SEG Overview SEG Snapshot: 2Q20 SaaS Public Market U 2Copyright 2020 by SEG Capital Advisors, LLC. All Rights Reserved Disclaimer: The information contained in this Report is obtained from sources that SEG Capital Advisors LLC (“SEG”) believes to be reliable. However, SEG makes no representations or warranties, express or implied, about the accuracy, completeness or fairness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Any person or entity reviewing this report (a) should conduct its own diligence and reach its own conclusions regarding its business transactions, (b) should not rely upon any conclusions reached by SEG, and (c) should consult its own advisors regarding its tax, accounting, financial, and/or business decisions. SEG or its affiliates may have an interest in one or more of the securities or companies discussed herein. Financial data was provided by 451 M and the unprofitable business, Pagerduty (26.1x in 2Q19 to 8.9x in 2Q20). 5.6x 6.6x 8.8x 7.5x 9.4x 14.4x 4.5x 7.3x 4.1x 10.7x 10.5x 15.3x 0% 10% 20% 30% 40% Me dian E V/Rev en ue 2Q19 2Q20 EV/Revenue vs. Rule of 40 Percentages Select Companies by Rule of 40% 22Copyright 2020 by SEG Capital Advisors, LLC. All Rights Reserved SEG SaaS Index: Product Category Financial Performance Reaping the benefits from mandatory work from home orders, the Communications & Collaboration segment posted the highest multiple out of all categories tracked (18.9x EV/Revenue), 114.7% above the SEG SaaS Index median of 8.8x EV/Revenue. 26.9% 33.7% 25.9% 26.1% 29.2% 11.6% 24.7% 26.7% 30.6% 23.2% 32.6% 28.8% 35.0% 25.7% 20.9% 11.1% 28.8% 29.7% 30.3% 25.5% BI & Analytics Communications & Collaboration Dev Ops & IT Management ERP & Supply Chain Financial Applications Human Capital Management Other SaaS Sales & Marketing Security Vertically Focused 2Q20 2Q19 5.6x 18.9x 14.2x 12.5x 8.0 x 7.3x 7.4x 8.2x 7.1x 7.0 x 10.4x 11.8x 11.2x 11.7x 10.8x 5.7x 8.3x 8.6x 8.4x 6.6x BI & Analytics Communications & Collaboration Dev Ops & IT Management ERP & Supply Chain Financial Applications Human Capital Management Other SaaS Sales & Marketing Security Vertically Focused 2Q20 2Q19 Median TTM Revenue Growth Median EV/Revenue Multiple 23Copyright 2020 by SEG Capital Advisors, LLC. All Rights Reserved Company Ticker Median EV TTM Revenue TTM Revenue Growth EV/Revenue EBITDA EBITDA Margin EV/ EBITDA Zoom ZM $45,840.7 $828.8 111.2% 55.3x $53.0 6.4% 865.1x Shopify SHOP $85,628.5 $1,727.7 46.5% 49.6x -$135.4 -7.8% - Okta OKTA $21,790.1 $643.7 46.0% 33.9x -$161.9 -25.1% - Coupa COUP $14,030.8 $427.6 49.8% 32.8x -$14.5 -3.4% - Crowdstrike CRWD $15,626.5 $563.4 88.7% 27.7x -$105.2 -18.7% - Atlassian TEAM $41,389.9 $1,518.3 35.3% 27.3x -$3.0 -0.2% - Livongo LVGO $5,240.1 $207.0 135.1% 25.3x -$43.9 -21.2% - MongoDB MDB $11,216.1 $462.7 51.1% 24.2x -$145.0 -31.3% - Zscaler ZS $9,465.5 $391.5 43.5% 24.2x -$59.1 -15.1% - RingCentral RNG $23,091.2 $968.9 33.7% 23.8x -$38.3 -4.0% - Slack WORK $16,538.6 $697.3 53.4% 23.7x -$593.3 -85.1% - Veeva Systems VEEV $28,030.9 $1,196.4 31.3% 23.4x $324.9 27.2% 86.3x Docusign DOCU $22,261.2 $1,057.0 39.2% 21.1x -$125.4 -11.9% - Everbridge EVBG $4,539.3 $217.0 36.1% 20.9x -$29.7 -13.7% - Paycom Software PAYC $15,782.1 $780.1 27.4% 20.2x $298.1 38.2% 53.0 x Twilio TWLO $25,009.8 $1,266.2 67.9% 19.8x -$227.1 -17.9% - The Trade Desk TTD $13,515.1 $700.7 36.7% 19.3x $141.7 20.2% 95.4x ServiceNow NOW $70,366.0 $3,717.9 32.4% 18.9x $431.6 11.6% 163.0 x Smartsheet SMAR $5,679.9 $300.2 51.9% 18.9x -$95.3 -31.8% - Alteryx AYX $8,514.9 $450.7 61.4% 18.9x $16.6 3.7% 514.4x MSCI MSCI $29,369.6 $1,603.2 10.3% 18.3x $877.3 54.7% 33.5x Five9 FIVN $6,280.6 $348.6 27.5% 18.0 x $25.3 7.3% 248.1x Avalara AVLR $7,336.0 $408.9 38.3% 17.9x -$38.6 -9.4% - Median $15,782.1 $697.3 43.5% 23.4x -$38.3 -7.8% 129.2x SEG SaaS Index: Top 25% The top quartile of the SEG SaaS Index posted a median revenue multiple of 23.4x EV/Revenue, well above the Index median of 8.8x. Leaders of the pack include Zoom (55.3x, Communications & Collaboration), Shopify (49.6x, Other SaaS), and Okta (33.9x, Security). 24Copyright 2020 by SEG Capital Advisors, LLC. All Rights Reserved SEG SaaS Index: Bottom 25% The bottom 25% of the SEG SaaS Index posted a median 3.1x EV/Revenue multiple. These companies are generally low performing, posting a median revenue growth of 13.6% and a median Rule of 40% of 12.3%. Company Ticker Median EV TTM Revenue TTM Revenue Growth EV/Revenue EBITDA EBITDA Margin EV/ EBITDA Teradata TDC $2,435.6 $1,865.0 -12.3% 1.3x $168.0 9.0% 14.5x Eventbrite EB $404.1 $294.6 -1.3% 1.4x -$180.0 -61.1% - Benefitfocus BNFT $431.3 $293.5 10.9% 1.5x $4.1 1.4% 105.6x Brightcove BCOV $288.9 $189.3 14.4% 1.5x -$0.2 -0.1% - Ebix EBIX $1,324.6 $575.6 8.1% 2.3x $158.6 27.5% 8.4x HealthStream HSTM $590.2 $250.5 3.5% 2.4x $45.4 18.1% 13.0 x ChannelAdvisors ECOM $307.6 $130.4 -0.7% 2.4x $14.5 11.1% 21.3x