August 2012
Select M&A Transactions
and
Financial and Stock Market Performance
Public Software Companies By Product Category
Public SaaS Companies
Public Internet Companies By Product Category
EBITDA
ERP
EV
Enterprise Value
FCF
FORWARD
NASDAQ
PLM
R&D
S&P
SaaS
SoftwareasaService
SEG
SG&A
SW
Software
TTM
YoY
YearoverYear
YTD
Yeartodate
Acquirer
Allot Communications Ltd. (NasdaqGS:ALLT)
Synopsys Inc. (NasdaqGS:SNPS)
Roper Industries Inc. (NYSE:ROP)
Brightcove, Inc. (NasdaqGM:BCOV)
Mobiquity, Inc.
Thomson Reuters Corporation (TSX:TRI)
SciQuest, Inc. (NasdaqGS:SQI)
Merge Healthcare Incorporated (NasdaqGS:MRGE)
RealPage, Inc. (NasdaqGS:RP)
Facebook, Inc. (NasdaqGS:FB)
Google Inc. (NasdaqGS:GOOG)
Azumio, Inc.
NetScout Systems, Inc. (NasdaqGS:NTCT)
Oracle Corporation (NasdaqGS:ORCL)
AlphaPoint Technology, Inc. (OTCBB:APPO)
Autodesk, Inc. (NasdaqGS:ADSK)
TiVo Inc. (NasdaqGS:TIVO)
PayPal, Inc.
Accuray Incorporated (NasdaqGS:ARAY)
CSG Systems International Inc. (NasdaqGS:CSGS)
Wolters Kluwer Financial Services, Inc.
Cisco Systems, Inc. (NasdaqGS:CSCO)
Intel Corporation (NasdaqGS:INTC)
NLbuzz B.V.
UNICOM Systems, Inc.
Aurora Capital Group
Dentsu Inc. (TSE:4324)
IHS Inc. (NYSE:IHS)
Xerox Corp. (NYSE:XRX)
SNL Financial LC
Oracle Corporation (NasdaqGS:ORCL)
Environmental Systems Research Institute, Inc.
KANA Software, Inc.
Net@Work, Inc.
salesforce.com, inc (NYSE:CRM)
Aareon AG
ICOA, Inc. (OTCPK:ICOA)
Red Giant Software LLC
Squarefactor, Inc.
TeleCommunication Systems Inc. (NasdaqGS:TSYS)
Asure Software, Inc. (NasdaqCM:ASUR)
Lender Processing Services, Inc. (NYSE:LPS)
Reckon Ltd. (ASX:RKN)
Cadence Design Systems Inc. (NasdaqGS:CDNS)
Meridian Project Systems, Inc.
Numark Industries, LP
Rubik Financial Limited (ASX:RFL)
Xerox Litigation Services
Target
Oversi Networks Ltd.
Ciranova, Inc.
Sunquest Information Systems, Inc.
Zencoder, Inc.
Smartsoft Mobile Solutions, Inc.
MarkMonitor, Inc.
Upside Software, Inc.
Advanced Clinical Software, Inc.
Rent Mine Online Inc.
Acrylic Software
Sparrow SAS
SkyHealth LLC
Accanto Systems Srl, Intelligent Customer
Skire, Inc.
SoftPay Solutions LLC
Socialcam Inc.
TRA, Inc.
Lumber Labs, Inc.
Morphormics Inc.
Ascade AB
Financial Architects nv
Virtuata, Inc.
Whamcloud Incorporated
The Saints BV
DETEC Software Products GmbH
Market Track, LLC
Aegis Group plc (LSE:AGS)
Invention Machine Corporation
Wireless Data Services, Ltd.
SwiftKnowledge, LLC
Involver Inc.
GeoIQ, Inc.
Sword Ciboodle Ltd
Synergy Plus Solutions, Inc.
GoInstant Inc.
1st Touch Limited
Tango Software Corp.
Singular Software Inc.
Intellavia LLC
microDATA GIS, Inc.
PeopleCube, Inc.
LendingSpace Partners, LLC
Lindenhouse Software Limited
Sigrity, Inc.
WinEstimator, Inc.
MAudio LLC and AIR Software Group
Coin Software Pty Ltd.
Lateral Data, LP
Implied Enterprise
EV/ Revenue
Value ($mm)
$21.00
$1,390.00
$30.00
$22.00
$9.50
6.3x
$60.00
$20.00
$5.70
$19.00
$4,517.03
2.6x
$40.00
$70.00
$37.00
$13.87
$22.63
$78.30
$13.90
$27.37
$30.00

Market Cap
$1,339.7
$676.3
$1,141.9
$2,024.7
$2,566.7
$5,856.8
$2,046.4
$823.2
$504.8
$149,307.0
$278.0
$2,126.3
$597.1
$8,004.1
$726.8
$10,377.1
$1,915.7
$1,175.9
EV
$1,280.9
$555.1
$933.8
$1,977.7
$2,468.6
$5,665.2
$2,652.8
$719.2
$514.8
$135,504.0
$138.4
$2,155.8
$636.1
$6,166.0
$642.1
$9,558.1
$1,958.7
$1,129.9
TTM
Revenue
$437.0
$500.3
$387.0
$1,006.0
$1,032.5
$2,137.7
$1,394.1
$769.4
$257.5
$73,723.0
$167.5
$889.7
$219.7
$3,476.7
$244.9
$2,174.0
$375.5
$333.4
TTM
Gross
Margin
67.4%
56.0%
78.4%
76.2%
84.0%
71.6%
63.1%
57.8%
63.1%
71.6%
60.9%
68.1%
79.0%
74.6%
61.1%
84.6%
68.9%
56.0%
TTM
EBITDA
Margin
19.6%
19.2%
8.5%
22.1%
21.1%
29.0%
24.4%
9.2%
21.1%
36.1%
6.6%
16.8%
19.9%
22.6%
19.8%
25.8%
36.9%
13.9%
TTM
Revenue
Growth EV/ Revenue
13.0%
2.3x
9.8%
1.3x
15.8%
2.1x
5.4%
2.0x
13.5%
2.5x
10.1%
2.7x
8.6%
2.7x
8.2%
0.7x
21.8%
2.4x
4.2%
2.7x
19.7%
1.5x
17.3%
2.3x
14.4%
2.2x
6.0%
2.4x
16.9%
2.1x
18.1%
5.2x
12.6%
4.6x
24.6%
2.7x
EV/
Forward
EBITDA EV/ Revenue
11.1x
2.2x
6.9x
1.5x
29.2x
1.9x
8.8x
1.9x
11.8x
2.2x
9.0x
2.4x
10.0x
2.6x
8.2x
0.5x
13.9x
2.3x
8.4x
2.5x
14.2x
1.4x
13.0x
2.0x
8.7x
3.3x
8.8x
2.3x
10.6x
2.0x
20.8x
4.5x
11.9x
3.4x
20.6x
2.5x
Forward
EV/
EBITDA
8.7x
6.1x
15.3x
7.4x
8.1x
6.9x
9.2x
3.4x
9.0x
6.9x
8.2x
8.6x
11.7x
7.4x
11.9x
14.2x
9.0x
12.5x
YoY Stock
Market
Return
3.4%
19.6%
22.0%
3.4%
18.5%
2.7%
12.7%
26.5%
23.6%
2.7%
37.6%
8.4%
5.3%
0.0%
22.4%
8.7%
18.5%
3.6%
13.0%
10.9%
13.3%
67.4%
19.6%
10.8%
36.8%
14.6%
25%
2.0
1.8
17.3%
66
37
0.5x
10%
20%
15%
5%
0%
Cash Flow Statement Analysis (Median)
Levered FCF Margin
Cash from Operations Growth (YoY)
Cash from Investing Growth (YoY)
Cash from Financing Growth (YoY)
Levered FCF Growth (YoY)
15.3%
15.0%
53.2%
24.6%
16.0%
5%
DOW
S&P
NASDAQ
SEG SW Index
Ticker
DOX
ASIA
CSGS
EVOL
MNDO
NSR
SNCR
Median:
Market Cap
$4,992.3
$754.8
$568.0
$64.6
$31.5
$2,368.9
$676.3
$676.3
EV
$4,096.8
$501.1
$684.6
$50.9
$14.7
$2,725.2
$555.1
$555.1
TTM
Revenue
$3,237.0
$500.3
$739.2
$21.8
$20.4
$732.7
$252.9
$500.3
TTM
Gross
Margin
35.7%
40.7%
50.4%
64.8%
59.9%
77.3%
56.0%
56.0%
TTM
EBITDA
Margin
18.4%
