INTERNET & DIGITAL MEDIA SECTOR REPORT

INTERNET & DIGITAL MEDIA SECTOR REPORT

Q2 2020

Online Marketplaces’ Greatest Moment

EXECUTIVE SUMMARY

Q2 2020 Internet & Digital Media Wrap-Up

2

Select Q2 Active Buyers Select Q2 Active Investors

» Internet & Digital Media continues to be a highly active category both in public and private markets

— The sector witnessed successful IPOs of Warner Music Group ($1.9 billion raised on June 3rd), Vroom ($465 million raised on June 9th) and Agora ($350 million raised on June 26th)

— In the private markets, a total of $14.3 billion in M&A volume and $14.2 billion in financing volume was announced or closed in Q2 2020

— M&A activity was up from the same period on 2019 with 13 transactions announced in the quarter

— Financings in 2Q 2020 were down 8% from Q2 2019, while the aggregate dollar amount was down 6%

» Q2 M&A activity saw several multi-billion dollar deals as well as numerous transactions close in the $100 – 250 million value range; private equity

accounted for ~31% of the buyers

— Zynga’s acquisition of Peak and General Atlantic, Warburg Pincus and Ocean Link’s acquisition of 58.com (NYSE:WUBA) represent approximately $10.5 billion of deal value in Q2 2020

— Other notable deals include: Amazon / Zoox (Automated Driving Technology), The Stagwell Group / MDC Partners (Advertising Technology) and Forge Capital / SharesPost (Mobile)

» Several large financing rounds took place in Q2 with an aggregate of 721 financings across all stages

— Larger financings include: Airbnb ($1 billion), Stripe ($850 million), DoorDash ($400 million) and Robinhood ($280 million)

» From a trading perspective three sectors have lead the public trading pack: E-Commerce, Marketplaces and Social Media with year-over-year growth

of 33.9%, 29.5% and 18.0%, respectively, and all trading at high 19x – low 20x EBITDA multiples

GCA OVERVIEW

Leading Global Investment Bank Providing Strategic M&A and Capital Markets Advisory Services

3

ZURICH

MILAN

FRANKFURT

MUNICH

TEL AVIV

LONDON

BIRMINGHAM

MUMBAI

SHANGHAI

SINGAPORE

TOKYO

NEW DELHI

NAGOYA

HO CHI MINH CITY

TAIPEI

PARISLEEDS

FUKUOKA

NEW YORK

SAN FRANCISCO

Sector expertise:

Expansive coverage

and deep specialization

Exceptional cross-border capabilities:

Half of all transactions

Global platform:25 offices in key markets across

America, Asia and Europe

Broad spectrum of clients:

Leading

conglomerates, top

private equity firms

and emerging high-

growth companies

Experienced team: Over 500 employees

across the globe

Strong reputation and track record: High number of

repeat clients and referrals

Diversified business model:

Geographically balanced, synergistic

and complementary focus areas

KYOTO

OSAKA

MANCHESTER

LAUSANNE

STOCKHOLM

San Francisco | New York | Birmingham | Frankfurt | Fukuoka | Ho Chi Minh City | Kyoto | Lausanne | Leeds | London | Manchester | Milan | Mumbai | Munich | Nagoya | New Delhi | Osaka | Paris | Shanghai | Singapore | Stockhom | Taipei | Tel Aviv | Tokyo | Zurich

GCA OVERVIEW

Strong Sector Expertise Across Internet & Digital Media Team

Notes:The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Advisors Corporation and GCA Altium, have advised on. 4

MEDIA / ENTERTAINMENT

SEARCH & ONLINE ADVERTISING

INTERNET CONTENT

INTERNET COMMERCE

MARKETPLACE / NEW TECHNOLOGY

SELECTED RECENT TRANSACTIONS

REPRESENTATIVE FOCUS AREAS GCA SECTOR TEAM

JOHN LAMBROSManaging DirectorNew [email protected]+1 (212) 999-7083

JOSHUA WEPMANManaging DirectorNew [email protected]+1 (212) 999-7092

KEVIN WALSHManaging DirectorSan [email protected]+1 (415) 318-3629

THOMAS EGLIManaging [email protected]+41 43 499 4341

PUBLISHING

GAMING

SOCIAL MEDIA

HR TECHNOLOGY

DIVERSIFIED MARKETING TECHNOLOGY

GCA OVERVIEW

Selected Recent Internet & Digital Media Transactions

5

GCA OVERVIEW

Experience in Consumer, E-Commerce and Marketplaces

6

Consumer E-Commerce Marketplaces

Online mobile & fashion

retailer

Kitchen & home hub

Online travel agency

Online fashion retail

Sensual wellness toys

Sports equipment

Experience gifts

Online specialty sports

Online grocery

Online bike retail

Online board sports retail

Online bikeretail

Online sportfashion retail

Event Streaming

Digital sports content & retail

Multi-channel streetwear

Insurance marketplace

Online real estate

classifieds

Online education

portal

Insurance marketplace

Online B2B classifieds

Online classifieds

Online marketplace

Audio systems for children

Children diapers retailer

Online perfumery

Online optical retail chain

Online HQ pictures

Luxury watch manufacturer

Online fashion retail

Online job classifieds

Online career portal

Online golf retail

Online auction marketplace technology

Online pet retailer

Stock photo marketplace

GCA OVERVIEW

7Notes:Sources: Pitchbook, LinkedIn, Press Releases, Company Website.

Transaction Overview The SpringHill Company Overview

Case Study: SISTER’s Investment in The SpringHill Company

Television

» On April 3, SISTER announced its $100 million investment in The SpringHill Company

» SISTER invested alongside the financial services companies Guggenheim Investments and UC Investments, as well as Jason Stein’s SC Holdings

» The company’s new board will include SISTER’s founder Elisabeth Murdoch, Serena Williams, Apollo Global Management’s co-founder Marc Rowan, investment banker Paul Wachter, Live Nation CEO Michael Rapino and Boston Red Sox chairman Tom Werner

Headquarters: Los Angeles, CA

Founded: 2015

Description: Provider of media content intended to create compelling storiesfor television, features and digital. The company offers differentfeature films, webseries, television series and short films,enabling users to get an altogether different experience whileenjoying their favorite shows. The SpringHill Company was co-founded by NBA star LeBron James and his business consortiumin 2015.

I’ve always wanted to use the platform of basketball to empower those around me. Now I’m incredibly excited about the opportunity to build a company that empowers creators, consumers and everything it touches.

Together with our new partners and incredible team, we are building a consumer and entertainment business that’s committed to diversity, that’s unafraid to stand up for what we believe in and that’s resonating with our community.

