Internet - Vista Point Advisors

Transcription

Mergers & Acquisitions  Capital Raising  Strategic Advisory
Internet Industry Update
Q1 2016
1 │ Internet Industry Update Q1 2016
Vista Point Advisors Overview
Vista Point Advisors was founded on the principle that founder-led technology companies in the emerging and
middle markets are unique and require specialized attention and advice when considering investment and exit
opportunities. Our unique focus on sell-side processes provides our clients with unconflicted advice that assures
our interests are completely aligned with the entrepreneur. VPA is focused exclusively on working with founderowned and operated businesses to deliver the most favorable transactions at premium valuations.
Unconflicted Advice
Deep Technology
Domain Expertise
Differentiated Negotiation
Framework
Vista Point exclusively provides sell-
Vista Point bankers are industry
The firm utilizes a unique negotiation
side M&A and Capital Raising advisory
specialists that focus exclusively on
framework to increase the
services to technology businesses
core technology markets allowing us
competitiveness of the transaction
removing the conflict of interest
to provide relevant insights into our
process, and ultimately yield higher
associated with working both sides of
client’s business and create the
valuations at better terms for clients.
the table.
strategic framework to optimize
valuation.
Representative Vista Point Advisors Transactions
has been acquired by
received investment from
a portfolio company of
March 2016
December 2015
December 2015
October 2015
September 2015
March 2015
February 2015
December 2014
November 2014
August 2014
April 2014
March 2014
November 2013
March 2013
March 2012
Q1 2016 Internet Industry Overview
• There were 230 reported Internet M&A transactions in Q1 2016, representing $20.7 billion in transaction value
− Internet M&A spend in Q1 2016 was up 118% relative to Q4 2015, which saw $9.5 billion in transaction
value
−
Notable strategic deals include:
• Apple’s acquisition of Emotient
• YouTube’s $8 million acquisition of BandPage
• Deutsche Boerse’s $14.5 billion acquisition of the London Stock Exchange Group
• SugarCRM’s acquisition of Contastic
• West Corporation’s acquisition of Synrevoice
• The internet IPO market had no major IPOs pricing in Q1 2016
Active Acquirers and Notable Transactions
Most Active Acquirers (Since 2010)
Reported Value ($bn)
$20.0
$15.0
$8.4
$10.0
$4.5
$2.1
$1.9
$0.6
$4.4
$4.0
$2.4
$1.0
$1.4
$2.7
$1.2
$1.2
$0.8
$0.0
Number of Transactions
50
1
40
Deals <$1bn
6
Deals >$1bn
1
30
20
1
41
30
29
10
23
20
17
1
15
2
15
2
1
14
13
2
13
11
0
9
1
1
8
8
Gray bar denotes
Deals over $1 billion
Notable Recent Transactions
Acquirer
Target
Date
01/07/16
02/12/16
02/23/16
03/02/16
03/14/16
EV
N/A
$8m
$14,482m
N/A
N/A
EV / LTM Rev
N/A
N/A
6.9x
N/A
N/A
EV / LTM EBITDA
N/A
N/A
16.2x
N/M
N/A
Source: Capital IQ as of 03/31/16
Internet M&A Market Overview
Quarterly Internet M&A Value and Deal Count (Since 2010)
$120
$107
$102
Transaction Value ($bn)
$100
$80
$60
$41
$37
$40
$29
$26
$23
$20
$16
$11
$9
$8
$17
$15
$15
$20
$18
$16
$10
$7
$10
$15
$14
$10
$21
$21
$0
500
422
Number of Transactions
407
381
400
399
414
376
310
302
299
300
283
368
348
347
318
300
344
308
301
296
251
229
267
276
253
230
200
100
0
Q1 '16
Q4 '15
Q3 '15
Q2 '15
Q1 '15
Q4 '14
Q3 '14
Q2 '14
Q1 '14
Q4 '13
Q3 '13
Q2 '13
Q1 '13
Q4 '12
Q3 '12
Q2 '12
Q1 '12
Q4 '11
Q3 '11
Q2 '11
Q1 '11
Q4 '10
Q3 '10
Q2 '10
Q1 '10
Internet M&A Market Overview
Transactions by Reported Value
Q4 '15
Q1 '16
8%
8%
>$1B
$500M - $1B
$250M - $500M
$100M - $250M
$50M - $100M
<$50M
56%
10%
Total: $102B
8%
8%
63%
Total: $21B
8%
8%
8%
5%
10%
Transactions by Target Funding
50M+
$30 - $50M
$10 - $30M
$0.1 - $10M
Undisclosed
80%
Q1 '10
74%
Q2 '10
76%
Q3 '10
69%
Q4 '10
69%
Q1 '11
69%
Q2 '11
74%
Q3 '11
71%
Q4 '11
71%
Q1 '12
71%
Q2 '12
73%
Q3 '12
69%
Q4 '12
69%
Q1 '13
71%
Q2 '13
61%
61%
Q3 '13
Q4 '13
66%
Q1 '14
64%
Q2 '14
60%
59%
58%
57%
55%
Q3 '14
Q4 '14
Q1 '15
Q2 '15
Q3 '15
59%
57%
Q4 '15
Q1 '16
No Funding
Despite High Valuations, Investments Lead Exits 3:1
Top 20 Most Active Investors Across Software & Internet Over the Last 2 Years
240
Investments Made
120
180
220
107
60
0
69
156
38
41
104
70
26
4
12
22
7
1
15
3
18
13
2 2
22
9
7
3
4
61
33
18 10
3
3
61
37
17 7
39
47
13 10
2
6
16 11 12
3
4
11
6
36
14 7
18
39
21
1 4
4
15 10 6
4
29
15 3 11
3
18
212
Within 12-24 months
17
9
16
8
18
16
14
21
8
3
31
Source: Capital IQ as of 03/31/16, Investors ranked by investments made in the last 12 months
23
7
14 9 7
9 5
22
17
8
7
30
32
10 8
51
12
8
16 2
25 7 11 7
Within 6-12 months
1
2
26
9
11
14 10
60
13
5
6
45
15
1
15 14
24
8
9
30
47
Within last 6 months
4
59
56
31
6
17
39
9
26
27
57
80
11
25
60
Portfolio Exits
30
15
44
92
88
0
8
3
12
11
11
19
4
3
5
11
5
Within last 6 months
Within 6-12 months
Within 12-24 months
IPO Summary
Software still comprises the bulk of total tech IPOs, but year over year quantity of tech IPOs is
down; IPO proceeds go to company balance sheets and provide little liquidity for shareholders
IPOs
Year
# of IPOs
Software
% Primary
Internet
First Follow-On (“FO”) Offering
File to Price Change
Increase
Hardware
23%
7 124 4 6 15
8
2015
0
26
Decrease
Internet
% Primary
IPO to FOs Price Change
Increase
Hardware
No Change
13%
71 41 4
15
4%
60%
0
54%
40
Avg. Days
Post Lockup
Expiration
27%
40
20
Software
% of FOs
23%
13%
98%
20
0
No Change
# of FOs
20
0
5
-32
Decrease
27%
18%
60%
40
10
15
20
100
%
25
13%
36%
26
2014
14
5
45
40%
11
91%
2 2
15
31%
211
45%
60%
51%
0
10
20
30
40
0
50
5
10
15
20
25
17%
37%
20
2013
12
9
41
37%
10
84%
4
5
19
46%
230
23%
63%
46%
0
10
20
30
40
50
0
5
10
15
20
25
Internet Public Market Performance
3 Year Public Market Performance
Index Performance Over Last 3 Years
Selected Asia
Social
Content
Ad Tech
eCommerce
300%
250%
+99%
+65%
+38%
-8%
-15%
200%
150%
100%
50%
0%
Apr-13
Jul-13
Oct-13
Jan-14
% of 52 Week High
Apr-14
Jul-14
Oct-14
Jan-15
EV / Revenue
80%
6.0x
LTM
74%
2016E
71%
70%
30.0x
5.5x
LTM
4.3x
Jan-16
Apr-16
25.6x
20.6x
20.0x
2.4x
Oct-15
2016E
65%
60%
Jul-15
EV / EBITDA
4.0x
59%
Apr-15
15.9x
13.9x
2.7x 2.6x
2.5x
2.1x
17.9x
17.2x
13.9x
12.9x
2.1x
2.0x
11.5x
10.1x
10.0x
1.3x 1.2x
53%
50%
0.0x
eCommerce
Social
Ad Tech
Content
Selected Asia
0.0x
eCommerce
Social
Ad Tech
Content
Selected Asia
eCommerce
Social
Ad Tech
Content
Selected Asia
eCommerce: CRCM, DHX, EBAY, EGOV, EXPE, GRPN, GRUB, LQDT, MWW, PCLN, PRLB, QUOT, SALE, TRUE
Social: FB, LNKD, MEET, MOMO, TWTR
Ad Tech: ADS, BCOR, BV, CRTO,FUEL, GOOGL, MCHX, MSFT, MXPT, QNST, RBCN, SCOR, TRMR, YUME
Content: AMEX:LOV, ANGI, DMD, IACI, RATE, SSTK, TREE, TRIP, TTGT, WBMD, XOXO, YELP, YHOO, ZG
Selected Asia: BIDU, BITA, BZUN, CCIH, CTRP, CYOU, DANG, JD, JMEI, JOBS, KOSE:A035420, LEJU, MMYT, NTES, QIHU, RENN, SEHK:700, SFUN, SINA, SOHU, TOUR, TSE:2121, TSE:2432, TSE:3632, TSE:3659, TSE:4689, TSE:4755, TSE:7974, TSE:9766, WB, WOWO, XNET, YNDX,
YOKU
Public Company Summary
Internet & Digital Media
E-Commerce &
Marketplaces
Streaming Services
Social
Traditional Media
Web Services
Gaming
Content
Online Retail
Ad Tech
Selected Europe and
Latin America
Median
Selected Asia
Mean
52-Wk High
65%
59%
53%
77%
74%
71%
71%
Aggregate Mkt Cap ($ in m)
$118,750
$363,311
$47,290
$980,576
$490,068
$61,924
$54,907
$8,065
$524,946
$35,172
$462,547
$118,750
$286,141
Aggregate EV ($ in m)
$128,764
$359,803
$47,752
$1,026,319
$484,428
$61,018
$53,955
$8,769
$642,987
$38,789
$453,228
$128,764
$300,528
59%
71%
86%
71%
84%
87%
LTM EV / Revenue
2.4x
5.5x
4.2x
1.3x
1.1x
2.5x
2.3x
2.6x
2.8x
2.7x
2.7x
2.6x
2.7x
2016E EV / Revenue
2.1x
4.3x
3.3x
1.2x
1.4x
2.1x
1.6x
1.9x
2.6x
2.1x
2.6x
2.1x
2.3x
2017E EV / Revenue
1.9x
3.6x
2.7x
1.2x
1.4x
1.8x
1.8x
1.6x
2.6x
2.0x
1.9x
1.9x
2.0x
LTM EV / EBITDA
17.2x
25.6x
0.0x
20.6x
13.6x
17.9x
19.4x
13.7x
9.0x
16.0x
11.5x
16.0x
15.0x
2016E EV / EBITDA
13.9x
15.9x
0.0x
13.9x
9.4x
12.9x
10.6x
8.2x
9.0x
13.3x
10.1x
10.6x
10.6x
2017E EV / EBITDA
9.4x
12.4x
33.5x
10.0x
9.4x
10.4x
10.7x
7.8x
8.8x
13.0x
10.3x
10.3x
12.3x
LTM P / E
30.6x
56.0x
0.0x
35.7x
23.9x
47.5x
28.4x
55.4x
18.7x
26.3x
33.5x
30.6x
32.4x
2016E P / E
19.6x
33.1x
0.0x
19.5x
23.2x
31.8x
19.6x
18.1x
17.2x
19.1x
17.9x
19.5x
19.9x
2017E P / E
20.3x
24.5x
98.9x
17.5x
20.6x
24.5x
17.2x
15.1x
15.2x
17.9x
19.2x
19.2x
26.4x
LTM Revenue Growth
7%
44%
25%
11%
12%
8%
8%
17%
2%
1%
17%
11%
14%
2016E Revenue Growth
6%
33%
25%
5%
3%
9%
18%
31%
5%
9%
22%
9%
15%
2017E Revenue Growth
9%
26%
22%
9%
9%
10%
7%
13%
2%
6%
19%
9%
12%
LTM EBITDA Margin
16%
9%
(0%)
1%
9%
12%
5%
12%
29%
17%
19%
12%
12%
2016E EBITDA Margin
21%
32%
1%
5%
14%
18%
20%
17%
29%
24%
19%
19%
18%
2017E EBITDA Margin
25%
34%
7%
7%
14%
20%
19%
20%
30%
25%
22%
20%
20%
LTM Net Margin
8%
10%
(6%)
(7%)
3%
3%
7%
5%
14%
10%
5%
5%
5%
2016E Net Margin
9%
19%
(3%)
6%
5%
9%
14%
14%
15%
11%
7%
9%
10%
2017E Net Margin
10%
21%
2%
4%
4%
10%
10%
15%
12%
12%
13%
10%
10%
Select Q1 2016 Announced M&A Transactions
Date
03/31/16
03/29/16
03/25/16
03/25/16
03/24/16
03/23/16
03/23/16
03/23/16
03/17/16
03/17/16
03/17/16
03/15/16
03/14/16
03/14/16
03/10/16
03/09/16
03/08/16
03/08/16
03/08/16
03/04/16
03/04/16
