Technology & Business Services

TECHNOLOGY & BUSINESS SERVICES

STRATEGIC MARKET INSIGHTS Q2 2020 REPORT Technology & Business Services Industry / Market Insights

G2 is seeing a resurgence in M&A activity and a cautious return and stabilization within the credit markets as equity sponsors and lenders alike are moving past portfolio triage and looking for opportunities to deploy pent-up capital. In this Newsletter, we will demonstrate the recent impacts on key Technology & Business Services sectors and how the related M&A market has performed in the 2nd quarter of 2020.

>> E-Commerce<<

Over the last 5 years the ecommerce industry has been steadily growing at record rate, quarter over quarter. In Q2, with a rise of the COVID-19 pandemic, the consumer market has seen an even more dramatic transition to digital, online shopping and omnichannel. This drastic change in consumer behavior, recognizing an immediate shift away from brick-and-mortar stores due to pandemic related closures, has directly impacted the ecommerce industry. U.S. web sales are up 76.2% year over year, reaching a record $73.6 billion in June. Among many challenges to arise during COVID-19, consumers have been forced to establish new purchasing behaviors and habits, replacing traditional in-person shopping experiences with online ordering. Even as more states begin to reopen parts of their economies, the reliance on digital and omnichannel as a means to enable consumer purchases gains momentum. Many consumers will likely continue to shop online even when brick-and-mortar stores reopen, further cementing steady growth across all ecommerce product categories.

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>> Real Estate Technology & Services <<

As individuals continue to settle into life’s “new normal” during the COVID-19 pandemic, many industries have seen a widespread adoption of automation and technology to solve every day business processes and support the health and safety of employees and customers. Companies across the Real Estate Technology & Services industry have witnessed an unprecedented need to provide their target customer base with products and services that mitigate challenges introduced under COVID-19 conditions. Technology based tools are rapidly gaining traction in the real estate management space as property managers and other property service providers are working to keep their buildings operating smoothly with minimal human contact. The pandemic is driving a consistent evolution in the way property managers handle their business operations and the digitization of processes will be a top priority for many property managers going forward, with a focus on virtual touring, virtual access, self-scheduling, digital, online shopping, and residential delivery protocols. This momentum will continue as property managers re-examine how they will conduct business in a post- COVID-19 world and search for products and services that not only save time and money, but promote a safe environment for their occupants.

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www.g2cap.com 2 Technology & Business Services Industry / Market Insights (Cont.)

>> Human Capital Management<<

The need for swift action at the onset of the COVID-19 pandemic sparked a movement across the U.S. and global workforce, reshaping business leaders’ attitudes about remote work environments. Government-enforced office closures across the world presented companies with a need to dedicate greater focus on digital transformation as a strategy to manage their workforce. Business leaders are re-evaluating their investment strategies to incorporate a larger commitment to technology-based solutions as a method to support the transition to a remote- work environment. As pandemic conditions have sustained, (86%) of U.S. employers grew more confident about remote working, yet recent surveys show the majority of employees are expected to return to the workplace in the future with the anticipation of a balance between remote and in-office work. Employers are expected to embrace this hybrid-model, investing in remote technology resources that will help solve for the overwhelming sentiment that in-person communication is crucial for business operations and development. In a post-covid-19 world, operational continuity will rely heavily on a coordinated effort across HR, IT and business leaders to provide thoughtful digital transformation strategies to support their workforce success.

