2015 Software Equity Group Flash Report and Financial and ... · Nov-02-2015 LiveIntent Inc....

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Software Equity Group

Flash Report

Select M&A Transactions and Valuations and

Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet

Companies by Product Category

• Industry leading boutique investment bank, founded in

1992, representing public and private software and

internet companies seeking:

• Strategic exit

• Growth capital

• Buyout

• Inorganic growth via acquisition

• Buy and sell-side mentoring

• Fairness opinions and valuations

• Sell-side client revenue range: $5 - 75 million

• Buy-side clients include private equity firms and

NASDAQ, NYSE and foreign exchange listed companies

• Clients span virtually every software technology, product

category, delivery model and vertical market

• Global presence providing advice and guidance to more

than 2,000 private and public companies throughout US,

Canada, Europe, Asia-Pacific, Africa and Israel

• Strong cross-functional team leveraging transaction,

operating, legal and engineering experience

• Unparalleled software industry reputation and track

record.

• Highly referenceable base of past clients

LEADERS IN SOFTWARE M&A

We Do Deals.

Copyright © 2015 by SEG Capital Advisors, L.L.C., All Rights Reserved

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions.

Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a-Service (Saas), software on-demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.

Perhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine.

To keep your finger on the pulse of the software equity markets, subscribe to our Annual and Quarterly Research Reports.

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, please contact Kris Beible, Director, Business Development (858) 509-2800, [email protected] .

CONTACT INFORMATION:

SEG Capital Advisors, L.L.C12220 El Camino Real, Suite 320San Diego, CA 92130www.softwareequity.comp: (858) 509-2800

The information contained in this Report is obtained from sources that SEG Capital Advisors LLC (“SEG”) believes to be reliable. However, SEG makes no representations or warranties, express or implied, about the accuracy, completeness or fairness of suchinformation, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Any person or entity reviewing this report (a) should conduct its own diligence and reach its own conclusions regarding its business transactions, (b) should not rely upon any conclusions reached by SEG, and (c) should consult its own advisors regarding its tax, accounting, financial and/or business decisions. SEG or its affiliates may have an interest in one or more of the securities or companies discussed herein. Financial data was provided by Capital IQ.

This Report may not be reproduced in whole or in part without the expressed prior written authorization of SEG. SEG or one of its affiliate Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights.

ABOUT SOFTWARE EQUITY GROUP


List of Commonly Used Acronyms

CRM Customer Relationship Management

EBITDA Earnings before Interest, Taxes, Depreciation, and Amortization

ERP Enterprise Resource Planning

EV Enterprise Value

FCF Free Cash Flow

FORWARD Current EV / Next Four Quarters' Consensus Financial Estimates

NASDAQ National Association of Securities Dealers Automated Quotation System

PLM Product Lifecycle Management

R&D Research and Development

S&P Standard & Poor's

SaaS Software-as-a-Service

SEG Software Equity Group

SG&A Selling, General, & Administrative

SW Software

TTM Trailing Twelve Month

YoY Year-over-Year

YTD Year-to-date


Additions:

Removals

Yodlee Inc.

Acquired by Envestnet, Inc. ($613.1M) - SaaS Other SaaS


Company Ticker Previous Index Previous Category

Xoom, Corp.

Acquired by PayPal Holdings, Inc. ($1.1B) - Internet Services

SEG Index Changes

Ticker Index CategoryCompany

Mimecast Limited MIME SaaS Other SaaS

Match Group, Inc. MTCH Internet Social

Square, Inc SQ Software Financial & Accounting

Instructure, Inc. INST SaaS Vertically Focused

Table of Contents

SEG Software Index

Select Software Industry M&A Transactions

SEG SaaS Index

SEG Internet Index


SEG Software Index


SEG SaaS Index

SEG Internet Index


Select November 2015 Software Industry M&A Transactions

Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Nov-02-2015 Sprinklr Inc. Booshaka Inc. - - - -

Nov-02-2015 Perfectis Private Equity; HLD SCA; Aspin Management Cellfish France S.A.S. $77.2 - - -

Nov-02-2015 Permira Advisers Ltd.; Sterling Partners; Innotrac Corp.;

eBay Enterprise, Inc. $1,240.0 $925.0 0.7x -

Nov-02-2015 Zeta Interactive Corporation eBay Enterprise, Inc., Customer Relationship

- - - -

Nov-02-2015 KPMG LLP G2 FT, LLC, TaxGopher, Technology Assets

- - - -

Nov-02-2015 Hanley Wood, LLC Houseplans LLC - - - -

Nov-02-2015 New Signature Inc. imason inc. - - - -

Nov-02-2015 DATATON AB IXEL - - - -

Nov-02-2015 Alive Groupe Kreat SARL $2.2 - - -

Nov-02-2015 JDM Technology Group LEVESYS Pty Ltd - - - -

Nov-02-2015 Telestream, Inc. Pandastream Limited - - - -

Nov-02-2015 AMP Limited (ASX:AMP) Remaining 49% Stake in Superiq Pty Ltd and 80% Stake in Supercorp Technology Pty Ltd. - - - -

Nov-02-2015 LiveIntent Inc. RetentionGrid GmbH, AVARI Recommendation Engine - - - -

Nov-02-2015 Quotient Technology Inc. (NYSE:QUOT) Shopmium SAS - - - -

Nov-02-2015 Booz Allen Hamilton Holding Corporation (NYSE:BAH) SPARC, LLC, Software Services Business - - - -

Nov-02-2015 Salem Media Group, Inc. (NasdaqGM:SALM) The Yield Hunter - - - -

Nov-02-2015 Morningstar Inc. (NasdaqGS:MORN) Total Rebalance Expert Inc. - - - -

Nov-02-2015 National Basketball Association, Inc. YinzCam Inc. - - - -

Nov-03-2015 LLamasoft, Inc. Barloworld Ltd, Supply Chain Software Division - - - -

Nov-03-2015 Software Paradigms International, Inc. BestFit Mobile, LLC - - - -

Nov-03-2015 KYOCERA Document Solutions Deutschland GmbH Ceyoniq Technology GmbH - $31.8 - -

Nov-03-2015 Acapela Group SA CreaWave SAS - - - -

Nov-03-2015 PagerDuty, Inc. Event Enrichment HQ, LLC. - - - -

Nov-03-2015 International Business Machines Corporation (NYSE:IBM) Gravitant, Inc. - - - -

Nov-03-2015 FastMail Pty Ltd. IC Group, Inc. - - - -

Nov-03-2015 Trapp Technology, Inc. IT On Command, Hosting Division - - - -

Nov-03-2015 Allied Integrated Marketing Inc. Marketing Inspirations, Inc. - - - -

Nov-03-2015 Moroch Holdings, Inc. MEplusYOU - - - -

Nov-03-2015 MYKRIS International Berhad Mykris Asia Sdn Bhd and Mykris Net (MSC) Sdn Bhd - $8.5 - -

Nov-03-2015 Ventra Media Group Naija Go Social - - - -

Nov-03-2015 JSC Mamba OOO Teamo.ru - - - -

Nov-03-2015 Cisco Systems, Inc. (NasdaqGS:CSCO) ParStream GmbH - - - -

Nov-03-2015 Mi9 Retail Raymark Xpert Business Systems Inc. - - - -

Nov-03-2015 Proofpoint, Inc. (NasdaqGM:PFPT) Socialware, Inc. - $9.0 - -

Nov-03-2015 OneMarketData, LLC Tick Data, Inc. - - - -

Nov-04-2015 incuBeta Holdings - Group of Companies DQ&A International - - - -

Nov-04-2015 Oakley Capital Investments Limited (AIM:OCL) EliteMedianet GmbH $31.4 $24.7 0.8x 8.5x

Nov-04-2015 Electronic Payments, Inc. Exatouch - - - -

Nov-04-2015 PowerSchool Group LLC InfoSnap, Inc. - - - -

Nov-04-2015 RAZR Marketing, Inc. Larsen Design Office, Inc. - - - -

Nov-04-2015 CTBC Serviços de Call Center S.A. Optitel Participacoes e Franquia S.A. - $14.7 - -

Nov-04-2015 Gary Jonas Computing Ltd.; Jonas Computing (UK) Limited PAR Springer-Miller Systems, Inc. - $18.1 - -

Nov-04-2015 ACI Worldwide, Inc. (NasdaqGS:ACIW) PAY.ON AG - $195.5 - -

Nov-04-2015 Click n Compare Proprietary Limited; Silvertree Internet Holdings PriceCheck (Pty) Ltd - - - -

Nov-04-2015 RecruitLoop Inc Red Bridge - - - -

Nov-04-2015 Poste Vita S.p.A. SDS System Data Software S.r.l. - $21.5 - -

Nov-04-2015 Electronics for Imaging, Inc. (NasdaqGS:EFII) Shuttleworth Business Systems Limited $6.2 - - -

Nov-04-2015 Outbox AXS Europe Limited Transticket AB - - - -

Nov-04-2015 Exotel Techcom Pvt. Ltd Voyce - - - -

Nov-04-2015 CEB Canada Inc. Wanted Technologies Corporation (TSXV:WAN) $8.0 $31.5 4.2x 35.1x

Nov-04-2015 Multisource Telecoms (Pty) Ltd WBS Holdings (Proprietary) Limited - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Nov-05-2015 doxter GmbH arztbuchen24.de - - - -

Nov-05-2015 Gomalon Technology Ventures Private Limited bookmyspa Services Pvt. Ltd. - $1.8 - -

Nov-05-2015 eBay Enterprise Marketing Solutions, Inc. Digital Net Agency, Inc. - - - -

Nov-05-2015 Wise Astute Limited Guangzhou Shun Xin Dai Hu Lian Wang

- $26.3 - -

Nov-05-2015 migme Limited (ASX:MIG) Ionic App Labs - - - -

Nov-05-2015 Microsoft Corporation (NasdaqGS:MSFT) Mobile Data Labs, Inc. - - - -

Nov-05-2015 Postmates Inc. Offline Labs, Inc. - - - -

Nov-05-2015 Salsa Labs, Inc. TowerCare Technologies, Inc. - - - -

Nov-05-2015 ERIE Regional Chamber and Growth Partnership Young Erie Professionals, Inc. - - - -

Nov-06-2015 Quikr India Private Limited 123 Startup Ventures Pvt. Ltd. - - - -

Nov-06-2015 Bibliotheca RFID Library Systems AG 3M Company, Library Systems Business $100.0 - - -

Nov-06-2015 International Business Machines Corporation (NYSE:IBM) Cleversafe, Inc. - - - -

Nov-06-2015 DP Logiciels SAS Entities SAS - - - -

Nov-06-2015 Alphabet Inc. (NasdaqGS:GOOGL) Fly Labs Inc. - - - -

Nov-06-2015 PadillaCRT Joe Smith, LLC - - - -

Nov-06-2015 Hong Kong Global Billion Access Investments Limited Logo Plus Limited $0.0 $1.2 - -

Nov-06-2015 Eastport Holdings, LLC MARC USA|Results:Digital $42.0 - - -

Nov-06-2015 Synopsys Inc. (NasdaqGS:SNPS) Protecode Inc. - - - -

Nov-06-2015 CLARANET SAS Runiso SAS - - - -

Nov-07-2015 American Homeowner Preservation LLC; Patch of Land, Inc.; Peer Realty, L Tycoon Real Estate Corporation - - - -

Nov-08-2015 Fat Unicorn fishrod ltd. - - - -

Nov-09-2015 Global Medical Treatment Ltd. Emergency Dentech Ltd. - - - -

Nov-09-2015 Bruin Sports Capital LLC Engine Shop, LLC - - - -

Nov-09-2015 VAUDE Sport GmbH & Co. KG Epic Peaks GmbH - - - -

Nov-09-2015 NMG Consulting Limited Flaspohler Research Group, Inc. - - - -

Nov-09-2015 Benevity, Inc. GrantStream Inc. - - - -

Nov-09-2015 Fairway Outdoor Advertising, LLC Hall Outdoor Advertising, Inc. - - - -