03/03/16
03/02/16
03/02/16
03/02/16
03/01/16
03/01/16
03/01/16
02/29/16
02/29/16
02/29/16
02/26/16
02/25/16
02/25/16
02/25/16
02/23/16
02/23/16
02/23/16
02/23/16
02/23/16
02/18/16
02/18/16
02/17/16
02/17/16
02/16/16
Target
Acquirer
Sector
Parlio
ETF.com
Bitstrips
MarkITx
Xendo
brightday
Clarus Commerce
Enchanted Labs
Zumper
Fullscreen Direct
Drip.com
JUICE Mobile
Honest Dollar
FX Junction
Gamezebo
Liberty Sports Interactive
Set.fm
NoiseTrade
Nobis Technology Group
HomeFinder.com
Rental Compare
SwitchMyLoan
Boulder Logic
Contastic
MoneyBrilliant
CliQr Technologies
AppData
Standard & Poor's Securities Evaluations
Vemory
NativeX
Pure Home
Cricket Media Group
Manifest
PadMapper
AppMind
Think Logica
London Stock Exchange Group
ReverseRisk
DramaFever
Chorus
SargesList
Sunnytrail Insight Labs
Maps2Weed.com
Flixster
Starts at 60
Quora
BATS Global Markets
Snapchat
6fusion USA
AppDirect
Yellow Brick Road Holdings
Falcon Investment Advisors
Galavantier
NEXT
Fullscreen
Kickstarter
Yellow Pages
Goldman Sachs Asset Management
PineByte
iWin
SportsHub Technologies
PledgeMusic.com
PledgeMusic.com
Leaseweb USA
Placester
E-LOUE
Pioneer Credit
RO Innovation
SugarCRM
AMP New Ventures
Insieme Networks
FI Navigator
Intercontinental Exchange
GoPro
Mobvista
Dezignable
ZG Ventures
Rakuten
Zumper
Mobile Action
SinglePoint
Deutsche Boerse
The Reynolds and Reynolds Company
Warner Bros. Entertainment
RallyBound
Bright Mountain Media
Udemy
Healthnostics
Fandango Media
Seven West Media
Knowledge / Content (Social)
Diversified Media
Diversified Media
Ecommerce
Content / Document Management
Fintech
Ecommerce
Travel / Hospitality
Advertising and Marketing
Diversified Media
Fintech
Fintech
Gaming
Sports
Ecommerce
Hosting / Data Center
Ecommerce
Content and Services
CRM
CRM
Fintech
IT Infrastructure & Management
Fintech
Video Management
Ecommerce
Education
Sports
Fintech
Business Intelligence
Diversified Media
Fintech
Ecommerce
Education
Mapping / Tracking
Diversified Media
Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful.
Enterprise
Value
N/A
N/A
$100
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$26
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$260
N/A
N/A
N/A
$25
N/A
$31
N/A
N/A
N/A
N/A
$14,482
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Target LTM
Revenue
EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$14
N/A
N/A
N/A
N/A
$2,092
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-$12
N/A
N/A
N/A
N/A
$892
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Enterprise Value /
LTM Revenue
LTM EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2.2x
N/A
N/A
N/A
N/A
6.9x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/M
N/A
N/A
N/A
N/A
16.2x
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Select Q1 2016 Announced M&A Transactions (cont.)
Date
02/12/16
02/12/16
02/12/16
02/11/16
02/11/16
02/11/16
02/10/16
02/10/16
02/09/16
02/09/16
02/09/16
02/04/16
02/04/16
02/04/16
02/04/16
02/03/16
02/03/16
02/02/16
02/02/16
02/02/16
02/01/16
01/29/16
01/29/16
01/29/16
01/28/16
01/28/16
01/27/16
01/27/16
01/27/16
01/27/16
01/27/16
01/26/16
01/26/16
01/25/16
01/22/16
01/22/16
01/20/16
01/20/16
01/19/16
01/19/16
01/19/16
01/19/16
01/17/16
01/15/16
01/15/16
Target
Acquirer
Sector
Fitnesskeeper
Couple
BandPage
Viant Technology
Roostr
Queue Ticketing
Adapt Courseware
InvestingZone
Propulse
Disc Marketing
Luluvise
ZillaMedia
GodCloud
Represent Holdings
ZooEffect
Naked Apartments
Spinitron
Waco Data Center
The Freedonia Group
Dedoko
The Positive Ageing Company
City Lifeline
Watershed Systems
MediaNaviCo
TicketBreak
iRealtyManager
Smarter Connect
World Golf Tour
CinemaNow
Athene Publishing
Slashdot Media And Dice
ParkingEdge
3 Dumbbells
Law Central
Gallop Labs
Road Transport Media
Applabs Technologies
AddressReport
JMH Publishing
BeautyBooked
indieWIRE
Storage Treasures
Appcelerator
Untappd
Aviation Logistics
ASICS
Life360
YouTube
Time
Chartboost
Eventbrite
Adapt Corporate Training
Acceleris
Karelab
Ole Media Management
Badoo Trading
Pixel Union Design
Castle Venture Group
CustomInk
Cincopa
Zillow Group
Congera Public Benefit
Carter Validus Mission Critical REIT II
MarketResearch.com
Efficio
Mercer
Redcentric
Learning Technologies Group
Fandango Media
Ticketfly
RentPost
Yerra Solutions
Topgolf International
FilmOn.TV Networks
Shard Media Group
BIZX
ParkWhiz
PaidEasy
Easton Investments
Big Viking Games
DVV Media Group
Tempurer
Onboard Informatics
Wilmington
StyleSeat
Penske Media
OpenTech Alliance
Axway Software
Next Glass
ForeFlight
Mapping / Tracking
Ecommerce
Ecommerce
Education
Fintech
Diversified Media
Development
CAD / CAM
Development
Diversified Media
Development
Human Capital
Education
Diversified Media
Ecommerce
Sports
Diversified Media
Content and Services
Transportation / Logistics
Content / Document Management
Ecommerce
Development
Education
Mapping / Tracking
Development
Ecommerce
Enterprise
Value
$85
N/A
$8
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$13
N/A
$11
N/A
N/A
N/A
$7
$10
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$1
N/A
N/A
N/A
N/A
$5
N/A
N/A
N/A
N/A
N/A
N/A
Target LTM
Revenue
EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-$0.1
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-$2
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Enterprise Value /
LTM Revenue
LTM EBITDA
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/M
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/M
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Select Q1 2016 Announced M&A Transactions (cont.)
Date
01/14/16
01/12/16
01/12/16
01/11/16
01/11/16
01/07/16
01/07/16
01/07/16
01/06/16
01/06/16
01/06/16
01/06/16
01/06/16
01/06/16
Target
Acquirer
Sector
Vertive
Jemstep
MindShare Networks
Oil Price Information Service
Scrappost
ExitCertified
Emotient
Barstool Sports
Code3 CME
Solutions In Mind
TalentWise
Lightspeed EPS
The Zana Project
Digitalbox
Ziff Davis
Invesco
Freeman Digital Ventures
IHS Global
MadDog Technology
Avnet
Apple
The Chernin Group
Career Step
Frontline Technologies Group
Sterling Infosystems
The TEAM Companies
Startups.co
Revcontent
Ecommerce
Fintech
Telecommunications
Oil & Gas
Ecommerce
Education
Mapping / Tracking
Diversified Media
Education
Education
Human Capital
Diversified Media
Internet Median
Internet Mean
Enterprise
Value
Target LTM
Revenue
EBITDA
Enterprise Value /
LTM Revenue
LTM EBITDA
N/A
N/A
N/A
$650
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
$25
$1,048
$14
$702
($2)
$293
4.6x
4.6x
16.2x
16.2x
Software IPOs
IPO Date
Days on
Company
File
EV IPO Amount Raised
Market Cap
LTM Multiples
EV /
EBITDA
EV / Rev
Metrics and Financings
Rev Grwth NTM Rev Net Cash
at IPO Growth
at IPO
Share Information
IPO Offer
File to Primary Current Chg Since
Price Price Chg
Shares
Price
IPO
Days Post
Lock-Up
Follow On Information
Amount Relative to Follow On
IPO to
Raised IPO Raise
Price Price Chg
Primary
Shares
Software
12/09/15
11/18/15
11/12/15
10/14/15
07/16/15
06/25/15
06/25/15
06/18/15
05/20/15
05/18/15
04/23/15
01/22/15
12/11/14
12/11/14
12/11/14
11/05/14
10/08/14
09/23/14
07/17/14
07/17/14
06/25/14
06/11/14
05/14/14
04/16/14
04/16/14
04/14/14
04/03/14
04/03/14
04/01/14
03/27/14
03/19/14
03/13/14
03/20/14
03/18/14
02/27/14
12/12/13
11/05/13
10/15/13
Median
Mean
30
35
34
86
35
37
38
38
36
7
34
304
31
31
55
62
44
91
113
324
84
65
34
35
85
35
31
31
56
34
35
31
38
47
128
55
35
35
37
62
Atlassian
Square
Instructure
First Data
Rapid7
Xactly
AppFolio
MINDBODY
Shopify
Code Rebel
Apigee
Box
Hortonworks
New Relic
Workiva
Upland Software
HubSpot
Cyber-Ark Software
TubeMogul
Globant
Materialise
MobileIron
Zendesk
Leju Holdings
Sabre
Paycom Software
Five9
OPOWER
The Rubicon Project
2U
Q2 Holdings
Castlight Health
Amber Road
Paylocity
Varonis Systems
Nimble Storage
Barracuda Networks
Veeva Systems
$4,239
2,869
393
11,673
550
188
325
368
1,369
58
462
1,658
736
1,074
480
132
714
458
180
263
470
660
588
1,120
3,409
625
283
904
466
448
370
1,463
257
708
481
1,608
860
2,562
$569
$1,197
$531
279
81
2,560
119
65
86
100
151
5
87
201
115
132
101
46
144
99
50
67
110
115
115
115
810
115
81
133
117
133
116
204
111
138
121
193
86
300
$115
$214
$4,770
3,148
474
14,233
669
252
410
468
1,520
63
549
1,859
851
1,206
581
178
858
556
231
330
581
775
703
1,235
4,219
739
363
1,037
583
581
486
1,668
368
846
602
1,802
945
2,862
$686
$1,411
12.0x
2.5
6.0
1.5
6.0
2.9
6.0
4.8
11.1
NM
7.5
8.6
16.6
12.6
4.5
2.2
6.9
6.0
2.1
1.5
4.7
6.1
7.1
3.0
1.4
5.3
3.2
9.2
5.2
5.4
6.5
NM
4.9
7.8
6.4
15.4
3.9
15.3
6.0x
6.5x
NM
NM
NM
4.9
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
13.0
NM
8.7
NM
NM
NM
16.1
5.2
14.9
NM
NM
24.5
NM
NM
NM
NM
NM
NM
NM
NM
29.4
13.9x
14.6x
64%
107%
150%
3%
53%
27%
35%
102%
57%
259%
15%
146%
1361%
47%
43%
(2%)
21%
61%
83%
302%
187%
100%
NM
131%
165%
86%
102%
NM
60%
66%
1962%
151%
25%
27%
19%
164%
116%
NM
83%
180%
27%
28%
46%
32%
27%
22%
64%
29%
38%
NM
21%
34%
52%
40%
21%
22%
32%
21%
30%
20%
11%
13%
45%
35%
23%
29%
24%
24%
35%
27%
29%
184%
16%
24%
28%
66%
10%
31%
28%
34%
Note: $ in millions except share data. Revenue and EBITDA multiples greater than 25x and 100x, respectively, are deemed non-material (“NM”).
