二季度公共市场报告英文

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TABLEOFCONTENTS

REPORTDEFINITIONS

BRIEFSEGOVERVIEW

SaaSPUBLICMARKETUPDATE

APPENDIX

REPORTDEFINITIONS

SaaSCOMPANIESAREDEFINEDASTHOSECOMPANIESTHATPRIMARILYOFFERTHEIRSOLUTIONSVIATHECLOUDANDTHROUGHASUBSCRIPTIONORTRANSACTIONBASEDPRICINGMODEL

SOFTWARECOMPANIESAREDEFINEDASTHOSECOMPANIESTHATAREDEEMEDTOBELICENSEMODELBUSINESSESORMAYBEINTHEEARLYSTAGESOFCONVERTINGTOSUBSCRIPTION-BASEDMODELS

SaaS

SOFTWARE

ENTERPRISEVALUE

TTM

TRAILINGTWELVEMONTHS

YoY

YEAR-OVER-YEAR

QoQ

QUARTER-OVER-QUARTER

BRIEFSEGOVERVIEW

SEGSNAPSHOT:2Q18SaaSPUBLICMARKETUPDATE

UNMATCHEDEXPERTISE|EXTRAORDINARYRESULTS

SOFTWAREEQUITYGROUP(SEG)PROVIDESUNPARALLELEDM&AADVISORYSERVICESFOREMERGINGANDESTABLISHEDSOFTWARECOMPANIES

SERVICES:

STRATEGICM&A

MAJORITYRECAPITALIZATIONS

DIVESTITURES

BOARDADVISORY

20+

YEARSOFEXPERIENCE

BILLIONS

INAGGREGATETRANSACTIONVALUE

1,000s

OFBUYERRELATIONSHIPS

CONTACTUSTOLEARNMORE

SEG’SBROADNETWORKOFSOFTWAREINDUSTRYBUYERS

WHATOURCLIENTSSAY…

VISITOURWEBSITEFORMORETESTIMONIALSANDTRANSACTIONHIGHLIGHTS

“TheSEGteamisateamofsmart,straightshooters…

justgoodpeople.Sellingacompanyisalifechangingeventfortheshareholders,butfortheSEGteamit’sallinaday’swork.Thiswasevidentfromthedaywemetto

thedaythedealclosed.Theirbuyerrelationships,process,industryknowledge,negotiatingacumen,and100%commitmenttoourshareholders’bestinterestswereremarkable.However,whatstoodoutmostwastheirassuranceandpatiencewhenthingsgottough.

Theyalwayshadourback."

PaulLachance

Co-FounderofBigfoot

SEGservedasexclusiveadvisortoBigfootinitsacquisitionbyDudeSolutions

"There’ssimplynowaywecould’vegonethroughthisprocesswithoutSoftwareEquityGroup’sadvice,guidance,andcounsel.Fromtheveryfirstkickoffmeetingattheiroffice,itwascleartheSEGteamknewhowtoattracttherightfinancialpartners.Theteamimmersedthemselvesinallaspectsofourbusiness,provinginvaluableduringthetransaction.Wewouldn’thavebeenabletoachievetheoutcomewedidwithouttheirsupportandvaluableguidance."

RobertJohnsonCEOofTeamSupport

SEGservedasexclusiveadvisortoTeamSupportinitsinvestmentbyLevelEquity

"Ican’tsayenoughgoodthingsabouttheteamatSoftwareEquityGroup.Theywerewithusthroughoutthewholeprocess,nomatterthetimeofdayorthenaivetéofourquestions.AsthefounderandCEO,Iwentintothebiggesttransactionofmylifeknowingtheoddswerestackedagainstme.Ilookedatitthisway,prettymucheverybodylosestheirfirstgameofchess,andIwantedtowin.So,IhiredtheBobbyFisherofsoftwareM&Adealsasmycoachandpartner.Checkmate!"

JoeMastrianni

Founder&CEOofHAPPYSoftware

SEGservedasexclusiveadvisortoHAPPYSoftwareinitsacquisitionbyMRISoftware

SELECT

SEG

TRANSACTIONS

VISITOURWEBSITEFORTRANSACTIONHIGHLIGHTS

SEGRESEARCH

Weconstantlytracktransactionsandbuyerappetitegloballytoaggressivelycreatecompetitivemarketsforourclients’businesses.Asalways,ourresearchiscomplimentary.

CLICKTOACCESSRESEARCH

SEGSnapshot:CanadianSoftwareM&AandInvestmentActivity

SEGSnapshot:SaaSandSoftwareIPOActivity

SEGSnapshot:2018RealEstateSoftwareM&AUpdate

SEGSnapshot:2Q18SaaSM&AUpdate

SaaSPUBLICMARKETUPDATE

SEGSNAPSHOT:2Q18SaaSPUBLICMARKETUPDATE

SEGSaaSINDEX

SEGSaaSINDEXCOMPANIES

TheSEGSaaSIndextrackspubliccompaniesthatprimarilyoffersolutionsviathecloudandthroughasubscriptionortransactionbasedpricingmodel.

TheIndexiscurrentlycomprisedof74publiclytradedcompanies.

SEGSaaSINDEX:MEDIANMETRICS(1)

Measure

2Q17

3Q17

4Q17

1Q18

2Q18

EV/TTMRevenue

6.3x

6.4x

6.7x

7.6x

EV/NTMRevenue

5.6x

5.9x

5.4x

6.0x

7.1x

EV/EBITDA

43.0x

42.0x

40.8x

42.4x

39.9x

EV/TTMCFO

31.8x

30.9x

34.3x

33.6x

36.8x

GrossProfitMargin

68.4%

68.8%

69.2%

69.4%

69.3%

EBITDAMargin

-4.9%

-4.6%

-3.7%

-2.9%

-4.5%

NetIncomeMargin

-13.3%

-12.2%

-10.7%

-12.0%

-11.7%

TTMRevenueGrowth

26.6%

28.8%

28.9%

30.0%

28.9%

TTMTotalRevenue($M)

$218.8

$223.7

$235.0

$259.3

$273.4

TTMEBITDAGrowth(2)

24.3%

27.8%

29.8%

42.2%

48.4%

TTMTotalEBITDA($M)

-$9.2

-$5.8

-$6.6

-$7.3

-$9.2

Cash&Eq($M)

$99.7

$94.0

$91.9

$116.3

$118.3

(1)All2Q18dataisupdatedasof8/3/18

(2)TTMEBITDAGrowthonlyincludesEBTDApositivecompanies

SEGSaaSINDEXUPDATES

ADDITIONS

IncludescompaniesthathavebeenaddedtotheIndexduetoIPO

REMOVALS

IncludescompaniesthathavebeenremovedfromtheIndexduetoacquisition

UPCOMINGINDEXADDITIONS

IncludescompaniesthathaverecentlygonepublicbutareexcludedfromtheIndexthisquarterduetolackofpubliclyavailablefinancialdata

FINANCIALPERFORMANCE:REVENUE

CompanieswithintheSEGSaaSIndexcontinuetogrowlargerwitheachpassingquarter,postingmedianTTMrevenueofapproximately$273Min2Q18.

TheIndexpostedanotherhealthyquarterofrevenuegrowthduring2Q18.Thequarter’s28.9%medianTTMrevenuegrowthfigurewasinlinewiththepastfourquartersandisimpressivewhenconsideringthemedianrevenueamountoftheIndex.

Whenanalyzing2Q18YOYgrowthratedistributionoftheIndex,eachcohortremainedroughlycomparable.Thehighestpercentofcompanies(27.8%)grewbetween30%-40%duringthemostrecentquarter.SelectcompaniesinthiscohortincludeAppFolio(33.2%),Cloudera(37.5%),HubSpot(38.6%),andProofpoint

(38.1%).

MedianRevenuePerformance

TTMREVENUEGROWTHRATEDISTRIBUTION(1)

2Q17 2Q18

•

29.6%

27.8%

20.8%

18.5%

•

16.7%

14.8%

13.9%

<=10%

>10%

<=20%

>20%

<=30%

TTMRevenueGrowth

>30%

<=40%

>40%

•

$400.0

$350.0

$300.0

$250.0

$200.0

$150.0

$100.0

$50.0

$0.0

50.0%

45.0%

40.0%

35.0%

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

$273.4

$259.3

$235.0

$223.7

$218.8

2Q17

3Q17

4Q17

1Q18

2Q18

(1)Logoscorrespondto2Q18data

TTMRevenueGrowth

TTMTotalRevenue

%ofCompanies

FINANCIALPERFORMANCE:EBITDA

Onamedianbasis,theSEGSaaSIndexhasnotbeenEBITDApositivesince2013,buthasbeensteadilyapproachingpositiveterritoryinrecentquarters.WhilethemedianEBITDAmarginmodestlydippedto-4.5%during2Q18,wewouldexpectthetrendtowardsGAAPprofitabilitytocontinue.

Whileoverhalf(55.1%)ofpublicSaaScompanieswereunprofitable(onaGAAPbasis)during2Q18,77.8%ofcompaniesintheIndexgeneratedpositivecashflowfromoperations(CFO).Thiswasahealthyincreaseover2Q17,when71.0%ofcompaniesgeneratedpositiveCFO.

SelectpubliccompaniespostingnegativeEBITDAmarginwhilegeneratingpositiveCFOin2Q18includeBox,Coupa,Nutanix,Proofpoint,Twilio,Workday,andZendesk.

TTMEBITDAMARGINDISTRIBUTION(1)

2Q17 2Q18

•

59.4%

55.1%

21.7%

14.1%11.6%

14.1%

9.4%

8.7%

•

3.1%

2.9%

<=0%

>0%

<=10%

>10%

<=20%

>20%

<=30%

>30%

TTMEBITDAMargin

•

EBITDAMargin

2Q17

3Q17

4Q17

1Q18

2Q18

-2.9%

-3.7%

-4.5%

-4.6%

-4.9%

(1)Logoscorrespondto2Q18data

PercentofCompanies

SEGSaaSINDEX:FINANCIALPERFORMANCE

MEDIANOPERATINGRATIOS

Medianoperatingratioshaveremainedrelativelyconstantoverthepastyear.Sales&Marketing(S&M)spendmoderatelyincreasedfrom37.2%in2Q17to38.3%in2Q18,Research&Development(R&D)spendmoderatelyincreasedfrom18.6%in2Q17to19.5%,andGeneral&Administrative(G&A)expensemoderatelydecreasedfrom18.6%in2Q17to17.3%in2Q18.

MEDIANMARGINPERFORMANCE

PublicSaaScompaniescontinuetoseethebenefitsofscale,astheIndexislikelytocross70%grossprofitmargin(onamedianbasis)inthesecondhalfof2018.Asdemonstratedbelow,sizeandscalealsocontinuetopositivelyimpactEBITDA,netincome,andfreecashflow.Mostnotably,medianfreecashflowmarginhasincreasedfrom8.1%in2Q17to12.7%in2Q18.

(1)

GrossProfitMargin

EBITDAMargin

NetIncomeMargin

FCFMargin

S&M(%ofRevenue)

R&D(%ofRevenue)

G&A(%ofRevenue)

69.2%

69.4%

69.3%

68.8%

68.4%

38.3%

37.2%

36.9%

36.6%

36.5%

18.6%

18.9%

18.6%

19.1%

19.3%

19.5%

18.7%

18.6%

17.9%

17.3%

12.7%

10.6%

9.5%

9.6%

8.1%

-4.9%

-4.6%

-2.9%

-3.7%

-4.5%

-10.7%

-12.0%

-11.7%

-12.2%

-13.3%

2Q17

3Q17

4Q17

1Q18

2Q18

2Q17

3Q17

4Q17

1Q18

2Q18

(1)FCFMarginisoperatingfreecashflowdividedbyrevenue

PercentofRevenue

TTMMedianMargin

PUBLICMARKETMULTIPLES

EV/REVENUEMULTIPLEDISTRIBUTION(2)

37.8%

2Q17

2Q18

•

PublicSaaScompaniespostedamedianrevenuemultipleof7.6xin2Q18,aYOYincreaseof17.1%andahighpointsince1Q14’s8.0xmedianmultiple.

Meanwhile,themodestdownwardtrendinmedianEBITDAmultiples(asseenbelow)canbeattributedtoageneralimprovementinprofitabilityacrosstheIndex.

37.8%ofSaaScompaniespostedarevenuemultipleof9.0xorgreaterinthesecondquarter,makingthisthelargestpercentageofcompaniestodososince2Q15.Selectcompaniesmovingintothe9.0x+bucketin2Q18include2U,AppFolio,Everbridge,HubSpot,NewRelic,Paycom,Proofpoint,Talend,andTwilio.

EV/REVENUEANDEV/EBITDAMULTIPLES

21.0%

19.4%

16.1%

10.8%

9.7%

10.8%

8.1%

9.7%

9.5%

6.8%

6.5%

•

3.2%

2.7%

<=2.0x

>2.0x

<=3.0x

>3.0x

<=4.0x

>4.0x

<=5.0x

>5.0x

<=6.0x

EV/Revenue

>6.0x

<=7.0x

>7.0x

<=8.0x

>8.0x

<=9.0x

>9.0x

(1)

EV/TTMRevenue

EV/EBITDA

43.0x

42.4x

42.0x

40.8x

39.9x

7.6x

6.4x

6.7x

6.3x

2Q17

3Q17

4Q17

1Q18

2Q18

EBITDAmultiplebasedonlyoncompaniesthatareEBITDApositive

Logoscorrespondto2Q18data

PercentofCompanies

SEGSaaSINDEX:PUBLICMARKETMULTIPLES

EV/REVENUEVS.TTMREVENUEGROWTH

Revenuemultipleshavelongshownaverystrongcorrelationtorevenuegrowth,atrendthatcontinuedduring2Q18.Companiesgrowing40%orgreaterpostedamedianrevenuemultipleof10.9xin2Q18,asharpincreaseoverthesamecohortlastyear(7.7x).

Conversely,companiesfailingtoachievegreaterthan10%revenuegrowthpostedamedianEV/Revenuemultipleof3.9xin2Q18,approximately50%belowtheIndexmedian(7.6x).

EV/REVENUEVS.TTMEBITDAMARGIN

Historically,EV/RevenuemultiplesandEBITDAmarginhaveshownverylittlecorrelation,asmanyofthemostprofitableSaaScompanieswerenotmosthighlyvaluedonarevenuemultiplebasis.Thiswasduetothestreetplacingahighervalueoncompaniesinvestingingrowthtocapturemarketshare.During2Q18,however,companiesgeneratinggreaterthan20%EBITDAmargindidpostthehighestEV/Revenuemultiple,asthegroupsignificantlyoutperformedallothercohortsonaRuleof40%basis.