Nov-09-2015 CGM SYSTEMA Deutschland GmbH LMZ Soft AG - - - -

Nov-09-2015 iProv, LLC Lucky Mule Marketing Partners - - - -

Nov-09-2015 Perkins+Will, Inc. Portland Design Associates Ltd. - - - -

Nov-09-2015 Ingate Digital Agency Russian Promo Company - - - -

Nov-09-2015 Autodata Publishing Group Limited S.F.T.A. Autodata - - - -

Nov-09-2015 Personify Inc Small World Labs, Inc. - - - -

Nov-09-2015 Deliv, Inc. Zipments Corp. - - - -

Nov-10-2015 RhodeCode, Inc. Appenlight - - - -

Nov-10-2015 Sigma Designs, Inc. (NasdaqGS:SIGM) Bretelon, Inc. - $21.9 - -

Nov-10-2015 ive group Australia Pty Ltd Digital Logic Marketing Solutions Pty Ltd - - - -

Nov-10-2015 Outerwall Inc. (NasdaqGS:OUTR) Gazelle, Inc., Certain Assets and Liabilities - $18.0 - -

Nov-10-2015 National United Resources Holdings Limited (SEHK:254) Million Fortune International Investment Limited - $51.6 - -

Nov-10-2015 Plus8 Global Ventures, Ltd. (CNSX:PGT) ParcelPal - - - -

Nov-10-2015 Zebra Imaging, Inc. Rattan Software, Inc. - - - -

Nov-10-2015 - Sprint.ly, Inc. - - - -

Nov-10-2015 Phoenix Tower International LLC T-Mobile US, Inc., 600 Wireless Communication Tower Sites - - - -

Nov-10-2015 SPS (EU) Limited The Encapsulating Company Ltd - - - -

Nov-10-2015 BioTrust ID B.V. VoiceTrust GmbH - - - -

Nov-11-2015 New Game Technologies, Inc. adaptiv.io, Inc. - - - -

Nov-11-2015 arvato AG Art-Divine GmbH - - - -

Nov-11-2015 Mergermarket Limited C6 Intelligence Information Systems Limited - - - -

Nov-11-2015 C Cheng Holdings Limited (SEHK:1486) Cfu Come Limited - $3.1 - -

Nov-11-2015 Indian Grahak.com Dyscover Zypmore Technologies LLP - - - -

Nov-11-2015 Unity Technologies, Inc. Engine Room Games Limited - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Nov-17-2015 Tradesy, Inc. Shop-Hers, Inc. - - - -

Nov-17-2015 TrekkSoft AG TripClocker Limited - - - -

Nov-18-2015 Evolution1, Inc. Benaissance LLC $13.3 $80.0 6.0x -

Nov-18-2015 CBRE Group, Inc. (NYSE:CBG) Forum Analytics, LLC - - - -

Nov-18-2015 New Horizon Communications Corp. Get the Message Pty Ltd - - - -

Nov-18-2015 Premista Reponse Financement SAS - - - -

Nov-18-2015 Lightspeed POS Inc. SEOshop Group B.V. - - - -

Nov-18-2015 Innovative Mobile Solutions Limited Sistemas Informaticos Espabit S.L. - - - -

Nov-18-2015 MediaMath, Inc. Spree7 GmbH - - - -

Nov-18-2015 Clearlake Capital Group, L.P. Syncsort Incorporated - - - -

Nov-18-2015 August Equity LLP Wax Digital Limited - - - -

Nov-19-2015 VCCP Media AdConnection Ltd - - - -

Nov-19-2015 Panoptic Media Marketing Inc. AMERICA's Media Marketing, Inc - - - -

Nov-19-2015 OpenHouse Realty, Inc. fypio - - - -

Nov-19-2015 Velocity Mobile Limited Leanmobile Limited - - - -

Nov-19-2015 Cologix, Inc. Net Access Corporation - - - -

Nov-19-2015 Greenhouse Software, Inc. Parklet Inc. - - - -

Nov-19-2015 News Life Media Pty Ltd Primped.com.au - - - -

Nov-19-2015 Intelligent NV Sentia B.V. - - - -

Nov-19-2015 Financial Gravity (Holdings) Inc. TaxCoach Software, LLC - - - -

Nov-19-2015 Envestnet, Inc. (NYSE:ENV) Yodlee, Inc. $98.6 $541.7 5.5x -

Nov-20-2015 UL LLC Acquirer Systems Ltd. - - - -

Nov-20-2015 Cal Net Technology Group, Inc. Alpha Actual LLC - - - -

Nov-20-2015 Progenics Pharmaceuticals, Inc. (NasdaqGS:PGNX) EXINI Diagnostics AB (publ) $1.1 $7.1 6.3x -

Nov-20-2015 Chatbooks Inc. Guesterly LLC - - - -

Nov-20-2015 Emerging Markets Investment Fund 1A Hermes I Tickets (P) Ltd - - - -

Nov-20-2015 Zuercher Technologies, LLC Law Enforcement Technology Group, Inc. - - - -

Nov-20-2015 Elisa Oyj (HLSE:ELI1V) ZEF Ltd., Livezhat - - - -

Nov-23-2015 FocusVision Worldwide, Inc. 24Tru, Inc. - - - -

Nov-23-2015 NumberMall Private Limited BankSmarts - - - -

Nov-23-2015 Open Text Corporation (NasdaqGS:OTEX) Daegis Inc. $23.7 $20.8 0.9x 24.7x

Nov-23-2015 Datetix Group Ltd. (ASX:DTX) Enverro Limited. $0.8 - - -

Nov-23-2015 Mobify Research and Development, Inc. Jeapie - - - -

Nov-23-2015 Mad Mobile Inc. KidoZen, Inc. - - - -

Nov-23-2015 LexisNexis Group Inc. Lex Machina, Inc. - - - -

Nov-23-2015 GSI Technology Inc. (NasdaqGS:GSIT) MikaMonu Group Ltd. - $7.5 - -

Nov-23-2015 The NPD Group, Inc. Minority Stake in NPD Intelect, Sports Tracking Europe, and Oz Toys Marketing Services - - - -

Nov-23-2015 GfK SE (XTRA:GFK) Minority Stake in Six Companies - - - -

Nov-23-2015 iMapData Inc. PlanetRisk, Inc. - - - -

Nov-23-2015 Senior Solution S.A. (BOVESPA:SNSL3) Pleno - Tecnologia & Sistemas Ltda. $0.6 $0.8 1.2x -

Nov-24-2015 Vanguard Public Affairs, Inc. 834 Design & Marketing LLC - - - -

Nov-24-2015 Wirecard AG (XTRA:WDI) Contigua GmbH - - - -

Nov-24-2015 Apple Inc. (NasdaqGS:AAPL) Faceshift AG - - - -

Nov-24-2015 - First Edge Solutions, Inc. - $2.9 - -

Nov-24-2015 Nuuvem GANK - - - -

Nov-24-2015 Zoomd Ltd. SphereUp, Ltd. - $1.8 - -

Nov-24-2015 Clique Media, Inc. Wantering - - - -

Nov-24-2015 Motorsport.com, Inc. Wildsoft F1 - - - -

Nov-24-2015 TrouveMoiUnPro Inc. Zoomission.com - - - -

Nov-25-2015 iModules Software, Inc. Campus Labs, LLC - $91.0 - -

Nov-25-2015 MenschDanke GmbH DailyDeal GmbH - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Nov-25-2015 QBNK Holding AB (publ) (XSAT:QBNK) Exigus AB - $0.4 - -

Nov-25-2015 North Port Events Ltd. Hannah & Associates Exhibitions Ltd, Waikato Home & Garden Show - - - -

Nov-25-2015 Blue Cross Blue Shield of Michigan, Inc. ikaSystems Corporation - - - -

Nov-25-2015 Adrinau 2002, Sociedad Limitada Unipersonal J Sabates I Associats SL - - - -

Nov-25-2015 SAITOW Beteiligungs GmbH K3 Net Solutions GmbH - - - -

Nov-25-2015 The Descartes Systems Group Inc (TSX:DSG) Oz DEVELOPMENT, Inc. - $29.5 - -

Nov-25-2015 Perk.com Inc. (TSX:PER) Playerize Networks Inc. $8.4 $2.5 0.3x -

Nov-25-2015 Shenzhen Mindata Holding Co., Ltd. (SZSE:002137) Shanghai Lixuan Advertising Co., Ltd. $3.1 $11.3 3.6x -

Nov-25-2015 VASCO Data Security International Inc. (NasdaqCM:VDSI) Silanis Technology Inc. $15.4 $85.0 5.5x -

Nov-25-2015 Data Cloud Inc. Web Hosting Solutions Ltd - $0.1 - -

Nov-26-2015 City Network Hosting AB Fragnet Networks AB $1.1 - - -

Nov-26-2015 Reed Exhibitions Limited Legend Exhibitions Ltd - - - -

Nov-26-2015 Exponent Private Equity LLP LivingSocial, Inc., UK and Ireland Operations - - - -

Nov-26-2015 Genossenschaft GGA Maur mhs@internet AG - - - -

Nov-26-2015 Xtek Limited (ASX:XTE) Simmersion Holdings Pty Limited - $0.0 - -

Nov-27-2015 BTS Group Holdings Public Company Limited (SET:BTS) 51% Stake in ASK Broker Association Co., Ltd. And 51% Stake In ASK Direct Co., Ltd. - - - -

Nov-27-2015 The Mission Marketing Group plc (AIM:TMMG) Chapter Agency Limited - $5.0 - -

Nov-27-2015 NCC Group (Solutions) Limited Fox-IT Group B.V. $29.0 $140.6 4.9x -

Nov-30-2015 Chersoft Ltd. AtoBviaC Ltd - - - -

Nov-30-2015 Antuit Pte. Ltd. AuriQ Systems Co., Ltd. - - - -

Nov-30-2015 Bisnode Business Information Group AB Bonitetna Hisa I., D.O.O. and Bonline D.O.O. and Rating D.O.O. $1,301.6 - - -

Nov-30-2015 H.I.G. Capital, LLC Constructive Media, LLC - - - -

Nov-30-2015 Mobify Research and Development, Inc. Dónde Inc. - - - -

Nov-30-2015 HgCapital; HgCapital Trust plc (LSE:HGT) EidosMedia S.p.A. $42.3 - - -

Nov-30-2015 - El Crepusculo Inc., Sangre de Cristo Chronicle Online Newspaper - - - -

Nov-30-2015 LabX Media Group Inc. Expositions Biotech Connect, Inc. - - - -

Nov-30-2015 SmartShow Limited Feathr, Mobile apps Portfolio for Events Business - - - -

Nov-30-2015 CPA Global Limited Innography, Inc. - - - -

Nov-30-2015 Polaris Capital Group Co., Ltd. LYKAON Co., Ltd. - - - -

Nov-30-2015 Wingify Software Pvt Ltd Navilytics - - - -

Nov-30-2015 IS Group BV Net Ground B.V. - - - -

Nov-30-2015 Over the Wire Holdings Limited (ASX:OTW) Sanity Holdings Pty. Ltd. $1.0 $2.7 2.7x -

Nov-30-2015 Mosaik Solutions, Inc. Sensorly SAS - - - -

Nov-30-2015 Talkweb Information System Co.,Ltd. (SZSE:002261) Shandong Changzheng EducationTechnology Co., Ltd. - - - -

Nov-30-2015 Fidelity National Information Services, Inc. (NYSE:FIS) SunGard Data Systems Inc. $2,841.0 $9,337.0 3.3x 15.9x

