4Q- 2020

LEONIS PARTNERS: 4 TH QUARTER 2020 HEALTHCARE ANALYSIS

ANALYSIS OF HEALTHCARE VALUATIONS & KEY DRIVERS IN PUBLIC AND PRIVATE MARKETS.

STRICTLY PRIVATE AND CONFIDENTIAL LEONIS PARTNERS EXPERIENCED HEALTHCARE ADVISORS. 2020 Award 2020 Award 2019 Award Winner Winner Winner

LEONIS CREDENTIALS & SERVICES FIRM OVERVIEW ▪ Leonis provides M&A and Growth Capital advisory services ▪ Bankers with over 50 years of combined experience in bulge bracket to both high-growth and well-established technology and Wall Street firms and in the Middle Market technology services companies ▪ Team has executed over 130 M&A, restructuring and capital raising deals with cumulative transaction values over $180 billion Leonis core areas of focus: ▪ Deep knowledge of strategic and financial buyers with a proprietary database of more than 4,200 private equity investors and 1,800 ▪ Sell-side M&A: Represent companies looking to be acquired domestic and international strategic acquirers by a strategic or go through a fulsome liquidity event with a ▪ Team with experience advising, operating, and investing in businesses financial sponsor within the firm’s core areas provides an unbiased view of how “the other side will look at a deal” ▪ Capital Raises: ▪ Winner of M&A Atlas’ 2020 and 2019 Americas FinTech Deal of the – Majority Equity Raises: Recapitalizations from private Year, 2020 Americas Corporate Deal of the Year, and a 2020 Finalist for Boutique Technology Investment Bank of the Year equity & growth equity firms who understand the sector ▪ Winner of M&A Advisors’ 2020 Lower-Middle Market Deal of the and will partner with management to inject capital and Year, Lower-Middle Market PE Deal of the Year, 2019 Lower- provide expertise to maximize the company’s growth Middle Market Deal of the Year, and 2018 Information Technology Deal of the Year – Minority Equity Raises: Equity investments from growth equity and strategic partners who bring capital and market HEALTHCARE EXPERIENCE expertise to bear

▪ Retained Advisory Services: Strategic guidance to assist Has Been Recapitalized Has Been Acquired by Has Been Acquired by Has Been Acquired by management in maximizing firm value ahead of a potential by liquidity event, as well as manage inbound offers and A Portfolio Company of solicitations For more information or inquiries, please contact us at [email protected]

Has Been Acquired by Has Been Acquired by Sold Two Hospitals to Has Been Acquired by

2 LEONIS AWARDS AND RECOGNITION – THE M&A ADVISOR WINNER OF THE 2020 LOWER-MIDDLE MARKET PRIVATE EQUITY DEAL OF THE YEAR, 2020 LOWER-MIDDLE MARKET DEAL OF THE YEAR, 2018 MIDDLE MARKET CORPORATE DEAL OF THE YEAR, AND 2018 LOWER- MIDDLE MARKET DEAL OF THE YEAR. RECENT TECHNOLOGY M&A AWARDS & RECOGNITIONS

Middle Market Americas Lower- Americas Middle Lower-Middle Market Information Middle Market Market Corporate Private Equity Technology Deal of Has Been Acquired By Deal of the Year Has Been Acquired Deal of the Year Deal of the Year By Has Been Acquired Has Been Acquired the year By By A Portfolio Company of

Undisclosed Undisclosed Undisclosed Undisclosed December 2019 2020 Award Winner August 2019 2020 Award Winner December 2018 2019 Award Winner July 2017 2018 Award Winner

PROJECT VIKING OVERVIEW PROJECT SOLDIER OVERVIEW PROJECT DYNAMITE OVERVIEW PROJECT BARRACUDA OVERVIEW

▪ Retained to assist SMD in exploring a ▪ Retained to assist SRC in exploring a ▪ Selected as the exclusive financial advisor ▪ Retained as exclusive financial advisor to potential sale of the business potential strategic sale or majority to explore either a full sale or majority explore a full strategic sale of BlueprintRF ▪ Leonis successfully utilized competitive recapitalization of the business recapitalization of the business ▪ Leonis ran a highly competitive process tension between acquirer and target to ▪ Leonis created a highly tailored process to ▪ A highly competitive process involving that involved bidding by a number of bring together the two highly target strategic and sponsor-back strategic both strategics and private equity backed private equity-backed strategic players and complementary solutions, with SMD buyers that resulted in a ~5x Revenue sale platforms that resulted in a majority strategic bidders that resulted in a full sale exiting at over ~ 6x Revenue capitalization at over ~ 8x EBITDA of the business at ~12x EBITDA

