1、2The AuthorsAustin HammerPrincipalGabrielle AvantinoAnalystLamson VuAssociateSEGs Perspective on the SaaS Landscape“With much of the market chatter in 2023 focused on inflation and interest rates,layoffs,regional bank instability,and other news-grabbing headlines,2023 was a stronger year for SaaS th

2、an most realize.Rapid technological advancement,resilient public companies that saw a run on stocks led to a public market recovery(and new record highs starting off 2024),and healthy M&A activity are just a few data points that are overlooked when examining the market.Thats where we come in!Theres

3、a lot to dive into,and were so grateful to be doing so alongside our readers.Thank you once again for being part of this journey with us.Without further ado,we are thrilled to share our 2024 Annual SaaS Report.”-Austin Hammer,Principal,Software Equity GFor many in the technology industry,the story o

4、f 2023 was all about artificial intelligence,its rapidly advancing commercial applications,and the speed and extent with which it will impact the world we live in,both from a business and personal perspective.In early 2023,OpenAIs Chat-GPT became the fastest-growing consumer application in history(1

5、),and overnight,artificial intelligence went from something on the fringe of the average persons everyday life to a household name.The advancement of generative AI and its impact on software and SaaS companies,both as users and creators of AI,was a top story in 2023 and one that will be front and ce

6、nter in 2024 as well.However,quietly and perhaps a bit behind the scenes,another storyline proved to be just as important in 2023:the resilience of the U.S.economy and subsequent cementing of software and SaaSs place as a key pillar driving digital transformation globally.In a year where cutting-edg

7、e AI technology got a lot of buzz,inflation decreased by nearly half(with the CPI dropping from 6.5%in December 2022 to 3.4%in 2023),interest rates stabilized(the U.S Federal Reserve last raised rates in July 23),and the labor market remained strong(unemployment rate a 3.7%with 216k jobs added in De

8、cember(2).David Rubenstein of The Carlyle Group recently opined that the U.S.economy is in“a league by itself(3).”Amidst economic headwinds,software and SaaS companies pivoted towards operational efficiency,and fortunately for the U.S.economy,many of these companies were successful in this endeavor.

9、The result was a fantastic year for the SEG SaaS IndexTM,with the Index increasing 34%YOY,outpacing the S&P 500 and Dow Jones,and trailing only the Nasdaq(43%increase)among major indices.On the M&A side,there were over 2,000 SaaS transactions,making 2023 the second strongest year on record for SaaS

10、M&A,only narrowly trailing 2022.Between U.S.economic improvement,the performance of public SaaS companies,and continued momentum in SaaS M&A,one thing is clear:While AI garnered a lot of the hype in 2023,an equally important story is the strength and resilience of the software ecosystem.2023 was ano

11、ther proof point that SaaS is“here to stay.”32023 in Review:SaaS is Here to StaySee appendix for Here at SEG,as we enter 2024 and analyze how the economy will impact software and SaaS M&A and public company performance,weve focused on five key areas:inflation,interest rates,employment,growth,and pol

12、itics(both domestic and global).Inflation continues to decrease,finishing 2023 at 3.4%YOY compared to December 2022.The underlying core CPI,which strips out volatile food and energy prices,measured 3.9%in December 2023,its lowest YOY change since May 2021(1).Though additional cooling is still needed

13、 for inflation to reach the 2%annual target the Federal Reserve sets,the progress made in 2023 is encouraging.With inflation responding well to interest rate increases,the prospect of the Federal Reserve cutting interest rates is coming into focus.A lot of uncertainty remains regarding when those ra

14、te cuts will take place and what they will look like(2).The Federal Reserve will closely watch inflation and the unemployment rate(which remains solid at 3.7%)as it plots the course through this year.The timing of potential cuts will greatly impact publicly traded SaaS stocks and the M&A markets,as

15、the potential for a lower-cost borrowing environment would be a welcome sight to these markets.What about a recession?The economic consensus now says the U.S.is on track for a“soft landing”due to stronger-than-expected GDP growth.At the beginning of 2023,U.S.real GDP growth(accounting for inflation)

16、was forecasted to be 0.1%(3),but 2023 growth is now expected to come in between 2 and 3%(4).GDP growth is expected to decline slightly in 2024 but remains positive at around 2%(5).This scenario avoids a recession altogether and supports a healthy economic environment.A scenario in which the U.S.beat

17、s GDP estimates again provides an upside case for publicly traded SaaS stocks in 2024.This possibility is further bolstered by the recently released Q4 GDP data,in which the U.S.GDP grew 3.3%,beating consensus estimates(6).Finally,2024 is an election year in the U.S.The economy will be a primary foc

18、us on the campaign trail,but the reality remains that the Federal Reserve dictates monetary policy independent of political election cycles.However,election risk is still present due to the divisive nature of the current U.S.political environment,albeit much less discussed than during the last cycle

19、.Globally,geopolitical risks include regional conflicts in the Middle East and their impact on oil prices,the ongoing Russia-Ukraine war,and tensions between China and Taiwan.42024 Macroeconomic Outlook OverviewSee appendix for 52024 Global IT&Enterprise Software Spend Outlook(1)Global IT Spend and

20、Growth($B)Global Enterprise Software Spend&Growth($B)Global IT and Enterprise Software growth and spending are poised to continue strong growth.In 2021,both categories experienced unprecedented growth due to rapid digitization driven by COVID.However,2022 marked a regression from peak growth and a r

21、eturn to more typical historical patterns.Nonetheless,the outlook remains robust.Both categories are expected to cross impressive thresholds in 2024,with Global IT spend surpassing$5T and enterprise software spend surpassing$1T for the first time.Enterprise software,the fastest-growing IT segment,is

22、 expected to have grown 12.9%in 2023,with 2024 projected growth at 13.8%,outpacing the broader IT categorys growth of 3.5%and 8.0%,respectively.Software spend as a%of overall IT spend has nearly doubled since 2017(10%to 20%),a remarkable feat considering the large dollar volume of IT spend(nearly$4.