15.2%
22.3%
10.7%
21.1%
42.0%
19.2%
19.2%
TTM
Revenue
Growth EV/ Revenue
3.5%
1.3x
9.8%
1.0x
13.3%
0.9x
6.0%
2.3x
7.3%
0.7x
30.8%
3.7x
25.6%
2.2x
9.8%
1.3x
EV/
Forward
EBITDA EV/ Revenue
6.9x
1.2x
6.6x
0.9x
4.2x
0.9x
22.0x
2.0x
3.4x
n/a
8.9x
3.2x
11.4x
1.9x
6.9x
1.5x
Forward
EV/
EBITDA
5.9x
5.6x
4.2x
12.0x
n/a
6.5x
6.3x
6.1x
YoY Stock
Market
Return
6.2%
31.9%
0.3%
19.6%
34.4%
37.0%
39.6%
19.6%
9.8%
15.1%
7.5%
56.0%
19.2%
11.8%
18.0%
14.9%
Billing and Service Management Software Stock Market Return: Jan  Jul 2012
25%
20%
15%
10%
2.6x
2.3x
17.9%
73.6
29.3
0.6x
5%
0%
5%
10%
15.6%
17.9%
98.6%
10.8%
42.2%
15%
Billing & Service Management
S&P
NASDAQ
Ticker
BIRT
MSTR
PEGA
PRGS
PRO
QLIK
Median:
Market Cap
$314.9
$1,299.8
$1,039.4
$1,244.4
$381.4
$1,714.9
$1,141.9
EV
$247.2
$1,104.3
$951.4
$916.2
$310.5
$1,519.7
$933.8
15.8%
6.2%
66.8%
78.4%
8.5%
4.4%
48.3%
16.4%
TTM
Gross
Margin
84.3%
74.5%
60.9%
82.3%
72.7%
89.5%
78.4%
TTM
EBITDA
Margin
22.4%
6.1%
6.5%
18.8%
10.5%
6.5%
8.5%
TTM
Revenue
Growth EV/ Revenue
1.6%
1.8x
14.6%
1.9x
16.9%
2.2x
7.2%
1.8x
31.5%
2.9x
29.7%
4.4x
15.8%
2.1x
EV/
Forward
EBITDA EV/ Revenue
7.9x
1.7x
30.7x
1.6x
34.6x
1.9x
9.7x
1.9x
27.8x
2.6x
67.5x
3.7x
29.2x
1.9x
Forward
EV/
EBITDA
5.8x
15.3x
17.1x
8.0x
15.3x
25.4x
15.3x
YoY Stock
Market
Return
5.3%
25.4%
32.0%
18.5%
14.5%
33.7%
22.0%
2.0x
1.8x
16.9%
78.4
35.2
0.5x
TTM
Revenue
$140.2
$588.9
$425.5
$503.7
$106.6
$348.5
$387.0
5.9%
71.2%
121.7%
19.3%
35.1%
10%
5%
0%
5%
10%
Business Intelligence
S&P
NASDAQ
Ticker
BIRT
ADBE
BSQR
CPWR
GKNT
MGIC
MSFT
ORCL
PRGS
RHT
XTRA:SOW
Median:
Market Cap
$314.9
$15,249.6
$33.8
$2,024.7
$126.9
$159.5
$248,483.9
$149,307.0
$1,244.4
$10,377.1
$2,835.4
$2,024.7
EV
$247.2
$13,761.5
$17.0
$1,977.7
$94.4
$119.6
$199,214.9
$135,504.0
$916.2
$9,558.1
$2,853.5
$1,977.7
TTM
Revenue
$140.2
$4,335.0
$96.4
$1,006.0
$124.8
$118.5
$73,723.0
$37,121.0
$503.7
$1,183.1
$1,371.4
$1,006.0
TTM
Gross
Margin
84.3%
89.4%
20.3%
66.2%
26.8%
42.0%
76.2%
78.8%
82.3%
84.6%
61.6%
76.2%
TTM
EBITDA
Margin
22.4%
34.4%
0.1%
17.5%
1.0%
18.1%
41.7%
43.2%
18.8%
22.1%
27.8%
22.1%
TTM
Revenue
Growth EV/ Revenue
1.6%
1.8x
7.1%
3.2x
8.9%
0.2x
5.6%
2.0x
19.3%
0.8x
18.2%
1.0x
5.4%
2.7x
4.2%
3.7x
7.2%
1.8x
22.6%
8.1x
4.4%
2.1x
5.4%
2.0x
EV/
Forward
EBITDA EV/ Revenue
7.9x
1.7x
9.2x
3.0x
n/a
n/a
11.2x
1.9x
75.1x
0.7x
5.6x
0.9x
6.5x
2.5x
8.4x
3.5x
9.7x
1.9x
36.5x
6.9x
7.5x
n/a
8.8x
1.9x
Forward
EV/
EBITDA
5.8x
6.8x
n/a
8.2x
13.6x
n/a
5.8x
6.9x
8.0x
24.2x
n/a
7.4x
YoY Stock
Market
Return
5.3%
11.9%
50.5%
3.4%
19.8%
16.0%
8.2%
0.0%
18.5%
27.8%
33.3%
3.4%
5.4%
3.4%
19.2%
76.2%
22.1%
13.7%
29.3%
12.2%
20%
15%
2.3x
2.2x
25.0%
71.0
26.1
0.5x
5%
0%
10%
19.2%
18.4%
69.6%
23.4%
18.9%
5%
Development Platforms
S&P
NASDAQ
Ticker
ANSS
ADSK
CDNS
CIMT
DSY
GVP
MENT
PMTC
PDFS
SSYS
SNPS
Median:
Market Cap
$5,641.0
$7,840.8
$3,364.7
$35.0
$12,129.7
$42.3
$1,704.2
$2,566.7
$275.8
$1,328.3
$4,517.1
$2,566.7
EV
$5,199.4
$6,328.8
$3,088.0
$20.7
$10,487.1
$25.1
$1,802.9
$2,468.6
$230.3
$1,286.2
$3,970.5
$2,468.6
13.5%
27.7%
20.7%
84.0%
21.1%
10.8%
35.3%
17.6%
1.8x
1.8x
17.6%
89.0
48.7
0.5x
TTM
Gross
Margin
87.4%
89.7%
84.3%
87.9%
86.6%
32.2%
84.0%
69.9%
57.4%
52.6%
81.9%
84.0%
TTM
EBITDA
Margin
47.3%
21.5%
21.1%
16.0%
31.3%
7.0%
17.9%
17.4%
18.4%
22.3%
22.6%
21.1%
TTM
Revenue
Growth EV/ Revenue
19.9%
6.9x
13.5%
2.8x
19.9%
2.5x
9.6%
0.5x
12.1%
4.3x
8.0%
0.5x
7.1%
1.7x
15.9%
1.9x
22.9%
3.0x
29.9%
7.2x
11.2%
2.4x
13.5%
2.5x
EV/
Forward
EBITDA EV/ Revenue
14.6x
n/a
12.9x
2.5x
11.8x
2.3x
3.1x
n/a
13.8x
n/a
6.9x
0.5x
9.7x
1.6x
11.2x
1.9x
16.1x
2.6x
32.4x
6.7x
10.8x
2.2x
11.8x
2.2x
Forward
EV/
EBITDA
12.1x
8.8x
7.8x
n/a
n/a
n/a
7.3x
7.8x
8.3x
22.8x
7.7x
8.1x
YoY Stock
Market
Return
19.7%
0.8%
18.5%
10.3%
10.9%
4.5%
35.9%
4.0%
61.0%
144.2%
28.1%
18.5%
Engineering & PLM Software Stock Market Return: Jan  Jul 2012
30%
25%
20%
15%
TTM
Revenue
$751.5
$2,275.9
$1,242.8
$42.3
$2,421.6
$52.2
$1,032.5
$1,269.8
$77.7
$177.9
$1,635.4
$1,032.5
10%
5%
0%
16.8%
30.2%
12.0%
450.0%
20.6%
5%
Engineering, PLM & CAD/CAM
S&P
NASDAQ
Ticker
AMSW.A
ORCL
QADA
LSE:SGE
SAP
Median:
Market Cap
$220.5
$149,307.0
$217.8
$5,856.8
$76,412.4
$5,856.8
EV
$161.1
$135,504.0
$155.5
$5,665.2
$76,887.6
$5,665.2
10.1%
10.4%
54.0%
71.6%
29.0%
18.4%
31.0%
12.8%
TTM
Revenue
$102.6
$37,121.0
$251.6
$2,137.7
$19,214.0
$2,137.7
TTM
Gross
Margin
55.3%
78.8%
57.9%
93.7%
71.6%
71.6%
TTM
EBITDA
Margin
17.5%
43.2%
9.4%
29.0%
36.1%
29.0%
TTM
Revenue
Growth EV/ Revenue
19.9%
1.6x
4.2%
3.7x
10.1%
0.6x
8.8%
2.7x
13.2%
4.0x
10.1%
2.7x
EV/
Forward
EBITDA EV/ Revenue
9.0x
1.4x
8.4x
3.5x
6.6x
0.6x
9.1x
n/a
11.1x
3.7x
9.0x
2.4x
Forward
EV/
EBITDA
n/a
6.9x
5.2x
n/a
9.9x
6.9x
YoY Stock
Market
Return
5.0%
0.0%
28.2%
3.8%
2.7%
2.7%
Enterprise Resource Planning Software Stock Market Return: Jan  Jul 2012
25%
20%
15%
1.2x
1.0x
20.5%
68.4
23.3
0.1x
5%
0%
10%
15.3%
15.2%
37.8%
226.0%
8.5%
5%
Enterprise Resource Planning
S&P
NASDAQ
Ticker
ACIW
EPAY
DST
FICO
FISV
INTU
NTWK
LSE:SGE
Median:
Market Cap
$1,716.5
$703.0
$2,376.3
$1,458.6
$9,860.9
$17,182.6
$36.4
$5,856.8
$2,046.4
EV
$1,930.6
