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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 47.8x - 52.8x | 50.3x |
| Selected Fwd EBITDA Multiple | 27.5x - 30.4x | 28.9x |
| Fair Value | $471.44 - $520.73 | $496.09 |
| Upside | -18.7% - -10.2% | -14.4% |
| Benchmarks | Ticker | Full Ticker |
| Workday, Inc. | WDAY | NasdaqGS:WDAY |
| i3 Verticals, Inc. | IIIV | NasdaqGS:IIIV |
| Weave Communications, Inc. | WEAV | NYSE:WEAV |
| SoundThinking, Inc. | SSTI | NasdaqCM:SSTI |
| EverCommerce Inc. | EVCM | NasdaqGS:EVCM |
| Tyler Technologies, Inc. | TYL | NYSE:TYL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| WDAY | IIIV | WEAV | SSTI | EVCM | TYL | ||
| NasdaqGS:WDAY | NasdaqGS:IIIV | NYSE:WEAV | NasdaqCM:SSTI | NasdaqGS:EVCM | NYSE:TYL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 5.8% | NM- | -16.8% | NM- | 15.5% | |
| 3Y CAGR | 53.5% | 7.0% | NM- | -14.0% | 14.8% | 15.6% | |
| Latest Twelve Months | 77.4% | 15.2% | 9.6% | -43.5% | 13.4% | 28.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.8% | 13.6% | -24.0% | 9.6% | 15.4% | 18.0% | |
| Prior Fiscal Year | 6.4% | 15.2% | -13.9% | 5.0% | 15.6% | 16.5% | |
| Latest Fiscal Year | 9.8% | 14.5% | -10.5% | 2.6% | 17.1% | 19.4% | |
| Latest Twelve Months | 9.8% | 14.4% | -10.5% | 2.6% | 17.1% | 19.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.97x | 2.80x | 3.77x | 2.08x | 3.24x | 11.63x | |
| EV / LTM EBITDA | 71.4x | 19.5x | -36.0x | 81.2x | 19.0x | 60.0x | |
| EV / LTM EBIT | 118.0x | 54.4x | -24.5x | -28.4x | 55.6x | 75.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -36.0x | 19.5x | 81.2x | ||||
| Historical EV / LTM EBITDA | 42.0x | 60.0x | 90.2x | ||||
| Selected EV / LTM EBITDA | 47.8x | 50.3x | 52.8x | ||||
| (x) LTM EBITDA | 415 | 415 | 415 | ||||
| (=) Implied Enterprise Value | 19,814 | 20,857 | 21,900 | ||||
| (-) Non-shareholder Claims * | 140 | 140 | 140 | ||||
| (=) Equity Value | 19,955 | 20,998 | 22,041 | ||||
| (/) Shares Outstanding | 43.1 | 43.1 | 43.1 | ||||
| Implied Value Range | 462.92 | 487.12 | 511.31 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 462.92 | 487.12 | 511.31 | 579.66 | |||
| Upside / (Downside) | -20.1% | -16.0% | -11.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WDAY | IIIV | WEAV | SSTI | EVCM | TYL | |
| Enterprise Value | 58,620 | 662 | 771 | 212 | 2,266 | 24,846 | |
| (+) Cash & Short Term Investments | 8,017 | 86 | 99 | 13 | 136 | 768 | |
| (+) Investments & Other | 247 | 0 | 0 | 0 | 0 | 11 | |
| (-) Debt | (3,362) | (35) | (56) | (5) | (546) | (638) | |
| (-) Other Liabilities | 0 | (136) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 63,522 | 576 | 814 | 220 | 1,856 | 24,987 | |
| (/) Shares Outstanding | 266.4 | 23.4 | 73.9 | 12.6 | 183.4 | 43.1 | |
| Implied Stock Price | 238.49 | 24.59 | 11.01 | 17.44 | 10.12 | 579.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 238.49 | 24.59 | 11.01 | 17.44 | 10.12 | 579.66 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |