc. * United States 37.78 -14% 11,176.5 10,477.4 310.7 (14.0) NM 0.0% 33.7x NM Elastic N.V. United States 64.30 -38% 5,189.7 4,925.0 342.3 (127.3) NM 61.8% 14.4x NM Endurance International Group Holdings, Inc. United States 4.70 -45% 688.1 2,448.0 1,118.5 280.2 25.0% -3.3% 2.2x 8.7x Fastly, Inc. United States 20.07 -43% 1,879.6 1,700.9 182.3 (26.4) NM 0.0% 9.3x NM Filinvest Development Corporation Philippines 0.26 -20% 2,216.7 4,810.8 1,551.4 513.1 33.1% 15.5% 3.1x 9.4x IBM Corporation United States 134.04 -12% 118,710.8 179,516.8 77,131.0 16,664.0 21.6% -4.0% 2.3x 10.8x MongoDB, Inc. United States 131.61 -29% 7,468.0 7,347.1 383.7 (123.2) NM 61.2% 19.1x NM Nutanix, Inc. United States 31.26 -43% 6,009.7 5,735.2 1,237.6 (654.5) NM 3.7% 4.6x NM Okta, Inc. United States 115.37 -19% 13,983.3 13,713.3 534.2 (159.2) NM 48.0% 25.7x NM PagerDuty, Inc. United States 23.39 -61% 1,806.4 1,460.3 154.3 (53.3) NM 44.1% 9.5x NM Rapid7, Inc. United States 56.02 -15% 2,766.5 2,782.0 304.1 (27.9) NM 30.5% 9.1x NM Resonance Health Limited Australia 0.16 -18% 67.6 65.5 2.5 0.7 28.8% 25.1% 25.8x 89.3x SailPoint Technologies Holdings, Inc. * United States 23.60 -27% 2,105.4 1,987.1 280.1 11.0 3.9% 18.6% 7.1x 180.3x salesforce.com, inc. United States 162.64 -6% 144,261.7 144,225.7 15,850.0 2,293.0 14.5% 26.4% 9.1x 62.9x ServiceNow, Inc. United States 282.32 -7% 53,234.0 52,887.3 3,224.1 237.8 7.4% 32.0% 16.4x NM Smartsheet Inc. United States 44.92 -19% 5,277.1 4,778.6 244.5 (74.3) NM 54.2% 19.5x NM Splunk Inc. United States 149.77 -3% 23,359.5 23,529.6 2,189.8 (187.1) NM 33.5% 10.7x NM Synchronoss Technologies, Inc. United States 4.75 -48% 197.6 453.5 300.3 (22.7) NM -14.2% 1.5x NM GlobalData Plc United Kingdom 17.08 -8% 2,015.7 2,139.9 217.4 38.7 17.8% 25.0% 9.8x 55.3x Talend S.A. United States 39.11 -26% 1,204.6 1,187.1 236.7 (53.1) NM 24.5% 5.0x NM Twilio Inc. United States 98.28 -35% 13,479.4 12,221.4 1,007.5 (226.2) NM 79.6% 12.1x NM Varonis Systems, Inc. United States 77.71 -3% 2,368.9 2,303.5 269.1 (51.5) NM 5.2% 8.6x NM
Adjusted Weighted Average 11.1x 39.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (27.9x)and EBITDA multiples that are 1.0 standard deviations
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 42 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
SaaS/Cloud Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. United States $329.81 -1% $ 159,080.2 $ 159,041.5 $ 11,171.3 $ 3,856.2 34.5% 23.7% 14.2x 41.2x Anaplan, Inc. United States 52.40 -13% 7,001.2 6,744.9 319.0 (125.6) NM 46.5% 21.1x NM Asure Software, Inc. United States 8.18 -20% 128.1 243.7 100.6 9.8 9.8% 26.0% 2.4x 24.8x AppFolio, Inc. United States 109.95 -6% 3,745.1 3,777.0 239.0 17.8 7.4% 34.6% 15.8x NM Avalara, Inc. United States 73.25 -22% 5,636.0 5,189.1 351.7 (41.7) NM 38.9% 14.8x