2016 Vaquero Market Update

2/2/2016 11
2016 Vaquero Market Update
exceptional execution | superior results

2/2/2016 12
Vaquero Capital Team
Josh Gatlin
Analyst
(415) 798-2301
jgatlin@vaquerocap.com
Cameron Borumand
Analyst
(415) 798-9091
cborumand@vaquerocap.com
Sam Hamilton
Analyst
(415) 798-2308
shamilton@vaquerocap.com
Vaquero Capital is a tech-focused
investment banking & advisory
firm that is focused on
entrepreneurs and investors in fast
growing businesses that have
significant profit potential.
“Our focus on execution and
premium growth clients enables us
to achieve outstanding results.”
- David Grove, Managing Partner
David Grove
Managing Partner
(415) 798-2303
dgrove@vaquerocap.com
Stefan Gerhard
Managing Director
(415) 539-0688
sgerhard@vaquerocap.com
Bryan Payne
Associate
(415) 796-0537
bpayne@vaquerocap.com
Terry Jiang
Associate
(415) 798-2304
tjiang@vaquerocap.com
Vishal Tayal
Director
(415) 798-2307
vtayal@vaquerocap.com

2/2/2016 13
Vaquero: leader in the premium growth market
Strong relationships with relevant partners
Exceptional results for premium assets
Focus on Quality Assets and Process
High quality materials and data
Maximize tension / timing
Lower Mid-Market Premium Growth Large Cap
Pure-Play
Advisors
Equity
Platforms
Co-Managers Equity Platforms Bulge Bracket
28 high profile transactions
$50,000,000
August 2013
M&A
$165,000,000
February 2012
DISCO
Auto / Social Media
Dual Track
M&A / Sponsor Recap
JAGUAR
eCommerce Enabler
Dual Track
M&A / Sponsor Recap
M&A
December 2014 Undisclosed
December 2012
Sponsor Recap
$33,000,000
September 2011
Growth Financing
Growth Financing
Spring 2013
$30,000,000 September 2012
Sponsor Recap
July 2014
Sponsor Recap
February 2015
M&A
November 2014 February 2014
Sponsor Recap
July 2015
Sponsor TransactionDual Track
July 2015November 2015
GATSBY
Ed-Tech
Sponsor Recap
TEXAS
Energy Tech
Dual Track
M&A / Sponsor Recap
Vaquero is the Leader in Middle Market Capital

2/2/2016 14
The Market is Outstanding
< 3 weeks to IOIs
Conducted 41 meetings
during 8 day roadshow
75% conversion rate from
mgmt. meeting to data room
65%+ conversion rate from
outreach to meeting
Launched Dec, 4th Launched Jan, 7th Launched Jan, 8th
70%+ conversion rate from
outreach to meeting
Bid date 4 weeks after launch
JAGUAR
eCommerce Enabler
Dual Track
M&A / Sponsor Recap
SHELBY
Auto / Data
Buy-Side
TEXAS
Energy Tech
Sell-Side M&A
Bids Received / Exclusivity
Bids Delivered
EQUUS 2
Energy Tech
Buy-Side
Sponsor Recap
July 2015July 2015
Sponsor Recap
November 2015
Sponsor Recap
Recent Shootout Deals Completed
10+
Bids
10
Bids
7
Bids
MUSTANG
Auto / Data
Minority Raise
MAVERICK
Construction Software
GATSBY
Internet / Data
Majority RecapMajority Recap
Pre-emptive offer prior to launch

2/2/2016 15
Indexed Stock Price Performance
-50%
-30%
-10%
10%
30%
50%
70%
90%
110%
130%
150%
Software Index Internet Index NASDAQ Composite Index (^COMP) - Index Value
Stock Price Performance (2013-2015)
Indexed Performance by Sector
(Jan 1, 2013 – Dec 31, 2015)
-14%
-11%
-1%
25%
36%
41%
53%
55%
56%
64%
82%
82%
108%
205%
Ad Tech
Cloud Infrastructure
Legacy Infrastructure
Bell Weather SW
Low Growth SaaS
eCommerce
Horizontal On-Premise Apps
Security
Data & Measurement
Vertical On-Premise Apps
Marketplace
High Growth SaaS
Search & Content
Social Media
Software and Internet have outperformed the broader market
Social Media, Search and High-Growth SaaS have been the best performing sectors
Only Ad Tech and Infrastructure software have posted a negative return

2/2/2016 16
.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
11.0x
1 2 3 4 5 6 7 8
Bellwether
SW
Search
Cloud
Infrastructure
Public Company Trading Multiples by Sector
Source: Capital IQ, Bloomberg, and publicly available information
1) Based on consensus First Call consensus estimates as reported by Capital IQ and Bloomberg
2) Chart excludes companies whose multiples are “NM” or “NA”.
3) Less relevant comps displayed in grey for correlation purposes
2016 Revenue Multiple Regression: Revenue Growth + EBITDA Margin*
High growth SaaS, security and e-commerce are outpaced only by social media
Traditional SaaS (legacy & bellwether) trade at a discount
Ad tech performance is the weakest, with social media being the strongest
Mkplace.
10% 20% 30% 40% 50% 60% 70% 80%
High Growth
SaaS
Low Growth
SaaS
Security
Legacy Integration
Infrastructure
Vert. On
Prem Apps
Horiz. On
Prem Apps
Social
Media
Ad
Tech
Lower risk,
more
sustainable
growth
Higher risk of
slow down
during growth
‘15E – 16E% Revenue Growth + EBITA Margin
’16RevenueMultiple
Data
e-Commerce
Search
Security
Legacy
Vertical On-Premise
Horizontal On-Premise
Bellwether Software
Low Growth SaaS
High Growth SaaS
Ad Tech
Marketplace
Data
Search
e-Commerce
Social Media
Internet Software

2/2/2016 17
Public Company Trading Multiples by Sector
*See appendix for supporting details
EV to Revenue EV to EBITDA Rev Growth EBITDA Margin
Group Category 2015E 2016E 2017E 2015E 2016E 2017E '15-'17 2015E 2016E 2017E
Software
High Growth SaaS 7.9x 6.1x 4.9x 41.2x 41.2x 38.5x 25% 17% 17% 18%
Low Growth SaaS 5.0x 4.4x 3.9x 26.8x 26.8x 24.4x 13% 25% 23% 25%
Vertical On-Premise Apps 4.1x 3.8x 3.5x 16.6x 16.6x 12.8x 5% 26% 28% 27%
Horizontal On-Premise Apps 4.4x 4.0x 3.7x 20.9x 20.9x 18.9x 7% 23% 25% 26%
Market Leading SW 3.6x 3.6x 3.4x 11.2x 11.2x 9.9x 2% 34% 36% 37%
Legacy Infrastructure 2.5x 2.4x 2.3x 11.8x 11.8x 10.3x 3% 23% 25% 21%
Cloud Infrastructure 5.3x 4.4x 3.8x 14.4x 14.4x 12.8x 12% 30% 30% 32%
Security 5.6x 4.6x 3.8x 22.0x 22.0x 17.1x 4% 20% 21% 21%
Mean 4.8x 4.2x 3.7x 20.6x 20.6x 18.1x 9% 25% 26% 26%
Median 4.7x 4.2x 3.7x 18.7x 18.7x 15.0x 6% 24% 25% 25%
Internet
Search & Content 3.6x 3.6x 3.5x 17.1x 17.1x 14.9x 14% 23% 25% 26%
Social Media 10.5x 10.5x 7.7x 29.4x 29.4x 20.9x 34% 37% 38% 39%
eCommerce 5.1x 5.1x 4.0x 20.8x 20.8x 16.3x 20% 27% 23% 27%
Marketplace 3.2x 3.2x 3.0x 14.1x 14.1x 16.1x 14% 20% 20% 22%
Data & Measurement 4.2x 4.2x 3.9x 13.8x 13.8x 12.7x 5% 30% 31% 31%
Ad Tech 2.5x 2.5x 2.0x 12.7x 12.7x 11.9x 3% 19% 10% 8%
Mean 4.9x 4.9x 4.0x 18.0x 18.0x 15.5x 15% 26% 24% 25%
Median 3.9x 3.9x 3.7x 15.6x 15.6x 15.5x 14% 25% 24% 26%
Bellwether Software