Nov-30-2015 - The Jeffery Group Ltd. - - - -

Acquirer


SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Software Index: All Categories

Market Cap EV

TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

SEG Software Index $2,837.9 $2,637.5 $721.1 67.5% 18.6% 6.5% 2.9x 15.5x 2.7x 11.5x 6.7%

Billing & Service Management $1,168.2 $1,253.3 $551.8 59.3% 23.9% -0.4% 1.7x 9.7x 1.8x 7.4x -9.2%

Business Intelligence $2,257.5 $2,096.0 $595.8 75.4% 17.2% 10.1% 3.1x 16.3x 2.8x 14.7x 2.7%

Development Platforms $1,204.7 $1,130.7 $377.6 75.4% 18.6% 11.5% 2.2x 8.5x 2.5x 8.2x 10.5%

Engineering & PLM $4,127.6 $4,522.3 $1,255.2 84.1% 22.4% 7.5% 3.6x 17.6x 3.6x 11.1x 14.2%

Enterprise Resource Planning $9,524.2 $10,154.0 $2,172.2 59.0% 27.1% 6.1% 4.1x 15.2x 4.0x 12.9x 14.7%

Financial & Accounting $2,960.0 $3,511.9 $1,027.6 55.7% 22.6% 4.7% 3.8x 16.2x 3.9x 13.7x 11.8%

Gaming $3,162.5 $3,079.8 $1,675.3 68.8% 9.2% 3.8% 2.1x 16.8x 1.9x 11.8x 48.9%

Healthcare $1,861.2 $2,658.8 $764.2 51.8% 14.2% 10.4% 2.5x 15.0x 2.1x 11.8x 1.1%

IT Conglomerates $135,252.8 $152,753.6 $83,795.0 59.0% 32.2% -3.5% 4.1x 10.0x 4.0x 8.6x -10.9%

Mobile Solutions/Content $496.2 $500.9 $366.5 56.7% 4.4% 17.3% 1.7x 18.9x 1.5x 9.4x -17.8%

Networking & Network Performance Mgmt $1,015.8 $802.5 $308.6 75.5% 18.0% 4.9% 2.5x 11.9x 2.3x 8.4x -19.0%

Security $1,237.2 $1,172.8 $249.8 74.7% 3.8% 16.2% 3.7x 13.1x 4.2x 13.6x 12.1%

Storage, Data Mgmt & Integration $7,644.3 $5,716.6 $2,263.5 80.1% 11.3% 2.8% 2.1x 8.9x 2.3x 7.2x -13.9%

Systems Management $12,063.4 $11,854.4 $2,597.5 84.9% 24.5% 12.9% 4.5x 18.6x 2.9x 9.8x -5.2%

Vertical - Finance $6,519.9 $6,967.9 $1,053.2 42.9% 32.7% 6.6% 4.9x 14.0x 4.6x 13.0x 29.5%

Vertical - Other $2,797.1 $3,022.5 $478.1 47.3% 14.9% 12.5% 4.9x 29.7x 4.2x 19.0x 48.2%

TTM Revenue Growth 6.5%

TTM EBITDA Growth 5.7%

TTM Earnings Growth -9.5%

Gross Profit Margin 67.5%

EBITDA Margin 18.6%

Net Income Margin -17.6%

SG&A Expenses as a % of Total Revenue 55.8%

R&D Expenses as a % of Total Revenue 18.3%

Current Ratio 2.0

Quick Ratio 1.8

Cash as Percent of Market Cap 10.8%

Avg Days Outstanding: Accounts Receivable 65

Avg Days Outstanding: Accounts Payable 26

Working Capital to TTM Operating Expense Ratio 0.3x

Levered FCF Margin 5.4%

Cash from Operations Growth (YoY) 32.1%

Cash from Investing Growth (YoY) -37.7%

Cash from Financing Growth (YoY) 0.0%

Levered FCF Growth (YoY) 42.5%

Copyright © 2015 by SEG Capital Advisors, L.L.C., All Rights Reserved December 2015 Monthly Flash Report

Category Name

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

-15%

-10%

-5%

0%

5%

10%

15%

20%

SEG SW Index Software Stock Market Return: January - November 2015

DOW S&P NASDAQ SEG SW Index

SEG Software Index Category: Billing and Service Management

Company Name Ticker Market Cap EV

TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Amdocs Limited DOX $8,693.3 $7,559.3 $3,643.5 35.5% 19.3% 2.2% 2.1x 10.7x 2.0x 9.6x 22.8%

CSG Systems International CSGS $1,168.2 $1,253.3 $748.9 48.8% 17.5% -0.4% 1.7x 9.5x 1.6x 6.8x 48.6%

Evolving Systems EVOL $66.0 $66.6 $26.1 75.6% 23.9% -8.9% 2.6x 10.7x 2.1x 8.5x -35.4%

MIND C.T.I. MNDO $52.4 $36.0 $22.6 59.3% 34.1% -4.1% 1.6x 4.7x n/a n/a -25.2%

NeuStar NSR $1,336.0 $1,761.6 $1,022.2 74.2% 39.9% 7.7% 1.7x 4.3x 1.5x 3.5x -9.2%

Redknee Solutions RKN $284.3 $246.3 $222.7 58.6% 11.4% -13.6% 1.1x 9.7x 1.0x 6.7x -18.2%

Synchronoss Technologies SNCR $1,737.2 $1,770.3 $551.8 59.3% 28.5% 30.1% 3.2x 11.3x 2.7x 8.0x -5.1%

Median: $1,168.2 $1,253.3 $551.8 59.3% 23.9% -0.4% 1.7x 9.7x 1.8x 7.4x -9.2%

TTM Revenue Growth -0.4%


TTM Earnings Growth 21.8%


EBITDA Margin 23.9%

Net Income Margin 12.2%



Current Ratio 2.5

Quick Ratio 2.3








Cash from Financing Growth (YoY) -43.2%






-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Billing and Service Management Software Stock Market Return: January - November 2015

Billing & Service Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Business Intelligence


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Fair Isaac FICO $2,960.0 $3,481.9 $838.8 67.7% 22.6% 6.3% 4.2x 18.4x 4.0x 15.2x 32.1%

MicroStrategy MSTR $1,970.3 $1,513.4 $535.2 79.6% 26.2% -10.3% 2.8x 10.8x 2.8x 8.9x 6.3%

Pegasystems PEGA $2,257.5 $2,033.5 $647.3 68.1% 12.6% 12.7% 3.1x 25.0x 2.8x 19.5x 45.7%

Progress Software PRGS $1,204.7 $1,130.7 $377.6 87.6% 19.2% 13.5% 3.0x 15.6x 2.7x 8.1x -10.3%

PROS Holdings PRO $730.2 $687.7 $180.1 66.4% -16.6% 5.4% 3.8x n/a 4.2x n/a -7.2%

Qlik Technologies QLIK $2,958.7 $2,637.5 $590.0 85.7% 0.5% 10.1% 4.5x 984.5x 3.8x 38.1x 2.7%

Software AG XTRA:SOW $2,093.8 $2,096.0 $963.0 75.4% 28.6% -2.2% 2.2x 7.6x 2.3x 8.2x 10.5%

Splunk SOW $7,644.3 $6,695.7 $595.8 83.2% -41.5% 47.7% 11.2x n/a 8.5x 125.5x 1.2%

Teradata NYSE:TDC $3,978.0 $3,814.0 $2,572.0 51.9% 17.2% -6.1% 1.5x 8.6x 1.6x 6.3x -32.0%

Varonis Systems TDC $459.8 $354.8 $117.1 90.2% -17.8% 25.5% 3.0x n/a 2.4x n/a -46.1%

Verisk VRSK $12,698.7 $15,724.6 $1,972.3 60.8% 46.8% 16.1% 8.0x 17.1x 6.8x 14.7x 17.2%

Median: $2,257.5 $2,096.0 $595.8 75.4% 17.2% 10.1% 3.1x 16.3x 2.8x 14.7x 2.7%


TTM EBITDA Growth -30.5%



EBITDA Margin 17.2%




Current Ratio 1.8

Quick Ratio 1.6














-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Business Intelligence Software Stock Market Return: January - November 2015

Business Intelligence S&P NASDAQ SEG SW Index

SEG Software Index Category: Development Platforms


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

BSQUARE BSQR $89.3 $60.0 $107.2 19.0% 6.6% 11.5% 0.6x 8.5x n/a n/a 64.2%

Magic Software Enterprises MGIC $241.2 $173.6 $170.7 36.9% 17.2% 4.7% 1.0x 5.9x 0.9x n/a -6.4%

Progress Software PRGS $1,204.7 $1,130.7 $377.6 87.6% 19.2% 13.5% 3.0x 15.6x 2.7x 8.1x -10.3%

Red Hat RHT $14,882.0 $14,434.2 $1,972.7 84.9% 18.6% 14.3% 7.3x 39.2x 6.6x 24.8x 18.0%

Software AG XTRA:SOW $2,093.8 $2,096.0 $963.0 75.4% 28.6% -2.2% 2.2x 7.6x 2.3x 8.2x 10.5%

Median: $1,204.7 $1,130.7 $377.6 75.4% 18.6% 11.5% 2.2x 8.5x 2.5x 8.2x 10.5%





EBITDA Margin 18.6%




Current Ratio 1.6

Quick Ratio 1.5







Cash from Investing Growth (YoY) 21.3%







-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Development Platforms Software Stock Market Return: January - November 2015

Development Platforms S&P NASDAQ SEG SW Index

SEG Software Index Category: Engineering & PLM


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

ANSYS ANSS $8,295.0 $7,518.0 $945.5 88.2% 45.6% 3.0% 8.0x 17.4x 7.5x 15.2x 14.2%

Aspen Technology AZPN $3,660.4 $3,478.9 $453.6 88.9% 43.1% 10.4% 7.7x 17.8x 7.3x 15.7x 25.5%

Autodesk ADSK $14,356.9 $13,559.5 $2,520.4 85.5% 6.8% 3.5% 5.4x 79.4x 6.1x n/a 6.6%

Cadence Design Systems CDNS $6,634.2 $6,271.7 $1,684.1 86.0% 23.7% 9.7% 3.7x 15.7x 3.5x 11.1x 18.4%

Dassault Systèmes DSY $20,166.2 $18,887.7 $3,031.3 84.1% 26.5% 24.2% 6.2x 23.5x 5.9x 17.1x 30.6%

GSE Systems GVP $33.1 $20.3 $55.7 25.1% -1.0% 50.2% 0.4x n/a n/a n/a 18.6%

Mentor Graphics MENT $2,195.7 $2,176.5 $1,282.8 85.6% 22.4% 6.4% 1.7x 7.6x 1.9x 9.7x -13.4%

Parametric Technology PTC $4,127.6 $4,522.3 $1,255.2 73.3% 20.2% -7.5% 3.6x 17.8x 3.7x 13.4x -0.9%

PDF Solutions PDFS $350.5 $224.2 $100.0 61.6% 27.3% -1.2% 2.2x 8.2x 2.1x 6.5x -23.9%

Stratasys SSYS $1,300.8 $1,041.1 $739.7 46.0% 3.4% 7.5% 1.4x 41.7x 1.5x 9.5x -69.2%

Synopsys SNPS $7,809.8 $6,899.4 $2,242.2 81.8% 18.4% 9.0% 3.1x 16.7x 2.9x 10.3x 16.2%