$208
174
32
(20,809)
10
(11)
2
5
46
(1)
24
125
43
92
(16)
(24)
(6)
75
11
(1)
(7)
61
23
99
(3,432)
(74)
(19)
23
20
7
11
25
(5)
2
10
35
24
39
$11
($610)
$21
9
16
16
16
8
12
14
17
5
17
14
16
23
14
12
25
16
7
10
12
9
9
10
16
15
7
19
15
13
13
16
13
17
22
21
18
20
14%
(18%)
-(11%)
7%
(20%)
--21%
--8%
14%
15%
--19%
7%
(36%)
(9%)
----(11%)
(17%)
(22%)
----45%
4%
6%
16%
17%
-43%
7%
4%
100%
95%
100%
100%
100%
97%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
74%
100%
100%
100%
0%
100%
69%
100%
100%
80%
87%
81%
100%
65%
71%
100%
100%
100%
75%
100%
92%
$25
15
18
13
13
7
12
13
28
5
8
12
11
26
12
7
44
43
13
31
8
5
21
5
29
36
9
7
18
23
24
3
5
33
18
8
15
25
20%
70%
12%
(19%)
(18%)
(14%)
2%
(5%)
66%
(6%)
(51%)
(12%)
(29%)
13%
(17%)
(43%)
74%
166%
85%
209%
(37%)
(50%)
133%
(48%)
81%
137%
27%
(64%)
22%
74%
85%
(79%)
(58%)
93%
(17%)
(63%)
(14%)
25%
(1%)
20%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
237
NA
NA
NA
(20)
80
148
176
NA
NA
129
NA
500
397
NA
NA
NA
367
374
NA
NA
375
NA
NA
NA
(19)
207
229
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
80
NA
NA
NA
152
299
83
99
NA
NA
194
NA
545
190
NA
NA
NA
119
97
NA
NA
111
NA
NA
NA
316
$136
$190
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
(30%)
NA
NA
NA
6%
203%
65%
47%
NA
NA
69%
NA
(33%)
65%
NA
NA
NA
(11%)
(17%)
NA
NA
(19%)
NA
NA
NA
5%
6%
29%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
10
NA
NA
NA
37
61
16
28
NA
NA
23
NA
27
42
NA
NA
NA
34
26
NA
NA
30
NA
NA
NA
26
$28
$30
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
(30%)
NA
NA
NA
6%
203%
65%
47%
NA
NA
69%
NA
(33%)
65%
NA
NA
NA
(11%)
(17%)
NA
NA
(19%)
NA
NA
NA
5%
6%
29%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
100%
NA
NA
NA
21%
18%
66%
0%
NA
NA
88%
NA
0%
0%
NA
NA
NA
89%
22%
NA
NA
0%
NA
NA
NA
7%
20%
34%
Internet IPOs
IPO Date
Days on
Company
File
Market Cap
LTM Multiples
EV /
EBITDA
EV / Rev
at IPO Growth
at IPO
Share Information
IPO Offer
Price Price Chg
Shares
Price
IPO
Days Post
Lock-Up
IPO to
Raised IPO Raise
Price Price Chg
Primary
Shares
Internet and Digital Media
12/18/15
11/18/15
05/21/15
04/08/15
03/31/15
03/05/15
12/10/14
12/10/14
10/09/14
09/18/14
08/06/14
06/23/14
05/15/14
05/07/14
04/17/14
04/03/14
03/27/14
03/06/14
01/23/14
11/12/13
11/06/13
11/05/13
10/24/13
Median
Mean
32
33
34
89
295
30
33
105
87
135
34
31
42
35
34
34
31
34
42
90
34
35
45
34
61
Yirendai
Match Group
Baozun
Wowo
GoDaddy
MaxPoint Interactive
Momo
LendingClub
MOL Global
Alibaba
iDreamSky Technology
Xunlei
TrueCar
Cheetah Mobile
Weibo
GrubHub
Everyday Health
Coupons.com
Care.com
Chegg
Twitter
Wix.com
Endurance International
$1,020
23
1,348
3,027
1,712
233
5,035
5,135
575
144,094
2,324
3,724
661
2,031
3,173
2,051
388
1,136
461
910
13,377
444
1,262
$1,348
$8,441
$75
460
110
12
470
75
464
1,001
169
25,032
133
439
80
193
328
104
105
193
105
188
2,093
137
253
$188
$1,401
$1,095
483
1,458
3,039
2,182
308
5,499
6,135
744
169,126
2,457
4,163
742
2,224
3,502
2,155
492
1,329
566
1,098
15,470
581
1,515
$1,515
$9,842
6.5x
0.0
4.7
NM
1.2
2.2
NM
NM
9.9
15.6
NM
22.4
4.3
13.6
13.8
12.1
2.5
6.8
5.7
3.7
NM
6.5
2.5
6.1x
7.4x
15.9x
0.1
NM
NM
8.0
NM
NM
NA
NM
29.1
NM
NM
NM
39.3
NM
23.0
16.1
NM
NM
NM
NM
NM
6.9
16.0x
17.3x
4906%
24%
15%
(2%)
21%
61%
NM
131%
86%
66%
1962%
19%
91%
224%
249%
107%
13%
50%
68%
43%
403%
180%
163%
77%
404%
105%
21%
52%
NM
15%
NM
313%
87%
69%
44%
220%
30%
33%
104%
55%
44%
14%
24%
35%
17%
83%
60%
14%
44%
69%
$18
97
28
(68)
(1,221)
(31)
162
33
(4)
(1,639)
25
302
38
71
(57)
113
(55)
16
30
(5)
(29)
8
(1,165)
$16
($145)
$10
12
10
10
20
12
14
15
13
68
15
12
9
14
17
26
14
16
17
13
26
17
12
--(17%)
-5%
--25%
-3%
7%
9%
(25%)
--18%
-14%
6%
9%
30%
-(14%)
7%
5%
0%
100%
100%
100%
100%
100%
100%
87%
55%
38%
0%
100%
100%
100%
100%
54%
75%
100%
100%
96%
100%
74%
100%
100%
82%
$12
11
6
4
32
2
11
8
1
79
14
6
6
16
18
25
6
11
6
4
17
20
11
16%
(8%)
(42%)
(59%)
62%
(85%)
(17%)
(45%)
(95%)
16%
(8%)
(49%)
(38%)
17%
6%
(3%)
(60%)
(34%)
(64%)
(64%)
(36%)
23%
(12%)
(34%)
(25%)
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
NA
NA
(27)
NA
NA
NA
NA
NA
NA
318
0
97
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
109
NA
NA
421
NA
NA
NA
NA
NA
NA
228
$228
$253
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
35%
NA
NA
305%
NA
NA
NA
NA
NA
NA
(10%)
35%
110%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
17
NA
NA
40
NA
NA
NA
NA
NA
NA
19
$19
$25
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
35%
NA
NA
305%
NA
NA
NA
NA
NA
NA
(10%)
35%
110%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
16%
NA
NA
12%
NA
NA
NA
NA
NA
NA
0%
12%
9%
Hardware & Tech-Enabled Services IPOs
IPO Date
Days on
Company
File
Market Cap
LTM Multiples
EV /
EBITDA
EV / Rev
at IPO Growth
at IPO
Share Information
IPO Offer
Price Price Chg
Shares
Price
IPO
Days Post
Lock-Up
IPO to
Raised IPO Raise
Price Price Chg
Primary
Shares
Hardware & Tech-Enabled Services
11/18/15
11/12/15
10/08/15
10/06/15
06/25/15
06/17/15
05/19/15
03/26/15
05/28/14
05/21/14
04/10/14
03/20/14
03/27/14
10/24/13
Median
Mean
33
38
62
55
34
41
147
36
124
254
183
30
42
83
49
83
Mimecast
Xtera Communications
CPI Card Group
Pure Storage
Alarm.Com
Fitbit
Black Knight InfoServ
SolarEdge Technologies
Resonant
SunEdison Semiconductor
Sysorex Global Holdings
A10 Networks
Aerohive Networks
CommScope
$503
63
420
3,468
571
3,983
1,130
651
23
213
85
754
401
2,193
$537
$1,033
$78
25
173
489
113
841
507
145
19
108
20
193
86
625
$129
$244
$581
88
593
3,957
683
4,824
1,637
796
42
320
105
946
487
2,818
$638
$1,277
3.9x
1.1
1.1
12.7
3.2
4.1
1.3
3.0
NM
0.2
1.4
5.3
3.7
0.6
3.0x
3.2x
36.7x
NM
4.9
NM
18.9
11.2
3.5
11.1
NM
2.8
NM
NM
NM
2.8
8.0x
11.5x
45%
135%
88%
541%
27%
259%
1361%
173%
NM
(5%)
624%
18%
50%
6%
88%
256%
17%
98%
16%
74%
18%
53%
7%
86%
NM
6%
37%
41%
39%
0%
37%
38%
$24
(11)
(411)
128
32
78
(1,711)
19
(6)
(98)
(4)
1
15
(2,703)
($2)
($332)
$10
5
10
17
14
20
25
18
6
13
6
15
10
15
-(44%)
(38%)
--25%
-------(17%)
(27%)
(18%)
100%
100%
100%
100%
100%
61%
100%
100%
100%
100%
95%
72%
100%
80%
100%
93%
$10
3
8
14
24
15
31
25
3
6
1
6
5
28
(3%)
(43%)
(18%)
(19%)
69%
(24%)
27%
40%
(51%)
(50%)
(90%)
(61%)
(50%)
86%
(22%)
(13%)
NA
NA
NA
NA
NA
(32)
NA
NA
NA
219
353
NA
NA
414
286
239
NA
NA
NA
NA
NA
493
NA
NA
NA
291
5
NA
NA
615
$392