2/2/2016 18
Software & Internet M&A Activity: 2013-2015
NA 275 273 265 258 294 320 334 318 320 342 330 309 1301 78%
$0-100M 76 69 84 79 82 102 75 84 84 82 50 65 281 17%
$100-500M 7 14 8 20 17 14 23 8 13 7 16 18 54 3%
$500-1B 1 2 3 1 6 4 6 5 3 6 6 4 19 1%
$1B+ 1 6 5 3 3 4 6 1 3 4 7 3 17 1%
Total 360 364 365 361 402 444 444 416 423 441 409 399
% Growth - - - - 12% 22% 22% 15% 5% -1% -8% -4%
Total Volume 3.0 4.8 3.9 4.0 5.3 7.2 6.3 6.9 8.1 9.0 9.3 6.4
% Growth - - - - 77% 50% 62% 73% 53% 25% 48% -7%
2013 2014 2015
# of Deals
by Size
$3.0
$4.8
$3.9 $4.0
$5.3
$7.2
$6.3
$6.9
$8.1
$9.0
$9.3
$6.4
Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415
AnnouncedDealValue($B)
Total 2015 %

2/2/2016 19
Software & Internet M&A Activity: By Sector
159
235
277
142
187
158
129
191
204
2013 2014 2015
#ofDeals
Vertical Software Internet/ Media Mobile
Vertical software transactions lead the wave
Mobile cooled a bit after a strong 2014
Internet is trending down in 2016

2/2/2016 110
VC-Backed Exits: 2013-2015
Corporate and PE buyout remains the preferred exit vs. IPO
PE Exits
Strategic Exits
IPOs
Q4 2013
$1.2B
Q1 2014
$1.0B
Q1 2014
$600M
$8.4B
Q2 2013
$7.0B
Q3 2015
$6.8B
Q4 2015
$4.6B
Q2 2015 Q4 2015
$4.3B
Q4 201579%
75%
79%
11%
13%
12%
10% 12% 9%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2013 2014 2015
Strategic Exit PE Exit IPO Exit
$1.1B
%ofExits

2/2/2016 111
Number of Transactions by Acquirer
40
38
23
20
18
16
15
14 14
13
10 10
9
a a a a a a a a a a a a a
Most Active Software & Internet Acquirers: 2013-2015

2/2/2016 112
19
9
7 7
5 5
4 4 4 4 4 4 4
Vista Thoma Bravo Insight Marlin Parallax Capital Vector HIG HGGC Permira Siris Capital TA Associaties Carly Riverside
Number of Majority Acquisitions by PE Firm
Most Active Software & Internet Acquirers: 2013-2015

2/2/2016 113
Representative M&A Deals 2015: Software & Internet
VAQUERO CAPITAL DEAL

2/2/2016 114
NA 158 166 139 158 263 157 164 143 117 121 122 79 439 8%
$0-100M 1101 1262 1165 1152 1508 1360 1278 1205 1279 1313 1152 921 4465 90%
$100-500M 5 3 3 9 9 12 13 16 13 15 17 8 53 1%
$500-1B 0 1 2 0 3 0 1 1 4 2 2 2 10 0%
$1B+ 0 0 1 1 1 2 1 1 1 2 1 0 4 0%
Total 1264 1432 1310 1320 1784 1531 1457 1366 1414 1453 1294 1010
% Growth - - - - 41% 7% 11% 3% -21% -5% -11% -26%
Total Volume 5.0 7.1 9.6 8.6 13.2 13.9 10.3 13.8 14.4 17.9 15.7 9.6
% Growth - - - - 164% 96% 7% 60% 9% 29% 52% -30%
Software & Internet Private Placement ActivityAnnouncedDealValue($B)
# of Deals
by Size
$5.0
$7.1
$9.6
$8.6
$13.2
$13.9
$10.3
$13.8
$14.4
$17.9
$15.7
$9.6
Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415
2013 2014 2015 Total 2015 %

2/2/2016 115
Most Active Software & Internet Investors
21
18
15
14 14
13 13
11 11
9
8 8
7
2013-2015
7 7 7 7
6 6 6 6 6 6
5 5
4
2015
Private Placement Investments > $75M

2/2/2016 116
47
38
34 33
27 26
23 22 21 20 20 20 19
19
15
13 13 12 11 11 11 10 10 9 9 9
Private Placement Investments $30M - $75M
2013-2015 2015

2/2/2016 117
40
34 33 32 32
29
26 26 25 24 24 23 22
21
12 12 11 10 10 10 9 8 8 8 8 7
Private Placement Investments $15M - $30M
2013-2015 2015

2/2/2016 118
Representative Private Placements 2015: Software & Internet
VAQUERO CAPITAL DEAL

2/2/2016 119
Vaquero Firm Overview

2/2/2016 120
Vaquero: Focused on Private Company Liquidity
Growth Capital
Private Equity Private Debt Pre-IPO & IPO
Advisory
Sell Side M&A Buy Side M&A
Vaquero Capital
Exceptional execution and service
Full suite of products and superior results
Strong relationships with relevant partners
Expertise in dual track M&A / capital raising
Private
Equity
Buy-side
Debt
Financing
Principal
Investing
Pre-IPO /
IPO
Sell-Side
M&A