Median: $4,127.6 $4,522.3 $1,255.2 84.1% 22.4% 7.5% 3.6x 17.6x 3.6x 11.1x 14.2%





EBITDA Margin 22.4%




Current Ratio 1.9

Quick Ratio 1.7






Cash from Operations Growth (YoY) -8.7%



Levered FCF Growth (YoY) -7.9%





-15%

-10%

-5%

0%

5%

10%

15%

20%

Engineering & PLM Software Stock Market Return: January - November 2015

Engineering & PLM S&P NASDAQ SEG SW Index

SEG Software Index Category: Enterprise Resource Planning


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

American Software AMSW.A $296.4 $230.8 $111.4 51.4% 13.7% 11.6% 2.1x 15.2x 2.0x 11.2x 20.3%

Oracle ORCL $166,192.6 $152,753.6 $37,473.0 59.0% 40.6% -3.5% 4.1x 10.0x 4.0x 8.6x -10.9%

QAD QADA $425.1 $313.2 $288.2 55.3% 6.9% -0.3% 1.1x 15.7x 1.1x 13.2x 2.0%

Sage Group LSE:SGE $9,524.2 $10,154.0 $2,172.2 94.0% 27.1% 6.1% 4.7x 17.3x 4.7x 15.6x 25.9%

SAP DB:SAP $94,270.1 $100,280.3 $22,217.5 70.7% 32.2% 15.7% 4.5x 14.0x 4.5x 12.9x 14.7%

Median: $9,524.2 $10,154.0 $2,172.2 59.0% 27.1% 6.1% 4.1x 15.2x 4.0x 12.9x 14.7%





EBITDA Margin 27.1%




Current Ratio 1.8

Quick Ratio 1.6














-15%

-10%

-5%

0%

5%

10%

15%

20%

Enterprise Resource Planning Software Stock Market Return: January - November 2015

Enterprise Resource Planning S&P NASDAQ SEG SW Index

SEG Software Index Category: Financial & Accounting


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

ACI Worldwide ACIW $2,781.4 $3,511.9 $1,027.6 54.6% 19.3% 1.8% 3.4x 17.7x 3.2x 12.4x 19.3%

Bottomline Technologies EPAY $1,152.8 $1,187.2 $332.4 57.8% 13.0% 5.6% 3.6x 27.4x 3.2x 15.0x 21.9%

DST Systems DST $4,231.4 $4,844.1 $2,808.3 15.6% 14.6% 3.6% 1.7x 11.8x 2.3x 11.0x 30.7%

Evertec EVTC $1,307.1 $1,937.8 $370.8 56.3% 42.0% 2.5% 5.2x 12.4x 5.1x 10.3x -20.2%

Fair Isaac FICO $2,960.0 $3,481.9 $838.8 67.7% 22.6% 6.3% 4.2x 18.4x 4.0x 15.2x 32.1%

First Data Corp FDC $15,106.6 $39,012.6 $7,722.0 59.9% 33.8% 3.5% 5.1x 14.9x 3.8x 13.6x 6.7%

Fiserv FISV $21,994.6 $25,920.6 $5,202.0 44.3% 30.8% 3.8% 5.0x 16.2x 4.7x 13.9x 36.3%

Intuit INTU $26,453.2 $26,829.2 $4,293.0 83.6% 27.2% 1.4% 6.2x 23.0x 5.8x 15.8x 11.1%

Model N MODN $310.4 $219.4 $93.8 55.7% -16.1% 14.7% 2.3x n/a 2.1x n/a 9.6%

NetSol Technologies NETSOL $37.9 $43.1 $34.0 25.6% 19.3% 51.2% 1.3x 6.6x n/a n/a 11.8%

Sage Group LSE:SGE $9,524.2 $10,154.0 $2,172.2 94.0% 27.1% 6.1% 4.7x 17.3x 4.7x 15.6x 25.9%

Square SQ $3,997.2 $4,338.1 $1,143.7 29.1% -8.3% n/a 3.8x n/a 2.7x n/a -7.9%

Qiwi QIWI $1,119.9 $880.5 $259.1 52.5% 29.9% 22.8% 3.4x 11.4x 4.6x 8.4x -6.3%

Median: $2,960.0 $3,511.9 $1,027.6 55.7% 22.6% 4.7% 3.8x 16.2x 3.9x 13.7x 11.8%





EBITDA Margin 22.6%




Current Ratio 1.2

Quick Ratio 1.0














-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Financial & Accounting Software Stock Market Return: January - November 2015

Financial & Accounting S&P NASDAQ SEG SW Index

SEG Software Index Category: Healthcare


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Accretive Health AH $17,798.8 $19,019.0 $41,122.8 27.0% 6.1% 13.3% 0.5x 7.6x 0.5x 7.2x 26.6%

Allscripts Healthcare Solutions MDRX $2,878.7 $3,453.5 $1,381.6 46.7% 6.9% -0.5% 2.5x 36.3x 2.4x 12.6x 18.5%

Cerner CERN $20,389.5 $20,555.6 $4,103.4 84.1% 27.6% 29.0% 5.0x 18.1x 4.2x 12.5x -8.3%

Computer Programs and Sys CPSI $550.7 $512.2 $184.2 41.1% 19.1% -12.2% 2.8x 14.5x 2.7x 12.2x -14.8%

MedAssets MDAS $1,861.2 $2,658.8 $764.2 75.2% 28.5% 10.4% 3.3x 10.5x n/a n/a n/a

Omnicell OMCL $1,068.5 $1,010.8 $475.8 51.8% 14.2% 11.9% 2.1x 15.0x 1.8x 10.2x -6.3%

Quality Systems QSII $989.0 $878.2 $499.3 55.4% 11.5% 8.0% 1.8x 15.4x 1.7x 11.4x 8.5%

Median: $1,861.2 $2,658.8 $764.2 51.8% 14.2% 10.4% 2.5x 15.0x 2.1x 11.8x 1.1%





EBITDA Margin 14.2%




Current Ratio 2.0

Quick Ratio 1.5














-15%

-10%

-5%

0%

5%

10%

15%

20%

Healthcare Software Stock Market Return: January - November 2015

Healthcare S&P NASDAQ SEG SW Index

SEG Software Index Category: Gaming


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Activision Blizzard ATVI $27,536.4 $27,095.4 $4,887.0 65.7% 32.8% 12.3% 5.5x 16.9x 5.5x 15.5x 89.0%

Electronic Arts EA $21,069.7 $18,916.7 $4,329.0 71.9% 26.3% 4.7% 4.4x 16.6x 4.0x 11.9x 44.6%

GameLoft SA GFT $519.2 $482.6 $271.2 83.2% 2.9% 3.5% 1.8x 61.7x 1.8x 18.8x 54.8%

Konami TSE: 9766 $3,240.6 $2,905.2 $1,897.2 34.8% 15.6% 4.0% 1.5x 9.8x 1.4x 8.1x 27.6%

Take-Two Interactive TTWO $2,993.1 $2,416.0 $1,453.5 28.9% -10.0% -37.1% 1.7x n/a 1.8x 11.8x 25.9%

Ubisoft Entertainment UBI $3,084.3 $3,254.5 $1,324.6 76.1% -7.7% -0.9% 2.5x n/a 2.0x 5.3x 53.2%

Median: $3,162.5 $3,079.8 $1,675.3 68.8% 9.2% 3.8% 2.1x 16.8x 1.9x 11.8x 48.9%





EBITDA Margin 9.2%




Current Ratio 1.7

Quick Ratio 1.4














-20%

-10%

0%

10%

20%

30%

40%

Gaming Software Stock Market Return: January - November 2015

Gaming S&P NASDAQ SEG SW Index

SEG Software Index Category: IT Conglomerates


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Hewlett Packard HPQ $22,549.7 $30,164.7 $103,355.0 24.0% 11.8% -7.3% 0.3x 2.5x 0.6x 6.9x -28.6%

IBM IBM $135,252.8 $165,501.8 $83,795.0 50.3% 25.6% -12.8% 2.0x 7.7x 2.1x 7.5x -11.2%

Microsoft MSFT $434,143.1 $373,587.1 $90,758.0 64.8% 35.7% -0.8% 4.1x 11.5x 4.0x 10.5x 19.4%

Oracle ORCL $166,192.6 $152,753.6 $37,473.0 59.0% 40.6% -3.5% 4.1x 10.0x 4.0x 8.6x -10.9%

SAP AG DB:SAP $94,270.1 $100,280.3 $22,217.5 70.7% 32.2% 15.7% 4.5x 14.0x 4.5x 12.9x 14.7%

Median: $135,253 $152,754 $83,795.0 59.0% 32.2% -3.5% 4.1x 10.0x 4.0x 8.6x -10.9%

TTM Revenue Growth -3.5%




EBITDA Margin 32.2%




Current Ratio 1.2

Quick Ratio 1.1














-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

IT Conglomerates Software Stock Market Return: January - November 2015

IT Conglomerates S&P NASDAQ SEG SW Index

SEG Software Index Category: Mobile Solutions/Content


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Bango PLC BGO $94.1 $88.8 $5.9 32.7% -129.3% -48.3% 15.0x n/a n/a n/a -18.5%

iDream Sky Technologies DSKY $548.7 $449.4 $223.8 39.9% 1.3% n/a 2.0x 153.6x 1.4x 6.4x -26.2%

King Digital Entertainment KING $5,614.8 $4,507.4 $2,012.6 68.4% n/a -11.3% n/a n/a n/a n/a n/a

Glu Mobile GLUU $443.8 $261.4 $261.7 60.0% 5.3% 41.4% 1.0x 18.9x 1.1x n/a -16.5%

Gree TSE:3632 $1,138.5 $552.4 $721.1 71.8% 26.3% -25.4% 0.8x 2.9x 1.0x 4.3x -17.0%

Millennial Media MM $35.8 $673.5 $477.1 52.3% 17.8% -4.4% 1.4x 7.9x 1.5x 6.6x -54.3%

MobileIron MOBL $348.5 $250.5 $144.0 81.2% -56.3% 17.3% 1.7x n/a 1.5x n/a -56.0%

Momo MOMO $2,126.6 $1,680.9 $113.1 77.1% 4.2% 296.5% 14.9x 354.5x 5.8x 10.7x 3.9%

Myriad Group AG MYRN $314.9 $273.9 $36.0 87.6% 20.7% -17.3% 7.6x 36.7x n/a n/a -33.3%

NQ Mobile NQ $376.4 $431.7 $368.9 24.8% -4.0% 18.8% 1.2x n/a 1.6x n/a -1.6%

Opera OPERA $904.8 $981.6 $576.8 35.0% 16.1% 38.7% 1.7x 10.6x 1.5x 7.6x -53.4%

Qihoo 360 Technology QIHU $8,755.3 $9,242.8 $1,630.3 77.2% 27.0% 64.2% 5.7x 21.0x 4.0x 13.0x 13.7%

Pandora Media P $2,945.2 $2,581.6 $1,095.9 47.5% -3.4% 26.0% 2.4x n/a 1.9x 34.9x -22.2%

Synchronoss Technologies SNCR $1,737.2 $1,770.3 $551.8 59.3% 28.5% 30.1% 3.2x 11.3x 2.7x 8.0x -5.1%

Tangoe TNGO $339.1 $307.6 $219.4 54.1% 4.4% 5.7% 1.4x 31.9x 1.3x 16.4x -32.1%

TeleCommunication Systems TSYS $309.7 $401.6 $364.1 39.1% 9.7% 5.5% 1.1x 11.3x n/a n/a n/a

TeleNav TNAV $290.5 $178.7 $169.3 49.1% -19.3% 20.1% 1.1x n/a 1.0x n/a 6.8%

Zynga ZNGA $2,407.1 $1,337.3 $771.5 70.7% -2.1% 14.4% 1.7x n/a 1.8x 26.5x -5.5%

Median: $496 $501 $366.5 56.7% 4.4% 17.3% 1.7x 18.9x 1.5x 9.4x -17.8%





EBITDA Margin 4.4%




Current Ratio 3.4

Quick Ratio 3.1





Levered FCF Margin -3.3%









-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Mobile Solutions/Content Software Stock Market Return: January - November 2015

Mobile Solutions/Content S&P NASDAQ SEG SW Index

SEG Software Index Category: Networking/Network Performance Mgmt


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

A10 Networks ATEN $488.3 $387.8 $187.5 75.5% -18.0% 6.2% 2.1x n/a 1.8x n/a 69.8%

Allot Communications ALLT $177.1 $54.2 $105.2 70.9% -3.3% -7.6% 0.5x n/a 0.5x 6.8x -42.5%

Barracuda Networks CUDA $1,015.8 $802.5 $308.6 78.6% 1.1% 16.2% 2.6x 227.4x 2.3x 9.1x -45.6%

Brocade BRCD $3,884.7 $3,239.6 $2,263.5 67.5% 25.7% 2.4% 1.4x 5.6x 1.4x 5.3x -19.0%

Cisco Systems CSCO $138,323.2 $103,845.2 $49,598.0 60.5% 27.6% 4.9% 2.1x 7.6x 2.1x 7.4x 1.0%

F5 Networks FFIV $7,249.0 $6,474.6 $1,919.8 82.7% 31.0% 10.8% 3.4x 10.9x 3.2x 8.0x -21.0%

Gigamon GIMO $921.7 $735.4 $206.2 77.7% 6.1% 38.4% 3.6x 58.7x 3.0x 13.4x 51.8%

Juniper Networks JNPR $11,625.7 $11,590.9 $4,639.8 63.1% 21.0% -3.3% 2.5x 11.9x 2.3x 8.7x 36.2%

Radware RDWR $744.7 $653.0 $222.3 82.5% 18.0% 4.0% 2.9x 16.4x 3.0x 19.8x -24.5%

Median: $1,015.8 $802.5 $308.6 75.5% 18.0% 4.9% 2.5x 11.9x 2.3x 8.4x -19.0%





EBITDA Margin 18.0%




Current Ratio 2.2

Quick Ratio 1.9














December 2015 Monthly Flash Report

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Networking/Network Performance Mgmt Software Stock Market Return: January - November 2015

Networking & Network Performance Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Security


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

A10 Networks ATEN $488.3 $387.8 $187.5 75.5% -18.0% 6.2% 2.1x n/a 1.8x n/a 69.8%

AVG Technologies AVG $1,103.8 $1,224.8 $419.0 85.1% 29.1% 11.5% 2.9x 10.0x 2.8x 7.7x 7.7%

Barracuda Networks CUDA $1,015.8 $802.5 $308.6 78.6% 1.1% 16.2% 2.6x 227.4x 2.3x 9.1x -45.6%

Cyberark Software CYBR $1,370.5 $1,120.8 $145.7 86.0% 22.7% 67.9% 7.7x 33.9x 6.0x 28.9x 11.3%

Check Point Software Tech CHKP $15,786.8 $14,487.7 $1,592.4 88.4% 52.9% 8.9% 9.1x 17.2x 8.4x 15.0x 11.3%

Cyren CYRN $75.4 $60.9 $28.5 70.9% -10.4% -11.9% 2.1x n/a 1.9x n/a 12.9%

Fortinet FTNT $6,204.9 $5,296.8 $936.7 71.4% 6.6% 29.4% 5.7x 86.3x 4.5x 26.0x 17.0%

Guidance Software GUID $186.7 $168.8 $107.6 66.5% -4.3% -0.7% 1.6x n/a 1.6x n/a -13.0%

Imperva IMPV $2,345.5 $2,091.7 $213.0 79.3% -22.5% 37.1% 9.8x n/a 7.7x 181.8x 54.0%

Palo Alto Networks PANW $16,094.2 $15,825.2 $1,033.0 73.2% -10.5% 56.0% 15.3x n/a 11.1x 46.7x 54.3%

Proofpoint PFPT $2,960.8 $2,885.2 $246.7 67.7% -20.0% 36.8% 11.7x n/a 9.0x n/a 54.5%

Rapid7 RPD $712.5 $588.5 $99.6 73.9% -27.5% n/a 5.9x n/a 4.5x n/a -32.2%

Sourcefire FIRE $28.0 $26.8 $20.0 36.9% 15.5% 27.2% 1.3x 8.6x n/a n/a 129.9%

Symantec SYMC $13,226.8 $11,609.8 $6,239.0 83.2% 29.7% 15.2% 1.9x 6.3x 3.2x 9.0x -21.4%

Trend Micro TSE:4704 $5,560.8 $4,548.9 $1,026.1 82.4% 33.9% 9.3% 4.4x 13.1x 4.2x 12.2x 46.4%

VASCO VDSI $735.0 $551.0 $253.0 58.4% 22.4% 38.7% 2.2x 9.7x 2.4x 11.6x -31.6%

Median: $1,237.2 $1,172.8 $249.8 74.7% 3.8% 16.2% 3.7x 13.1x 4.2x 13.6x 12.1%





EBITDA Margin 3.8%




Current Ratio 1.8

Quick Ratio 1.7














-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Security Software Stock Market Return: January - November 2015

Security S&P NASDAQ SEG SW Index

SEG Software Index Category: Storage, Data Management & Integration


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Brocade BRCD $3,884.7 $3,239.6 $2,263.5 67.5% 25.7% 2.4% 1.4x 5.6x 1.4x 5.3x -19.0%

CA CA $12,333.0 $11,671.0 $4,096.0 85.4% 30.9% -6.1% 2.8x 9.2x 2.9x 7.2x -5.2%

Cisco Systems CSCO $138,323.2 $103,845.2 $49,598.0 60.5% 27.6% 4.9% 2.1x 7.6x 2.1x 7.4x 1.0%

CommVault Systems CVLT $1,856.8 $1,456.8 $583.6 85.9% 2.3% -4.9% 2.5x 108.3x 2.4x 17.6x -20.5%

EMC EMC $49,130.1 $50,443.1 $24,738.0 61.2% 21.0% 2.8% 2.0x 9.7x 2.0x 7.1x -13.9%

FalconStor Software FALC $79.5 $71.1 $51.0 80.1% 0.0% 3.8% 1.4x n/a n/a n/a 36.9%

NetApp NTAP $9,041.6 $5,716.6 $5,870.7 61.7% 11.3% -6.7% 1.0x 8.6x 1.0x 4.8x -24.5%

Splunk SPLK $7,644.3 $6,695.7 $595.8 83.2% -41.5% 47.7% 11.2x n/a 8.5x 125.5x 1.2%

Varonis Systems VRNS $459.8 $354.8 $117.1 90.2% -17.8% 25.5% 3.0x n/a 2.4x n/a -46.1%

Median: $7,644.3 $5,716.6 $2,263.5 80.1% 11.3% 2.8% 2.1x 8.9x 2.3x 7.2x -13.9%





EBITDA Margin 11.3%




Current Ratio 2.4

Quick Ratio 2.2















-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Storage, Data Management & Integration Software Stock Market Return: January - November 2015

Storage, Data Management & Integration S&P NASDAQ SEG SW Index

SEG Software Index Category: Systems Management


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

CA Technologies CA $12,333.0 $11,671.0 $4,096.0 85.4% 30.9% -6.1% 2.8x 9.2x 2.9x 7.2x -5.2%

Citrix Systems CTXS $11,793.7 $12,037.8 $3,222.3 85.0% 22.9% 4.2% 3.7x 16.3x 3.6x 11.8x 20.8%

Netscout Systems NTCT $3,281.3 $3,212.6 $604.1 71.6% 18.0% 39.1% 5.3x 29.6x 2.5x 9.8x -8.6%

Red Hat RHT $14,882.0 $14,434.2 $1,972.7 84.9% 18.6% 14.3% 7.3x 39.2x 6.6x 24.8x 18.0%

SolarWinds NYSE:SWI $4,311.6 $4,208.1 $485.9 89.2% 30.9% 19.3% 8.3x 20.9x n/a n/a n/a

VMWare VMW $25,854.8 $20,137.8 $6,481.0 84.5% 26.2% 11.4% 3.1x 11.9x 2.8x 8.4x -25.2%

Median: $12,063.4 $11,854.4 $2,597.5 84.9% 24.5% 12.9% 4.5x 18.6x 2.9x 9.8x -5.2%





EBITDA Margin 24.5%




Current Ratio 1.4

Quick Ratio 1.2














-15%

-10%

-5%

0%

5%

10%

15%

20%

Systems Management Software Stock Market Return: January - November 2015

Systems Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Finance


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Broadridge Financial BR $6,519.9 $6,967.9 $2,733.1 31.9% 21.2% 6.4% 2.5x 12.0x 2.4x 10.9x 22.5%

Fidessa FDSA $1,101.8 $1,009.0 $438.2 19.7% 17.2% 5.0% 2.3x 13.4x 2.3x 10.4x -19.9%

Jack Henry & Associates JKHY $6,344.8 $6,261.4 $1,276.3 42.9% 35.1% 6.6% 4.9x 14.0x 4.6x 13.0x 29.5%

MSCI MSCI $7,199.6 $7,785.0 $1,053.2 71.1% 43.6% 7.2% 7.4x 17.0x 6.9x 15.1x 48.9%

SS&C SSNC $7,324.6 $9,649.7 $900.1 46.8% 32.7% 20.1% 10.7x 32.8x 6.9x 15.6x 31.1%

Median: $6,519.9 $6,967.9 $1,053.2 42.9% 32.7% 6.6% 4.9x 14.0x 4.6x 13.0x 29.5%





EBITDA Margin 32.7%




Current Ratio 1.9

Quick Ratio 1.7















-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

Vertical - Finance Software Stock Market Return:January - November 2015

Vertical - Finance S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Other


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Blackbaud BLKB $2,797.1 $3,022.5 $614.9 51.7% 15.9% 12.5% 4.9x 31.0x 4.2x 19.0x 48.2%

Constellation TSX:CSU $9,112.9 $9,334.3 $1,766.5 36.6% 17.8% 12.5% 5.3x 29.7x 4.5x 17.7x 47.4%

EPIQ Systems EPIQ $507.6 $893.9 $478.1 50.6% 13.3% 4.7% 1.9x 14.1x 1.7x 7.7x -17.0%

Guidewire Software GWRE $4,240.3 $3,668.7 $383.1 61.7% 4.5% 5.4% 9.6x 212.5x 8.9x 49.7x 18.7%

Sapiens International SPNS $530.0 $481.3 $178.7 39.4% 14.9% 17.7% 2.7x 18.1x 2.4x 15.7x 50.6%

Silver Spring Networks SSNI $671.1 $549.6 $367.7 42.1% 7.9% 74.2% 1.5x 18.9x 1.8x 28.1x 64.8%

Tyler Technologies TYL $6,056.1 $5,808.3 $559.5 47.3% 22.6% 17.5% 10.4x 45.9x 8.1x 28.6x 65.5%

Median: $2,797.1 $3,022.5 $478.1 47.3% 14.9% 12.5% 4.9x 29.7x 4.2x 19.0x 48.2%





EBITDA Margin 14.9%




Current Ratio 1.7

Quick Ratio 1.6














-20%

-10%

0%

10%

20%

30%

40%

50%

60%

Vertical - Other Software Stock Market Return: January - November 2015

Vertical - Other S&P NASDAQ SEG SW Index

SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG SaaS Index: All Categories

Market Cap EV

TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

SEG SaaS Index $1,099.3 $1,006.6 $176.1 66.3% -8.1% 27.7% 6.2x 32.8x 4.8x 32.3x 4.1%

CRM & Marketing $1,310.7 $1,204.8 $193.9 67.3% -17.4% 28.0% 7.0x 134.1x 5.4x 49.6x -2.1%

ERP & Supply Chain $1,235.6 $1,112.7 $151.6 67.8% -8.3% 25.8% 7.3x 31.7x 6.2x 43.0x -10.1%