2Q17

2Q18

2Q17

2Q18

10.5x

10.9x

10.1x

8.3x

8.1x

7.7x

6.9x

7.6x

6.7x

6.5x

6.9x

6.2x

5.2x

5.6x

5.1x

5.0x

3.9x

3.5x

<=10%

(n=12)

>10%

<=20%

(n=10)

>20%

<=30%

(n=15)

>30%

<=40%

(n=20)

>40%

(n=15)

<=0%(n=38)

>0%

<=10%

(n=8)

>10%

<=20%

(n=15)

>20%(n=8)

TTMRevenueGrowth(1)

TTMEBITDAMargin(2)

(1,2)n=numberofcompaniesin2Q18

MedianEV/Revenue

THERULEOF40%

SELECTPUBLICSaaSCOMPANIESBYRULEOF40%(2)

•

TheRuleof40%standsasaproxyforassessingthehealthofSaaScompaniesbytakingintoconsiderationtwoimportantmetrics:revenuegrowthandprofitability.

Tocalculateacompany’smetriconaRuleof40%basis,simplyaddrevenuegrowthrateandEBITDAmargintogether.

ThereisastrongcorrelationbetweentheRuleof40%andvaluation,withthetrendcontinuingin2Q18.

However,the20%-30%cohortpostedarevenuemultiple(8.7x)higherthanexpected.Themultipleisbuoyedbyhighgrowthandhighlyvaluedcompaniespostingsignificantlosses.Forexample,Oktapostedamedianrevenuemultipleof17.0x,revenuegrowthrateof60.7%,andEBITDAmarginof-36.2%.

•

2Q17

2Q18

10.0x

8.7x

8.2x

7.7x

7.1x

6.9x

6.5x

5.2x

5.0x

4.4x

3.9

3.4x

<=0%

(n=10)

>0%<=10%

(n=8)

>10%<=20%

(n=6)

>20%<=30%

(n=15)

>30%<=40%

(n=13)

>40%

(n=16)

Ruleof40Percentages

n=numberofcompaniesin2Q18

Logoscorrespondto2Q18data

MedianEV/Revenue

<=0% >0%<=10% >10%<=20% >20%<=30% >30%<=40% >40%

SEGSaaSINDEX:PRODUCTCATEGORYFINANCIALPERFORMANCE

MEDIANEV/REVENUEMULTIPLEBYPRODUCTCATEGORY

SeveralSaaScategoriespostedamedianEV/Revenuemultiplegreaterthan10.0xin2Q18,includingIT(13.1xEV/Rev),ERP&SupplyChain(10.5xEV/Rev),andCommunications(10.0xEV/Rev).ThemedianEV/RevenuemultipleforITSaaScompaniesincreased70.1%YOYin2Q18,andcanbeattributed,inpart,tothecategory’simprovedmedianEBITDAmargin(-7.9%in2Q18vs.-15.9%in2Q17).

EV/REVENUE

MEDIANTTMREVENUEGROWTHBYPRODUCTCATEGORY

In2Q18,categorieswiththehighestmedianTTMrevenuegrowthincludedIT(39.8%),OtherSaaS(37.5%),andCommunications(33.3%).TheITSaaScategorywasledbysevenhighgrowthcompanies,includingOkta(60.7%),Atlassian(41.0%),andTalend(40.0%).

CompaniesthatdroveupmedianrevenuegrowthintheOtherSaaScategoryincludeShopify(67.7%),Smartsheet(65.9%),andZuora(56.3%).

TTMREVENUEGROWTH

2Q18

10.0x

33.3%

Communications

6.4x

27.7%

2Q17

8.1x

29.6%

CRM&Marketing

6.8x

25.4%

10.5x

13.7%

ERP&SupplyChain

9.3x

19.4%

5.8x

18.0%

HumanCapitalManagement

7.1x

23.0%

13.1x

39.8%

39.9%

7.7x

7.4x

37.5%

OtherSaaS

6.6x

25.2%

8.7x

32.3%

Security

6.0x

16.5%

6.8x

26.3%

VerticallyFocused

5.5x

32.3%

2Q18SEGSaaSINDEX:TOP25%

WhensegmentedbymedianEV/Revenue,thetopquartileoftheIndexpostedamedianrevenuemultipleof13.3x,75.0%abovetheIndexmedian(7.6x).

Zscaler(18.8x)displacedShopify(16.6x)asthemosthighlyvaluedcompany(onarevenuemultiplebasis)in2Q18.Additionally,Pluralsight(17.1x)andOkta(17.0x)roundoutthetopthreehighestEV/Revenuemultiples.

SelectcompaniesthatmovedintotheTop25%in2Q18includeAppFolio(11.3xin2Q18vs.8.8xin1Q18),Qualys(10.6xin2Q18vs.9.6xin1Q18),andZendesk(10.7xin2Q18vs.8.8xin1Q18).

TheTop25%materiallyoutperformedtheIndexintermsofrevenuegrowth,posting38.8%comparedtotheIndexmedianof28.9%.

Furthermore,whileoverhalfofcompaniesinthisgrouppostednegativeEBITDAmargin,allbuttwo(Oktaand2U)managedtogeneratepositivecashflowfromoperations.