$351
NA
NA
NA
NA
NA
(41%)
NA
NA
NA
170%
(74%)
NA
NA
(2%)
(22%)
13%
NA
NA
NA
NA
NA
29
NA
NA
NA
18
1
NA
NA
31
$24
$20
NA
NA
NA
NA
NA
(41%)
NA
NA
NA
170%
(74%)
NA
NA
(2%)
(22%)
13%
NA
NA
NA
NA
NA
18%
NA
NA
NA
0%
100%
NA
NA
0%
9%
29%
Public Company Valuation
Company
Price
03/31/16
52-Wk
High
$1,288.96
23.86
107.82
3.99
25.13
77.09
18.03
10.60
5.59
8.07
8.01
3.26
6.15
5.18
88%
36%
79%
54%
53%
99%
87%
76%
31%
81%
37%
40%
81%
47%
65%
63%
$114.10
114.35
16.55
11.24
2.84
$102.23
8.95
Mkt Cap
EV / Revenue
2016E
2017E
LTM
EV / EBITDA
2016E
6.4x
3.7
2.1
0.5
4.4
6.0
3.5
3.0
1.4
2.0
0.9
0.5
0.9
0.3
2.1x
2.5x
5.5x
3.5
1.9
0.5
3.6
4.9
3.3
2.6
1.3
1.9
0.9
0.5
0.8
NM
1.9x
2.4x
19.6x
10.9
25.7
23.9
22.2
24.6
14.8
NM
NM
7.6
4.7
3.5
NM
NM
17.2x
15.8x
18.4x
5.2
5.5
12.2
2.2
5.5x
8.7x
12.9x
4.3
4.1
7.7
1.9
4.3x
6.2x
9.7x
3.6
3.3
4.4
1.7
3.6x
4.5x
6.8x
1.7
4.2x
4.2x
5.2x
1.4
3.3x
3.3x
4.1x
1.2
2.7x
2.7x
EV
LTM
$64,035
27,290
16,850
2,342
2,153
2,051
1,199
897
467
425
390
293
200
159
$1,048
$8,482
$68,716
32,237
18,803
1,546
1,984
2,003
1,101
762
381
492
203
324
138
73
$932
$9,197
7.4x
3.8
2.8
0.5
5.5
7.6
3.8
3.2
1.5
1.9
0.8
0.5
1.0
0.2
2.4x
2.9x
98%
43%
31%
59%
65%
59%
59%
$334,694
15,103
11,571
1,801
142
$11,571
$72,662
$330,102
15,683
12,262
1,632
123
$12,262
$71,961
78%
41%
59%
59%
$45,229
2,061
$23,645
$23,645
$45,791
1,961
$23,876
$23,876
2017E
LTM
P/E
2016E
2017E
15.8x
9.3
11.6
14.2
15.7
19.4
13.6
32.6
NM
7.0
3.6
3.3
16.4
NM
13.9x
13.5x
13.5x
8.7
9.4
8.1
12.2
15.5
12.5
19.8
43.1
6.5
3.5
3.0
9.2
NM
9.4x
12.7x
26.1x
14.9
18.9
NM
57.1
43.6
28.6
NM
NM
NM
36.4
32.6
NM
NM
30.6x
32.3x
18.6x
12.8
20.6
NM
33.0
34.3
26.7
NM
NM
17.5
14.6
9.7
63.8
NM
19.6x
25.2x
15.9x
11.6
16.0
121.2
25.8
27.1
24.6
55.1
NM
14.9
14.9
7.8
25.2
NM
20.3x
30.0x
40.1x
NM
NM
NM
11.1
25.6x
25.6x
21.2x
15.9
15.9
NM
5.2
15.9x
14.5x
16.1x
12.7
12.1
NM
4.3
12.4x
11.3x
88.3x
NM
NM
NM
23.7
56.0x
56.0x
36.4x
35.6
30.6
NM
8.1
33.1x
27.7x
27.6x
27.2
21.7
NM
7.0
24.5x
20.9x
NM
NM
NM
NM
NM
NM
NM
NM
41.2x
25.8
33.5x
33.5x
NM
NM
NM
NM
NM
NM
NM
NM
98.9x
NM
98.9x
98.9x
E-Commerce & Marketplaces
The Priceline Group Inc.
eBay Inc.
Expedia Inc.
Groupon, Inc.
GrubHub Inc.
Proto Labs, Inc.
NIC Inc.
Quotient Technology Inc.
TrueCar, Inc.
DHI Group, Inc.
RetailMeNot, Inc.
Monster Worldwide, Inc.
Care.com, Inc.
Liquidity Services, Inc.
Median
Mean
Social
Facebook, Inc.
LinkedIn Corporation
Twitter, Inc.
Momo Inc.
MeetMe, Inc.
Median
Mean
Streaming Services
Netflix, Inc.
Pandora Media, Inc.
Median
Mean
Public Company Valuation (cont.)
Company
Price
03/31/16
52-Wk
High
$762.90
55.23
220.00
41.42
30.04
3.15
5.16
4.45
3.42
3.15
3.74
1.76
1.77
0.73
96%
98%
71%
73%
46%
49%
31%
85%
50%
33%
67%
55%
18%
18%
53%
56%
$593.64
79.03
90.69
52.31
106.28
46.37
7.88
14.38
17.91
25.71
11.54
3.69
$36.81
66.50
25.55
47.08
62.63
19.88
97.78
36.73
9.17
8.07
16.05
7.42
5.00
2.22
Mkt Cap
EV / Revenue
2016E
2017E
LTM
EV / EBITDA
2016E
6.0x
5.1
4.1
3.2
3.0
1.2
1.6
0.6
0.4
0.3
0.6
0.2
0.4
NM
1.2x
2.1x
5.2x
4.8
3.6
2.6
2.5
1.2
1.5
0.6
0.3
0.3
0.6
0.1
0.4
NM
1.2x
1.8x
21.2x
15.6
19.3
19.9
42.8
NM
32.1
47.2
NM
NM
NM
NM
NM
0.0
20.6x
24.8x
2.6x
13.1
2.3
0.9
9.7
1.6
0.5
0.1
1.4
0.4
0.4
0.3
1.1x
2.8x
2.2x
10.2
2.0
0.9
6.9
1.5
0.4
NM
1.4
0.4
0.5
0.3
1.4x
2.4x
1.8x
7.9
1.8
0.8
6.0
1.4
NM
NM
1.3
0.4
NM
0.3
1.4x
2.4x
7.0x
6.3
7.1
1.3
4.1
2.4
4.3
2.5
2.6
1.5
2.2
2.0
0.5
1.1
2.5x
3.2x
9.8x
5.8
5.7
1.3
3.8
1.9
2.9
2.1
2.6
1.4
2.0
1.8
0.5
1.2
2.1x
3.1x
9.6x
4.9
4.7
1.2
3.5
1.6
2.4
1.8
2.5
1.3
1.8
1.7
0.4
1.1
1.8x
2.7x
EV
LTM
$525,119
436,831
13,061
2,616
1,702
256
213
198
155
137
130
93
46
20
$205
$70,041
$517,358
474,514
29,071
2,272
1,588
255
729
89
119
143
112
33
37
(0)
$199
$73,309
6.9x
5.4
4.5
1.7
4.3
1.3
6.2
0.6
0.4
0.3
0.6
0.2
0.3
NM
1.3x
2.5x
86%
84%
98%
70%
87%
95%
66%
56%
96%
67%
65%
70%
77%
78%
$279,629
199,341
2,975
2,746
1,989
1,620
510
364
361
298
172
62
$1,065
$40,839
$281,286
191,057
3,604
3,323
2,086
1,714
526
209
314
212
68
30
$1,120
$40,369
80%
71%
73%
56%
100%
39%
71%
50%
60%
74%
90%
63%
74%
55%
71%
68%
$34,969
9,733
4,559
3,911
2,463
1,512
1,313
1,296
893
473
405
239
100
57
$1,304
$4,423
$34,604
9,404
4,560
4,218
2,625
1,340
1,106
1,055
954
500
317
224
61
51
$1,080
$4,358
2017E
LTM
P/E
2016E
2017E
14.6x
13.9
14.1
11.2
12.7
NM
8.2
20.9
7.2
22.8
22.2
13.8
NM
NM
13.9x
14.7x
12.5x
12.4
12.7
8.3
9.7
19.8
7.5
10.3
4.4
8.4
13.9
2.0
NM
NM
10.0x
10.2x
32.3x
39.1
24.9
45.5
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
35.7x
35.4x
22.0x
19.5
13.0
23.9
19.3
NM
5.1
148.3
NM
NM
NM
NM
NM
NM
19.5x
35.9x
18.9x
16.9
11.5
18.1
14.6
NM
4.4
74.2
NM
NM
NM
35.7
NM
NM
17.5x
24.3x
35.7x
38.6
17.2
10.4
32.5
14.9
6.6
18.5
9.7
12.3
4.4
7.6
13.6x
17.4x
19.9x
19.9
13.0
8.9
18.9
8.0
5.7
NM
9.6
9.4
3.0
7.9
9.4x
11.3x
15.1x
15.8
11.0
8.2
15.7
7.0
NM
NM
9.4
8.6
NM
5.0
9.4x
10.7x
NM
19.2
41.7
16.6
NM
NM
14.8
144.7
17.9
28.6
50.6
NM
23.9x
41.7x
126.0x
25.2
22.9
15.1
20.1
61.6
16.6
NM
17.3
30.4
23.6
NM
23.2x
35.9x
67.2x
21.3
20.0
13.6
18.0
41.5
NM
NM
15.4
26.0
NM
NM
20.6x
27.9x
NM
33.6
NM
11.0
17.9
NM
38.3
19.1
8.9
23.2
15.7
12.8
NM
NM
17.9x
20.0x
45.9x
20.1
39.0
7.6
11.7
14.1
17.5
10.7
9.6
15.3
9.2
7.6
NM
NM
12.9x
17.4x
38.9x
16.2
23.0
6.4
10.4
9.7
13.2
9.5
8.8
11.5
7.4
6.1
NM
19.9
10.4x
13.9x
NM
48.9
NM
35.3
42.2
NM
23.9
68.0
50.9
47.5
76.4
35.3
NM
NM
47.5x
47.6x
69.6x
33.7
NM
14.7
34.7
37.1
28.9
27.4
20.4
44.1
31.8
17.2
NM
NM
31.8x
32.7x
60.0x
26.9
58.9
11.9
30.6
23.3
24.5
23.1
18.5
27.1
22.8
11.7
NM
74.0
24.5x
31.8x
Ad Tech
Alphabet Inc.
Microsoft Corporation
Alliance Data Systems Corporation
Criteo SA
comScore, Inc.
Bazaarvoice, Inc.
Blucora, Inc.
Marchex, Inc.
QuinStreet, Inc.
Rocket Fuel Inc.
YuMe, Inc.
Tremor Video, Inc.
MaxPoint Interactive, Inc.
Rubicon Technology, Inc.
Median
Mean
Online Retail
Amazon.com, Inc.
Alibaba Group Holding Limited
Cimpress N.V.
HSN, Inc.
Stamps.com Inc.
Shutterfly, Inc.
1-800-Flowers.com Inc.
Overstock.com Inc.
PetMed Express, Inc.
Blue Nile Inc.
United Online, Inc.
CafePress Inc.
Median
Mean
Content
Yahoo! Inc.
TripAdvisor Inc.
Zillow Group, Inc.
IAC/InterActiveCorp
WebMD Health Corp.
Yelp Inc.
LendingTree, Inc.
Shutterstock, Inc.
Bankrate, Inc.
Angie's List, Inc.
XO Group Inc.
TechTarget, Inc.
Demand Media, Inc.
Spark Networks, Inc.