$584.6
$3,375.0
$1,811.9
$12,973.9
$16,159.6
$50.9
$5,665.2
$2,652.8
8.6%
7.8%
6.4%
63.1%
24.4%
13.7%
32.4%
13.6%
TTM
Revenue
$534.6
$217.1
$2,500.8
$650.6
$4,432.0
$4,151.0
$32.3
$2,137.7
$1,394.1
TTM
Gross
Margin
67.7%
54.4%
17.3%
70.6%
41.6%
82.4%
58.4%
93.7%
63.1%
TTM
EBITDA
Margin
19.8%
16.0%
14.3%
29.0%
30.2%
34.3%
15.3%
29.0%
24.4%
TTM
Revenue
Growth EV/ Revenue
17.2%
3.6x
22.9%
2.7x
8.4%
1.3x
5.9%
2.8x
5.1%
2.9x
9.4%
3.9x
19.9%
1.6x
8.8%
2.7x
8.6%
2.7x
EV/
Forward
EBITDA EV/ Revenue
18.3x
2.6x
16.9x
2.4x
9.5x
1.6x
9.6x
2.7x
9.7x
2.8x
11.4x
3.5x
10.3x
1.2x
9.1x
n/a
10.0x
2.6x
Forward
EV/
EBITDA
9.7x
14.6x
7.9x
9.2x
8.7x
9.2x
4.4x
n/a
9.2x
YoY Stock
Market
Return
21.1%
17.9%
5.7%
44.9%
19.7%
25.3%
44.9%
3.8%
12.7%
Financial & Accounting Software Stock Market Return: Jan  Jul 2012
25%
20%
15%
1.5x
1.1x
9.6%
65.7
40.7
0.2x
5%
0%
10%
15.0%
2.1%
24.3%
4.4%
8.4%
5%
Financial & Accounting
S&P
NASDAQ
Ticker
ATVI
EA
ENXTPA:GF
TSE: 9766
COOL
TTWO
THQI
Median:
Market Cap
$13,373.9
$3,569.7
$447.1
$2,878.6
$74.4
$823.2
$34.7
$823.2
EV
$9,897.9
$2,259.7
$401.8
$2,410.0
$42.7
$719.2
$58.8
$719.2
8.2%
8.1%
24.4%
57.8%
9.2%
6.0%
25.3%
11.9%
TTM
Gross
Margin
61.8%
62.2%
88.9%
34.6%
35.5%
29.7%
57.8%
57.8%
TTM
EBITDA
Margin
24.6%
6.7%
14.8%
18.9%
9.2%
23.2%
5.0%
9.2%
TTM
Revenue
Growth EV/ Revenue
7.6%
2.2x
8.6%
0.6x
14.1%
1.8x
0.1%
0.7x
21.6%
0.3x
34.5%
1.0x
8.2%
0.1x
8.2%
0.7x
EV/
Forward
EBITDA EV/ Revenue
9.1x
2.1x
8.2x
0.5x
12.1x
n/a
3.9x
0.7x
3.3x
0.3x
n/a
0.4x
n/a
0.1x
8.2x
0.5x
Forward
EV/
EBITDA
5.9x
3.4x
n/a
3.4x
2.5x
2.5x
n/a
3.4x
YoY Stock
Market
Return
1.6%
49.5%
17.0%
20.8%
26.5%
32.3%
81.0%
26.5%
20%
10%
0%
TTM
Revenue
$4,407.0
$4,099.0
$223.9
$3,252.5
$141.3
$717.6
$769.4
$769.4
2.8x
1.7x
40.3%
39.1
34.0
0.4x
10%
20%
30%
Cash Flow Statement Analysis (Median)
Levered FCF Margin
Cash from Operations Growth (YoY)
Cash from Investing Growth (YoY)
Cash from Financing Growth (YoY)
Levered FCF Growth (YoY)
15.8%
58.2%
21.4%
21.5%
80.5%
40%
Gaming
S&P
NASDAQ
SEG SW Index
Ticker
ACCL
MDRX
CERN
CPSI
EPOC
GWAY
MDAS
MRGE
NUAN
OMCL
QSII
SLP
Median:
Market Cap
$449.7
$1,769.2
$12,638.1
$559.9
$189.0
$410.3
$769.8
$281.3
$6,332.2
$439.3
$950.7
$66.7
$504.8
EV
$304.3
$1,939.2
$11,834.3
$537.1
$107.3
$373.9
$1,741.9
$492.5
$6,763.9
$229.7
$815.8
$53.8
$514.8
21.8%
17.0%
19.7%
63.1%
21.1%
4.8%
37.9%
11.6%
2.1x
1.7x
10.6%
70.3
42.6
0.3x
TTM
Gross
Margin
75.5%
43.8%
79.0%
44.4%
60.4%
54.3%
79.3%
63.0%
67.0%
54.5%
63.2%
76.9%
63.1%
TTM
EBITDA
Margin
9.9%
15.8%
27.2%
24.1%
0.3%
7.7%
29.7%
19.6%
22.7%
9.5%
27.3%
29.2%
21.1%
TTM
Revenue
Growth EV/ Revenue
19.5%
2.0x
19.9%
1.3x
24.5%
4.9x
0.7%
3.1x
0.7%
1.0x
45.3%
3.2x
27.6%
2.8x
24.2%
2.0x
22.9%
4.4x
15.2%
0.9x
20.7%
1.8x
28.4%
4.4x
21.8%
2.4x
EV/
Forward
EBITDA EV/ Revenue
19.9x
1.8x
8.3x
1.3x
18.0x
4.3x
12.8x
2.6x
282.4x
1.0x
41.2x
2.6x
9.6x
2.8x
10.2x
2.0x
19.3x
3.5x
9.1x
0.7x
6.7x
1.6x
15.1x
5.1x
13.9x
2.3x
Forward
EV/
EBITDA
8.7x
5.4x
13.5x
9.6x
9.1x
19.6x
8.9x
9.8x
8.7x
4.6x
6.1x
9.7x
9.0x
YoY Stock
Market
Return
11.4%
48.9%
11.0%
31.1%
53.3%
n/a
4.2%
40.0%
3.2%
23.6%
64.9%
25.8%
23.6%
20%
15%
10%
TTM
Revenue
$153.8
$1,486.7
$2,415.7
$174.5
$110.7
$117.0
$613.2
$248.0
$1,549.8
$266.9
$447.7
$12.2
$257.5
5%
0%
5%
9.4%
10.1%
84.5%
15.5%
8.7%
10%
Healthcare
S&P
NASDAQ
Ticker
HPQ
IBM
MSFT
ORCL
SAP
Median:
Market Cap
$36,005.7
$224,215.2
$248,483.9
$149,307.0
$76,412.4
$149,307.0
EV
$58,190.7
$245,555.2
$199,214.9
$135,504.0
$76,887.6
$135,504.0
4.2%
3.4%
0.0%
71.6%
36.1%
23.0%
22.2%
12.2%
TTM
Revenue
$124,040.0
$106,099.0
$73,723.0
$37,121.0
$19,214.0
$73,723.0
TTM
Gross
Margin
22.9%
47.4%
76.2%
78.8%
71.6%
71.6%
TTM
EBITDA
Margin
11.9%
25.3%
41.7%
43.2%
36.1%
36.1%
TTM
Revenue
Growth EV/ Revenue
3.0%
0.5x
1.5%
2.3x
5.4%
2.7x
4.2%
3.7x
13.2%
4.0x
4.2%
2.7x
EV/
Forward
EBITDA EV/ Revenue
3.9x
0.5x
9.2x
2.3x
6.5x
2.5x
8.4x
3.5x
11.1x
3.7x
8.4x
2.5x
Forward
EV/
EBITDA
3.6x
8.5x
5.8x
6.9x
9.9x
6.9x
YoY Stock
Market
Return
48.1%
8.2%
8.2%
0.0%
2.7%
2.7%
20%
15%
1.2x
1.0x
20.5%
64.1
51.8
0.1x
5%
0%
10%
24.3%
5.6%
38.2%
12.3%
6.7%
5%
IT Conglomerates
S&P
NASDAQ
Ticker
TSE:4813
EPOC
GLUU
GOOG
TSE:3632
MM
MOTR
MYRN
NUAN
OB:OPERA
QIHU
RNWK
MOBI
SMSI
SDBT
SNCR
TNAV
TBOW
UPIP
VELT
ZNGA
Median:
Market Cap
$270.9
$189.0
$297.4
$206,783.2
$3,599.0
$782.9
$24.4
$158.1
$6,332.2
$807.7
$1,770.0
$278.0
$60.8
$60.7
$38.6
$676.3
$239.4
$42.3
$179.4
$335.8
$2,286.5
$278.0
EV
$24.1
$107.3
$268.4
$173,182.2
$2,939.5
$851.8
$28.2
$138.4
$6,763.9
$747.6
$1,408.2
$111.0
$31.6
$23.1
$14.0
$555.1
$40.0
$46.2
$117.8
$304.5
$1,169.5
$138.4
19.7%
20.9%
23.2%
60.9%
6.6%
3.5%
37.8%
22.1%
2.2x
2.1x
20.5%
68.2
49.2
0.6x
TTM
Gross
Margin
68.4%
60.4%
86.3%
63.2%
92.4%
39.2%
60.9%
43.5%
67.0%
49.0%
88.9%
53.8%
31.3%
76.4%
59.4%
56.0%
78.3%
77.5%
57.7%
60.7%
71.0%
60.9%
TTM
EBITDA
Margin
15.2%
0.3%
23.1%
35.8%
53.0%
2.4%
11.7%
6.6%
22.7%
29.5%
27.3%
14.5%
6.6%
75.0%
1.9%
19.2%
24.3%
40.9%
9.2%
10.8%
36.0%
6.6%
TTM
Revenue
Growth EV/ Revenue
32.2%
n/a
0.7%
1.0x
18.5%
3.5x
29.5%
4.0x
157.7%
1.7x
n/a
7.4x
12.2%
0.2x
39.6%
2.3x
22.9%
4.4x
24.6%
4.5x
202.1%
6.6x
16.4%
0.4x
1.5%
n/a
57.2%
0.5x
16.6%
0.3x
25.6%
2.2x
3.8%
0.2x
20.9%
1.5x
249.8%
0.7x
63.2%
1.4x
43.1%
0.9x
19.7%
1.5x
EV/
Forward
EBITDA EV/ Revenue
n/a
n/a
282.4x
1.0x
n/a
2.5x
11.2x
3.0x
3.3x
n/a
n/a
4.4x
n/a
n/a
34.3x
n/a
19.3x
3.5x
15.1x
n/a
24.1x
4.2x
n/a
0.4x
n/a
n/a
n/a
0.4x
16.1x
n/a
11.4x
1.9x
0.8x
0.2x
3.7x
n/a
n/a
n/a
13.3x
1.0x
n/a
1.0x
14.2x
1.4x
Forward
EV/
EBITDA
n/a
9.1x
56.8x
8.2x
n/a
n/a
n/a
n/a
8.7x
n/a
11.3x
n/a
n/a
n/a
n/a
6.3x
2.4x
n/a
n/a
3.5x
6.7x
8.2x
YoY Stock
Market
Return
9.6%
53.3%
8.2%
4.7%
32.8%
n/a
91.1%
35.2%
3.2%
5.3%
35.7%
40.8%
75.3%
52.8%
n/a
39.6%
42.3%
65.6%
6.7%
67.6%
n/a
37.6%
30%
20%
10%
TTM
Revenue
$175.8
$110.7
$77.2
$43,162.0
$1,689.6
$115.1
$116.6
$61.0
$1,549.8
$167.5
$214.2
$297.1
$108.8
$44.2
$45.0
$252.9
$218.5
$30.8
$166.6
$211.4
$1,271.5
$167.5
0%
10%
20%
5.3%
15.2%
109.0%
43.8%
26.3%
30%
Mobile Solutions/Content
S&P
NASDAQ
Ticker
ALLT
ARUN
BRCD
CSCO
CPWR
FFIV
JNPR
KEYN
RDWR
RVBD
Median:
Market Cap
$781.3
$1,592.1
$2,227.8
$85,013.7
$2,024.7
$7,528.4
$9,293.6
$241.5
$670.4
$2,761.5
$2,126.3
EV
$615.8
$1,275.6
$2,352.4
$52,991.7
$1,977.7
$7,008.7
$6,853.9
$197.9
$534.6
$2,334.0
$2,155.8
17.3%
15.8%
25.4%
68.1%
16.8%
12.6%
40.6%
17.0%
TTM
Revenue
$92.7
$491.3
$2,157.4
$45,566.0
$1,006.0
$1,329.3
$4,332.8
$121.5
$179.1
$773.5
$889.7
TTM
Gross
Margin
71.2%
70.0%
61.0%
61.4%
66.2%
82.7%
62.5%
50.1%
80.7%
75.2%
68.1%
TTM
EBITDA
Margin
16.2%
4.9%
19.6%
28.2%
17.5%
33.5%
14.3%
15.3%
20.1%
15.6%
16.8%
TTM
Revenue
Growth EV/ Revenue
39.4%
6.6x
36.4%
2.6x
0.5%
1.1x
6.3%
1.2x
5.6%
2.0x
21.8%
5.3x
2.1%
1.6x
26.5%
1.6x
15.1%
3.0x
19.5%
3.0x
17.3%
2.3x
EV/
Forward
EBITDA EV/ Revenue
41.1x
5.6x
52.7x
2.2x
5.6x
1.0x
4.1x
1.1x
11.2x
1.9x
15.8x
4.6x
11.1x
1.5x
10.6x
1.5x
14.9x
2.7x
19.3x
2.6x
13.0x
2.0x
Forward
EV/
EBITDA
24.0x
9.4x
4.6x
3.6x
8.2x
11.3x
7.2x
8.1x
11.4x
9.0x
8.6x
YoY Stock
Market
Return
66.5%
38.2%
9.7%
0.6%
3.4%
1.9%
25.0%
42.4%
7.1%
37.5%
8.4%
Networking/Network Performance Mgmt Software Stock Market Return: Jan  Jul 2012
25%
20%
15%
10%
5%
2.7x
2.4x
20.1%
48.1
51.8
0.6x
0%
5%
10%
18.9%
22.7%
112.6%
56.7%
26.1%
15%
20%
Networking & Network Performance Management
S&P
NASDAQ
SEG SW Index
Ticker
AVG
CHKP
CTCH
FTNT
GUID
IMPV
PANW
PFPT
FIRE
SYMC
TSE:4704
VDSI
WBSN
Median:
Market Cap
$541.1
$9,895.9
$65.3
$3,871.7
$237.9
$597.1
$3,663.1
$449.6
$1,457.1
$11,149.9
$3,906.9
$349.0
$565.3
$597.1
EV
$636.1
$8,524.2
$43.3
$3,470.1
$212.7
$495.8
$3,572.8
$551.3
$1,307.0
$10,166.9
$2,550.8
$263.8
$573.0
$636.1
14.4%
19.1%
10.5%
79.0%
19.9%
8.1%
49.2%
16.0%
1.6x
1.5x
12.8%
65.8
46.3
0.4x
TTM
EBITDA
Margin
26.8%
56.6%
21.3%
21.0%
5.7%
10.1%
3.6%
12.5%
9.3%
26.5%
34.6%
18.3%
19.9%
19.9%
TTM
Revenue
Growth EV/ Revenue
n/a
2.0x
11.4%
6.5x
10.3%
1.9x
29.0%
7.2x
17.4%
1.9x
37.9%
5.9x
n/a
16.3x
n/a
6.3x
38.2%
6.7x
5.2%
1.5x
0.6%
2.2x
22.8%
1.6x
3.9%
1.6x
14.4%
2.2x
EV/
Forward
EBITDA EV/ Revenue
7.6x
1.9x
11.5x
6.0x
8.7x
1.6x
34.2x
6.0x
32.9x
1.6x
n/a
4.8x
446.3x
10.0x
n/a
5.3x
72.0x
6.0x
5.7x
1.5x
6.4x
n/a
8.5x
1.5x
7.9x
1.6x
8.7x
3.3x
Forward
EV/
EBITDA
6.4x
10.4x
7.7x
22.5x
13.1x
199.1x
144.2x
n/a
29.6x
4.8x
n/a
n/a
6.2x
11.7x
YoY Stock
Market
Return
n/a
16.2%
27.2%
21.1%
27.3%
n/a
n/a
n/a
101.4%
18.8%
5.3%
4.3%
33.0%
5.3%
20%
15%
5%
0%
5%
TTM
Gross
Margin
86.8%
88.4%
82.0%
72.7%
73.2%
79.0%
72.5%
65.0%
77.0%
84.9%
81.5%
65.8%
83.9%
79.0%
10%
TTM
Revenue
$311.0
$1,306.8
$23.4
$483.5
$114.2
$83.4
$219.7
$87.7
$195.3
$6,745.0
$1,153.3
$168.8
$364.2
$219.7
18.0%
11.3%
25.2%
100.6%
17.9%
10%
Security
S&P
NASDAQ
Ticker
BRCD
CA
CSCO
CVLT
EMC
FALC
IBM
INFA
MSFT
NTAP
ORCL
PVSW
SPLK
TIBX
Median:
Market Cap
$2,227.8
$11,374.2
$85,013.7
$2,037.2
$55,217.3
$102.5
$224,215.2
$3,232.5
$248,483.9
$11,923.8
$149,307.0
$110.2
$2,779.9
$4,634.0
$8,004.1
EV
$2,352.4
$10,120.2
$52,991.7
$1,736.9
$52,376.3
$65.5
$245,555.2
$2,667.2
$199,214.9
$7,790.2
$135,504.0
$67.5
$2,513.8
$4,541.7
$6,166.0
TTM
Gross
Margin
61.0%
86.7%
61.4%
86.7%
62.3%
72.5%
47.4%
84.1%
76.2%
59.6%
78.8%
84.7%
89.9%
73.0%
74.6%
TTM
EBITDA
Margin
19.6%
35.8%
28.2%
14.1%
23.9%
10.9%
25.3%
22.4%
41.7%
15.1%
43.2%
7.3%
7.6%
22.7%
22.6%
TTM
Revenue
Growth EV/ Revenue
0.5%
1.1x
6.0%
2.1x
6.3%
1.2x
25.4%
4.1x
13.0%
2.5x
4.7%
0.8x
1.5%
2.3x
12.4%
3.3x
5.4%
2.7x
21.7%
1.2x
4.2%
3.7x
1.6%
1.4x
n/a
18.3x
19.8%
4.6x
6.0%
2.4x
EV/
Forward
EBITDA EV/ Revenue
5.6x
1.0x
5.9x
2.1x
4.1x
1.1x
28.8x
3.7x
10.4x
2.3x
n/a
0.7x
9.2x
2.3x
14.7x
3.1x
6.5x
2.5x
8.3x
1.2x
8.4x
3.5x
18.7x
1.3x
n/a
13.3x
20.2x
4.0x
8.8x
2.3x
Forward
EV/
EBITDA
4.6x
5.6x
3.6x
18.2x
8.0x
n/a
8.5x
10.4x
5.8x
6.8x
6.9x
10.5x
n/a
13.3x
7.4x
YoY Stock
Market
Return
9.7%
8.7%
0.6%
17.2%
0.9%
49.8%
8.2%
41.6%
8.2%
31.6%
0.0%
8.4%
n/a
9.8%
0.0%
Storage, Data Management & Integration Software Stock Market Return: Jan  Jul 2012
6.0%
9.3%
8.1%
74.6%
22.6%
12.6%
35.8%
13.3%
TTM
Revenue
$2,157.4
$4,796.0
$45,566.0
$426.4
$20,960.4
$80.1
$106,099.0
$809.5
$73,723.0
$6,233.2
$37,121.0
$49.2
$137.5
$991.5
$3,476.7
40%
35%
30%
25%
20%
2.3x
2.2x
21.5%
63.9
43.0
0.6x
15%
10%
5%
19.8%
13.4%
69.6%