•

Median TTM TTMCompany Ticker EV(M) RevenueRevenue

(M) Growth

EV/Revenue

TTM EBITDA EV/EBITDA Margin EBITDA

(M)

Zscaler ZS $3,213.7 $170.5 51.3%

18.8x

- - -

Pluralsight PS $3,312.8 $193.9 35.0%

17.1x

-$68.1 -35.1% -

Okta,Inc OKTA $4,934.3 $290.6 60.7%

17.0x

-$68.1 -35.1% -

Shopify SHOP $14,156.1 $853.6 67.7%

16.6x

-$105.2 -36.2% -

AtlassianCorp TEAM $13,821.0 $874.0 41.0%

15.8x

-$56.4 -6.6% -

Docusign DOCU $8,088.4 $560.8 -

14.4x

$20.4 2.3% 677.3x

VeevaSystems VEEV $9,998.9 $723.2 23.8%

13.8x

$171.8 23.8% 58.2x

NewRelic NEWR $4,748.5 $355.1 34.8%

13.4x

-$21.0 -5.9% -

2U TWOU $4,624.6 $346.6 45.0%

13.3x

-$26.4 -7.6% -

Coupa COUP $2,687.7 $202.0 38.6%

13.3x

-$38.5 -19.1% -

S NOW $29,779.4 $2,264.8 37.8%

13.1x

$97.4 4.3% 305.7x

AlteryxInc AYX $1,896.2 $145.9 52.1%

13.0x

-$13.7 -9.4% -

Workday WDAY $25,812.8 $2,281.8 33.7%

11.3x

-$129.9 -5.7% -

AppFolio APPF $1,866.9 $165.4 33.2%

11.3x

$31.1 18.8% 60.0x

Q2Holdings QTWO $2,298.3 $204.3 26.9%

11.3x

-$9.2 -4.5% -

Zuora ZUO $2,096.3 $187.3 56.3%

11.2x

- - -

Twilio,Inc. TWLO $4,790.6 $440.8 44.3%

10.9x

-$55.1 -12.5% -

Zendesk ZEN $5,428.9 $507.9 39.0%

10.7x

-$85.9 -16.9% -

Qualys QLYS $2,707.9 $255.4 20.7%

10.6x

$68.5 26.8% 39.5x

2Q18SEGSaaSINDEX:BOTTOM25%

WhensegmentedbymedianEV/Revenue,thebottomquartileoftheSEGSaaSIndexpostedamedianmultipleof3.5xin2Q18,53.9%belowtheIndexmedian(7.6x).

ThemedianTTMrevenuegrowthrateforthisgroupwas11.7%,significantlylessthantheIndexmedianof28.9%.Inaddition,themedianTTMrevenueforthisgroupwas$234.2M,14.3%lessthantheIndexmedianrevenueof$273.4M.

OnaRuleof40%basis,thebottomquartilepostedamedianof9.5%,andincludedfivecompaniespostinglessthan0%onaRuleof40%basis:MarinSoftware(-52.8%),HortonWorks(-18.5%),Cloudera(-15.7%),

FireEye(-11.9%),andCastlightHealth(-7.3%).Incomparison,theTop25%postedamedianof39.7%onaRuleof40%basis.

•

TTM TTM

Company Ticker Median RevenueRevenue

EV(M) (M) Growth

EV/Revenue

TTM

EBITDA EBITDA EV/

(M) Margin EBITDA

Athenahealth ATHN $6,195.7 $1,286.5 11.7%

4.8x

$289.8 22.5% 21.4x

Cloudera,Inc CLDR $1,858.9 $390.6 37.5%

4.8x

-$207.5 -53.1% -

HortonWorks HDP $1,322.4 $284.9 43.1%

4.6x

-$175.5 -61.6% -

SPSCommerce SPSC $1,075.5 $234.5 13.7%

4.6x

$24.9 10.6% 43.1x

LivePerson LPSN $1,062.8 $233.8 8.4%

4.5x

$2.6 1.1% 412.9x

J2Global JCOM $4,876.2 $1,143.8 23.2%

4.3x

$409.2 35.8% 11.9x

Benefitfocus BNFT $1,068.5 $252.2 8.0%

4.2x

-$13.0 -5.1% -

FireEye FEYE $3,225.9 $793.6 6.2%

4.1x

-$143.1 -18.0% -

Smartsheet SMAR $477.0 $125.3 65.9%

3.8x

- - -

Zix ZIXI $254.5 $67.5 6.9%

3.8x

$13.1 19.4% 19.4x

AmberRoad AMBR $262.7 $80.6 7.8%

3.3x

-$5.0 -6.2% -

BandwidthInc. BAND $574.5 $185.1 18.3%

3.1x

$20.8 11.2% 27.6x

CastlightHealth CSLT $440.3 $145.8 26.0%

3.0x

-$48.7 -33.4% -

HealthStream HSTM $687.5 $238.2 7.3%

2.9x

$39.6 16.6% 17.4x

Cardlytics CDLX $364.1 $135.3 -

2.7x

-$19.3 -14.2% -

ChannelAdvisors ECOM $335.6 $125.7 9.1%

2.7x

-$5.4 -4.3% -

TrueCar TRUE $787.9 $328.5 12.7%

2.4x

-$13.3 -4.0% -

CeridianHolding CDAY $1,711.9 $775.1 7.2%

2.2x

$82.4 10.6% 20.8x

MedicalTrans. MTBC $36.5 $31.9 15.6%

1.1x

$1.8 5.5% 20.7x

MarinSoftware MRIN $13.9 $70.1 -24.7%

0.2x

-$19.7 -28.1% -

APPENDIX

SEGSNAPSHOT:2Q18SaaSPUBLICMARKETUPDATE

2Q18SEGSaaSINDEX(1)