NM Benefitfocus, Inc. United States 21.94 -64% 718.3 869.1 283.3 (19.6) NM 12.5% 3.1x NM BlackLine, Inc. United States 51.56 -8% 2,868.8 2,672.0 271.0 (13.0) NM 25.8% 9.9x NM Box, Inc. United States 16.78 -33% 2,510.7 2,735.5 676.4 (78.8) NM 16.3% 4.0x NM Carbacid Investments plc Kenya 0.08 -24% 20.1 12.8 6.1 2.7 44.0% 11.5% 2.1x 4.8x Ceridian HCM Holding Inc. United States 67.88 -4% 9,773.2 10,213.5 802.8 148.7 18.5% 10.2% 12.7x 68.7x ChannelAdvisor Corporation United States 9.04 -35% 253.7 221.9 130.0 7.1 5.4% -0.4% 1.7x 31.4x Coupa Software Incorporated United States 146.25 -12% 9,330.5 9,258.8 353.2 (47.9) NM 47.6% 26.2x NM DocuSign, Inc. United States 74.11 -4% 13,299.4 13,273.3 898.8 (167.7) NM 38.3% 14.8x NM Dropbox, Inc. United States 17.91 -32% 7,438.4 7,308.6 1,591.2 92.8 5.8% 20.4% 4.6x 78.8x Everbridge, Inc. United States 78.08 -25% 2,638.4 2,557.6 185.6 (36.7) NM 38.1% 13.8x NM HubSpot, Inc. United States 158.50 -24% 6,787.2 6,415.0 632.7 (32.0) NM 33.1% 10.1x NM Instructure, Inc. United States 48.21 -11% 1,841.1 1,763.0 245.5 (59.2) NM 24.0% 7.2x NM LivePerson, Inc. United States 37.00 -14% 2,349.3 2,338.8 278.3 (43.3) NM 15.2% 8.4x NM LogMeIn, Inc. United States 85.74 -11% 4,165.2 4,355.3 1,247.9 318.8 25.5% 6.7% 3.5x 13.7x Paycom Software, Inc. United States 264.76 -5% 15,265.4 15,217.1 694.6 236.2 34.0% 31.0% 21.9x 64.4x Paylocity Holding Corporation United States 120.82 -6% 6,465.4 6,419.8 493.8 75.5 15.3% 24.5% 13.0x 85.0x Pluralsight, Inc. United States 17.21 -52% 1,751.8 1,872.9 295.4 (131.6) NM 39.2% 6.3x NM Q2 Holdings, Inc. United States 81.08 -13% 3,904.5 3,725.0 295.8 (30.5) NM 31.1% 12.6x NM RealPage, Inc. United States 53.75 -18% 4,974.0 5,441.2 960.3 163.0 17.0% 15.7% 5.7x 33.4x RingCentral, Inc. United States 168.67 -5% 14,522.8 14,366.6 838.6 8.6 1.0% 33.9% 17.1x NM salesforce.com, inc. United States 162.64 -6% 144,261.7 144,225.7 15,850.0 2,293.0 14.5% 26.4% 9.1x 62.9x Shopify Inc. * Canada 397.58 -5% 46,086.4 43,530.2 1,416.9 (95.6) NM 48.8% 30.7x NM Smartsheet Inc. United States 44.92 -19% 5,277.1 4,778.6 244.5 (74.3) NM 54.2% 19.5x NM SolarWinds Corporation United States 18.55 -13% 5,695.4 7,390.3 906.2 219.0 24.2% 11.8% 8.2x 33.7x SPS Commerce, Inc. United States 55.42 -6% 1,930.8 1,749.1 271.6 51.2 18.8% 12.6% 6.4x 34.2x Veeva Systems Inc. United States 140.66 -20% 20,900.2 19,432.5 1,024.9 309.1 30.2% 25.6% 19.0x 62.9x Workday, Inc. United States 164.45 -28% 37,823.5 37,271.3 3,439.5 (190.6) NM 31.5% 10.8x NM Workiva Inc. United States 42.05 -34% 1,953.7 1,787.0 282.1 (25.7) NM 20.3% 6.3x NM Yext, Inc. United States 14.42 -38% 1,655.6 1,529.3 281.2 (97.4) NM 32.3% 5.4x NM Zendesk, Inc. United States 76.63 -19% 8,596.0 8,747.6 758.8 (129.2) NM 38.4% 11.5x NM Zuora, Inc. United States 14.33 -42% 1,621.6 1,462.8 269.2 (77.1) NM 21.6% 5.4x NM