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>> IT Managed Services<<

IT Managed Service providers are seeing a continued shift in industry landscape and clear growth opportunities as a result of the ongoing COVID-19 pandemic. With IT playing an even more important role for companies across the world as they balance remote-work environments, managed solutions providers have become essential to surviving the evolving conditions of this challenging environment. As the economy has shifted to rely more heavily on digital services, many companies are turning to MSP’s to help propel their businesses into the post-COVID-19 workplace, offering solutions to help offload mundane or menial tasks from IT teams allowing to focus on delivering more innovative capabilities to enable firm success. Business leaders looking to the future are re-imagining how they can lean on MSP’s to provide safe and secure working environments in the anticipated hybrid workplace, with specific considerations for data centers, client cybersecurity, sales and marketing, as well as hiring processes. The drastic changes in workplace norms due to the COVID-19 pandemic has expedited organizations’ decision-making on the incorporation of technological advancements and managed solutions providers. This sustained dynamic has provided ample opportunities for MSPs to better serve their clients and mitigate challenging circumstances presented due to the pandemic.

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www.g2cap.com 3 Technology & Business Services Industry / Market Insights (Cont.)

>> IT Consulting <<

The disruption due to the COVID-19 pandemic confronted business leaders with unprecedented operational challenges and little to no line of sight to plausible solutions. The consulting industry, a $250 billion global market rooted in helping companies identify solutions, has risen to the occasion providing businesses with the support needed to navigate crisis-related challenges, and effectively transition into a more digitally focused, remote-workplace. Digital consulting firms, despite natural shifts to industry norms, are helping businesses survive the pandemic, providing guidance to retain and motivate employee bases through remote working environment and develop strategies for navigating compensation discussions. Since remote work highlights gaps in work processes themselves, companies will look to digital consultants to provide methodologies and work processes that help to digitize collaborative business strategies and drive sustained growth for the company. A downturn presents not only complex scenarios for companies but also opportunities for consultants to help them through the dark times, the work they are doing now to support companies through this rapid adoption of remote working environments, drives established credibility for a post-covid-19 world. Consultants demonstrate that they don’t just bring advice but that they have been involved in developing results in the past, they exist to help companies survive, and thrive once the market begins to recover.

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www.g2cap.com 4 Technology & Business Services Technology & Business Services Transactions Several notable transactions have been completed or announced in the Technology & Business Services industries through Q2 2020. G2 has outlined select transactions below.

§ ICS acquired Brightworks Computer Consulting (4/8/2020) – ICS, a managed IT services provider, acquired Brightworks, a provider of system designing & consulting, system networking, and security systems, for an undisclosed amount. § Cornerstone OnDemand acquired Saba Software (4/22/2020) – Cornerstone OnDemand, a cloud-based talent management platform, acquired Saba Software, a provider of cloud-based, intelligent talent management systems, for $1.3B. § Saalex Information Technology acquired Valeo Networks (4/23/2020) – Saalex Information Technology, a full-service IT company, acquired Valeo, a provider of IT consulting services, for an undisclosed amount. § Assurance Software acquired Avalution Consulting (4/28/2020) – Assurance Software, the largest provider of business continuity management software and services, acquired Avalution Consulting, a provider of business continuity solutions, for an undisclosed amount. § Accenture acquired Kates Kesler (05/06/2020) – Accenture, a leading global professional services company, has acquired Kates Kesler, an organization design consultancy helping companies execute their growth strategies, for an undisclosed amount. § Zoom acquired Keybase (05/07/2020) – Zoom, the leader in modern enterprise video communications, acquired Keybase, a startup with encryption expertise, for an undisclosed amount. § APC Holding acquired Sequential Technology International (5/11/2020) – APC Holdings, a private investment and corporate development firm, acquired Sequential Technology International, a provider of consulting services, for an undisclosed amount. § Atlassian acquired Halp (05/12/2020) – Atlassian, a provider of software development and collaboration tools, has acquired Halp, which creates help desk ticketing tools inside Slack, for an undisclosed amount. § The Acacia Group and Parabellum Capital acquired Column Technologies (5/15/2020) – Private equity firms The Acacia Group and Parabellum Capital acquired Collumn Technologies, a provider of technology consulting systems, for an undisclosed amount. § Facebook acquired Giphy (05/15/2020) – Facebook, the social media conglomerate, has acquired Giphy, a database and search engine for short looping videos known as “GIFs”, for $400MM. § Cisco acquired ThousandEyes (05/28/2020) – Cisco, a provider of networking, security, and collaboration products, announced its intent to acquire ThousandEyes, a cloud-based network intelligence specialist, for ~$1B. § Worldwide Facilities acquired Strategic Underwriting Solutions (6/10/2020) – Worldwide Facilities, a wholesale insurance brokerage firm, acquired Strategic Underwriting Solutions, a provider of customized stop-loss insurance coverage, for an undisclosed sum.