LEONIS CLIENT LEONIS CLIENT LEONIS CLIENT LEONIS CLIENT

▪ Strategic Management Decisions (SMD), is ▪ SRC Solutions, through its Registration ▪ Bootstrapped AI, data science, and ▪ Network service provider to the hospitality a provider of employee survey and Gateway, offers a suite of applications advanced technology training and industry with over 1,500 managed assessment services designed to increase productivity, educational organization to world-class properties ▪ Cloud-based technology that identifies the efficiency, and deliver best-in-class global enterprise clients ▪ Designs, manages, and supports critical cause-effect relationships between talent sustainable, eco-friendly online workflows ▪ Market leader in designing a PhD level wireless High-Speed Internet Access assessments and business outcomes for K12 school districts curriculum for the top data scientists and (HSIA) that serves as the backbone of its advanced technologists customers operations ACQUIRER OVERVIEW ACQUIRER OVERVIEW ACQUIRER OVERVIEW ACQUIRER OVERVIEW ▪ Industry leading strategic advisory services ▪ LINQ specializes in K12 enterprise school ▪ Leading provider of marketing training ▪ Multi-service residential and commercial Company for the healthcare organizations district technology. The Company is an courses broadband communication’s company ▪ Backed by Ares and Lenard Green & active acquirer, with 6 strategic investments ▪ Specialized in strategic product management ▪ Specializing in digital video, high-speed Partners, Private Equity firms with over made to date and marketing management courses to internet access, and local and long-distance ~$70bn combined assets under ▪ Banneker Partners is a San Francisco based marketing professionals and technology telecom management Private Equity fund that partners with companies ▪ Highly acquisitive strategic with 29 founders and of leading Software businesses ▪ Private Equity backed by Renovus Capital acquisitions 3 Partners STRICTLY PRIVATE AND CONFIDENTIAL LEONIS AWARDS AND RECOGNITION – THE M&A ATLAS WINNER OF THE 2020 AMERICAS FINTECH DEAL OF THE YEAR, 2020 AMERICAS DEAL OF THE YEAR, AND 2019 FINTECH DEAL OF THE YEAR.

RECENT TECHNOLOGY M&A AWARDS & RECOGNITIONS

Americas Americas FinTech Americas FinTech Corporate Deal Deal of the Year Deal of the Year Has Been Acquired Has Been Acquired By of the Year Has Been Acquired By By A Portfolio Company of

$50,000,000 Undisclosed $80,000,000 February 2020 2020 Award Winner December 2019 2020 Award Winner July 2019 2019 Award Winner

PROJECT VIKING OVERVIEW PROJECT SIDECAR OVERVIEW PROJECT DODGE OVERVIEW

▪ Retained to assist Ventanex in exploring potential ▪ Retained to assist SMD in exploring a potential ▪ Retained to raise $20mm in capital from financial sale of the business sale of the business or strategic investors ▪ Through a highly competitive process, Leonis ▪ Leonis successfully utilized competitive tension ▪ Due to strategic acquisition interest Leonis identified REPAY as an acquisitive strategic between acquirer and target to bring together the repositioned D3 to take advantage of the buyer and assisted the company in exiting at 11- two highly complementary solutions, with SMD situation leading to an exit at over ~ 6x Revenue 12x EBITDA exiting at over ~ 6x Revenue

LEONIS CLIENT LEONIS CLIENT LEONIS CLIENT

▪ Leading Cloud-based omnichannel payments ▪ Strategic Management Decisions (SMD), is a ▪ Developer of enterprise-level SaaS and cloud- automation platform for the Mortgage Servicing provider of employee survey and assessment based digital banking technology and financial Healthcare, and Consumer Finance (student services management solutions for domestic Tier II and loans & auto finance) verticals ▪ Cloud-based technology that identifies the cause- Tier III Financial Institutions ▪ Processing over $6bn in transaction volume effect relationships between talent assessments ▪ Industry leader in Zelle money movement annually and business outcomes enablement

ACQUIRER OVERVIEW ACQUIRER OVERVIEW ACQUIRER OVERVIEW

▪ NYSE listed Company providing integrated ▪ Industry leading strategic advisory services ▪ NYSE listed Company providing consumer- payment processing solutions Company for the healthcare organizations transaction technologies ▪ Highly acquisitive strategic with 10 bolt-on ▪ Backed by Ares and Lenard Green & Partners, ▪ Largest global vendor of ATMs and also sells acquisitions, 6 of which occurred between 2019 Private Equity firms with over ~70bn combined POS terminals and self-service systems and year-to-date 2020 assets under management ▪ Highly acquisitive strategic with 45 acquisitions

4 STRICTLY PRIVATE AND CONFIDENTIAL LEONIS HEALTHCARE INDEX 4Q 2020 INDEX SUMMARY.

THE LEONIS HEALTHCARE INDEX HEALTHCARE MULTIPLES OVER TIME ▪ The proprietary Leonis Healthcare Index is comprised of 24 publicly traded healthcare companies 8.0x 7.3x ▪ These 24 companies fall into four distinct categories: 5.8x 6.0x 6.0x 5.3x 5.4x 5.3x 5.3x 5.3x ‒ Digital Health