Adjusted Weighted Average 14.1x 36.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (27.9x)and EBITDA multiples that are 1.0 standard deviations
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 43 Driven by your success. **Source: S&P Capital IQ • The Information Segment had six transactions in December 2019 • Select transactions from the segment included:
‒ S&P’s purchase of technology research company 451 Research
‒ The acquisition of online financial benchmarking services platform Greenwich Associates by S&P Global-owned CRISIL ‒ Clarivate Analytics’ purchase of case law data platform Darts-ip ‒ The sale of financial instrument intelligence platform Quantalytics AI to Forbes Media
25
20
15
10 # ofdeals #
# of# deals 5
9 9 15 13 23 13 20 7 21 13 12 6 0 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19
Note: Deal values are not included in chart, as the majority of Information transactions were reported without a value
INFORMATION 3Q19 4Q19 LTM Dec-19 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 19 $2,364.0 13 $0.0 72 $38,602.4 6 $0.0 Private Equity - Buyout 5 2,370.0 1 1,500.0 10 10,474.7 0 0.0 Private Equity - VC/Growth Capital 25 651.0 18 331.6 88 3,208.2 0 0.0 Total 49 $5,385.0 32 $1,831.6 170 $52,285.3 6 $0.0
*The information contained on thispage is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 44 Driven by your success. ($ in Millions, except stock price data)
Financial & Credit/Risk Management Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Broadridge Financial Solutions, Inc. United States $123.54 -10% $ 14,163.4 $ 15,817.8 $ 4,338.0 $ 892.5 20.6% -0.9% 3.6x 17.7x Computershare Limited Australia 11.79 -10% 6,376.3 7,827.7 2,346.0 615.3 26.2% 2.5% 3.3x 12.7x CoreLogic, Inc. United States 43.71 -12% 3,475.8 5,251.8 1,739.5 357.4 20.5% -5.4% 3.0x 14.7x CoStar Group, Inc. * United States 598.30 -6% 21,918.7 20,666.7 1,340.6 443.7 33.1% 18.6% 15.4x 46.6x Envestnet, Inc. * United States 69.63 -6% 3,653.7 4,250.8 870.3 89.7 10.3% 10.8% 4.9x 47.4x Equifax Inc. United States 140.12 -6% 16,966.2 20,151.4 3,437.1 719.9 20.9% 0.6% 5.9x 28.0x Experian plc Ireland 33.80 -2% 30,697.8 35,240.8 4,992.0 1,550.0 31.0% 5.3% 7.1x 22.7x FactSet Research Systems Inc. United States 268.30 -12% 10,180.6 10,659.0 1,450.4 511.3 35.3% 5.7% 7.3x 20.8x Fair Isaac Corporation * United States 374.68 -2% 10,851.3 11,575.5 1,160.1 283.2 24.4% 16.0% 10.0x 40.9x Fidelity National Information Services, Inc. * United States 139.09 -2% 85,484.8 104,943.8 9,158.0 2,830.0 30.9% 8.7% 11.5x 37.1x IHS Markit Ltd. United Kingdom 75.35 -1% 30,214.4 35,158.6 4,362.0 1,499.7 34.4% 12.2% 8.1x 23.4x Moody's Corporation United States 237.41 -2% 44,811.3 49,590.5 4,656.3 2,172.9 46.7% 2.4% 10.7x 22.8x Morningstar, Inc. United States 151.31 -8% 6,477.6 6,836.2 1,109.3 265.9 24.0% 10.9% 6.2x 25.7x MSCI Inc. * United States 258.18 -3% 21,869.7 23,751.1 1,512.9 791.7 52.3% 7.5% 15.7x 30.0x S&P Global Inc. United States 273.05 -2% 66,733.4 71,210.4 6,501.0 3,256.0 50.1% 3.0% 11.0x 21.9x SEI Investments Company United States 65.48 -2% 9,838.8 9,116.7 1,631.7 480.6 29.5% 0.3% 5.6x 19.0x SS&C Technologies Holdings, Inc. United States 61.40 -9% 15,516.4 23,394.7 4,540.4 1,680.2 37.0% 65.2% 5.2x 13.9x Thomson Reuters Corporation * Canada 71.62 -3% 35,799.2 38,222.3 5,850.0 1,029.0 17.6% 8.6% 6.5x 37.1x TransUnion United States 85.61 -3% 16,120.4 19,799.8 2,583.6 944.3 36.5% 16.9% 7.7x 21.0x Verisk Analytics, Inc. United States 149.34 -9% 24,472.3 27,102.1 2,544.2 1,068.3 42.0% 8.2% 10.7x 25.4x Workiva Inc. United States 42.05 -34% 1,953.7 1,787.0 282.1 (25.7) NM 20.3% 6.3x NM
Adjusted Weighted Average 8.8x 22.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (36.8x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 45 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Marketing Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alliance Data Systems Corporation United States $112.20 -39% $ 5,167.51 $ 23,203.91 $ 7,709.50 $ 1,712.20 22.2% 22.2% 3.0x 13.6x comScore, Inc. United States 4.94 -79% 346.0 551.0 402.8 (26.5) NM -2.5% 1.4x NM Ebiquity plc United Kingdom 0.49 -46% 37.2 60.9 88.1 6.5 7.4% 26.2% 0.7x 9.3x InnerWorkings, Inc. * United States 5.51 -3% 284.8 479.6 1,132.0 15.2 1.3% -0.1% 0.4x 31.5x INTAGE HOLDINGS Inc. Japan 8.59 -13% 343.2 291.6 518.6 52.1 10.0% 10.7% 0.6x 5.6x Ipsos SA France 32.49 -3% 1,426.9 2,329.5 2,124.3 221.2 10.4% 7.7% 1.1x 10.5x LiveRamp Holdings, Inc. United States 48.07 -24% 3,254.1 2,499.3 331.0 (184.7) NM 34.2% 7.6x NM Nielsen Holdings plc United States 20.30 -26% 7,222.9 16,051.9 6,465.0 1,389.0 21.5% -2.3% 2.5x 11.6x SVMK Inc. * United States 17.87 -10% 2,405.6 2,598.3 291.0 (38.6) NM 19.6% 8.9x NM System1 Group PLC United Kingdom 2.75 -19% 34.7 32.8 33.8 3.3 9.7% 4.3% 1.0x 10.0x YouGov plc * United Kingdom 8.52 -4% 891.9 840.9 166.8 31.1 18.6% 17.1% 5.0x 27.1x
Adjusted Weighted Average 3.4x 12.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.1x)
($ in Millions, except stock price data)
Other Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Forrester Research, Inc. United States $41.70 -19% $ 776.54 $ 920.86 $ 436.01 $ 32.54 7.5% 24.8% 2.1x 28.3x Gartner, Inc. United States 154.10 -10% 13,784.7 16,582.8 4,130.7 576.0 13.9% 5.9% 4.0x 28.8x HealthStream, Inc. United States 27.20 -9% 880.7 741.9 251.2 31.4 12.5% 10.7% 3.0x 23.6x IQVIA Holdings Inc. United States 154.51 -6% 29,980.7 41,447.7 10,881.0 1,892.0 17.4% 6.2% 3.8x 21.9x Informa plc United Kingdom 11.35 -4% 14,207.3 18,207.1 3,583.5 1,129.7 31.5% 56.8% 5.1x 16.1x National Research Corporation * United States 65.94 -4% 1,637.7 1,667.1 126.0 46.3 36.7% 5.9% 13.2x 36.0x NIC Inc. United States 22.35 -8% 1,496.7 1,299.4 345.8 71.3 20.6% -1.1% 3.8x 18.2x Premier, Inc. United States 37.88 -10% 2,516.6 2,465.3 1,227.4 520.7 42.4% 13.0% 2.0x 4.7x Proofpoint, Inc. United States 114.78 -14% 6,479.8 6,227.0 843.2 (24.6) NM 26.7% 7.4x NM Reed Elsevier plc(1) United Kingdom 25.24 -5% 48,739.9 57,724.8 9,819.2 2,988.8 30.4% 6.0% 5.9x 19.3x Wolters Kluwer N.V. Netherlands 72.97 -3% 19,451.0 22,070.2 5,056.9 1,382.6 27.3% 5.4% 4.4x 16.0x
Adjusted Weighted Average 4.9x 19.8x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.9x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 46 Driven by your success. **Source: S&P Capital IQ • The Business & IT Services segment had 104 transactions, 21 of which were valued at $4.1 billion • IT Consulting’s 37 transactions accounted for more than one-third of all segment activity: ‒ The take-private of education software firm Instructure to Thoma Bravo for $2 billion
‒ Telus’ $1 billion acquisition of Germany-based call center business Competence Call Center
‒ The $150 million round of funding Indonesia-based online education platform Ruangguru raised from General Atlantic and GGV Capital ‒ The purchase of UK-based managed services company Nasstarby Mayfair Equity Partners-backed GCI ‒ EY’s acquisition of SAP consulting services company AgilityWorks
‒ The acquisition of management consulting firm Gate One by Havas
$14.0 180 $12.4 160 $12.0 140 $10.0 120
$8.0 100 $5.9 $6.4 $6.0 80 $3.9 $3.7 $3.8 $4.1 60 $4.0 $2.8 $2.5 40 $1.7 $2.0 $0.5 $0.7 20 113 96 126 124 123 104 107 153 116 104 $- 76 112 0 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 BUSINESS SERVICES & IT SERVICES 3Q19 4Q19 LTM Dec-19 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 245 $1,804.3 255 $8,454.1 995 $25,928.6 84 $1,677.1 Private Equity - Buyout 23 7,283.0 22 3,014.0 95 16,749.7 7 2,000.0 Private Equity - VC/Growth Capital 55 1,282.4 95 1,129.1 278 3,208.2 13 470.1 Total 323 $10,369.7 372 $12,597.2 1,368 $45,886.5 104 $4,147.2
*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 47 Driven by your success. ($ in Millions, except stock price data)
Consulting Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Accenture plc Ireland $210.57 -1% $ 133,711.06 $ 131,713.36 $ 43,968.43 $ 7,068.93 16.1% 5.4% 3.0x 18.6x CRA International, Inc. United States 54.47 -3% 421.6 575.2 440.9 41.9 9.5% 8.6% 1.3x 13.7x FTI Consulting, Inc. United States 110.66 -6% 4,043.2 4,261.1 2,255.5 334.8 14.8% 13.3% 1.9x 12.7x Information Services Group, Inc. United States 2.53 -44% 120.3 209.9 268.2 20.0 7.4% -2.3% 0.8x 10.5x ICF International, Inc. United States 91.62 -2% 1,723.5 2,116.8 1,459.8 133.6 9.2% 13.9% 1.5x 15.8x Huron Consulting Group Inc. United States 68.72 -3% 1,492.5 1,817.7 849.9 109.0 12.8% 9.6% 2.1x 16.7x The Hackett Group, Inc. United States 16.14 -18% 482.5 476.9 258.7 40.5 15.7% -0.2% 1.8x 11.8x
