GCA Weekly Digital Media Sector Summary · 2016-11-23 · 1 Weekly Internet / Digital Media / SaaS...
Transcript of GCA Weekly Digital Media Sector Summary · 2016-11-23 · 1 Weekly Internet / Digital Media / SaaS...
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Weekly Internet / Digital Media / SaaS Sector Summary
Week of November 21st, 2016
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INDUSTRY STOCK MARKET VALUATION
Internet / Digital Media / SaaS
Notes: (1) Search/Online Advertising Composite includes: CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RTHM, RUBI, TRMR, TTD, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, NILE, OSTK, PCLN, PRSS, QUOT, QVCA, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, EHTH, GDDY, IAC, RATE, RENN, SCOR, SFLY, TGNA, TTGT, WBMD, WEB, XOXO, ZG. (4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TRI, UBM-GB. (5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB. (6) Media Conglomerates Composite includes: 6758-JP, CBS, CMCSA, DIS, DISCA, FOXA, LGF, SNI, TRCO, VIAB. (7) Gaming Composite includes: A035420-KR, A036570-KR, 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GAM, GLUU, NTES, UBI-FR, ZNGA. (8) SaaS Composite includes: APPF, APTI, BCOV, BOX, BV, COUP, CRM, CSOD, CVT, ECOM, EVBG, HUBS, JIVE, LPSN, MB, MRIN, NOW, NTNX, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN. (9) Social Media includes: 3938-JP, FB, P, TWTR, YELP.
Diversified Marketing (5)
Internet Content (3)
Search / Online Advertising (1)
Gaming (7)
Media Conglomerates (6)
Internet Commerce (2)
SaaS (8)
Publishers (4)
NASDAQ
Social Media (9)
Last 12 Months Last 3 Months
22.4%
9.2%
(6.7%)
10.9%
(8.6%) (7.7%)
3.1%
6.4%
1.2%
(5.1%)
1.8%
(6.3%)
0.4% 0.5%
INDUSTRY STOCK MARKET VALUATION
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INDUSTRY STOCK MARKET VALUATION Internet / Digital Media / SaaS: Financial Metrics
EV / 2016E Revenue EV / 2016E EBITDA
Notes: (1) Search/Online Advertising Composite includes: CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RTHM, RUBI, TRMR, TTD, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, GRUB, NFLX, NILE, OSTK, PCLN, PRSS, QUOT, QVCA, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, EHTH, GDDY, IAC, RATE, RENN, SCOR, SFLY, TGNA, TTGT, WBMD, WEB, XOXO, ZG. (4) Publishers Composite includes: GCI, GHC, MMB-FR, NWSA, NYT, PSON-GB, SSP, TIME, TRI, UBM-GB. (5) Diversified Marketing Composite includes: ACXM, ADS, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, WPP-GB. (6) Media Conglomerates Composite includes: 6758-JP, CBS, CMCSA, DIS, DISCA, FOXA, LGF, SNI, TRCO, VIAB. (7) Gaming Composite includes: A035420-KR, A036570-KR, 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GAM, GLUU, NTES, UBI-FR, ZNGA. (8) SaaS Composite includes: APPF, APTI, BCOV, BOX, BV, COUP, CRM, CSOD, CVT, ECOM, EVBG, HUBS, JIVE, LPSN, MB, MRIN, NOW, NTNX, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN. (9) Social Media includes: 3938-JP, FB, P, TWTR, YELP.
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PUBLIC COMPANY VALUATIONS Internet / Digital Media / SaaS: Financial Metrics (Cont’d)
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. (1) Revenue multiples reflective of Net Revenue.
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