Verint Systems VRNT $3,243.1 $1,275.7 1.6% 2.5x $176.0 13.8% 18.4x Cloudera CLDR $2,131.0 $817.2 44.9% 2.6x -$189.5 -23.2% - Zix ZIXI $522.8 $196.6 136.5% 2.7x $27.6 14.0% 18.9x FireEye FEYE $2,609.2 $903.3 7.2% 2.9x -$87.7 -9.7% - Nutanix NTNX $3,986.0 $1,279.7 3.2% 3.1x -$748.5 -58.5% - J2 Global JCOM $4,475.1 $1,404.6 14.5% 3.2x $506.3 36.0% 8.8x ACI Worldwide ACIW $4,305.2 $1,343.9 33.5% 3.2x $292.7 21.8% 14.7x Box BOX $2,436.7 $716.9 13.6% 3.4x -$63.6 -8.9% - Talend TLND $888.4 $258.1 19.2% 3.4x -$49.5 -19.2% - 2U TWOU $2,189.5 $627.9 42.2% 3.5x -$191.3 -30.5% - Blackbaud BLKB $3,254.0 $908.2 5.6% 3.6x $124.1 13.7% 26.2x Domo DOMO $655.9 $181.2 19.7% 3.6x -$97.7 -53.9% - Cornerstone OnDemand CSOD $2,137.3 $586.5 7.6% 3.6x $52.2 8.9% 41.0 x Zuora ZUO $1,138.4 $285.8 15.9% 4.0 x -$69.4 -24.3% - A ALRM $2,325.0 $542.0 23.2% 4.3x $90.4 16.7% 25.7x Yext YEXT $1,404.8 $315.5 28.2% 4.5x -$109.2 -34.6% - Median $2,131.0 $575.6 13.6% 3.1x $4.1 1.4% 18.7x 2Q20 Software Industry Report Appendix 26Copyright 2020 by SEG Capital Advisors, LLC. All Rights Reserved Company EV/Revenue EV/EBITDA TTM Revenue Growth EBITDA Margin 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 2U 4.6x 2.4x 2.8x 2.7x 3.5x - - - - - 40.6% 38.4% 37.4% 39.6% 42.2% -3.2% -6.1% -26.6% -29.9% -30.5% ACI Worldwide 4.1x 4.6x 4.4x 4.2x 3.2x 18.7x 21.4x 19.3x 19.0 x 14.7x 0.4% 7.3% 16.0% 24.6% 33.5% 22.0% 21.5% 22.9% 21.8% 21.8% Adobe 13.4x 13.2x 12.8x 14.3x 14.8x 38.5x 38.6x 34.9x 38.7x 38.8x 24.4% 24.2% 23.7% 22.1% 19.2% 34.8% 34.2% 36.7% 37.0% 38.1% A 6.5x 5.0 x 4.4x 4.2x 4.3x 81.7x 52.1x 25.3x 23.9x 25.7x 23.1% 21.6% 18.9% 19.5% 23.2% 8.0% 9.6% 17.3% 17.7% 16.7% Alteryx 19.0 x 24.1x 18.4x 20.5x 18.9x 160.5x 254.2x 616.6x 236.2x 514.4x 82.1% 77.5% 72.7% 64.8% 61.4% 11.9% 9.5% 3.0% 8.7% 3.7% Anaplan 17.5x 23.8x 19.4x 20.8x 14.9x - - - - - - 45.9% 46.5% 44.6% 41.9% -47.3% -49.6% -39.2% -36.8% -34.0% AppFolio 16.1x 15.2x 14.6x 16.2x 16.1x 101.1x 110.8x 109.3x 126.1x 117.2x 33.0% 33.8% 34.6% 34.7% 32.5% 15.9% 13.7% 13.4% 12.9% 13.8% Appian 9.0 x 12.8x 10.5x 11.6x 11.6x - - - - - 23.8% 17.2% 18.3% 15.1% 18.8% -22.2% -20.6% -18.1% -16.3% -13.7% Atlassian 25.8x 26.6x 22.0 x 24.0 x 27.3x - - - - - 37.6% 37.4% 37.1% 36.5% 35.3% -28.9% -40.9% -13.1% -3.4% -0.2% Autodesk 13.9x 11.7x 11.4x 13.0 x 12.1x 205.7x 117.2x 92.7x 89.5x 73.4x 28.8% 30.8% 30.4% 27.4% 24.7% 6.8% 10.0% 12.3% 14.5% 16.5% Avalara 15.7x 17.8x 14.6x 15.8x 17.9x - - - - - 31.1% 35.4% 