23、7T in 2023).$3,394$3,538$3,714$3,872$4,397$4,533$4,694$5,070 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%$-$1,000$2,000$3,000$4,000$5,000$6,0002002020224Total Global IT SpendingGrowth$310$326$369$419$477$529$732$811$916$1,042 0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%

24、$-$200$400$600$800$1,000$1,2002000224Total Global Enterprise Software SpendingGrowthSee appendix for What We DoWe Provide High Impact Sell-Side Strategic Advice and M&A Services to B2B Software Executives and Their Shareholders,Resulting in Exceptional First-Pass Suc

25、cess Rates.Sell-side advisory services=no conflicts100%Average client is between$5M-$50M in ARR5-50MSEG clients enthusiastically recommend us9/Whether it was managing communications,addressing and mitigating risks,or negotiating key deal terms,SEGs experience and expertise enabled us to effectively

26、achieve our goals.To be frank,M&A transactions are overwhelming,and SEGs contribution was pivotal.Without their involvement,the experience of our deal would have been entirely different.Thank you,SEG.Our 2023 Triumphs Set Us Apart as M&A AdvisorsPhil MurphyFounder&CEO,CallPotential2023 DLIVE WEBINAR

27、Selling Your Software Company:Timing,Trends,and Market DynamicsFEATURINGDiamond InnabiPrincipalAustin HammerPrincipalGain insights into current trends and dynamics in the software M&A market,an understanding of the impact of economic variables on M&A in 2024,and a framework of how timing impacts the

28、 success of your software company sale in different market conditions and business stages.REGISTER NOW8Thursday,February 29th 12 p.m.PT/3 p.m.ET9SEGs 20 Factors to TrackWhen Valuing Your Software CompanyDiscover what buyers prioritize.This refreshed report delves into the multifaceted determinants o

29、f a software companys valuation,dividing factors into quantitative and qualitative.We define each factor,explain its importance,and discuss how it influences your companys valuation multiples.Our goal is to help you identify areas for improvement,ensuring that your data is accurate and heading in th

30、e right direction.VIEW THE FULL REPORTWeve shared this approach in our report,serving as a benchmark tool to clarify metrics used by buyers and investors of software Top SEG Resources of 2023Crafted for SaaS leaders,our resources simplify M&A complexities.With insightful blog articles,founder conver

31、sations,webinars,and essential guides,we cover every aspect.Anticipating your needs,we do our best to offer strategic guidance in digestible forms.Explore our library of resources on our website.TrendingThe 20 Factors to Track When Valuing Your Software CompanyLearn the factors buyers/investors prio

32、ritize.DOWNLOADThe Impact of Gross Margin on SaaS ValuationsRead more about this important M&A metric.READ ARTICLEThe Importance of Sales Efficiency to SaaS M&ABoost sales efficiency for better valuation.READ ARTICLESEG SaaS IndexLeverage our exclusive data to stay updated on the latest events in th

33、e public market.SEG SaaS M&A Deal DatabaseOur tool is your solution for staying informed about the latest M&A activity in SaaS.SEG Market MapsEnhance your industry awareness with our vertical-specific market maps.VISIT TOOLVISIT TOOLVISIT TOOL11SaaS M&A Update2024 Annual SaaS RAggregate software ind

34、ustry(1)M&A deal volume has settled into a steady state that remains strong relative to historical standards,recording 3,333 total deals in 2023,up 9%over 2020.The trend shows a steady increase compared to pre-COVID levels,with 21 and 22 representing a period of unprecedented M&A volume.Deal activit

35、y for SaaS M&A was strong in 2023,recording the second-highest transaction count on record,trailing only 2022.While aggregate software M&A has settled into pre-COVID levels,SaaS M&A volume is tremendously higher,up 15%and 58%against 2021 and 2020,respectively.SaaS deals comprised 56%of all aggregate

36、 software deals,marking the third consecutive year SaaS comprised greater than 50%of aggregate software transactions.The median EV/TTM Revenue multiple for 4Q23 was 3.8x,down 10%from 3Q23.In 2023,a high volume of low-multiple deals impacted the median,creating a gap between the average and median(av

37、erage of 4.9x).Though multiples broadly are down,high performing businesses continue to receive strong outcomes in the M&A markets.Vertical SaaS comprised 48%of all SaaS M&A deals in 2023,materially up from 39%in 2022,continuing the trend of buyers and investors seeking the types of purpose-built,mi

38、ssion-critical applications that are the calling card of vertical software companies.Healthcare,Financial Services,and Real Estate represented the three most active verticals.Other verticals that increased YOY include Government and Energy,as the critical nature of these end markets makes M&A volume