11/21/16 Low High Value Debt Value LTM CY 16E CY 17E LTM CY 16E CY 17E LTM CY 16E CY 17E Growth PEG 17E/16E Y/Y MRQ
Search / Online Advertising
Alphabet Inc. $784.80 $672.66 $839.00 $540,916 ($79,118) $461,798 5.4x 5.2x 4.5x 16.3x 12.9x 11.0x 28.7x 22.6x 19.1x 17.3% 1.1 15.8% 20.2%Microsoft Corporation 60.86 48.04 61.37 473,208 (60,857) 412,351 4.8 4.5 4.3 15.3 11.8 11.1 29.1 21.3 20.0 9.3% 2.2 4.2% 0.4%Yandex N.V. 18.60 11.00 23.87 5,985 (690) 5,308 4.7 4.5 3.8 15.8 13.3 10.7 45.3 26.5 21.0 23.7% 0.9 19.1% 30.2%Criteo SA (1) 41.21 24.23 47.81 2,628 (398) 2,240 4.7 3.1 2.5 14.7 10.7 8.0 33.3 21.9 17.5 28.3% 0.6 26.2% 27.4%The Trade Desk, Inc. (1) 29.33 22.00 33.40 1,131 (72) 1,059 6.1 5.5 4.3 19.8 19.0 15.1 NM 38.9 34.6 25.9% 1.3 28.8% 116.6%The Rubicon Project, Inc. (1) 8.01 6.12 20.37 393 (193) 200 0.7 0.8 0.8 4.3 3.1 3.1 18.0 8.5 11.5 NM NM 0.7% 2.4%RhythmOne plc 0.49 0.19 0.55 200 (41) 159 1.0 0.7 0.7 NM 34.5 16.3 NM 12.5 27.5 NM NM 2.1% (11.7%)QuinStreet, Inc. 2.86 2.61 5.04 131 (39) 92 0.3 0.3 0.3 NM 9.2 5.3 NM NM NM 10.7% NM 2.8% 1.4%YuMe, Inc. 3.48 2.77 4.36 119 (62) 57 0.3 0.4 0.4 NM 8.0 5.7 NM NM 18.4 NA NA (0.7%) (10.1%)Marchex, Inc. 2.72 2.46 4.68 118 (105) 13 0.1 0.1 0.1 NM NM NM NM NM NM 15.0% NM (12.5%) (16.6%)Tremor Video, Inc. 2.02 1.29 2.15 105 (48) 57 0.3 0.4 0.3 NM NM 8.9 NM NM NM NA NA 11.9% (0.8%)Marin Software Incorporated 2.45 1.88 4.15 95 (33) 61 0.6 0.6 0.6 NM NM 23.0 NM NM NM NA NA (3.5%) (8.8%)Rocket Fuel Inc. 1.93 1.74 4.10 88 9 97 0.2 0.2 0.2 NM 7.9 7.3 NM NM NM 3.0% NM 3.5% (1.9%)MaxPoint Interactive, Inc. 8.50 4.64 11.94 56 2 58 0.4 0.6 0.6 NM NM 65.6 NM NM NM 20.0% NM 5.1% 4.0%
Mean 2.1x 1.9x 1.7x 14.4x 13.0x 14.7x 30.9x 21.7x 21.2x 17.0% 1.2 7.4% 10.9% Median 0.6 0.7 0.7 15.5 11.2 10.7 29.1 21.9 19.5 17.3% 1.1 3.9% 0.9%
Internet Content
Zillow Group, Inc. $35.47 $16.46 $39.99 $6,350 ($215) $6,135 7.8x 7.3x 5.9x NM 43.8x 26.3x NM NM 61.0x 58.0% 1.1 22.5% 27.1%IAC/InterActiveCorp 68.46 38.82 67.60 5,428 274 5,839 1.8 1.9 1.7 15.0 11.7 9.6 NM 26.9 19.7 19.0% 1.0 7.9% (8.9%)TEGNA Inc. 22.40 17.91 28.95 4,803 4,131 9,274 2.8 2.8 2.7 8.0 7.4 8.0 10.6 9.9 11.7 13.5% 0.9 3.0% 13.6%GoDaddy Inc. 35.32 23.88 36.96 3,089 475 3,763 2.1 2.0 1.8 17.8 9.1 7.8 NM 22.1 20.8 NM NM 13.2% 14.8%WebMD Health Corp. 53.89 43.03 67.55 2,060 6 2,066 3.0 2.9 2.8 11.7 9.0 8.3 30.1 28.3 26.6 12.5% 2.1 5.5% 12.3%Shutterfly, Inc. 50.98 35.91 54.60 1,731 308 2,039 1.8 1.8 1.6 15.2 9.3 8.0 31.4 85.7 52.8 NM NM 9.3% 11.8%comScore, Inc. 29.60 21.74 45.21 1,692 (114) 1,578 4.3 3.2 2.7 42.5 13.1 10.1 NM 20.2 16.3 25.8% 0.6 17.4% 8.4%Bankrate, Inc. 10.65 6.59 15.23 960 159 1,119 2.7 2.5 2.2 12.1 9.8 9.0 NM 16.9 15.6 17.5% 0.9 14.1% 29.2%Web.com Group, Inc. 16.25 12.90 24.75 766 664 1,430 2.2 2.0 1.9 11.4 8.1 7.6 10.5 6.0 5.7 18.7% 0.3 3.5% 39.4%Renren Inc. 1.81 1.51 3.77 616 27 642 13.5 10.5 7.4 NM NM NM NM NM NM 20.0% NM 41.9% NAXO Group Inc. 18.52 13.64 19.92 471 (101) 370 2.5 2.4 2.2 18.1 11.7 10.5 73.8 46.3 40.6 15.0% 2.7 10.6% 5.8%DHI Group, Inc. 6.15 4.95 10.48 306 61 367 1.5 1.6 1.7 7.1 6.3 6.9 NM 17.1 19.0 NA NA (3.0%) (13.9%)Care.com, Inc. 8.90 4.90 12.00 256 (71) 186 1.2 1.2 1.0 42.2 16.0 11.1 NM 59.9 31.7 15.0% 2.1 13.0% 12.7%TechTarget, Inc. 8.56 5.98 9.24 238 8 246 2.2 2.3 2.1 17.0 13.9 9.0 64.8 33.2 19.3 26.0% 0.7 11.9% (11.2%)eHealth, Inc. 9.93 6.38 15.14 182 (67) 115 0.6 0.6 0.6 12.0 18.5 13.3 NM 29.2 90.3 10.0% 9.0 (1.3%) (16.1%)