Median
Mean
Company
Price
03/31/16
52-Wk
High
Mkt Cap
$33.84
66.11
31.73
37.67
2.28
13.74
85%
86%
67%
100%
75%
94%
86%
85%
$16.33
32.33
50.46
19.82
20.27
22.45
7.97
$99.31
61.08
140.19
72.55
98.98
55.09
41.28
65.50
12.77
23.46
480.00
12.46
EV / Revenue
2016E
2017E
LTM
EV / EBITDA
2016E
4.4x
4.0
0.3
1.7
1.6
1.5
1.6x
2.3x
4.0x
3.7
0.3
1.8
1.5
NM
1.8x
2.3x
19.4x
19.8
3.9
NM
NM
NM
19.4x
14.4x
3.6x
1.8
4.5
2.6
3.8
1.4
1.1
2.6x
2.7x
2.3x
1.6
3.7
1.9
2.8
1.2
0.8
1.9x
2.0x
1.6x
1.4
3.2
1.6
2.2
1.1
0.8
1.6x
1.7x
3.3x
2.7
11.5
2.8
5.4
2.4
2.2
4.0
0.7
3.0
0.9
1.5
2.8x
3.4x
3.1x
2.5
10.3
2.7
5.0
2.3
2.1
3.6
0.7
2.7
0.9
1.5
2.6x
3.1x
2.9x
2.4
9.1
2.6
4.7
2.3
2.1
3.5
0.7
2.6
NM
1.5
2.6x
3.1x
EV
LTM
$25,260
20,555
3,296
3,195
1,968
633
$3,245
$9,151
$27,516
18,632
3,196
2,851
1,225
534
$3,024
$8,992
5.9x
4.4
0.3
2.1
1.6
2.4
2.3x
2.8x
47%
94%
68%
79%
72%
71%
56%
71%
70%
$2,325
2,195
1,282
996
805
247
215
$996
$1,152
$2,068
2,923
1,219
1,400
765
243
151
$1,219
$1,253
82%
95%
86%
80%
92%
88%
57%
91%
79%
62%
44%
86%
84%
78%
$163,318
149,182
60,378
58,146
26,587
25,316
16,342
8,431
7,405
5,140
2,705
1,996
$20,829
$43,746
$177,932
199,508
63,399
79,783
28,717
33,441
28,582
12,217
5,522
9,213
2,351
2,322
$28,650
$53,582
2017E
LTM
P/E
2016E
2017E
12.6x
12.4
3.7
8.8
28.2
7.5
10.6x
12.2x
10.9x
10.7
3.4
9.2
15.1
NM
10.7x
9.9x
28.4x
33.8
8.4
NM
NM
NM
28.4x
23.6x
18.9x
20.3
7.9
20.4
134.0
10.9
19.6x
35.4x
16.2x
17.2
7.1
24.6
40.9
NM
17.2x
21.2x
40.0x
13.7
35.1
12.6
NM
11.7
NM
13.7x
22.7x
18.2x
7.2
15.7
8.2
26.1
8.1
4.8
8.2x
12.6x
8.9x
6.0
13.2
6.6
13.4
6.4
NM
7.8x
9.1x
88.4x
NM
90.1
11.5
NM
22.5
NM
55.4x
53.1x
15.7x
20.6
29.1
7.7
NM
15.0
75.2
18.1x
27.2x
10.1x
17.9
24.1
6.2
NM
12.2
41.9
15.1x
18.7x
10.8x
8.0
NM
10.1
13.0
10.8
7.1
9.0
8.6
8.3
7.1
9.6
9.0x
9.3x
10.1x
7.6
NM
9.6
11.9
9.7
7.2
9.0
6.4
7.0
7.5
9.6
9.0x
8.7x
9.5x
7.2
NM
9.0
10.9
9.5
6.9
8.6
5.6
7.7
NM
9.1
8.8x
8.4x
18.6x
18.9
62.5
15.8
23.5
19.2
8.9
14.1
NM
15.0
NM
32.8
18.7x
22.9x
17.1x
17.2
34.1
13.6
19.6
13.8
7.8
12.9
25.4
10.2
19.6
22.8
17.2x
17.8x
15.2x
15.6
23.9
11.9
17.4
12.5
7.2
12.1
23.7
11.8
NM
19.4
15.2x
15.5x
Gaming
Activision Blizzard, Inc.
Electronic Arts Inc.
GameStop Corp.
Take-Two Interactive Software Inc.
Zynga, Inc.
iDreamSky Technology Limited
Median
Mean
Web Services
Cheetah Mobile Inc.
GoDaddy Inc.
LogMeIn, Inc.
Web.com Group, Inc.
Wix.com Ltd.
Tucows Inc.
Carbonite, Inc.
Median
Mean
Traditional Media
The Walt Disney Company
Comcast Corporation
Naspers Limited
Time Warner Inc.
McGraw Hill Financial, Inc.
CBS Corporation
Viacom, Inc.
Scripps Networks Interactive, Inc.
News Corporation
TEGNA Inc.
Graham Holdings Company
The New York Times Company
Median
Mean
Company
Price
03/31/16
52-Wk
High
Mkt Cap
$50.41
60.65
117.85
8.66
31.43
6.25
4.58
8.52
3.01
26.40
2.84
8.31
90%
98%
77%
98%
98%
76%
83%
100%
51%
100%
65%
22%
87%
80%
$20.42
190.88
26.50
4.26
44.26
143.58
142.40
560.39
9.66
75.55
17.08
27.49
15.32
29.64
17.95
47.37
37.20
5.99
17.26
49.54
31.02
24.79
10.43
5.50
3.27
18.78
6.51
18.09
5.21
7.13
6.11
4.10
5.84
7.89
93%
87%
70%
93%
79%
78%
69%
87%
49%
100%
99%
89%
73%
100%
88%
78%
72%
60%
79%
70%
82%
38%
50%
78%
76%
54%
23%
76%
49%
62%
43%
34%
46%
51%
74%
70%
EV
LTM
$10,367
5,727
5,204
3,950
3,573
2,599
2,524
727
176
158
142
24
$2,562
$2,931
$12,057
5,715
5,333
4,692
3,753
3,586
2,500
687
213
111
123
19
$3,043
$3,232
3.0x
20.2
8.2
4.1
2.8
0.9
6.0
2.5
1.9
0.2
2.2
0.3
2.7x
4.4x
$189,005
66,057
36,331
24,313
19,928
18,769
17,106
16,328
13,764
9,577
7,424
5,385
4,895
4,008
3,709
3,295
3,136
2,847
2,503
1,916
1,846
1,492
1,314
1,293
1,108
954
945
770
703
577
415
334
295
204
$2,992
$13,604
$192,467
69,925
34,562
19,980
21,753
18,184
12,461
16,204
14,997
10,031
5,037
5,117
4,939
3,416
3,472
3,191
2,384
2,829
1,871
1,028
1,844
1,039
990
653
950
913
615
724
443
540
53
304
174
140
$2,607
$13,330
12.1x
6.8
1.2
4.3
13.0
5.2
2.8
5.9
2.5
6.2
3.2
5.5
5.9
1.7
7.3
3.6
1.5
3.2
1.6
0.5
5.8
1.7
0.8
1.0
17.3
1.2
0.6
2.4
0.8
0.4
0.4
10.2
0.4
0.7
2.7x
4.0x
EV / Revenue
2016E
2017E
LTM
EV / EBITDA
2016E
2.6x
18.7
7.6
4.2
1.7
0.6
5.9
2.2
1.7
0.2
1.9
0.3
2.1x
4.0x
2.5x
17.2
6.1
4.0
1.9
0.6
5.5
2.1
1.5
0.2
1.7
0.3
2.0x
3.6x
14.5x
28.1
29.9
16.0
NM
6.2
16.5
NM
32.7
4.2
11.1
NM
16.0x
17.7x
9.2x
5.7
0.9
2.7
7.0
3.4
2.8
4.9
2.1
3.6
2.8
3.5
4.8
1.6
5.7
3.4
1.4
2.5
1.4
0.5
5.0
1.3
0.5
1.1
6.5
1.6
0.4
4.5
0.7
0.3
NM
NM
0.3
0.6
2.6x
2.9x
7.3x
4.6
0.6
2.4
5.1
2.8
1.9
4.3
1.8
3.1
2.7
2.8
4.1
1.6
4.3
2.9
1.4
1.9
1.3
0.5
4.4
1.1
0.3
1.1
NM
1.5
0.3
3.6
0.6
0.2
NM
NM
0.3
0.6
1.9x
2.3x
29.1x
29.0
NM
11.5
NM
15.8
34.1
20.9
11.5
22.8
8.0
NM
21.1
9.2
NM
NM
3.1
NM
6.8
2.9
19.2
NM
NM
3.9
NM
3.8
21.9
NM
6.3
NM
1.6
NM
NM
NM
11.5x
14.1x
2017E
LTM
P/E
2016E
2017E
12.2x
25.1
28.8
14.8
4.7
5.3
14.6
14.4
NM
3.4
5.2
NM
13.3x
12.8x
11.1x
22.8
22.9
13.6
4.2
5.5
13.4
12.6
15.9
3.1
4.3
16.3
13.0x
12.2x
25.9x
36.5
49.2
32.3
NM
16.9
26.7
NM
NM
22.6
23.7
NM
26.3x
29.2x
20.0x
31.7
42.3
17.7
14.3
10.9
21.3
53.9
NM
18.2
8.1
NM
19.1x
23.8x
17.3x
28.3
34.8
15.0
18.5
10.7
19.3
36.2
NM
15.8
7.0
NM
17.9x
20.3x
21.8x
22.0
NM
9.1
NM
12.5
21.9
16.0
9.9
13.8
7.7
NM
14.1
8.2
29.9
21.7
3.3
NM
5.5
4.3
15.5
12.0
NM
4.7
NM
6.0
10.1
NM
5.3
12.2
NM
NM
7.8
3.1
10.1x
11.9x
17.6x
16.6
27.4
8.6
26.5
11.1
14.5
12.8
8.6
11.5
6.9
NM
10.9
8.0
18.3
12.6
3.9
14.9
4.6
3.6
13.4
9.6
NM
4.7
NM
6.4
6.7
NM
4.5
NM
NM
NM
3.1
NM
10.3x
11.1x
43.4x
13.0
NM
15.6
40.4
18.3
89.5
37.4
36.2
36.8
16.5
NM
36.8
57.0
112.2
118.4
6.4
NM
27.0
NM
19.3
NM
NM
NM
NM
4.7
30.9
NM
20.0
NM
NM
NM
NM
NM
33.5x
39.0x
29.7x
27.6
NM
18.3
103.4
13.9
NM
29.5
20.2
16.4
14.4
NM
25.4
24.9
35.7
47.2
6.6
NM
14.3
NM
17.4
17.4
NM
16.9
NM
8.1
15.6
NM
11.5
NM
NM
NM
21.8
NM
17.9x
24.4x
23.1x
20.8
61.3
18.0
35.8
12.1
31.5
23.0
16.4
11.9
13.5
NM
20.3
22.2
22.2
31.1
7.0
27.4
11.0
48.8
15.0
10.2
NM
17.7
NM
7.2
10.5
NM
9.6
21.9
NM
NM
7.1
111.1
19.2x
23.9x
Selected Europe and Latin America
United Internet AG
Rightmove plc
Mercadolibre, Inc.
UBM plc
Ubisoft Entertainment SA
Technicolor SA
Moneysupermarket.com Group PLC
GameLoft S.E.
Tomorrow Focus AG
Goldbach Group AG
MeetMe, Inc.
Hi-Media S.A.
Median
Mean
Selected Asia
Tencent Holdings Limited
Baidu, Inc.
JD.com, Inc.
Yahoo Japan Corporation
Ctrip.com International Ltd.
NetEase, Inc.
Nintendo Co. Ltd.
Naver Corporation
Rakuten, Inc.
Qihoo 360 Technology Co. Ltd.
NEXON Co., Ltd.
Youku Tudou Inc.
Yandex N.V.
Konami Holdings Corporation
Weibo Corporation
SINA Corporation
Mixi, Inc.
SouFun Holdings Ltd.
DeNA Co., Ltd.
Sohu.com Inc.