“

“

“

“

Production Partners

Selected Transaction Commentary

Content Offering Overview

LeBron James,

Co-Founder, SpringHill

Maverick Carter,

Co-Founder, SpringHill

Feature Films

What’s My Name

The story of Muhammad Ali

Million Dollar Mile

Everyday athletes compete in the

mile for $1 million

The WallTeams compete in

trivia for cash prizes

Warriors of Liberty City

Series covering a Miami youth

football program

Student AthleteExplores the

business of college sports

Shut Up & Dribble

History of the NBA and its impact on

pop culture

More Than A GameCovers LeBron James’ high school basketball team in Akron Ohio, detailing the story of five friends chasing victory and

James’ path to superstardom

I Am GiantChronicles Victor Cruz’s improbable rise to football stardom,

the life-shattering injury that derailed his career and his dramatic attempt at a comeback

GCA OVERVIEW

8Notes:Sources: Pitchbook, LinkedIn, Press Releases, Company Website.

Transaction Overview Storyblocks Company Overview

Case Study: Great Hill’s Acquisition of Storyblocks

» On June 25, Great Hill Partners announced its acquisition of Storyblocks, the first and largest subscription-based stock media company

» GCA served as exclusive financial advisor to Great Hill Partners

» The partnership will allow Storyblocks to accelerate its mission of modernizing the creative process to better support affordable, efficient video creation and to extend its current capabilities and product offerings

Headquarters: Arlington, VA

Founded: 2009

Description: Operator of an online marketplace intended to provide high-quality stock media at a fraction of the cost. The company’splatform provides creators with royalty-free HD videos,templates, images, music and sound effects through a flat-ratemodel. Users can subscribe individually to the company’s video,audio or image libraries or subscribe to a bundle of the three.

We have seen dramatic changes to workflows for customers ranging from freelancers to major production studios... We are excited to partner with the Great Hill team because we share the belief that creatives are hungry for a new model to meet these new needs.

Flexible, affordable, high-quality content has become a prerequisite for individuals and creative teams looking to leverage social media and video platforms. Storyblocks is uniquely positioned as a dynamic category leader to serve creatives as the industry continues to evolve.

“

“

“

“

Premium Enterprise Customers

Selected Transaction Commentary

Platform Overview

TJ Leonard,

CEO, Storyblocks

Michael Kumin,

Partner, Great Hill

Video» Royalty-free library of millions of HD and 4K videos, all hand

selected from industry-leading videographers

Audio» Constantly expanding library of music, sound effects and loops,

which creators can download and use royalty-free

Images» Library containing millions of stock vectors, illustrations and

photos

Enterprise» Enterprise Unlimited plans enable creative groups to license as

much media as they require for a flat cost with access to account

representatives and service teams

9

SECTION IGCA INTERNET & DIGITAL MEDIA: E-COMMERCE’S COVID BOOST

The coronavirus will provide a long-term boost for online retailers …”

GCA anticipates a strong increase in E-Commerce M&A activity when

the crisis eases, as investors / buyers are realizing the attractiveness of the sector

and want to invest / buy. The overall M&A market will lack attractive assets,

as most companies will have suffered from the crisis and will need months to recover

GCA INTERNET & DIGITAL MEDIA: E-COMMERCE’S COVID BOOST

How E-Commerce Is Benefitting from the Current Situation

11

GCA expects E-Commerce market perception from all stakeholders to strongly improve

✓✓✓

✓✓✓

✓✓

✓✓✓

✓

» Strong growth since end of February 2020

» KPIs strongly improving (CAC, re-purchase, AOV, etc.)

» Growth for most product categories

(except for luxury and few others)

» Offline players: We have been approached by some

traditional retailers who have decided they need to

strengthen E-Commerce inorganically

» Consumers: Broadening customer base is here to stay

due to convenience and speed. However, risk that

current delivery lags in logistics might damage

reputation

» Brands / producers: Looking to partner with E-

Commerce players as stores are closed. Better

relationships will lead to better access going forward,

also to key brands

» PE investors: Growing interest, but targets need to

be profitable

» Regulators are pushing / supporting E-Commerce as

vital to provide supply for inhabitants

» We expect the positive environment for E-Commerce

to continue post COVID-19

✓✓✓

✓✓

Market

perception

Revenues /

KPIs

Regulatory

… and outperformance of 2020 budget

… expected to result in lasting change in consumer behavior …

… driven by first-time customers and increased re-purchase rate of existing customers …

Strong growth in orders …

Positive Development Across Most Product Verticals We See Impact on Three Levels

Notes:Sources: Pitchbook, LinkedIn, Press Releases, Company Website.


E-Commerce Is Outperforming Stock Market Indices

12

1H S&P 500 Performance vs. Selected E-Commerce and Marketplace Players

Notes:Sources: Capital IQ.

E-Commerce

-40%

-20%

0%

20%

40%

60%

80%

E-Commerce Marketplaces S&P 500

60%

28%

(4%)

60% 28%1H Share Price Performance

Marketplaces

10.0x

15.0x

20.0x

25.0x

10.0x

15.0x

20.0x

25.0x

1/2/2020 2/1/2020 3/2/2020 4/1/2020 5/1/2020 5/31/2020 6/30/2020

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

1/2/2020 2/1/2020 3/2/2020 4/1/2020 5/1/2020 5/31/2020 6/30/2020


YTD Development of Valuation Levels

13

E-C

om

me

rce

Marke

tplace

s

EV / Revenue and EV / EBITDA – Multiples Have Fully Recovered

EV / ’20 Revenue

EV / ’20 EBITDA

Jun 30

21.6%22.3x18.3x

DeltaJan 2

Marketplaces

E-Commerce

5.0%20.3x19.4x

Jun 30

44.6%1.9x1.3x

DeltaJan 2

Marketplaces

E-Commerce

19.5%6.5x5.4x

20.3x

22.3x

6.5x

1.9x

Notes:Sources: Capital IQ.