(1)Source:FinancialdataprovidedbyYCharts(Missingvaluesrepresentdatanotapplicableorpubliclyavailable)

Company

EV/Revenue

EV/EBITDA

TTMRevenueGrowth

EBITDAMargin

2Q17

3Q17

4Q17

1Q18

2Q18

2Q17

3Q17

4Q17

1Q18

2Q18

2Q17

3Q17

4Q17

1Q18

2Q18

2Q17

3Q17

4Q17

1Q18

2Q18

8.0x

9.2x

10.8x

11.9x

13.3x

35.2%

34.2%

39.3%

40.7%

45.0%

-4.8%

-6.6%

-3.8%

-6.3%

-7.6%

5.5x

6.6x

5.2x

5.3x

64.4x

65.7x

51.3x

33.1x

30.2x

24.5%

27.1%

28.9%

29.8%

29.4%

8.5%

10.1%

12.9%

15.7%

17.6%

AlteryxInc

9.5x

10.4x

11.2x

12.0x

13.0x

53.4%

52.1%

-21.2%

-19.5%

-15.9%

-10.8%

-9.4%

AmberRoad

2.9x

2.7x

3.1x

3.3x

8.5%

9.5%

9.1%

8.1%

7.8%

-12.6%

-11.6%

-10.3%

-7.6%

-6.2%

AppFolio

7.4x

9.6x

10.0x

8.8x

11.3x

73.7x

72.4x

65.3x

52.1x

60.0x

37.8%

36.7%

36.2%

34.5%

33.2%

10.0%

13.3%

15.3%

17.0%

18.8%

AppianCorporation

7.2x

7.4x

8.9x

8.7x

33.0%

40.5%

41.6%

-17.8%

-16.5%

-15.6%

-17.8%

-14.6%

Apptio,Inc

2.6x

3.1x

4.0x

4.9x

5.9x

22.0%

19.4%

17.4%

18.5%

22.0%

-12.8%

-11.3%

-10.7%

-10.4%

-7.9%

Athenahealth

4.3x

4.9x

4.3x

4.4x

4.8x

26.2x

30.0x

24.4x

21.7x

21.4x

13.8%

12.1%

12.7%

13.7%

11.7%

16.5%

16.3%

17.8%

20.5%

22.5%

AtlassianCorp

12.0x

11.1x

13.7x

14.5x

15.8x

3776.8x

1211.9x

677.3x

35.6%

37.6%

39.4%

40.4%

41.0%

0.3%

-0.5%

-0.9%

1.2%

2.3%

BandwidthInc.