39、 in these sectors resilient to market dynamics.Though private equity appetite for SaaS M&A remains high and once again PEs represented the majority(56%)of SaaS deals in 4Q23,strategic buyers(44%of Q4 deals)had their most active quarter since 1Q22.With the sharp rebound in SaaS stocks putting acquisi

40、tions back on the radar for many publicly traded companies,2024 could be a strong rebound year for strategic buyers in M&A.122023 SaaS M&A Summary(1)Both total software M&A and SaaS M&A are tracked and reported on in this report.SaaS M&A is a subset of overall software industry M&A686726599845884780

41、805966925734836934895683Overall Software Industry M&A:Deal VolumeThe aggregate software industry(1)saw a decline in M&A volume in 2023,finishing the year with 3,333 deals compared to 3,667 in 2022,a decrease of 9%YOY.2021 and 2022 were unprecedented years for software M&A driven by COVID

42、tailwinds.3Q21 to 2Q22 averaged over 1000 deals per quarter,compared to an average of 829 deals per quarter in the four quarters prior.2023 was a very strong year from a volume perspective compared to pre-COVID(up 9%over 2020)levels.Q423 did decline 7%YOY as it lacked some of the transaction catalys

43、ts that recent Q4s have seen(changes to tax code and potential legislation,to name a few).The macroeconomic uncertainty and high cost of capital also placed downward pressure on overall M&A volume.13Software Industry M&A Deal Volume-QuarterlySoftware Indsutry M&A Deal Volume-AnnualCOVID-Driven Peak

44、Volume2000021202220233,4763,0542,7952,6422,4752,3522,2431,9701,7241,7273,6673,333(1)Aggregate software industry includes SaaS,on-premise license models,and internet SaaS M&A Highlights:Deal VolumeWhile current aggregate software M&A volume is similar to pre-2021 leve

45、ls,SaaS M&A saw another active year in 2023.There were 2,062 SaaS M&A transactions in 2023,representing the second-highest total on record,trailing only 2022.Though SaaS transaction volume was down 4%compared to 2022,2023 was up 15%and 58%against 2021 and 2020,respectively.4Q23 was down YOY(8%)and Q

46、OQ(18%),which is unsurprising considering the lack of deal catalysts putting pressure on year-end closes and the uncertain macroeconomic outlook for the bulk of 2023,pushing some liquidity events into 2024.Also,for the third consecutive year,SaaS comprised greater than 50%of aggregate software trans

47、actions.Increases in SaaS M&A activity have proven to be more than a pandemic-driven trend,with more businesses globally turning towards cloud-based,modern technology.This percentage will likely increase as more companies move to the cloud and the software industry continues to evolve.538

48、49252646943123%27%32%34%37%45%43%51%59%55%0%10%20%30%40%50%60%050002500200020202120222023Q1Q2Q3Q4%of SaaS M&A as a%of Total Software M&A7436044571,7861,3051,2489848312,1572,15Median EV/TTM Revenue Multiple Quarterly(1)Values are on a median or average TTM basis,indic

49、ating each quarter includes 12 months of data to obtain a larger dataset.SaaS M&A HighlightsEV/TTM Revenue Multiples(1)4Q23s 3.8x median EV/TTM revenue multiple represents a 10%decrease in QOQ and a 27%decrease YOY.In 2023,a high volume of low-multiple deals impacted the median,creating a gap betwee

50、n the average and median,as high-quality assets continued to receive a premium relative to the market.4Q23 saw the average M&A multiple receive a 29%premium to the median(4.9x compared to 3.8x),in line with historical quarters.The higher-than-usual volume of low multiple deals is a result of from ne

51、gative transaction catalysts like evaporating cash runway,challenging debt dynamics,competitive concerns,or investors opting to exit their lower-performing assets to focus on high performers.While 2023 represents a local minimum compared to recent years for the SaaS M&A multiple,there is room for ho

52、pe on the horizon.With the Federal Reserve widely expected to cut interest rates sometime before the election,the cost of capital will likely decrease,which could usher in a higher valuation environment.Our firsthand experience at SEG has taught us that a prime M&A target consists of profitable grow

53、th and strong retention.Businesses with these qualities are still seeing strong multiples.Learn more in our 2023 State of SaaS M&A:Buyers Perspectives report.Median EV/TTM Revenue Multiple Annual5.4x6.4x5.2x3.8x20202021202220235.2x5.0 x4.8x4.2x3.8x6.6x6.3x5.7x5.3x4.9x4Q221Q232Q233Q234Q23MedianA16Sal

54、es&Marketing(Total:294)Analytics&Data Management(Total:285)Content&Workflow Management(Total:237)SaaS M&A Highlights:Top Product Categories By Deal VolumeSales&Marketing accounted for 59 deals in 4Q23 and broadly was the most active product category in 2023,leading the pack with 294 transactions.The

55、 Analytics and Data Management category was second both in Q423 and 2023 overall,with 52 and 285 deals,respectively.Also of note,ERP/Business Management saw stable quarterly M&A volume in 2023,which mirrors its consistent growth and steady valuations in the public markets and further re-enforces the

56、 categorys mission-critical nature.827776591Q232Q233Q234Q231015973521Q232Q233Q234Q23547266451Q232Q233Q234Q23494855491Q232Q233Q234Q23555150421Q232Q233Q234Q23335438271Q232Q233Q234Q23Human Capital Management(Total:152)Financial Applications(Total:198)Business Management(Total:201)SaaS M&A Highlights:Ta