Source: S&P Capital IQ

www.g2cap.com 5 Technology & Business Services Technology & Business Services Transactions Several notable transactions have been completed or announced in the Technology & Business Services industries through Q2 2020. G2 has outlined select transactions below.

§ Just Eat Takeaway.com acquired Grubhub (6/10/2020) – Takeaway.com, a Dutch company specialized in online food ordering and home delivery, acquired Grubhub, a leading online and mobile prepared food ordering and delivery platform, for $7.3B. § Cognizant Technology Solutions acquired Collaborative Solutions (6/12/2020) – Cognizant Technology Solutions, a global IT services provider, acquired Collaborative Solutions, a provider of cloud-based business consultancy, for $385MM. § Accenture acquired Sentelis (06/15/2020) – Accenture, a leading global professional services company, announced its intent to acquire Sentelis, a data consulting and engineering company, for an undisclosed amount. § Mastercard acquired Fincity (06/23/2020) – Mastercard, a global payments technology company, announced its intent to acquire Finicity, a leading North American provider of real- time access to financial data and insights, for $825MM. § Amazon acquired Zoox (06/26/2020) – Amazon, a cloud computing giant and the largest American e-commerce company, has acquired Zoox, self-driving startup, for ~$1B. § OJO Labs acquired Movoto (06/30/2020) – OJO Labs, a provider of personalized property recommendations and insights, has acquired Movoto, a residential real estate search site with nearly 24MM monthly visits, for an undisclosed amount. § Lululemon acquired Mirror (06/30/2020) – Lululemon, an athletic apparel retailer, has announced its intent to acquire Mirror, a maker of digital workout displays, for $500MM. § Google acquired North (06/30/2020) – Google, the leading internet-related services provider, acquired North, a maker of augmented reality (AR) interfaces and smart glasses, for ~$180MM. § USI Insurance Services acquired Associated Benefits and Risk Consulting (6/30/2020) – USI, a provider of middle-market insurance brokerage services, acquired Associated Benefits and Risk Consulting, a human resources consulting firm, for $265.8MM. § Zynga acquired Peak (7/1/2020) – Zynga, a platform that operates social games and networking sites, acquired Peak, a developer of online card and puzzle games, for $1.9B. § Uber acquired Postmates (07/06/2020) – Uber, the leading rideshare and delivery services provider, has acquired Postmates, a food delivery provider, for ~$2.7B. § DocuSign acquired Liveoak Technologies (07/07/2020) – DocuSign, a provider of digital transaction management services, acquired Liveoak Technologies, a virtual customer engagement and business platform, for $38MM.

Source: S&P Capital IQ

www.g2cap.com 6 Technology & Business Services Public Trading EV/EBITDA Performance

Overall valuations across the sub-sectors rebounded significantly since the 33% Covid-19 driven decline between February and March, with a 39% increase between April and June.