‒ Clinical Systems HCIT 4.0x ‒ Payer/Provider Cost Containment HCIT ‒ Analytics/Consulting 2.0x ▪ The Leonis Healthcare Index is an equally-weighted index ▪ 0.0x The Leonis Healthcare Index has seen a rapid run-up since 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 2Q 2020 and at the end of 4Q 2020, was at multi-year highs Avg. EV/Revenue Multiple • During this time the broader Healthcare industry has outperformed the tech-heavy Nasdaq Index in Q4 2020 HEALTHCARE INDEX PERFORMANCE

▪ Key growth drivers and trends that persisted in 2020 and 100.0% continue into 2021 are: ▪ Continued outbreak of the Coronavirus and slower than 80.0% expected vaccine distribution, has led to greater demand for 60.0% telehealth capabilities and the ability for providers to work remotely through technology 40.0% ▪ Presidential transition and recent Q1 2021 Georgia Senate races enable revisiting of governmental policy within the 20.0% Healthcare space and general public call-to-action will affect 0.0% the programs available and payment methodologies ▪ Growing number of elderly, chronically ill and higher risk (20.0%) populations that increase the focus on new programs such as Medicare Advantage, which is growing in popularity

Leonis Healthcare Index Nasdaq Index

Source: Pitchbook, Leonis Proprietary Transaction Database, Federal Reserve Economic Data. 5 Note: Market Data as of 12/31/2020. Average EV / Revenue Multiples exclude all values over 25.0x, except for Teladoc Health. LEONIS HEALTHCARE INDEX SUMMARY METRICS.

KEY VALUATION METRICS OVER TIME

KEY SECTOR METRICS 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 EV / Revenue 7.0x 7.7x 6.9x 6.8x 7.0x 8.3x 7.3x 9.9x

Digital Revenue Growth 27.8% 23.0% 21.0% 17.4% 27.8% 16.8% 15.4% 19.1% Health Gross Margin 53.7% 53.5% 54.0% 54.3% 53.7% 55.4% 54.8% 54.7% EBITDA Margin (19.2%) (20.7%) (17.7%) (6.7%) (19.2%) (4.7%) (10.2%) (6.8%) EV / Revenue 2.1x 2.4x 2.1x 2.3x 2.1x 1.9x 2.2x 2.6x

Clinical Systems Revenue Growth 23.2% 22.8% 18.2% 14.2% 23.2% 5.9% 2.8% 0.8% HCIT Gross Margin 48.4% 48.5% 48.8% 48.9% 48.4% 48.4% 48.5% 48.5% EBITDA Margin 13.0% 14.7% 12.1% 11.0% 13.0% 11.7% 12.8% 15.4% EV/ Revenue 6.4x 6.1x 5.5x 6.2x 6.4x 6.7x 7.3x 8.6x

Payer/Provider Cost Revenue Growth 25.4% 18.8% 18.5% 18.4% 25.4% 30.9% 29.2% 26.1% Containment HCIT Gross Margin 54.6% 56.1% 54.5% 54.4% 54.6% 54.1% 53.1% 52.6% EBITDA Margin 8.7% 11.5% 9.8% 7.8% 8.7% (46.1%) (5.1%) 2.7% EV / Revenue 3.5x 3.5x 5.8x 4.7x 3.5x 4.1x 5.1x 5.3x

Analytics / Revenue Growth 23.0% 28.8% 24.5% 24.1% 23.0% 19.6% 16.1% 13.2% Consulting Gross Margin 51.8% 51.7% 50.7% 50.2% 51.8% 48.5% 47.5% 47.0% EBITDA Margin 11.4% 11.9% 1.9% 1.2% 11.4% (4.3%) (10.5%) (10.1%)

Source: Pitchbook and Leonis Proprietary Transaction Database. 6 Note: Market Data as of 12/31/2020. Note: Key Metrics are calculated on an LTM basis. Average EV / Revenue Multiples exclude all values over 25.0x, except for Teladoc Health. KEY THEMES AND OBSERVATIONS 4Q 2020 SUMMARY OBSERVATIONS.