57、rget Market FocusVertically focused businesses comprised nearly half of all SaaS deals in 2023(48%),a strong increase YOY,up from 39%in 2022.Buyers and investors have adapted to the current markets and prioritized durable and sustainable M&A targets.Qualitative indicators of these types of businesse

58、s include vertically focused companies offering mission-critical solutions that serve recession-resistant end markets.The most active verticals in 2023 were Healthcare,Financial Services,and Real Estate.Healthcare has remained the most active vertical(17%of vertical SaaS deals),driven by the essenti

59、al nature of healthcare operations regardless of economic climate.Second is Financial Services(14%,up YOY from 12%),driven by financial firmsleaning on technology amidst a tight operating environment driven by the increase in the cost of capital.Other verticals include Government and Energy,as the c

60、ritical nature of these end markets makes SaaS M&A volume resilient to market dynamics.Product categories with the highest volume include Sales&Marketing(17%of horizontal SaaS),Security(11%),and Human Capital Management(11%).17(1)Target market focus refers to the companys market focus as either hori

61、zontal and serving multiple industries or serving a specific vertical market.(2)Top vertical deals as a percent of all vertical SaaS deals in 2023.Top 10 M&A Verticals by%of Vertical Deals(2)2023 Target Market Focus(1)61%39%52%48%HorizontalVertical2022202317%14%9%6%6%5%5%4%3%3%19%12%10%5%5%8%4%6%5%3

62、%HealthcareFinancial ServicesReal EstateRetailGovernmentEducationEnergyHospitalityAutomotiveM18Historical SaaS M&A Activity by Buyer Type-Quarterly 2023 SaaS M&A Activity by Buyer TypeHistorical SaaS M&A Activity by Buyer Type Annual Publicly Traded Strategic,23.2%Private Equity Backed Strategic,50.

63、0%Private Equity Platform,10.0%Private Strategic,16.8%46.1%48.3%45.5%40.5%40.0%53.9%51.7%54.5%59.5%60.0%200222023Strategic BuyersPrivate Equity Buyers39.4%40.2%42.1%40.5%38.8%38.7%39.7%43.6%60.6%59.8%57.9%59.5%61.2%61.3%60.3%56.4%1Q222Q223Q224Q221Q232Q233Q234Q23Strategic BuyersPrivate Equ

64、ity BuyersSaaS M&A Highlights:Rebound of Strategic BuyerOnce again,private equity(1)investors comprised the majority of SaaS M&A,comprising 56%of deals in 4Q23.The percentage was slightly down YOY(from 60%in 4Q22)and QOQ(from 60%in 3Q23).This is broken down further into PE-backed strategics(45%)and

65、platform investments(11%).There has been much discussion in recent years about the amount of dry powder($3.7T at end of 22)(2)within private equity.Public SaaS strategic buyers pulling back on acquisitions in recent years due to the challenging stock market environment created a strong opportunity f

66、or private equity to be active in SaaS acquisitions.If Q4 is any indication,the tides may be turning back in the other direction.Strategic buyers(44%of Q4 deals)had their most active quarter since 1Q22,and while private equity will still be a force in 2024,with public equities rebounding,many expect

67、 strategics to be more active(3).(1)Private Equity-driven deals include Private Equity Platform and Private Equity-Backed Strategic.Private Equity Platform includes private equity firms making platform acquisitions,while Private Equity-Backed Strategic includes all strategic buyers backed by a priva

68、te equity firm.(2)See appendix for references.(3)See appendix for Select Most Active Buyers of SaaS(TTM):Strategic Buyers(1)19BuyerDeal CountSaaS Sellers25241511766555(1)Transactions listed may not include all deals by the buyer.The transactions listed were announced in the last 12 months.(certain a

69、ssets)(certain assets)(certain assets)(certain assets)Select Most Active Buyers of SaaS(TTM):Private Equity Investors(1)20InvestorDeal CountSaaS Sellers(1)Transactions listed may not include all deals by the buyer.The transactions listed were announced in the last 12 months and are only p

70、rivate equity platform investments.(certain assets)2023 Select Notable SaaS Deals:Mega Deals(1)21BuyerSaaS SellerEV(M)EV/TTMRevenueSeller PC/VerticalSeller Description$29,005,6427.5xNetwork&Systems Mgmt./HorizontalProvides machine-to-machine(M2M)IT systems,cybersecurity,and application performance m

71、anagement SaaS.$12,500,0008.6xSales&Marketing/HorizontalProvides AI-based experience management SaaS.$5,899,678 6.2xNetwork&Systems Mgmt./HorizontalProvides web and mobile application,and server performance monitoring and management SaaS.$4,400,000 4.8xAnalytics&Data Mgmt./HorizontalProvides generat

72、ive AI-based analytics software for businesses in the financial services,retail,healthcare,public sector,manufacturing,education,and oil and gas sectors.$3,563,206 10.3xBusiness Mgmt./HorizontalProvides customer engagement and payments management SaaS for businesses in the health and wellness,govern

73、ment,utilities,non-profits,and financial services sectors.(1)Includes M&A deals estimated to be greater than$1B in Enterprise V2023 Select Notable SaaS Deals:Mega Deals(1)Continued22BuyerSaaS SellerEV(M)EV/TTMRevenueSeller PC/VerticalSeller Description$1,574,6102.3xBusiness Mgmt./HealthcareProvides