Q2 2020 EV / LTM Revenue by Sub-Sector

14.0x 12.1x 12.0x 11.5x

10.0x

8.0x

6.0x Average: 5.5x

4.0x

1.8x 2.0x 1.4x 0.5x 0.0x Real Estate Technology E-Commerce IT Consulting IT Managed Services Human Capital & Services Ma nagement

LTM EV/EBITDA Performance YTD 2020 EV/EBITDA Performance

20% 20%

15% 15% 6/30 – 10% 10% 5% 5% 0% 0% -5% 39% increase from 4/1 -10% -5% -15% -10% -20% -15% -25% -20% -30% -25% -30% Jul-19 Oct-19 Apr-20 Jan-20 Jun-20 Feb-20 Ma r-20 Aug-19 Sep-19 Nov-19 Dec-19 Ma y-20 1/1 1/21 2/10 3/1 3/21 4/10 4/30 5/20 6/9 6/29

TBS EV/EBITDA S&P 500 EV/EBITDA

Data sourced from S&P Capital IQ as of trading on June 30, 2020

www.g2cap.com 7 Technology & Business Services Public Trading EV/EBITDA Performance by Segment While sectors saw declines at the onset of COVID-19, they have since rebounded, with the E- Commerce and Real Estate Technology & Services sectors trending positively on an LTM basis.

E-Commerce Real Estate Technology & Services

50% 25% 40% 20% 15% 30% 10% 20% 5% 10% 0% 0% -5% -10% -10% -15% -20% -20% -30% -25%

Jul-19 Oc t-19 Jan-20 Feb-20 Mar-20 Apr-20 Jun-20 Jul-19 Aug-19 Sep-19 Nov-19 Dec-19 May-20 Aug-19 Sep-19 Oc t-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

IT Managed Services IT Consulting

20% 20%

10% 10% 0% 0% -10% -10% -20% -20% -30% -30% -40% -40% -50%

Jul-19 Aug-19 Sep-19 Oc t-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-19 Aug-19 Sep-19 Oc t-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

LTM Rev. EBITDA LTM EV/EBITDA Human Capital Management Growth Margin Performance

20% E-Commerce 11% 5% 37% Real Estate Technology 10% 19% 28% 15% & Services 0% IT Managed Services 6% 12% -14% -10% IT Consulting 4% 15% -13% -20% Human Capital -1% 6% -19% -30% Management -40% S&P 500 3% 18% 7% -50%

Jul-19 Aug-19 Sep-19 Oc t-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

TBS EV/EBITDA S&P 500 EV/EBITDA Data sourced from S&P Capital IQ as of trading on June 30, 2020

www.g2cap.com 8 Technology & Business Services Public Trading Metrics by Sector

Enterprise Share LTM Rev. LTM Margins TEV / LTM:

Company Name Value ($mils) Stock Price Growth EBITDA EBIT Revenue EBITDA EBIT

E-Commerce Amazon.com, Inc. $ 1,404,892 $ 2,758.82 17.5% 12.2% 4.7% 4.7x 34.2x 101.4x Shopify Inc. $ 111,083 $ 949.20 33.3% (7.7%) (9.8%) 64.3x NM NM eBay Inc. $ 41,620 $ 52.45 1.3% 28.5% 22.3% 3.9x 12.6x 17.3x Wix.com Ltd. $ 12,924 $ 256.22 18.1% (9.1%) (11.3%) 16.1x NM NM Kinaxis Inc. $ 3,550 $ 142.66 21.8% 19.3% 15.5% 17.2x 80.9x 110.6x Pitney Bowes Inc. $ 2,556 $ 2.60 2.5% 11.6% 6.6% 0.8x 5.7x 12.1x SPS Commerce, Inc. $ 2,432 $ 75.12 8.7% 20.8% 14.9% 8.5x 37.1x 57.1x Yext, Inc. $ 1,838 $ 16.61 28.2% (39.2%) (41.0%) 5.8x NM NM InnerWorkings, Inc. $ 233 $ 1.32 3.2% 3.3% 2.8% 0.2x 4.5x 7.3x PFSweb, Inc. $ 196 $ 6.68 (3.2%) 4.9% 0.8% 0.8x 7.4x 100.2x Park City Group, Inc. $ 71 $ 4.23 (10.6%) 10.4% 6.8% 3.8x 36.3x 55.7x