Valuation Overview – E-Commerce and Marketplaces

14

Multiples have remained broadly constant despite COVID-19 and will benefit mid-term

E-Commerce

1

Revenue CAGR '19-'21 15.5%

EV / ’20 Revenue 1.9x

EV / ’20 EBITDA 22.3x

EBITDA margin 5.5%

Marketplaces

2

Revenue CAGR '19-'21 25.2%

EV / ’20 Revenue 6.5x

EV / ’20 EBITDA 20.3x

EBITDA margin 20.6%


Media and Analysts Expect a Boost of E-Commerce Businesses

15


What Buyers Are Looking For

16

Our Experience from Recent Deals Key Criteria for E-Commerce Buyers

What Excites PEs

✓ Credibility with customers✓ Superior customer

economics✓ High top-line growth AND

strong profitability✓ USP against Amazon and

Zalando✓ Strong management team

What Excites Strategics

✓ Access to loyal customer base

✓ Additional distribution channel

✓ Market leading position✓ Strong digital capabilities

✓ Truly international footprint

Sustainabledouble-digit growth

GrowthP Double-digit (cash)

EBITDA margins

ProfitabilityP

Attractive cohorts (low churn, high purchase frequency, low CAC)

CustomersP Gross margin

development / share of private label

SourcingP

Credibility within its customer group key for

investors

CredibilityP


Key Metrics for E-Commerce Models

17

KPIs to Be Prepared and Presented to Potential Buyers / Investors

Traffic

Focus of analysis:

» What are the sources

of your traffic (paid, TV

and related marketing

vs. unpaid)?

» What are the CPCs for

the paid channels?

» How does the high

brand credibility

drive direct traffic?

» What is your net

promoter score (NPS)?

» How is traffic

developing and what is

the split of the

sources there?

» Mobile share in traffic?

» How high is the CPO?

Market Trend

Focus of analysis:

» What are you

expecting in terms of

overall market

growth?

» How is your market

segment benefiting

from the ongoing

online growth?

» What is your

market share?

» Who are your key

competitors?

» How do you

differentiate from

competitors?

Shop / Front-End

Focus of analysis:

» Benchmarking of

load times for

specific searches

vs. key competitors

» What is the exclusive

(if any) and total #

of products?

» Technology of

front- / back-end

and how scalable and

state-of-the-art is it?

» How good is the

filtering function?

» How mobile-ready

is the website?

Focus of analysis:

» How are conversion

rates developing

across traffic sources?

» How is cancellation

rate developing?

» How high is the

drop out rate?

» Do you have

retargeting measures

in place for customers

having dropped out

before completing

their order?

» Do you track (in-house)

customer service KPIs

(response-time etc.)?

Conversion Customers

Focus of analysis:

» How high is the

repurchase rate of

existing customers?

» How high is the

churn rate?

» New customers

acquired on average

per month?

» Main traffic source for

new customers?

» How high is the AOV /

CAC (split by new vs.

existing customers)?

» Are long-term

customers spending

more?

» Are there differences

on a country by

country basis?

» How high are customer

satisfaction scores?

After Sales

Focus of analysis:

» Handling time, picking

& shipping costs,

expandability?

» What is share of orders

delivered the

next day?

» Share of drop

shipping?

» How is number of

SKUs developing?

» Level of working capital

requirements in order

to ensure high

availability?

» How high is the share

of units in stock?

» How high is the share

of returned goods?

» What customer

support KPIs are you

tracking?

18

SECTION IIQ2 ‘20 MARKET UPDATE

Select Q2 '20 Financing Transactions Quarterly Financing Volume ($Bn) (1)(2) Quarterly M&A Volume ($Bn) (4) Select Q2 '20 M&A Transactions

Company Amount ($MM) Acquirer Target EV ($MM)

$1,000 $8,700

$850 $1,800

$400 $1,300

$280 $900

$250 Perfect Peony $405

$241 $260

$170 $259

$100 $112

Last 12 Months Digital Media & Internet Price Performance (5)

721

Q2 2020 Financing Transactions (1)(2)(3)

$14.2 Billion

Q2 2020 Financing Volume (1)(2)(3)

$14.3 Billion

Q2 2020 M&A Volume (3)(4)

13

Q2 2020 M&A Transactions (3)(4)

783

671 690 710

787

688 706656

721

550

650

750

850

$12$15

$13 $13$15

$13 $13 $12$14

$0

$5

$10

$15

$20

$14

$28 $30

$17$20

$35

$24

$15 $14

$0

$10

$20

$30

$40

16

2532

1611

1520

1713

0

10

20

30

40

(50.0%)

(30.0%)

(10.0%)

10.0%

30.0%

50.0%

6/30/2019 7/31/2019 8/31/2019 9/30/2019 10/31/2019 11/30/2019 12/31/2019 1/31/2020 2/29/2020 3/31/2020 4/30/2020 5/31/2020 6/30/2020

19

DEAL DASHBOARD

Notes:Sources: Capital IQ, PitchBook, PriceWaterhouseCoopers / NVCA MoneyTree Report.1) Criteria based on U.S. internet/mobile/telecommunications Series A and subsequent rounds of financings. 2) Financings include Venture and Private Equity Growth/Expansion activity for U.S. internet/mobile/telecommunications sectors. 3) Figures reflect total transactions and volume through end of most recent quarter. 4) Criteria based on U.S. target internet/digital media M&A deals with transaction enterprise values greater than $50MM. 5) Details on companies included can be found on the following page.

29.5%18.0%

41.1%

(6.5%)

42.6%

(14.5%)

33.9%

(12.1%)

7.8%

Internet Content Gaming PublishersDiversified Marketing

Marketplaces Social Media E-CommerceSearch / Online

AdvertisingMedia /

Entertainment

25.2x 24.2x

19.5x17.3x 16.1x 15.6x 15.1x

13.4x 12.6x

Marketplace / NewEconomy

Internet Commerce Social Media Gaming Search / Online Adv. Internet Content Publishers Media /Entertainment

DiversifiedMarketing

7.3x6.7x

5.9x

4.4x 4.4x4.1x

2.8x 2.5x 2.3x

Social Media Search / Online Adv. Marketplace / NewEconomy

Gaming DiversifiedMarketing

Internet Content Internet Commerce Publishers Media /Entertainment

Notes:Source: Capital IQ. Multiples <0x and >50x considered NM. Multiples represent mean value of sector group. 20

Q2 2020 M&A DEAL DASHBOARD

INTERNET & DIGITAL MEDIA ECOSYSTEM

2020E Revenue / 2020E EBITDA Multiple

SocialMedia

7.3x / 19.5x 2.3 / 13.4x

Media / Entertainment

2.5x / 15.1x

Publishers

4.4x / 12.6x

Diversified Marketing

4.4x / 17.3x

Gaming

4.1x / 15.6x

Internet Content

6.7x / 16.1x

Search / Online Advertisement

5.9x / 25.2x

Marketplaces

2.8x / 24.2x

E-Commerce

ENTERPRISE VALUE / 2020E REVENUE ENTERPRISE VALUE / 2020E EBITDA


E-Commerce Media / Entertainment

Gaming Internet Content

Market-places

Social Media

Search / Online Adv.

Publishers Search / Online Adv.