74、EMR and practice management SaaS for businesses in the healthcare sector.$1,400,000 N/ABusiness Mgmt./HealthcareProvides ICD-10 compliant practice management,revenue and EHR management SaaS for plastic and reconstructive surgeons,dermatologists,and medical spas.$1,380,575 4.8xSecurity/HorizontalProv

75、ides application,IT security,and network log data management and analytics SaaS for businesses.N/AN/ACompliance Mgmt./HorizontalProvides AI-enabled enterprise governance,risk,and compliance management SaaS.$1,113,959 12.5xAnalytics&Data Mgmt./GovernmentProvides AI-based digital investigation SaaS to

76、 businesses and law enforcement and services agencies.(1)Includes M&A deals estimated to be greater than$1B in Enterprise VBuyerSaaS SellerEV(M)EV/TTMRevenueSeller PC/VerticalSeller Description$912,500 N/AAnalytics&Data Mgmt./Life SciencesProvides data intelligence SaaS,mobile application,and syndic

77、ated registry data and analytic services to businesses in the pharmaceutical,biotechnology,and healthcare sectors.$835,000 N/AHuman Capital Mgmt./EducationProvides credential management SaaS for universities,businesses,and governments.$700,000 N/AFinancial ApplicationsProvides mortgage pricing and e

78、ligibility,mortgage sales,mortgage rate quoting and marketing automation SaaS for businesses in the mortgage industry.$650,000 N/AContent&Workflow Mgmt./LegalProvides AI-based legal research and automated workflow management SaaS for legal professionals.$586,951 1.4xSales&Marketing/HorizontalProvide

79、s media intelligence and social analytics SaaS.2023 Select Notable SaaS Deals:Mid-Market(1)23(1)Includes M&A deals estimated to be greater than$250M and less than$1B in Enterprise VBuyerSaaS SellerEV(M)EV/TTMRevenueSeller PC/VerticalSeller Description$455,000 N/AAsset&Facilities Mgmt./Real EstatePro

80、vides integrated IoT workspace management SaaS for facilities and real estate professionals.$414,000 N/ASupply Chain Mgmt./HorizontalProvides AI and cloud-native-enabled supply chain management and enterprise resource planning SaaS.$400,000 N/ASales&Marketing/Real EstateProvides generative AI-based

81、customer relationship management SaaS for businesses in the real estate industry.$300,000 N/ACommunications&Collaboration/EducationProvides school unified communication SaaS for businesses and consumers in the education industry in the United States.$250,000 N/ABusiness Mgmt./OtherProvides field ser

82、vice management SaaS for HVAC,plumbing,and roofing businesses in the US.2023 Select Notable SaaS Deals:Mid-Market(1)Continued24(1)Includes M&A deals estimated to be greater than$250M and less than$1B in Enterprise VBuyerSaaS SellerEV(M)EV/TTMRevenueSeller PC/VerticalSeller Description$230,000 N/ASup

83、ply Chain Mgmt./HorizontalProvides AI-based transportation management SaaS for businesses in the intermodal supply chain industry globally.N/AN/ABusiness Mgmt./HorizontalProvides enterprise resource planning and e-commerce management SaaS for SMEs across Germany.$180,000 N/ACommunications&Collaborat

84、ion/HealthcareProvides AI-powered video-focused language interpretation SaaS and related mobile application for businesses in the healthcare industry in the United States.N/AN/ASales&Marketing/NonprofitProvides grant and scholarship management SaaS for philanthropic organizations.$82,000N/ASales&Mar

85、keting/HorizontalProvides customer experience analytics and data integration SaaS and related APIs for businesses.2023 Select Notable SaaS Deals:Lower-Mid Market(1)25(1)Includes M&A deals estimated to be less than$250M in Enterprise VBuyerSaaS SellerEV(M)EV/TTMRevenueSeller PC/VerticalSeller Descrip

86、tionN/AN/ASales&Marketing/HorizontalProvides AI-based e-commerce contextualization SaaS.$52,000 N/AHuman Capital Mgmt./Horizontal Provides talent attraction,engagement,and acquisition management SaaS.$45,000 N/AAnalytics&Data Mgmt./HealthcareProvides healthcare data management SaaS to businesses in

87、the healthcare industry globally.$43,000 N/AContent&Workflow Mgmt./HealthcareProvides electronic forms management and automation SaaS for businesses in the healthcare industry.$41,000 N/ASupply Chain Mgmt./EnergyProvides fuel and propane management SaaS to businesses in the energy sector.2023 Select

88、 Notable SaaS Deals:Lower-Mid Market(1)Continued26(1)Includes M&A deals estimated to be less than$250M in Enterprise V27VISIT THE DATABASETake advantage of this tool to monitor deal activity and active buyers within your vertical for a strategic advantage.The SEG SaaS M&A Deal Databaseis now up-to-d

89、ate with select 2023 28SaaS Public Market Update2024 Annual SaaS ROverall,the SEG SaaS IndexTMhad a fantastic 2023,increasing 34%.When looking at the last two months of the year utilizing November as a starting point,the Index outperformed all other indices by nearly 10%each,increasing 23%to close t

90、he year strong.The median EV/TTM Revenue multiple for the Index in 3Q23 was 5.6x,down slightly from 6x in 2022.The median remained consistent every quarter throughout the year.While declining growth rates dominated the narrative around SaaS business performance,the median SaaS Index Company still ma