HEALTHCARE FUNDING 4Q 2020 UPDATE UPCOMING PRESIDENTIAL ELECTION UNCERTAINTY ▪ As the Georgia Senate race was recently decided in Q1 2021, there is uncertainty on ▪ Global VC funding for Healthcare technology companies the future of the governmental programs in relation to healthcare. As Democrats now have control of both houses of Congress, with VP Kamala Harris being the totaled $4.8 billion across 229 deals in 4Q20, a 20% quarter- deciding vote in the Senate, there will potentially be healthcare reform to come over-quarter increase in deal value and 166% increase versus the same period last year ▪ For example, Medicare Advantage in the new year has continued to be a growing market opportunity as a result of an increasing number of baby boomers reaching the ▪ retirement age. The new overhaul of leadership in both houses of Congress can make We have seen a prioritization and spotlight on healthcare way for additional benefits and lower out-of-pocket costs for this population, funding in 2020 due to the Coronavirus, and we expect a according to Milliman research strong continuation of this trend throughout 2021 INCREASE IN TELEMEDICINE FOCUS ▪ We expect private capital investment to remain robust as new ▪ The adoption of telemedicine over the past months has increased significantly due to opportunities in the healthcare space arise due to the changed COVID-19. General medical care visits are to top 200 million for 2020, up sharply industry environment, along with U.S. election results from their original expectation of 36 million visits for all of 2020 presenting potential shifts in healthcare-related policy ▪ A notable acquisition has been InTouch Health being acquired by Teledoc for $600mm ($150mm in cash/$450mm in common stock) in March 2020. This acquisition shows the increase consolidation and expansion within the telemedicine space $5,000 $4,800 250 ▪ American Well has been reported to be acquired by UnitedHealth Group, which $4,000 would show an increased interest in telehealth from a leading player $4,000 229 200 ▪ Federal and state government agencies have removed many of the barriers that $3,100 195 previously prevented large numbers of people—including Medicare and Medicaid $2,900 of No. Deals $3,000 141 150 beneficiaries—from accessing care via telemedicine CONSUMERIZATION OF HEALTHCARE DRIVING $1,805 $2,000 100 INCREASING PATIENT ENGAGEMENT & WELLNESS 108 105 ▪ The state of care delivery continues to be fragmented with companies that focus on or $1,000 50

Disclosed Amount ($ millions) ($ Amount Disclosed have capabilities solely for the front and back end of the Revenue Cycle, but not the full value chain $0 0 ▪ Employers’ shift towards higher deductible health plans and wellness programs to 4Q19 1Q20 2Q20 3Q20 4Q20 prevent costly hospital readmissions have created demand for technology and tech- enabled solutions that better engage individuals and streamline the front end of the Disclosed Amount No. of Deals Revenue Cycle, such as patient intake/engagement, enrollment, and separately, solutions that intersect with physicians, pharmaceutical and life science companies ▪ Consumer Medical’s acquisition of virtual medical opinion platform InfiniteMD ▪ Waystar Health’s acquisition of healthcare payments software eSolutions

7 Source: Mercom Capital, Wall Street Research. LEONIS HEALTHCARE INDEX COMPANIES.

8 DIGITAL HEALTH TRADING & PRECEDENT MULTIPLES.

DIGITAL HEALTH RELEVANT TRANSACTIONS

9.9x Date EV / Rev 10.0x 100% Announced Target Acquirer Deal Size Multiple Pending American Well United Health ~$5,000.0 21.70x 9.0x 75% 8.3x 12/18/20 BioTelemetry Philips $2,800.0 6.38x 54% 55% 8.0x 7.7x 54% 54% 54% 55% 09/29/20 DivvyDose United Health $300.0 7.30x 54% 55% 7.3x 50% 7.0x 6.9x 7.0x 08/05/20 Livongo Teladoc $18,500.0 70.80x 7.0x 6.8x 06/12/20 CareZone Walmart $200.0 6.60x 25% 6.0x 04/28/20 AbleTo Optum $470.0 10.00x 01/13/20 InTouch Health Teladoc $600.0 7.50x (7%) (5%) (10%) 0% 5.0x (7%) (19%) (21%) (18%) (19%) Average EV/Revenue Multiple: 7.56x 4.0x (25%) KEY OBSERVATIONS 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 EV/Revenue EBITDA Margin Gross Margin ▪ There are signs of greater adoption of digital health including the below transactions starting throughout 2020: ▪ Philips strengthens position in remote diagnostics and monitoring with plans to acquire BioTelemetry, cardiac specialist and provider of wearable heart monitors connected to AI-based data analytics ▪ United Health continues exploring development in telehealth capabilities with announcement of intent to acquire American Well (AmWell) shortly after entry into online pharmacy market with acquisition of DivvyDose, chronic illness medicine delivery and data analytics startup ▪ Consumer Medical expands geographic reach and patient access to second opinions through acquisition of InfiniteMD, virtual visit and data analytics support company ▪ Teladoc plans to create a virtual care solution in massive merger with Livongo, following acquisition of InTouch Health earlier in 2020 Source: Pitchbook and Leonis Proprietary Transaction Database. 9 Note: Market Data as of 12/31/2020. Average EV / Revenue Multiples exclude all values over 25.0x, except for Teladoc Health. Digital Health includes the following company tickers: VEEV, TDOC, OMCL, TRHC, HSTM, CSLT, NH, ONEM. CLINICAL SYSTEMS TRADING & PRECEDENT MULTIPLES.