Mean 3.3x 3.0x 2.6x 17.7x 13.4x 10.4x 36.9x 30.9x 30.8x 20.9% 2.0 11.3% 8.9% Median 2.2 2.3 2.1 15.0 10.7 9.0 30.7 26.9 20.3 18.1% 1.0 10.6% 12.1%
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PUBLIC COMPANY VALUATIONS Internet / Digital Media / SaaS: Financial Metrics (Cont’d)
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
11/21/16 Low High Value Debt Value LTM CY 16E CY 17E LTM CY 16E CY 17E LTM CY 16E CY 17E Growth PEG 17E/16E Y/Y MRQ
Internet Commerce
Amazon.com, Inc. $780.00 $474.00 $847.21 $370,630 $641 $371,271 2.9x 2.7x 2.2x 33.9x 24.7x 18.6x NM NM 82.8x 53.1% 1.6 22.9% 29.0%Alibaba Group Holding Limited 93.41 59.25 109.87 233,525 (7,448) 226,817 12.1 15.7 12.2 34.6 30.6 24.5 45.3 38.3 30.7 24.5% 1.3 28.7% 47.4%The Priceline Group Inc. 1,524.18 954.02 1,600.93 75,211 2,967 78,178 7.5 7.3 6.3 19.5 18.4 15.7 38.9 22.0 19.3 17.3% 1.1 16.1% 18.9%Netflix, Inc. 117.96 79.95 133.27 50,623 1,031 51,653 6.3 5.9 4.7 NM 88.0 47.9 NM NM NM 45.8% NM 24.9% 31.7%eBay Inc. 29.00 21.52 33.19 32,420 986 33,406 3.8 3.7 3.5 11.0 9.7 9.1 18.1 15.4 13.9 8.5% 1.6 4.7% 5.6%Expedia Inc. 126.46 88.40 133.55 18,973 1,319 21,938 2.6 2.5 2.2 21.6 13.6 11.0 NM 26.6 19.8 20.8% 1.0 14.9% 33.2%QVC Group 21.07 17.88 27.58 9,840 6,104 16,066 1.6 1.6 1.5 9.1 8.4 7.9 8.0 12.4 11.1 12.8% 0.9 3.6% 14.7%Copart, Inc. 56.24 32.26 56.74 6,440 485 6,925 5.5 5.2 4.9 15.5 14.1 13.1 25.4 24.0 22.2 13.5% 1.6 6.1% 17.8%GrubHub Inc. 37.99 17.77 44.58 3,252 (297) 2,955 6.5 6.0 4.8 28.2 20.4 15.9 69.1 41.7 33.1 24.0% 1.4 25.4% 44.1%Cimpress N.V. 85.78 67.89 104.18 2,715 635 3,415 1.8 1.8 1.6 16.1 12.5 11.6 NM 28.5 27.6 20.5% 1.3 11.3% 18.1%Stamps.com Inc. 112.70 68.82 123.75 1,922 81 2,002 6.1 5.6 4.9 16.6 12.2 10.3 43.9 13.5 12.1 20.3% 0.6 16.0% 79.1%Shutterstock, Inc. 49.59 25.44 65.16 1,742 (290) 1,452 3.0 2.9 2.5 22.3 14.8 12.2 59.8 31.6 29.1 27.0% 1.1 15.8% 14.7%Etsy, Inc. 12.94 6.04 16.05 1,495 (258) 1,237 3.6 3.4 2.8 33.4 21.9 16.5 NM NM 51.8 10.0% 5.2 22.8% 33.3%Quotient Technology Inc. 12.00 5.00 14.36 1,056 (139) 918 3.4 3.4 3.0 NM 33.1 21.2 NM NM 56.6 43.6% 1.3 14.8% 17.7%1-800-Flowers.com Inc. 10.65 6.11 10.50 695 229 924 0.8 0.8 0.7 12.2 10.8 9.2 27.9 24.8 20.2 19.0% 1.1 4.9% 6.3%Angie's List, Inc. 8.92 6.32 11.25 528 20 548 1.6 1.7 1.7 28.4 22.0 15.2 NM NM NM 8.0% NM 0.1% (8.3%)Blue Nile Inc. 40.45 22.33 41.39 473 (40) 433 0.9 0.9 0.9 26.4 17.6 16.9 49.9 47.6 43.5 5.0% 8.7 2.4% (4.4%)Overstock.com Inc. 17.70 10.03 17.95 449 (75) 373 0.2 0.2 0.2 NM 10.6 21.1 47.7 NM NM NA NA 8.0% 12.9%Travelzoo Inc. 10.45 6.63 13.27 144 (25) 119 0.9 0.9 0.9 9.7 9.6 10.6 40.2 23.6 25.4 5.0% 5.1 (0.5%) (9.7%)CafePress Inc. 2.81 2.80 4.55 47 (35) 11 0.1 0.1 0.1 NM 19.9 9.6 NM NM NM NA NA 6.3% (1.6%)
Mean 3.6x 3.6x 3.1x 21.2x 20.7x 15.9x 39.5x 26.9x 31.2x 21.0% 2.2 12.5% 20.0% Median 3.0 2.8 2.4 20.5 16.2 14.2 42.0 24.8 26.5 19.7% 1.3 13.1% 17.8%
Media Conglomerates / Selected Entertainment