91、naged to grow 16.4%in 2023.Whats more,with companies in the Index at the largest scale in their history,though the growth rate has declined,the dollar value of revenue added remains strong.The median company in the Index added over$92M of revenue in 2023,showcasing the inherent growth potential of S

92、aaS businesses.Operating margins have rapidly improved,a big part of the Indexs success in 2023.The median net income margin of the Index was-4%compared to -14%in 2022 and-18.4%in 2021 due to businesses cutting down on discretionary spending.Median EBITDA and CFO margin were-3%and 14%respectively,an

93、d the Indexs focus on capital efficiency has led to strong generation and progress towards profitability.Still,notably,R&D expense has held,signaling that businesses continue investing in product for future growth.The top quartile companies in the Index by 2023 EV/TTM revenue multiple are receiving

94、a premium of 50%over the Index median(8.5x vs.5.6x).The companies that comprise this cohort depict what is most valued across both M&A and public markets today:profitable growth.The median TTM growth rate for the upper quartile is 26%versus 16%at the median.An even starker contrast exists in the med

95、ian TTM cash flow margin,which is 26%for the upper quartile against half that(13%)for the median.The SEG SaaS IndexTMcontinues to grow at an impressive scale,posting a total market cap of over$2.1T and total TTM revenues of over$300B in 2023.292023 SaaS Public Market S30ADDITIONSIncludes companies t

96、hat have been added to the Index due to IPO,SPAC acquisition,or transitioned from a license-based model to SaaSREMOVALSIncludes companies that have been removed from the Index due to acquisitionUPCOMING INDEX ADDITIONSIncludes companies that have recently gone public but are excluded from the Index

97、this quarter due to a lack of publicly available financial dataSEG SaaS IndexTMUSEG SaaS IndexTMOverviewOur Q4 SEG SaaS IndexTMcomprises 128 publicly traded companies that primarily offer solutions via the cloud(1).The Index is updated every quarter depending on acquisitions,IPOs,readily available f

98、inancial data,and changes in business models.If a company is added or removed from the Index,we re-run historical data to include its financials and analyze how it changes the metrics.31(1)Companies in the SEG SaaS IndexTMmay have a subscription or transaction-based pricing model.(2)Quarterly stats

99、are measured using quarterly metrics and annual stats are measured using annual stats unless noted otherwise.Measure200222023Market Capitalization(M)$4,170$6,276$5,924$4,005$4,018EV/NTM Revenue-6.5x12.6x6.0 x5.4xEV/TTM Revenue8.3x11.2x12.7x6.0 x5.6xEV/TTM EBITDA31.2x51.5x55.2x39.5x29.7xEV

100、/TTM CFO34.4x42.3x37.9x26.1x27.1xGross Profit Margin69.8%70.7%71.5%71.3%71.1%EBITDA Margin-10.1%-5.3%-4.8%-6.7%-2.6%Net Income Margin-19.5%-13.4%-18.4%-14.0%-4.0%CFO Margin9.3%14.5%9.2%7.7%13.2%TTM Total Revenue(M)$439$411$507$642$734TTM Total EBITDA(M)-$23-$14-$23-$38-$14YOY Revenue Growth27.1%25.4

101、%30.2%21.4%16.4%YOY EBITDA Growth14.6%30.1%17.9%16.0%27.9%Cash&Eq(M)$190$233$327$247$275Annual SEG SaaS IndexTM Median Metrics(2)14%25%43%34%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember OctoberNovember DecemberDow JonesS&P 500NASDAQSEG SaaS Index32YTD Price

102、Percent ChangeSEG SaaS IndexTM:2023 Stock Market PerformancePublicly traded technology stocks had a fantastic 2023,rebounding from a challenging 2022.The NASDAQ led the major indices,increasing 43%YOY and buoyed by the Magnificent Seven(1),with companies like Nvidia(up 328%in 23)benefiting greatly f

103、rom AI advancements and subsequent market reaction.The SEG SaaS IndexTMincreased 34%YOY,outpacing the S&P 500 and Dow Jones,marking an excellent year for publicly traded software stocks.The strongest SaaS stocks in 2023 include Samsara(up 173%),C3.ai(up 155%),Weave(up 152%),and MongoDB(up 111%).Near

104、ly of companies in the Index increased their Enterprise Value in 2023,an average 27%increase.In the last two months of 23,the Index increased a stellar 23%,outpacing all other indices by nearly 10%each.(1)The Magnificent Seven includes NVIDIA,Microsoft,Apple,Tesla,Meta,Google,&A33SEG SaaS IndexTM:An

105、nual Revenue PerformanceThe Index posted median revenues of$734M in 2023,up 16.4%YOY against 2022,compared to the Index posting median growth of 30%and 21%in 21 and 22,respectively.Though the percentage of high-growth SaaS companies has decreased(only 14%of the Index grew 30%in 23 compared to 30%in

106、22),this is partially the result of the market demanding profitable growth.In response,SaaS companies have refocused on operational efficiency and not just on growth at all costs,bringing down aggregate growth rates.However,median revenue grew by$92M in 2023 despite this shift,indicating the inheren

107、t potential of SaaS businesses remains strong.TTM Revenue Performance($M)-Annually(1)Logos correspond to a select representation of the 2023 data.(2)Refer to Slide 35 for information on improving cash flow trends.$439$411$507$642$7340%5%10%15%20%25%30%35%$0$100$200$300$400$500$600$700$80020192020202

108、120222023TTM Revenue GrowthTTM Total RevenueTTM Revenue Growth Rate Distribution(1)Percent of Companies19.5%26.6%24.2%14.1%15.6%32.0%29.7%24.2%7.8%6.3%10%20%30%40%TTM Revenue G34SEG SaaS IndexTM:AnnualRevenue MultiplesThe percentage of companies in the Index that saw median EV/TTM revenue multiples

109、of 10 x in 2023 was 16%,about the same as in 2022.Its clear that the highest performers are being rewardedthe 8.5x median EV/TTM revenue multiple for the upper quartile represents a 50%premium over the Index median of 5.6x EV/TTM revenue.The strongest companies are both growing faster(26%YOY growth

110、upper quartile vs.16%median)and generating stronger cash flow(26%vs.13%),than the median,demonstrating the Balanced Rule of 40 profile markets have been seeking and rewarding.Percent of CompaniesEV/TTM Revenue Multiple Distribution(1)Median TTM Metrics by EV/TTM Revenue Multiple(1)(2)(1)Quarterly EV

111、/TTM Revenue multiples are derived by finding the Enterprise Values over the entire quarter,divided by the last available TTM Revenue figure.TTM Revenue is based on the last available financial statement and may be from one quarter prior.(2)Stats shown for the lower and upper quartiles are calculate

112、d based on the median metrics for the respective cohort of companies belonging to those quartiles over the TTM.The stats for the median group are calculated based on the median metrics for the entire index.Stats are based on the last available financial statement and may be from one quarter prior.EV

113、/TTM Revenue Multiple-Annual(1)13%29%22%20%5%5%7%19%27%22%16%9%3%4%2.5x 5.0 x 7.5x 10.0 x 12.5x 15.0 xMedian EV/TTM Revenue20222023MetricsLower QuartileMedianUpper QuartileRevenue Growth6%16%26%Gross Profit Margin67%71%77%EBITDA Margin-9%-3%0%CFO Margin3%13%26%12.6x17.2x20.6x8.8x8.5x9.5x14.4x15.7x6.

114、9x6.2x8.3x11.2x12.7x6.0 x5.6x5.3x5.4x8.1x3.5x3.2x200222023Upper QuartileAverageMedianLower Q69.8%70.7%71.5%71.3%71.1%-10.1%-5.3%-4.8%-6.7%-2.6%-19.5%-13.4%-18.4%-14.0%-4.0%9.3%14.5%9.2%7.7%13.2%200222023Gross Profit MarginEBITDA MarginNet Income MarginCFO MarginSEG SaaS IndexTM

115、:Annual Financial PerformanceThe Indexs rapid pivot to capital efficiency is a big part of its success in 2023.The Index posted a median CFO margin of 13%in 2023,up from 8%in 2022.The 2023 median net income margin was-4%compared to-14%in 2022 and-18.4%in 2021,a stark contrast over just 2 years.The a

116、bility of SaaS companies,predominantly classified as growth stocks,to navigate a path toward profitability signifies a crucial moment for this asset class.To achieve this feat,companies in the Index have cut back on discretionary S&M and G&A spend,decreasing spend as a%of revenue in those categories

117、 to 35%and 16%in 2023,respectively.However,R&D spend held consistent with historical percentages,demonstrating the Indexs willingness to continue product investment for future growth,a good sign for performance in 2024 and beyond.35Percent of Annual RevenueAnnual Median MarginAnnual Median Operating

118、 Ratios Annual Median Margin Performance 40.4%35.8%39.1%38.2%34.6%22.5%23.1%23.6%24.3%22.8%17.9%18.1%19.8%18.4%15.9%200222023S&M(%of Revenue)R&D(%of Revenue)G&A(%of Revenue)36SEG SaaS IndexTM:Quarterly Public Market MultiplesMarkets will always prioritize growth.Companies in the Index gro

119、wing greater than 40%received a median EV/TTM revenue multiple of 10.9x in 4Q23,up 31%YOY against 4Q22.The 30-40%growth cohort saw its median EV/TTM revenue increase a whopping 47%YOY.Among all cohorts SEG tracks,the two with the highest EV/TTM revenue multiple are the 30-40%and 40%+growth buckets(9

120、.7x,10.9x respectively).However,there is also a premium placed on profitability.In 4Q23,companies with 20%EBITDA margin saw a median multiple of 7.4x,a decrease of 13%YOY from 8.5x,but a 28%premium to the Index median.This decline was driven by a select few companies,namely Paycom,ZoomInfo,and Paylo

121、city.The rest of the cohort had a median multiple of 8.0 x.EV/TTM Revenue vs.TTM Revenue GrowthEV/TTM Revenue vs.TTM EBITDA MarginMedian EV/TTM RevenueMedian EV/TTM Revenue3.3x3.9x4.7x6.6x8.3x2.6x5.2x7.0 x9.7x10.9x 10%20%30%40%TTM Revenue Growth4Q224Q234.5x6.3x4.8x8.5x5.3x4.4x5.0 x7.4x 0%10%20%TTM E