CLINICAL SYSTEMS HCIT RELEVANT TRANSACTIONS

2.8x 100% Date EV / Rev 2.6x Announced Target Acquirer Deal Size Multiple 2.6x 12/04/20 Veran Medical Technologies Olympus Corporation $340.0 12.20x 2.4x 2.4x 10/13/20 CarePort Health WellSky Corporation $1,350.0 13.00x 2.3x 75% 2.2x 07/01/20 A Plus Health Care Addus HomeCare Corp. $12.2 1.17x 2.2x 2.1x 2.1x 2.1x 06/02/20 Steward Medical Steward Management - 2.00x 2.0x 1.9x 48% 48% 49% 50% 01/30/20 SCI Solution R1RCM $190.0 1.85x 1.8x 49% 49% 48% 49% 48% 11/13/19 MedFusion NextGen $43.0 2.15x 1.6x 05/02/19 Acelity, Inc. 3M Company $6,700.0 4.50x 25% 1.4x 13% 15% 12% 13% 15% 6/11/2018 Envision Healthcare KKR $11,187.4 1.30x 11% 13% 12% 1.2x Average EV/Revenue Multiple: 4.78x 1.0x 0% KEY OBSERVATIONS 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 EV/Revenue EBITDA Margin Gross Margin ▪ Clinical Systems HCIT valuations continue to rise as EHR vendors experience growth amidst increased digitization and compliance demand ▪ Olympus Corporation strengthens pulmonology presence in acquisition of Veran Medical Technologies, provider of electromagnetic thoracic navigation platform ▪ WellSky Corporation acquires CarePort Health from Allscripts, enhancing coordination of patient care across the acute-to-post-acute continuum ▪ R1RCM has acquired SaaS technology company, SCI Solutions, for $190 million, which will allow patients to search for physicians and complete onboarding through different care settings seamlessly. This transaction closed in Q2 2020.

Source: Pitchbook and Leonis Proprietary Transaction Database. 10 Note: Market Data as of 12/31/2020. Clinical Systems HCIT includes the following company tickers: CERN, MDRX, NXGN, RCM, CPSI. PAYER/PROVIDER COST CONTAINMENT HCIT TRADING & PRECEDENT MULTIPLES.

PAYER/PROVIDER COST CONTAINMENT HCIT RELEVANT TRANSACTIONS

Date EV / Rev 9.0x 8.6x 75% Announced Target Acquirer Deal Size Multiple 8.5x 12/21/20 HMS Holdings Gainwell Technologies $3,626.8 5.30x 12/14/20 HealthCare Fraud Shield Charlesbank Capital Partners - ND 8.0x 56% 55% 55% 54% 60% 11/23/20 PatientBlox Signify Health - ND 55% 54% 53% 53% 7.5x 7.3x 11/10/20 HSTechnology Solutions MultiPlan Corporation $140.0 6.80x 08/12/20 eSolutions Waystar Health $1,350.0 ND 7.0x 45% 6.7x 07/30/20 EPSi Business (Allscripts) Strata Decision Technology $365.0 7.50x 6.4x 6.4x 6.5x 6.2x 31% 05/26/20 NaviHealth Optum $1,000.0 6.70x 6.1x 29% 03/19/20 Pondera Solutions Thomson Reuters - 11.00x 6.0x 26% 30% 25% 03/11/20 DXC Technology (Health) Veritas $5,000.0 3.57x 19% 5.5x 18% 5.5x 25% 12/23/19 Accent Payment Integrity HMS Holdings $155.0 3.10x 5.0x 18% 15% Average EV/Revenue Multiple: 6.28x 4.5x Denotes Leonis Led Transaction 4.0x 0% KEY OBSERVATIONS 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 EV/Revenue Gross Margin YoY Growth ▪ Pressure to lower costs, increased demand for price transparency, and the shift towards consumerization and democratization of healthcare have been the key drivers of M&A activity for cost containment ▪ For payers, there has been a significant amount of M&A activity for payment integrity companies that can identify fraud, waste, abuse, and inaccuracy of healthcare claims, as noted below: ▪ Gainwell Technologies has acquired Health Management Systems (HMS), through its sponsor Veritas Capital ▪ Other examples include Strata Decision Technology’s acquisition of Allscripts’ EPSi business, Thomson Reuters acquisition of Pondera Solutions and HMS’s acquisition of Accent Payment Integrity ▪ For providers, M&A has focused on revenue cycle management companies given the increasing level of claims and shift towards a more automated revenue cycle Source: Pitchbook and Leonis Proprietary Transaction Database. 11 Note: Market Data as of 12/31/2020. Average EV / Revenue Multiples exclude all values over 25.0x, except for Teladoc Health. Payer/Provider Cost Containment HCIT includes the following company tickers: PINC, HQY, TDOC, INOV, CHNG, TRHC, PHR, BNFT, VCRA, MGLN. ANALYTICS / CONSULTING TRADING & PRECEDENT MULTIPLES.