Comcast Corporation $68.20 $52.34 $68.72 $163,191 $57,621 $224,480 2.9x 2.8x 2.7x 8.7x 8.5x 8.1x 20.0x 19.6x 18.0x 11.4% 1.6 3.9% 14.2%The Walt Disney Company 97.63 86.25 120.65 156,901 15,560 176,519 3.2 3.2 3.0 10.5 10.3 9.8 17.0 17.5 15.8 8.8% 1.8 5.6% (2.7%)Twenty-First Century Fox, Inc. 27.80 22.66 31.25 51,578 14,807 68,186 2.5 2.4 2.3 10.2 9.8 9.3 18.9 14.5 14.1 12.0% 1.2 5.3% 7.1%Sony Corporation 29.74 19.82 31.48 37,537 (3,539) 40,207 0.5 0.6 0.6 6.6 7.6 5.3 67.1 NM 21.7 18.0% 1.2 2.1% 5.5%CBS Corporation 60.29 41.36 60.52 25,907 8,778 34,685 2.4 2.4 2.4 10.3 10.1 10.0 16.7 14.6 13.6 16.6% 0.8 1.1% 4.3%Discovery Communications, Inc. 27.55 23.66 31.39 16,409 7,609 24,265 3.7 3.7 3.5 10.0 10.0 9.6 15.6 13.2 11.9 13.9% 0.9 5.2% (0.1%)Viacom, Inc. 37.21 30.11 52.88 14,765 11,420 26,449 2.1 2.1 2.1 9.0 9.6 8.1 10.3 11.1 9.2 0.8% 11.6 2.9% (14.8%)Scripps Networks Interactive, Inc. 69.47 50.81 73.71 8,969 3,253 12,529 3.7 3.7 3.5 8.4 9.1 8.8 11.5 13.3 13.1 10.5% 1.2 4.3% 3.5%Lions Gate Entertainment Corp. 23.67 16.21 36.63 3,511 1,372 4,976 1.9 1.9 1.8 NM 29.8 17.1 11.3 NM 50.9 22.5% 2.3 4.8% 34.1%Tribune Media Company 34.44 26.10 40.72 3,011 2,772 5,788 2.7 2.7 2.6 14.0 10.1 11.5 NM 42.3 24.7 3.0% 8.2 1.4% 6.0%
Mean 2.6x 2.5x 2.5x 9.7x 11.5x 9.8x 20.9x 18.3x 19.3x 11.7% 3.1 3.6% 5.7% Median 2.6 2.5 2.5 10.0 9.9 9.4 16.7 14.5 14.9 11.7% 1.4 4.1% 4.9%
Publishers
Thomson Reuters Corporation $42.39 $35.46 $42.99 $31,143 $8,520 $40,145 3.3x 3.6x 3.5x 15.7x 12.9x 12.1x 25.1x 20.7x 18.1x 8.0% 2.3 1.6% (0.1%)Pearson plc 9.79 8.04 12.34 7,980 2,162 10,146 1.8 1.8 1.7 12.4 10.9 9.1 NM 14.2 12.1 1.2% 10.4 6.2% (21.0%)News Corporation 11.73 10.21 14.68 6,822 (1,122) 5,916 0.7 0.7 0.7 9.0 6.6 6.5 NM 39.6 28.1 8.2% 3.4 (2.2%) (2.4%)UBM plc 8.48 6.61 9.35 3,336 49 3,425 3.2 3.3 3.1 12.0 11.5 10.3 28.2 18.3 14.7 7.9% 1.9 8.5% (8.7%)Lagardere SCA 24.25 19.48 29.88 3,107 1,931 5,181 0.6 0.7 0.7 8.5 7.7 7.5 26.0 12.4 11.6 6.0% 1.9 (2.0%) 3.2%Graham Holdings Company 482.60 425.14 545.31 2,709 (504) 2,215 0.9 NA NA 6.2 NA NA 15.0 NA NA NA NA NA (3.1%)The New York Times Company 12.45 10.60 14.27 2,006 (311) 1,691 1.1 1.1 1.1 7.3 7.3 7.7 46.3 24.9 20.6 NA NA 0.2% (1.0%)Time Inc. 13.85 12.23 17.66 1,372 937 2,309 0.8 0.7 0.8 7.3 5.7 5.6 NM 11.6 10.3 8.5% 1.2 (1.9%) (3.0%)The E. W. Scripps Company 16.49 12.16 22.21 1,367 308 1,675 1.9 1.8 1.8 19.3 8.3 12.0 NM 21.6 41.2 3.0% 13.7 (1.4%) 22.9%Gannett Co., Inc. 9.45 7.30 17.91 1,102 268 1,370 0.5 0.5 0.4 4.1 4.3 4.0 28.4 8.9 8.7 NM NM 5.6% 10.1%
Mean 1.5x 1.6x 1.5x 10.2x 8.4x 8.3x 28.2x 19.1x 18.4x 6.1% 5.0 1.6% (0.3%) Median 1.0 1.1 NM 8.8 7.7 7.7 27.1 18.3 14.7 7.9% 2.3 0.2% (1.7%)
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PUBLIC COMPANY VALUATIONS Internet / Digital Media / SaaS: Financial Metrics (Cont’d)
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
11/21/16 Low High Value Debt Value LTM CY 16E CY 17E LTM CY 16E CY 17E LTM CY 16E CY 17E Growth PEG 17E/16E Y/Y MRQ
Diversified Marketing
WPP plc $21.14 $15.01 $23.38 $26,622 $5,649 $32,880 1.9x 1.9x 1.7x 12.9x 11.3x 10.2x 24.7x 15.3x 13.5x 9.5% 1.4 10.4% (5.4%)Experian plc 18.07 13.27 20.02 16,982 3,161 20,157 4.4 4.3 4.2 14.4 NA 11.7 20.4 20.0 18.6 11.0% 1.7 3.6% 2.6%Nielsen Holdings plc 42.59 42.25 55.94 15,223 7,523 22,935 3.7 3.6 3.5 14.7 11.9 11.4 26.2 15.4 14.6 8.9% 1.6 3.2% 2.5%Equifax Inc. 121.60 91.72 136.97 14,563 2,732 17,336 5.8 5.5 5.1 16.7 15.4 14.0 30.8 22.2 20.4 12.0% 1.7 8.7% 20.5%Alliance Data Systems Corporation 228.66 176.63 290.30 13,207 17,839 31,046 4.4 4.3 3.9 18.6 15.4 14.1 24.2 13.5 12.2 14.5% 0.8 9.8% 18.7%The Interpublic Group of Companies, Inc. 23.93 19.79 24.82 9,500 846 10,628 1.4 1.4 1.3 10.0 9.6 9.1 17.9 18.2 16.5 11.1% 1.5 3.7% 3.0%Havas SA 7.96 6.87 8.57 3,339 99 3,452 1.4 1.4 1.4 8.7 8.7 8.3 17.1 16.2 15.1 7.6% 2.0 3.8% 4.8%Acxiom Corporation 26.81 17.32 27.38 2,077 (1) 2,076 2.4 2.4 2.3 23.9 13.5 11.8 NM 40.8 37.6 15.0% 2.5 4.9% 4.8%MDC Partners Inc. 6.05 2.75 23.90 324 930 1,380 1.0 1.0 1.0 9.9 7.9 6.7 NM NM 8.8 6.0% 1.5 5.8% 6.3%Harte-Hanks Inc. 1.65 0.85 3.90 102 54 156 0.3 0.3 0.3 12.2 4.3 3.4 NM 11.8 7.9 NA NA 0.5% (10.4%)
Mean 2.7x 2.6x 2.5x 14.2x 10.9x 10.1x 23.0x 19.3x 16.5x 10.6% 1.6 5.4% 4.7% Median 2.1 2.1 2.0 13.7 11.3 10.8 24.2 16.2 14.9 11.0% 1.6 4.3% 3.9%
Gaming
Tencent Holdings Limited $24.96 $17.03 $28.47 $233,927 ($443) $235,007 11.3x 10.7x 8.0x 26.6x 25.5x 19.7x 41.8x 36.6x 27.5x 28.8% 1.0 33.9% 44.8%NetEase, Inc. 234.16 129.60 272.58 30,787 (4,177) 26,647 5.2 4.9 3.9 15.5 14.1 11.6 20.5 17.6 15.0 24.0% 0.6 26.9% 31.6%Activision Blizzard, Inc. 38.43 26.49 45.55 28,562 2,333 30,895 5.2 4.7 4.4 16.3 12.7 12.1 33.4 18.6 17.4 18.9% 0.9 6.3% 58.4%Electronic Arts Inc. 78.26 53.01 86.07 23,616 (2,276) 21,340 4.7 4.5 4.2 17.9 13.9 12.4 19.9 23.0 19.7 12.4% 1.6 7.1% 10.2%Naver Corporation 666.89 461.56 766.16 19,431 (2,629) 17,276 5.0 5.0 4.3 16.2 15.9 12.1 NA 31.2 23.8 36.9% 0.6 17.8% 29.9%Gamesa Corporación Tecnológica S.A. 20.10 14.14 23.48 5,564 (281) 5,282 1.1 1.1 0.9 9.3 7.8 6.5 19.3 18.0 17.2 22.1% 0.8 22.0% 31.0%DeNA Co., Ltd. 32.71 13.81 35.64 4,746 (782) 4,036 2.8 3.0 3.0 11.4 12.6 10.1 30.5 29.4 26.2 25.3% 1.0 1.5% 21.7%NCsoft Corporation 215.93 171.81 260.48 4,586 (676) 3,919 4.6 4.9 3.9 12.9 13.7 10.2 NA 20.9 16.2 30.1% 0.5 23.9% 19.7%Ubisoft Entertainment SA 34.91 19.74 41.27 3,816 (42) 3,774 2.3 2.4 1.6 14.6 4.8 4.4 34.7 31.5 21.9 34.3% 0.6 51.2% 36.7%Zynga, Inc. 2.80 1.78 3.04 2,497 (871) 1,627 2.2 2.2 1.9 NM 28.0 15.5 NM NM 44.0 19.0% 2.3 13.3% (6.8%)GungHo Online Entertainment, Inc. 2.38 2.04 3.66 1,692 (256) 1,452 1.2 1.3 1.7 2.8 3.0 4.2 7.6 7.5 8.3 NA NA (18.7%) (16.7%)Changyou.com Limited 26.30 15.21 30.28 1,336 (848) 517 0.9 1.0 0.9 3.3 3.5 3.0 9.8 9.8 8.5 NM NM 15.2% (28.1%)Gree, Inc. 5.42 4.13 6.13 1,270 (806) 464 0.7 0.8 0.9 3.7 4.0 5.0 7.7 11.8 16.1 NA NA (6.5%) (8.7%)Glu Mobile, Inc. 2.36 1.73 4.00 315 (148) 167 0.8 0.8 0.8 NM NM NM NM NM NM 15.0% NM 6.5% (18.8%)
Mean 3.4x 3.4x 2.9x 12.5x 12.3x 9.8x 22.5x 21.3x 20.1x 24.2% 1.0 14.3% 14.6% Median 2.5 2.7 2.5 13.7 12.7 10.2 20.2 19.8 17.4 24.0% 0.8 14.3% 20.7%
Social Media & New Platform
Facebook, Inc. $121.77 $89.37 $135.60 $350,962 ($26,140) $324,822 13.2x 11.9x 8.9x 25.3x 18.4x 14.0x 46.9x 29.5x 23.4x 30.9% 0.8 34.4% 55.8%Twitter, Inc. 18.60 39.40 26.70 13,195 771 13,966 5.5 5.5 5.0 NM 19.5 16.5 NM 35.9 30.5 24.9% 1.2 10.2% 8.2%LINE Corporation 38.80 0.00 47.13 8,428 (1,284) 7,147 5.3 5.3 4.3 37.4 25.4 15.7 86.1 NM 35.6 56.4% 0.6 24.2% 54.6%Yelp Inc. 38.33 14.53 43.36 3,007 (432) 2,575 3.8 3.6 2.9 NM 22.9 15.7 NM 53.2 35.8 33.0% 1.1 25.6% 29.7%Pandora Media, Inc. 11.14 7.10 16.23 2,599 80 2,679 2.0 2.0 1.6 NM NM NM NM NM NM 46.0% NM 22.7% 12.9%
Mean 6.0x 5.7x 4.5x 31.3x 21.5x 15.5x 66.5x 39.5x 31.3x 38.2% 0.9 23.4% 32.2% Median 5.3 5.3 4.3 31.3 21.2 15.7 66.5 35.9 33.0 33.0% 0.9 24.2% 29.7%
7
PUBLIC COMPANY VALUATIONS Internet / Digital Media / SaaS: Financial Metrics (Cont’d)
Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.