Media / Entertainment

E-Commerce Internet Content

GamingSocial Media

Market-places

Publishers

$15.6

$27.5

$29.8

$20.4 $20.3

$34.5

$24.3

$15.3 $14.3

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

21

($BN) Number of Deals M&A Volume

QUARTERLY M&A ACTIVITY (1)(2) SELECT Q2 2020 M&A TRANSACTIONS

Ann. Date Acquirer Target Enterprise Value

6/26 $1,300

6/25 $259

6/22 $112

6/19 $128

6/14 Perfect Peony $405

6/4 $100

6/1 $1,800

5/12 $160

5/4 $900

4/3 $260

4/2 $8,700

16

25

31

11

15

20

($MM)

17 17

13

Notes:Sources: Capital IQ, PitchBook, Wall Street Estimates. 1) Criteria based on U.S. target internet/digital media M&A deals with transaction enterprise values greater than $50MM. 2) Details on companies included can be found in the appendix.

Q2 2020 M&A DEAL DASHBOARD

22

Q2 2020 FINANCING DEAL DASHBOARD

($BN) Number of Deals Financing Volume

QUARTERLY FINANCING ACTIVITY (1)(2)(3) SELECT Q2 2020 FINANCING TRANSACTIONS

($MM)

$12.3

$14.8

$12.6

$13.4

$15.1

$12.9 $12.7

$11.7

$14.2

Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

690

783

671

710

787

688

706

656

721

Ann. Date Investor Target Amount Raised

6/29 $48

6/18 $400

6/16 $50

6/3 $241

5/28 $127

5/21 $100

5/7 $170

5/4 $280

4/21 $250

4/16 $850

4/6 $1,000

Notes:Sources: Capital IQ, PitchBook, PriceWaterhouseCoopers / NVCA MoneyTree Report. 1) Criteria based on U.S. internet/mobile/telecommunications Series A and subsequent rounds of financings. 2) Financings include Venture and Private Equity Growth/Expansion activity for U.S. internet/mobile/telecommunications sectors. 3) Figures reflect total transactions and volume through end of most recent quarter.

23

APPENDIX

APPENDIX – PUBLIC COMPANY VALUATIONS

24Notes:Sources: Capital IQ, Wall Street Estimates. Multiples <0x and >50x considered NM.

($MM), Except Per Share DataStock Trading Statistics Operating Metrics

Price LTM Price Range Equity Cash & Net Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin

Company 6/30/20 Low High Value Equiv. Debt Value CY 19A CY 20E CY 21E CY 19A CY 20E CY 21E 19A/18A 20E/19A 21E/20E CY 19A CY 20E CY 21E

Marketplaces

Shopify Inc. $949.20 $282.08 $958.76 $113,303 $2,361 ($2,219) $111,083 NM NM 37.8x NM NM NM 47.0% 37.5% 35.4% 4.2% 3.1% 4.1%

Uber Technologies, Inc. $31.08 $13.71 $45.63 $53,892 $8,996 $503 $54,395 3.8x 4.1x 3.0x NM NM NM 25.5% (7.0%) 39.4% (20.0%) (18.0%) (0.4%)

MercadoLibre, Inc. $985.77 $422.22 $998.11 $49,003 $2,276 ($1,151) $47,851 20.8x 15.8x 11.3x NM NM NM 59.5% 31.9% 39.3% (3.1%) (1.2%) 2.3%

eBay Inc. $52.45 $26.02 $52.75 $36,855 $4,430 $4,765 $41,620 3.9x 4.0x 3.8x NM 10.7x 10.3x 2382.2% (4.1%) 4.9% (1.7%) 37.4% 37.3%

Delivery Hero SE $102.36 $43.27 $108.28 $20,375 $785 ($651) $19,724 14.2x 7.8x 4.9x NM NM NM 219.2% 83.1% 58.0% (13.6%) (24.5%) (4.9%)

Copart, Inc. $83.27 $55.69 $104.88 $19,550 $306 $210 $19,760 8.9x 9.4x 8.4x 21.8x 24.2x 20.2x 18.8% (5.9%) 12.7% 40.8% 39.1% 41.4%

Just Eat Takeaway.com N.V. $104.39 $66.17 $115.12 $15,524 $56 $247 $15,772 33.8x 7.2x 5.7x NM NM 38.4x 75.5% 369.5% 26.4% 7.6% 11.5% 14.8%

Etsy, Inc. $106.23 $29.95 $107.32 $12,607 $804 $50 $12,657 15.5x 10.8x 9.1x NM 46.9x 38.4x 35.6% 43.4% 18.0% 22.5% 23.0% 23.8%

Lyft, Inc. $33.01 $14.56 $68.33 $10,128 $2,670 ($2,137) $7,991 2.2x 2.8x 1.8x NM NM NM 67.7% (22.0%) 55.0% (19.8%) (25.6%) (5.5%)

Grubhub Inc. $70.30 $29.35 $80.25 $6,484 $597 $196 $6,680 5.1x 4.3x 3.8x 37.1x NM 45.8x 30.3% 18.1% 14.4% 13.7% 4.3% 8.2%

Farfetch Limited $17.27 $5.99 $22.11 $5,865 $422 ($129) $5,736 5.6x 4.2x 3.1x NM NM NM 69.5% 34.7% 33.2% (12.5%) (7.7%) 0.0%

LendingTree, Inc. $289.53 $135.72 $434.94 $3,782 $51 $378 $4,160 3.8x 4.7x 3.9x 20.6x 32.6x 22.9x 44.7% (20.3%) 21.3% 18.3% 14.5% 16.9%

CarGurus, Inc. $25.35 $14.25 $40.91 $2,856 $156 ($78) $2,778 4.7x 5.4x 4.3x 38.1x 39.8x 26.6x 29.7% (12.8%) 26.0% 12.4% 13.6% 16.1%

TripAdvisor, Inc. $19.01 $13.73 $47.60 $2,551 $798 ($73) $2,478 1.6x 3.8x 2.3x 5.7x NM 9.9x (3.4%) (57.7%) 65.8% 27.9% (10.3%) 22.8%

Moneysupermarket.com Group PLC $4.01 $2.60 $5.19 $2,150 $32 $14 $2,164 4.2x 4.7x 4.3x 11.7x 13.8x 12.1x 13.5% (10.7%) 8.9% 36.0% 34.1% 35.7%

The RealReal, Inc. $12.79 $5.00 $26.81 $1,111 $303 ($169) $943 3.0x 3.2x 2.2x NM NM NM 48.8% (7.9%) 43.7% (23.1%) (31.3%) (11.2%)