ANALYTICS / CONSULTING RELEVANT TRANSACTIONS

Date EV / Rev 6.0x 5.8x 75% Announced Target Acquirer Deal Size Multiple 12/08/20 Collective Medical PointClickCare $650.0 ND 5.5x 52% 5.3x 60% 08/11/20 Vitalware Health Catalyst $120.0 6.32x 52% 52% 51% 50% 48% 5.1x 02/20/20 Able Health Health Catalyst - 13.50x 5.0x 45% 48% 47% 12/01/2019 SMD Press Ganey - ND 4.7x 11/27/19 3D4Medical Elsevier $49.2 4.92x 4.5x 30% 10/18/19 AbleVets Cerner $75.0 1.63x 4.1x 10/01/19 Health Unlimited M Booth $45.0 2.59x 4.0x 11% 12% 11% 15% 04/30/19 Advanced Medical AMN Healthcare $200.0 1.43x 2% 1% 3.5x 3.5x Average EV/Revenue Multiple: 5.06x 3.5x (4%) 3.5x 0% Denotes Leonis Led Transaction (10%) (10%) 3.0x (15%) KEY OBSERVATIONS 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 ▪ Consulting and analytics gain ever-expanding traction as data analysis EV/Revenue EBITDA Margin Gross Margin methods continue to improve, and vendors require enhanced insight capabilities to remain competitive and offer flexible patient care solutions at affordable rates ▪ Data and analytics companies have traded at enterprise values as a multiple of revenue given the recurring nature of their contracts. Acquirers are willing to pay premiums for the ability to deliver data driven insights that help improve outcomes ▪ Acquirers will take a hybrid approach to valuing companies that have a consulting and analytics business model combination by evaluating them separately (sum-of-parts approach) ▪ Cloud-based software offers attractive, real-time patient data storage and collaboration, as seen in PointClickCare’s acquisition of Collective Medical

Source: Pitchbook and Leonis Proprietary Transaction Database. 12 Note: Market Data as of 12/31/2020. Analytics/Consulting includes the following company tickers: IQV, INOV, HCAT, EVH. APPENDIX

13 TRADING METRICS – HEALTHCARE

Digital Health

(USD millions, except per share date) Net Debt / Max Multiples Share Price Market (Cash) /LTM EV/Revenue EV/Rev/Growth P/E Company 12/31/2020 Cap EBITDA CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E PEG Veeva Systems $272.25 $40,280.3 (1.5x) NM 23.15x NA 0.7x NM NM NA Teladoc Health $199.96 $28,983.3 8.4x 26.52x 14.79x 0.4x 0.2x NM NM NA One Medical $43.65 $5,285.2 (3.9x) 15.11x 11.79x 0.5x 0.4x NM NM NA Omnicell $120.02 $5,077.7 (1.1x) 5.62x 4.82x 1.6x 1.3x NM 69.4x 19.4x Tabula Rasa Healthcare $42.84 $1,020.8 (29.9x) 4.25x 3.58x 0.5x 0.4x NM NM NA HealthStream $21.84 $649.2 (1.6x) 2.36x 2.46x NM NM 44.6x NM NA NantHealth $3.23 $359.7 (4.7x) 7.60x 7.04x 0.6x 0.6x NM NM NA Castlight Health $1.30 $199.9 0.5x 1.18x 1.28x NM NM NM NM NA Average $10,232.0 (4.2x) 8.95x 8.61x 0.7x 0.6x 44.6x 69.4x 19.4x Median $3,049.2 (1.5x) 5.62x 5.93x 0.5x 0.5x 44.6x 69.4x 19.4x

Clinical Systems HCIT

(USD millions, except per share date) Net Debt / Share Price Market (Cash) /LTM EV/Revenue EV/Rev/Growth P/E Company 12/31/2020 Cap EBITDA CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E PEG Cerner $78.48 $23,587.9 0.5x 4.45x 4.27x NM NM 47.6x 30.9x NM R1 RCM $24.02 $3,047.9 3.6x 2.85x 2.43x 0.3x 0.2x NM 39.7x 3.7x Allscripts Healthcare Solutions $14.44 $2,281.3 4.7x 2.00x 2.11x NM NM NM NM NA NextGen Healthcare $18.24 $1,217.2 0.2x 2.25x 2.18x 0.9x 0.9x NM NM NM Computer Programs & Systems $26.84 $389.5 1.9x 1.79x 1.68x NM NM 18.8x 16.2x NM Average $6,104.8 2.2x 2.67x 2.54x 0.6x 0.6x 33.2x 28.9x 3.7x Median $2,281.3 1.9x 2.25x 2.18x 0.6x 0.6x 33.2x 30.9x 3.7x