$MM, Except Per Share Data
Stock LTM EPSPrice Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth
11/21/16 Low High Value Debt Value LTM CY 16E CY 17E LTM CY 16E CY 17E LTM CY 16E CY 17E Growth PEG 17E/16E Y/Y MRQ
SaaS
salesforce.com, inc. $76.15 $52.60 $84.48 $51,713 $1,315 $53,028 6.7x 6.3x 5.2x 95.9x 36.8x 24.0x NM 77.8x 59.2x 27.5% 2.2 21.3% 25.3%Workday, Inc. 83.85 47.32 93.35 16,770 (1,547) 15,223 11.3 9.8 7.5 NM NM 66.5 NM NM NM 37.0% NM 30.9% 33.6%ServiceNow, Inc. 86.55 46.00 91.28 14,368 (308) 14,061 10.9 10.2 7.8 NM 53.3 36.1 NM NM 82.6 46.9% 1.8 30.1% 37.0%The Ultimate Software Group, Inc. 211.19 148.26 224.07 6,125 (100) 6,024 8.1 7.7 6.2 93.3 32.3 25.5 NM 65.1 52.8 26.8% 2.0 24.0% 26.8%Nutanix, Inc. 33.66 23.11 46.78 4,621 (112) 4,509 10.1 NA 5.3 NM NA NM NM NM NM 30.0% NM NA 88.7%Shopify Inc. 44.89 18.48 45.20 3,993 (400) 3,593 10.9 9.4 6.4 NM NM NM NM NM NM 25.0% NM 47.7% 88.6%RealPage, Inc. 29.45 16.06 29.41 2,370 (133) 2,237 4.1 3.9 3.4 29.8 18.3 15.2 NM 39.8 32.7 20.0% 1.6 14.6% 21.7%Zendesk, Inc. 22.82 11.06 31.88 2,176 (211) 1,964 6.9 6.3 4.8 NM NM NM NM NM NM 22.5% NM 32.3% 45.0%Cornerstone OnDemand, Inc. 37.42 22.25 47.75 2,103 (1) 2,101 5.1 5.0 4.3 NM 62.1 39.9 NM NM NM 20.0% NM 15.7% 23.5%HubSpot, Inc. 57.25 27.00 60.11 2,039 (113) 1,926 7.8 7.2 5.5 NM NM NM NM NM NM 25.0% NM 30.3% 48.0%Box, Inc. 15.30 8.82 16.59 2,023 (115) 1,908 5.5 4.8 3.8 NM NM NM NM NM NM NM NM 26.2% 30.3%RingCentral, Inc. 22.70 13.88 25.67 1,670 (136) 1,534 4.3 4.1 3.3 NM 71.2 48.7 NM NM NM 28.8% NM 24.4% 26.1%Cvent, Inc. 35.98 17.85 37.25 1,530 (179) 1,351 6.2 5.9 5.0 NM 33.3 29.9 NM NM NM 30.0% NM 19.3% 17.1%Coupa Software Incorporated 31.45 0.00 34.75 1,513 (80) 1,433 13.1 11.6 9.1 NM NM NM NM NM NM NA NA 27.9% 66.4%MINDBODY, Inc. 22.50 9.20 22.60 911 (71) 841 6.5 6.0 4.7 NM NM NM NM NM NM 15.0% NM 28.9% 35.2%Apptio, Inc. 20.00 17.52 24.60 766 (122) 644 4.3 4.1 3.4 NM NM NM NM NM NM NA NA 19.4% 26.0%AppFolio, Inc. 21.80 11.07 22.55 735 (18) 717 7.3 6.8 5.3 NM NM NM NM NM NM 30.0% NM 30.1% 38.7%LivePerson, Inc. 8.50 3.74 8.85 493 (51) 441 2.0 2.0 1.9 26.3 23.3 19.4 NM NM 94.0 20.0% 4.7 3.4% (10.3%)Everbridge, Inc. 16.77 0.00 18.73 455 (62) 393 5.5 5.2 4.1 NM NM NM NM NM NM 20.0% NM 25.8% 31.2%Xactly Corporation 14.30 4.68 16.10 440 (31) 409 4.7 4.2 3.4 NM NM NM NM NM NM 25.0% NM 23.3% 30.6%Bazaarvoice, Inc. 4.95 2.82 6.14 410 (50) 360 1.8 1.8 1.7 NM 28.1 19.1 NM NM NM NA NA 3.9% 2.5%ChannelAdvisor Corporation 14.40 10.28 15.91 371 (63) 308 2.8 2.7 2.4 NM 59.7 44.1 NM NM NM NA NA 14.1% 14.8%Jive Software, Inc. 4.00 2.84 5.10 312 (100) 213 1.1 1.1 1.1 NM 12.2 10.9 NM 61.2 35.7 NA NA (0.4%) 1.6%Brightcove Inc. 8.10 4.70 13.80 274 (34) 239 1.6 1.6 1.4 NM 32.3 21.9 NM NM 63.9 15.0% 4.3 9.8% 13.5%Marin Software Incorporated 2.45 1.88 4.15 95 (33) 61 0.6 0.6 0.6 NM NM 23.0 NM NM NM NA NA (3.5%) (8.8%)
Mean 6.0x 5.3x 4.3x 61.3x 38.6x 30.3x NM 61.0x 60.1x 25.8% 2.7 20.8% 30.1% Median 5.5 5.1 4.3 61.6 32.8 24.8 NM 63.2 59.2 25.0% 2.1 23.7% 26.8%
8
Valuation Correlation to Growth and Cash Flow
Notes: Source: Capital IQ and Wall Street Estimates. When analyzing the same data set, R value of 2017E Revenue Multiple and 2017E Revenue Growth % is 0.76. Estimates for NTNX are not available.
CY 2017E Revenue Growth % + CY 2017E FCF Margin %
Ente
rpri
se V
alu
e /
CY
20
17
E R
eve
nu
e
PUBLIC SAAS COMPANIES
Company Identifier
APPF
APTI
BCOV
BOX
BV
COUP
CRM
CSOD
CVT
ECOM
EVBG
HUBS
JIVE
LPSN
MB
MRIN
NOW
RNG
RP
SHOP
ULTI
WDAY
XTLY
ZEN
Selected Public Saas Companies
WDAYNOW
ULTISHOP
ZEN
CSOD
RP
HUBS
BOX
RNG
CVTMB
APPF
LPSN
BV
XTLY
BCOVJIVE
ECOM
MRIN
COUP
CRM
EVGB
APTI
(1.0x)
1.0x
3.0x
5.0x
7.0x
9.0x
11.0x
(10%) 0% 10% 20% 30% 40% 50% 60%
R = 0.75
9
Valuation Correlation to S&M Effectiveness
Notes: Source: Capital IQ and Wall Street Estimates. Estimates for NTNX are not available.