Average $ 143,763 $ 387.81 11.0% 5.0% 1.1% 11.5x 27.3x 57.7x

Real Estate Technology & Services CoStar Group, Inc. $ 26,689 $ 710.67 13.1% 29.5% 23.6% 18.2x 57.9x 77.2x Black Knight, Inc. $ 12,895 $ 72.56 3.5% 33.9% 25.8% 10.9x 37.2x 51.5x Zillow Group, Inc. $ 12,437 $ 57.48 93.8% (5.1%) (7.4%) 3.6x NM NM REA Group Limited $ 9,977 $ 74.48 (3.0%) 47.8% 46.0% 15.9x 34.2x 35.5x RealPage, Inc. $ 7,534 $ 65.01 10.8% 16.9% 9.5% 7.3x 39.9x 77.1x CoreLogic, Inc. $ 7,004 $ 67.22 3.2% 23.2% 14.9% 3.9x 16.0x 26.2x Rightmove plc $ 5,852 $ 6.76 7.5% 74.5% 74.0% 16.3x 21.8x 22.1x AppFolio, Inc. $ 5,642 $ 162.71 22.7% 6.6% 3.4% 20.8x 245.5x NM

Average $ 11,004 $ 152.11 18.9% 28.4% 23.7% 12.1x 64.6x 48.3x

IT Managed Services Accenture plc $ 134,139 $ 214.72 4.4% 16.2% 14.7% 3.0x 16.5x 20.5x Capgemini SE $ 21,245 $ 114.73 1.4% 12.8% 10.9% 1.3x 9.1x 12.3x DXC Technology Company $ 12,345 $ 16.50 (3.9%) 17.1% 8.5% 0.6x 3.0x 7.4x Insight Enterprises, Inc. $ 2,761 $ 49.20 16.7% 3.8% 3.1% 0.3x 8.0x 10.8x Virtusa Corporation $ 1,346 $ 32.47 3.6% 8.5% 6.1% 1.0x 10.7x 16.9x Perficient, Inc. $ 1,312 $ 35.78 8.6% 14.0% 10.5% 2.3x 14.3x 21.7x Rimini Street, Inc. $ 448 $ 5.15 10.7% 8.7% 8.1% 1.5x 17.6x 19.0x

Average $ 24,799 $ 66.94 5.9% 11.6% 8.8% 1.4x 11.3x 15.5x

Data sourced from S&P Capital IQ as of trading on June 30, 2020. Size figures in Millions USD (converted where necessary)

www.g2cap.com 9 Technology & Business Services Public Trading Metrics by Sector (Cont.)

Enterprise Share LTM Rev. LTM Margins TEV / LTM:

Company Name Value ($MM) Stock Price Growth EBITDA EBIT Revenue EBITDA EBIT

IT Consulting Accenture plc $ 134,139 $ 214.72 4.4% 16.2% 14.7% 3.0x 16.5x 20.5x Infosys Limited $ 38,879 $ 9.74 5.6% 23.9% 21.3% 3.1x 12.4x 14.3x Cognizant Technology Solutions $ 29,833 $ 56.82 2.7% 20.1% 17.1% 1.8x 8.3x 10.6x Capgemini SE $ 21,245 $ - 1.4% 12.8% 10.9% 1.3x 9.1x 12.3x CGI Inc. $ 19,054 $ 62.88 (5.3%) 17.6% 15.4% 2.1x 11.2x 13.7x Wipro Limited $ 13,439 $ 3.31 (5.8%) 19.1% 16.6% 1.7x 8.3x 10.0x DXC Technology Company $ 12,345 $ 16.50 (3.9%) 17.1% 8.5% 0.6x 3.0x 7.4x Genpact Limited $ 8,489 $ 36.52 11.0% 15.1% 11.7% 2.3x 13.5x 19.9x TTEC Holdings, Inc. $ 2,596 $ 46.56 7.0% 12.4% 8.2% 1.5x 9.9x 18.9x Virtusa Corporation $ 1,346 $ 32.47 3.6% 8.5% 6.1% 1.0x 10.7x 16.9x Huron Consulting Group Inc. $ 1,333 $ 44.25 7.9% 11.8% 8.5% 1.5x 11.2x 17.6x Perficient, Inc. $ 1,312 $ 35.78 8.6% 14.0% 10.5% 2.3x 14.3x 21.7x Rimini Street, Inc. $ 448 $ 5.15 10.7% 8.7% 8.1% 1.5x 17.6x 19.0x The Hackett Group, Inc. $ 392 $ 13.54 1.4% 15.3% 13.7% 1.5x 9.1x 10.9x