51job Inc.
Bitauto Holdings Limited
Tuniu Corporation
Gree, Inc.
Renren Inc.
Changyou.com Limited
Jumei International Holding Limited
MakeMyTrip Limited
Leju Holdings Limited
E-Commerce China Dangdang Inc.
Xunlei Limited
JM WOWO
Baozun Inc.
ChinaCache International Holdings Ltd.
Median
Mean
Public Company Operating Metrics
Company
Price
03/31/16
52-Wk
High
$1,288.96
23.86
107.82
3.99
25.13
77.09
18.03
10.60
5.59
8.07
8.01
3.26
6.15
5.18
88%
36%
79%
54%
53%
99%
87%
76%
31%
81%
37%
40%
81%
47%
65%
63%
$64,035
27,290
16,850
2,342
2,153
2,051
1,199
897
467
425
390
293
200
159
$1,048
$8,482
$68,716
32,237
18,803
1,546
1,984
2,003
1,101
762
381
492
203
324
138
73
$932
$9,197
9%
(2%)
16%
3%
43%
26%
7%
7%
26%
(1%)
(6%)
(8%)
25%
(32%)
7%
8%
16%
1%
33%
(4%)
26%
27%
7%
9%
5%
(5%)
(6%)
(3%)
15%
(18%)
6%
7%
15%
4%
15%
6%
21%
21%
8%
12%
9%
5%
1%
3%
13%
NM
9%
10%
38%
34%
11%
2%
25%
31%
26%
(9%)
(14%)
25%
17%
14%
(7%)
(0%)
16%
14%
$114.10
114.35
16.55
11.24
2.84
98%
43%
31%
59%
65%
59%
59%
$334,694
15,103
11,571
1,801
142
$11,571
$72,662
$330,102
15,683
12,262
1,632
123
$12,262
$71,961
44%
35%
58%
199%
27%
44%
73%
43%
23%
33%
57%
13%
33%
34%
32%
20%
26%
77%
14%
26%
34%
$102.23
8.95
78%
41%
59%
59%
$45,229
2,061
$23,645
$23,645
$45,791
1,961
$23,876
$23,876
23%
26%
25%
25%
29%
21%
25%
25%
26%
18%
22%
22%
Mkt Cap
EV
Revenue Growth
LTM
2016E
2017E
EBITDA Margin
LTM
2016E
2017E
LTM
Net Margin
2016E
2017E
41%
40%
18%
4%
28%
31%
26%
9%
(0%)
28%
24%
15%
5%
(1%)
21%
19%
41%
41%
20%
6%
29%
32%
26%
13%
3%
29%
25%
16%
8%
NM
25%
22%
28%
20%
11%
1%
11%
18%
14%
(11%)
(25%)
(4%)
5%
11%
(25%)
(14%)
8%
3%
33%
25%
9%
(1%)
15%
18%
14%
3%
(8%)
10%
12%
4%
2%
(3%)
9%
9%
33%
26%
10%
1%
16%
19%
14%
5%
(5%)
10%
12%
5%
5%
NM
10%
12%
46%
8%
(8%)
9%
20%
9%
15%
61%
27%
26%
NM
37%
32%
38%
61%
28%
27%
NM
39%
34%
39%
21%
(6%)
(23%)
10%
10%
10%
2%
36%
12%
13%
NM
25%
19%
22%
36%
14%
15%
NM
27%
21%
23%
5%
(6%)
(0%)
(0%)
6%
(5%)
1%
1%
10%
5%
7%
7%
2%
(15%)
(6%)
(6%)
1%
(8%)
(3%)
(3%)
4%
(1%)
2%
2%
eBay Inc.
Expedia Inc.
Groupon, Inc.
GrubHub Inc.
Proto Labs, Inc.
NIC Inc.
TrueCar, Inc.
DHI Group, Inc.
RetailMeNot, Inc.
Care.com, Inc.
Median
Mean
Social
Facebook, Inc.
Twitter, Inc.
Momo Inc.
MeetMe, Inc.
Median
Mean
Streaming Services
Netflix, Inc.
Pandora Media, Inc.
Median
Mean
Public Company Operating Metrics (cont.)
Company
Price
03/31/16
52-Wk
High
$762.90
55.23
220.00
41.42
30.04
3.15
5.16
4.45
3.42
3.15
3.74
1.76
1.77
0.73
96%
98%
71%
73%
46%
49%
31%
85%
50%
33%
67%
55%
18%
18%
53%
56%
$525,119
436,831
13,061
2,616
1,702
256
213
198
155
137
130
93
46
20
$205
$70,041
$517,358
474,514
29,071
2,272
1,588
255
729
89
119
143
112
33
37
(0)
$199
$73,309
14%
(6%)
21%
34%
12%
6%
13%
(18%)
3%
13%
(3%)
9%
32%
(48%)
11%
6%
16%
6%
11%
(46%)
42%
4%
285%
(1%)
17%
(2%)
(0%)
7%
(33%)
2%
5%
22%
14%
6%
12%
24%
20%
6%
7%
1%
11%
3%
6%
21%
6%
26%
9%
12%
33%
35%
23%
9%
10%
(9%)
19%
1%
(1%)
(7%)
(7%)
(6%)
(12%)
NM
1%
7%
$593.64
79.03
90.69
52.31
106.28
46.37
7.88
14.38
17.91
25.71
11.54
3.69
86%
84%
98%
70%
87%
95%
66%
56%
96%
67%
65%
70%
77%
78%
$279,629
199,341
2,975
2,746
1,989
1,620
510
364
361
298
172
62
$1,065
$40,839
$281,286
191,057
3,604
3,323
2,086
1,714
526
209
314
212
68
30
$1,120
$40,369
20%
27%
14%
3%
45%
15%
13%
11%
1%
1%
(9%)
(21%)
12%
10%
22%
29%
12%
3%
41%
9%
3%
NM
0%
(1%)
(5%)
0%
3%
10%
20%
30%
12%
4%
15%
9%
NM
NM
2%
6%
NM
5%
9%
11%
$36.81
66.50
25.55
47.08
62.63
19.88
97.78
36.73
9.17
8.07
16.05
7.42
5.00
2.22
80%
71%
73%
56%
100%
39%
71%
50%
60%
74%
90%
63%
74%
55%
71%
68%
$34,969
9,733
4,559
3,911
2,463
1,512
1,313
1,296
893
473
405
239
100
57
$1,304
$4,423
$34,604
9,404
4,560
4,218
2,625
1,340
1,106
1,055
954
500
317
224
61
51
$1,080
$4,358
8%
20%
98%
4%
10%
46%
52%
30%
6%
9%
(1%)
5%
(27%)
(22%)
8%
17%
(29%)
9%
24%
4%
10%
26%
48%
18%
(2%)
2%
10%
9%
8%
(11%)
9%
9%
2%
17%
22%
8%
9%
25%
25%
15%
6%
5%
11%
9%
14%
9%
10%
12%
Mkt Cap
EV
Revenue Growth
LTM
2016E
2017E
EBITDA Margin
LTM
2016E
2017E
LTM
Net Margin
2016E
2017E
41%
37%
29%
29%
24%
2%
20%
3%
5%
1%
3%
1%
(11%)
NM
5%
14%
42%
39%
29%
31%
26%
6%
20%
6%
7%
4%
4%
7%
0%
NM
7%
17%
22%
13%
9%
5%
(2%)
(14%)
(34%)
19%
(7%)
(46%)
(10%)
(25%)
(16%)
NM
(7%)
(7%)
28%
24%
14%
16%
15%
(3%)
9%
NM
2%
(10%)
(8%)
(4%)
(22%)
NM
6%
5%
29%
26%
14%
17%
18%
2%
11%
4%
4%
(7%)
(7%)
2%
(14%)
NM
4%
8%
7%
34%
13%
9%
30%
11%
7%
1%
14%
4%
10%
4%
9%
12%
11%
51%
16%
10%
36%
19%
8%
NM
14%
5%
16%
4%
14%
17%
12%
50%
16%
10%
38%
19%
NM
NM
14%
5%
NM
5%
14%
19%
1%
73%
5%
5%
(2%)
(0%)
3%
0%
9%
2%
20%
2%
3%
10%
2%
43%
8%
5%
33%
2%
3%
NM
9%
2%
5%
(2%)
5%
10%
3%
44%
NM
5%
31%
3%
NM
NM
9%
2%
NM
(2%)
4%
12%
7%
19%
(1%)
12%
23%
0%
11%
13%
29%
6%
14%
16%
(13%)
0%
12%
10%
21%
29%
15%
17%
32%
14%
17%
19%
27%
9%
22%
24%
(4%)
2%
18%
17%
25%
30%
20%
18%
33%
16%
18%
19%
28%
12%
25%
28%
(1%)
5%
20%
20%
(88%)
13%
(23%)
4%
10%
(6%)
19%
5%
(4%)
3%
4%
6%
(35%)
(3%)
3%
(7%)
14%
18%
2%
8%
12%
7%
11%
10%
13%
6%
8%
12%
(16%)
(6%)
9%
7%
16%
20%
9%
10%
12%
8%
11%
10%
14%
8%
10%
NM
(7%)
1%
10%
10%
Ad Tech
Alphabet Inc.
Criteo SA
comScore, Inc.
Bazaarvoice, Inc.
Blucora, Inc.
Marchex, Inc.
QuinStreet, Inc.
Rocket Fuel Inc.
YuMe, Inc.
Tremor Video, Inc.
Median
Mean
Online Retail
Amazon.com, Inc.
Cimpress N.V.
HSN, Inc.
Stamps.com Inc.
Shutterfly, Inc.
Overstock.com Inc.
Blue Nile Inc.
United Online, Inc.
CafePress Inc.
Median
Mean
Content
Yahoo! Inc.
TripAdvisor Inc.
Zillow Group, Inc.
IAC/InterActiveCorp
WebMD Health Corp.
Yelp Inc.
LendingTree, Inc.
Shutterstock, Inc.
Bankrate, Inc.
Angie's List, Inc.
XO Group Inc.
TechTarget, Inc.
Demand Media, Inc.