38.9% 40.5% 38.3% -18.7% -15.7% -10.9% -9.0% -9.4% Bandwidth 7.3x 7.7x 5.1x 6.2x 9.5x - - - - 5855.6x 15.9% 15.0% 14.8% 14.0% 21.2% -0.1% -2.5% -4.1% -1.7% 0.2% Benefitfocus 4.0 x 3.3x 2.8x 2.1x 1.5x - - - 1603.2x 105.6x 9.6% 10.4% 12.5% 14.3% 10.9% -7.6% -6.1% -4.7% 0.1% 1.4% Blackbaud 5.2x 5.7x 5.2x 4.7x 3.6x 35.2x 37.4x 36.0 x 36.4x 26.2x 6.5% 5.1% 4.6% 6.1% 5.6% 14.7% 15.1% 14.4% 13.0% 13.7% BlackLine 10.9x 10.2x 9.5x 11.0 x 11.1x - - - - 1635.2x 27.5% 26.0% 25.8% 26.9% 27.8% -2.7% -1.3% -1.8% -0.2% 0.7% Bottomline Technologies 4.7x 4.2x 4.9x 5.0 x 4.5x 35.6x 32.5x 37.4x 40.9x 37.1x 10.2% 7.1% 5.5% 4.7% 4.7% 13.3% 13.0% 13.0% 12.1% 12.1% Box 4.2x 3.5x 3.4x 3.1x 3.4x - - - - - 19.2% 18.1% 16.3% 14.4% 13.6% -13.5% -12.5% -11.4% -11.7% -8.9% Brightcove 2.1x 2.5x 1.9x 1.7x 1.5x - - - - - 3.7% 5.5% 8.3% 11.9% 14.4% -3.0% -2.3% -0.1% -0.6% -0.1% Ceridian Holding 4.1x 5.0 x 7.2x 9.1x 7.3x 28.1x 28.3x 45.5x 60.3x 51.4x 8.3% 7.5% 8.6% 11.3% 11.6% 14.4% 17.5% 15.8% 15.0% 14.1% ChannelAdvisors 1.7x 1.6x 1.6x 1.6x 2.4x - 222.3x 41.0 x 21.0 x 21.3x 4.5% 1.8% -0.4% -1.0% -0.7% -0.4% 0.7% 3.9% 7.8% 11.1% Cloudera 4.3x 2.3x 2.9x 3.5x 2.6x - - - - - 42.4% 54.5% 63.8% 65.5% 44.9% -36.8% -34.6% -34.3% -29.8% -23.2% Cornerstone 5.7x 5.8x 6.1x 6.0 x 3.6x 69.6x 70.7x 70.4x 55.9x 41.0 x 8.2% 6.7% 6.3% 7.2% 7.6% 8.2% 8.3% 8.6% 10.7% 8.9% Coupa 22.1x 26.7x 25.7x 26.4x 32.8x - - - - - 41.3% 45.5% 47.6% 49.7% 49.8% -12.6% -13.1% -11.5% -9.1% -3.4% Crowdstrike 44.2x 50.1x 24.4x 23.6x 27.7x - - - - - - - - 92.7% 88.7% -37.9% -37.1% -29.6% -24.1% -18.7% Docusign 11.8x 10.6x 13.2x 14.7x 21.1x - - - - - 35.4% 37.4% 38.3% 38.9% 39.2% -18.9% -19.8% -16.1% -13.0% -11.9% Domo 6.1x 4.2x 2.7x 3.7x 3.6x - - - - - 30.2% 27.4% 25.2% 21.7% 19.7% -83.2% -70.1% -65.1% -62.5% -53.9% Dropbox 5.9x 4.9x 4.3x 3.9x 4.5x 67.4x 70.7x 74.3x 69.5x 57.8x 24.3% 22.1% 20.4% 19.4% 18.5% 8.7% 7.0% 5.8% 5.6% 7.8% DynaTrace - 16.0 x 13.1x 16.1x 17.8x - - - - - - - - - 26.6% 2.3% -2.1% -29.1% -26.0% -19.6% Ebix 4.2x 3.7x 3.1x 3.0 x 2.3x 13.2x 11.6x 10.6x 10.9x 8.4x 35.5% 28.3% 22.4% 16.6% 8.1% 31.8% 31.9% 29.2% 27.1% 27.5% Elastic 21.3x 21.1x 16.5x 13.5x 13.2x - - - - - 69.9% 64.8% 61.8% 59.8% 57.4% -35.2% -39.3% -42.1% -41.3% -37.0% Eventbrite 3.3x 3.2x 3.5x 4.2x 1.4x - - - - - - 22.0% 15.0% 12.1% -1.3% -13.5% -11.5% -10.8% -13.0% -61.1% Everbridge 15.3x 15.6x 13.9x 15.3x 20.9x - - - - - 42.3% 40.0% 38.1% 36.6% 36.1% -17.0% -12.8% -13.3% -12.3% -13.7% Fastly 11.8x 