94.0%
17.9%
0%
5%
Storage, Data Management & Integration
S&P
NASDAQ
SEG SW Index
Ticker
AMSW.A
AZPN
JDAS
MANH
RTLX
TSX:DSG
Median:
Market Cap
$220.5
$2,192.4
$1,263.3
$926.1
$512.4
$527.6
$726.8
EV
$161.1
$2,043.5
$1,251.0
$825.2
$391.0
$459.1
$642.1
16.9%
32.3%
40.6%
61.1%
19.8%
10.9%
25.7%
12.9%
2.5x
2.3x
20.1%
64.7
20.6
0.6x
TTM
EBITDA
Margin
17.5%
11.2%
23.6%
22.1%
8.3%
28.1%
19.8%
TTM
Revenue
Growth EV/ Revenue
19.9%
1.6x
26.1%
8.8x
3.1%
1.9x
15.9%
2.3x
18.0%
1.5x
11.3%
3.9x
16.9%
2.1x
EV/
Forward
EBITDA EV/ Revenue
9.0x
1.4x
n/a
7.5x
7.9x
1.7x
10.6x
2.2x
18.3x
1.5x
14.0x
3.5x
10.6x
2.0x
Forward
EV/
EBITDA
n/a
239.1x
6.4x
8.9x
14.1x
11.9x
11.9x
YoY Stock
Market
Return
5.0%
51.2%
6.2%
24.0%
n/a
22.4%
22.4%
Supply Chain Management & Logistics Software Stock Market Return: Jan  Jul 2012
30%
25%
20%
10%
5%
0%
TTM
Gross
Margin
55.3%
76.6%
64.0%
58.2%
41.3%
65.8%
61.1%
15%
TTM
Revenue
$102.6
$231.8
$669.5
$354.2
$258.0
$116.8
$244.9
13.8%
15.0%
25.2%
12.6%
56.2%
5%
Supply Chain Management & Logistics
S&P
NASDAQ
Ticker
BMC
CA
CTXS
NTCT
RHT
SWI
VMW
Median:
Market Cap
$6,290.0
$11,374.2
$13,638.5
$974.3
$10,377.1
$3,959.0
$39,466.4
$10,377.1
EV
$5,550.8
$10,120.2
$12,340.7
$826.8
$9,558.1
$3,775.8
$34,569.5
$9,558.1
18.1%
19.0%
11.6%
84.6%
25.8%
16.5%
43.0%
15.7%
TTM
Gross
Margin
73.0%
86.7%
88.8%
78.7%
84.6%
93.4%
84.0%
84.6%
TTM
EBITDA
Margin
29.4%
35.8%
24.8%
24.0%
22.1%
48.5%
25.8%
25.8%
TTM
Revenue
Growth EV/ Revenue
3.2%
2.6x
6.0%
2.1x
18.1%
5.2x
12.1%
2.6x
22.6%
8.1x
36.1%
16.2x
26.1%
8.3x
18.1%
5.2x
EV/
Forward
EBITDA EV/ Revenue
8.7x
2.4x
5.9x
2.1x
20.8x
4.5x
10.7x
2.3x
36.5x
6.9x
33.4x
13.0x
32.0x
6.9x
20.8x
4.5x
Forward
EV/
EBITDA
6.0x
5.6x
14.2x
8.6x
24.2x
25.4x
18.7x
14.2x
YoY Stock
Market
Return
8.6%
8.7%
1.7%
53.2%
27.8%
148.3%
7.9%
8.7%
1.7x
1.5x
13.5%
71.0
48.6
0.4x
TTM
Revenue
$2,174.0
$4,796.0
$2,389.4
$321.7
$1,183.1
$233.3
$4,180.4
$2,174.0
23.8%
33.0%
14.1%
94.0%
27.5%
15%
10%
5%
0%
5%
Systems Management
S&P
NASDAQ
Ticker
ADVS
FX
JKHY
MSCI
SSNC
Median:
Market Cap
$1,372.9
$626.9
$3,042.7
$4,040.2
$1,915.7
$1,915.7
EV
$1,289.7
$570.9
$3,094.0
$4,656.8
$1,958.7
$1,958.7
12.6%
12.8%
20.1%
68.9%
36.9%
15.7%
24.4%
8.0%
TTM
Revenue
$347.5
$122.9
$1,009.8
$918.8
$375.5
$375.5
TTM
Gross
Margin
69.3%
100.0%
41.5%
68.9%
50.3%
68.9%
TTM
EBITDA
Margin
20.6%
38.9%
32.3%
44.5%
36.9%
36.9%
TTM
Revenue
Growth EV/ Revenue
14.7%
3.7x
15.6%
4.6x
6.8%
3.1x
n/a
5.1x
10.5%
5.2x
12.6%
4.6x
EV/
Forward
EBITDA EV/ Revenue
18.0x
3.4x
11.9x
4.3x
9.5x
2.9x
11.4x
4.8x
14.1x
3.1x
11.9x
3.4x
Forward
EV/
EBITDA
10.6x
8.9x
8.8x
10.4x
9.0x
9.0x
YoY Stock
Market
Return
16.7%
n/a
20.4%
6.3%
32.6%
18.5%
20%
15%
1.3x
1.1x
9.5%
62.7
8.4
0.1x
10%
5%
0%
Cash Flow Statement Analysis (Median)
Levered FCF Margin
Cash from Operations Growth (YoY)
Cash from Investing Growth (YoY)
Cash from Financing Growth (YoY)
Levered FCF Growth (YoY)
17.6%
0.4%
33.5%
183.8%
1.0%
5%
Vertical  Finance
S&P
NASDAQ
SEG SW Index
Ticker
BLKB
TSX:CSU
EPIQ
GWRE
MCRS
PRO
SPNS
ACTV
TYL
Median:
Market Cap
$1,175.9
$1,952.5
$418.0
$1,351.1
$3,771.2
$381.4
$142.5
$857.6
$1,194.0
$1,175.9
EV
$1,129.9
$1,891.9
$671.4
$1,149.3
$2,958.9
$310.5
$127.0
$776.0
$1,259.4
$1,129.9
24.6%
14.6%
0.8%
56.0%
13.9%
5.9%
29.2%
13.2%
1.3x
1.2x
12.6%
60.6
32.7
0.2x
TTM
EBITDA
Margin
13.9%
23.1%
22.9%
12.4%
22.7%
10.5%
13.5%
2.5%
18.3%
13.9%
TTM
Revenue
Growth EV/ Revenue
13.1%
2.9x
13.6%
2.4x
32.2%
2.2x
28.8%
5.3x
9.9%
2.7x
31.5%
2.9x
54.0%
1.5x
24.6%
2.0x
12.5%
3.8x
24.6%
2.7x
EV/
Forward
EBITDA EV/ Revenue
20.6x
2.5x
10.2x
2.2x
9.4x
1.7x
43.1x
4.4x
12.1x
2.4x
27.8x
2.6x
11.4x
n/a
82.5x
1.7x
20.7x
3.3x
20.6x
2.5x
Forward
EV/
EBITDA
11.2x
10.0x
6.3x
39.4x
10.1x
15.3x
n/a
13.9x
16.0x
12.5x
YoY Stock
Market
Return
5.6%
19.7%
10.2%
n/a
4.1%
14.5%
3.0%
19.2%
54.6%
3.6%
25%
20%
10%
5%
0%
TTM
Gross
Margin
56.2%
33.6%
60.8%
61.5%
56.0%
72.7%
41.8%
53.8%
46.0%
56.0%
15%
TTM
Revenue
$395.4
$804.9
$311.0
$215.5
$1,079.1
$106.6
$82.6
$381.7
$333.4
$333.4
12.7%
9.8%
114.5%
83.5%
12.8%
5%
Vertical  Other
S&P
NASDAQ
Market Cap
$830.1
$775.0
$401.1
$1,426.2
$915.4
EV
$806.0
$683.1
$365.6
$1,373.5
$849.5
27.3%
6.2%
21.3%
69.8%
9.1%
0.5%
47.0%
13.4%
TTM
Revenue
$169.0
$188.1
$65.7
$333.5
$193.7
TTM
Gross
Margin
69.8%
74.3%
69.8%
60.4%
58.2%
TTM
EBITDA
Margin
9.1%
7.4%
8.1%
14.2%
1.2%
TTM
Revenue
Growth EV/ Revenue
27.3%
5.6x
27.2%
4.6x
26.8%
5.6x
30.3%
5.0x
26.6%
5.0x
EV/
Forward
EBITDA EV/ Revenue
40.0x
4.7x
37.9x
3.7x
81.4x
5.8x
31.1x
4.4x
49.5x
4.3x
Forward
EV/
EBITDA
23.2x
21.2x
30.5x
15.9x
35.0x
YoY Stock
Market
Return
18.2%
13.0%
39.1%
18.2%
19.0%
SEG SaaS Index Software Stock Market Return: Jan  Jul 2012
35%
30%
25%
20%
1.8x
1.7x
8.9%
57.6
27.0
0.5x
15%
10%
5%
0%
13.0%
46.1%
32.4%
43.5%
55.4%
5%
DOW
S&P
NASDAQ
SEG SaaS
Ticker
CTCT
ET
LPSN
MKTG
CRM
VOCS
Median:
Market Cap
$511.1
$1,546.8
$1,003.7
$546.3
$17,370.1
$418.8
$775.0
EV
$430.0
$1,335.3
$895.8
$450.6
$17,209.8
$470.4
$683.1
27.2%
4.4%
166.8%
74.3%
7.4%
1.3%
55.8%
13.2%
TTM
Revenue
$233.9
$227.5
$146.1
$148.7
$2,457.6
$137.9
$188.1
TTM
Gross
Margin
71.1%
65.1%