Cars.com Inc. $5.76 $3.25 $22.25 $387 $187 $657 $1,044 1.7x 2.0x 1.8x 6.1x 8.7x 6.4x (8.4%) (14.5%) 13.3% 28.1% 23.2% 27.7%

Mean 8.3x 5.9x 6.6x 20.1x 25.2x 23.1x 185.6% 26.8% 30.3% 6.9% 5.0% 13.5%Median 4.5x 4.5x 3.9x 20.6x 24.2x 21.6x 44.7% (5.9%) 26.4% 7.6% 4.3% 14.8%

Social Media & New Platform

Facebook, Inc. $227.07 $137.10 $245.19 $647,453 $60,289 ($49,475) $597,978 8.5x 7.8x 6.2x 15.1x 16.0x 12.4x 26.6% 9.1% 25.1% 56.0% 48.5% 50.1%

Snap Inc. $23.49 $7.89 $24.90 $33,953 $2,830 ($883) $33,070 19.3x 15.7x 11.4x NM NM NM 45.3% 22.9% 37.8% (12.9%) (9.3%) 8.2%

Twitter, Inc. $29.79 $20.00 $45.86 $23,329 $7,766 ($3,633) $19,696 5.7x 6.0x 4.9x 16.0x 24.4x 17.0x 13.7% (4.9%) 21.9% 35.5% 24.5% 28.9%

LINE Corporation $50.28 $27.46 $50.46 $12,065 $1,739 $418 $12,483 6.0x 5.2x 4.5x NM NM 37.4x 10.8% 14.3% 15.9% (6.5%) 3.5% 12.0%

Yelp Inc. $23.13 $12.89 $39.37 $1,663 $487 ($250) $1,413 1.4x 1.7x 1.5x 6.5x 18.1x 8.3x 7.6% (19.2%) 13.3% 21.5% 9.5% 18.3%

Mean 8.2x 7.3x 5.7x 12.5x 19.5x 18.8x 20.8% 4.4% 22.8% 18.7% 15.3% 23.5%Median 6.0x 6.0x 4.9x 15.1x 18.1x 14.7x 13.7% 9.1% 21.9% 21.5% 9.5% 18.3%

Search / Online Advertising

Microsoft Corporation $203.51 $130.78 $204.40 $1,543,306 $136,527 ($54,897) $1,488,409 11.1x 10.0x 9.0x 25.0x 22.1x 19.6x 13.3% 10.3% 11.8% 44.3% 45.4% 45.8%

Alphabet Inc. $1,418.05 $1,008.87 $1,530.74 $967,990 $117,229 ($100,425) $867,565 5.4x 5.1x 4.3x 14.7x 15.2x 12.2x 18.3% 4.6% 20.2% 36.5% 33.8% 35.1%

The Trade Desk, Inc. $406.50 $136.00 $421.06 $18,723 $446 ($76) $18,647 28.2x 27.1x 19.8x NM NM NM 38.5% 4.1% 36.8% 31.7% 25.5% 29.1%

Yandex N.V. $50.02 $27.93 $50.75 $17,556 $2,528 ($1,239) $16,317 5.8x 5.9x 4.3x 19.1x 24.7x 15.8x 53.7% (1.5%) 35.5% 30.2% 23.7% 27.4%

Magnite, Inc. $6.67 $4.09 $13.11 $716 $71 ($51) $666 4.3x 3.6x 2.8x 26.7x NM 16.5x 25.4% 18.7% 29.7% 16.0% (1.1%) 16.8%

Criteo S.A. $11.39 $5.89 $20.77 $703 $437 ($272) $431 0.2x 0.6x 0.6x 1.5x 2.7x 2.3x (1.7%) (67.6%) 2.4% 12.8% 21.8% 24.8%

QuinStreet, Inc. $10.46 $5.76 $17.13 $543 $97 ($83) $460 1.0x 1.0x 0.9x 13.6x 15.6x 9.5x 8.2% (5.2%) 9.4% 7.0% 6.4% 9.7%

Marchex, Inc. $1.58 $1.10 $4.98 $69 $40 ($33) $35 0.3x 0.4x 0.4x 8.2x NM 14.1x 24.5% (18.0%) 7.0% 4.0% (9.6%) 2.7%







Internet Content

Zillow Group, Inc. $57.48 $18.65 $66.96 $12,699 $2,561 ($282) $12,416 4.5x 3.7x 2.4x NM NM NM 105.7% 23.9% 53.1% 0.3% (2.8%) (0.4%)

GoDaddy Inc. $73.33 $40.25 $84.49 $12,119 $851 $1,825 $13,944 4.7x 4.3x 3.9x 21.2x 17.2x 14.4x 12.3% 8.5% 10.6% 22.0% 25.1% 26.9%

eHealth, Inc. $98.24 $52.71 $152.19 $2,516 $200 ($149) $2,367 5.1x 3.7x 3.0x 26.9x 17.1x 13.1x 105.4% 37.0% 24.6% 18.9% 21.6% 22.7%

TEGNA Inc. $11.14 $9.61 $18.31 $2,434 $35 $4,143 $6,578 2.9x 2.4x 2.4x 9.3x 7.9x 8.2x 4.2% 18.6% 0.6% 30.7% 30.5% 29.1%

TechTarget, Inc. $30.03 $16.82 $31.25 $827 $45 $8 $835 6.2x 6.2x 5.6x 20.1x 20.2x 16.9x 10.4% 0.4% 10.3% 31.0% 30.7% 33.2%


E-Commerce

Amazon.com, Inc. $2,758.82 $1,626.03 $2,796.00 $1,376,033 $49,292 $28,859 $1,404,892 5.0x 4.1x 3.4x 33.7x 31.4x 22.5x 20.5% 23.7% 17.6% 14.9% 12.9% 15.3%

Alibaba Group Holding Limited $215.70 $151.85 $231.14 $578,885 $51,287 ($30,490) $548,396 7.8x 6.3x 5.0x 24.6x 21.1x 15.3x 39.9% 24.6% 24.4% 31.8% 29.7% 32.9%

Netflix, Inc. $455.04 $252.28 $474.01 $200,128 $7,153 $10,555 $210,683 10.5x 8.5x 7.2x NM 45.9x 34.9x 27.6% 22.8% 18.1% 15.7% 18.5% 20.7%

JD.com, Inc. $60.18 $25.77 $62.42 $92,725 $10,293 ($5,426) $87,299 1.1x 0.9x 0.7x 43.2x 30.5x 20.7x 23.3% 22.0% 19.1% 2.4% 2.8% 3.5%

Booking Holdings Inc. $1,592.34 $1,107.29 $2,094.00 $65,176 $7,189 $2,025 $67,201 4.5x 9.8x 5.8x 11.5x NM 17.6x 3.7% (54.5%) 69.9% 38.8% 15.3% 32.9%