2.5x

2.1x

3.1x

20.1x

15.8x

27.6x

18.3%

14.1%

13.0%

12.5%

13.6%

11.2%

Benefitfocus

4.1x

3.5x

3.2x

4.2x

9.9%

5.7%

3.7%

4.4%

8.0%

-8.7%

-7.0%

-6.1%

-5.2%

-5.1%

Blackbaud

5.6x

5.8x

6.3x

6.4x

6.5x

30.1x

30.8x

34.7x

37.5x

10.8%

8.8%

8.0%

8.3%

9.5%

18.4%

18.9%

18.1%

18.4%

17.4%

Box

5.3x

5.7x

5.5x

6.5x

30.1%

29.6%

28.3%

27.0%

24.4%

-26.8%

-25.6%

-24.9%

-22.3%

-20.3%

CarbonBlack

8.6x

39.4%

34.9%

32.3%

-30.8%

Cardlytics

2.7x

-14.2%

CastlightHealth

3.5x

3.7x

3.4x

2.9x

3.0x

32.8%

34.0%

29.7%

31.9%

26.0%

-42.0%

-43.8%

-40.2%

-36.9%

-33.4%

CeridianHolding

2.2x

20.8x

6.6%

8.4%

7.2%

10.6%

ChannelAdvisors

2.1x

2.0x

1.5x

2.7x

10.4%

10.1%

8.4%

8.2%

9.1%

-8.5%

-6.1%

-7.5%

-8.2%

-4.3%

Cloudera,Inc

8.2x

6.3x

5.4x

6.2x

4.8x

40.8%

37.5%

-124.9%

-123.1%

-116.8%

-102.9%

-53.1%

CornerstoneOnDemand

4.8x

4.5x

4.6x

4.8x

5.3x

19.3%

14.3%

12.0%

13.9%

15.6%

-3.8%

-4.3%

-4.4%

-2.0%

-1.1%

Coupa

9.3x

8.9x

9.6x

10.8x

13.3x

45.4%

40.1%

39.6%

38.6%

-19.4%

-19.0%

-20.5%

-19.8%

-19.1%

Docusign

14.4x

Dropbox

9.8x

9.0x

31.0%

29.5%

28.2%

-28.4%

Ebix

5.9x

5.8x

7.0x

7.3x

6.6x

15.0x

15.3x

19.2x

20.4x

19.3x

12.3%

14.4%

17.6%

22.0%

28.3%

39.2%

38.3%

36.6%

35.7%

34.0%

EllieMae

8.4x

6.5x

6.4x

6.6x

7.2x

36.8x

28.8x

30.4x

32.8x

38.8x

32.3%

21.7%

15.8%

16.4%

17.6%

22.8%

22.5%

21.1%

20.3%

18.5%

Everbridge,Inc

7.7x

6.8x

7.4x

8.0x

10.5x

32.9%

34.4%

35.8%

35.6%

-5.9%

-6.0%

-7.0%

-8.3%

-12.0%

FireEye

3.4x

3.6x

3.3x

3.8x

4.1x

7.8%

5.1%

7.6%

7.1%

6.2%

-22.4%

-16.1%

-17.9%

-17.4%

-18.0%

HealthStream

3.6x

2.8x

2.7x

2.8x

2.9x

26.6x

18.4x

17.2x

17.0x

17.4x

1.6%

1.8%

2.3%

4.6%

7.3%

13.4%

15.1%

15.8%

16.3%

16.6%

HortonWorks

3.5x

4.3x

5.2x

5.3x

4.6x

41.2%

40.5%

41.9%

43.1%

-116.3%

-101.9%

-84.1%

-72.3%

-61.6%

HubSpot

7.4x

7.1x

7.8x

9.0x

9.5x

41.6%

39.5%

38.6%

-9.0%

-8.1%

-5.6%

-5.2%

-5.0%

Instructure

5.3x

5.9x

7.2x

7.1x

46.6%

45.9%

44.1%

42.0%

37.2%

-30.7%

-27.7%

-24.7%

-22.1%

-21.3%

J2Global

5.2x

4.6x

4.0x

3.9x

4.3x

12.9x

12.0x

10.8x

10.7x

11.9x

22.2%

24.4%

27.3%

27.9%

23.2%

40.0%

38.4%

37.0%

36.5%

35.8%

Kinaxis

11.6x

10.2x

9.6x

10.8x

10.5x

65.7x

50.7x

42.3x

44.1x

42.6x

21.3%

16.6%

12.7%

10.7%

9.5%

17.7%

20.0%

22.7%

24.6%

LivePerson

2.4x

3.3x

2.9x

3.0x

4.5x

349.5x

348.2x

201.0x

412.9x

-7.1%

-3.6%

-1.8%

3.6%

8.4%

-1.6%

0.9%

0.8%

1.5%

1.1%

MarinSoftware

0.3x

0.2x

0.4x

0.3x

0.2x

-14.9%

-20.6%

-24.3%

-24.9%

-24.7%

-6.5%

-9.9%

-15.7%

-21.6%

-28.1%

MedicalTranscription

1.1x

0.7x

1.0x

1.2x

1.1x

292.6x

20.7x

25.2%

41.7%

53.8%

29.9%

15.6%

-11.1%

-10.2%

-7.7%

0.4%

5.5%

MedidataSolutions 7.8x 8.2x 7.2x 6.7x 7.4x 48.9x 47.3x 41.7x 38.7x 39.6x 20.8% 20.7% 17.6% 16.4% 15.4% 16.0% 17.4% 17.2% 17.3% 18.8%

2Q18SEGSaaSINDEX(1)

(1)Source:FinancialdataprovidedbyYCharts(Missingvaluesrepresentdatanotapplicableorpubliclyavailable)

Company

EV/Revenue

EV/EBITDA

TTMRevenueGrowth

EBITDAMargin

2Q17

3Q17

4Q17

1Q18

2Q18

2Q17

3Q17

4Q17

1Q18

2Q18

2Q17

3Q17

4Q17

1Q18

2Q18

2Q17

3Q17

4Q17

1Q18

2Q18

Mimecast

6.9x

7.1x

7.2x

7.5x

8.7x

145.3x

203.7x

220.2x

176.9x

231.8x

31.5%

35.5%

38.9%

40.9%

40.4%

4.8%

3.5%

3.3%

4.2%

3.8%

MINDBODY

6.6x

5.5x

6.6x

7.2x

7.7x

33.2%

32.6%

31.4%

30.2%

32.5%

-5.1%

-3.6%

-2.8%

-2.7%

-6.6%

NantHealth,Inc.