2/2/2016 122
Software Public Comps - Valuation
($ in millions, except per share data) Share Price
Equity Enterprise as of % of EV to EBITDA
Software Value Value 12/31/2015 52-Wk High 2015E 2016E 2017E 2015E 2016E 2017E
High Growth SaaS
SS&C Technologies Holdings, Inc. $6,955 $9,280 $68.27 88% 9.0 x 6.3 x 5.8 x 20.6 x 14.6 x 12.8 x
Ellie Mae, Inc. $1,796 $1,691 $60.23 73% 6.8 x 5.5 x 4.4 x 25.7 x 20.3 x 14.1 x
The Ultimate Software Group, Inc. $5,602 $5,482 $195.51 90% 8.9 x 7.2 x 5.9 x 36.9 x 29.0 x 24.5 x
Cvent, Inc. $1,465 $1,306 $34.91 94% 7.0 x 5.6 x 4.6 x 54.5 x 52.3 x 36.3 x
RingCentral, Inc. $1,673 $1,561 $23.58 92% 5.3 x 4.3 x 3.5 x NM 78.2 x 41.6 x
Fleetmatics Group PLC $1,960 $1,797 $50.79 81% 6.3 x 5.2 x 4.4 x 19.6 x 15.7 x 12.7 x
Paycom Software, Inc. $2,224 $2,202 $37.63 81% 10.0 x 7.6 x 5.7 x 46.0 x 36.8 x 25.8 x
salesforce.com, inc. $52,058 $52,763 $78.40 95% 7.9 x 6.5 x 5.4 x 43.2 x 32.0 x 25.8 x
Workday, Inc. $15,458 $14,070 $79.68 84% 12.1 x 9.1 x 6.9 x NM NM 71.1 x
NetSuite Inc. $6,726 $6,636 $84.62 77% 9.0 x 6.9 x 5.3 x NM NM 65.3 x
Tableau Software, Inc. $6,825 $6,074 $94.22 72% 9.3 x 7.0 x 5.3 x 73.5 x 53.6 x 32.9 x
Cornerstone OnDemand, Inc. $1,880 $1,897 $34.53 85% 5.5 x 4.3 x 3.5 x NM 50.7 x NM
Demandware, Inc. $2,034 $1,851 $53.97 71% 7.9 x 6.1 x 4.8 x NM 75.3 x 52.3 x
Benefitfocus, Inc. $1,061 $1,027 $36.39 77% 5.6 x 4.5 x 3.7 x NM NM NM
Marketo, Inc. $1,243 $1,137 $28.71 81% 5.4 x 4.1 x 3.2 x NM NM NM
Zendesk, Inc. $2,345 $2,065 $26.44 94% 10.0 x 7.1 x 5.4 x NM NM NM
athenahealth, Inc. $6,250 $6,432 $160.97 94% 7.0 x 5.8 x 4.8 x 35.9 x 28.0 x 22.6 x
Zillow Group, Inc. $4,610 $4,303 $26.04 59% 6.6 x 5.4 x 4.3 x 46.0 x 29.5 x 19.6 x
Textura Corporation $563 $490 $21.58 69% 5.7 x 4.3 x 3.4 x 51.5 x 23.6 x 14.3 x
Veeva Systems Inc. $3,837 $3,497 $28.85 86% 8.6 x 6.9 x 5.6 x 30.2 x 23.3 x 18.3 x
Callidus Software Inc. $1,042 $947 $18.57 86% 5.5 x 4.5 x 3.8 x 52.2 x 36.1 x 28.9 x
ServiceNow, Inc. $13,763 $13,501 $86.56 95% 13.5 x 9.8 x 7.5 x NM 54.5 x 35.0 x
Mean 7.9x 6.1x 4.9x 41.2x 38.5x 30.8x
Median 7.4x 6.0x 4.8x 43.2x 32.0x 25.8x
Low Growth SaaS
Bazaarvoice, Inc. $353 $300 $4.38 47% 1.5 x 1.4 x 1.3 x NM 44.2 x 25.8 x
Solera Holdings Inc. $3,687 $6,416 $54.83 97% 5.3 x 4.9 x 4.6 x 14.0 x 12.7 x 11.7 x
Aspen Technology, Inc. $3,145 $2,963 $37.76 81% 6.5 x 5.8 x 5.5 x 13.6 x 12.8 x 11.4 x
Guidewire Software, Inc. $4,301 $3,764 $60.16 93% 9.6 x 8.7 x 7.7 x 52.2 x 46.0 x 34.1 x
RealPage, Inc. $1,760 $1,785 $22.45 94% 3.8 x 3.4 x 3.1 x 19.8 x 17.0 x 14.4 x
Envestnet, Inc. $1,071 $1,012 $29.85 51% 2.4 x 1.7 x 1.5 x 13.5 x 9.2 x 6.7 x
Qlik Technologies, Inc. $2,945 $2,624 $31.66 74% 4.3 x 3.7 x 3.1 x 45.1 x 30.3 x 22.2 x
Medidata Solutions, Inc. $2,729 $2,692 $49.29 80% 6.8 x 5.7 x 4.8 x 29.5 x 23.1 x 18.4 x
Mean 5.0x 4.4x 3.9x 26.8x 24.4x 18.1x
Median 4.8x 4.3x 3.9x 19.8x 20.1x 16.4x
EV to Revenue

2/2/2016 123
Software Public Comps - Valuation (cont.)
Autodesk, Inc. $13,729 $12,932 $60.93 93% 5.2 x 6.1 x 5.3 x 40.7 x NM NM
Ansys, Inc. $8,232 $7,455 $92.50 94% 7.8 x 7.2 x 6.7 x 15.5 x 13.9 x 12.8 x
Amdocs Limited $8,205 $7,071 $54.57 89% 1.9 x 1.9 x 1.8 x 9.3 x 8.9 x 8.4 x
Synopsys Inc. $6,908 $6,148 $45.61 86% 2.7 x 2.5 x 2.4 x 10.5 x 8.9 x 9.3 x
Constellation Software Inc. $8,811 $9,024 $415.78 96% 5.0 x 4.2 x 3.6 x 19.9 x 16.6 x 14.4 x
PTC Inc. $3,966 $4,361 $34.63 81% 3.6 x 3.6 x 3.7 x 13.0 x 13.0 x 13.6 x
Tyler Technologies, Inc. $5,916 $5,669 $174.32 95% 9.7 x 7.3 x 6.4 x 36.8 x 26.8 x 22.8 x
Allscripts Healthcare Solutions, Inc. $2,907 $3,482 $15.38 97% 2.5 x 2.4 x 2.2 x 14.2 x 12.1 x 10.8 x
Mentor Graphics Corp. $2,164 $2,145 $18.42 66% 1.8 x 1.8 x 1.6 x 8.3 x 8.0 x 7.2 x
Blackbaud Inc. $3,035 $3,261 $65.86 96% 5.1 x 4.4 x 4.1 x 22.5 x 19.1 x 17.4 x
Bottomline Technologies (de), Inc. $1,109 $1,143 $29.73 94% 3.4 x 3.0 x 2.7 x 14.1 x 13.7 x 11.9 x
Synchronoss Technologies, Inc. $1,555 $1,588 $35.23 67% 2.7 x 2.3 x 2.0 x 7.9 x 6.7 x 5.5 x
PROS Holdings, Inc. $684 $642 $23.04 83% 3.8 x 3.9 x 3.3 x NM NM NM
Quality Systems Inc. $981 $870 $16.12 86% 1.7 x 1.6 x 1.5 x 11.8 x 10.3 x 8.6 x
Computer Modelling Group Ltd. $508 $460 $6.47 62% 7.8 x 7.8 x 6.9 x 16.6 x 15.0 x 13.1 x
BroadSoft, Inc. $1,019 $938 $35.36 86% 3.5 x 2.9 x 2.4 x 16.1 x 11.9 x 8.3 x
Epiq Systems, Inc. $490 $877 $13.07 68% 1.7 x 1.6 x NM 8.3 x 7.5 x NM
Mean 4.1x 3.8x 3.5x 16.6x 12.8x 11.7x
Median 3.5x 3.0x 3.0x 14.1x 12.1x 11.3x
Intuit Inc. $25,476 $25,852 $96.50 88% 5.7 x 5.5 x 4.9 x 17.2 x 14.5 x 12.4 x
Open Text Corporation $5,816 $6,694 $47.93 78% 3.7 x 3.6 x 3.5 x 10.9 x 10.0 x 9.7 x
Nuance Communications, Inc. $6,181 $7,768 $19.89 91% 4.0 x 3.8 x 3.7 x 12.4 x 11.1 x 10.4 x
Manhattan Associates, Inc. $4,835 $4,716 $66.17 85% 8.5 x 7.7 x 7.0 x 26.0 x 23.3 x 20.9 x
Verint Systems Inc. $2,525 $2,912 $40.56 61% 2.5 x 2.4 x 2.2 x 10.2 x 9.4 x 8.5 x
Pegasystems Inc. $2,102 $1,878 $27.50 91% 2.8 x 2.5 x 2.2 x 16.8 x 14.4 x 11.8 x
Interactive Intelligence Group Inc. $682 $652 $31.42 62% 1.7 x 1.5 x 1.3 x 31.7 x 36.4 x 23.2 x
SPS Commerce, Inc. $1,167 $1,044 $70.21 90% 6.6 x 5.4 x 4.5 x 47.7 x 39.0 x 30.1 x
The Descartes Systems Group Inc $1,520 $1,467 $20.07 97% 7.9 x 7.1 x 6.3 x 24.4 x 21.0 x 18.1 x
QAD Inc. $378 $267 $20.52 71% 1.0 x 0.9 x 0.9 x 11.7 x 9.5 x 8.4 x
Mean 4.4x 4.0x 3.7x 20.9x 18.9x 15.3x
Median 3.8x 3.7x 3.6x 17.0x 14.4x 12.1x
Bellwether SW
Microsoft Corporation $443,169 $382,664 $55.48 98% 4.2 x 4.0 x 3.8 x 15.8 x 11.3 x 9.8 x
International Business Machines Corporation $133,507 $163,756 $137.62 78% 2.0 x 2.0 x 2.0 x 7.6 x 7.6 x 7.3 x
Oracle Corporation $153,471 $143,484 $36.53 81% 3.8 x 3.8 x 3.7 x 8.3 x 8.2 x 8.1 x
SAP SE $95,929 $102,107 $80.25 98% 4.6 x 4.3 x 4.1 x 13.0 x 12.3 x 11.4 x
Mean 3.6x 3.6x 3.4x 11.2x 9.9x 9.2x
Median 4.0x 3.9x 3.8x 10.6x 9.8x 9.0x
EV to Revenue