Spotify Technology S.A. $258.19 $109.18 $271.71 $48,012 $1,649 ($949) $47,062 6.2x 5.3x 4.3x NM NM NM 26.1% 18.1% 21.1% 0.8% (0.8%) 0.9%

Wayfair Inc. $197.61 $21.70 $221.54 $18,701 $891 $1,620 $20,321 2.2x 1.6x 1.4x NM NM NM 34.6% 37.6% 14.6% (5.4%) 0.2% 0.7%

Chewy, Inc. $44.69 $20.62 $52.77 $17,946 $193 $52 $17,998 5.1x 2.7x 2.2x NM NM NM (0.0%) 87.8% 21.5% (2.7%) 0.1% 1.6%

Zalando SE $70.65 $30.76 $74.30 $17,658 $1,238 ($634) $17,025 2.3x 2.0x 1.7x 37.1x 34.8x 26.0x 17.9% 16.2% 17.8% 6.3% 5.8% 6.6%

Expedia Group, Inc. $82.20 $40.76 $144.00 $11,589 $4,099 $3,278 $14,867 1.2x 2.5x 1.6x 7.0x NM 9.8x 7.5% (50.6%) 53.1% 17.6% 0.1% 16.6%

ASOS Plc $42.38 $12.07 $46.72 $4,217 $11 $621 $4,838 1.4x 1.4x 1.1x 32.7x 38.3x 17.7x 13.1% 5.0% 20.2% 4.3% 3.5% 6.4%

Qurate Retail, Inc. $9.50 $3.01 $14.63 $3,959 $555 $6,490 $10,449 0.8x 0.8x 0.8x 5.2x 5.7x 5.6x (4.3%) (2.0%) 1.7% 14.8% 13.9% 13.9%

Stamps.com Inc. $183.69 $44.03 $221.73 $3,138 $216 ($134) $3,005 5.3x 5.0x 4.6x 20.7x 19.6x 17.7x (2.6%) 5.4% 7.3% 25.4% 25.4% 26.2%

Stitch Fix, Inc. $24.94 $10.90 $31.65 $2,559 $242 ($76) $2,483 1.4x 1.4x 1.1x NM NM NM 26.7% 2.9% 21.1% 1.4% (3.0%) (0.1%)

Cimpress plc $76.34 $40.80 $145.09 $1,976 $228 $1,642 $3,618 1.3x 1.7x 1.4x 8.2x 11.6x 9.5x 4.1% (21.8%) 16.9% 15.8% 14.3% 15.0%

1-800-FLOWERS.COM, Inc. $20.02 $11.15 $26.81 $1,287 $232 ($65) $1,222 0.9x 0.8x 0.9x 13.8x 9.8x 12.0x 7.6% 18.6% (8.1%) 6.8% 8.1% 7.2%

Shutterstock, Inc. $34.97 $28.76 $45.98 $1,246 $296 ($250) $996 1.5x 1.6x 1.5x 9.8x 11.1x 10.0x 4.4% (3.6%) 5.9% 15.5% 14.3% 15.0%

Overstock.com, Inc. $28.43 $2.53 $29.75 $1,148 $145 ($72) $1,076 0.7x 0.6x 0.6x NM NM NM (20.3%) 21.6% 6.7% (5.6%) (2.1%) (1.1%)

Revolve Group, Inc. $14.86 $7.17 $41.22 $1,031 $104 ($74) $957 1.6x 1.7x 1.4x 17.6x 37.0x 16.3x 20.5% (7.1%) 23.4% 9.0% 4.6% 8.5%

trivago N.V. $1.97 $1.30 $5.38 $695 $231 ($122) $573 0.6x 1.5x 0.9x 7.6x NM 22.7x (10.2%) (59.3%) 60.3% 8.0% (12.0%) 4.1%

Quotient Technology Inc. $7.32 $4.55 $11.99 $658 $197 ($19) $639 1.5x 1.4x 1.2x 14.6x 14.5x 9.4x 12.7% 1.9% 16.2% 10.0% 9.9% 13.1%

Blue Apron Holdings, Inc. $11.09 $2.01 $28.84 $148 $30 $60 $209 0.5x 0.5x 0.4x NM 27.8x 9.6x (31.9%) (0.9%) 5.5% (1.7%) 1.7% 4.6%

Travelzoo $5.64 $3.04 $15.73 $64 $12 $15 $79 0.7x 1.6x 1.0x 5.8x NM 11.7x 0.1% (56.0%) 65.3% 12.2% (12.2%) 8.4%







Gaming

Tencent Holdings Limited $64.33 $40.28 $65.16 $609,684 $28,214 $5,387 $615,071 11.6x 9.1x 7.5x 30.4x 25.3x 21.0x 18.6% 27.0% 21.5% 38.1% 36.1% 35.7%

NetEase, Inc. $429.38 $209.01 $441.87 $59,342 $10,664 ($7,819) $51,523 6.1x 5.2x 4.6x 20.1x 19.1x 16.5x 14.3% 16.4% 13.2% 30.1% 27.3% 27.9%

Activision Blizzard, Inc. $75.90 $44.81 $77.63 $58,480 $5,980 ($3,305) $55,175 8.5x 7.7x 7.3x 25.1x 18.8x 17.2x (13.5%) 10.3% 6.1% 33.9% 40.9% 42.3%

Electronic Arts Inc. $132.05 $85.69 $133.60 $38,125 $5,735 ($4,515) $33,610 6.2x 6.1x 5.7x 17.8x 17.5x 16.3x 1.8% 3.0% 5.4% 35.1% 34.6% 35.2%

NAVER Corporation $222.60 $93.38 $240.94 $32,358 $3,971 ($2,021) $30,337 5.3x 4.9x 4.2x 33.6x 25.0x 19.0x 13.8% 9.2% 16.3% 15.8% 19.5% 22.0%

Ncsoft Corporation $742.84 $380.17 $797.87 $15,308 $1,667 ($1,375) $13,933 9.5x 6.0x 5.0x 28.6x 15.0x 11.5x (4.4%) 57.3% 19.8% 33.1% 40.1% 43.7%

Ubisoft Entertainment SA $82.60 $44.89 $90.34 $10,080 $1,186 $378 $10,458 5.7x 4.4x 3.5x 12.9x 8.9x 7.2x (16.9%) 30.0% 23.6% 44.0% 49.2% 48.9%

Zynga Inc. $9.54 $5.51 $9.92 $9,125 $1,261 ($542) $8,582 6.5x 4.9x 4.3x 28.1x 21.7x 18.3x 45.7% 33.8% 11.9% 23.1% 22.3% 23.7%