77.5%
52.9%
78.1%
80.4%
74.3%
TTM
EBITDA
Margin
10.4%
2.1%
16.2%
13.1%
4.3%
0.8%
7.4%
TTM
Revenue
Growth EV/ Revenue
20.0%
1.8x
n/a
5.9x
21.4%
6.1x
27.2%
3.0x
37.7%
7.0x
29.9%
3.4x
27.2%
4.6x
EV/
Forward
EBITDA EV/ Revenue
17.7x
1.6x
n/a
4.7x
37.9x
5.3x
23.2x
2.6x
162.5x
5.4x
421.1x
2.4x
37.9x
3.7x
Forward
EV/
EBITDA
10.6x
264.2x
21.5x
15.6x
30.0x
21.0x
21.2x
YoY Stock
Market
Return
6.5%
n/a
48.2%
22.0%
13.0%
37.8%
13.0%
CRM & Marketing SaaS Stock Market Return: Jan  Jul 2012
40%
35%
30%
25%
20%
3.7x
3.6x
10.0%
62.4
16.6
0.8x
15%
10%
5%
0%
21.4%
13.8%
79.0%
952.1%
143.4%
5%
10%
CRM & Marketing
S&P
NASDAQ
Ticker
ARBA
EOPN
N
SQI
SPSC
Median:
Market Cap
$4,270.0
$316.8
$3,946.8
$372.4
$401.1
$401.1
EV
$4,052.4
$319.0
$3,782.3
$312.6
$365.6
$365.6
26.8%
9.6%
4.2%
69.8%
8.1%
0.9%
47.0%
17.7%
TTM
Gross
Margin
66.1%
65.3%
69.8%
72.3%
73.2%
69.8%
TTM
EBITDA
Margin
8.1%
1.6%
5.6%
11.6%
8.4%
8.1%
TTM
Revenue
Growth EV/ Revenue
27.3%
7.8x
n/a
5.0x
26.3%
14.1x
22.0%
5.4x
31.5%
5.6x
26.8%
5.6x
EV/
Forward
EBITDA EV/ Revenue
96.4x
6.9x
303.6x
n/a
n/a
11.2x
46.9x
4.3x
66.4x
4.7x
81.4x
5.8x
Forward
EV/
EBITDA
26.1x
n/a
108.4x
25.0x
34.9x
30.5x
YoY Stock
Market
Return
34.7%
n/a
43.4%
1.1%
76.3%
39.1%
ERP & Supply Chain SaaS Stock Market Return: Jan  Jul 2012
35%
30%
25%
20%
15%
1.5x
1.3x
5.1%
51.2
27.0
0.3x
TTM
Revenue
$516.8
$63.9
$269.1
$57.6
$65.7
$65.7
15.7%
97.9%
69.8%
40.7%
29.5%
10%
5%
0%
5%
10%
ERP & Supply Chain
S&P
NASDAQ
Ticker
ATHN
TRAK
EBIX
RP
Median:
Market Cap
$3,331.7
$1,238.4
$793.6
$1,614.0
$1,426.2
EV
$3,176.3
$1,137.7
$806.0
$1,609.4
$1,373.5
30.3%
22.2%
7.9%
60.4%
14.2%
10.4%
37.3%
9.4%
TTM
Gross
Margin
61.1%
43.4%
80.0%
59.7%
60.4%
TTM
EBITDA
Margin
13.4%
15.1%
42.4%
13.1%
14.2%
TTM
Revenue
Growth EV/ Revenue
34.2%
8.4x
28.7%
3.0x
18.2%
4.5x
32.0%
5.5x
30.3%
5.0x
EV/
Forward
EBITDA EV/ Revenue
63.1x
6.5x
20.1x
2.9x
10.7x
4.1x
42.0x
4.7x
31.1x
4.4x
Forward
EV/
EBITDA
32.1x
11.2x
9.6x
20.7x
15.9x
YoY Stock
Market
Return
57.4%
25.8%
10.5%
8.6%
18.2%
2.7x
2.4x
4.0%
50.2
31.7
0.3x
TTM
Revenue
$376.3
$375.1
$178.2
$292.0
$333.5
12.4%
49.0%
21.7%
140.5%
39.2%
0%
5%
10%
15%
20%
Vertically Focused
S&P
NASDAQ
Ticker
CALD
CSOD
KNXA
ULTI
Median:
Market Cap
$153.9
$1,164.7
$666.2
$2,459.8
$915.4
EV
$174.8
$1,082.1
$617.0
$2,399.6
$849.5
26.6%
16.2%
57.8%
58.2%
1.2%
13.0%
44.4%
15.0%
1.2x
1.1x
10.5%
91.9
27.6
0.1x
TTM
EBITDA
Margin
11.5%
25.5%
9.1%
10.4%
1.2%
TTM
Revenue
Growth EV/ Revenue
15.0%
2.0x
63.2%
13.3x
32.1%
1.9x
21.0%
8.1x
26.6%
5.0x
EV/
Forward
EBITDA EV/ Revenue
n/a
1.8x
n/a
8.5x
21.4x
1.6x
77.5x
6.9x
49.5x
4.3x
Forward
EV/
EBITDA
37.7x
n/a
9.7x
35.0x
35.0x
YoY Stock
Market
Return
13.6%
42.7%
4.7%
69.9%
19.0%
25%
20%
10%
5%
0%
TTM
Gross
Margin
44.7%
71.0%
60.0%
56.5%
58.2%
15%
TTM
Revenue
$89.4
$81.3
$318.0
$297.9
$193.7
7.0%
76.0%
82.7%
107.1%
16.6%
5%
Workforce Management
S&P
NASDAQ
Ticker
BV
CNQR
DWRE
ELLI
IL
MDSO
OPEN
NOW
ZIXI
Median:
Market Cap
$958.3
$3,718.9
$728.8
$514.8
$233.4
$786.3
$830.1
$3,054.2
$148.8
$786.3
EV
$833.1
$3,489.0
$624.3
$485.2
$248.1
$675.3
$772.3
$3,027.0
$130.0
$675.3
23.9%
8.1%
48.6%
71.5%
11.9%
3.1%
54.8%
13.9%
TTM
Revenue
$106.1
$417.1
$66.5
$77.9
$211.7
$197.4
$150.4
$169.0
$40.1
$150.4
TTM
Gross
Margin
65.7%
71.7%
66.7%
75.0%
71.5%
71.5%
72.7%
59.8%
81.8%
71.5%
TTM
EBITDA
Margin
19.4%
11.9%
3.5%
20.6%
6.5%
17.9%
28.5%
6.7%
31.5%
11.9%
TTM
Revenue
Growth EV/ Revenue
64.6%
7.8x
25.7%
8.4x
45.0%
9.4x
67.0%
6.2x
2.9%
1.2x
10.0%
3.4x
22.0%
5.1x
n/a
17.9x
11.1%
3.2x
23.9%
6.2x
EV/
Forward
EBITDA EV/ Revenue
n/a
5.9x
70.2x
7.1x
n/a
8.0x
30.2x
6.0x
18.0x
1.2x
19.1x
3.1x
18.0x
4.6x
n/a
11.7x
10.3x
2.8x
18.6x
5.9x
Forward
EV/
EBITDA
n/a
30.3x
n/a
38.8x
7.9x
11.6x
10.9x
n/a
11.3x
11.5x
YoY Stock
Market
Return
n/a
49.4%
n/a
262.6%
71.9%
52.6%
48.1%
n/a
36.5%
6.5%
Other Public SaaS Companies SaaS Stock Market Return: Jan  Jul 2012
50%
40%
30%
2.6x
2.4x
12.9%
55.0
30.6
0.5x
10%
0%
20%
14.1%
36.0%
331.1%
58.4%
75.3%
10%
Other SaaS
S&P
NASDAQ
SEG SaaS
Market Cap
$1,033.6
$1,324.1
$347.8
$1,595.5
$1,805.27
$428.47
$1,145.63
$1,464.76
$1,812.04
EV
$748.0
$1,287.6
$254.7
$1,366.9
$970.3
$335.0
$1,063.4
$1,130.0
$1,221.5
27.9%
20.3%
3.8%
68.2%
13.2%
4.3%
38.2%
13.5%
TTM
Revenue
$400.7
$488.8
$381.0
$345.2
$998.6
$232.1
$324.6
$328.9
$595.4
TTM
Gross
Margin
68.2%
68.7%
37.0%
51.9%
73.0%
66.6%
70.1%
74.0%
82.0%
TTM
EBITDA
Margin
13.2%
14.4%
8.1%
12.9%
45.5%
9.6%
10.6%
12.6%
18.8%
TTM
Revenue
Growth EV/ Revenue
27.9%
2.0x
34.5%
2.0x
14.8%
0.7x
12.3%
1.6x
39.2%
1.8x
13.6%
1.4x
41.9%
2.6x
70.3%
10.5x
24.0%
2.5x
EV/
Forward
EBITDA EV/ Revenue
13.3x
1.7x
13.8x
1.5x
14.3x
0.7x
11.2x
1.3x
2.9x
1.0x
14.2x
1.1x
13.3x
2.2x
33.9x
7.2x
16.8x
4.0x
Forward
EV/
EBITDA
9.0x
8.7x
9.4x
7.4x
3.7x
9.3x
9.9x
31.0x
13.3x
YoY Stock
Market
Return
24.3%
22.8%
11.9%
21.0%
41.9%
31.4%
6.6%
40.7%
27.4%
SEG Internet Index Software Stock Market Return: Jan  Jul 2012
25%
20%
15%
2.5x
2.2x
20.3%
35.4
48.0
0.4x
5%
0%
10%
10.2%
20.0%
22.8%
22.0%
3.0%
5%
SEG Internet Index
S&P
NASDAQ
SEG SW Index
Ticker
ANGI
BIDU
RATE
DGIT
EHTH
GOOG
GRPN
IACI
LNKD
MCHX