2/2/2016 124
Software Public Comps - Valuation (cont.)
CA, Inc. $11,901 $11,239 $28.56 85% 2.8 x 2.8 x 2.7 x 7.4 x 6.8 x NM
CommVault Systems, Inc. $1,783 $1,383 $39.35 75% 2.4 x 2.2 x 2.1 x 20.6 x 15.3 x 10.9 x
Fair Isaac Corporation $2,927 $3,449 $94.18 97% 4.1 x 3.9 x 3.7 x 17.5 x 14.5 x 13.7 x
Progress Software Corporation $1,205 $1,131 $24.00 79% 2.7 x 2.6 x 2.5 x 8.5 x 8.1 x 7.6 x
Tangoe, Inc. $331 $299 $8.39 56% 1.4 x 1.3 x 1.2 x 15.4 x 13.2 x 8.9 x
IntraLinks Holdings, Inc. $529 $550 $9.07 71% 2.0 x 1.9 x 1.7 x 13.9 x 12.4 x NM
EMC Corporation $49,789 $51,102 $25.68 85% 2.1 x 2.0 x 1.9 x 8.2 x 7.6 x 7.4 x
Citrix Systems, Inc. $11,637 $11,881 $75.65 90% 3.7 x 3.6 x 3.4 x 11.9 x 11.6 x 10.6 x
Teradata Corporation $3,514 $3,350 $26.42 56% 1.3 x 1.4 x 1.4 x 6.1 x 5.8 x 5.6 x
Internap Corporation $354 $713 $6.40 60% 2.2 x 2.1 x 2.0 x 8.8 x 7.7 x 6.8 x
Mean 2.5x 2.4x 2.3x 11.8x 10.3x 8.9x
Median 2.3x 2.2x 2.0x 10.4x 9.9x 8.3x
VMware, Inc. $23,817 $18,100 $56.57 61% 2.7 x 2.5 x 2.3 x 7.7 x 7.6 x 7.1 x
Red Hat, Inc. $15,138 $14,731 $82.81 98% 7.5 x 6.5 x 5.7 x 28.3 x 24.5 x 21.7 x
Imperva Inc. $1,990 $1,736 $63.31 81% 7.6 x 6.0 x 4.8 x NM NM 46.1 x
LogMeIn, Inc. $1,682 $1,436 $67.10 89% 5.3 x 4.5 x 3.9 x 21.2 x 18.5 x 14.7 x
Akamai Technologies, Inc. $9,365 $9,316 $52.63 67% 4.2 x 3.8 x 3.4 x 10.5 x 9.6 x 8.3 x
Equinix, Inc. $18,739 $23,040 $302.40 99% 8.5 x 7.2 x 6.3 x 18.1 x 15.3 x 13.3 x
Rackspace Hosting, Inc. $3,410 $3,530 $25.32 45% 1.8 x 1.6 x 1.4 x 5.2 x 4.7 x 4.3 x
Hortonworks, Inc. $1,012 $899 $21.90 73% 7.5 x 4.8 x 3.3 x NM NM NM
MicroStrategy Inc. $2,038 $1,581 $179.29 79% 3.0 x 2.8 x 2.7 x 10.1 x 9.1 x 7.5 x
Mean 5.3x 4.4x 3.8x 14.4x 12.8x 15.4x
Median 5.3x 4.5x 3.4x 10.5x 9.6x 10.8x
Security
Symantec Corporation $14,186 $12,569 $21.00 77% 2.3 x 3.5 x 3.4 x 7.2 x 9.5 x 8.9 x
FireEye, Inc. $3,330 $2,858 $20.74 37% 4.6 x 3.5 x 2.8 x NM NM NM
Fortinet Inc. $5,369 $4,461 $31.17 62% 4.4 x 3.6 x 3.0 x 27.0 x 21.1 x 16.1 x
VASCO Data Security International Inc. $662 $478 $16.73 48% 2.0 x 2.1 x 1.8 x 8.0 x 9.6 x 7.1 x
Zix Corporation $282 $258 $5.08 88% 4.7 x 4.2 x 3.6 x 17.8 x 14.5 x NM
Splunk, Inc. $7,628 $6,679 $58.81 77% 10.3 x 7.8 x 6.0 x NM NM 65.8 x
Barracuda Networks, Inc. $997 $784 $18.68 40% 2.5 x 2.3 x 2.1 x 10.8 x 14.1 x 7.3 x
Proofpoint, Inc. $2,626 $2,550 $65.01 86% 9.7 x 7.4 x 5.8 x NM NM 69.7 x
Qualys, Inc. $1,132 $957 $33.09 60% 5.8 x 4.7 x 3.9 x 17.6 x 14.7 x 11.9 x
Palo Alto Networks, Inc. $15,132 $14,863 $176.14 88% 13.1 x 9.7 x 7.6 x 71.4 x 39.0 x 27.1 x
Infoblox Inc. $1,101 $750 $18.39 66% 2.1 x 1.9 x 1.6 x 16.0 x 14.6 x 10.2 x
Mean 5.6x 4.6x 3.8x 22.0x 17.1x 24.9x
Median 4.6x 3.6x 3.4x 16.8x 14.6x 11.9x
EV to Revenue

