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autonomy pitchbook

autonomy pitchbook

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Published by zerohedge
autonomy pitchbook
autonomy pitchbook

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Published by: zerohedge on Nov 21, 2012
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08/21/2014

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DRAFT
Preliminary | Subject to Further Review and Evaluation
 January 2011
 Autonomy Overview 
 
($MM, except per share amounts)
Fiscal Year Ended December 31,2008A2009A2010E2011E2012ERevenue$503$740$866$963$1,079
 Annual Growth47%47%17%11%12%
Gross Profit458652764856969
Gross Margin91%88%88%89%90%
EBITDA226360426505585
 EBITDA Margin45%49%49%52%54%
Free Cash Flow121191281322487
Free Cash Flow Margin24%26%32%33%45%
Net Income148233289343399
 Net Income Margin29%31%33%36%37%
Diluted EPS0.680.971.091.271.48
 Annual Growth81%43%12%17%16%Source: Projections based on Bank of America Merrill Lynch research as of October 19, 2010. Note: Free Cash Flow defined as Operating Cash Flow less Cap Ex and Investment in Product Development.Gross Profit adjusted for amortization of acq related intangibles.EBITDA adjusted for amortization of acq related intangibles, SBC, foreign exchange, and non-recurring items.
 Autonomy Overview 
2
Summary
 
Financial Performance Trading Overview 
Dual Headquarters San Francisco, CACambridge, U.K.Founding Founded in June 1996 by world-leading researchersfrom University of CambridgeIPO uly 1998 at a split-adjusted price of $1.23 (approx. £0.70)Employees 1,800
(10% Administrative, 60% Technical, 30% Sales and Marketing)
Customers/OEMs 20,000+ Customers, 400+ OEMs with over 500 product licensesGeographic Mix 70% Americas, 30% Rest of WorldKey Verticals Education, Energy & Utilities, Financial Services, Government,Healthcare, Investigative, Legal, Manufacturing, ProfessionalServices/Consulting, Retail & Consumer, Technology, TelecomSales Channel Primarily indirect through 400 Value Added Resellers such as Accenture, IBM Global Services, Cap Gemini, HP and WiproProduct Overview Software infrastructure solutions that form an understanding of content, allowing for powerful meaning-based data processing 
Intelligent Data Operating Layer (IDOL)
Server
 – 
collectsindexed data, enriching it with conceptual and contextualunderstanding 
Core infrastructure of Autonomy’s solutions
 
Power
solutions
 – 
search and management built around IDOL
Markets include Search, BPM, and OEMs
Protect
solutions
 – 
regulatory and compliance platform
Markets include eDiscovery, Archiving & Records, Contentmanagement, Compliance
Promote
solutions
 – 
marketing and customer interaction
Markets include Web Content Management, eBusiness,Marketing Optimization, Rich Media Management, ContactCenter
($MM, except per share amounts)
Share Price
£14.78/
$23.66Fully-Diluted Equity Value (1)$5,811Plus: Debt (1)945Less: Cash (1)1,028Fully-Diluted Enterprise Value (1)$5,728CY10E
Statistic (2)
Revenue
$866 
6.6xEBITDA
426 
13.4Earnings per Share
1.09 
21.7CY11ERevenue
$963
5.9xEBITDA
505 
11.3Earnings per Share
1.27 
18.6
 Note: Current market prices as of January 24, 2011, converted from GBP to USD at a constant spot exchange rate of 1.60.(1) Net Debt based on Autonomy Form 6-K for the period ended September 30, 2010.Includes £500 ($800) convertible debt with strike price of £20.63 ($33.03).(2) Projections based on Bank of America Merrill Lynch research as of October 19, 2010.
Source: Company filings.
 
Historical Revenues Organic IDOL Revenue Growth YoY 
Key Financial Metrics
$96$251$343$503$74002004006008002005 2006 2007 2008 2009
3
Source: Company filings.
 Note: OEM Ongoing refers to sales of OEMs’ products.
 OEM Dev refers to a non-refundable, upfront development license fee.
 Attractive Revenue Mix (in $MM, LTM)Historical Margins
$MM 
0%10%20%30%40%Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32007 2008 2009 201094%
91%
89%91%88%15%29%34%45%49%0%10%20%30%40%
50%60%70%
0%20%40%60%80%
100%
2005 2006 2007 2008 2009IDOLProduct, $249IDOL Cloud,$184OEM Dev,$11OEMOngoing,$115DeferredRevenue,$250
Services, $41
Gross  Margins  EBITDA Margins 
 
29%22%29%5%13%
2%
 Autonomy estimates organic IDOL growth by comparing prior period reported results with 
current period results (less any contribution 
 from acquisitions and excluding services)

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