QNST
RLOC
SINA
SOHU
TREE
VCLK
YNDX
Median:
Market Cap
$761.3
$42,378.6
$1,727.7
$298.3
$360.4
$206,783.2
$4,456.0
$4,664.7
$10,761.9
$130.6
$417.4
$344.8
$3,201.9
$1,324.1
$151.6
$1,290.3
$6,781.1
$1,324.1
EV
$699.6
$40,115.0
$1,856.9
$695.5
$238.4
$173,182.2
$3,299.2
$3,920.6
$10,141.1
$89.3
$410.2
$253.9
$2,565.5
$748.0
$92.6
$1,287.6
$6,431.9
$1,287.6
34.5%
28.7%
19.9%
68.7%
14.4%
4.3%
35.8%
9.7%
2.7x
2.4x
20.2%
32.9
44.8
0.4x
TTM
EBITDA
Margin
45.5%
57.3%
29.4%
33.7%
11.1%
35.8%
2.4%
14.4%
12.6%
4.0%
16.1%
1.4%
5.8%
38.2%
23.2%
28.2%
43.7%
14.4%
TTM
Revenue
Growth EV/ Revenue
69.7%
5.9x
74.0%
13.9x
37.2%
3.9x
40.0%
2.0x
7.0%
1.6x
29.5%
4.0x
232.2%
1.8x
34.5%
1.6x
101.9%
14.0x
23.6%
0.6x
8.1%
1.1x
24.0%
0.6x
17.0%
5.2x
35.3%
0.8x
7.3%
1.7x
32.6%
2.0x
54.7%
8.6x
34.5%
2.0x
EV/
Forward
EBITDA EV/ Revenue
n/a
3.7x
24.2x
9.4x
13.3x
3.3x
5.8x
1.6x
14.2x
1.5x
11.2x
3.0x
n/a
1.3x
11.2x
1.3x
111.3x
n/a
14.9x
0.6x
6.9x
1.1x
43.6x
0.5x
90.0x
4.4x
2.0x
0.7x
n/a
1.1x
7.2x
1.8x
19.7x
6.4x
13.8x
1.5x
Forward
EV/
EBITDA
n/a
17.1x
10.7x
4.6x
9.2x
8.2x
7.5x
7.3x
48.8x
4.3x
5.7x
11.7x
55.9x
3.6x
9.3x
5.8x
14.5x
8.7x
YoY Stock
Market
Return
n/a
22.8%
5.5%
61.7%
42.1%
4.7%
n/a
28.7%
3.1%
59.5%
24.3%
33.5%
55.3%
61.3%
141.5%
11.4%
40.5%
22.8%
Internet Ad Tech and Lead Generation Software Stock Market Return: Jan  Jul 2012
25%
20%
15%
5%
0%
5%
TTM
Gross
Margin
71.4%
79.5%
68.7%
67.1%
82.2%
63.2%
81.9%
64.4%
85.9%
44.3%
23.5%
50.1%
53.8%
68.7%
94.1%
59.3%
75.1%
68.7%
10%
TTM
Revenue
$119.1
$2,889.9
$473.8
$353.6
$150.5
$43,162.0
$1,874.2
$2,435.0
$723.9
$148.4
$370.5
$414.6
$488.8
$961.3
$54.0
$632.4
$748.3
$488.8
11.8%
20.7%
12.3%
41.6%
34.9%
10%
Ad Tech & Lead Generation
S&P
NASDAQ
Ticker
FLWS
AMZN
BITA
BFLY
NILE
DANG
DRIV
EBAY
LQDT
MCOX
MELI
OSTK
PETS
STMP
Median:
Market Cap
$221.6
$106,728.0
$168.0
$34.3
$349.9
$399.5
$645.5
$58,763.4
$1,371.6
$56.9
$3,090.3
$185.9
$197.0
$345.7
$347.8
EV
$229.8
$101,758.0
$80.5
$31.8
$289.4
$178.4
$298.3
$55,091.4
$1,307.9
$4.0
$2,935.9
$142.9
$129.2
$279.6
$254.7
TTM
Revenue
$737.0
$54,326.0
$117.2
$98.9
$361.4
$637.2
$400.7
$13,020.7
$432.2
$206.9
$340.7
$1,055.7
$233.6
$108.7
$381.0
TTM
Gross
Margin
40.3%
23.3%
70.6%
24.1%
19.5%
13.0%
84.0%
69.9%
45.9%
33.8%
74.8%
17.0%
33.5%
75.0%
37.0%
TTM
EBITDA
Margin
5.1%
3.6%
13.7%
16.7%
3.7%
9.1%
14.4%
28.9%
21.1%
14.3%
36.3%
0.8%
11.2%
18.7%
8.1%
TTM
Revenue
Growth EV/ Revenue
12.5%
0.3x
34.9%
1.9x
48.3%
0.7x
9.8%
0.3x
5.4%
0.8x
59.3%
0.3x
7.3%
0.7x
29.5%
4.2x
40.6%
3.0x
8.6%
0.0x
36.8%
8.6x
3.6%
0.1x
1.2%
0.6x
17.1%
2.6x
14.8%
0.7x
EV/
Forward
EBITDA EV/ Revenue
6.1x
0.3x
52.5x
1.4x
5.0x
0.5x
n/a
n/a
21.8x
0.7x
n/a
0.2x
5.2x
0.7x
14.7x
3.7x
14.3x
2.6x
n/a
0.0x
23.7x
7.2x
16.5x
0.1x
5.0x
0.6x
13.8x
2.3x
14.3x
0.7x
Forward
EV/
EBITDA
5.0x
26.8x
3.3x
n/a
12.2x
n/a
3.4x
11.1x
11.3x
n/a
19.6x
5.5x
5.1x
9.4x
9.4x
YoY Stock
Market
Return
13.6%
6.1%
39.4%
n/a
40.3%
55.8%
31.4%
39.2%
81.8%
66.8%
11.9%
37.5%
10.8%
25.4%
11.9%
30%
25%
20%
15%
3.1x
2.7x
34.2%
60.3
55.4
0.5x
10%
5%
0%
5%
6.4%
17.1%
30.3%
39.1%
11.1%
10%
Commerce
S&P
NASDAQ
Ticker
AOL
DMD
IACI
NFLX
P
TST
TUDO
WBMD
XOXO
YHOO
YOKU
Median:
Market Cap
$2,951.3
$853.8
$4,664.7
$3,207.1
$1,595.5
$48.8
$765.9
$842.7
$220.1
$19,540.3
$1,940.1
$1,595.5
EV
$1,605.2
$758.2
$3,920.6
$2,793.8
$1,515.0
$13.6
$668.7
$500.7
$151.9
$17,803.3
$1,366.9
$1,366.9
TTM
Revenue
$2,169.0
$345.2
$2,435.0
$3,456.4
$304.1
$53.9
$98.8
$505.4
$127.2
$4,979.8
$193.4
$345.2
TTM
Gross
Margin
27.8%
51.9%
64.4%
31.2%
34.0%
53.9%
0.6%
58.5%
81.4%
69.2%
25.6%
51.9%
TTM
EBITDA
Margin
20.6%
18.3%
14.4%
6.6%
6.8%
6.0%
52.6%
12.9%
13.2%
26.2%
0.9%
12.9%
TTM
Revenue
Growth EV/ Revenue
3.8%
0.7x
15.9%
2.2x
34.5%
1.6x
30.1%
0.8x
81.9%
5.0x
7.3%
0.3x
n/a
6.8x
12.4%
1.0x
8.7%
1.2x
10.6%
3.6x
107.3%
7.1x
12.3%
1.6x
EV/
Forward
EBITDA EV/ Revenue
3.6x
0.7x
12.0x
2.0x
11.2x
1.3x
12.3x
0.7x
n/a
3.3x
n/a
n/a
n/a
4.0x
7.7x
1.1x
9.1x
1.1x
13.6x
4.0x
n/a
n/a
11.2x
1.3x
Forward
EV/
EBITDA
4.3x
n/a
7.3x
15.4x
n/a
n/a
n/a
7.4x
5.8x
10.5x
n/a
7.4x
YoY Stock
Market
Return
82.9%
8.2%
28.7%
78.3%
36.4%
47.3%
n/a
57.2%
5.5%
22.0%
54.2%
21.0%
Internet Content & Media Software Stock Market Return: Jan  Jul 2012
12.3%
9.2%
29.6%
51.9%
12.9%
2.9%
37.7%
9.1%
25%
2.1x
2.0x
25.4%
62.9
30.9
0.4x
10%
20%
15%
0%
5%
13.5%
0.8%
76.3%
11.6%
90.8%
5%
Content & Media
S&P
NASDAQ
Ticker
CYOU
GA
NTES
KOSE:A036
PWRD
SOHU
SEHK:700
ZNGA
Median:
Market Cap
$958.8
$1,056.7
$6,957.8
$3,922.0
$451.5
$1,324.1
$54,257.1
$2,286.5
$1,805.3
EV
$620.5
$771.1
$4,745.9
$3,475.5
$304.5
$748.0
$51,201.6
$1,169.5
$970.3
TTM
EBITDA
Margin
64.7%
65.2%
49.9%
n/a
38.8%
38.2%
45.5%
36.0%
45.5%
TTM
Revenue
Growth EV/ Revenue
47.2%
1.1x
28.7%
2.5x
32.7%
3.9x
85.8%
3.4x
20.4%
0.6x
35.3%
0.8x
46.2%
10.1x
43.1%
0.9x
39.2%
1.8x
EV/
Forward
EBITDA EV/ Revenue
1.7x
1.0x
3.8x
2.2x
7.7x
3.3x
n/a
n/a
1.7x
0.6x
2.0x
0.7x
22.3x
n/a
n/a
1.0x
2.9x
1.0x
Forward
EV/
EBITDA
2.0x
3.9x
6.6x
n/a
2.0x
3.6x
n/a
6.7x
3.7x
YoY Stock
Market
Return
64.9%
41.9%
5.2%
35.9%
51.9%
61.3%
14.2%
n/a
41.9%
40%
30%
20%
10%
2.4x
2.2x
40.1%
21.3
47.5
0.9x