Glu Mobile Inc. $9.27 $3.98 $10.72 $1,544 $115 ($75) $1,470 3.6x 2.8x 2.6x 36.6x 26.1x 18.8x 12.2% 28.2% 7.4% 9.8% 10.7% 13.8%

DeNA Co., Ltd. $12.47 $9.68 $21.57 $1,540 $683 ($564) $975 0.9x 0.9x 0.7x NM 24.1x 4.7x (4.8%) (4.8%) 24.0% (15.8%) 3.8% 15.7%

GungHo Online Entertainment, Inc. $17.83 $12.61 $29.03 $1,210 $743 ($740) $470 0.5x 0.7x 0.7x 1.6x 2.5x 3.1x 11.1% (25.7%) (7.9%) 32.0% 26.8% 23.8%

GREE, Inc. $4.29 $3.16 $5.17 $979 $800 ($800) $179 0.3x 0.3x 0.3x 3.9x 4.2x 3.5x (6.6%) (7.5%) (7.3%) 7.5% 7.4% 9.7%


Media Conglomerates / Selected Entertainment

The Walt Disney Company $111.51 $79.07 $153.41 $201,417 $14,339 $45,216 $246,633 3.3x 3.8x 3.1x 13.3x 29.4x 14.3x 26.5% (13.2%) 22.9% 24.6% 12.8% 21.5%

Comcast Corporation $38.98 $31.71 $47.74 $177,911 $8,516 $100,227 $278,138 2.6x 2.7x 2.5x 8.1x 9.4x 8.3x 15.3% (6.1%) 8.4% 31.5% 28.9% 30.1%

Sony Corporation $68.50 $49.14 $75.26 $83,575 $8,944 $8,495 $92,070 1.4x 1.3x 1.1x 8.0x 12.2x 7.8x (3.2%) 12.8% 10.7% 17.8% 10.4% 14.6%

Vivendi SA $25.70 $18.68 $29.73 $29,757 $2,667 $6,755 $36,511 2.0x 2.0x 1.9x 15.5x 14.9x 12.8x 10.9% 0.8% 7.0% 13.2% 13.6% 14.9%

ViacomCBS Inc. $23.32 $10.10 $53.71 $14,351 $589 $19,789 $34,140 1.2x 1.3x 1.2x 5.8x 7.2x 6.6x 2.1% (5.0%) 6.7% 21.2% 18.0% 18.3%

Discovery, Inc. $21.10 $17.12 $33.66 $14,139 $1,465 $14,643 $28,782 2.6x 2.8x 2.6x 6.1x 7.4x 7.0x 8.2% (4.9%) 7.4% 43.2% 37.7% 37.0%

Mean 2.2x 2.3x 2.1x 9.5x 13.4x 9.5x 10.0% (2.6%) 10.5% 25.3% 20.2% 22.7%Median 2.3x 2.4x 2.2x 8.1x 10.8x 8.1x 9.6% (4.9%) 7.9% 22.9% 15.8% 19.9%






Publishers

Thomson Reuters Corporation $67.81 $55.81 $80.86 $33,618 $1,264 $2,854 $36,472 6.2x 6.1x 5.9x 24.3x 19.5x 18.2x 7.4% 1.1% 4.1% 25.4% 31.3% 32.2%

Informa plc $5.82 $4.05 $11.15 $8,749 $258 $3,545 $12,294 3.2x 4.8x 3.9x 9.2x 17.0x 11.4x 26.8% (33.6%) 24.8% 34.8% 28.4% 34.0%

The New York Times Company $42.03 $26.13 $43.32 $7,005 $435 ($435) $6,570 4.1x 3.7x 3.4x 27.9x 36.9x 24.6x 0.9% 8.6% 9.0% 14.6% 10.2% 14.0%

News Corporation $11.86 $7.90 $15.07 $6,982 $1,388 $1,164 $8,146 0.9x 1.0x 0.9x 7.6x 10.7x 7.3x (0.8%) (10.7%) 5.9% 11.6% 9.3% 12.9%

Pearson plc $7.13 $5.10 $11.78 $5,341 $851 $1,538 $6,879 1.3x 1.6x 1.5x 7.0x 10.2x 8.6x (2.6%) (16.1%) 6.3% 19.1% 15.7% 17.5%

Lagardère SCA $14.26 $9.16 $26.06 $1,837 $1,025 $5,115 $6,952 0.9x 1.3x 1.0x 8.9x NM 12.8x 2.9% (31.5%) 25.0% 9.6% 1.6% 7.8%

Meredith Corporation $14.55 $10.01 $56.86 $660 $103 $2,750 $3,411 1.2x 1.2x 1.2x 5.5x 7.0x 5.8x (1.3%) (6.6%) 5.7% 21.2% 17.7% 20.1%

Gannett Co., Inc. $1.38 $0.63 $11.35 $181 $200 $1,776 $1,956 1.0x 0.6x 0.6x 10.7x 4.5x 4.2x 22.4% 89.9% (1.8%) 9.8% 12.2% 13.3%

Mean 2.3x 2.5x 2.3x 12.7x 15.1x 11.6x 6.9% 0.2% 9.9% 18.3% 15.8% 19.0%Median 1.3x 1.4x 1.3x 9.1x 10.7x 10.0x 1.9% (8.6%) 6.1% 16.8% 14.0% 15.8%


Experian plc $34.90 $22.58 $36.32 $31,674 $277 $4,245 $35,919 7.4x 7.2x 6.7x 21.2x 20.9x 19.5x 0.0x 0.0x 0.1x 0.3x 0.3x 0.3x

Equifax Inc. $171.88 $103.01 $180.07 $20,864 $1,347 $3,028 $23,892 6.8x 6.5x 6.3x 20.3x 20.1x 18.4x 0.0x 0.0x 0.0x 0.3x 0.3x 0.3x

HubSpot, Inc. $224.35 $90.84 $231.17 $9,788 $969 ($358) $9,430 14.0x 11.7x 9.7x NM NM NM 0.3x 0.2x 0.2x 0.1x 0.1x 0.1x

WPP plc $7.81 $5.57 $13.44 $9,498 $3,932 $5,019 $14,517 0.8x 1.2x 1.2x 4.8x 8.2x 6.7x 0.1x -0.3x 0.1x 0.2x 0.2x 0.2x

The Interpublic Group of Companies, Inc.$17.16 $11.63 $25.20 $6,686 $1,554 $4,314 $10,999 1.3x 1.4x 1.3x 7.6x 9.5x 8.3x 0.1x -0.1x 0.1x 0.2x 0.1x 0.2x