2/2/2016 125
Software Public Comps – Operating Metrics
($ in millions)
EBITDA Margin
Software 2015E 2016E 2017E % CAGR 2015E 2016E 2017E % CAGR 2015E 2016E 2017E
High Growth SaaS
SS&C Technologies Holdings, Inc. $1,027 $1,473 $1,610 25% $450 $635 $724 27% 44% 43% 45%
Ellie Mae, Inc. $250 $306 $388 25% $66 $83 $120 35% 26% 27% 31%
The Ultimate Software Group, Inc. $617 $759 $924 22% $148 $189 $224 23% 24% 25% 24%
Cvent, Inc. $187 $231 $282 23% $24 $25 $36 23% 13% 11% 13%
RingCentral, Inc. $293 $365 $442 23% $6 $20 $37 148% 2% 5% 8%
Fleetmatics Group PLC $285 $344 $405 19% $92 $114 $141 24% 32% 33% 35%
Paycom Software, Inc. $221 $289 $384 32% $48 $60 $85 34% 22% 21% 22%
salesforce.com, inc. $6,649 $8,082 $9,692 21% $1,221 $1,647 $2,049 30% 18% 20% 21%
Workday, Inc. $1,158 $1,548 $2,036 33% $76 $117 $198 61% 7% 8% 10%
NetSuite Inc. $739 $958 $1,241 30% $53 $70 $102 38% 7% 7% 8%
Tableau Software, Inc. $651 $871 $1,144 33% $83 $113 $184 49% 13% 13% 16%
Cornerstone OnDemand, Inc. $342 $439 $537 25% $5 $37 $0 (100%) 1% 9% 0%
Demandware, Inc. $234 $301 $387 29% $18 $25 $35 39% 8% 8% 9%
Benefitfocus, Inc. $183 $229 $277 23% ($35) ($24) ($2) (79%) NM NM NM
Marketo, Inc. $210 $277 $360 31% ($18) ($15) $1 NA NM NM 0%
Zendesk, Inc. $206 $289 $385 37% ($6) $2 $24 NA NM 1% 6%
athenahealth, Inc. $925 $1,109 $1,333 20% $179 $230 $284 26% 19% 21% 21%
Zillow Group, Inc. $653 $795 $1,003 24% $94 $146 $220 53% 14% 18% 22%
Textura Corporation $87 $114 $146 30% $10 $21 $34 90% 11% 18% 23%
Veeva Systems Inc. $405 $508 $620 24% $116 $150 $191 28% 29% 30% 31%
Callidus Software Inc. $173 $212 $251 20% $18 $26 $33 34% 10% 12% 13%
ServiceNow, Inc. $1,001 $1,371 $1,810 34% $153 $248 $386 59% 15% 18% 21%
Mean $749.9 $948.6 $1,166.1 26% $127.3 $178.1 $232.1 32% 17% 17% 18%
Median $317.8 $401.9 $489.4 25% $59.4 $76.5 $110.7 34% 14% 18% 21%
Low Growth SaaS
Bazaarvoice, Inc. $197 $210 $227 7% ($4) $7 $12 NA NM 3% 5%
Solera Holdings Inc. $1,203 $1,302 $1,381 7% $459 $503 $547 9% 38% 39% 40%
Aspen Technology, Inc. $458 $509 $542 9% $217 $232 $259 9% 47% 46% 48%
Guidewire Software, Inc. $390 $431 $492 12% $72 $82 $110 24% 18% 19% 22%
RealPage, Inc. $466 $524 $585 12% $90 $105 $124 17% 19% 20% 21%
Envestnet, Inc. $418 $582 $695 29% $75 $110 $152 42% 18% 19% 22%
Qlik Technologies, Inc. $616 $718 $835 16% $58 $87 $118 43% 9% 12% 14%
Medidata Solutions, Inc. $399 $474 $558 18% $91 $116 $147 27% 23% 25% 26%
Mean $518.3 $593.9 $664.4 14% $132.4 $155.1 $183.6 24% 25% 23% 25%
Median $438.1 $516.5 $571.7 12% $82.7 $107.2 $135.2 24% 19% 19% 22%
REVENUE EBITDA

2/2/2016 126
Software Public Comps – Operating Metrics (cont.)
($ in millions)
EBITDA Margin
Autodesk, Inc. $2,486 $2,114 $2,433 (1%) $318 ($216) $41 (64%) 13% NM 2%
Ansys, Inc. $950 $1,029 $1,112 8% $482 $535 $582 10% 51% 52% 52%
Amdocs Limited $3,662 $3,809 $3,982 4% $761 $796 $842 5% 21% 21% 21%
Synopsys Inc. $2,269 $2,412 $2,550 6% $584 $693 $660 6% 26% 29% 26%
Constellation Software Inc. $1,819 $2,142 $2,483 17% $454 $543 $625 17% 25% 25% 25%
PTC Inc. $1,222 $1,200 $1,167 (2%) $335 $336 $320 (2%) 27% 28% 27%
Tyler Technologies, Inc. $583 $776 $891 24% $154 $211 $248 27% 26% 27% 28%
Allscripts Healthcare Solutions, Inc. $1,399 $1,476 $1,553 5% $246 $288 $322 15% 18% 19% 21%
Mentor Graphics Corp. $1,179 $1,223 $1,306 5% $257 $268 $296 7% 22% 22% 23%
Blackbaud Inc. $643 $740 $798 11% $145 $171 $187 14% 23% 23% 23%
Bottomline Technologies (de), Inc. $337 $379 $417 11% $81 $84 $96 9% 24% 22% 23%
Synchronoss Technologies, Inc. $578 $679 $797 17% $200 $235 $288 20% 35% 35% 36%
PROS Holdings, Inc. $171 $164 $193 6% ($14) ($29) ($13) (6%) NM NM NM
Quality Systems Inc. $501 $535 $594 9% $74 $85 $102 17% 15% 16% 17%
Computer Modelling Group Ltd. $59 $59 $67 7% $28 $31 $35 12% 47% 52% 52%
BroadSoft, Inc. $271 $325 $386 19% $58 $79 $114 39% 22% 24% 29%
Epiq Systems, Inc. $501 $547 $0 (100%) $106 $117 $0 (100%) 21% 21% NA
Mean $1,095.9 $1,153.5 $1,219.4 3% $251.0 $248.5 $279.2 2% 26% 28% 27%
Median $642.6 $776.0 $891.4 7% $199.9 $211.3 $248.3 10% 23% 24% 25%
Intuit Inc. $4,498 $4,735 $5,235 8% $1,504 $1,785 $2,085 18% 33% 38% 40%
Open Text Corporation $1,827 $1,868 $1,892 2% $616 $672 $691 6% 34% 36% 37%
Nuance Communications, Inc. $1,958 $2,019 $2,108 4% $626 $698 $744 9% 32% 35% 35%
Manhattan Associates, Inc. $556 $612 $671 10% $181 $203 $226 12% 33% 33% 34%
Verint Systems Inc. $1,171 $1,232 $1,302 5% $285 $310 $341 9% 24% 25% 26%
Pegasystems Inc. $671 $752 $854 13% $112 $130 $159 19% 17% 17% 19%
Interactive Intelligence Group Inc. $388 $440 $515 15% $21 $18 $28 17% 5% 4% 5%
SPS Commerce, Inc. $158 $194 $233 21% $22 $27 $35 26% 14% 14% 15%
The Descartes Systems Group Inc $185 $207 $233 12% $60 $70 $81 16% 32% 34% 35%
QAD Inc. $280 $290 $302 4% $23 $28 $32 18% 8% 10% 11%
Mean $1,169.2 $1,234.9 $1,334.6 9% $345.0 $394.2 $442.3 15% 23% 25% 26%
Median $613.4 $682.0 $762.6 9% $146.5 $166.6 $192.6 17% 28% 29% 30%
Bellwether SW
Microsoft Corporation $90,791 $95,104 $99,904 5% $24,236 $33,839 $38,964 27% 27% 36% 39%
International Business Machines Corporation $81,818 $79,959 $79,938 (1%) $21,470 $21,416 $22,343 2% 26% 27% 28%
Oracle Corporation $37,556 $37,787 $38,986 2% $17,290 $17,432 $17,753 1% 46% 46% 46%
SAP SE $22,387 $23,560 $24,822 5% $7,869 $8,322 $8,922 6% 35% 35% 36%
Mean $58,137.6 $59,102.6 $60,912.8 3% $17,716.3 $20,252.4 $21,995.4 9% 34% 36% 37%
Median $59,686.6 $58,873.1 $59,462.3 3% $19,380.0 $19,424.4 $20,047.6 4% 31% 35% 37%
REVENUE EBITDA