0%
10%
20%
TTM
Gross
Margin
84.6%
90.3%
67.9%
75.0%
83.3%
68.7%
63.6%
71.0%
73.0%
TTM
Revenue
$558.7
$313.0
$1,231.0
$1,035.9
$473.5
$961.3
$5,047.7
$1,271.5
$998.6
28.0%
16.4%
15.3%
28.8%
42.7%
30%
Gaming
S&P
NASDAQ
Ticker
EGHT
APKT
AKAM
BCOV
BSFT
DRIV
ENVI
HLIT
ININ
KITD
LLNW
MITL
PLCM
ROVI
SEAC
SHOR
SONS
SYNC
TCX
VRSN
Median:
Market Cap
$387.4
$1,033.6
$6,376.0
$406.3
$645.0
$645.5
$166.1
$498.6
$500.0
$190.2
$287.7
$236.4
$1,542.2
$1,424.7
$246.1
$262.7
$450.6
$273.1
$58.0
$7,117.5
$428.5
EV
$349.2
$666.9
$5,879.4
$354.0
$552.0
$298.3
$91.8
$320.8
$435.3
$179.9
$154.5
$469.5
$970.1
$1,992.5
$159.9
$226.4
$130.2
$243.2
$56.0
$6,377.4
$335.0
TTM
Gross
Margin
67.4%
81.3%
72.6%
69.1%
82.3%
84.0%
63.8%
44.6%
67.6%
71.7%
53.8%
53.8%
59.0%
82.7%
49.5%
65.8%
62.5%
45.6%
25.0%
79.5%
66.6%
TTM
EBITDA
Margin
11.7%
16.0%
39.9%
14.0%
21.0%
14.4%
2.7%
8.1%
8.2%
3.8%
1.0%
13.3%
13.9%
31.4%
10.7%
2.8%
0.3%
8.4%
6.7%
54.6%
9.6%
TTM
Revenue
Growth EV/ Revenue
28.8%
3.8x
4.1%
2.3x
15.1%
4.7x
48.3%
4.6x
29.4%
3.6x
7.3%
0.7x
56.2%
1.7x
6.5%
0.6x
13.1%
2.0x
93.6%
0.8x
9.2%
0.9x
3.8%
0.8x
17.6%
0.6x
13.5%
2.9x
3.7%
0.8x
20.9%
1.0x
7.3%
0.5x
n/a
2.1x
17.7%
0.5x
13.6%
7.8x
13.6%
1.4x
EV/
Forward
EBITDA EV/ Revenue
32.3x
3.1x
14.2x
2.4x
11.7x
4.0x
n/a
3.8x
16.9x
3.3x
5.2x
0.7x
62.2x
1.1x
7.3x
0.6x
24.4x
1.8x
19.5x
0.7x
84.1x
0.8x
5.8x
0.7x
4.5x
0.7x
9.2x
3.0x
7.7x
1.0x
n/a
0.7x
194.0x
0.5x
25.3x
1.7x
8.2x
n/a
14.2x
6.9x
14.2x
1.1x
Forward
EV/
EBITDA
20.3x
11.5x
9.3x
n/a
12.7x
3.4x
12.6x
4.2x
22.7x
n/a
8.5x
5.0x
5.8x
7.3x
6.3x
n/a
n/a
14.1x
n/a
11.3x
9.3x
YoY Stock
Market
Return
39.7%
74.3%
47.9%
n/a
19.7%
31.4%
n/a
21.9%
31.5%
71.2%
33.0%
0.9%
68.0%
74.9%
21.5%
46.6%
45.6%
n/a
56.9%
45.8%
31.4%
TTM
Revenue
$92.5
$292.0
$1,256.4
$76.8
$155.1
$400.7
$54.2
$542.9
$217.4
$239.5
$177.1
$611.8
$1,539.3
$692.4
$194.2
$224.7
$262.6
$114.4
$102.0
$820.5
$232.1
30%
25%
20%
15%
10%
3.1x
2.7x
30.1%
60.3
55.4
0.5x
5%
0%
5%
6.4%
31.4%
30.3%
39.1%
13.0%
10%
15%
Infrastructure
S&P
NASDAQ
Ticker
ACOM
ANGI
RATE
CARB
MWW
QIHU
SFLY
TREE
VPRT
Z
Median:
Market Cap
$1,400.0
$761.3
$1,727.7
$227.7
$859.7
$1,770.0
$1,200.3
$151.6
$1,163.5
$1,127.8
$1,145.6
EV
$1,330.4
$699.6
$1,856.9
$159.6
$820.7
$1,408.2
$1,082.2
$92.6
$1,330.3
$1,044.7
$1,063.4
TTM
Revenue
$434.9
$119.1
$473.8
$72.1
$992.1
$214.2
$530.6
$54.0
$1,020.3
$89.5
$324.6
TTM
Gross
Margin
83.0%
71.4%
68.7%
63.0%
52.1%
88.9%
52.7%
94.1%
65.2%
85.9%
70.1%
TTM
EBITDA
Margin
32.7%
45.5%
29.4%
22.7%
13.8%
27.3%
9.6%
23.2%
11.2%
10.0%
10.6%
TTM
Revenue
Growth EV/ Revenue
22.7%
3.1x
69.7%
5.9x
37.2%
3.9x
46.7%
2.2x
2.3%
0.8x
202.1%
6.6x
52.4%
2.0x
7.3%
1.7x
24.9%
1.3x
99.4%
11.7x
41.9%
2.6x
EV/
Forward
EBITDA EV/ Revenue
9.3x
2.6x
n/a
3.7x
13.3x
3.3x
n/a
1.8x
6.0x
0.8x
24.1x
4.2x
21.1x
1.7x
n/a
1.1x
11.6x
1.1x
116.3x
8.7x
13.3x
2.2x
Forward
EV/
EBITDA
7.0x
n/a
10.7x
n/a
5.2x
11.3x
10.5x
9.3x
8.9x
50.4x
9.9x
YoY Stock
Market
Return
7.8%
n/a
5.5%
n/a
39.6%
35.7%
38.6%
141.5%
27.7%
21.4%
6.6%
45%
40%
35%
30%
25%
1.7x
1.3x
9.9%
20.0
38.5
0.2x
20%
15%
10%
5%
9.4%
16.9%
88.2%
36.7%
0.2%
0%
5%
Services
S&P
NASDAQ
Ticker
FB
FFN
JIVE
LNKD
LSE:MAIL
RENN
YELP
Median:
Market Cap
$49,496.7
$27.7
$1,254.2
$10,761.9
$6,286.9
$1,464.8
$1,260.7
$1,464.8
EV
$40,014.7
$479.5
$1,100.8
$10,141.1
$6,135.1
$414.1
$1,130.0
$1,130.0
TTM
Gross
Margin
74.0%
65.4%
57.4%
85.9%
75.2%
68.2%
92.7%
74.0%
TTM
EBITDA
Margin
24.2%
22.1%
36.6%
12.6%
41.0%
39.4%
12.6%
12.6%
TTM
Revenue
Growth EV/ Revenue
n/a
9.2x
4.2%
1.5x
56.8%
11.5x
101.9%
14.0x
83.8%
12.1x
n/a
2.9x
n/a
10.5x
70.3%
10.5x
EV/
Forward
EBITDA EV/ Revenue
38.2x
7.2x
6.6x
n/a
n/a
n/a
111.3x
n/a
29.6x
n/a
n/a
2.1x
n/a
7.8x
33.9x
7.2x
Forward
EV/
EBITDA
13.3x
n/a
n/a
48.8x
n/a
n/a
n/a
31.0x
YoY Stock
Market
Return
n/a
79.1%
n/a
3.1%
15.8%
65.7%
n/a
40.7%
TTM
Revenue
$4,327.0
$328.9
$95.6
$723.9
$505.9
$143.9
$107.2
$328.9
80%
70%
60%
50%
40%
2.7x
2.5x
12.5%
45.2
47.9
0.7x
30%
20%
10%
5.3%
95.6%
175.0%
77.9%
121.3%
0%
10%
Social
S&P
NASDAQ
Ticker
CTRP
EXPE
AWAY
KYAK
MMYT
OWW
PCLN
TZOO
TRIP
Median:
Market Cap
$1,812.0
$7,617.8
$1,947.3
$1,264.3
$599.4
$456.0
$33,985.7
$350.2
$5,125.4
$1,812.0
EV
$1,177.5
$6,581.0
$1,726.1
$1,221.5
$512.3
$708.8
$31,991.9
$295.7
$5,061.5
$1,221.5
TTM
Revenue
$595.4
$3,664.1
$255.3
$245.2
$208.7
$770.8
$4,807.6
$152.5
$699.5
$595.4
TTM
Gross
Margin
75.8%
77.6%
84.7%
92.3%
28.7%
82.0%
74.3%
89.8%
98.3%
82.0%
TTM
EBITDA
Margin
25.8%
18.8%
18.1%
17.1%
2.1%
13.8%
34.9%
25.9%
43.0%
18.8%
TTM
Revenue
Growth EV/ Revenue
18.4%
2.0x
17.3%
1.8x
27.2%
6.8x
31.4%
5.0x
45.9%
2.5x
0.9%
0.9x
31.9%
6.7x
16.7%
1.9x
24.0%
7.2x
24.0%
2.5x
EV/
Forward
EBITDA EV/ Revenue
7.7x
1.7x
9.6x
1.6x
37.4x
5.6x
29.1x
4.0x
115.3x
4.9x
6.6x
0.9x
19.1x
5.6x
7.5x
1.8x
16.8x
6.1x
16.8x
4.0x
Forward
EV/
EBITDA
6.0x
8.1x
18.6x
17.1x
28.6x
4.8x
15.2x
9.1x
13.3x
13.3x
YoY Stock
Market
Return
72.7%
11.5%
39.7%
n/a
27.4%
34.4%
26.9%
58.4%
n/a
27.4%
25%
2.1x
1.8x
16.0%
32.5
188.8
0.4x
5%
20%
15%
10%
0%
5%
10%
19.2%
35.8%
8.0%
21.5%
0.6%
15%
Travel
S&P
NASDAQ
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