spring 2014 real estate tech update

Spring 2014 Real Estate Software Market Update & Ecosystem / Landscape of Software Providers

May 2014

About SEG

• Twenty-one year, exclusive focus on software advisory services to lower & middle market representing companies seeking:

• Strategic exit• Growth capital• Buyout • Inorganic growth via acquisition• Fairness opinions and valuations• Board advisory services

• Clients span virtually every technology, product category, delivery model and vertical market

• Global presence providing advice and guidance to more than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel

• Strong cross-functional team leveraging transaction, operating, legal and engineering experience

• Unparalleled software industry reputation, track record and industry research

• Highly referenceable base of past clients and buyers / investors

Focus on Advice

Multi-service

Multi- Industry

Focus on Software

Advisory Boutiques

Bulge Bracket Firms

IPO Boutiques

Copyright © 2014 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved CONFIDENTIAL

3

SEG’s Strong Software Transaction Experience

has received a growth equity

investment from

Recent SEG Real Estate Related Transaction News

SAN DIEGO, CA –April 15, 2014. Software Equity Group, LLC (SEG) announced today its client, Dean Evans & Associates, Inc. (dba Event Management Systems) the leading provider of facility scheduling and event management software, has received a strategic growth equity investment from JMI Equity, a leading growth equity firm focused on investing in leading software and technology-enabled services companies.

Founded in 1986 and headquartered in Centennial Colorado, Dean Evans & Associates (DEA) provides a full suite of meeting and event scheduling, resource management, academic scheduling, shared workspace management (office “hoteling”), web calendaring and online registration/survey solutions. More than 4,000 organizations in over 75 countries rely on DEA’s Event Management System (EMS) software, including many Fortune 100 companies and other leading corporations, higher education institutions, law firms, conference centers, religious organizations, hospitals, cultural venues and sports facilities.

“For over 25 years, our team has been focused on providing our customers with the best in facility management software, along with the highest levels of customer service,” said Dean Evans, CEO and founder of DEA. ”EMS is a premier brand with a strong competitive advantage, offering the most comprehensive package of services on the market. With JMI’s expertise in growing enterprise software companies, along with its experience in higher education, we feel better than ever about our ability to continue to innovate and grow our offering.”

“We share the DEA team’s vision for the future and look forward to supporting the company in achieving its growth objectives,” said Brian Hersman, General Partner at JMI Equity. ”DEA’s opportunity fits well with JMI’s strategy of bringing expertise and resources to build on a foundation of strong market and product leadership.”

.

SEG’s Strong Real Estate Industry Transaction Experience


Real Estate SaaS Provider of subscription-based vendor screening and risk management solutions to the multifamily housing industry

Real Estate SaaS Provider of property and resident management software to long-term industry

Real Estate On-premise Complete property management for affordable housing (resold tenant screening solution)

Real Estate Hybrid Provider of real estate investment budgeting and forecasting solutions to property managers, REITs & PE firms

Real Estate SaaS Provider of facilities management solutions to the global corporate and commercial property market

Real Estate SaaS Provider of project management, collaboration and bid management solutions for retail store design and construction

Real Estate On-premise Provider of plant and facility design and engineering software

Real Estate On-premise Provider of Event and Room Management Software

Real Estate On-premise Provider of Integrated Workplace Management Software (IWMS)

BuyerBusiness DescriptionClient Category Delivery Model

SEG’s Strong Private Equity Relationships and Deal Experience


With approximately $70 billion in capital commitments, Apax Partners is an independent global partnership focused solely on long-term investment in growth companies.

With approximately $7 billion in capital commitments, Vista Equity Partners is a leading private equity firm focused on investing in software and technology-enabled businesses.

With approximately $4 billion in capital commitments, Thoma Bravo invests in many industries and has particular expertise in software, business and financial services, and education.

With approximately $1.7 billion in capital commitments, Arsenal Capital Partners invests in middle-market companies with revenues ranging from $30 to $400 million.

With over 9 billion in capital commitments, New Mountain is a generalist firm that pursues attractive investment opportunities across a full spectrum of industries and styles.

dmg :: information comprises a portfolio of high growth, innovative, must-have information media businesses in the property, education, energy and commodity and structured finance sectors. -

With over $2.6 billion in capital commitments, Marlin Equity Partners is a leading private equity firm focused on investments in technology, healthcare services, business services and several other industries.

Pequot Capital Management was a multi-billion dollar hedge fund sponsor founded in 1998 that announced it was closing in 2009.

JMI is a growth equity firm focused on investing in leading software and technology-enabled services companies.

The Carlyle Group is a global alternative asset manager with more than $180 billion in assets under management across 118 funds and 81 fund of funds vehicles.

PE Firm DescriptionClient(s) PE Firm

http://www.carlyle.com/index.html

REAL ESTATE MARKET UPDATE

SOFTWARE EQUITY GROUP | CONFIDENTIAL

SEG-Landscape: Multi-Family Real Estate Technology*

Accounting

Applicant Screening

Property Mgmt. CRM

Web Portals /Marketing

Internet Listings

Revenue Mgmt.

Spend Mgmt.Utility Billing & Energy Mgmt.

Payments

* Not all inclusive

Property Management

Vendor Ecosystem

http://www.infor.com/


SEG-Landscape: Commercial/Corporate Real Estate Technology*

Data/Info. Services

Facilities Mgmt.

Investment Mgmt.

IWMS

Facilities Design/AEC

Construction

Vendor Ecosystem

Capital Planning

Vertical Providers

Space Mgmt.Lease

Administration

* Not all inclusive


SEG-Landscape: “For Sale” Real Estate Technology*

Property Search/ Lead Gen

Home Services/ Lead Gen

Broker CRM

Vendor Ecosystem

Broker Marketing

MLSResidential

Construction

Property Search (Vacation Rentals)

Mortgage Orig./ Finance

Other

* Not all inclusive


Real Estate Technology M&A Activity

• Broad landscape of providers with high concentration of point solution offerings

• Sector public companies currently performing well & actively pursuing M&A to fill product gaps, consolidate segments, and drive growth

• General sector buyer acquisition appetite high

Top 5 M&A Volume: 2009 - Present

1. Property Management (32 deals)2. Commercial Construction (25 deals)3. IWMS & Facilities Management, Mortgage Orig. /

Finance (24 deals each)4. Broker CRM/Marketing, Property Search / Lead Gen

(22 deals each)

Top 5 M&A Volume: TTM

1. IWMS & Facilities Management (8 deals)2. Commercial Construction (7 deals)3. Property Management (6 deals)4. Broker CRM/Marketing, Property Search /

Lead Gen, Data/Info. Services (5 deals each)


Public Companies: Real Estate Technology

Company Ticker CategoryEnterprise

Value (mm)LTM Rev

(mm)LTM EBITDA

(mm)LTM Rev Growth

LTM Gross Margin

LTM EBITDA Margin

EV/ Rev

EV/ EBITDA

Angie’s List, Inc. NASDAQ: ANGI Home Services Lead Gen $603.3 $266.1 -$19.4 50.5% 73.9% -7.3% 2.3x -

Autodesk, Inc. NASDAQ: ADSK Facilities Design/ AEC $9,300.5 $2,273.9 $426.5 -1.7% 87.9% 18.8% 4.1x 21.8x

Aveva Group plc LSE:AVV Facilities Design/ AEC $1,944.3 $390.3 $114.9 10.9% 92.6% 29.4% 5.0x 16.9x

CoreLogic, Inc. NYSE: CLGX Data/ Info. Services $3,956.5 $1,309.7 $231.4 -18.5% 48.1% 17.7% 3.0x 15.7x

CoStar Group, Inc. NASDAQ: CSGP Data/ Info. Services $4,562.7 $456.0 $116.2 18.3% 71.9% 25.5% 10.0x 39.3x

Ellie Mae, Inc. NYSE: ELLI Mortgage Orig. / Finance $614.3 $128.5 $25.1 26.2% 74.5% 19.5% 4.8x 24.5x

Homeaway, Inc. NASDAQ: AWAY Property Search / Lead Gen $2,622.0 $372.7 $60.7 26.0% 84.6% 16.3% 7.0x 43.2x

Move, Inc. NASDAQ: MOVE Property Search / Lead Gen $385.6 $227.0 $13.6 14.0% 79.8% 6.0% 1.7x 24.2x

Nemetscheck AG XTRA: NEM Facilities Design/ AEC $737.8 $260.6 $52.3 6.0% 53.5% 20.1% 2.8x 14.1x

RealPage, Inc. NASDAQ: RP Property Management $1,368.1 $377.0 $54.2 17.0% 60.7% 14.4% 3.6x 25.2x

Textura Corporation NYSE: TXTR Commercial Construction $365.3 $40.8 -$33.2 70.1% 68.6% -81.5% 9.0x -

Trulia, Inc. NYSE: TRLA Property Search / Lead Gen $1,224.7 $174.2 -$17.1 118.0% 82.8% -9.8% 7.0x -

Zillow, Inc. NASDAQ: Z Property Search / Lead Gen $3,772.4 $197.5 -$5.5 69.1% 90.5% -2.8% 19.1x -

ZipRealty, Inc. NASDAQ: ZIPR Broker CRM / Marketing $55.1 $75.9 -$2.7 2.8% 42.4% -3.6% 0.7x -

High: $9,300.5 $2,273.9 $426.5 118.0% 92.6% 29.4% 19.1x 43.2xLow: $55.1 $40.8 -$33.2 -18.5% 42.4% -81.5% 0.7x 14.1x

Average: $2,250.9 $467.9 $72.6 29.2% 72.3% 4.5% 5.7x 25.0xMedian: $1,296.4 $263.4 $38.7 17.7% 74.2% 15.4% 4.5x 24.2x

*Data as of May 1 , 2014

Public Company Operating Performance and Market Valuation


Stock Market Performance: Property Search / Lead Gen


0.00x

5.00x

10.00x

15.00x

20.00x

25.00x

30.00xEV/Revenue

Zillow, Inc. (NasdaqGS:Z) - TEV/Total RevenuesTrulia, Inc. (NYSE:TRLA) - TEV/Total RevenuesHomeAway, Inc. (NasdaqGS:AWAY) - TEV/Total RevenuesMove, Inc. (NasdaqGS:MOVE) - TEV/Total RevenuesAngie's List, Inc. (NasdaqGS:ANGI) - TEV/Total Revenues

May

-11

May

-11

Jun-1

1

Jul-1

1

Aug-11

Aug-11

Sep-11

Oct-11

Nov-11

Nov-11

Dec-11

Jan-12

Feb-1

2

Feb-1

2

Mar

-12

Apr-12

May

-12

May

-12

Jun-1

2

Jul-1

2

Aug-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Dec-12

Jan-13

Feb-1

3

Mar

-13

Apr-13

Apr-13

May

-13

Jun-1

3

Jul-1

3

Jul-1

3

Aug-13

Sep-13

Sep-13

Oct-13

Nov-13

Dec-13

Dec-13

Jan-14

Feb-1

4

Mar

-14

Apr-14

Apr-14

0.00b

0.50b

1.00b

1.50b

2.00b

2.50b

3.00b

3.50b

4.00b

4.50b

5.00bMarket Capitalization

Zillow, Inc. (NasdaqGS:Z) - Market CapitalizationTrulia, Inc. (NYSE:TRLA) - Market CapitalizationHomeAway, Inc. (NasdaqGS:AWAY) - Market CapitalizationMove, Inc. (NasdaqGS:MOVE) - Market CapitalizationAngie's List, Inc. (NasdaqGS:ANGI) - Market Capitalization