2/2/2016 127
Software Public Comps – Operating Metrics (cont.)
($ in millions)
EBITDA Margin
CA, Inc. $4,007 $4,079 $4,108 1% $1,520 $1,644 $0 (100%) 38% 40% 0%
CommVault Systems, Inc. $579 $615 $673 8% $67 $90 $127 37% 12% 15% 19%
Fair Isaac Corporation $849 $883 $928 5% $197 $238 $252 13% 23% 27% 27%
Progress Software Corporation $413 $429 $446 4% $134 $140 $149 6% 32% 33% 33%
Tangoe, Inc. $220 $235 $260 9% $19 $23 $34 31% 9% 10% 13%
IntraLinks Holdings, Inc. $275 $294 $327 9% $40 $44 $0 (100%) 14% 15% 0%
EMC Corporation $24,895 $25,756 $26,967 4% $6,236 $6,755 $6,906 5% 25% 26% 26%
Citrix Systems, Inc. $3,248 $3,314 $3,454 3% $996 $1,020 $1,120 6% 31% 31% 32%
Teradata Corporation $2,517 $2,395 $2,372 (3%) $552 $575 $601 4% 22% 24% 25%
Internap Corporation $321 $337 $353 5% $81 $92 $104 14% 25% 27% 30%
Mean $3,732.5 $3,833.7 $3,988.8 4% $984.2 $1,062.2 $929.2 -8% 23% 25% 21%
Median $714.0 $749.0 $800.4 4% $165.4 $189.1 $137.6 6% 24% 27% 25%
VMware, Inc. $6,626 $7,230 $7,817 9% $2,356 $2,377 $2,541 4% 36% 33% 33%
Red Hat, Inc. $1,971 $2,271 $2,587 15% $521 $601 $679 14% 26% 26% 26%
Imperva Inc. $230 $290 $360 25% $8 $18 $38 123% 3% 6% 10%
LogMeIn, Inc. $270 $322 $371 17% $68 $78 $98 20% 25% 24% 26%
Akamai Technologies, Inc. $2,199 $2,432 $2,756 12% $886 $974 $1,125 13% 40% 40% 41%
Equinix, Inc. $2,708 $3,193 $3,632 16% $1,271 $1,507 $1,738 17% 47% 47% 48%
Rackspace Hosting, Inc. $2,000 $2,220 $2,464 11% $673 $750 $831 11% 34% 34% 34%
Hortonworks, Inc. $121 $189 $274 51% ($86) ($78) ($40) (32%) NM NM NM
MicroStrategy Inc. $527 $560 $592 6% $157 $173 $211 16% 30% 31% 36%
Mean $1,850.1 $2,078.7 $2,317.0 18% $650.4 $711.1 $802.2 21% 30% 30% 32%
Median $1,970.5 $2,220.4 $2,464.3 15% $521.4 $600.9 $678.7 14% 32% 32% 33%
Security
Symantec Corporation $5,450 $3,637 $3,722 (17%) $1,751 $1,317 $1,407 (10%) 32% 36% 38%
FireEye, Inc. $625 $820 $1,017 28% ($200) ($149) ($59) (46%) NM NM NM
Fortinet Inc. $1,009 $1,249 $1,478 21% $165 $211 $277 30% 16% 17% 19%
VASCO Data Security International Inc. $240 $231 $260 4% $60 $50 $67 6% 25% 21% 26%
Zix Corporation $55 $61 $72 15% $14 $18 $0 (100%) 26% 29% 0%
Splunk, Inc. $652 $856 $1,111 31% $38 $57 $101 63% 6% 7% 9%
Barracuda Networks, Inc. $309 $338 $378 11% $72 $55 $107 22% 23% 16% 28%
Proofpoint, Inc. $264 $343 $441 29% $4 $11 $37 200% 2% 3% 8%
Qualys, Inc. $164 $202 $247 23% $54 $65 $81 22% 33% 32% 33%
Palo Alto Networks, Inc. $1,133 $1,533 $1,964 32% $208 $381 $549 62% 18% 25% 28%
Mean $990.1 $926.9 $1,068.9 17% $216.7 $201.7 $256.7 25% 20% 21% 21%
Median $466.9 $581.2 $728.9 22% $56.9 $56.4 $91.0 22% 23% 21% 26%
REVENUE EBITDA