Vertically Focused $932.5 $802.6 $140.3 62.9% 1.0% 32.1% 6.6x 37.6x 5.2x 24.2x 11.7%

Human Capital Management $1,568.2 $1,559.1 $184.7 60.9% -6.7% 30.0% 6.6x 62.5x 5.3x 44.2x 20.9%

SaaS Other $728.4 $671.7 $181.8 69.5% -11.8% 27.7% 5.4x 31.7x 4.3x 31.5x 0.6%





EBITDA Margin -8.1%




Current Ratio 2.0

Quick Ratio 1.8











Category Name




-15%

-10%

-5%

0%

5%

10%

15%

SEG SaaS Index Stock Market Return: January - November 2015

DOW S&P NASDAQ SEG SaaS

SEG SaaS Index Category: CRM & Marketing


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Bazaarvoice BV $372.9 $326.8 $196.7 62.0% -9.1% 9.3% 1.7x n/a 1.5x 103.6x -43.5%

Constant Contact CTCT $1,031.2 $850.6 $361.9 n/a n/a n/a n/a n/a n/a n/a n/a

Cvent CVT $1,515.7 $1,357.1 $176.1 67.7% 1.4% 31.8% 7.7x 557.1x 6.1x 58.2x 29.1%

HubSpot HUBS $1,848.4 $1,744.5 $163.0 71.7% -33.2% 56.6% 10.7x n/a 7.8x n/a 61.9%

LivePerson LPSN $447.0 $406.2 $238.1 73.0% 7.0% 19.9% 1.7x 24.5x 1.6x 16.4x -42.9%

Marketo MKTO $1,310.7 $1,204.8 $193.9 65.4% -29.5% 42.8% 6.2x n/a 4.6x n/a -8.4%

Marin Software MRIN $144.2 $114.1 $106.5 62.5% -25.7% 13.1% 1.1x n/a 1.0x n/a -54.6%

Salesforce.com CRM $52,914.2 $53,620.0 $6,302.4 75.1% 6.3% 24.2% 8.5x 134.1x 7.0x 41.0x 34.5%

Zendesk ZEN $2,271.6 $1,990.9 $184.7 66.9% -35.3% 66.3% 10.8x n/a 7.5x n/a 4.2%

Median: $1,310.7 $1,204.8 $193.9 67.3% -17.4% 28.0% 7.0x 134.1x 5.4x 49.6x -2.1%





EBITDA Margin -17.4%




Current Ratio 1.8

Quick Ratio 1.7















-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

CRM & Marketing SaaS Stock Market Return: January - November 2015

CRM & Marketing S&P NASDAQ SEG SaaS

SEG SaaS Index Category: ERP & Supply Chain


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Amber Road AMBR $126.3 $127.7 $67.5 48.7% -26.8% 7.5% 1.9x n/a 1.7x n/a -52.7%

Apigee Corporation APIC $210.2 $124.5 $73.5 65.8% -60.6% 26.6% 1.7x n/a 1.4x n/a -57.4%

Fleetmatics FLTX $2,303.4 $2,141.1 $271.5 74.6% 24.9% 24.7% 7.9x 31.7x 6.5x 19.7x 68.7%

Netsuite N $6,788.3 $6,698.2 $692.8 67.1% -8.3% 34.9% 9.7x n/a 7.4x 95.5x -20.4%

SciQuest SQI $359.1 $223.0 $104.3 67.8% 6.8% 2.0% 2.1x 31.6x 2.0x 10.2x -10.1%

SPS Commerce SPSC $1,235.6 $1,112.7 $151.6 68.5% 10.1% 25.8% 7.3x 72.3x 6.2x 43.0x 33.6%

Workday WDAY $16,072.3 $14,684.0 $1,065.2 67.9% -15.4% 51.4% 13.8x n/a 10.2x 135.7x 4.1%

Median: $1,235.6 $1,112.7 $151.6 67.8% -8.3% 25.8% 7.3x 31.7x 6.2x 43.0x -10.1%





EBITDA Margin -8.3%




Current Ratio 2.2

Quick Ratio 2.2















-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

ERP & Supply Chain SaaS Stock Market Return: January - November 2015

ERP & Supply Chain S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Vertically Focused


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

2U TWOU $1,099.3 $924.0 $137.7 78.0% -18.6% 32.0% 6.7x n/a 5.1x n/a 23.8%

Alarm.com ALRM $801.2 $681.3 $197.5 62.1% 15.1% 26.1% 3.4x 22.9x 3.1x 36.4x 4.1%

AppFolio APPF $549.5 $509.6 $67.8 54.5% -17.9% n/a 7.5x n/a 5.2x n/a 16.4%

Athenahealth ATHN $6,513.7 $6,696.3 $880.4 60.7% 7.8% 23.8% 7.6x 98.0x 6.2x 33.1x 13.4%

Castlight Health CSLT $378.6 $231.4 $68.5 55.1% -115.4% 88.9% 3.4x n/a 2.5x n/a -65.7%

DealerTrack TRAK $131.1 $134.4 $31.9 46.0% 13.7% 39.7% 4.2x 30.7x 3.4x 19.4x 213.1%

Ebix EBIX $1,266.6 $1,419.5 $255.9 71.3% 35.1% 25.1% 5.5x 15.8x 5.2x 13.9x 125.3%

Ellie Mae ELLI $1,903.8 $1,798.5 $235.6 68.0% 20.7% 62.2% 7.6x 36.9x 6.2x 24.9x 58.7%

Instructure INST $494.5 $555.1 $65.1 66.2% -85.3% n/a 8.5x n/a n/a n/a 17.9%

Medical Transcript MTBC $14.2 $18.3 $24.8 45.4% -7.0% 75.0% 0.7x n/a 0.8x n/a -53.3%

Medidata Solutions MDSO $2,537.6 $2,500.0 $382.8 76.5% 10.5% 19.5% 6.5x 62.3x 5.5x 22.4x -2.1%

OPOWER OPWR $486.6 $417.0 $143.0 63.7% -26.8% 19.6% 2.9x n/a 2.5x n/a -35.3%

RealPage RP $1,741.0 $1,766.4 $451.3 56.4% 9.0% 14.1% 3.9x 43.3x 3.5x 17.3x 3.3%

Textura TXTR $630.0 $556.8 $80.9 81.7% -5.8% 41.6% 6.9x n/a 5.3x 29.5x -15.1%

Q2 Holdings QTWO $1,063.9 $944.3 $100.6 44.9% -14.9% 38.5% 9.4x n/a 7.1x n/a 45.5%

Veeva Systems VEEV $3,821.5 $3,482.0 $382.0 65.0% 23.8% 32.2% 9.1x 38.3x 7.2x 24.2x 10.0%

Median: $932.5 $802.6 $140.3 62.9% 1.0% 32.1% 6.6x 37.6x 5.2x 24.2x 11.7%





EBITDA Margin 1.0%




Current Ratio 2.2

Quick Ratio 2.0















-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

Vertically Focused SaaS Stock Market Return: January - November 2015

Vertically Focused S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Human Capital Management


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Benefitfocus BNFT $1,180.8 $1,146.4 $171.0 43.7% -27.5% 34.1% 6.7x n/a 5.3x n/a 29.5%

Callidus Software CALD $1,164.5 $1,069.0 $164.4 60.9% -3.1% 27.8% 6.5x n/a 5.3x 44.2x 30.4%

Cornerstone OnDemand CSOD $1,955.6 $1,971.9 $320.2 67.7% -18.5% 32.3% 6.2x n/a 4.8x 60.2x 4.4%

HealthStream HSTM $760.1 $615.3 $198.5 57.1% 16.3% 22.2% 3.1x 19.0x 2.7x 17.2x -16.2%

Halogen Software TSX:HGN $123.4 $83.6 $63.6 72.8% -9.7% 17.4% 1.3x n/a 1.2x n/a -22.6%

Paycom Software PAYC $2,576.9 $2,554.4 $203.6 85.6% 20.1% 48.4% 12.5x 62.5x 9.3x 43.3x 67.3%

Paylocity Holding PCTY $2,233.7 $2,155.0 $166.7 54.6% -3.6% 42.0% 12.9x n/a 9.5x 121.3x 71.2%

The Ultimate Software Group ULTI $5,659.5 $5,538.8 $582.9 60.9% 11.3% 20.8% 9.5x 84.4x 7.7x 31.3x 34.7%

Workday WDAY $16,072.3 $14,684.0 $1,065.2 67.9% -15.4% 51.4% 13.8x n/a 10.2x 135.7x 4.1%

Xactly XTLY $285.1 $241.8 $71.2 59.0% -20.2% 20.9% 3.4x n/a 2.9x n/a 12.4%

Median: $1,568.2 $1,559.1 $184.7 60.9% -6.7% 30.0% 6.6x 62.5x 5.3x 44.2x 20.9%





EBITDA Margin -6.7%




Current Ratio 1.3

Quick Ratio 1.2















-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Human Capital Management SaaS Stock Market Return: January - March 2015

Human Capital Management S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Other Public SaaS Companies


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Box BOX $1,706.6 $1,509.5 $280.4 72.9% -57.7% 45.5% 5.4x n/a 4.5x n/a -39.7%

ChannelAdvisors ECOM $329.7 $272.9 $95.0 74.6% -19.4% 16.5% 2.9x n/a 2.5x n/a -39.1%

Covisint COVS $102.7 $61.0 $82.1 43.0% -25.8% -10.6% 0.7x n/a 0.7x n/a 1.2%

Demandware DWRE $1,927.6 $1,744.9 $214.2 71.7% -14.7% 46.3% 8.1x n/a 6.2x 87.9x -9.4%

FireEye FEYE $3,673.7 $3,201.3 $581.2 61.8% -66.9% 71.0% 5.5x n/a 4.2x n/a -26.3%

HortonWorks HDP $785.4 $671.7 $99.2 0.8% -217.2% 124.1% 6.8x n/a 4.0x n/a -33.4%

inContact SAAS $608.8 $582.6 $209.9 50.6% -2.5% 33.3% 2.8x n/a 2.4x 34.3x 12.4%

IntraLinks Holdings IL $596.1 $617.4 $272.3 72.3% 3.9% 8.5% 2.3x 57.8x 2.1x 15.1x -10.7%

J2 Global JCOM $3,904.7 $4,146.5 $683.1 82.8% 41.4% 19.9% 6.1x 14.7x 5.2x 11.4x 33.6%

Jive Software JIVE $381.0 $274.0 $193.3 63.3% -11.8% 13.5% 1.4x n/a 1.3x 83.9x -17.3%

Liquid Holdings Group LIQD.Q $1.7 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -91.6%

Mimecast MIME $546.0 $581.2 $128.4 69.8% 14.4% n/a 4.5x 31.4x n/a n/a 0.1%

MINDBODY MB $692.1 $608.0 $93.3 62.4% -27.4% n/a 6.5x n/a 4.9x n/a 52.7%

New Relic NEWR $1,831.2 $1,642.2 $143.5 79.4% -36.2% 68.8% 11.4x n/a 8.1x n/a 3.1%

Qualys QLYS $1,315.1 $1,141.0 $156.4 79.3% 22.3% 24.1% 7.3x 32.8x 6.0x 18.7x 3.1%

RingCentral RNG $1,625.4 $1,513.1 $274.7 69.3% -7.9% 35.1% 5.5x n/a 4.4x 88.9x 55.5%

Service-now.com NOW $13,834.6 $13,572.5 $917.8 66.3% -12.5% 50.5% 14.8x n/a 10.7x 64.1x 29.1%

Shopify SHOP $2,012.4 $1,825.5 $170.2 55.9% -5.9% n/a 10.7x n/a 7.0x n/a 2.6%

Tableau Software DATA $7,028.0 $6,277.9 $593.8 89.3% -1.4% 69.1% 10.6x n/a 7.7x 68.8x 12.9%