Stock Market Performance: Facility Design / AEC


May

-11

May

-11

Jun-1

1

Jul-1

1

Jul-1

1

Aug-11

Sep-11

Oct-11

Oct-11

Nov-11

Dec-11

Jan-12

Jan-12

Feb-1

2

Mar

-12

Apr-12

Apr-12

May

-12

Jun-1

2

Jul-1

2

Jul-1

2

Aug-12

Sep-12

Oct-12

Oct-12

Nov-12

Dec-12

Dec-12

Jan-13

Feb-1

3

Mar

-13

Apr-13

Apr-13

May

-13

Jun-1

3

Jul-1

3

Jul-1

3

Aug-13

Sep-13

Sep-13

Oct-13

Nov-13

Dec-13

Dec-13

Jan-14

Feb-1

4

Mar

-14

Mar

-14

Apr-14

0.00b

2.00b

4.00b

6.00b

8.00b

10.00b

12.00b

14.00b Market Capitalization Autodesk, Inc. (NasdaqGS:ADSK) - Market CapitalizationNemetschek AG (XTRA:NEM) - Market CapitalizationAveva Group plc (LSE:AVV) - Market Capitalization

May

-11

May

-11

Jun-1

1

Jul-1

1

Jul-1

1

Aug-11

Sep-11

Oct-11

Oct-11

Nov-11

Dec-11

Jan-12

Jan-12

Feb-1

2

Mar

-12

Apr-12

Apr-12

May

-12

Jun-1

2

Jul-1

2

Jul-1

2

Aug-12

Sep-12

Oct-12

Oct-12

Nov-12

Dec-12

Dec-12

Jan-13

Feb-1

3

Mar

-13

Apr-13

Apr-13

May

-13

Jun-1

3

Jul-1

3

Jul-1

3

Aug-13

Sep-13

Sep-13

Oct-13

Nov-13

Dec-13

Dec-13

Jan-14

Feb-1

4

Mar

-14

Mar

-14

Apr-14

0.00x

1.00x

2.00x

3.00x

4.00x

5.00x

6.00x

7.00x

8.00xEV/Revenue

Autodesk, Inc. (NasdaqGS:ADSK) - TEV/Total RevenuesNemetschek AG (XTRA:NEM) - TEV/Total RevenuesAveva Group plc (LSE:AVV) - TEV/Total Revenues


Stock Market Performance: SaaS/Subscription


May

-11

May

-11

Jun-1

1

Jul-1

1

Aug-11

Aug-11

Sep-11

Oct-11

Nov-11

Nov-11

Dec-11

Jan-12

Feb-1

2

Feb-1

2

Mar

-12

Apr-12

May

-12

May

-12

Jun-1

2

Jul-1

2

Aug-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Dec-12

Jan-13

Feb-1

3

Mar

-13

Apr-13

Apr-13

May

-13

Jun-1

3

Jul-1

3

Jul-1

3

Aug-13

Sep-13

Sep-13

Oct-13

Nov-13

Dec-13

Dec-13

Jan-14

Feb-1

4

Mar

-14

Apr-14

Apr-14

0.00b

1.00b

2.00b

3.00b

4.00b

5.00b

6.00b

7.00b

Market Capitalization

RealPage, Inc. (NasdaqGS:RP) - Market CapitalizationTextura Corporation (NYSE:TXTR) - Market CapitalizationEllie Mae, Inc. (NYSE:ELLI) - Market CapitalizationCoStar Group Inc. (NasdaqGS:CSGP) - Market Capitalization

May

-11

May

-11

Jun-1

1

Jul-1

1

Aug-11

Aug-11

Sep-11

Oct-11

Nov-11

Nov-11

Dec-11

Jan-12

Feb-1

2

Feb-1

2

Mar

-12

Apr-12

May

-12

May

-12

Jun-1

2

Jul-1

2

Aug-12

Aug-12

Sep-12

Oct-12

Nov-12

Dec-12

Dec-12

Jan-13

Feb-1

3

Mar

-13

Apr-13

Apr-13

May

-13

Jun-1

3

Jul-1

3

Jul-1

3

Aug-13

Sep-13

Sep-13

Oct-13

Nov-13

Dec-13

Dec-13

Jan-14

Feb-1

4

Mar

-14

Apr-14

Apr-14

0.00x

5.00x

10.00x

15.00x

20.00x

25.00x

30.00x

35.00x

40.00x

EV/Revenue

RealPage, Inc. (NasdaqGS:RP) - TEV/Total RevenuesTextura Corporation (NYSE:TXTR) - TEV/Total RevenuesEllie Mae, Inc. (NYSE:ELLI) - TEV/Total RevenuesCoStar Group Inc. (NasdaqGS:CSGP) - TEV/Total Revenues


Top 10 Real Estate Technology M&A by Enterprise Value (EV)

Date Buyer SellerEnterprise

Value ($mm)EV / Rev

EV / EBITDA Category Business Description

04/27/11 CoStar Group Inc.

LoopNet, Inc. 654.2 8.2x 30.3x Property Search/Data

Services

LoopNet.com enables commercial real estate agents working on behalf of property owners and landlords to list properties for sale or for lease, and submit detailed information on property listings to find a buyer or tenant.


Apartments.com, L.L.C.

$585.0 6.8x 22.9x Property Search Apartments.com provides apartment Internet listing subscription services, providing rental units from managed properties, newspaper classifieds, and for-rent-by-owner properties and offering renters a database of houses, condos, duplexes, etc.

05/08/13 Trulia, Inc. Market Leader, Inc.

314.3 6.6x - Broker CRM/Marketing

MarketLeader offers real estate professionals software-as-a-service CRM and marketing tools to help customers build relationships with home buyers and sellers through the Internet.

01/11/11 CoreLogic, Inc. RP Data Pty Ltd. 270.0 4.7x 11.8x Data/Information Services

RP Data Ltd. provides subscription-based access to commercial and residential property information for real estate agents, valuers, property developers, financial institutions, and state and federal government departments.

03/24/11 Davis + Henderson Corporation

Mortgagebot LLC

231.8 6.1x 11.5x Mortgage Orig./Finance

Mortgagebot provides software as a service mortgage point-of-sale solutions to banks and credit unions in the United States.

03/22/12 PRIMEDIA Inc. Rent.com 145.0 - - Property Search Rent.com is an Internet listing site providing rental advertisement and related services in the United States. It enables renters to find residential rental property listing online, including contact information, pricing, photos, floor plans, and virtual tours.

04/12/11 Altus Group Limited

ARGUS Software, Inc.

140.5 5.6x 20.8x Investment Management

ARGUS Software, Inc. provides investment asset management and financial analysis solutions to the commercial real estate industry globally.

12/01/09 Vista Equity Partners

MRI Software 128.0 1.7x - Property Management

MRI Software LLC provides business management software solutions for multifamily and commercial property industry worldwide.

08/22/11 RealPage, Inc. MyNewPlace 74.9 4.5x - Property Management

MyNewPlace.com is an apartment and home rentals Web site, offering Internet listing services; and provides access to property information, including photo galleries, videos, and neighborhood information for renters.

11/03/10 RealPage, Inc. Level One Inc. 62.0 2.7x - Property Management

Level One Inc. provides outsourced contact solutions and core leasing software for the multi-family apartment industry.

*Data set 2009 - present


Top 10 Real Estate Technology M&A by EV/Revenue Multiple

*Revenue Estimate for SeniorLiving.com*Data Set 2009 - Present

Date Buyer SellerEnterprise

Value ($mm)EV / Rev

EV / EBITDA Category Business Description

05/02/12 Zillow, Inc. RentJuice Corporation

$37.4 102.4x - Property Management

RentJuice Corporation providesSaaaS Rental Relationship Management (RRM) software for real estate professionals. The company’s online RRM platform connects prospective renters, brokers, and property managers to each other in real-time.


LoopNet, Inc. $654.2 8.2x 30.3x Property Search/Data

Services

LoopNet.com enables commercial real estate agents working on behalf of property owners and landlords to list properties for sale or for lease, and submit detailed information on property listings to find a buyer or tenant.

08/19/13 Zillow, Inc. StreetEasy, Inc. $50.0 7.9x 42.0x Property Search StreetEasy, Inc. provides for-sale and for-rent listings and information of real estate properties in New York. It offers information primarily about condos, co-ops, new developments, and luxury real estate through its Website and mobile application.

03/03/14 CoStar Group Inc. (NasdaqGS:CSGP)

Apartments.com, L.L.C.

$585.0 6.8x 22.9x Property Search Apartments.com provides apartment Internet listing subscription services, providing rental units from managed properties, newspaper classifieds, and for-rent-by-owner properties and offering renters a database of houses, condos, duplexes, etc.

05/08/13 Trulia, Inc. Market Leader, Inc.

$314.3 6.6x - Broker CRM/Marketing

MarketLeader offers real estate professionals software-as-a-service CRM and marketing tools to help customers build relationships with home buyers and sellers through the Internet.

03/24/11 Davis + Henderson Corporation

Mortgagebot LLC

$231.8 6.1x 11.5x Mortgage Orig./Finance

Mortgagebot provides software as a service mortgage point-of-sale solutions to banks and credit unions in the United States.

04/12/11 Altus Group Limited

ARGUS Software, Inc.

$140.5 5.6x 20.8x Investment Management

ARGUS Software, Inc. provides investment asset management and financial analysis solutions to the commercial real estate industry globally.

01/11/11 CoreLogic, Inc. RP Data Pty Ltd. $270.0 4.7x 11.8x Data/Information Services

RP Data Ltd. provides subscription-based access to commercial and residential property information for real estate agents, valuers, property developers, financial institutions, and state and federal government departments.

08/22/11 RealPage, Inc. MyNewPlace.com


MyNewPlace.com is an apartment and home rentals Web site, offering Internet listing services; and provides access to property information, including photo galleries, videos, and neighborhood information for renters.

07/29/11 RealPage, Inc. Senior-Living.com, Inc.*


Senior-Living.com offers a search engine, advice and information about assisted living, adult day, Alzheimer’s and dementia care, continuing care retirement community, home care, independent living, and nursing care community services.


Real Estate Technology M&A Activity

2009 2010 2011 2012 2013 2014

2

5

10

6

1011

2

5

10

13

10

2

7

14

12

15

8 8

14

11

17Aggregate Quarterly Deal Volume

Q1 Q2 Q3 Q42009 2010 2011 2012 2013 1Q14 Annualized

14

25

4842

51

44

Aggregate Annual Deal Volume

4

1

0

1 1

0

2

0

1

0 0

3

6

2

1

0

1

2 2

1

3

1

4

2

7

1 1 1

9

2

3

1

7

1

7

8

9

1

0

1

5

1

7

0

5

2

6

55

6

1 1

8

2

6

4 4

1

5

66

5

1 1

8

1

7

3

5

1

5

4

Annual Deal Volume By Category

2009 2010 2011 2012 2013 1Q14 TTM

*Data set 2009 - present

SaaS SOFTWARE MARKET UPDATE

SEG SaaS Index: Key Public Company Performance Metrics

Measure 4Q12 1Q13 2Q13 3Q13 4Q13

EV/Revenue 4.9x 5.5x 6.2x 7.3x 8.3x

EV/EBITDA 38.2x 35.4x 30.2x 39.8x 57.0x

EV/Earnings 40.2x 63.9x 106.1x 125.3x 81.9x

Gross Profit Margin 70.9% 70.8% 70.8% 70.3% 70.7%

EBITDA Margin 5.9% 3.2% 1.4% 1.2% 0.2%

Net Income Margin -1.6% -3.9% -4.4% -4.9% -5.0%TTM Revenue Growth 26.8% 25.3% 25.0% 27.3% 26.1%TTM Total Revenue ($M) $117.5 $127.7 $143.1 $163.8 $173.4

TTM EBITDA Growth 5.9% 3.2% 1.4% 1.2% 0.2%

TTM Total EBITDA ($M) $5.6 $4.0 $2.6 $1.2 $0.1Cash & Eq ($M) $67.4 $75.3 $76.2 $92.0 $107.7Current Ratio 1.6 1.9 1.5 2.3 2.6Debt / Equity Ratio 6.7% 6.5% 7.1% 10.3% 11.4%

SEG - SaaS: Median Metrics

• The SEG SaaS Index tracks public companies that primarily offer hosted, on-demand software under a subscription and/or transaction based pricing model

• The SEG SaaS Index is currently comprised of 43 public pure-play SaaS companies*

• Revenue growth is highly correlated with valuation multiples


The SEG SaaS Index: Public Company Market Multiples

7.5x

3.3x

2.6x

3.6x

4.5x5.0x

7.3x

2007 2008 2009 2010 2011 2012 2013

EV

/Rev

enu

e M

ult

iple

65.2x

36.9x31.4x 32.2x

35.2x 35.0x

48.2x

2007 2008 2009 2010 2011 2012 2013

EV

/EB

ITD

A M

ult

iple

Median EV/Revenue - Annual Median EV/EBITDA - Annual

• After plunging to 2.6x in 2009, the median EV/Revenue of public SaaS companies has made a stunning comeback, climbing steadily for four consecutive years to finish 2013 at a whopping 7.3x.

• Compared to this 180% increase in the SEG SaaS Index median EV/Revenue multiple, the median multiple of public on-premise software companies grew 106%. At the close of 4Q13, the median EV/Revenue multiple of public SaaS companies is more than twice that of their on-premise software counterparts.(7.3x vs. 3.1x).

• The stunning growth in median EV/Revenue of public SaaS companies reflects investors enthusiasm for 25%+ revenue growth, recurring revenue, immense market opportunities (enterprise and SMB), and an M&A feeding frenzy targeting rapidly growing SaaS providers.


The SEG SaaS Index: Public Company Market Multiples

0.0x

2.5x4.6x

6.9x 7.2x 7.7x

21.2x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

<= 0% > 0%<= 10%

> 10%<= 20%

> 20%<= 30%

> 30%<= 40%

> 40%<= 50%

> 50%

Med

ian

EV/R

even

ue

TTM Revenue Growth

11.9x

5.3x 5.7x6.5x

4.5x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

<= 0% > 0%<= 10%

> 10%<= 20%

> 20%<= 30%

> 30%

Med

ian

EV/R

even

ue

TTM EBITDA Margin

EV/Rev Multiples vs. TTM EBITDA Margins – 4Q13EV/Rev Multiples vs. TTM Rev Growth Rates – 4Q13

• Throughout 2013, profitable SaaS companies were penalized with lower market multiples, as investors perceived profitability to have come at the expense of growth.

• Note the very strong correlation between the median TTM revenue growth rate and median EV/Revenue multiple of public SaaS companies. Public SaaS companies that grew TTM revenue below 10% received multiples significantly below their high growth peers.

• Adjusting EV/Rev multiples to account for public to private liquidity discount* would reduce valuations for 0-10% and 10%-20% growth companies to 1.9x and 3.5x, respectively

* SEG uses industry standard 33% public to private liquidity discount


Contact Information

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Appendix

Public Company Snapshot: Angie’s List


ANGIE'S LIST, INC. (NASDAQGS:ANGI)COMPANY INFORMATIONAngie’s List, Inc. operates a consumer-driven solution for its members to research, hire, rate, and review local professionals for home, health care, and automotive service needs. It offers member services

comprising member-generated ratings and reviews that provide reviews from members and non-members in approximately 720 categories; and service provider services for members looking for reputable providers of high cost of

failure services. As of December 31, 2013, it had approximately 2.5 million paid memberships in 253 local markets in the United States. The company was formerly known as Brownstone Publishing, LLC and changed its name

to Angie’s List, Inc. in April 2010. Angie’s List, Inc. was founded in 1995 and is headquartered in Indianapolis, Indiana.

Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Internet Software and ServicesNext Earnings Date n/aWebsite http://www.angieslist.com Latest Fiscal Quarter 3/31/2014 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 1,637 LTM as of 3/31/2014 S&P LT Rating Date n/a S&P Quality Ranking n/aCurrent Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Apr 30 2014) 11.31 Dividend Yield #VALUE! 52 Week High (Jul 18, 2013) 28.32 5 Year Beta (0.51) 52 Week Low (Apr 28, 2014) 10.56 Float 52.0Total Basic Common Shares 58.5 Float % 88.9%Market Capitalization 661.8 Short Int. as a % of S/O 26.3%Plus: Total Debt 15.6 Shares Sold Short 15.4Plus: Preferred Stock n/a Days Cover Short 11.3Plus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (64.6) Last Week 4/23/14 2.5Enterprise Value 612.7 Last Month 3/30/14 1.4Relative Performance Last 3 Months 1/30/14 1.4ANGI YTD (25.3%) 12/31/13 Last 6 Months 10/30/13 1.3S&P 500 Index YTD 1.9% Last Year 4/30/13 1.4

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/11 12/31/12 12/31/13 3/31/14 2014E 2015ERevolving Credit 0.0 Unamortized Discount (0.1) Input EstimatesTerm Loans 15.0 Adjustments n/aSnr. Bonds and Notes n/a Total Debt 14.9 Revenue 90.0 155.8 245.6 266.1 329.1 407.8Sub Bonds and Notes n/a EBITDA (43.5) (49.3) (24.0) (19.4) 1.5 37.0Trust Preferred n/a Undrawn Revolver 15.0 Margin (%) (48.3%) (31.7%) (9.8%) (7.3%) 0.4% 9.1%Capital Leases n/a Undrawn Commercial Paper n/a EBIT (44.2) (50.3) (27.1) (22.9) (11.4) 20.5Other n/a Undrawn Term Loans n/a Margin (%) (49.0%) (32.3%) (11.0%) (8.6%) (3.5%) 5.0%Total Principal Due 15.0 Other Available Credit n/a Net Income (49.0) (52.9) (33.0) (28.8) (13.8) 23.1

Total Undrawn Credit 15.0 Margin (%) (54.5%) (34.0%) (13.4%) (10.8%) (4.2%) 5.7%

998 999 1000 2000 1001 1002 Diluted EPS (1.60) (0.92) (0.57) (0.49) (0.25) 0.28

VALUATION MULTIPLESFiscal Year Ending, LTM Fiscal Year Ending,

12/31/11 12/31/12 12/31/13 3/31/14 2014E 2015E Cash from Operations (33.1) (33.4) 8.9 14.0 25.8 61.8TEV / Revenue 11.3x 4.7x 3.8x 2.7x 1.8x 1.5x Cash from Investing (4.3) (22.0) (21.9) (16.8)TEV / EBITDA NM NM NM NM NA 16.3x Cash from Finaning 116.8 9.4 5.1 3.9TEV / EBIT NM NM NM NM NA 29.5x Change in Cash 79.4 (46.0) (7.8) 1.0P / E NM NM NM NM NA 40.3xP / BV NM NM NM NM -25.3x 54.2x Balance Sheet Latest1 Year GrowthTotal Revenue 52.5% 73.0% 57.7% 50.5% 34.0% 23.9% Total Assets 111.4 96.2 105.6 124.3EBITDA NM NM NM NM NM 2430.9% Total Liabilities 65.6 90.9 124.1 144.6EBIT NM NM NM NM NM NM Total Equity 45.8 5.3 (18.5) (20.3)Net Income NM NM NM NM NM NMEPS NM NM NM NM NM NM

VALUATION MULTIPLES CHART FINANCIAL SUMMARY CHART

BlackRock, Inc., Soroban Capital Partners LLC

NA

Income Statement

Cash Flow Statement

52.5%

73.0%

57.7%

34.0%23.9%

0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

050

100150200250300350400450

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation

Revenue TEV / Revenue

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

150.00

170.00

190.00

210.00

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Public Company Snapshot: Autodesk


AUTODESK, INC. (NASDAQGS:ADSK)COMPANY INFORMATIONAutodesk, Inc. operates as a design software and services company worldwide. Its Platform Solutions and Emerging Business segment offers AutoCAD software, a computer-aided design application for professional design,

drafting, detailing, and visualization; and AutoCAD LT, a professional drafting and detailing software. The company’s Architecture, Engineering and Construction segment offers Autodesk Building Design Suites that

give customers the ability to manage various phases of design and construction; Autodesk Revit products, which provide model-based design and documentation systems; Autodesk Infrastructure Design Suites; AutoCAD

Civil 3D products that offer a surveying, design, analysis, and documentation solution; and AutoCAD Map 3D software, which provides direct access to data needed for infrastructure planning, design, and management. Its

Manufacturing segment provides Autodesk Product Design Suites, a solution for digital prototyping; Autodesk Inventor that allows manufacturers to go beyond 3D design to digital prototyping; AutoCAD Mechanical

software to accelerate the mechanical design process; and Autodesk Moldflow family of injection molding simulation software provides tools. The company’s Media and Entertainment segment offers animation products that

provide tools for digital sculpting, modeling, animation, effects, rendering, and compositing; and creative finishing products, which offer editing, finishing, and visual effects design and color grading solutions.

Autodesk, Inc. also sells consumer products for digital art, personal design and creativity, and home design in various digital storefronts and over the Internet. The company licenses or sells its products to customers

in the architecture, engineering, and construction; manufacturing; and digital media, consumer, and entertainment industries directly, as well as through a network of resellers and distributors. Autodesk, Inc. was

founded in 1982 and is headquartered in San Rafael, California.

Stock Exchange NasdaqGS Latest Fiscal Year 1/31/2014 Primary Industry Application Software Next Earnings Date n/aWebsite http://www.autodesk.com Latest Fiscal Quarter 1/31/2014 S&P LT Rating BBB S&P STARS Ranking 3Employees 7,600 LTM as of 1/31/2014 S&P LT Rating Date 12/5/2012 S&P Quality Ranking B-Current Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Apr 30 2014) 48.02 Dividend Yield #VALUE! 52 Week High (Feb 27, 2014) 58.68 5 Year Beta 1.86 52 Week Low (Jun 24, 2013) 33.01 Float 211.8Total Basic Common Shares 227.5 Float % 93.1%Market Capitalization 10,923.5 Short Int. as a % of S/O 1.4%Plus: Total Debt 746.4 Shares Sold Short 3.1Plus: Preferred Stock n/a Days Cover Short 1.0Plus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (2,267.1) Last Week 4/23/14 2.3Enterprise Value 9,402.8 Last Month 3/30/14 3.1Relative Performance Last 3 Months 1/30/14 3.1ADSK YTD (4.6%) 12/31/13 Last 6 Months 10/30/13 2.9S&P 500 Index YTD 1.9% Last Year 4/30/13 3.0

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 1/31/12 1/31/13 1/31/14 1/31/14 2015E 2016ERevolving Credit 0.0 Unamortized Discount (4.5) Input EstimatesTerm Loans n/a Adjustments 0.9Snr. Bonds and Notes 750.0 Total Debt 746.4 Revenue 2,215.6 2,312.2 2,273.9 2,273.9 2,360.0 2,488.5Sub Bonds and Notes n/a EBITDA 469.8 477.6 426.5 426.5 437.5 558.9Trust Preferred n/a Undrawn Revolver 400.0 Margin (%) 21.2% 20.7% 18.8% 18.8% 18.5% 22.5%Capital Leases n/a Undrawn Commercial Paper n/a EBIT 354.3 349.8 297.6 297.6 357.1 461.0Other n/a Undrawn Term Loans n/a Margin (%) 16.0% 15.1% 13.1% 13.1% 15.1% 18.5%Total Principal Due 750.0 Other Available Credit n/a Net Income 285.3 247.4 228.8 228.8 261.6 348.7