Annual Change in Revenue (CY16E) / LTM Sales & Marketing Expense
Ente
rpri
se V
alu
e /
CY
20
16
E R
eve
nu
e
PUBLIC SAAS COMPANIES
Company Identifier
APPF
APTI
BCOV
BOX
BV
COUP
CRM
CSOD
CVT
ECOM
EVBG
HUBS
JIVE
LPSN
MB
MRIN
NOW
RNG
RP
SHOP
ULTI
WDAY
XTLY
ZEN
Selected Public Saas Companies
CRM
WDAYNOW
ULTI
SHOP
ZEN
CSODRP
HUBS
BOX
RNG
CVT MB
APPF
LPSN
BV
XTLY
BCOV
JIVE
ECOM
MRIN
COUP
APTI
EVBG
(1.0x)
1.0x
3.0x
5.0x
7.0x
9.0x
11.0x
13.0x
(0.5x) 0.0x 0.5x 1.0x 1.5x 2.0x
R = 0.72
10
Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Enterprise Value <$50MM not included. (1) NTM multiples based on Capital IQ consensus estimates. (2) LTM multiples based on Wall Street Estimates. (3) Uses gross profit as proxy for net revenue. (4) LTM multiple based on period ending 6/30/16. (5) LTM multiple based on period ending 9/30/16.
RECENT ACQUISITIONS Internet / Digital Media / SaaS
($MM)
Announced Date Acquirer Target Enterprise Value EV / LTM Sales EV / LTM EBITDA EV / NTM Sales EV / NTM EBITDA
11/20/2016 $2,362 3.6x 50.0x 3.3x 24.0x
11/17/2016 CONF. CONF. CONF. CONF. CONF.
11/10/2016 $446 3.1x NM 2.6x 48.2x
10/22/2016 $106,021 3.8x 13.7x 3.5x 12.4x
10/21/2016 $465 1.9x NM 1.7x 8.8x
10/21/2016 $410 NA NA NA NA
10/20/2016 $55 NA NA NA NA
10/20/2016 $500 2.6x NA NA NA
10/13/2016 $300 NA NA NA NA
10/4/2016 $60 30.0x NA NA NA
10/4/2016 $250 NA NA NA NA
10/3/2016 $680 13.1x NA NA NA
9/26/2016 $153 NA NA NA NA
(1) (5)
(2) (5)
(1) (4)
(1) (4)
(1) (3)
(1) (2)
11
Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Enterprise Value <$50MM not included. (1) NTM multiples based on Capital IQ consensus estimates. (2) LTM multiple based on period ending 7/31/16. (3) LTM multiple based on period ending 6/30/16. (4) LTM multiple based on period ending 3/31/16. (5) Enterprise value and LTM multiple based on Wall Street estimates.
RECENT ACQUISITIONS Internet / Digital Media / SaaS
($MM)
Announced Date Acquirer Target Enterprise Value EV / LTM Sales EV / LTM EBITDA EV / NTM Sales EV / NTM EBITDA
9/26/2016 $1,400 NA NA NA NA
9/19/2016 $1,342 3.7x NM 3.6x 19.3x
9/8/2016 $515 6.0x NM 4.6x NM
8/31/2016 $1,400 3.3x NM 3.1x 38.4x
8/26/2016 $4,300 2.1x 6.4x 2.1x 6.1x
8/25/2016 $225 45.9x NM NA NA
8/22/2016 $900 2.8x NA NA NA
8/22/2016 $59 NA NA NA NA
8/18/2016 $120 NA NA NA NA
8/16/2016 $135 NA NA NA NA
8/9/2016 $355 0.5x 3.8x 0.6x 4.2x
8/8/2016 $1,500 3.4x NA NA NA
8/8/2016 $3,300 NA NA NA NA
(4)
(3)
(1) (3)
(5)
(1)(3)
(1) (3)
(1)(3)
(1) (2)
12
Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Enterprise Value <$50MM not included. (1) LTM multiple based on period ending 6/30/16. (2) NTM multiples based on Capital IQ consensus estimates. (3) LTM and NTM sales multiple are reflective of gross revenue. (4) LTM multiple based on period ending 3/31/16. (5) LTM multiple based on CY15 ending annualized recurring net revenue. (6) Reflects the acquisition of remaining 95.4% stake.
RECENT ACQUISITIONS Internet / Digital Media / SaaS
($MM)
Announced Date Acquirer Target Enterprise Value EV / LTM Sales EV / LTM EBITDA EV / NTM Sales EV / NTM EBITDA
8/3/2016 $85 0.5x NM 0.4x 14.1x
8/1/2016 $582 NA NA NA NA
7/28/2016 $8,694 10.3x NM 8.5x NM
7/27/2016 $1,010 1.9x 12.8x 1.9x 8.8x
7/25/2016 $4,826 1.3x 6.2x 1.4x 5.7x
7/21/2016 $215 NA NA NA NA
7/21/2016 $130 8.7x NA NA NA
7/21/2016 $3,800 NA NA NA NA
7/13/2016 $60 NA NA NA NA
7/5/2016 $45 NA NA NA NA
7/1/2016 $1,220 NA NA NA NA
6/30/2016 $4,295 2.6x 11.0x 2.5x 8.9x
6/28/2016 $125 NA NA NA NA
(1) (2)
(5)
(2) (4) (6)
(2) (4)
(1) (2)
(1) (2) (3)
13
RECENT ACQUISITIONS Internet / Digital Media / SaaS
Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Enterprise Value <$50MM not included. (1) Reflects the acquisition of remaining 83.0% stake. (2) LTM multiple based on period ending 3/31/16. (3) NTM multiples based on Capital IQ consensus estimates. (4) LTM multiple based on Wall Street estimates as of 6/21/16.
($MM)
Announced Date Acquirer Target Enterprise Value EV / LTM Sales EV / LTM EBITDA EV / NTM Sales EV / NTM EBITDA
6/28/2016 $156 15.6x NM NM NM
6/28/2016 $151 NA NA NA NA
6/27/2016 $55 NA NA NA NA
6/27/2016 $157 0.4x NM 0.5x 8.8x
6/21/2016 $900 6.9x NA NA NA
6/20/2016 $63 NA NA NA NA
6/13/2016 $24,610 7.7x NM 6.4x 23.3x
6/12/2016 $4,723 7.9x NM NA NA
6/10/2016 $260 5.7x 19.3x NA NA
6/8/2016 $148 NA NA NA NA
6/2/2016 $163 NA NA NA NA
6/2/2016 $2,614 4.1x NM 3.5x 30.5x
6/1/2016 $2,905 11.4x NM 9.1x NM
(3)
(2)
(4)
(3)
(3)
(2)
(2) (3)
(1)
14
RECENT ACQUISITIONS Internet / Digital Media / SaaS
Notes: Multiples <0x or >50x considered NM. Disclosed transactions with Aggregate Value <$50MM not included. (1) NTM multiples based on Capital IQ consensus estimates. (2) Reflects the acquisition of remaining 95.1% stake. (3) LTM multiple based on period ending 12/31/15.