Tangoe TNGO $339.1 $307.6 $219.4 54.1% 4.4% 5.7% 1.4x 31.9x 1.3x 16.4x -32.1%

TrueCar TRUE $664.0 $567.3 $251.7 91.0% -13.6% 31.6% 2.3x n/a 1.9x 31.5x -63.1%

Upland Software UPLD $114.2 $111.4 $68.8 62.7% -0.1% 14.2% 1.6x n/a 1.6x 20.9x -22.8%

Workiva WK $764.8 $706.6 $135.5 71.1% -28.8% 27.7% 5.2x n/a 4.2x n/a 38.1%

Zix ZIXI $311.2 $287.2 $53.3 82.6% 19.5% 6.9% 5.4x 27.7x 4.8x 17.0x 58.0%

Median: $728.4 $671.7 $181.8 69.5% -11.8% 27.7% 5.4x 31.7x 4.3x 31.5x 0.6%





EBITDA Margin -11.8%




Current Ratio 2.3

Quick Ratio 2.2















-20%

-15%

-10%

-5%

0%

5%

10%

15%

Other Public SaaS Companies SaaS Stock Market Return: January - November 2015

Other SaaS S&P NASDAQ SEG SaaS

SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Internet Index: All Categories

Category Name Market Cap EV

TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

SEG Internet Index $1,448.9 $1,240.4 $558.4 63.5% 7.7% 16.5% 2.1x 20.0x 1.9x 13.8x -6.1%

Ad Tech & Lead Generation $544.2 $462.9 $439.2 53.1% 0.4% 20.1% 1.3x 19.5x 1.2x 14.2x -19.3%

Commerce $577.5 $757.7 $539.8 44.0% 5.1% 21.4% 1.2x 22.9x 1.3x 12.7x -6.6%

Content & Media $2,311.5 $2,224.9 $721.3 54.6% 8.6% 9.2% 2.5x 26.4x 2.2x 11.3x -0.5%

Gaming $3,122.78 $2,211.1 $1,381.9 66.9% 34.2% 18.8% 3.0x 12.6x 2.7x 11.8x 6.7%

Infrastructure $747.82 $717.7 $360.4 62.1% 6.7% 4.3% 1.6x 15.2x 1.5x 10.4x -8.9%

Search $40,455.34 $38,264.7 $6,462.2 69.3% 28.3% 14.9% 6.2x 19.5x 5.3x 13.5x 2.0%

Services $1,118.08 $885.9 $337.6 72.5% 7.3% 19.8% 1.9x 21.0x 1.7x 14.5x -10.1%

Social $4,190.75 $4,276.1 $902.4 75.3% 15.7% 42.3% 8.4x 32.0x 6.6x 20.1x 0.6%

Travel $11,876.66 $11,478.7 $1,471.0 84.4% 11.1% 13.6% 5.8x 28.2x 5.3x 17.3x 9.9%





EBITDA Margin 7.7%




Current Ratio 2.3

Quick Ratio 2.0




Working Capital to TTM Operating Expense Ratio 0.4










-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

SEG Internet Index Stock Market Return: January - November 2015

DOW S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Ad Tech


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Baidu.com BIDU $75,336.4 $70,750.3 $9,711.4 67.1% 26.0% 38.6% 7.3x 28.0x 5.7x 26.5x -2.3%

Criteo SA CRTO $2,537.3 $2,239.5 $1,188.0 35.8% 8.5% 64.2% 1.9x 22.3x 3.7x 14.8x 2.1%

Google GOOGL $517,634.7 $455,219.7 $71,763.0 62.5% 32.5% 12.8% 6.3x 19.5x 5.5x 13.5x 44.1%

Marchex MCHX $179.2 $70.3 $148.4 46.4% 4.5% -18.5% 0.5x 10.6x 0.5x 6.9x -9.5%

MaxPoint Interactive MXPT $42.3 $21.0 $137.7 50.0% -9.6% 49.5% 0.2x n/a 0.2x n/a -83.4%

ReachLocal RLOC $30.0 $38.0 $402.6 43.6% -7.1% -19.3% 0.1x n/a 0.1x 4.9x -70.1%

Rocket Fuel FUEL $150.2 $150.5 $475.7 40.9% -11.3% 34.1% 0.3x n/a 0.3x 113.6x -78.3%

The Rubicon Project RUBI $654.6 $574.7 $196.3 77.9% -3.6% 75.9% 2.9x n/a 2.0x 11.7x -8.0%

Sohu.com SOHU $1,941.5 $1,401.7 $1,948.2 56.2% 18.6% 23.2% 0.7x 3.9x 0.7x 4.7x -4.1%

Tremor TRMR $106.8 $41.3 $177.8 38.2% -8.4% 15.5% 0.2x n/a 0.2x 29.0x -29.1%

TubeMogul TUBE $433.9 $351.2 $158.3 68.9% -7.1% 58.0% 2.2x n/a 1.7x n/a -41.0%

Yahoo! YHOO $31,928.6 $27,297.1 $4,948.0 64.4% 9.6% 6.8% 5.5x 57.2x 7.3x 34.1x -32.6%

Yandex YNDX $5,303.6 $5,121.7 $858.6 71.6% 30.7% 17.0% 6.0x 19.4x 5.1x 13.6x -9.5%

YuMe YUME $111.5 $63.1 $176.5 45.8% -6.5% 1.0% 0.4x n/a 0.4x 236.7x -37.0%

Median: $544.2 $462.9 $439.2 53.1% 0.4% 20.1% 1.3x 19.5x 1.2x 14.2x -19.3%





EBITDA Margin 0.4%




Current Ratio 2.4x

Quick Ratio 2.3x


Avg Days Outstanding: Accounts Receivable 68.7x

Avg Days Outstanding: Accounts Payable 74.3x











-50%

-40%

-30%

-20%

-10%

0%

10%

20%

Internet Ad Tech Stock Market Return: January - November 2015

Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Commerce


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

1-800-FLOWERS.COM FLWS $501.4 $757.7 $1,150.8 44.0% 6.0% 51.4% 0.7x 11.1x 0.6x 8.6x -1.8%

58.com WUBA $8,382.5 $8,183.7 $539.8 93.5% -33.0% 134.6% 15.2x n/a 7.6x n/a 43.7%

Alibaba BABA $211,244.9 $207,898.6 $13,532.0 68.0% 33.2% 35.7% 15.4x 46.2x 11.9x 24.0x -18.8%

Amazon.com AMZN $311,633.0 $315,792.0 $100,588.0 32.4% 7.0% 18.0% 3.1x 45.1x 2.6x 23.2x 115.5%

Baozun BZUN $392.5 $255.9 $356.3 19.9% 1.4% 68.2% 0.7x 52.2x 0.5x 11.5x -25.2%

Bitauto Holdings BITA $1,615.6 $1,058.8 $589.5 68.0% 3.8% 90.5% 1.8x 47.4x 1.4x n/a -64.1%

BlueNile NILE $420.5 $387.4 $487.5 18.8% 3.5% 5.5% 0.8x 22.9x 0.8x 14.9x 4.1%

Chegg CHGG $638.0 $535.7 $317.6 39.7% 6.5% 6.8% 1.7x 26.1x 1.9x 24.6x 3.7%

DangDang DANG $573.0 $307.6 $1,451.6 16.0% -0.4% 21.4% 0.2x n/a 0.2x 8.3x -25.6%

eBay EBAY $35,527.4 $37,665.4 $17,705.0 67.3% 27.6% 61.0% 2.1x 7.7x 4.2x 10.5x 40.5%

Groupon GRPN $1,775.3 $1,068.2 $3,235.1 45.6% 2.7% 10.5% 0.3x 12.4x 0.4x 8.1x -64.0%

Liquidity Services LQDT $208.4 $112.9 $397.1 33.1% 5.1% -19.9% 0.3x 5.5x 0.4x 13.8x -14.3%

Mecox Lane MCOX $42.6 $21.3 $47.9 74.8% 26.5% 46.5% 0.4x 1.7x n/a n/a -6.6%

Mercadolibre MELI $5,441.9 $5,397.9 $632.4 74.7% 29.8% 19.4% 8.5x 28.6x 7.8x 31.1x -1.8%

MOL Global MOLG $56.4 $39.3 $53.9 -17.9% -43.0% 23.9% 0.7x n/a n/a n/a -72.4%

Overstock.com OSTK $332.1 $250.5 $1,647.9 18.6% 1.2% 15.7% 0.2x 12.2x 0.1x 5.2x -44.1%

PetMed Express PETS $338.4 $280.7 $227.6 33.4% 14.2% -0.5% 1.2x 8.7x 1.2x 8.4x 21.0%

Stamps.com STMP $1,682.7 $1,585.3 $185.9 78.5% 25.3% 34.9% 8.5x 33.7x 5.9x 18.5x 113.0%

Wowo Limited WOWO $577.5 $772.7 $29.9 79.9% -148.2% -2.0% 25.8x n/a n/a n/a -29.7%

Median: $577.5 $757.7 $539.8 44.0% 5.1% 21.4% 1.2x 22.9x 1.3x 12.7x -6.6%





EBITDA Margin 5.1%




Current Ratio 2.4x

Quick Ratio 1.7x














-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Internet Commerce Internet Stock Market Return: January - November 2015

Commerce S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Content & Media


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

DemandMedia DMD $120.4 $82.4 $134.5 48.4% -13.1% -25.6% 0.6x n/a 0.6x n/a 6.2%

InterActiveCorp IAC $5,574.2 $5,779.1 $3,213.0 74.5% 12.8% 7.0% 1.8x 14.1x 1.7x 10.3x 6.2%

Netflix NFLX $52,709.8 $52,522.0 $6,440.9 32.4% 5.8% 24.0% 8.2x 141.2x 6.5x 104.6x 147.4%

Pandora P $2,945.2 $2,581.6 $1,095.9 47.5% -3.4% 26.0% 2.4x n/a 1.9x 34.9x -22.2%

Shutterstock SSTK $1,308.7 $1,026.6 $400.4 59.5% 12.4% 31.4% 2.6x 20.6x 2.1x 10.4x -47.1%

SINA SINA $3,517.2 $2,740.7 $835.6 61.6% 4.7% 10.8% 3.3x 69.5x 2.9x 26.1x 33.7%

TheStreet.com TST $59.6 $32.1 $68.0 49.3% 1.5% 16.0% 0.5x 32.1x 0.5x 9.3x -22.6%

WebMD Health WBMD $1,677.9 $1,868.2 $607.0 60.7% 21.2% 7.6% 3.1x 14.5x 2.8x 9.2x 16.3%

XO Group XOXO $420.9 $334.6 $140.6 90.5% 13.0% 1.0% 2.4x 18.3x 2.2x 11.3x -7.1%

Xunlei XNET $499.6 $51.3 $155.5 49.6% 18.1% -3.4% 0.3x 1.8x 0.3x n/a -7.5%

Yahoo! YHOO $31,928.6 $27,297.1 $4,948.0 64.4% 9.6% 6.8% 5.5x 57.2x 7.3x 34.1x -32.6%

Youku YOKU $5,263.9 $4,346.2 $926.0 22.0% 7.6% 51.6% 4.7x 61.8x 3.4x n/a 46.8%

Median: $2,311.5 $2,224.9 $721.3 54.6% 8.6% 9.2% 2.5x 26.4x 2.2x 11.3x -0.5%





EBITDA Margin 8.6%




Current Ratio 2.8x

Quick Ratio 2.6x















-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

Internet Content & Media Stock Market Return: January - November 2015

Content & Media S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Gaming


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

ChangYou.com CYOU $1,158.6 $842.3 $815.6 70.2% 36.0% 11.1% 1.0x 2.9x 1.2x 4.2x -17.4%