5.4x

7.3x

5.7x

5.5x

5.6x

65.4%

13.9%

6.3%

-0.1%

3.9%

-108.0%

-70.0%

-62.4%

-58.3%

-55.2%

NewRelic

7.7x

8.3x

9.1x

10.8x

13.4x

45.3%

41.2%

37.8%

36.0%

34.8%

-15.9%

-13.4%

-12.1%

-9.0%

-5.9%

Nutanix,Inc

3.1x

4.0x

5.0x

5.8x

8.5x

93.3%

72.4%

56.5%

46.6%

39.8%

-40.5%

-50.7%

-38.7%

-33.2%

-29.0%

Okta,Inc

11.9x

10.3x

10.9x

12.5x

17.0x

66.2%

61.7%

60.7%

-45.7%

-43.3%

-44.0%

-41.7%

-36.2%

PaycomSoftware

7.4x

8.4x

9.0x

9.3x

10.5x

28.1x

30.0x

32.2x

35.7x

35.1x

34.6%

32.8%

31.6%

30.4%

30.1%

26.5%

28.0%

27.8%

26.0%

29.8%

PaylocityHolding

7.7x

7.8x

7.7x

7.5x

8.2x

92.1x

84.1x

75.6x

69.3x

67.7x

33.4%

29.7%

26.0%

26.1%

25.5%

8.4%

9.2%

10.2%

10.8%

12.1%

Pivotal

7.8x

22.4%

21.1%

Pluralsight

17.1x

26.5%

30.1%

35.0%

-35.1%

Proofpoint

8.0x

8.1x

7.7x

9.0x

10.2x

42.1%

39.5%

37.9%

37.0%

38.1%

-5.0%

-4.9%

-3.7%

-4.1%

-4.6%

PROSHoldings,Inc.

5.2x

5.1x

5.0x

6.0x

6.4x

0.6%

4.5%

10.1%

13.6%

15.6%

-34.7%

-36.2%

-32.0%

-28.1%

-24.1%

Q2Holdings

9.2x

8.8x

8.9x

9.0x

11.3x

35.9%

34.7%

33.2%

29.1%

26.9%

-12.4%

-10.0%

-7.1%

-5.9%

-4.5%

Qualys

6.0x

6.5x

8.1x

9.6x

10.6x

23.8x

24.8x

31.2x

36.6x

39.5x

16.5%

15.8%

16.6%

18.5%

20.7%

25.2%

26.1%

26.0%

26.3%

26.8%

RealPage

4.9x

5.3x

5.9x

6.6x

6.9x

31.8x

36.7x

39.9x

40.7x

39.2x

18.8%

16.9%

18.1%

21.4%

26.7%

15.5%

14.5%

14.7%

16.1%

17.7%

RingCentral

5.7x

6.4x

7.3x

8.6x

10.0x

10369.0x

1802.6x

27.7%

28.0%

30.0%

32.3%

33.3%

-2.2%

-0.7%

-0.1%

0.1%

0.6%

6.8x

7.3x

7.6x

8.2x

80.8x

79.4x

77.2x

75.8x

62.4x

25.4%

25.7%

25.6%

25.0%

25.1%

8.5%

9.4%

10.1%

13.1%

SendGrid,Inc.

7.3x

7.5x

7.9x

242.6x

211.0x

181.3x

34.2%

4.9%

3.7%

3.0%

3.6%

4.4%

9.9x

10.3x

10.8x

12.4x

13.1x

1285.9x

580.7x

382.8x

305.7x

37.7%

38.3%

39.9%

39.1%

37.8%

-0.7%

0.8%

1.9%

3.2%

4.3%

Shopify

15.6x

14.9x

13.7x

15.7x

16.6x

80.3%

76.5%

72.9%

71.2%

67.7%

-8.1%

-7.3%

-5.3%

-5.5%

-6.6%

Smartsheet

3.8x

66.1%

65.9%

SPSCommerce

4.2x

4.0x

3.1x

3.6x

4.6x

37.2x

36.4x

33.1x

37.5x

43.1x

17.5%

15.5%

14.0%

13.7%

11.2%

11.0%

9.3%

9.5%

10.6%

TabulaRasaHealthcare

2.2x

2.8x

4.7x

5.0x

6.5x

470.5x

44.9x

225.0x

36.4%

35.9%

36.6%

43.3%

48.0%

0.5%

-1.3%

-1.4%

11.1%

2.9%

Talend

7.1x

8.1x

8.0x

7.8x

9.7x

42.1%

42.7%

42.6%

40.2%

40.0%

-20.5%

-17.9%

-15.2%

-19.4%

-19.3%

TheTradeDesk

8.5x

8.3x

7.2x

6.3x

9.5x

35.6x

35.2x

29.9x

26.6x

39.9x

68.8%

60.5%

51.9%

50.7%

23.9%

23.6%

24.0%

23.6%

23.9%

TheUltimateSoftwareGroup

7.1x

6.4x

6.2x

6.9x

6.3x

94.5x

79.1x

73.7x

69.3x

57.4x

23.0%

21.4%

20.4%

20.2%

20.3%

7.6%

8.1%

8.4%

10.0%

11.0%

TrueCar

5.2x

4.8x

3.1x

2.9x

2.4x

10.7%

16.1%

17.6%

16.4%

12.7%

-3.5%

-1.2%

-1.9%

-3.1%

-4.0%

Twilio,Inc.

7.0x

7.3x

5.9x

6.5x

10.9x

58.3%

53.4%

48.2%

43.9%

44.3%

-12.8%

-9.6%

-11.6%

-11.9%

-12.5%

UplandSoftware

5.6x

6.0x

5.5x

5.8x

7.4x

92.4x

91.7x

58.9x

47.2x

46.4x

11.4%

16.6%

22.6%

31.0%

39.6%

6.1%

6.5%

9.3%

12.3%

16.0%

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