Total Undrawn Credit 400.0 Margin (%) 12.9% 10.7% 10.1% 10.1% 11.1% 14.0%

998 999 1000 2000 1001 1002 Diluted EPS 1.22 1.07 1.00 1.00 1.15 1.49


1/31/12 1/31/13 1/31/14 1/31/14 2015E 2016E Cash from Operations 573.5 559.1 563.5 563.5 505.7 680.2TEV / Revenue 3.2x 3.3x 4.5x 4.5x 3.9x 3.7x Cash from Investing (370.3) (647.2) (194.0) (194.0)TEV / EBITDA 15.3x 15.9x 22.2x 22.2x 21.3x 16.6x Cash from Finaning (119.8) 541.4 (126.5) (126.5)TEV / EBIT 20.3x 21.5x 30.9x 30.9x 26.0x 20.2x Change in Cash 81.8 455.3 240.8 240.8P / E 30.8x 36.7x 47.0x 47.0x 41.5x 31.9xP / BV 4.5x 4.3x 5.3x 5.3x 4.6x 4.3x Balance Sheet Latest1 Year GrowthTotal Revenue 13.5% 4.4% (1.7%) (1.7%) 3.8% 5.4% Total Assets 3,227.8 4,308.4 4,595.0 4,595.0EBITDA 21.2% 1.7% (10.7%) (10.7%) 2.6% 27.7% Total Liabilities 1,344.9 2,265.2 2,333.5 2,333.5EBIT 25.5% (1.3%) (14.9%) (14.9%) 20.0% 29.1% Total Equity 1,882.9 2,043.2 2,261.5 2,261.5Net Income 34.6% (13.3%) (7.5%) (7.5%) 14.3% 33.3%EPS 35.6% (12.3%) (6.5%) (6.5%) 14.8% 30.1%



NA

Income Statement

Cash Flow Statement

13.5%

4.4%

(1.7%)

3.8%5.4%

(4.0%)(2.0%)

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%16.0%

2012 2013 2014 2015E 2016E

YOY Growth

Total Revenue

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

2,0502,1002,1502,2002,2502,3002,3502,4002,4502,5002,550

2012 2013 2014 2015E 2016E

(in

$ m

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on

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Valuation


0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

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Public Company Snapshot: Aveva Group


AVEVA GROUP PLC (LSE:AVV)COMPANY INFORMATIONAveva Group plc, through its subsidiaries, develops and markets engineering, design, and information management software and related services. The company provides engineering and design, and enterprise software

solutions to customers in oil and gas, power, marine, chemical and pharmaceutical, mining and mineral processing, and pulp and paper industries. Its software solutions support project management, engineering and

detailed design, procurement, materials management, construction, operations, maintenance, revamp, and decommissioning activities in process plant, power, and marine markets. The company also offers consultancy and

training services. It sells its software by licensing rights to use the software directly to engineering contractors, plant owner operators, and shipbuilding companies through a network of sales offices worldwide. Aveva

Group plc was founded in 1967 and is based in Cambridge, the United Kingdom.

Stock Exchange LSE Latest Fiscal Year 3/31/2013 Primary Industry Application Software Next Earnings Date 5/27/2014Website http://www.aveva.com Latest Fiscal Quarter 9/30/2013 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 1,317 LTM as of 9/30/2013 S&P LT Rating Date n/a S&P Quality Ranking A-Current Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Apr 30 2014) 35.60 Dividend Yield 1.2% 52 Week High (Sep 20, 2013) 45.06 5 Year Beta 0.76 52 Week Low (Apr 28, 2014) 31.97 Float 62.9Total Basic Common Shares 63.8 Float % 98.6%Market Capitalization 2,270.9 Short Int. as a % of S/O #VALUE!Plus: Total Debt 0.0 Shares Sold Short n/aPlus: Preferred Stock n/a Days Cover Short n/aPlus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (155.1) Last Week 4/23/14 0.1Enterprise Value 2,115.8 Last Month 3/30/14 0.1Relative Performance Last 3 Months 1/30/14 0.1AVV YTD (0.7%) 12/31/13 Last 6 Months 10/30/13 0.1(Invalid Identifier) YTD #VALUE! Last Year 4/30/13 0.1

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 3/31/11 3/31/12 3/31/13 9/30/13 2014E 2015ERevolving Credit n/a Unamortized Discount n/a Input EstimatesTerm Loans n/a Adjustments n/aSnr. Bonds and Notes n/a Total Debt 0.0 Revenue 279.3 313.3 334.4 374.2 397.2 443.5Sub Bonds and Notes n/a EBITDA 82.1 94.6 99.5 110.1 130.0 149.5Trust Preferred n/a Undrawn Revolver n/a Margin (%) 29.4% 30.2% 29.7% 29.4% 32.7% 33.7%Capital Leases n/a Undrawn Commercial Paper n/a EBIT 78.1 90.0 94.3 103.4 119.7 139.2Other n/a Undrawn Term Loans n/a Margin (%) 28.0% 28.7% 28.2% 27.6% 30.1% 31.4%Total Principal Due n/a Other Available Credit n/a Net Income 55.4 63.9 69.1 76.1 94.4 110.6

Total Undrawn Credit n/a Margin (%) 19.8% 20.4% 20.7% 20.3% 23.8% 24.9%

998 999 1000 2000 1001 1002 Diluted EPS 0.81 0.94 1.01 1.13 1.44 1.71


3/31/11 3/31/12 3/31/13 9/30/13 2014E 2015E Cash from Operations 49.4 76.4 61.9 82.0 98.3 122.1TEV / Revenue 6.1x 5.4x 6.6x 6.7x 5.2x 4.8x Cash from Investing (50.1) (23.4) (32.0) 109.9TEV / EBITDA 18.9x 18.5x 22.3x 22.4x 16.0x 14.1x Cash from Finaning (19.5) (21.5) (23.4) (189.7)TEV / EBIT 19.9x 19.6x 23.6x 23.6x 17.3x 15.1x Change in Cash (20.8) 29.6 8.5 2.1P / E 32.8x 32.0x 36.9x 38.9x 24.4x 20.8xP / BV 6.2x 5.6x 6.8x 7.0x 7.5x 5.9x Balance Sheet Latest1 Year GrowthTotal Revenue 17.3% 12.6% 12.4% 10.9% 18.8% 11.7% Total Assets 458.6 495.9 538.5 380.3EBITDA 8.4% 15.7% 10.7% 10.7% 30.7% 15.0% Total Liabilities 133.8 141.8 156.4 126.5EBIT 8.4% 15.7% 10.3% 9.8% 27.0% 16.3% Total Equity 324.8 354.1 382.1 253.8Net Income 3.1% 15.9% 13.9% 12.8% 36.5% 17.2%EPS 3.0% 16.2% 13.8% 13.6% 41.6% 19.0%



NA

Income Statement

Cash Flow Statement

17.3%

12.6% 12.4%

18.8%

11.7%

0.0%

5.0%

10.0%

15.0%

20.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

0

100

200

300

400

500

2011 2012 2013 2014E 2015E

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Valuation


0.0

0.2

0.4

0.6

0.8

1.0

1.2

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Public Company Snapshot: Core Logic


CORELOGIC, INC. (NYSE:CLGX)COMPANY INFORMATIONCoreLogic, Inc. provides property, financial and consumer information, analytics, and services in the United States, Australia, and New Zealand. The company operates through two segments, Technology and Processing

Solutions and Data & Analytics. The Technology and Processing Solutions segment offers tax monitoring, flood zone certification and monitoring, credit services, mortgage loan administration and production services,

lending solutions, and mortgage-related business process outsourcing. The Data and Analytics segment owns or licenses data assets, such as loan information, criminal and eviction records, employment verification,

property characteristic information, and information on mortgage-backed securities. This segment provides analytical products for risk management, collateral assessment, loan quality reviews, and fraud assessment, as

well as geospatial proprietary software and databases with geographic mapping and data; and consumer screening and risk management for the multifamily housing and under-banked credit services industries. CoreLogic,

Inc. primarily offers its services to mortgage originators and servicers, financial institutions, investment banks, fixed-income investors, title insurance companies, commercial banks, government agencies and

government-sponsored enterprises, property and casualty insurers, credit unions, real estate agents, and other real estate professionals. The company was formerly known as The First American Corporation and changed its

name to CoreLogic, Inc. in June 2010. CoreLogic, Inc. was incorporated in 1894 and is headquartered in Irvine, California.

Stock Exchange NYSE Latest Fiscal Year 12/31/2013 Primary Industry Data Processing and Outsourced ServicesNext Earnings Date n/aWebsite http://www.corelogic.com Latest Fiscal Quarter 3/31/2014 S&P LT Rating BB S&P STARS Ranking n/aEmployees 5,242 LTM as of 3/31/2014 S&P LT Rating Date 3/4/2010 S&P Quality Ranking B-Current Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Apr 30 2014) 28.03 Dividend Yield #VALUE! 52 Week High (Dec 30, 2013) 36.19 5 Year Beta 1.64 52 Week Low (Jun 24, 2013) 21.40 Float 90.3Total Basic Common Shares 91.8 Float % 98.5%Market Capitalization 2,574.3 Short Int. as a % of S/O 1.6%Plus: Total Debt 1,524.5 Shares Sold Short 1.4Plus: Preferred Stock n/a Days Cover Short 1.6Plus: Minority Interest 10.4 Average Trading VolumeLess: Cash and ST Investments (145.2) Last Week 4/23/14 1.7Enterprise Value 3,964.0 Last Month 3/30/14 1.1Relative Performance Last 3 Months 1/30/14 1.0CLGX YTD (21.1%) 12/31/13 Last 6 Months 10/30/13 0.8S&P 500 Index YTD 1.9% Last Year 4/30/13 0.9

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/11 12/31/12 12/31/13 3/31/14 2014E 2015ERevolving Credit 100.0 Unamortized Discount n/a Input EstimatesTerm Loans 275.6 Adjustments 4.0Snr. Bonds and Notes 462.7 Total Debt 843.9 Revenue 1,010.2 1,235.4 1,330.6 1,309.7 1,357.5 1,462.2Sub Bonds and Notes n/a EBITDA 121.7 264.5 269.8 231.4 377.5 438.1Trust Preferred n/a Undrawn Revolver 450.0 Margin (%) 12.0% 21.4% 20.3% 17.7% 27.8% 30.0%Capital Leases n/a Undrawn Commercial Paper n/a EBIT 42.5 181.5 174.6 141.0 282.2 229.7Other 1.6 Undrawn Term Loans n/a Margin (%) 4.2% 14.7% 13.1% 10.8% 20.8% 15.7%Total Principal Due 839.9 Other Available Credit n/a Net Income (74.6) 112.3 107.7 71.4 133.8 165.0

Total Undrawn Credit 450.0 Margin (%) (7.4%) 9.1% 8.1% 5.4% 9.9% 11.3%

998 999 1000 2000 1001 1002 Diluted EPS 0.19 0.87 1.34 1.00 1.49 1.96


12/31/11 12/31/12 12/31/13 3/31/14 2014E 2015E Cash from Operations 163.0 363.1 353.8 279.4 224.1 311.9TEV / Revenue 1.3x 2.2x 2.4x 2.6x 2.9x 2.7x Cash from Investing (187.7) (147.3) (186.8) (839.0)TEV / EBITDA 8.1x 9.8x 10.1x 11.6x 10.5x 9.0x Cash from Finaning (149.9) (332.5) (179.9) 557.6TEV / EBIT 13.3x 14.2x 13.2x 17.1x 14.0x 16.5x Change in Cash (159.7) (108.0) (17.2) (5.7)P / E 24.8x 28.3x 23.9x 22.4x 18.7x 14.3xP / BV 1.1x 2.3x 2.9x 2.6x 2.2x 1.9x Balance Sheet Latest1 Year GrowthTotal Revenue (21.1%) 22.3% 7.7% (18.5%) 2.0% 7.7% Total Assets 3,118.7 3,030.3 3,003.4 3,720.0EBITDA (36.2%) 117.3% 2.0% (33.1%) 39.9% 16.0% Total Liabilities 1,873.9 1,859.4 1,948.8 2,665.4EBIT (63.1%) 327.6% (3.8%) (44.9%) 61.6% (18.6%) Total Equity 1,244.8 1,170.9 1,054.6 1,054.6Net Income NM NM (4.1%) (44.8%) 24.2% 23.3%EPS (53.7%) 357.9% 54.0% (21.6%) 10.9% 32.1%



NA

Income Statement

Cash Flow Statement

(21.1%)

22.3%

7.7%2.0%

7.7%

(30.0%)

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

0200400600800

1,0001,2001,4001,600

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

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Public Company Snapshot: CoStar Group


COSTAR GROUP INC. (NASDAQGS:CSGP)COMPANY INFORMATIONCoStar Group, Inc. provides information, analytics, and marketing services to the commercial real estate industry in the United States, the United Kingdom, and France. Its services include CoStar Property

Professional service that offers inventory of office, industrial, retail, and multifamily properties and land; CoStar COMPS Professional, which provides coverage of comparable sales information; CoStar Tenant, an online

business-to-business prospecting and analytical tool; CoStarGo, an iPad application that integrates its property, tenant, and comparable sales information; and CoStar Advertising to market a space for lease or a property

for sale. The company also offers PPR Portal, a delivery platform for research, forecasts, analytics, and granular data; PPR COMPASS, a commercial real estate risk management tool; Resolve Portfolio Maximizer, a

real estate portfolio management software solution; Resolve Request, a business intelligence software solution; VP Corporate Edition and VP Retail Edition, which are real estate management software solutions. In

addition, its services include LoopNet Premium Lister designed for commercial real estate professionals and other customers; LoopNet Premium Searcher designed for members searching for commercial real estate; LoopLink

LoopLink, an online real estate marketing and database services suite; LandsofAmerica and LandAndFarm, which are online marketplaces for rural land for sale; BizBuySell and BizQuest that are online marketplaces for

operating businesses for sale; FOCUS, a digital online service; and Observatoire Immobilier D’ Entreprise, which provides commercial property availability. The company serves commercial real estate brokers, as well as

owners, landlords, financial institutions, retailers, vendors, appraisers, investment banks, governmental agencies, and other parties involved in commercial real estate. CoStar Group, Inc. was founded in 1987 and

is headquartered in Washington, District of Columbia.

Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Internet Software and ServicesNext Earnings Date n/aWebsite http://www.costar.com Latest Fiscal Quarter 3/31/2014 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 2,046 LTM as of 3/31/2014 S&P LT Rating Date n/a S&P Quality Ranking B-Current Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Apr 30 2014) 160.89 Dividend Yield #VALUE! 52 Week High (Mar 04, 2014) 218.17 5 Year Beta 1.00 52 Week Low (May 02, 2013) 106.10 Float 27.7Total Basic Common Shares 28.8 Float % 96.4%Market Capitalization 4,628.5 Short Int. as a % of S/O 2.6%Plus: Total Debt 148.8 Shares Sold Short 0.8Plus: Preferred Stock n/a Days Cover Short 3.0Plus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (223.4) Last Week 4/23/14 0.6Enterprise Value 4,553.8 Last Month 3/30/14 0.4Relative Performance Last 3 Months 1/30/14 0.3CSGP YTD (12.8%) 12/31/13 Last 6 Months 10/30/13 0.2(Invalid Identifier) YTD #VALUE! Last Year 4/30/13 0.2

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/11 12/31/12 12/31/13 3/31/14 2014E 2015ERevolving Credit 0.0 Unamortized Discount n/a Input EstimatesTerm Loans 153.1 Adjustments n/aSnr. Bonds and Notes n/a Total Debt 153.1 Revenue 251.7 349.9 440.9 456.0 566.4 633.6Sub Bonds and Notes n/a EBITDA 48.7 65.2 94.0 116.2 173.5 215.3Trust Preferred n/a Undrawn Revolver 50.0 Margin (%) 19.4% 18.6% 21.3% 25.5% 30.6% 34.0%Capital Leases n/a Undrawn Commercial Paper n/a EBIT 36.0 32.6 54.2 76.6 154.2 181.7Other n/a Undrawn Term Loans n/a Margin (%) 14.3% 9.3% 12.3% 16.8% 27.2% 28.7%Total Principal Due 153.1 Other Available Credit n/a Net Income 14.7 9.9 29.7 41.9 89.9 109.7

Total Undrawn Credit 50.0 Margin (%) 5.8% 2.8% 6.7% 9.2% 15.9% 17.3%

998 999 1000 2000 1001 1002 Diluted EPS 0.62 0.37 1.05 1.47 3.10 3.99


12/31/11 12/31/12 12/31/13 3/31/14 2014E 2015E Cash from Operations 27.8 86.1 108.3 91.0 71.2 156.4TEV / Revenue 4.7x 8.1x 12.3x 12.0x 8.0x 7.2x Cash from Investing 58.4 (640.4) (19.0) (18.6)TEV / EBITDA 27.4x 41.0x 63.1x 56.2x 26.2x 21.2x Cash from Finaning 252.7 164.9 10.4 (16.7)TEV / EBIT 39.9x 68.6x 123.5x 97.6x 29.5x 25.1x Change in Cash 338.9 (389.3) 99.9 56.0P / E 113.7x 229.5x 237.6x 177.8x 51.8x 40.3xP / BV 2.6x 3.1x 5.9x 5.8x 4.9x 4.7x Balance Sheet Latest1 Year GrowthTotal Revenue 11.3% 39.0% 26.0% 18.3% 28.4% 11.9% Total Assets 771.0 1,165.1 1,257.0 1,244.8EBITDA 20.3% 33.8% 44.2% 95.0% 84.5% 24.1% Total Liabilities 111.9 338.8 329.1 315.0EBIT 33.8% (9.3%) 65.9% 278.7% 184.8% 17.8% Total Equity 659.2 826.3 927.9 929.8Net Income 10.3% (32.3%) 199.9% 1665.0% 202.4% 22.0%EPS (3.1%) (40.3%) 183.8% 1578.1% 195.6% 28.6%



NA

Income Statement

Cash Flow Statement

11.3%

39.0%

26.0%28.4%

11.9%

0.0%5.0%

10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

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Public Company Snapshot: Ellie Mae


ELLIE MAE, INC. (NYSE:ELLI)COMPANY INFORMATIONEllie Mae, Inc. provides on-demand software solutions and services for the residential mortgage industry in the United States. Its mortgage management solutions streamline and automate the process of originating and

funding new mortgage loans, facilitating regulatory compliance, and reducing documentation errors. The company provides Encompass, a proprietary software product that combines loan origination, business management,

and customer relationship management (CRM) software for mortgage originators into one end-to-end system. Mortgage originators use Encompass as a single tool for loan processing, marketing, and customer

communication, as well as to interact electronically with lenders, investors, and service providers over the Ellie Mae Network. The company’s Encompass services comprise Encompass Docs Solution, which automatically prepares the

disclosure and closing documents necessary to fund a mortgage; Encompass CenterWise, a bundled offering of electronic document management and Websites used for customer relationship management; Total Quality Loan

that offers a suite of fraud detection, valuation, validation, and risk analysis services; and Encompass Compliance Service, which automatically checks for compliance with federal, state, and local regulations in the

origination process. Its Encompass services also include tax transcript services that offer income verification capability; services for ordering and managing appraisals; Encompass CRM, a suite of tools for

managing contacts, leads, and marketing campaigns; Encompass Product and Pricing Service, which allows its users to compare loans offered by various lenders and investors to determine the product and price available to a

particular borrower; and Encompass Flood Service that allows its users to order and transfer flood zone certifications. The company was founded in 1997 and is headquartered in Pleasanton, California.

Stock Exchange NYSE Latest Fiscal Year 12/31/2013 Primary Industry Application Software Next Earnings Date 5/1/2014Website http://www.elliemae.com Latest Fiscal Quarter 12/31/2013 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 407 LTM as of 12/31/2013 S&P LT Rating Date n/a S&P Quality Ranking n/aCurrent Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Apr 30 2014) 24.39 Dividend Yield #VALUE! 52 Week High (Oct 02, 2013) 33.24 5 Year Beta (0.05) 52 Week Low (May 23, 2013) 20.87 Float 24.2Total Basic Common Shares 27.9 Float % 86.7%Market Capitalization 681.6 Short Int. as a % of S/O 15.0%Plus: Total Debt 1.0 Shares Sold Short 4.2Plus: Preferred Stock n/a Days Cover Short 8.7Plus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (79.8) Last Week 4/23/14 0.5Enterprise Value 602.9 Last Month 3/30/14 0.5Relative Performance Last 3 Months 1/30/14 0.5ELLI YTD (9.2%) 12/31/13 Last 6 Months 10/30/13 0.6(Invalid Identifier) YTD #VALUE! Last Year 4/30/13 0.5

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/11 12/31/12 12/31/13 12/31/13 2014E 2015ERevolving Credit n/a Unamortized Discount n/a Input EstimatesTerm Loans n/a Adjustments n/aSnr. Bonds and Notes n/a Total Debt 1.0 Revenue 55.5 101.8 128.5 128.5 149.6 183.2Sub Bonds and Notes n/a EBITDA 5.0 26.0 25.1 25.1 45.1 56.6Trust Preferred n/a Undrawn Revolver n/a Margin (%) 9.0% 25.5% 19.5% 19.5% 30.1% 30.9%Capital Leases 1.0 Undrawn Commercial Paper n/a EBIT 2.1 21.2 18.9 18.9 18.7 23.4Other n/a Undrawn Term Loans n/a Margin (%) 3.8% 20.8% 14.7% 14.7% 12.5% 12.8%Total Principal Due 1.0 Other Available Credit n/a Net Income 3.6 19.5 12.6 12.6 31.9 40.3


998 999 1000 2000 1001 1002 Diluted EPS 0.18 0.76 0.44 0.44 1.06 1.31


12/31/11 12/31/12 12/31/13 12/31/13 2014E 2015E Cash from Operations 6.4 27.8 29.2 29.2 31.8 40.1TEV / Revenue 2.0x 6.8x 5.3x 5.3x 4.0x 3.3x Cash from Investing (21.3) (69.1) (52.3) (52.3)TEV / EBITDA 20.8x 28.0x 23.8x 23.8x 13.4x 10.6x Cash from Finaning 24.3 61.8 12.4 12.4TEV / EBIT 41.3x 35.1x 30.1x 30.1x 32.3x 25.8x Change in Cash 9.4 20.4 (10.7) (10.7)P / E 76.1x 38.3x 50.8x 50.8x 23.0x 18.7xP / BV 1.6x 4.5x 3.7x 3.7x NA NA Balance Sheet Latest1 Year GrowthTotal Revenue 28.4% 83.5% 26.2% 26.2% 16.4% 22.5% Total Assets 99.8 185.6 228.6 228.6EBITDA 73.5% 422.6% (3.5%) (3.5%) 79.8% 25.6% Total Liabilities 20.9 18.8 21.7 21.7EBIT 138.8% 904.7% (11.0%) (11.0%) (1.0%) 25.1% Total Equity 78.9 166.9 206.9 206.9Net Income 365.9% 437.7% (35.4%) (35.4%) 153.5% 26.3%EPS 260.0% 322.2% (42.1%) (42.1%) 140.9% 23.1%



NA

Income Statement

Cash Flow Statement

28.4%

83.5%

26.2%16.4%

22.5%

0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x1.0x2.0x3.0x4.0x5.0x6.0x7.0x8.0x

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Public Company Snapshot: HomeAway


HOMEAWAY, INC. (NASDAQGS:AWAY)COMPANY INFORMATIONHomeAway, Inc., together with its subsidiaries, operates an online vacation rental property marketplace that enables property owners and managers to market properties for rental to vacation travelers. The company’s

portfolio includes vacation rental Websites, such as HomeAway.com, VRBO.com, and VacationRentals.com in the United States; HomeAway.co.uk and OwnersDirect.co.uk in the United Kingdom; HomeAway.de in Germany;

Abritel.fr and Homelidays.com in France; HomeAway.es and Toprural.com in Spain; AlugueTemporada.com.br in Brazil; Stayz.com.au and HomeAway.com.au in Australia; and Bookabach.co.nz in New Zealand. It also owns

travelmob.com, an Asia Pacific short-term rental site, as well as operates BedandBreakfast.com, a site for finding bed and breakfast properties. In addition, the company offers HomeAway software for professionals at

software.HomeAway.com, which provides software solutions to property managers and innkeepers. As of December 31, 2013, it operated its online marketplace through 50 Websites in 21 languages; and included approximately 890,000

paid listings of vacation rentals. The company was formerly known as CEH Holdings, Inc. and changed its name to HomeAway, Inc. in 2006. HomeAway, Inc. was founded in 2004 and is headquartered in Austin, Texas.

Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Internet Retail Next Earnings Date n/aWebsite http://www.homeaway.com Latest Fiscal Quarter 3/31/2014 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 1,542 LTM as of 3/31/2014 S&P LT Rating Date n/a S&P Quality Ranking NRCurrent Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Apr 30 2014) 32.62 Dividend Yield #VALUE! 52 Week High (Feb 20, 2014) 48.90 5 Year Beta 0.70 52 Week Low (Oct 02, 2013) 27.27 Float 87.8Total Basic Common Shares 93.5 Float % 93.9%Market Capitalization 3,050.4 Short Int. as a % of S/O 6.9%Plus: Total Debt 303.0 Shares Sold Short 6.5Plus: Preferred Stock n/a Days Cover Short 3.1Plus: Minority Interest 10.3 Average Trading VolumeLess: Cash and ST Investments (770.5) Last Week 4/23/14 3.7Enterprise Value 2,593.3 Last Month 3/30/14 3.0Relative Performance Last 3 Months 1/30/14 2.1AWAY YTD (20.2%) 12/31/13 Last 6 Months 10/30/13 1.8(Invalid Identifier) YTD #VALUE! Last Year 4/30/13 1.4

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/11 12/31/12 12/31/13 3/31/14 2014E 2015ERevolving Credit n/a Unamortized Discount n/a Input EstimatesTerm Loans n/a Adjustments n/aSnr. Bonds and Notes n/a Total Debt 0.0 Revenue 230.2 280.4 346.5 372.7 434.2 521.7Sub Bonds and Notes n/a EBITDA 40.6 50.7 59.2 60.7 119.6 146.8Trust Preferred n/a Undrawn Revolver n/a Margin (%) 17.6% 18.1% 17.1% 16.3% 27.6% 28.1%Capital Leases n/a Undrawn Commercial Paper n/a EBIT 22.9 30.1 38.1 38.8 91.3 123.5Other n/a Undrawn Term Loans n/a Margin (%) 10.0% 10.7% 11.0% 10.4% 21.0% 23.7%Total Principal Due n/a Other Available Credit n/a Net Income 6.2 15.0 17.7 16.8 60.9 80.9


998 999 1000 2000 1001 1002 Diluted EPS (0.31) 0.18 0.20 0.19 0.17 0.29


12/31/11 12/31/12 12/31/13 3/31/14 2014E 2015E Cash from Operations 77.0 95.4 104.4 106.9 127.1 172.3TEV / Revenue #REFRESH #REFRESH #REFRESH #REFRESH 6.0x 5.0x Cash from Investing (73.5) (58.0) (223.4) (234.3)TEV / EBITDA #REFRESH #REFRESH #REFRESH #REFRESH 21.7x 17.7x Cash from Finaning 51.6 33.0 252.0 591.6TEV / EBIT #REFRESH #REFRESH #REFRESH #REFRESH 28.4x 21.0x Change in Cash 52.5 71.3 135.1 469.4P / E #REFRESH #REFRESH #REFRESH #REFRESH 189.4x 114.1xP / BV #REFRESH #REFRESH #REFRESH #REFRESH 3.3x 3.1x Balance Sheet Latest1 Year GrowthTotal Revenue 37.1% 21.8% 23.6% 26.0% 25.3% 20.1% Total Assets 604.6 722.7 1,080.7 1,493.5EBITDA 33.7% 24.8% 16.8% 7.6% 102.1% 22.7% Total Liabilities 163.6 205.6 246.7 583.0EBIT 57.5% 31.3% 26.6% 12.7% 139.9% 35.2% Total Equity 441.0 517.0 833.9 910.5Net Income (63.5%) 142.2% 18.2% (5.7%) 244.5% 32.7%EPS NM NM 11.1% (9.3%) (13.9%) 66.1%



NA

Income Statement

Cash Flow Statement

37.1%

21.8% 23.6% 25.3%20.1%

0.0%5.0%

10.0%15.0%20.0%25.0%30.0%35.0%40.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

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Public Company Snapshot: Move


MOVE, INC. (NASDAQGS:MOVE)COMPANY INFORMATIONMove, Inc. operates an online network of Websites for real estate search, finance, and moving and home enthusiasts in North America. The company operates realtor.com, a Website that offers property listings and

other property information services to real estate franchises, brokers, and agents, as well as non-real estate related advertisers, such as personal banking and mortgage companies, insurance providers, home improvement

retailers, moving service providers, and other consumer product and service companies. Its realtor.com Website provides listing advertisements to enhance, prioritize, and connect with consumers of for-sale property

listings; non-listing advertisements to connect with consumer audience in the real estate search process; and various products and services to advertisers, including sponsorships, graphical display advertisements,

text links, directories, Featured Community, and Featured CMA, as well as pricing models. The company also operates other Websites that provide single and multi-family rental listings, senior housing, and

moving-related content and services to consumer audience, as well as provides various listing-related advertisement services for rental property owners and managers; Moving.com that offers quotes from moving companies and

truck rental companies; Move.com, a new homes channel; NewHomeSource.com; and Doorsteps, which provides homebuyers with content, tools, and advice. In addition, it offers software-as-a-service customer relationship

management products comprising Top Producer and TigerLead that provide productivity and lead management tools tailored to real estate agents. Further, Move, Inc. operates ListHub, an online real estate listing

syndicator and provider of performance reporting solutions. The company was formerly known as Homestore, Inc. and changed its name to Move, Inc. in June 2006. Move, Inc. was founded in 1993 and is headquartered in San Jose,

California.

Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Internet Software and ServicesNext Earnings Date 5/6/2014Website http://www.move.com Latest Fiscal Quarter 12/31/2013 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 913 LTM as of 12/31/2013 S&P LT Rating Date n/a S&P Quality Ranking CCurrent Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Apr 30 2014) 10.69 Dividend Yield #VALUE! 52 Week High (Oct 21, 2013) 18.36 5 Year Beta 1.69 52 Week Low (May 16, 2013) 9.91 Float 34.1Total Basic Common Shares 39.5 Float % 86.2%Market Capitalization 422.2 Short Int. as a % of S/O 7.6%Plus: Total Debt 82.5 Shares Sold Short 3.0Plus: Preferred Stock n/a Days Cover Short 6.5Plus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (118.7) Last Week 4/23/14 0.8Enterprise Value 385.9 Last Month 3/30/14 0.6Relative Performance Last 3 Months 1/30/14 0.5Move YTD (33.1%) 12/31/13 Last 6 Months 10/30/13 0.4(Invalid Identifier) YTD #VALUE! Last Year 4/30/13 0.4

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/11 12/31/12 12/31/13 12/31/13 2014E 2015ERevolving Credit n/a Unamortized Discount (17.5) Input EstimatesTerm Loans n/a Adjustments n/aSnr. Bonds and Notes 100.0 Total Debt 82.5 Revenue 191.7 199.2 227.0 227.0 255.4 289.6Sub Bonds and Notes n/a EBITDA 15.1 16.2 13.6 13.6 28.0 37.4Trust Preferred n/a Undrawn Revolver n/a Margin (%) 7.9% 8.1% 6.0% 6.0% 11.0% 12.9%Capital Leases n/a Undrawn Commercial Paper n/a EBIT 6.0 5.9 1.1 1.1 (2.3) 5.6Other n/a Undrawn Term Loans n/a Margin (%) 3.1% 3.0% 0.5% 0.5% (0.9%) 1.9%Total Principal Due 100.0 Other Available Credit n/a Net Income 7.3 5.6 0.6 0.6 13.4 22.0


998 999 1000 2000 1001 1002 Diluted EPS 0.08 0.12 0.01 0.01 0.32 0.49


12/31/11 12/31/12 12/31/13 12/31/13 2014E 2015E Cash from Operations 17.6 29.1 32.7 32.7 30.6 36.7TEV / Revenue 1.1x 1.4x 2.7x 2.7x 1.5x 1.3x Cash from Investing (7.3) (42.0) (18.2) (18.2)TEV / EBITDA 15.9x 14.6x 34.0x 34.0x 13.8x 10.3x Cash from Finaning (81.2) (47.6) 77.1 77.1TEV / EBIT 44.9x 30.3x 123.1x 123.1x NA 69.0x Change in Cash (70.9) (60.5) 91.6 91.6P / E NM 44.9x NM NM 33.9x 21.8xP / BV 3.1x 3.2x 6.0x 6.0x 5.6x 5.5x Balance Sheet Latest1 Year GrowthTotal Revenue (2.9%) 3.9% 14.0% 14.0% 12.5% 13.4% Total Assets 164.9 136.9 236.8 236.8EBITDA 32.2% 6.9% (16.0%) (16.0%) 106.0% 33.6% Total Liabilities 33.7 38.9 128.0 128.0EBIT 103.0% (1.5%) (82.2%) (82.2%) NM NM Total Equity 131.2 98.0 108.8 108.8Net Income NM (22.5%) (89.8%) (89.8%) 2225.8% 65.1%EPS NM 50.0% (91.7%) (91.7%) 3057.1% 55.2%



NA

Income Statement

Cash Flow Statement

(2.9%)

3.9%

14.0%12.5% 13.4%

(5.0%)

0.0%

5.0%

10.0%

15.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

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Public Company Snapshot: RealPage


REALPAGE, INC. (NASDAQGS:RP)COMPANY INFORMATIONRealPage, Inc. provides on demand software solutions for the rental housing industry in North America. The company offers property management solutions, including OneSite to serve the specific needs of conventional

multi-family, affordable housing and urban development (HUD), affordable tax credit, rural housing, privatized military housing, student housing, and commercial sectors; and Propertyware for accounting, maintenance

and work order management, marketing spend management, and portal services, as well as screening, renter’s insurance, and payment solutions. It also provides on premise property management solutions, which include

Tenant Pro to serve the needs of small conventional properties; Spectra, a conventional apartment and commercial modular property management solution; and i-CAM, a property management software to automate and

streamline rental activities for affordable housing. In addition, the company offers software-enabled value-added services, such as LeaseStar, a multichannel managed marketing solution that works to maximize a property’s

leads to reduce costs per lease; YieldStar, a scientific yield management solution, which enables owners and managers to optimize rents; LeasingDesk, a risk mitigation solution to reduce delinquency, liability, and

property damage risk; and Velocity that offers a range of billing and utility management services. Further, it provides OpsTechnology that offers spend management solutions, which enable owners and managers to

control costs; shared cloud services, which are integrated with property management systems and software-enabled valued added services; and RealPage Senior Living, an integrated care management, community management, and

marketing management platform, as well as provides consulting and implementation services; and training programs. The company sells its software and services directly through its sales force. RealPage, Inc. is

headquartered in Carrollton, Texas.

Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Application Software Next Earnings Date n/aWebsite http://www.realpage.com Latest Fiscal Quarter 12/31/2013 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 3,337 LTM as of 12/31/2013 S&P LT Rating Date n/a S&P Quality Ranking n/aCurrent Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Apr 30 2014) 17.75 Dividend Yield #VALUE! 52 Week High (Oct 22, 2013) 26.34 5 Year Beta 1.31 52 Week Low (Feb 25, 2014) 15.40 Float 51.8Total Basic Common Shares 78.8 Float % 65.8%Market Capitalization 1,398.8 Short Int. as a % of S/O 6.3%Plus: Total Debt 1.4 Shares Sold Short 5.0Plus: Preferred Stock n/a Days Cover Short 6.4Plus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (34.5) Last Week 4/23/14 0.4Enterprise Value 1,365.8 Last Month 3/30/14 0.4Relative Performance Last 3 Months 1/30/14 0.8RP YTD (24.1%) 12/31/13 Last 6 Months 10/30/13 0.5(Invalid Identifier) YTD #VALUE! Last Year 4/30/13 0.4

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/11 12/31/12 12/31/13 12/31/13 2014E 2015ERevolving Credit 0.0 Unamortized Discount n/a Input EstimatesTerm Loans n/a Adjustments n/aSnr. Bonds and Notes n/a Total Debt 1.4 Revenue 258.0 322.2 377.0 377.0 442.1 517.9Sub Bonds and Notes n/a EBITDA 30.0 52.2 54.2 54.2 105.5 128.7Trust Preferred n/a Undrawn Revolver 150.0 Margin (%) 11.6% 16.2% 14.4% 14.4% 23.9% 24.8%Capital Leases 1.4 Undrawn Commercial Paper n/a EBIT 2.7 20.9 23.5 23.5 89.4 116.0Other n/a Undrawn Term Loans n/a Margin (%) 1.0% 6.5% 6.2% 6.2% 20.2% 22.4%Total Principal Due 1.4 Other Available Credit n/a Net Income (1.2) 5.2 20.7 20.7 52.8 68.7

Total Undrawn Credit 150.0 Margin (%) (0.5%) 1.6% 5.5% 5.5% 11.9% 13.3%

998 999 1000 2000 1001 1002 Diluted EPS (0.02) 0.07 0.27 0.27 0.67 0.85


12/31/11 12/31/12 12/31/13 12/31/13 2014E 2015E Cash from Operations 49.2 58.4 69.2 69.2 90.0 110.9TEV / Revenue #REFRESH #REFRESH #REFRESH #REFRESH 3.1x 2.6x Cash from Investing (107.7) (32.8) (62.1) (62.1)TEV / EBITDA #REFRESH #REFRESH #REFRESH #REFRESH 12.9x 10.6x Cash from Finaning (8.2) (43.1) (6.3) (6.3)TEV / EBIT #REFRESH #REFRESH #REFRESH #REFRESH 15.3x 11.8x Change in Cash (66.7) (17.5) 0.7 0.7P / E #REFRESH #REFRESH #REFRESH #REFRESH 26.4x 20.9xP / BV #REFRESH #REFRESH #REFRESH #REFRESH 3.8x 3.4x Balance Sheet Latest1 Year GrowthTotal Revenue 37.0% 24.9% 17.0% 17.0% 17.2% 17.1% Total Assets 400.1 402.2 503.2 503.2EBITDA 15.8% 73.6% 4.0% 4.0% 94.4% 22.0% Total Liabilities 177.2 147.1 188.7 188.7EBIT (57.1%) 674.1% 12.5% 12.5% 280.3% 29.8% Total Equity 222.9 255.1 314.5 314.5Net Income NM NM 299.2% 299.2% 155.1% 30.1%EPS NM NM 285.7% 285.7% 148.6% 26.5%



NA

Income Statement

Cash Flow Statement

37.0%

24.9%

17.0% 17.2% 17.1%

0.0%5.0%

10.0%15.0%20.0%25.0%30.0%35.0%40.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

0

100

200

300

400

500

600

2011 2012 2013 2014E 2015E

(in

$ m

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on

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Valuation


0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

150.00

170.00

190.00

210.00

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Public Company Snapshot: Textura


TEXTURA CORPORATION (NYSE:TXTR)COMPANY INFORMATIONTextura Corporation provides on-demand business collaboration software solutions to the commercial construction industry in the United States and Canada. The company’s solutions are focused on facilitating

collaboration between owners/developers, general contractors, and subcontractors. Its solutions include Construction Payment Management that facilitates the exchange of invoice documents, supporting documentation, and lien

waivers for secure electronic payment; and GradeBeam, which enables general contractors to identify and invite suitable subcontractors to bid on project work. The company also offers project management solutions

comprising Submittal Exchange, Submittal Exchange for Design, and Submittal Exchange for Subcontractors, which facilitates the exchange of critical project documents, as well as facilitating communication and ensuring

proper audit trails and archival. In addition, it provides other solutions consisting of Pre-Qualification Management that collects, reviews, and evaluates prequalification information, including financial and safety

information; Greengrade that simplifies and streamlines the collection and submission of information necessary to obtain LEED certification; PlanSwift, a take-off and estimating solution used in preparing

construction bids; Contractor Default Claims Management, which supports the process of documenting a subcontractor default insurance claim; and BidOrganizer that provides a central, online location to prioritize, track, and

schedule various bid invitations. The company markets and sells its solutions to the owners/developers, general contractors, subcontractors, architects, material suppliers, and others. It has strategic relationships

with CMiC, Viewpoint Construction Software, Sage North America, and Computer Guidance Corporation. The company was founded in 2004 and is headquartered in Deerfield, Illinois.

Stock Exchange NYSE Latest Fiscal Year 9/30/2013 Primary Industry Internet Software and ServicesNext Earnings Date 5/7/2014Website http://www.texturacorp.com Latest Fiscal Quarter 12/31/2013 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 385 LTM as of 12/31/2013 S&P LT Rating Date n/a S&P Quality Ranking n/aCurrent Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Apr 30 2014) 17.81 Dividend Yield #VALUE! 52 Week High (Oct 01, 2013) 47.25 5 Year Beta n/a 52 Week Low (Apr 30, 2014) 17.26 Float 23.1Total Basic Common Shares 24.8 Float % 93.3%Market Capitalization 441.8 Short Int. as a % of S/O 28.3%Plus: Total Debt 1.5 Shares Sold Short 7.0Plus: Preferred Stock n/a Days Cover Short 13.4Plus: Minority Interest 0.4 Average Trading VolumeLess: Cash and ST Investments (77.1) Last Week 4/23/14 0.5Enterprise Value 366.5 Last Month 3/30/14 0.5Relative Performance Last 3 Months 1/30/14 0.5TXTR YTD (40.5%) 12/31/13 Last 6 Months 10/30/13 0.6(Invalid Identifier) YTD #VALUE! Last Year 4/30/13 0.4

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 9/30/11 9/30/12 9/30/13 12/31/13 2014E 2015ERevolving Credit n/a Unamortized Discount n/a Input EstimatesTerm Loans 10.2 Adjustments n/aSnr. Bonds and Notes 0.2 Total Debt 11.8 Revenue 10.5 21.7 35.5 40.8 59.5 92.1Sub Bonds and Notes 0.0 EBITDA (10.8) (14.8) (30.6) (33.2) (11.1) 6.5Trust Preferred n/a Undrawn Revolver n/a Margin (%) (102.3%) (68.0%) (86.0%) (81.5%) (18.6%) 7.0%Capital Leases 1.4 Undrawn Commercial Paper n/a EBIT (11.7) (16.8) (35.1) (38.5) (14.9) 2.5Other 0.0 Undrawn Term Loans n/a Margin (%) (111.0%) (77.4%) (98.7%) (94.4%) (25.1%) 2.7%Total Principal Due 11.8 Other Available Credit n/a Net Income (18.9) (15.9) (36.9) (38.5) (14.7) 2.3

Total Undrawn Credit n/a Margin (%) (180.0%) (73.5%) (103.8%) (94.4%) (24.7%) 2.5%

998 999 1000 2000 1001 1002 Diluted EPS (4.18) (2.31) (3.58) (2.83) (0.59) 0.08


9/30/11 9/30/12 9/30/13 12/31/13 2014E 2015E Cash from Operations (1.9) (3.4) (11.8) (15.9) (9.1) 16.2TEV / Revenue #REFRESH #REFRESH #REFRESH #REFRESH 6.2x 4.0x Cash from Investing (0.4) (12.8) (3.3) (38.5)TEV / EBITDA #REFRESH #REFRESH #REFRESH #REFRESH NA 56.6x Cash from Finaning 5.2 14.5 138.7 129.7TEV / EBIT #REFRESH #REFRESH #REFRESH #REFRESH NA 145.0x Change in Cash 2.9 (1.8) 123.6 75.2P / E #REFRESH #REFRESH #REFRESH #REFRESH NA 216.7xP / BV #REFRESH #REFRESH #REFRESH #REFRESH 3.6x 4.6x Balance Sheet Latest1 Year GrowthTotal Revenue 74.7% 106.2% 63.9% 70.1% 67.4% 54.8% Total Assets 27.3 51.1 188.0 177.9EBITDA NM NM NM NM NM NM Total Liabilities 24.0 49.4 46.2 39.1EBIT NM NM NM NM NM NM Total Equity 3.3 1.7 141.8 138.8Net Income NM NM NM NM NM NMEPS NM NM NM NM NM NM



NA

Income Statement

Cash Flow Statement

74.7%

106.2%

63.9% 67.4%54.8%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

0

20

40

60

80

100

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation


0.0

1.0

2.0

3.0

4.0

5.0

6.0

150.00

170.00

190.00

210.00

230.00

250.00

270.00

290.00

310.00

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Public Company Snapshot: Trulia


TRULIA, INC. (NYSE:TRLA)COMPANY INFORMATIONTrulia, Inc. provides tools to research homes and neighborhoods for consumers through Web and mobile applications. The company, through its tools, also enables real estate professionals to market their listings. It

provides subscription and free products for real estate professionals, as well as sells display media advertising. In addition, the company offers information on schools, crime, neighborhood amenities, home values,

and other communities. It serves buyers, sellers, and renters. The company was formerly known Realwide, Inc. and changed its name to Trulia, Inc. in September 2005. Trulia, Inc. was founded in 2005 and is

headquartered in San Francisco, California.

Stock Exchange NYSE Latest Fiscal Year 12/31/2013 Primary Industry Internet Software and ServicesNext Earnings Date n/aWebsite http://www.trulia.com Latest Fiscal Quarter 3/31/2014 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 1,036 LTM as of 3/31/2014 S&P LT Rating Date n/a S&P Quality Ranking n/aCurrent Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Apr 30 2014) 34.00 Dividend Yield #VALUE! 52 Week High (Sep 19, 2013) 52.71 5 Year Beta n/a 52 Week Low (Dec 12, 2013) 26.35 Float 33.8Total Basic Common Shares 36.9 Float % 91.6%Market Capitalization 1,255.6 Short Int. as a % of S/O 35.4%Plus: Total Debt 230.1 Shares Sold Short 13.1Plus: Preferred Stock n/a Days Cover Short n/aPlus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (220.8) Last Week 4/23/14 2.0Enterprise Value 1,264.9 Last Month 3/30/14 1.9Relative Performance Last 3 Months 1/30/14 1.9TRLA YTD (3.6%) 12/31/13 Last 6 Months 10/30/13 1.7(Invalid Identifier) YTD #VALUE! Last Year 4/30/13 1.3

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/11 12/31/12 12/31/13 3/31/14 2014E 2015ERevolving Credit n/a Unamortized Discount n/a Input EstimatesTerm Loans n/a Adjustments n/aSnr. Bonds and Notes 230.0 Total Debt 230.1 Revenue 38.5 68.1 143.7 174.2 252.1 326.8Sub Bonds and Notes n/a EBITDA (4.0) (7.0) (10.2) (17.1) 21.0 47.8Trust Preferred n/a Undrawn Revolver n/a Margin (%) (10.3%) (10.3%) (7.1%) (9.8%) 8.3% 14.6%Capital Leases 0.1 Undrawn Commercial Paper n/a EBIT (5.8) (9.5) (18.1) (29.9) (51.8) (32.2)Other n/a Undrawn Term Loans n/a Margin (%) (15.0%) (14.0%) (12.6%) (17.2%) (20.5%) (9.8%)Total Principal Due 230.1 Other Available Credit n/a Net Income (6.2) (10.9) (17.8) (30.9) (12.1) 12.9