Adjusted Weighted Average 1.8x 13.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.6x)and EBITDA multiples that are 1.0 ($ in Millions, except stock price data)
HR Services Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Automatic Data Processing, Inc. United States $170.50 -2% $ 73,775.02 $ 75,254.72 $ 14,360.60 $ 3,567.70 24.8% 5.9% 5.2x 21.1x Barrett Business Services, Inc. United States 90.46 -5% 677.9 569.1 935.0 59.2 6.3% -1.3% 0.6x 9.6x Capita plc United Kingdom 2.17 -11% 3,599.2 5,391.8 4,775.3 318.2 6.7% -8.8% 1.1x 16.9x DHI Group, Inc. United States 3.01 -32% 149.1 168.6 149.6 26.0 17.4% -14.3% 1.1x 6.5x Edenred SA * France 51.73 -3% 12,586.4 14,673.7 1,632.9 596.3 36.5% 12.4% 9.0x 24.6x Insperity, Inc. United States 86.04 -41% 3,441.4 3,451.8 4,206.5 213.0 5.1% 14.0% 0.8x 16.2x Marsh & McLennan Companies, Inc. United States 111.41 -2% 56,225.1 70,055.1 16,100.0 3,824.0 23.8% 7.9% 4.4x 18.3x Paychex, Inc. United States 85.06 -4% 30,484.4 30,835.5 4,033.5 1,656.6 41.1% 15.1% 7.6x 18.6x TriNet Group, Inc. United States 56.61 -26% 3,953.6 4,136.6 3,755.0 274.0 7.3% 9.3% 1.1x 15.1x
Adjusted Weighted Average 5.4x 19.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.9x)and EBITDA multiples that are 1.0
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 48 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
IT Consulting Stock Price Chg % From Equity Enterprise Value Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Accenture plc Ireland $210.57 -1% $ 133,711.06 $ 131,713.36 $ 43,968.43 $ 7,068.93 16.1% 5.4% 3.0x 18.6x Amdocs Limited United States 72.19 -1% 9,726.7 9,297.6 4,086.7 775.5 19.0% 2.8% 2.3x 12.0x Bechtle AG Germany 140.50 -2% 5,901.0 6,165.1 5,594.2 319.1 5.7% 27.0% 1.1x 19.3x Booz Allen Hamilton Holding Corporation United States 71.13 -9% 9,985.2 11,666.0 7,087.9 717.7 10.1% 11.4% 1.6x 16.3x Business & Decision SA * France 8.58 -2% 67.7 138.7 97.4 2.4 NA -2.1% 1.4x 58.8x Capgemini SE France 122.21 -7% 20,438.6 23,464.1 15,631.5 2,018.7 12.9% 8.1% 1.5x 11.6x Cerner Corporation United States 73.39 -4% 23,051.6 23,590.8 5,616.0 1,109.7 19.8% 5.7% 4.2x 21.3x CGI Inc. Canada 83.78 -3% 22,473.9 24,113.8 9,148.6 1,584.4 17.3% 5.3% 2.6x 15.2x Cognizant Technology Solutions Corporation United States 62.02 -17% 33,960.0 32,583.0 16,628.0 3,169.0 19.1% 5.1% 2.0x 10.3x Digi International Inc. United States 17.72 -7% 507.9 415.1 254.2 26.0 10.2% 12.0% 1.6x 16.0x DXC Technology Company United States 37.59 -46% 9,622.9 17,859.9 20,199.0 3,711.0 18.4% -5.3% 0.9x 4.8x Endava plc * United Kingdom 46.60 -6% 2,447.4 2,390.7 373.7 58.0 15.5% 28.5% 6.4x 41.2x EPAM Systems, Inc. * United