Source: Pitchbook & CapIQ. 14 Note: Market Data as of 12/31/2020. Average EV / Revenue Multiples exclude all values over 25.0x, except for Teladoc Health. TRADING METRICS – HEALTHCARE (CONTINUED)

Payer / Provider Cost Containment HCIT (USD millions, except per share date) Net Debt / Share Price Market (Cash) /LTM EV/Revenue EV/Rev/Growth P/E Company 12/31/2020 Cap EBITDA CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E PEG Teladoc Health $199.96 $28,983.3 8.4x 26.52x 14.79x 0.4x 0.2x NM NM NA Change Healthcare $18.65 $5,678.0 (5.3x) 4.37x 3.13x NA NA NM NM NA HealthEquity $69.71 $5,367.0 5.0x 8.44x 7.98x 0.1x 0.1x NM NM NA Premier $35.10 $4,285.7 1.0x 3.41x 3.65x 0.4x 0.4x 17.2x 13.1x 1.4x Inovalon Holdings $18.17 $2,823.6 4.8x 5.57x 4.90x 0.7x 0.6x NM 58.6x 7.7x Phreesia $54.26 $2,396.3 30.5x 14.84x 12.06x 0.8x 0.7x NM NM NA Magellan Health $82.84 $2,105.7 3.4x 0.58x 0.57x 0.0x 0.0x 36.3x 43.8x 1.3x Vocera Communications $41.53 $1,169.5 (39.4x) 6.42x 5.78x 1.0x 0.9x NM NM NA Tabula Rasa Healthcare $42.84 $1,020.8 (29.9x) 4.25x 3.58x 0.5x 0.4x NM NM NA Benefitfocus $14.48 $477.7 10.4x 2.39x 2.26x NM NM NM NM NA Average $5,430.8 (1.1x) 7.68x 5.87x 0.5x 0.4x 26.8x 38.5x 3.4x Median $2,609.9 4.1x 4.97x 4.28x 0.4x 0.4x 26.8x 43.8x 1.4x

Analytics / Consulting

(USD millions, except per share date) Net Debt / Share Price Market (Cash) /LTM EV/Revenue EV/Rev/Growth P/E Company 12/31/2020 Cap EBITDA CY2020E CY2021E CY2020E CY2021E CY2020E CY2021E PEG IQVIA $179.17 $34,533.5 5.8x 4.09x 3.67x 5.9x 5.3x NM 49.4x 71.6x Inovalon Holdings $18.17 $2,823.6 4.8x 5.57x 4.90x 0.7x 0.6x NM 60.6x 8.0x Health Catalyst $43.53 $1,686.1 (1.2x) 9.41x 7.82x 0.4x 0.4x NM NM NA Evolent Health $16.03 $1,396.4 0.0x 1.37x 1.47x 0.1x 0.1x NM NM NA Average $10,109.9 2.4x 5.11x 4.47x 1.8x 1.6x NM 55.0x 39.8x Median $2,254.8 2.4x 4.83x 4.29x 0.6x 0.5x NM 55.0x 39.8x

Source: Pitchbook & CapIQ. 15 Note: Market Data as of 12/31/2020. Average EV / Revenue Multiples exclude all values over 25.0x, except for Teladoc Health. TRADING METRICS – HEALTHCARE (CONTINUED)

Digital Health

(USD millions, except per share date) Market Enterprise Debt / LTM Revenue Growth 2020A Margin (%) Company Cap Cash Debt Value Total Cap Revenue Y-o-Y 3-yr CAGR Gross EBITDA Veeva Systems $40,280.3 $634.3 $59.0 $39,705.1 0.1% $1,379.8 34.6% 27.8% 74.7% 39.8% Teladoc Health $28,983.3 $1,187.3 $991.1 $28,787.1 3.3% $867.1 66.9% 64.9% 62.9% 10.3% One Medical $5,285.2 $38.2 $400.6 $5,524.3 7.0% $335.8 30.7% NA 37.0% (7.3%) Omnicell $5,077.7 $629.2 $517.1 $4,965.6 9.2% $891.3 3.6% 8.8% 45.9% 17.7% Tabula Rasa Healthcare $1,020.8 $28.7 $260.6 $1,252.7 20.3% $293.4 9.2% 35.4% 32.3% 7.3% HealthStream $649.2 $107.0 $28.7 $570.8 4.2% $245.7 (2.2%) 10.0% 63.1% 18.3% NantHealth $359.7 $25.9 $222.2 $556.0 38.2% $91.6 12.1% 3.7% 60.1% 8.2% Castlight Health $199.9 $46.8 $14.6 $167.8 6.8% $146.1 (1.9%) 6.3% 66.6% 5.8% Average $337.2 $311.7 $10,191.2 11.2% $531.4 19.1% 22.4% 55.3% 12.5% Median $76.9 $241.4 $3,109.2 6.9% $314.6 10.6% 10.0% 61.5% 9.2%