10.9x 9.6x 9.7x 16.8x - - - - - - - - 38.7% 38.2% -9.1% -12.3% -13.0% -14.6% -14.1% FireEye 3.5x 3.5x 4.1x 3.7x 2.9x - - - - - 6.1% 6.5% 6.4% 7.0% 7.2% -11.1% -9.9% -10.8% -9.7% -9.7% Five9 10.7x 11.4x 12.2x 13.3x 18.0 x 123.9x 122.9x 131.7x 152.8x 248.1x 28.8% 28.4% 28.0% 27.3% 27.5% 8.7% 9.3% 9.3% 8.7% 7.3% SEG SaaS Index (1) Source: Financial data provided by YCharts (missing values represent data not applicable or publicly available). 27Copyright 2020 by SEG Capital Advisors, LLC. All Rights Reserved Company EV/Revenue EV/EBITDA TTM Revenue Growth EBITDA Margin 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Guidewire Software 10.1x 10.6x 12.0 x 12.1x 10.3x 81.0 x 109.3x 181.9x 255.6x 667.8x 27.3% 10.0% -4.2% -4.1% -6.0% 12.5% 9.7% 6.6% 4.7% 1.5% Health Catalyst - 10.1x 7.0 x 6.2x 5.4x - - - - - - - - 37.6% 29.6% -41.0% -29.5% -30.4% -28.7% -29.5% HealthStream 2.9x 2.8x 2.9x 2.6x 2.4x 16.5x 17.2x 17.6x 15.4x 13.0 x 11.1% 12.1% 10.7% 9.7% 3.5% 17.3% 16.4% 16.3% 16.8% 18.1% HubSpot 12.1x 11.8x 9.4x 10.5x 10.5x - - - 8459.0 x - 34.9% 33.9% 33.1% 31.6% 31.2% -1.9% -1.2% -0.3% 0.1% -0.5% J2 Global 4.1x 4.1x 4.3x 4.0 x 3.2x 11.2x 11.2x 11.5x 10.4x 8.8x 7.2% 8.9% 11.5% 13.6% 14.5% 36.3% 36.9% 37.4% 38.1% 36.0% Kinaxis 8.4x 8.6x 10.3x 10.3x 15.3x 39.8x 42.0 x 50.4x 44.3x 71.1x 18.7% 18.3% 22.2% 30.1% 26.0% 21.2% 20.4% 20.4% 23.2% 21.5% LivePerson 6.9x 8.8x 8.9x 7.3x 7.5x - - - - - 14.1% 14.3% 15.2% 16.7% 17.6% -6.1% -11.3% -17.0% -22.7% -26.6% Livongo - 25.4x 14.1x 12.0 x 25.3x - - - - - - - - 148.7% 135.1% -49.9% -45.1% -42.6% -31.7% -21.2% Medallia - 12.0 x 9.1x 8.5x 7.3x - - - - - - - - 28.3% 25.2% -12.5% -14.8% -20.4% -24.7% -30.3% Mimecast 8.2x 7.1x 6.7x 6.9x 5.7x 90.2x 66.4x 54.1x 50.5x 35.4x 30.0% 28.0% 26.9% 25.9% 25.4% 9.1% 10.7% 12.3% 13.7% 16.1% Model N 4.0 x 6.0 x 6.9x 7.1x 6.9x - - - - - -1.3% -7.9% -8.7% -4.0% 2.3% -9.9% -4.4% -6.0% -5.5% -4.9% MongoDB 24.6x 22.7x 18.8x 20.0 x 24.2x - - - - - 66.7% 66.5% 61.2% 57.9% 51.1% -28.1% -26.6% -27.5% -32.1% -31.3% MSCI 14.4x 14.5x 15.1x 16.3x 18.3x 24.6x 25.3x 26.2x 30.3x 33.5x 9.8% 7.7% 7.5% 8.6% 10.3% 58.4% 57.5% 57.6% 53.7% 54.7% New Relic 11.2x 6.5x 6.5x 5.7x 5.6x 165.5x 114.1x 126.6x 195.4x 384.0 x 35.0% 33.6% 31.3% 28.4% 25.1% 6.8% 5.7% 5.1% 2.9% 1.4% Nutanix 5.1x 3.3x 4.2x 4.8x 3.1x - - - - - 12.3% 7.0% 3.7% 0.6% 3.2% -34.3% -42.1% -51.7% -58.1% -58.5% Okta 26.9x 30.3x 25.4x 25.7x 33.9x - - - - - 53.2% 51.1% 48.0% 46.8% 