Median
Mean
Company
Price
03/31/16
52-Wk
High
Mkt Cap
$33.84
66.11
31.73
37.67
2.28
13.74
85%
86%
67%
100%
75%
94%
86%
85%
$25,260
20,555
3,296
3,195
1,968
633
$3,245
$9,151
$27,516
18,632
3,196
2,851
1,225
534
$3,024
$8,992
6%
(4%)
1%
37%
11%
449%
8%
83%
35%
9%
1%
28%
(2%)
29%
18%
17%
9%
9%
2%
(7%)
7%
NM
7%
4%
30%
22%
9%
(16%)
(6%)
1%
5%
7%
$16.33
32.33
50.46
19.82
20.27
22.45
7.97
47%
94%
68%
79%
72%
71%
56%
71%
70%
$2,325
2,195
1,282
996
805
247
215
$996
$1,152
$2,068
2,923
1,219
1,400
765
243
151
$1,219
$1,253
100%
16%
22%
(0%)
43%
17%
11%
17%
30%
60%
14%
20%
39%
34%
14%
31%
31%
30%
47%
13%
15%
12%
27%
10%
5%
13%
19%
$99.31
61.08
140.19
72.55
98.98
55.09
41.28
12.77
23.46
23.46
480.00
12.46
82%
95%
86%
80%
92%
88%
57%
79%
62%
62%
44%
86%
81%
76%
$163,318
149,182
60,378
58,146
26,587
25,316
16,342
7,405
5,140
5,140
2,705
1,996
$20,829
$43,471
$177,932
199,508
63,399
79,783
28,717
33,441
28,582
5,522
9,213
9,213
2,351
2,322
$28,650
$53,332
9%
8%
(8%)
3%
5%
1%
(6%)
(2%)
16%
16%
(6%)
(1%)
2%
3%
5%
6%
11%
5%
7%
5%
2%
(4%)
14%
14%
(1%)
(1%)
5%
5%
6%
3%
14%
6%
7%
1%
2%
(2%)
1%
1%
NM
0%
2%
4%
EV
Revenue Growth
LTM
2016E
2017E
EBITDA Margin
LTM
2016E
2017E
LTM
Net Margin
2016E
2017E
35%
32%
9%
19%
6%
20%
20%
20%
37%
34%
10%
19%
10%
NM
19%
22%
19%
15%
4%
(22%)
(16%)
9%
7%
2%
22%
23%
4%
12%
2%
16%
14%
13%
23%
25%
4%
10%
7%
NM
10%
14%
9%
13%
13%
20%
(21%)
12%
(6%)
12%
6%
13%
22%
24%
23%
11%
15%
17%
17%
18%
17%
23%
25%
25%
16%
17%
NM
20%
21%
5%
(5%)
5%
17%
(25%)
7%
(16%)
5%
(2%)
16%
15%
14%
17%
(8%)
NM
2%
14%
9%
16%
16%
15%
20%
(1%)
NM
3%
15%
11%
30%
33%
7%
28%
42%
22%
31%
8%
37%
37%
13%
15%
29%
25%
31%
33%
12%
28%
42%
24%
30%
11%
38%
38%
12%
15%
29%
26%
31%
34%
14%
29%
43%
24%
30%
12%
34%
34%
NM
16%
30%
27%
17%
11%
17%
14%
22%
10%
14%
(1%)
15%
15%
(4%)
4%
14%
11%
17%
11%
29%
14%
24%
12%
16%
4%
15%
15%
5%
5%
15%
14%
17%
11%
35%
15%
24%
12%
17%
4%
12%
12%
NM
6%
12%
15%
Gaming
GameStop Corp.
Zynga, Inc.
Median
Mean
Web Services
Cheetah Mobile Inc.
GoDaddy Inc.
LogMeIn, Inc.
Web.com Group, Inc.
Wix.com Ltd.
Tucows Inc.
Carbonite, Inc.
Median
Mean
Traditional Media
Comcast Corporation
Naspers Limited
Time Warner Inc.
CBS Corporation
Viacom, Inc.
News Corporation
TEGNA Inc.
TEGNA Inc.
Median
Mean
Company
Price
03/31/16
52-Wk
High
Mkt Cap
$50.41
60.65
117.85
8.66
31.43
6.25
4.58
8.52
3.01
26.40
2.84
8.31
90%
98%
77%
98%
98%
76%
83%
100%
51%
100%
65%
22%
87%
80%
$10,367
5,727
5,204
3,950
3,573
2,599
2,524
727
176
158
142
24
$2,562
$2,931
$12,057
5,715
5,333
4,692
3,753
3,586
2,500
687
213
111
123
19
$3,043
$3,232
9%
9%
17%
(7%)
(12%)
(14%)
7%
1%
(44%)
1%
27%
(65%)
1%
(6%)
14%
8%
8%
(1%)
68%
50%
3%
11%
14%
6%
13%
0%
9%
16%
6%
9%
23%
4%
(10%)
(5%)
6%
8%
13%
4%
14%
(2%)
6%
6%
21%
72%
27%
26%
(8%)
15%
36%
3%
6%
6%
20%
(14%)
17%
17%
$20.42
190.88
26.50
4.26
44.26
143.58
142.40
560.39
9.66
75.55
17.08
27.49
15.32
29.64
17.95
47.37
37.20
5.99
17.26
49.54
31.02
24.79
10.43
5.50
3.27
18.78
6.51
18.09
5.21
7.13
6.11
4.10
5.84
7.89
93%
87%
70%
93%
79%
78%
69%
87%
49%
100%
99%
89%
73%
100%
88%
78%
72%
60%
79%
70%
82%
38%
50%
78%
76%
54%
23%
76%
49%
62%
43%
34%
46%
51%
74%
70%
$189,005
66,057
36,331
24,313
19,928
18,769
17,106
16,328
13,764
9,577
7,424
5,385
4,895
4,008
3,709
3,295
3,136
2,847
2,503
1,916
1,846
1,492
1,314
1,293
1,108
954
945
770
703
577
415
334
295
204
$2,992
$13,604
$192,467
69,925
34,562
19,980
21,753
18,184
12,461
16,204
14,997
10,031
5,037
5,117
4,939
3,416
3,472
3,191
2,384
2,829
1,871
1,028
1,844
1,039
990
653
950
913
615
724
443
540
53
304
174
140
$2,607
$13,330
24%
29%
51%
36%
42%
86%
3%
9%
19%
64%
10%
46%
1%
11%
43%
15%
162%
26%
(1%)
16%
7%
56%
107%
(25%)
(32%)
1%
72%
5%
16%
17%
(28%)
(2%)
57%
(7%)
17%
28%
32%
20%
44%
61%
85%
51%
(1%)
20%
21%
45%
13%
48%
23%
8%
27%
6%
3%
30%
11%
(3%)
16%
32%
67%
(9%)
107%
(27%)
33%
(48%)
17%
29%
NM
NM
29%
11%
22%
25%
26%
24%
33%
10%
37%
22%
52%
13%
13%
18%
5%
27%
19%
(0%)
34%
17%
(1%)
29%
4%
13%
15%
20%
51%
2%
NM
8%
25%
27%
9%
22%
NM
NM
29%
9%
19%
20%
42%
24%
(1%)
37%
7%
33%
8%
28%
22%
27%
40%
8%
28%
19%
13%
7%
47%
(2%)
23%
19%
30%
(4%)
(19%)
25%
NM
32%
3%
(11%)
12%
(0%)
25%
NM
1%
(2%)
19%
16%
EV
Revenue Growth
LTM
2016E
2017E
EBITDA Margin
LTM
2016E
2017E
LTM
Net Margin
2016E
2017E
22%
75%
26%
28%
36%
11%
40%
15%
1%
7%
37%
(2%)
24%
25%
22%
75%
27%
29%
45%
11%
41%
16%
9%
7%
39%
2%
25%
27%
10%
57%
16%
13%
(0%)
2%
23%
(9%)
41%
1%
10%
(61%)
10%
9%
11%
60%
17%
18%
7%
4%
28%
5%
(1%)
NM
25%
(4%)
11%
16%
12%
61%
17%
20%
10%
4%
29%
6%
5%
NM
27%
(2%)
12%
17%
42%
26%
1%
29%
12%
27%
13%
31%
21%
26%
36%
(10%)
34%
19%
19%
16%
44%
(12%)
26%
13%
32%
11%
(16%)
23%
(11%)
27%
4%
(22%)
12%
2%
NM
NM
4%
20%
19%
16%
42%
28%
2%
28%
19%
25%
13%
34%
22%
27%
39%
(2%)
37%
20%
23%
23%
37%
13%
30%
13%
33%
11%
(8%)
22%
NM
24%
5%
(9%)
13%
NM
NM
NM
8%
NM
22%
20%
28%
51%
(5%)
33%
23%
30%
4%
16%
6%
16%
29%
(27%)
16%
4%
7%
3%
30%
(2%)
7%
(3%)
30%
(10%)
(19%)
(2%)
NM
28%
3%
(15%)
6%
(1%)
(10%)
NM
1%
(7%)
5%
8%
30%
20%
0%
NM
7%
25%
NM
18%
NM
23%
NM
(11%)
19%
NM
18%
7%
NM
(5%)
NM
(2%)
29%
12%
(14%)
NM
(20%)
21%
4%
(39%)
9%
NM
NM
NM
3%
(3%)
7%
7%
31%
21%
1%
NM
15%
24%
NM
21%
NM
26%
NM
(3%)
20%
NM
21%
10%
NM
8%
NM
2%
30%
15%
(9%)
NM
NM
21%
5%
(23%)
10%
NM
NM
NM
7%
2%
13%
12%
United Internet AG
Rightmove plc
Mercadolibre, Inc.
UBM plc
Technicolor SA
GameLoft S.E.
Tomorrow Focus AG
Goldbach Group AG
MeetMe, Inc.
Hi-Media S.A.
Median
Mean
Selected Asia
Baidu, Inc.
JD.com, Inc.
NetEase, Inc.
Nintendo Co. Ltd.
Naver Corporation
Rakuten, Inc.
NEXON Co., Ltd.
Youku Tudou Inc.
Yandex N.V.
Weibo Corporation
SINA Corporation
Mixi, Inc.
DeNA Co., Ltd.
Sohu.com Inc.
51job Inc.
Tuniu Corporation
Gree, Inc.
Renren Inc.
MakeMyTrip Limited
Xunlei Limited
JM WOWO
Baozun Inc.
Median
Mean
Internet Public Market Performance
Company
52 Week
Price
03/31/16
% of
52-Wk High
$1,288.96
23.86
107.82
3.99
25.13
77.09
18.03
10.60
5.59
8.07
8.01
3.26
6.15
5.18
88%
36%
79%
54%
53%
99%
87%
76%
31%
81%
37%
40%
81%
47%
65%
63%
$64,035
27,290
16,850
2,342
2,153
2,051
1,199
897
467
425
390
293
200
159
$1,048
$8,482
$68,716
32,237
18,803
1,546
1,984
2,003
1,101
762
381
492
203
324
138
73
$932
$9,197
1%
(13%)
(13%)
30%
4%
21%
(8%)
55%
(41%)
(12%)
(19%)
(43%)
(14%)
(20%)
(13%)
(5%)
2%
(7%)
(12%)
17%
(3%)
16%
1%
19%
4%
9%
(8%)
(48%)
19%
(32%)
1%
(2%)
12%
(58%)
14%
(43%)
(44%)
8%
3%
(12%)
(67%)
(9%)
(55%)
(48%)
(14%)
(46%)
(29%)
(26%)
$114.10
114.35
16.55
11.24
2.84
98%
43%
31%
59%
65%
59%
59%
$334,694
15,103
11,571
1,801
142
$11,571
$72,662
$330,102
15,683
12,262
1,632
123
$12,262
$71,961
9%
(49%)
(28%)
(30%)
(21%)
(28%)
(24%)
24%
(40%)
(37%)
(14%)
75%
(14%)
2%
40%
(54%)
(67%)
6%
55%
6%
(4%)
$102.23
8.95
78%
41%
59%
59%
$45,229
2,061
$23,645
$23,645
$45,791
1,961
$23,876
$23,876
(11%)
(33%)
(22%)
(22%)
(4%)
(58%)
(31%)
(31%)
73%
(44%)
15%
15%
Mkt Cap
EV
Change in Price
3 Mos
6 Mos
1 Yr
eBay Inc.
Expedia Inc.
Groupon, Inc.
GrubHub Inc.
Proto Labs, Inc.
NIC Inc.
TrueCar, Inc.
DHI Group, Inc.
RetailMeNot, Inc.
Care.com, Inc.
Median
Mean
Social
Facebook, Inc.
Twitter, Inc.
Momo Inc.
MeetMe, Inc.
Median
Mean
Streaming Services
Netflix, Inc.
Pandora Media, Inc.
Median
Mean
Internet Public Market Performance (cont.)