Netease NTES $21,785.9 $18,345.0 $2,888.7 63.5% 34.3% 72.1% 6.4x 18.5x 4.0x 13.4x 70.9%

NCSoft A036570 $3,838.5 $3,020.4 $706.5 76.5% 34.0% 2.8% 4.3x 12.6x 3.6x 10.3x 17.6%

Sohu.com SOHU $1,941.5 $1,401.7 $1,948.2 56.2% 18.6% 23.2% 0.7x 3.9x 0.7x 4.7x -4.1%

Tencent Holdings SEHK:700 $185,229.8 $182,894.7 $14,692.9 60.1% 41.5% 24.7% 12.4x 30.0x 9.8x 31.6x 37.1%

Zynga ZNGA $2,407.1 $1,337.3 $771.5 70.7% -2.1% 14.4% 1.7x n/a 1.8x 26.5x -5.5%

Median: $3,122.8 $2,211.1 $1,381.9 66.9% 34.2% 18.8% 3.0x 12.6x 2.7x 11.8x 6.7%





EBITDA Margin 34.2%




Current Ratio 3.3x

Quick Ratio 2.3x














-30%

-20%

-10%

0%

10%

20%

30%

40%

Internet Gaming Stock Market Return: January - November 2015

Gaming S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Infrastructure


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

8x8 EGHT $1,053.6 $904.4 $183.7 72.8% 3.4% 25.8% 4.9x 146.3x 4.1x 44.4x 30.2%

Akamai Technologies AKAM $10,251.1 $10,202.6 $2,154.6 67.7% 32.4% 15.6% 4.7x 14.6x 4.3x 10.8x -8.9%

Brightcove BCOV $228.0 $205.9 $131.0 65.0% -0.8% 6.1% 1.6x n/a 1.5x 25.0x -9.8%

BroadSoft BSFT $1,154.0 $1,072.3 $255.1 70.8% 6.9% 25.7% 4.2x 60.8x 3.5x 14.5x 38.8%

GoDaddy GDDY $2,035.4 $3,017.7 $1,553.6 64.3% 6.7% 17.6% 1.9x 28.9x 1.7x 7.9x 18.8%

Harmonic HLIT $481.5 $394.0 $398.3 53.4% 3.8% -10.7% 1.0x 25.9x 1.1x n/a -21.1%

Interactive Intelligence ININ $747.8 $717.7 $375.7 60.6% 2.4% 10.7% 1.9x 80.1x 1.7x 51.6x -27.9%

Limelight Networks LLNW $170.7 $101.1 $168.9 49.6% -5.9% 3.2% 0.6x n/a 0.6x 7.0x -39.0%

Mitel Networks MITL $1,045.6 $1,609.0 $1,117.1 53.6% 12.5% 22.2% 1.4x 11.5x 1.3x 9.1x -18.9%

Polycom PLCM $1,805.3 $1,432.2 $1,299.3 58.4% 12.7% -3.3% 1.1x 8.7x 1.2x 7.1x 2.1%

Rovi ROVI $976.0 $1,835.3 $510.9 79.7% 30.4% -8.8% 3.6x 11.8x 3.4x 9.9x -47.7%

SeaChange International SEAC $234.2 $169.6 $111.1 51.7% -9.2% -7.3% 1.5x n/a 1.5x 88.6x 11.2%

ShoreTel SHOR $673.0 $566.9 $360.4 62.1% 7.9% 4.2% 1.6x 19.8x 1.5x 17.4x 41.7%

Sonus Networks SONS $350.2 $240.3 $249.5 64.6% -6.6% -15.6% 1.0x n/a 0.9x 7.8x -65.7%

Synacor SYNC $53.0 $44.9 $108.7 47.8% 6.3% 3.5% 0.4x 6.6x 0.4x 6.0x -13.7%

Tucows TCX $255.7 $250.4 $166.7 30.5% 11.7% 17.4% 1.5x 12.8x 1.3x 8.9x 25.1%

VeriSign VRSN $9,973.2 $9,943.7 $1,042.7 81.7% 62.6% 4.3% 9.5x 15.2x 8.9x 13.1x 56.4%

Median: $747.8 $717.7 $360.4 62.1% 6.7% 4.3% 1.6x 15.2x 1.5x 10.4x -8.9%





EBITDA Margin 6.7%




Current Ratio 2.4x

Quick Ratio 1.7x














-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

Internet Infrastructure Stock Market Return: January - November 2015

Infrastructure S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Search


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Baidu.com BIDU $75,336.4 $70,750.3 $9,711.4 67.1% 26.0% 38.6% 7.3x 28.0x 5.7x 26.5x -2.3%

Google GOOGL $517,634.7 $455,219.7 $71,763.0 62.5% 32.5% 12.8% 6.3x 19.5x 5.5x 13.5x 44.1%

InterActiveCorp IAC $5,574.2 $5,779.1 $3,213.0 74.5% 12.8% 7.0% 1.8x 14.1x 1.7x 10.3x 6.2%

Yandex YNDX $5,303.6 $5,121.7 $858.6 71.6% 30.7% 17.0% 6.0x 19.4x 5.1x 13.6x -9.5%

Median: $40,455.3 $38,264.7 $6,462.2 69.3% 28.3% 14.9% 6.2x 19.5x 5.3x 13.5x 2.0%





EBITDA Margin 28.3%




Current Ratio 2.4x

Quick Ratio 1.7x















-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

Internet Search Stock Market Return: January - November 2015

Search S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Services


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Angie's List ANGI $632.6 $633.4 $340.0 73.0% 5.9% 12.7% 1.9x 31.7x 1.7x 16.8x 69.3%

Bankrate RATE $1,448.9 $1,602.4 $551.8 44.2% 20.4% 4.1% 2.9x 14.2x 3.3x 11.1x 18.1%

Carbonite CARB $265.7 $203.1 $133.5 70.3% -4.9% 11.7% 1.5x n/a 1.4x 6.7x -31.0%

Care.com CRCM $222.0 $162.3 $143.2 73.6% -13.8% 35.5% 1.1x n/a 1.0x n/a -12.1%

Coupons.com QUOT $620.8 $430.8 $227.9 61.2% -10.0% 6.3% 1.9x n/a 1.8x 22.5x -59.8%

Cimpress CMPR $2,896.6 $3,673.0 $1,536.0 61.2% 13.0% 15.6% 2.4x 18.4x 2.2x 14.3x 24.9%

eHealth EHTH $234.6 $172.6 $184.4 97.7% 2.7% -2.4% 0.9x 34.8x 0.9x 16.2x -46.6%

Everyday Health EVDY $199.1 $275.9 $213.3 72.1% 9.3% 22.4% 1.3x 13.9x 1.1x 5.3x -58.0%

GrubHub GRUB $2,177.5 $1,882.4 $335.2 63.0% 26.5% 46.0% 5.6x 21.2x 4.4x 16.9x -29.9%

LendingClub LC $4,541.9 n/a $362.5 84.1% n/a 105.4% n/a n/a n/a n/a -51.8%

LifeLock LOCK $1,379.2 $1,047.0 $561.0 76.1% 7.3% 25.0% 1.9x 25.4x 1.6x 12.6x -9.1%

Monster Worldwide MWW $587.9 $744.9 $727.5 49.9% 13.1% -2.9% 1.0x 7.8x 1.1x 5.9x 41.5%

Qihoo QIHU $8,755.3 $9,242.8 $1,630.3 77.2% 27.0% 64.2% 5.7x 21.0x 4.0x 13.0x 13.7%

QuinStreet QNST $220.1 $174.5 $285.3 10.8% -0.8% 3.8% 0.6x n/a 0.5x 14.7x -18.5%

Shutterfly SFLY $1,612.8 $1,862.2 $994.7 49.5% 9.3% 17.2% 1.9x 20.0x 1.7x 9.1x 10.1%

Tree.Com TREE $1,249.7 $1,143.5 $219.7 96.1% 10.4% 37.4% 5.2x 49.8x 3.8x 24.4x 115.2%

Wix.com WIX $986.4 $885.9 $188.2 82.5% -25.2% 50.3% 4.7x n/a 3.5x 31.9x 18.1%

Zillow Z $4,607.9 $4,301.2 $567.6 90.3% -2.8% 94.5% 7.6x n/a n/a 34.8x -11.1%

Median: $1,118.1 $885.9 $337.6 72.5% 7.3% 19.8% 1.9x 21.0x 1.7x 14.5x -10.1%





EBITDA Margin 7.3%




Current Ratio 2.4x

Quick Ratio 2.0x














-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

Internet Services Stock Market Return: January - November 2015

Services S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Social


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Facebook FB $294,790.1 $279,082.1 $15,938.0 83.9% 41.8% 42.3% 17.5x 41.9x 12.6x 20.8x 32.9%

LinkedIn LNKD $31,868.4 $29,920.8 $2,772.4 86.0% 8.3% 37.1% 10.8x 130.4x 8.2x 31.8x 5.9%

Mail.ru Group LSE:MAIL $4,786.8 $5,036.6 $558.4 55.8% 41.1% 19.0% 9.0x 22.0x 7.8x 16.1x 49.4%

Match Group MTCH $3,594.7 $3,504.5 $991.9 83.3% 26.3% n/a 3.5x 13.5x 2.8x n/a -4.7%

Renren RENN $1,155.7 $983.5 $54.8 38.2% -138.8% -31.6% 17.9x n/a 14.0x n/a 26.8%

Twitter TWTR $17,211.4 $15,324.3 $1,986.6 67.4% -10.5% 70.3% 7.7x n/a 5.4x 22.0x -30.5%

Yelp YELP $2,267.5 $1,898.6 $505.9 91.4% 3.2% 49.5% 3.8x 117.2x 2.9x 19.4x -45.4%

YY YY $3,319.2 $3,515.6 $813.0 42.2% 23.2% 65.6% 4.3x 18.6x 3.3x 14.5x -7.8%

Median: $4,190.8 $4,276.1 $902.4 75.3% 15.7% 42.3% 8.4x 32.0x 6.6x 20.1x 0.6%





EBITDA Margin 15.7%




Current Ratio 3.5x

Quick Ratio 3.0x















-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Internet Social Stock Market Return: January - November 2015

Social S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Travel


TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

Ctrip CTRP $21,089.7 $22,277.0 $1,563.2 71.2% 2.0% 44.6% 14.3x 706.7x 9.9x 56.1x 136.6%

Expedia EXPE $15,984.5 $17,601.7 $6,329.7 80.2% 11.1% 13.9% 2.8x 25.1x 2.2x 11.8x 44.7%

HomeAway AWAY $3,403.0 $2,822.3 $485.3 84.4% 12.6% 13.6% 5.8x 46.0x n/a 19.0x n/a

MakeMyTrip MMYT $757.4 $650.9 $300.4 30.7% -6.2% 5.0% 2.2x n/a 4.3x n/a -33.6%

Priceline PCLN $62,172.7 $64,563.3 $9,064.1 92.2% 37.9% 11.3% 7.1x 18.8x 6.3x 15.6x 9.4%

Travelzoo TZOO $125.2 $95.6 $132.8 86.5% 7.7% -15.1% 0.7x 9.3x 0.7x 10.5x -30.1%

TripAdvisor TRIP $11,876.7 $11,478.7 $1,471.0 96.1% 24.9% 25.6% 7.8x 31.4x 7.0x 22.9x 10.4%

Median: $11,876.7 $11,478.7 $1,471.0 84.4% 11.1% 13.6% 5.8x 28.2x 5.3x 17.3x 9.9%





EBITDA Margin 11.1%




Current Ratio 1.6x

Quick Ratio 1.5x














-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Internet Travel Stock Market Return: January - November 2015

Travel S&P NASDAQ SEG Internet Index

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