Average $ 20,346 $ 41.30 3.5% 15.2% 12.2% 1.8x 11.1x 15.3x

Human Capital Management Randstad N.V. $ 9,807 $ 44.63 (5.1%) 4.1% 3.3% 0.4x 7.5x 11.3x Adecco Group AG $ 8,581 $ 46.95 (6.6%) 4.6% 4.0% 0.3x 5.9x 8.2x Robert Half International Inc. $ 5,986 $ 52.83 3.0% 11.0% 9.9% 1.0x 8.0x 9.9x ASGN Inc. $ 4,604 $ 66.68 6.9% 10.4% 8.1% 1.2x 10.1x 14.2x ManpowerGroup Inc. $ 4,384 $ 68.75 (3.7%) 3.6% 3.2% 0.2x 4.8x 6.6x Hays plc $ 2,738 $ 1.47 5.4% 3.9% 3.6% 0.4x 8.4x 9.9x Conduent Inc. $ 2,214 $ 2.39 (10.2%) 10.6% 0.0% 0.5x 3.6x NM PageGroup plc $ 1,531 $ 4.68 6.5% 9.5% 8.9% 0.7x 6.4x 8.4x Kforce Inc. $ 696 $ 29.25 2.5% 6.1% 5.8% 0.5x 7.7x 9.0x Kelly Services, Inc. $ 663 $ 15.82 (5.0%) 2.1% 1.5% 0.1x 4.7x 8.8x TrueBlue, Inc. $ 600 $ 15.27 (6.5%) 4.1% 2.5% 0.3x 4.8x 10.2x Barrett Business Services, Inc. $ 337 $ 53.13 1.0% 5.6% 5.2% 0.4x 5.4x 6.9x BG Staffing, Inc. $ 170 $ 11.32 2.7% 8.1% 6.5% 0.6x 6.4x 8.8x Volt Information Sciences, Inc. $ 106 $ 1.29 (10.8%) (0.4%) (1.3%) 0.1x 17.2x NM Computer Task Group, Inc. $ 62 $ 4.03 0.7% 2.9% 2.1% 0.2x 3.5x 7.6x

Average $ 2,832 $ 27.90 (1.3%) 5.7% 4.2% 0.5x 6.9x 9.2x

Data sourced from S&P Capital IQ as of trading on June 30, 2020. Size figures in Millions USD (converted where necessary)

www.g2cap.com 10 Technology & Business Services Selected Ongoing G2 Projects G2 has a robust backlog of mandates ranging across its sell-side, buy-side, capital markets, and restructuring service offerings.

Project Sapphire § Project Sapphire – G2 is currently advising on the financing process of a leading technology solutions provider serving some of the largest telecommunications Financing companies worldwide. Technology Solutions

Project Apex § Project Apex – G2 is currently advising on the sale of a highly specialized Oracle Sell-Side HCM Cloud implementation business serving large and mid-size companies across a broad range of industries in the United States. Cloud Consulting and Implementation

Project Strike § Project Strike – G2 is currently advising on the sale of a leading omnichannel Sell-Side marketing services provider serving a blue chip client base across a number of industries Technology-Enabled in the United States and Canada. Services

Project Swipe § Project Swipe – G2 is currently advising a leading private equity-backed senior level executive search and human capital management services firm. The Company offers Buy-Side retained search, RPO on Demand for bulk hiring and project hiring needs, and licensing Executive Search and usage of its products to improve internal hiring. G2 is providing pipeline support for the Companies expansion into senior ranking F&A interim and fractional staffing.