States 212.16 -3% 11,665.6 11,042.7 2,166.0 339.3 15.7% 24.7% 5.1x 32.5x Globant S.A. * Luxembourg 106.05 -6% 3,886.1 3,932.7 615.2 110.2 17.9% 23.6% 6.4x 35.7x Hexaware Technologies Limited India 4.70 -26% 1,403.2 1,396.6 751.0 115.7 15.4% 20.6% 1.9x 12.1x International Business Machines Corporation United States 134.04 -12% 118,710.8 179,516.8 77,131.0 16,664.0 21.6% -4.0% 2.3x 10.8x Infosys Limited India 10.27 -13% 43,555.2 41,374.2 12,386.0 2,981.0 24.1% 9.5% 3.3x 13.9x ITS Group France 7.45 1% 55.5 103.3 133.9 8.8 6.6% -8.5% 0.8x 11.7x Larsen & Toubro Limited India 18.25 -18% 25,617.0 43,078.4 21,330.1 2,743.1 12.9% 15.0% 2.0x 15.7x NTT DATA Corporation Japan 13.50 -5% 18,931.9 23,916.2 20,526.0 1,332.0 6.5% 4.7% 1.2x 18.0x Parsons Corporation United States 41.28 -5% 4,097.5 4,480.0 3,846.4 184.9 4.8% 0.0% 1.2x 24.2x Perficient, Inc. United States 46.07 -2% 1,502.4 1,617.9 552.1 72.7 13.2% 10.4% 2.9x 22.3x Reply S.p.A. Italy 77.94 -6% 2,915.4 2,896.7 1,282.5 163.7 12.8% 17.4% 2.3x 17.7x SQLI SA France 27.49 1% 125.1 194.4 272.0 18.2 6.7% 6.1% 0.7x 10.7x Synthomer plc United Kingdom 4.69 -16% 1,990.2 2,375.4 1,966.9 221.7 11.3% 0.3% 1.2x 10.7x Tata Consultancy Services Limited India 30.37 -5% 113,972.6 107,036.2 21,583.8 5,721.6 26.5% 13.7% 5.0x 18.7x Wipro Limited India 3.46 -18% 19,657.2 16,621.0 8,479.1 1,785.7 21.1% 7.1% 2.0x 9.3x
Adjusted Weighted Average 3.0x 15.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (30.4x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 49 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)
Outsourced Services Stock Price Chg % From Equity Enterprise Value Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 12/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA AMREP Corporation United States $5.98 -15% $ 48.66 $ 36.65 $ 14.70 $ (1.31) NM NM 2.5x NM Cimpress plc Ireland 125.77 -13% 3,414.5 4,890.8 2,796.1 358.2 12.8% 6.8% 1.7x 13.7x Clairvest Group Inc. Canada 40.32 -3% 613.1 334.6 109.4 63.4 58.0% -45.3% 3.1x 5.3x CSG Systems International, Inc. United States 51.78 -12% 1,647.2 1,932.2 989.3 167.6 16.9% 18.8% 2.0x 11.5x Donnelley Financial Solutions, Inc. United States 10.47 -39% 359.1 777.2 884.7 92.9 10.5% -10.4% 0.9x 8.4x Elanders AB (publ) Sweden 9.33 -8% 330.0 788.7 1,143.8 78.7 6.9% 7.7% 0.7x 10.0x Eniro AB (publ) Sweden 0.10 -59% 6.9 112.7 115.4 8.1 7.1% -22.2% 1.0x 13.8x ExlService Holdings, Inc. United States 69.46 -2% 2,368.2 2,432.5 969.4 130.1 13.4% 14.6% 2.5x 18.7x Firstsource Solutions Limited India 0.58 -28% 400.0 514.0 554.4 77.0 13.9% 7.1% 0.9x 6.7x Genpact Limited Bermuda 42.17 -5% 8,010.7 9,140.4 3,415.1 545.3 16.0% 17.8% 2.7x 16.8x InnerWorkings, Inc. United States 5.51 -3% 284.8 479.6 1,132.0 15.2 1.3% -0.1% 0.4x 31.5x j2 Global, Inc. United States 93.71 -7% 4,566.5 5,719.9 1,312.5 