2/2/2016 128
Internet Public Comps – Valuation
($ in millions, except per share data)
Equity Enterprise 12/31/15 % of 52- EV to Revenue EV to EBTIDA
Internet Value Value Price Wk High 2015E 2016E 2017E 2015E 2016E 2017E
Search & Content
Alphabet Inc. $528,448 $466,033 $778.01 97% 6.3 x 5.6 x 4.8 x 15.7 x 13.3 x 11.6 x
Yahoo! Inc. $31,409 $26,778 $33.26 65% 6.6 x 6.9 x 6.7 x 28.9 x 30.7 x 27.4 x
IAC/InterActiveCorp $5,331 $5,536 $60.05 71% 1.7 x 1.7 x 1.6 x 11.5 x 9.5 x 8.2 x
Yelp Inc. $2,167 $1,798 $28.80 49% 3.3 x 2.6 x 2.1 x 24.5 x 16.8 x 11.9 x
WebMD Health Corp. $1,781 $1,972 $48.30 97% 3.1 x 2.9 x 2.6 x 10.5 x 9.2 x 8.1 x
Bankrate, Inc. $1,322 $1,475 $13.30 84% 2.7 x 3.6 x 3.5 x 9.5 x 10.5 x 9.8 x
Angie's List, Inc. $547 $548 $9.35 83% 1.6 x 1.5 x 1.4 x 19.5 x 13.8 x 11.5 x
Mean 3.6x 3.5x 3.2x 17.1x 14.9x 12.6x
Median 3.1x 2.9x 2.6x 15.7x 13.3x 11.5x
Social Media
Facebook, Inc. $295,978 $280,270 $104.66 95% 16.1 x 11.6 x 8.8 x 25.7 x 19.0 x 14.4 x
Twitter, Inc. $15,803 $13,916 $23.14 43% 6.3 x 4.5 x 3.4 x 25.8 x 17.1 x 12.6 x
LinkedIn Corporation $29,505 $27,557 $225.08 81% 9.2 x 7.1 x 5.6 x 36.7 x 26.7 x 19.4 x
Mean 10.5x 7.7x 5.9x 29.4x 20.9x 15.4x
Median 9.2x 7.1x 5.6x 25.8x 19.0x 14.4x
eCommerce
Amazon.com, Inc. $316,832 $320,991 $675.89 97% 3.0 x 2.5 x 2.1 x 29.5 x 21.8 x 16.6 x
eBay Inc. $32,994 $35,132 $27.48 41% 4.1 x 3.9 x 3.7 x 10.0 x 9.5 x 8.3 x
Alibaba Group Holding Limited $204,185 $200,839 $81.27 77% 13.7 x 10.6 x 8.4 x 26.6 x 21.3 x 16.9 x
Wayfair Inc. $4,006 $3,681 $47.62 84% 1.7 x 1.2 x 0.9 x NM NM 46.1 x
Stamps.com Inc. $1,820 $1,722 $109.61 96% 8.5 x 5.9 x 5.0 x 24.5 x 19.4 x 15.0 x
LendingTree, Inc. $1,095 $989 $89.28 64% 3.9 x 3.1 x 2.5 x 25.1 x 18.6 x 14.0 x
1-800-Flowers.com Inc. $472 $728 $7.28 54% 0.6 x 0.6 x NM 8.9 x 7.3 x NM
Mean 5.1x 4.0x 3.8x 20.8x 16.3x 19.5x
Median 3.9x 3.1x 3.1x 24.8x 19.0x 15.8x
Media
Netflix, Inc. $48,885 $48,697 $114.38 86% 7.2 x 5.6 x 4.5 x NM NM 42.2 x
Zynga, Inc. $2,500 $1,431 $2.68 86% 1.9 x 1.9 x 1.7 x 65.2 x 15.5 x 10.6 x
The Priceline Group Inc. $63,472 $65,863 $1,274.95 86% 7.2 x 6.2 x 5.3 x 17.8 x 15.1 x 12.8 x
Gogo Inc. $1,528 $1,721 $17.80 77% 3.5 x 2.9 x 2.4 x 50.6 x 29.8 x 16.5 x
Global Eagle Entertainment Inc. $775 $629 $9.87 62% 1.5 x 1.3 x 1.2 x 12.8 x 9.2 x 6.9 x
Mean 4.2x 3.6x 3.0x 36.6x 17.4x 17.8x
Median 3.5x 2.9x 2.4x 34.2x 15.3x 12.8x

2/2/2016 129
Internet Public Comps – Valuation (cont.)
Equity Enterprise 12/31/15 % of 52- EV to Revenue EV to EBTIDA
Internet Value Value Price Wk High 2015E 2016E 2017E 2015E 2016E 2017E
Marketplace
Groupon, Inc. $1,886 $1,179 $3.07 37% 0.4 x 0.4 x 0.4 x 5.0 x 11.1 x 5.9 x
Shutterstock, Inc. $1,167 $885 $32.34 44% 2.1 x 1.7 x 1.5 x 10.6 x 8.8 x 6.8 x
Shutterfly, Inc. $1,566 $1,815 $44.56 91% 1.7 x 1.5 x 1.4 x 9.3 x 7.8 x 6.8 x
GrubHub Inc. $2,055 $1,760 $24.20 50% 4.9 x 3.9 x 3.2 x 17.2 x 14.1 x 10.9 x
Etsy, Inc. $926 $650 $8.26 23% 2.4 x 1.9 x 1.5 x 23.5 x 18.2 x 13.4 x
TrueCar, Inc. $789 $692 $9.54 41% 2.6 x 2.2 x 1.9 x NM 34.7 x 17.6 x
The Priceline Group Inc. $63,472 $65,863 $1,274.95 86% 7.2 x 6.2 x 5.3 x 17.8 x 15.1 x 12.8 x
TripAdvisor Inc. $12,292 $11,894 $85.25 91% 8.0 x 7.0 x 5.9 x 25.7 x 22.3 x 17.9 x
Expedia Inc. $18,678 $20,295 $124.30 88% 3.0 x 2.4 x 2.1 x 17.7 x 12.5 x 10.0 x
Mean 3.6x 3.0x 2.6x 15.9x 16.1x 11.3x
Median 2.6x 2.2x 1.9x 17.4x 14.1x 10.9x
Data & Measurement
Nielsen Holdings plc $16,965 $24,147 $46.60 94% 3.9 x 3.8 x 3.6 x 13.0 x 12.3 x 11.5 x
Equifax Inc. $13,195 $14,458 $111.37 97% 5.4 x 5.1 x 4.7 x 15.5 x 14.1 x 12.9 x
IHS Inc. $8,074 $9,918 $118.43 88% 4.3 x 4.2 x 4.0 x 13.5 x 12.7 x 11.8 x
Dun & Bradstreet Corp. $3,755 $5,232 $103.93 76% 3.2 x 3.0 x 2.9 x 10.8 x 9.9 x 9.4 x
comScore, Inc. $1,604 $1,493 $41.15 63% 4.0 x 3.5 x 2.9 x 16.3 x 14.5 x 11.8 x
Mean 4.2x 3.9x 3.6x 13.8x 12.7x 11.5x
Median 4.0x 3.8x 3.6x 13.5x 12.7x 11.8x
Ad Tech
Marketo, Inc. $1,243 $1,137 $28.71 81% 5.4 x 4.1 x 3.2 x NM NM NM
Constant Contact, Inc. $942 $761 $29.24 68% 2.1 x 1.8 x NM 10.5 x 8.3 x NM
The Rubicon Project, Inc. $730 $650 $16.45 80% 2.6 x 1.9 x 1.5 x 14.8 x 11.8 x 7.7 x
TubeMogul, Inc. $477 $394 $13.60 58% 2.3 x 1.8 x 1.5 x NM NM 21.8 x
Rocket Fuel Inc. $150 $151 $3.49 21% 0.3 x 0.3 x 0.3 x NM 15.6 x 6.6 x
Mean 2.5x 2.0x 1.6x 12.7x 11.9x 12.0x
Median 2.3x 1.8x 1.5x 12.7x 11.8x 7.7x