998 999 1000 2000 1001 1002 Diluted EPS (0.92) (0.87) (0.54) (0.88) (0.35) 0.22


12/31/11 12/31/12 12/31/13 3/31/14 2014E 2015E Cash from Operations 1.1 4.2 (1.4) 5.9 19.8 43.8TEV / Revenue #REFRESH #REFRESH #REFRESH #REFRESH 5.0x 3.9x Cash from Investing (6.6) (2.0) (175.1) (186.7)TEV / EBITDA #REFRESH #REFRESH #REFRESH #REFRESH 61.6x 25.6x Cash from Finaning 8.2 90.8 302.1 187.2TEV / EBIT #REFRESH #REFRESH #REFRESH #REFRESH NA NA Change in Cash 2.6 93.0 125.6 6.4P / E #REFRESH #REFRESH #REFRESH #REFRESH NA 136.2xP / BV #REFRESH #REFRESH #REFRESH #REFRESH 4.0x 4.2x Balance Sheet Latest1 Year GrowthTotal Revenue 94.7% 76.8% 111.1% 118.0% 75.4% 29.7% Total Assets 24.2 119.0 655.4 651.0EBITDA NM NM NM NM NM 128.0% Total Liabilities 21.2 32.4 274.3 272.0EBIT NM NM NM NM NM NM Total Equity 3.0 86.5 381.1 379.0Net Income NM NM NM NM NM NMEPS NM NM NM NM NM NM



NA

Income Statement

Cash Flow Statement

94.7%

76.8%

111.1%

75.4%

29.7%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

0

50

100

150

200

250

300

350

2011 2012 2013 2014E 2015E

(in

$ m

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on

s)

Valuation


0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

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170.00

190.00

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Public Company Snapshot: Zillow


ZILLOW, INC. (NASDAQGS:Z)COMPANY INFORMATIONZillow, Inc. operates real estate and home-related information marketplaces on mobile and the Web in the United States. The company owns and operates Zillow.com. It also provides various advertising products and

services, including Premier Agent program, which offers a suite of marketing and business technology solutions for real estate agents; Zillow Mortgage Marketplace, where borrowers connect with lenders to find loans and

get mortgage rates; Zillow Rentals, a marketplace and suite of tools for rental professionals, Postlets, Diverse Solutions, Agentfolio, Mortech, HotPads, and StreetEasy; and graphical mobile and Web advertising

services on its home page and on individual Web pages. In addition, the company offers information products and services that enable consumers to make decisions about homes comprising home value and rental price

estimates; Zillow Digs, a home improvement marketplace for home shoppers and homeowners to find visual inspiration and local cost estimates; and a rich set of home-related information for consumers and real estate

professionals, as well as services for sale and rental listings. Further, it provides consumers with ratings and contact information for the listing agent and local buyer’s agents alongside home profiles and listings for

homes to assist for evaluating and selecting the real estate agent; and home-related advice and discussions through Zillow Advice section of its Zillow.com Website that captures questions and discussion topics from

consumers and real estate, rental, mortgage, and home improvement professionals, as well as operates mobile real estate applications. The company serves advertisers primarily in the real estate industry, such as real

estate brokerages, home builders, lenders, and home services providers; and advertising customers comprising telecommunications, automotive, insurance, and consumer products companies. Zillow, Inc. was incorporated

in 2004 and is headquartered in Seattle, Washington.

Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Internet Software and ServicesNext Earnings Date 5/7/2014Website http://www.zillow.com Latest Fiscal Quarter 12/31/2013 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 817 LTM as of 12/31/2013 S&P LT Rating Date n/a S&P Quality Ranking n/aCurrent Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Apr 30 2014) 108.70 Dividend Yield #VALUE! 52 Week High (Apr 22, 2014) 108.12 5 Year Beta 1.16 52 Week Low (Jun 06, 2013) 48.54 Float 24.7Total Basic Common Shares 39.2 Float % 63.1%Market Capitalization 4,258.1 Short Int. as a % of S/O 22.3%Plus: Total Debt 0.0 Shares Sold Short 8.7Plus: Preferred Stock n/a Days Cover Short 4.7Plus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (295.3) Last Week 4/23/14 2.6Enterprise Value 3,962.8 Last Month 3/30/14 2.3Relative Performance Last 3 Months 1/30/14 1.9Z YTD 33.0% 12/31/13 Last 6 Months 10/30/13 1.5(Invalid Identifier) YTD #VALUE! Last Year 4/30/13 1.3

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/11 12/31/12 12/31/13 12/31/13 2014E 2015ERevolving Credit n/a Unamortized Discount n/a Input EstimatesTerm Loans n/a Adjustments n/aSnr. Bonds and Notes n/a Total Debt 0.0 Revenue 66.1 116.9 197.5 197.5 293.7 397.7Sub Bonds and Notes n/a EBITDA 5.8 12.4 (5.5) (5.5) 41.8 79.8Trust Preferred n/a Undrawn Revolver n/a Margin (%) 8.8% 10.6% (2.8%) (2.8%) 14.2% 20.1%Capital Leases n/a Undrawn Commercial Paper n/a EBIT 2.7 7.0 (16.5) (16.5) (26.5) 0.7Other n/a Undrawn Term Loans n/a Margin (%) 4.1% 6.0% (8.4%) (8.4%) (9.0%) 0.2%Total Principal Due n/a Other Available Credit n/a Net Income 1.1 5.9 (12.5) (12.5) 3.3 35.8

Total Undrawn Credit n/a Margin (%) 1.7% 5.1% (6.3%) (6.3%) 1.1% 9.0%

998 999 1000 2000 1001 1002 Diluted EPS n/a 0.18 (0.35) (0.35) 0.06 0.67


12/31/11 12/31/12 12/31/13 12/31/13 2014E 2015E Cash from Operations 14.8 35.6 31.3 31.3 49.5 91.5TEV / Revenue #REFRESH #REFRESH #REFRESH #REFRESH 13.5x 10.0x Cash from Investing (58.4) (97.7) (251.8) (251.8)TEV / EBITDA #REFRESH #REFRESH #REFRESH #REFRESH 94.8x 49.7x Cash from Finaning 79.2 164.2 272.2 272.2TEV / EBIT #REFRESH #REFRESH #REFRESH #REFRESH NA NA Change in Cash 35.6 102.1 51.7 51.7P / E #REFRESH #REFRESH #REFRESH #REFRESH NA 161.6xP / BV #REFRESH #REFRESH #REFRESH #REFRESH 8.3x 7.9x Balance Sheet Latest1 Year GrowthTotal Revenue 116.8% 76.9% 69.1% 69.1% 48.7% 35.4% Total Assets 116.7 307.5 608.1 608.1EBITDA NM 112.4% NM NM NM 90.8% Total Liabilities 15.5 27.2 40.3 40.3EBIT NM 155.9% NM NM NM NM Total Equity 101.2 280.3 567.8 567.8Net Income NM 438.9% NM NM NM 999.2%EPS NM NM NM NM NM 1012.9%



NA

Income Statement

Cash Flow Statement

116.8%

76.9%69.1%

48.7%35.4%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x2.0x4.0x6.0x8.0x10.0x12.0x14.0x16.0x

050

100150200250300350400450

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

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Valuation


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

150.00

170.00

190.00

210.00

230.00

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Public Company Snapshot: ZipRealty


ZIPREALTY INC. (NASDAQGM:ZIPR)COMPANY INFORMATIONZipRealty, Inc. operates as an online technology-enabled real estate brokerage company in the United States. The company offers an online marketing and sales system to its owned and operated brokerages, and its

Powered by Zip network of third-party brokerages that enables them to offer brokerage services to buyers and sellers in residential real estate transactions. It operates ziprealty.com, a brokerage Website that provides

consumers with data on homes currently for sale; ZAP, a SaaS-based Zap technology platform for managing the client interaction, lead incubation, and customer service; and mobile applications that offer features of

its Website and optimize them for various platforms and devices. ZipRealty, Inc. serves consumers, real estate professionals, and other real estate brokerages and their affiliated agents. The company conducts its

owned-and-operated brokerages in 19 markets; and Powered by Zip business that serves local brokerages in 20 markets in the United States. ZipRealty, Inc. was founded in 1999 and is based in Emeryville, California.

Stock Exchange NasdaqGM Latest Fiscal Year 12/31/2013 Primary Industry Real Estate Services Next Earnings Date 5/5/2014Website http://www.ziprealty.com Latest Fiscal Quarter 12/31/2013 S&P LT Rating n/a S&P STARS Ranking n/aEmployees 160 LTM as of 12/31/2013 S&P LT Rating Date n/a S&P Quality Ranking CCurrent Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH(in millions, except per share data)Valuation Market DataCurrent Price (Apr 30 2014) 3.32 Dividend Yield #VALUE! 52 Week High (Jan 17, 2014) 7.07 5 Year Beta 1.93 52 Week Low (May 28, 2013) 2.67 Float 10.4Total Basic Common Shares 21.7 Float % 47.9%Market Capitalization 72.0 Short Int. as a % of S/O 0.6%Plus: Total Debt 0.0 Shares Sold Short 0.1Plus: Preferred Stock n/a Days Cover Short 2.7Plus: Minority Interest n/a Average Trading VolumeLess: Cash and ST Investments (14.3) Last Week 4/23/14 0.0Enterprise Value 57.7 Last Month 3/30/14 0.0Relative Performance Last 3 Months 1/30/14 0.1ZIPR YTD (40.7%) 12/31/13 Last 6 Months 10/30/13 0.1(Invalid Identifier) YTD #VALUE! Last Year 4/30/13 0.1

CAPITAL STRUCTURE FINANCIAL SUMMARYCapital Structure Fiscal Year Ending, LTM Fiscal Year Ending,Commercial Paper n/a Unamortized Premium n/a 12/31/11 12/31/12 12/31/13 12/31/13 2014E 2015ERevolving Credit 0.0 Unamortized Discount n/a Input EstimatesTerm Loans n/a Adjustments n/aSnr. Bonds and Notes n/a Total Debt 0.0 Revenue 85.1 73.8 75.9 75.9 75.9 82.0Sub Bonds and Notes n/a EBITDA (5.7) (1.4) (2.7) (2.7) (0.9) 2.7Trust Preferred n/a Undrawn Revolver n/a Margin (%) (6.7%) (1.9%) (3.6%) (3.6%) (1.1%) 3.3%Capital Leases n/a Undrawn Commercial Paper n/a EBIT (6.6) (2.1) (3.3) (3.3) (4.1) (0.6)Other n/a Undrawn Term Loans n/a Margin (%) (7.7%) (2.8%) (4.4%) (4.4%) (5.4%) (0.7%)Total Principal Due 0.0 Other Available Credit n/a Net Income (9.7) (9.7) (5.4) (5.4) (4.4) 0.0


998 999 1000 2000 1001 1002 Diluted EPS (0.47) (0.47) (0.26) (0.26) (0.18) (0.03)


12/31/11 12/31/12 12/31/13 12/31/13 2014E 2015E Cash from Operations (8.3) (7.3) 1.0 1.0 0.2 3.7TEV / Revenue #REFRESH #REFRESH #REFRESH #REFRESH 0.8x 0.7x Cash from Investing 7.6 7.5 (2.4) (2.4)TEV / EBITDA #REFRESH #REFRESH #REFRESH #REFRESH NA 21.4x Cash from Finaning 0.0 0.1 2.8 2.8TEV / EBIT #REFRESH #REFRESH #REFRESH #REFRESH NA NA Change in Cash (0.8) 0.3 1.4 1.4P / E #REFRESH #REFRESH #REFRESH #REFRESH NA NAP / BV #REFRESH #REFRESH #REFRESH #REFRESH 5.8x 5.7x Balance Sheet Latest1 Year GrowthTotal Revenue (28.3%) (13.3%) 2.8% 2.8% 0.1% 8.0% Total Assets 28.3 19.4 20.2 20.2EBITDA NM NM NM NM NM NM Total Liabilities 6.5 5.9 7.9 7.9EBIT NM NM NM NM NM NM Total Equity 21.8 13.5 12.3 12.3Net Income NM NM NM NM NM NMEPS NM NM NM NM NM NM



NA

Income Statement

Cash Flow Statement

(28.3%)

(13.3%)

2.8%0.1%

8.0%

(35.0%)(30.0%)(25.0%)(20.0%)(15.0%)(10.0%)

(5.0%)0.0%5.0%

10.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x0.1x0.2x0.3x0.4x0.5x0.6x0.7x0.8x

68707274767880828486

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation


0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

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spring 2014 real estate tech update

Technology

event management software

leading software

facility management

software equity group

resident management

software advisory services

resource management

jmi equity