Nielsen Holdings plc $14.86 $11.62 $24.69 $5,297 $359 $8,590 $13,887 2.1x 2.2x 2.2x 7.5x 7.8x 7.6x 0.0x 0.0x 0.0x 0.3x 0.3x 0.3x

Alliance Data Systems Corporation $45.12 $20.51 $159.41 $2,149 $4,960 $14,772 $16,921 19.8x 3.5x 3.5x 13.0x 16.6x 14.1x -0.1x 4.7x 0.0x 1.5x 0.2x 0.2x

Yext, Inc. $16.61 $8.56 $22.65 $1,955 $249 ($117) $1,838 6.2x 5.2x 4.3x NM NM NM 0.3x 0.2x 0.2x -0.2x -0.1x -0.1x

MDC Partners Inc. $2.08 $1.01 $3.43 $150 $131 $824 $973 0.7x 0.6x 0.6x 5.6x 4.9x 4.5x 0.0x 0.0x 0.1x 0.1x 0.1x 0.1x


APPENDIX – RECENT ACQUISITIONS


($MM)

Announced Date Acquirer Target Enterprise Value EV / LTM Rev. EV / LTM EBITDA EV / NTM Rev. EV / NTM EBITDA

6/26/2020 $1,300 NA NA NA NA

6/25/2020 $259 1.1x 7.5x NA NA

6/22/2020 $112 NA NA NA NA

6/19/2020 $128 5.4x NM 3.9x 12.0x

6/14/2020 Perfect Peony Holding Company $405 6.6x 43.0x 5.5x 19.3x

6/4/2020 $100 7.7x NA NA NA

6/1/2020 $1,800 NA NA NA NA

5/26/2020 $65 NA NA NA NA

5/12/2020 $160 NA NA NA NA

5/4/2020 $900 NA NA NA NA

4/23/2020 $75 7.3x 12.7x NA NA

4/3/2020 $260 1.6x 29.7x 1.3x 13.6x

4/2/2020 $8,700 3.6x 17.0x NA NA

(1)



($MM)


3/31/2020 $235 NA NA NA NA

3/25/2020 $879 NA NA NA NA

3/17/2020 $440 2.4x NA NA NA

3/17/2020 $8,714 3.8x 11.9x NA NA

3/6/2020 $615 NA NA NA NA

3/5/2020 $513 2.5x 25.7x NA NA

2/24/2020 $1,395 5.4x 14.0x NA NA

2/21/2020 $52 NA NA NA NA

2/19/2020 $569 5.4x 9.2x NA NA

2/11/2020 $588 2.6x 12.5x NA NA

2/10/2020 $66 1.1x 5.2x NA NA

2/5/2020 $200 NA NA NA NA

2/4/2020 $140 NA NA NA NA

San Vicente SPV

(1)

(1)

(1)

(2)

(2)

(2)



($MM)


1/29/2020 $450 NA NA NA NA

1/22/2020 $65 NA NA NA NA

1/21/2020 $300 2.7x NA NA NA

1/14/2020 $73 1.9x 12.2x 1.5x 11.2x

12/20/2019 $150 NA NA NA NA

12/20/2019 $691 2.7x NM 2.6x 27.6x

12/19/2019 $441 5.5x NM 4.8x NM

12/18/2019 $675 0.7x NM NA NA

12/18/2019 $145 5.5x NA NA NA

12/18/2019 $75 NA NA NA NA

12/17/2019 $4,677 3.7x 14.3x 3.5x 11.3x

12/16/2019 $3,197 2.5x 15.5x 2.4x 9.4x

12/5/2019 $51 NA NA NA NA

(1)

(1)

(1)

(1)

(1)

(1)

(1)



($MM)


12/4/2019 $2,010 7.7x NM NM NM

11/25/2019 $4,050 3.6x NA NA NA

11/20/2019 $4,000 20.0x NA 11.4x NA

11/19/2019 $140 NA NA NA NA

11/19/2019 $118 0.6x 6.4x 0.6x 5.7x

11/18/2019 $380 NA NA NA NA

10/22/2019 $2,878 3.7x 12.5x 3.5x 10.0x

10/22/2019 $215 5.4x NA NA NA

10/21/2019 $150 3.3x NA NA NA

10/16/2019 $110 NA NA NA NA

10/8/2019 $150 2.6x 14.6x NA NA

9/26/2019 $118 NA NA NA NA

9/24/2019 $100 NA NA NA NA

(1)

(1)

(1)

(1)

(2)



($MM)


9/24/2019 $1,000 NA NA NA NA

9/5/2019 $3,500 NA NA NA NA

9/2/2019 $152 1.9x NA NA NA

8/23/2019 $615 NA NA NA NA

8/22/2019 $4,535 3.8x 37.0x 3.2x 15.2x

8/13/2019 $20,947 1.6x 6.7x 1.5x 6.9x

8/8/2019 $92 NA NA NA NA

8/5/2019 $68 NA NA NA NA

8/5/2019 $2,296 0.8x 7.9x 0.8x 7.9x

7/29/2019 $66 1.9x NA NA NA

7/26/2019 $906 3.5x 15.7x 3.4x 11.1x

7/24/2019 $53 1.6x 17.7x NA NA

7/1/2019 $79 NA NA NA NA

(1)

(1)

(1)

(1)

(1)

(1)

MJR Theatres(1)

APPENDIX – IPOS IN PUBLIC REGISTRATION


($MM)

Offering Amounts $10MM or Greater

Primary Initial Initial Offering LTM

Issuer Industry Filing Date Amount Description Revenue EBIT % Adj. EBITDA

Music 06/03/20 $1,925

Oerating segments include Recorded Music

and Music Publishing; Recorded Music

business consists of the discovery and

development of recording artists; Music

Publishing is an intellectual property business

$4,509 5% $477

E-Commerce 06/09/20 $465 Operates an E-Commerce platform for buying,

selling and trading new and used cars in the

United States

$1,332 (11%) ($143)

Entertainment 06/26/20 $350 Develops communication solutions that enable

real-time video, audio and live interactive

broadcasting

NA NA NA

DISCLAIMER

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GCA Advisors, LLC is the US entity of GCA, a global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 500 professionals in 25 locations across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks.

www.gcaglobal.com

This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third-party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.

DISCLAIMER: This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report and its contents are not endorsed by, sponsored by, or affiliated with any trademark owners. GCA Advisors, LLC and its affiliates are not affiliated with any trademark owner but may provide financial services to one or more trademark owners or their affiliates. For more information regarding any transactions, please contact us.

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INTERNET & DIGITAL MEDIA SECTOR REPORT