2/2/2016 130
Internet Public Comps – Operating Metrics
EBITDA EBITDA Margin
Internet 2015E 2016E 2017E % CAGR 2015E 2016E 2017E % CAGR 2015E 2016E 2017E
Search & Content
Alphabet Inc. $73,403 $83,825 $96,909 15% $29,722 $35,080 $40,287 16% 40% 42% 42%
Yahoo! Inc. $4,042 $3,854 $3,967 (1%) $926 $872 $977 3% 23% 23% 25%
IAC/InterActiveCorp $3,249 $3,297 $3,553 5% $483 $580 $678 19% 15% 18% 19%
Yelp Inc. $548 $688 $861 25% $73 $107 $152 44% 13% 16% 18%
WebMD Health Corp. $634 $691 $748 9% $189 $213 $244 14% 30% 31% 33%
Bankrate, Inc. $549 $408 $427 (12%) $155 $140 $150 (1%) 28% 34% 35%
Angie's List, Inc. $346 $367 $385 6% $28 $40 $48 30% 8% 11% 12%
Mean $11,825 $13,304 $15,265 7% $4,510.8 $5,290.2 $6,076.3 18% 23% 25% 26%
Median $634 $691 $861 6% $188.5 $213.4 $243.9 16% 23% 23% 25%
Social Media
Facebook, Inc. $17,448 $24,094 $31,806 35% $10,884 $14,776 $19,525 34% 62% 61% 61%
Twitter, Inc. $2,217 $3,114 $4,080 36% $539 $812 $1,105 43% 24% 26% 27%
LinkedIn Corporation $2,987 $3,906 $4,924 28% $750 $1,034 $1,421 38% 25% 26% 29%
Mean $7,551 $10,371 $13,603 33% $4,057.6 $5,540.7 $7,350.4 38% 37% 38% 39%
Median $2,987 $3,906 $4,924 35% $749.9 $1,033.6 $1,420.9 38% 25% 26% 29%
eCommerce
Amazon.com, Inc. $107,238 $129,594 $155,148 20% $10,881 $14,715 $19,356 33% 10% 11% 12%
eBay Inc. $8,585 $8,993 $9,458 5% $3,500 $3,706 $4,222 10% 41% 41% 45%
Alibaba Group Holding Limited $14,655 $18,900 $23,777 27% $7,561 $9,415 $11,852 25% 52% 50% 50%
Wayfair Inc. $2,185 $3,083 $3,937 34% ($22) $10 $80 NM NM 0% 2%
Stamps.com Inc. $203 $290 $347 31% $70 $89 $115 28% 35% 31% 33%
LendingTree, Inc. $253 $324 $400 26% $39 $53 $70 34% 16% 16% 18%
1-800-Flowers.com Inc. $1,183 $1,233 $0 (100%) $82 $100 $0 (100%) 7% 8% NA
Mean $19,186 $23,202 $27,581 6% $3,158.7 $4,012.5 $5,099.3 5% 27% 23% 27%
Median $2,185 $3,083 $3,937 26% $81.5 $100.0 $114.6 26% 25% 16% 25%
Media
Netflix, Inc. $6,785 $8,692 $10,857 26% $479 $532 $1,154 55% 7% 6% 11%
Zynga, Inc. $738 $773 $851 7% $22 $92 $135 148% 3% 12% 16%
The Priceline Group Inc. $9,197 $10,667 $12,328 16% $3,690 $4,351 $5,141 18% 40% 41% 42%
Gogo Inc. $495 $592 $710 20% $34 $58 $105 75% 7% 10% 15%
Global Eagle Entertainment Inc. $423 $480 $541 13% $49 $69 $91 36% 12% 14% 17%
Mean $3,528 $4,241 $5,057 16% $854.9 $1,020.5 $1,325.1 66% 14% 17% 20%
Median $738 $773 $851 16% $49.3 $92.4 $134.6 55% 7% 12% 16%
Revenue

2/2/2016 131
Internet Public Comps – Operating Metrics (cont.)
EBITDA EBITDA Margin
Internet 2015E 2016E 2017E % CAGR 2015E 2016E 2017E % CAGR 2015E 2016E 2017E
Marketplace
Groupon, Inc. $3,050 $2,956 $3,131 1% $238 $106 $200 (8%) 8% 4% 6%
Shutterstock, Inc. $427 $515 $603 19% $83 $100 $129 24% 20% 20% 21%
Shutterfly, Inc. $1,056 $1,189 $1,330 12% $194 $233 $267 17% 18% 20% 20%
GrubHub Inc. $361 $451 $542 23% $102 $125 $162 26% 28% 28% 30%
Etsy, Inc. $272 $348 $427 25% $28 $36 $49 32% 10% 10% 11%
TrueCar, Inc. $261 $309 $360 17% $8 $20 $39 117% 3% 6% 11%
The Priceline Group Inc. $9,197 $10,667 $12,328 16% $3,690 $4,351 $5,141 18% 40% 41% 42%
TripAdvisor Inc. $1,483 $1,709 $2,016 17% $462 $532 $664 20% 31% 31% 33%
Expedia Inc. $6,668 $8,550 $9,746 21% $1,150 $1,621 $2,033 33% 17% 19% 21%
Mean $2,531 $2,966 $3,387 17% $661.8 $791.7 $964.8 31% 20% 20% 22%
Median $1,056 $1,189 $1,330 17% $194.4 $125.2 $200.0 24% 18% 20% 21%
Data & Measurement
Nielsen Holdings plc $6,156 $6,375 $6,694 4% $1,855 $1,964 $2,094 6% 30% 31% 31%
Equifax Inc. $2,661 $2,860 $3,068 7% $930 $1,024 $1,119 10% 35% 36% 36%
IHS Inc. $2,324 $2,337 $2,464 3% $737 $779 $840 7% 32% 33% 34%
Dun & Bradstreet Corp. $1,657 $1,746 $1,815 5% $484 $530 $559 7% 29% 30% 31%
comScore, Inc. $371 $431 $519 18% $92 $103 $127 18% 25% 24% 24%
Mean $2,634 $2,750 $2,912 8% $819.6 $879.8 $947.6 10% 30% 31% 31%
Median $2,324 $2,337 $2,464 5% $737.3 $778.9 $839.8 7% 30% 31% 31%
Ad Tech
Marketo, Inc. $210 $277 $360 31% ($18) ($15) $1 NM NM NM 0%
Constant Contact, Inc. $369 $420 $0 (100%) $73 $92 $0 NM 20% 22% NA
The Rubicon Project, Inc. $248 $337 $431 32% $44 $55 $84 38% 18% 16% 19%
TubeMogul, Inc. $174 $217 $260 22% ($1) $3 $18 NM NM 1% 7%
Rocket Fuel Inc. $457 $476 $497 4% ($4) $10 $23 NM NM 2% 5%
Mean $291 $345 $309 -2% $18.6 $29.0 $25.3 38% 19% 10% 8%
Median $248 $337 $360 22% ($0.9) $9.6 $18.1 38% 19% 9% 6%
Revenue

2016 Vaquero Market Update

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Similar to 2016 Vaquero Market Update

Similar to 2016 Vaquero Market Update (20)

Recently uploaded

Recently uploaded (20)

2016 Vaquero Market Update