490.8 37.4% 11.5% 4.4x 11.7x Liq Participações S.A. Brazil 2.21 -82% 6.2 112.6 241.2 (17.2) NM -30.5% 0.5x NM LSC Communications, Inc. United States 0.21 -98% 6.9 928.9 3,487.0 (84.0) NM -10.3% 0.3x NM MAXIMUS, Inc. United States 74.39 -9% 4,759.4 4,663.9 2,886.8 398.1 13.8% 20.7% 1.6x 11.7x Quad/Graphics, Inc. United States 4.67 -72% 246.6 1,545.3 4,186.3 332.7 7.9% 4.0% 0.4x 4.6x IQVIA Holdings Inc. United States 154.51 -6% 29,980.7 41,447.7 10,881.0 1,892.0 17.4% 6.2% 3.8x 21.9x R.R. Donnelley & Sons Company United States 3.95 -38% 280.1 2,379.3 6,413.4 388.8 6.1% -7.9% 0.4x 6.1x Serco Group plc United Kingdom 2.14 -1% 2,617.2 2,900.3 3,743.8 166.2 4.4% 4.9% 0.8x 17.4x Steel Connect, Inc. United States 1.46 -32% 89.7 524.2 829.9 41.2 5.0% 9.5% 0.6x 12.7x SYNNEX Corporation United States 128.80 -2% 6,578.5 9,644.9 23,005.9 1,177.4 5.1% 17.8% 0.4x 8.2x Sykes Enterprises, Incorporated United States 36.99 -3% 1,532.6 1,683.4 1,604.7 168.1 10.5% -1.5% 1.0x 10.0x Teleperformance SE France 243.97 0% 14,324.0 17,410.9 5,615.6 917.2 16.3% 18.4% 3.1x 19.0x TTEC Holdings, Inc. United States 39.62 -21% 1,841.8 2,153.7 1,601.5 193.8 12.1% 5.6% 1.3x 11.1x transcosmos inc. Japan 27.31 -3% 1,132.7 993.9 2,765.7 111.5 4.0% 7.7% 0.4x 8.9x Transcontinental Inc. Canada 12.24 -28% 1,068.8 1,973.6 2,326.8 366.5 15.8% 15.8% 0.8x 5.4x
Adjusted Weighted Average 1.5x 16.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.3x)
*The stock prices shown are as of 12/31/2019 andshouldnot be relied upon as currentthereafter. Page 50 Driven by your success. **Source: S&P Capital IQ PRIVATE & CONFIDENTIAL
Driven by your success. For client and institutional use only, not for public dissemination • All transaction information has been publicly reported and is sourced from national news publications, industry trade journals and blogs, and public announcements by companies and investors.
• All trading data related to publicly-traded companies has been sourced from Capital IQ.
*The information con tained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 52 Driven by your success. Canaccord Genuity is the business name used by certain subsidiaries of Canaccord Genuity Group Inc., including Canaccord Genuity LLC, Canaccord Genuity Limited, and Canaccord Genuity, a division of Canaccord Genuity Group Inc. Canaccord Genuity Group Inc. is listed on the TSX and LSE. Research Policy: Decisions regarding initiation and termination of research coverage will be made exclusively by research management. Investment banking is not able to request or have input into specific company coverage decisions. It is, however, our general practice to continue to provide coverage for companies for which we act as lead or co-manager in an equity offering. 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