Clinical Systems HCIT

(USD millions, except per share date) Market Enterprise Debt / LTM Revenue Growth 2020A Margin (%) Company Cap Cash Debt Value Total Cap Revenue Y-o-Y 3-yr CAGR Gross EBITDA Cerner $23,587.9 $419.2 $1,336.0 $24,504.7 5.4% $5,553.0 (1.1%) 3.0% 83.1% 31.5% R1 RCM $3,047.9 $106.3 $644.7 $3,586.3 17.5% $1,256.4 10.7% 44.6% 20.0% 18.7% Allscripts Healthcare Solutions $2,281.3 $218.7 $1,195.5 $3,258.1 34.4% $1,676.0 (4.9%) 2.6% 41.0% 18.1% NextGen Healthcare $1,217.2 $103.4 $111.4 $1,225.2 8.4% $545.0 2.5% 1.3% 48.3% 18.7% Computer Programs & Systems $389.5 $11.8 $96.6 $474.3 19.9% $268.3 (2.9%) 0.6% 51.7% 16.8% Average $171.9 $676.9 $6,609.7 17.1% $1,859.7 0.8% 10.4% 48.8% 20.7% Median $106.3 $644.7 $3,258.1 17.5% $1,256.4 (1.1%) 2.6% 48.3% 18.7%

Source: Pitchbook & CapIQ. 16 Note: Market Data as of 12/31/2020. TRADING METRICS – HEALTHCARE (CONTINUED)

Payer / Provider Cost Containment HCIT

(USD millions, except per share date) Market Enterprise Debt / LTM Revenue Growth 2020A Margin (%) Company Cap Cash Debt Value Total Cap Revenue Y-o-Y 3-yr CAGR Gross EBITDA Teladoc Health $28,983.3 $1,187.3 $991.1 $28,787.1 3.3% $867.1 66.9% 64.9% 62.9% 10.3% Change Healthcare $5,678.0 $167.5 $5,134.5 $10,645.1 47.5% $1,646.9 NA NA 72.4% 37.7% HealthEquity $5,367.0 $299.4 $1,091.6 $6,159.3 16.9% $746.6 83.6% 51.2% 57.2% 32.4% Premier $4,285.7 $120.4 $648.5 $4,813.8 13.1% $1,344.1 9.5% 5.5% 57.0% 35.2% Inovalon Holdings $2,823.6 $120.1 $965.9 $3,669.4 25.5% $651.3 7.6% 14.8% 75.4% 34.6% Phreesia $2,396.3 $254.1 $32.6 $2,174.8 1.3% $139.7 17.9% NA 64.8% 3.3% Magellan Health $2,105.7 $103.2 $641.4 $2,643.8 23.3% $7,120.2 34.9% 9.6% 28.6% 7.6% Vocera Communications $1,169.5 $31.2 $125.8 $1,264.1 9.7% $191.5 6.5% 5.7% 65.4% 14.0% Tabula Rasa Healthcare $1,020.8 $28.7 $260.6 $1,252.7 20.3% $293.4 9.2% 35.4% 32.3% 7.3% Benefitfocus $477.7 $108.2 $268.7 $638.1 36.0% $279.1 (1.5%) 5.9% 53.1% 14.5% Average $242.0 $1,016.1 $6,204.8 19.7% $1,328.0 26.1% 24.1% 56.9% 19.7% Median $120.3 $645.0 $3,156.6 18.6% $698.9 9.5% 12.2% 60.1% 14.2%

Analytics / Consulting

(USD millions, except per share date) Market Enterprise Debt / LTM Revenue Growth 2020A Margin (%) Company Cap Cash Debt Value Total Cap Revenue Y-o-Y 3-yr CAGR Gross EBITDA IQVIA $34,533.5 $1,464.0 $12,726.0 $45,795.5 26.9% $10,956.0 0.7% 5.0% 34.1% 21.0% Inovalon Holdings $2,823.6 $120.1 $965.9 $3,669.4 25.5% $651.3 7.6% 14.8% 75.4% 34.6% Health Catalyst $1,686.1 $111.2 $192.9 $1,767.7 10.3% $179.1 21.4% NA 49.7% (12.1%) Evolent Health $1,396.4 $370.5 $357.4 $1,383.3 20.4% $987.0 22.9% 34.1% 31.0% 3.7% Average $516.5 $3,560.5 $13,154.0 20.8% $3,193.3 13.2% 18.0% 47.6% 11.8% Median $245.3 $661.6 $2,718.6 22.9% $819.2 14.5% 14.8% 41.9% 12.3%

Source: Pitchbook & CapIQ. 17 Note: Market Data as of 12/31/2020.