($MM)
Announced Date Acquirer Target Enterprise Value EV / LTM Sales EV / LTM EBITDA EV / NTM Sales EV / NTM EBITDA
5/31/2016 $1,790 7.9x NM 6.2x NM
5/30/2016 $0 0.0x 0.0x 0.0x 0.0x
5/18/2016 $0 0.0x NM 0.0x 0.0x
5/13/2016 $117 0.8x 17.0x NA NA
5/5/2016 $250 NA NA NA NA
5/5/2016 $71 0.5x 4.7x 0.6x 4.7x
5/3/2016 $115 NA NA NA NA
5/2/2016 $61 NA NA NA NA
5/2/2016 $566 3.8x NM 3.6x NM
4/29/2016 $789 1.6x 6.8x 1.5x 5.2x
4/28/2016 $631 6.8x NM 5.8x NM
4/28/2016 $4,069 4.4x 39.5x 4.4x 37.2x
4/22/2016 $90 0.5x NA NA NA
(1)
(1)
(1)
(3)
Marketing Applications Business
(1)
(1)
(3)
(1)
(1)(2)
(1)
15
IPO PIPELINE Internet / Digital Media / SaaS: IPOs in Public Registration
Notes: Source: Capital IQ and SEC.gov.
Offering Amounts $10MM or Greater
Primary Initial Initial Offering 9 Months Ended September 30, 2016
Issuer Industry Filing Date Amount ($MM) Description Revenue EBIT % Adj. EBITDA
IT Consulting 11/18/16 $100 Optiv Security Inc. provides cyber solutions to plan,
build, and operate security programs.$644 4.6% $61
16
0
200
400
600
800
1,000
$0
$2
$4
$6
$8
$10
$12
Q3 2001 Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016
Nu
mb
er o
f In
vest
men
ts
$B
n
Quarter - Year
Number of Deals Investment Amount
VENTURE CAPITAL INDUSTRY TMT: Transactions Since Q3 2001
Notes: (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media
and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications.
(1)
17
GCA OVERVIEW Selected Recent Digital Media and Software Transactions
Divestiture of Acquired By Sale of Controlling Preferred Stock Acquired by Acquired by Acquired by Acquired by Acquired by
Interest to
to
We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller
November 2016 November 2016 October 2016 October 2016 October 2016 September 2016 September 2016 August 2016 August 2016
Preferred Stock Equity Investment Acquisition of Acquired by Acquired by Acquired by Acquired by Preferred Stock Preferred Stock
Undisclosed
Financial Advisor Financial Advisor We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Financial Advisor
February 2016 February 2016 December 2015 August 2015 July 2015 July 2015 June 2015 June 2015 May 2015
Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by
Consortium Led by A subsidiary of
We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller
August 2012 April 2015 March 2015 February 2015 December 2014 May 2012 October 2014 May 2012 September 2014
Sale of
Acquired by Acquired by Preferred Stock Acquired by Acquisition of Acquired by Acquired by Acquired by
to
We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller
August 2014 August 2014 March 2012 May 2014 April 2014 April 2014 March 2014 March 2014 November 2013
Sale of Entertainment Acquired by Acquired by Preferred Stock Acquired by Acquired by Acquired by Preferred Stock Acquired by
Store Assets to
Fairness Opinion for
We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor Buddy Media
September 2013 August 2013 August 2013 July 2013 July 2013 January 2013 September 2012 August 2012 August 2012
Reality Media Holdings
Japan
18
GCA OVERVIEW Digital Media / Software Team
*Tomohiko Kubota is a Vice President at GCA Corporation. *Saif Malik is a Vice President at GCA Savvian Europe Limited.
San Francisco
One Maritime Plaza, 25th Fl. San Francisco, CA 94111
United States Phone: (415) 318-3600
New York
640 Fifth Avenue, 10th
Fl. New York, NY 10019
United States Phone: (212) 999-7090
Tokyo
11-1 Marunouchi 1-chome Chiyoda-ku, Tokyo 100-6230
Japan Phone: +81 (3) 6212-7100
London
1 Southampton Street London WC2R0LR United Kingdom
Phone: +44 (0) 207 038-3200
Paul DiNardo Steve Fletcher Rich Jasen Seihun Kong John Lambros James Orozco Joshua WepmanAdvisory Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director
Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (415) 318-3653 Phone: (415) 318-3682 Phone: (212) 999-7083 Phone: (415) 318-3667 Phone: (212) 999-7092
Mobile: (415) 509-4501 Mobile: (415) 518-6725 Mobile: (415) 308-4760 Mobile: (415) 823-7300 Mobile: (917) 744-9011 Mobile: (415) 722-0922 Mobile: (917) 306-4168
[email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]
Dan Etchevers Ashley Ma Gautam Garg Giuseppe Diprima Tomohiko Kubota* Saif Malik*Director Director Vice President Vice President Vice President Vice President
Phone: (415) 318-3644 Phone: (212) 999-7076 Phone: (415) 318-3692 Phone: (212) 999-7088 Phone: +81 (3) 6212-7129 Phone: +44 (0) 207 038-3216
Mobile: (415) 572-3549 Mobile: (917) 575-0103 Mobile: (650) 504-1722 Mobile: (347) 622-1887 [email protected] Mobile: +44 (0) 778 606-8553
[email protected] [email protected] [email protected] [email protected] [email protected]