Company
52 Week
Price
03/31/16
% of
52-Wk High
$762.90
55.23
220.00
41.42
30.04
3.15
5.16
4.45
3.42
3.15
3.74
1.76
1.77
0.73
96%
98%
71%
73%
46%
49%
31%
85%
50%
33%
67%
55%
18%
18%
53%
56%
$525,119
436,831
13,061
2,616
1,702
256
213
198
155
137
130
93
46
20
$205
$70,041
$517,358
474,514
29,071
2,272
1,588
255
729
89
119
143
112
33
37
(0)
$199
$73,309
(2%)
(0%)
(20%)
5%
(27%)
(28%)
(47%)
14%
(20%)
(10%)
7%
(15%)
4%
(36%)
(12%)
(13%)
16%
21%
(18%)
8%
(38%)
(32%)
(62%)
13%
(38%)
(35%)
34%
(6%)
(61%)
(28%)
(23%)
(16%)
39%
36%
(25%)
3%
(42%)
(46%)
(63%)
2%
(43%)
(67%)
(28%)
(24%)
(81%)
(81%)
(35%)
(30%)
$593.64
79.03
90.69
52.31
106.28
46.37
7.88
14.38
17.91
25.71
11.54
3.69
86%
84%
98%
70%
87%
95%
66%
56%
96%
67%
65%
70%
77%
78%
$279,629
199,341
2,975
2,746
1,989
1,620
510
364
361
298
172
62
$1,065
$40,839
$281,286
191,057
3,604
3,323
2,086
1,714
526
209
314
212
68
30
$1,120
$40,369
(12%)
(3%)
12%
3%
(3%)
4%
8%
17%
4%
(31%)
(2%)
(4%)
1%
(0%)
11%
25%
16%
(9%)
44%
28%
(20%)
(16%)
10%
(19%)
17%
(16%)
11%
6%
60%
(4%)
4%
(22%)
60%
3%
(33%)
(40%)
10%
(12%)
(29%)
(6%)
(5%)
(1%)
$36.81
66.50
25.55
47.08
62.63
19.88
97.78
36.73
9.17
8.07
16.05
7.42
5.00
2.22
80%
71%
73%
56%
100%
39%
71%
50%
60%
74%
90%
63%
74%
55%
71%
68%
$34,969
9,733
4,559
3,911
2,463
1,512
1,313
1,296
893
473
405
239
100
57
$1,304
$4,423
$34,604
9,404
4,560
4,218
2,625
1,340
1,106
1,055
954
500
317
224
61
51
$1,080
$4,358
11%
(22%)
(2%)
(22%)
30%
(31%)
10%
14%
(31%)
(14%)
(0%)
(8%)
(9%)
(42%)
(8%)
(8%)
20%
0%
(11%)
(30%)
50%
(11%)
6%
16%
(13%)
54%
13%
(13%)
16%
(28%)
3%
5%
(17%)
(19%)
(21%)
(30%)
42%
(56%)
75%
(46%)
(19%)
43%
(9%)
(36%)
(13%)
(45%)
(19%)
(11%)
Mkt Cap
EV
Change in Price
3 Mos
6 Mos
1 Yr
Ad Tech
Alphabet Inc.
Criteo SA
comScore, Inc.
Bazaarvoice, Inc.
Blucora, Inc.
Marchex, Inc.
QuinStreet, Inc.
Rocket Fuel Inc.
YuMe, Inc.
Tremor Video, Inc.
Median
Mean
Online Retail
Amazon.com, Inc.
Cimpress N.V.
HSN, Inc.
Stamps.com Inc.
Shutterfly, Inc.
Overstock.com Inc.
Blue Nile Inc.
United Online, Inc.
CafePress Inc.
Median
Mean
Content
Yahoo! Inc.
TripAdvisor Inc.
Zillow Group, Inc.
IAC/InterActiveCorp
WebMD Health Corp.
Yelp Inc.
LendingTree, Inc.
Shutterstock, Inc.
Bankrate, Inc.
Angie's List, Inc.
XO Group Inc.
TechTarget, Inc.
Demand Media, Inc.
Median
Mean
Company
52 Week
Price
03/31/16
% of
52-Wk High
$33.84
66.11
31.73
37.67
2.28
13.74
85%
86%
67%
100%
75%
94%
86%
85%
$25,260
20,555
3,296
3,195
1,968
633
$3,245
$9,151
$27,516
18,632
3,196
2,851
1,225
534
$3,024
$8,992
(13%)
(4%)
13%
8%
(15%)
3%
(1%)
(1%)
8%
(1%)
(24%)
28%
(3%)
22%
3%
5%
51%
15%
(16%)
52%
(18%)
100%
33%
31%
$16.33
32.33
50.46
19.82
20.27
22.45
7.97
47%
94%
68%
79%
72%
71%
56%
71%
70%
$2,325
2,195
1,282
996
805
247
215
$996
$1,152
$2,068
2,923
1,219
1,400
765
243
151
$1,219
$1,253
2%
1%
(25%)
(1%)
(11%)
6%
(19%)
(1%)
(7%)
9%
26%
(26%)
(7%)
7%
(6%)
(28%)
(6%)
(4%)
(6%)
24%
(10%)
2%
7%
18%
(44%)
2%
(1%)
$99.31
61.08
140.19
72.55
98.98
55.09
41.28
65.50
12.77
23.46
480.00
12.46
82%
95%
86%
80%
92%
88%
57%
91%
79%
62%
44%
86%
84%
78%
$163,318
149,182
60,378
58,146
26,587
25,316
16,342
8,431
7,405
5,140
2,705
1,996
$20,829
$43,746
$177,932
199,508
63,399
79,783
28,717
33,441
28,582
12,217
5,522
9,213
2,351
2,322
$28,650
$53,582
(5%)
8%
2%
12%
0%
17%
0%
19%
(4%)
(8%)
(1%)
(7%)
0%
3%
(4%)
4%
5%
3%
11%
37%
(7%)
32%
(2%)
2%
(17%)
3%
3%
6%
(6%)
7%
(11%)
(12%)
(6%)
(8%)
(39%)
(5%)
(21%)
(36%)
(54%)
(8%)
(10%)
(16%)
Mkt Cap
EV
Change in Price
3 Mos
6 Mos
1 Yr
Gaming
GameStop Corp.
Zynga, Inc.
Median
Mean
Web Services
Cheetah Mobile Inc.
GoDaddy Inc.
LogMeIn, Inc.
Web.com Group, Inc.
Wix.com Ltd.
Tucows Inc.
Carbonite, Inc.
Median
Mean
Traditional Media
Comcast Corporation
Naspers Limited
Time Warner Inc.
CBS Corporation
Viacom, Inc.
Scripps Networks Interactive, Inc.
News Corporation
TEGNA Inc.
Median
Mean
Company
52 Week
Price
03/31/16
% of
52-Wk High
$50.41
60.65
117.85
8.66
31.43
6.25
4.58
8.52
3.01
26.40
2.84
8.31
90%
98%
77%
98%
98%
76%
83%
100%
51%
100%
65%
22%
87%
80%
$10,367
5,727
5,204
3,950
3,573
2,599
2,524
727
176
158
142
24
$2,562
$2,931
$12,057
5,715
5,333
4,692
3,753
3,586
2,500
687
213
111
123
19
$3,043
$3,232
(9%)
(0%)
3%
11%
8%
(23%)
(15%)
29%
(21%)
34%
(21%)
75%
1%
6%
0%
9%
23%
14%
54%
(12%)
(9%)
131%
(16%)
42%
75%
71%
19%
32%
8%
35%
(5%)
11%
71%
(3%)
15%
63%
(45%)
38%
55%
(77%)
13%
14%
$20.42
190.88
26.50
4.26
44.26
143.58
142.40
560.39
9.66
75.55
17.08
27.49
15.32
29.64
17.95
47.37
37.20
5.99
17.26
49.54
31.02
24.79
10.43
5.50
3.27
18.78
6.51
18.09
5.21
7.13
6.11
4.10
5.84
7.89
93%
87%
70%
93%
79%
78%
69%
87%
49%
100%
99%
89%
73%
100%
88%
78%
72%
60%
79%
70%
82%
38%
50%
78%
76%
54%
23%
76%
49%
62%
43%
34%
46%
51%
74%
70%
$189,005
66,057
36,331
24,313
19,928
18,769
17,106
16,328
13,764
9,577
7,424
5,385
4,895
4,008
3,709
3,295
3,136
2,847
2,503
1,916
1,846
1,492
1,314
1,293
1,108
954
945
770
703
577
415
334
295
204
$2,992
$13,604
$192,467
69,925
34,562
19,980
21,753
18,184
12,461
16,204
14,997
10,031
5,037
5,117
4,939
3,416
3,472
3,191
2,384
2,829
1,871
1,028
1,844
1,039
990
653
950
913
615
724
443
540
53
304
174
140
$2,607
$13,330
4%
1%
(18%)
4%
(4%)
(21%)
2%
(0%)
(17%)
4%
4%
1%
(3%)
23%
(8%)
(4%)
(2%)
(19%)
9%
(13%)
5%
(12%)
(35%)
15%
(11%)
(24%)
(28%)
5%
(9%)
(1%)
(19%)
(18%)
(29%)
(4%)
(4%)
(7%)
17%
29%
(8%)
13%
33%
17%
(19%)
20%
(27%)
45%
29%
42%
35%
39%
39%
11%
2%
(17%)
(6%)
11%
9%
(24%)
(18%)
23%
(1%)
2%
(37%)
25%
(15%)
15%
(14%)
(47%)
11%
(1%)
11%
7%
7%
(10%)
(9%)
5%
51%
34%
(5%)
(7%)
(44%)
48%
59%
121%
(3%)
60%
38%
47%
(5%)
(2%)
(9%)
(8%)
(5%)
(51%)
(17%)
(20%)
33%
(29%)
(58%)
(18%)
(35%)
(20%)
(4%)
N/A
N/A
(34%)
(5%)
4%
Mkt Cap
EV
Change in Price
3 Mos
6 Mos
1 Yr
United Internet AG
Rightmove plc
Mercadolibre, Inc.
UBM plc
Technicolor SA
GameLoft S.E.
Tomorrow Focus AG
Goldbach Group AG
MeetMe, Inc.
Hi-Media S.A.
Median
Mean
Selected Asia
Baidu, Inc.
JD.com, Inc.
NetEase, Inc.
Nintendo Co. Ltd.
Naver Corporation
Rakuten, Inc.
NEXON Co., Ltd.
Youku Tudou Inc.
Yandex N.V.
Weibo Corporation
SINA Corporation
Mixi, Inc.
DeNA Co., Ltd.
Sohu.com Inc.
51job Inc.
Tuniu Corporation
Gree, Inc.
Renren Inc.
MakeMyTrip Limited
Xunlei Limited
JM WOWO
Baozun Inc.
Median
Mean
Vista Point Advisors Overview
Vista Point Advisors is a boutique investment bank focused on capital
raises and M&A advisory for growing technology companies
Software
•
•
•
•
•
Software-as-a-Service
On-premise
Application Software
Healthcare IT
Financial Tech
90 New Montgomery, Suite 700
San Francisco, CA 94105
Internet
•
•
•
•
•
Mobile
Digital Media
Gaming
Content
Platforms
•
•
•
•
•
Hardware
Consumer Applications
Enterprise Applications
Gaming
Payments
Infrastructure
•
•
•
•
•
Communications
Entertainment
Industrial
Systems
Consumer
Mike Lyon
415.659.9187
mike@vistapointadvisors.com
Drew Pascarella
917.670.1097
drew@vistapointadvisors.com
Jeff Bean
415.659.9190
jbean@vistapointadvisors.com
Jeffrey Koons
415.659.9189
jeff@vistapointadvisors.com
David Cho
415.547.8440
david@vistapointadvisors.com
Scott Austin
415.547.8437
scott@vistapointadvisors.com
Mike Greco
415.659.9191
mike.greco@vistapointadvisors.com
Thomas Lin
415.692.6163
thomas@vistapointadvisors.com
Miles Lacey
415.659.9278
miles@vistapointadvisors.com
Tyler Jamison
415.547.8439
tyler@vistapointadvisors.com
Russell Perkins
415.501.9029
russell@vistapointadvisors.com

Internet - Vista Point Advisors

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