Project Diamond § Project Diamond – G2 is currently advising on the sale of a leading B2B marketing Sell-Side and media services platform serving executive-level professionals in driving high-value lead generation strategies through digital media and event offerings. Technology-Enabled Services

Project Fiesta § Project Fiesta – G2 is currently advising a private equity backed event service Restructuring provider offering rental products and equipment for corporate and social events. Business Process Outsourcing

Project Vancouver § Project Vancouver – G2 is currently advising a private equity backed event service Restructuring provider offering rental products and equipment for weddings, and corporate and social events. Business Process Outsourcing

Project Expo § Project Expo – G2 is currently providing financial advisory services for a private equity-backed technology rental and services company in support of the Company's Restructuring evaluation of strategic alternatives. Technology-Enabled Services

Project Shop § Project Shop – G2 is currently providing financial advisory services for a customer Restructuring experience management business in support of the Company's evaluation of strategic alternatives. Customer Experience Management

www.g2cap.com 11 Reference Contact & Glossary of Terms

Jeffrey Unger, CEO [email protected] 617.918.7929

Matt Konkle, Sr. Managing Director Bisma Ahmed, Senior Associate Head of Industry Teams [email protected] [email protected] 512.888.1535 317.371.6608

Term Definition

Total revenue from the sale of goods and services rendered during the reporting period, in normal course of Revenue business, reduced by sales returns and allowances, and sales discounts. For banks, this item is defined as net interest income after loan loss provisions

Earnings before interest, taxes, depreciation, and amortization. Calculated as Revenue – Expenses, excluding EBITDA interest, taxes, depreciation and amortization

Market value of a company using most recently reported basic weighted average shares outstanding. Market Cap Calculated as Market Price (as of period end) * Basic Weighted Average Shares Outstanding

Sum of the carrying values as of the balance sheet date of long-term debt with a maturity beyond one year or Long-Term Debt the normal operating cycle, if longer

Net Debt shows the company’s overall debt situation by netting the value of debts with cash and other similar Net Debt liquid assets. Calculated as Total Debt – Cash & Cash Equivalents and Short Term Investments

Enterprise Value represents the combined economic value of a company as of the most recent fiscal year end. Enterprise Value Calculated as Diluted Market Capitalization + Total Debt + Minority Interest + Preferred Stock – Cash and Short Term investments

A valuation ratio of a company stock price compared to its per share earnings. Calculated as Market Price / P/E Earnings per Share for the last annual period

Tangible Book Value Total Shareholder’s Equity – Goodwill and Intangible Assets

For more information about G2, please visit: www.g2cap.com Our corporate headquarters is located at: 420 Boylston Street, Suite 302, Boston, MA 02116 Boston | Chicago | Indianapolis | Naples | San Francisco

The information included in this Presentation is not a complete analysis of all material facts regarding any company, industry, or security and does not constitute investment advice. Opinions expressed or implied by the materials here presented reflect only the judgement of its author as of the date of the Presentation and is subject to change without notice. The information in this Presentation has been obtained from sources which G2 generally considers reliable, but we make no representation or warranty, express or implied, as to the accuracy or completeness of any information herein. This Presentation has been prepared for informational purposes only and upon the express understanding that it will be used only for the purposes set forth in the Section captioned G2 Overview above. G2 expressly disclaims any and all liability which may be based on such information, errors therein or omissions there from. Securities offered through Western International Securities, Inc. Member FINRA & SiPC. G2 Securities and Western International Securities are separate and unaffiliated entities.