46.0% -28.7% -26.2% -28.9% -28.2% -25.1% Pagerduty 26.1x 17.5x 9.9x 7.9x 8.9x - - - - - - - - 41.2% 37.4% -33.8% -31.7% -29.7% -28.5% -26.1% Palo Alto Networks 7.4x 6.6x 6.9x 7.0 x 6.4x 119.1x 117.3x 123.6x 176.2x 203.9x 30.0% 27.5% 24.2% 20.3% 18.6% 6.2% 5.6% 5.6% 4.0% 3.1% Paycom Software 19.7x 21.0 x 19.1x 22.7x 20.2x 55.1x 59.2x 53.5x 62.1x 53.0 x 31.0% 31.1% 31.0% 30.3% 27.4% 35.7% 35.4% 35.7% 36.5% 38.2% Paylocity 11.1x 11.4x 11.6x 13.6x 11.3x 64.3x 58.5x 61.1x 75.4x 58.4x 24.3% 23.9% 24.5% 24.2% 24.2% 17.3% 19.4% 19.0% 18.0% 19.3% Pegasystems 6.2x 6.3x 6.6x 7.5x 7.4x - - - - - 0.2% 0.0% 0.2% 2.2% 11.0% -3.9% -5.3% -7.9% -9.6% -10.3% Pluralsight 17.1x 9.0 x 8.6x 8.4x 7.7x - - - - - 40.6% 41.5% 39.2% 36.6% 34.9% -53.7% -43.2% -41.2% -38.7% -38.1% Proofpoint 8.4x 8.5x 7.5x 7.6x 6.8x - - - - - 33.7% 29.9% 26.7% 23.9% 23.4% -3.7% -1.9% -2.6% -2.0% -3.3% PROS Holdings 9.5x 11.8x 10.0 x 8.0 x 5.0 x - - - - - 16.2% 20.7% 24.1% 27.1% 26.9% -15.5% -14.4% -14.3% -15.9% -18.4% Q2 Holdings 12.6x 13.1x 11.9x 13.8x 13.3x - - - - - 26.1% 28.6% 31.1% 30.9% 30.7% -8.4% -9.8% -10.4% -11.0% -11.2% Qualys 10.7x 9.9x 9.6x 9.4x 11.4x 33.8x 29.9x 28.4x 27.1x 32.1x 19.3% 17.5% 16.3% 15.3% 14.9% 31.7% 33.0% 33.7% 34.6% 35.3% RealPage 6.6x 6.8x 5.8x 6.5x 7.0 x 33.0 x 32.6x 26.7x 28.7x 32.5x 25.5% 20.1% 15.7% 13.6% 14.2% 20.1% 20.8% 21.6% 22.7% 21.5% RingCentral 13.1x 13.7x 16.8x 19.8x 23.8x 768.0 x 738.2x 934.9x 12421.3x - 33.8% 33.7% 33.9% 34.0% 33.7% 1.7% 1.9% 1.8% 0.2% -4.0% S 8.5x 8.4x 8.6x 9.1x 8.1x 61.6x 59.6x 57.4x 60.6x 60.6x 25.7% 24.3% 26.4% 28.7% 30.1% 13.8% 14.0% 15.1% 15.0% 13.4% ServiceNow 17.3x 16.2x 15.4x 16.8x 18.9x 286.6x 230.8x 171.6x 166.1x 163.0 x 35.1% 33.1% 32.0% 32.6% 32.4% 6.0% 7.0% 8.9% 10.1% 11.6% Shopify 23.4x 27.4x 24.6x 32.3x 49.6x - - - - - 55.1% 51.9% 48.8% 47.0% 46.5% -6.9% -6.9% -6.5% -6.7% -7.8% Slack 39.6x 31.3x 19.9x 19.4x 23.7x - - - - - - - - 57.4% 53.4% -30.6% -91.9% -88.9% -87.9% -85.1% Smartsheet 21.4x 23.7x 17.3x 17.9x 18.9x - - - - - 57.7% 55.9% 54.2% 52.4% 51.9% -27.3% -25.9% -28.1% -32.6% -31.8% SolarWinds 8.5x 8.3x 8.3x 8.0 x 7.4x 21.7x 19.6x 20.2x 18.6x 17.9x - 11.8% 11.8% 11.9% 13.1% 39.3% 42.1% 41.0% 42.8% 41.3% SPS Commerce 6.5x 6.1x 6.3x 6.2x 6.5x 38.5x 33.7x 33.2x 31.8x 31.4x 12.7% 12.5% 12.6% 12.4% 11.8% 16.9% 18.0% 18.8% 19.6% 20.8% SEG SaaS Index (1) Source: Financial data provided by YCharts (missing values represent data not applicable or publicly available). 28Copyright 2020 by SEG Capita