122、BITDA Margin4Q224Q19%27%35%19%17%27%34%23%60%70%80%Gross Profit Margin4Q224Q2337Percent of CompaniesSEG SaaS IndexTM:Gross ProfitThe median Gross Profit Multiple increased to 8.3x in 4Q23 from 7.5x in 4Q22,representing an 11%improvement.The average held steady YOY(9.4x from 9.2x)but slightly decreas

123、ed QOQ(down 5%).The cohort of 80%GPM companies increased to 23%of the Index,up from 19%in 4Q22,as seven companies moved up from the lower cohort.Two of those companies have EV/TTM revenue multiples well below the Index median in SEMrush(3.7x)and WalkMe(2.2x).Combined with PTC(9.3x)slipping into the

124、lower cohort,this caused the YOY decrease from 7.3x in 4Q22 to 6.9x in 4Q23.Absent the above;the cohort saw a median multiple of 7.3x,representing a premium of 26%over the index median as the public investors reward SaaS companies with high gross margins,the first indicator of scalability and profit

125、 potential on the P&L.EV/TTM Gross Profit-QuarterlyGross Profit Margin Distribution(1)EV/TTM Revenue vs.Gross Profit Margin4.2x4.5x6.0 x7.3x4.4x4.7x5.9x6.9x 60%70%80%Gross Profit Margin4Q224Q23Median EV/TTM Revenue7.5x8.7x8.2x8.4x8.3x9.2x9.4x9.4x9.9x9.4x4Q221Q232Q233Q234Q23Median EV/TTM Gross Profit

126、Average EV/TTM Gross ProfitMedian EV/TTM Gross P38SEG SaaS IndexTM:Weighted Rule of 40%The Weighted Rule of 40(2)is a crucial KPI measured by investors.Businesses in the 30-40%bucket saw multiples increase 32%YOY(9.1x from 6.9x).Companies exceeding a Weighted Rule of 40%posted a median EV/TTM Revenu

127、e multiple of 10.7x,84%higher than the Index median and an increase YOY of 22%.The balance between revenue growth and profitability has been scrutinized by investors in the current market.Within SEGs analyzed cohorts(upper quartile,growth,profitability,and gross margin),the 30%Weighted Rule of 40 co

128、hort boasts one of the highest EV/TTM revenue multiples.Median EV/TTM RevenueSelect Companies by Weighted Rule of 40%(1)(2)20%30%=40%10%40%Weighted Rule of 40%(1)Logos correspond to a select representation of the 4Q23 data.(2)Weighted Rule of 40=(1.33*Revenue Growth)+(0.67*EBITDA Margin)1.9x4.1x4.5x

129、6.9x8.8x2.4x3.7x5.8x9.1x10.7x 10%20%30%40%Rule of 40 Percentages4Q224Q39Median TTM Revenue Growth RateSEG SaaS IndexTM:Product Category Revenue PerformanceDespite the general decline in growth across categories,ERP&Supply Chain,Financial Applications,and Human Capital Management saw TTM growth in 4Q

130、23 similar to 4Q22.ERP&Supply Chains ability to maintain growth(16.8%4Q23 vs.17.3%4Q22)validates the mission-critical nature of the product category,as many businesses continue to operate through their ERP systems.DevOPs&IT Management,Human Capital Management,and Security recorded growth rates much

131、higher than the broader Index median.Human Capital Management(24.0%)remains a strong growth category as U.S.companies,many of whom have reduced their workforce,increasingly leverage technology to manage leaner teams and optimize productivity.As businesses adapt to a changing market,they turn towards

132、 purpose-built vertical solutions tailored to their needs.The median growth rate for the Vertically Focused category has fallen but is weighed down by the bottom quartile(median growth rate of 1%YOY).The top quartile had a median of 29%YOY growth,including Procore,Appfolio,Coursera,and Olo.16.4%18.1

133、%11.2%23.7%16.8%15.2%24.0%14.8%19.9%21.4%10.2%21.4%28.3%23.7%30.4%17.3%15.8%23.9%20.8%32.7%29.5%19.3%SEG SaaS IndexAnalytics&Data ManagementCommunications&CollaborationDevOps&IT ManagementERP&Supply ChainFinancial ApplicationsHuman Capital ManagementOther SaaSSales&MarketingSecurityVertically Focuse

134、d4Q234QSEG SaaS IndexTM:Product Category EBITDA PerformanceThe SaaS Index improved its TTM EBITDA margin to-2.6%in 4Q23,up from-6.7%in 4Q22,as the companies comprising the Index prioritized operational efficiency.ERP&Supply Chain and Human Capital Management are the most profitable product categorie

135、s.ERP&SCM is bolstered by Oracle and Descartes(39%EBITDA margin each),while Human Capital Management is paced by Paycom(40%)and HealthStream&Paylocity(20%each).Analytics&Data Management represents the least profitable category,which includes Definitive Healthcare(-99%),Snowflake(-36%),and Amplitude(

136、-34%).While most other categories have improved profitability YOY,Analytics and Data Management has a lower EBITDA margin(-16%)in 4Q23 than in 4Q22(-13%).The Vertically Focused category also saw a swing towards unprofitability.However,it was primarily driven by two companies(Definitive Healthcare an

137、d Model N)crossing from a positive EBITDA margin to a negative.Absent those two,the cohorts median TTM EBITDA margin is 3.8%.Highly profitable Vertically Focused companies include Roper Technologies(42%),PTC(29%),and Fortive(26%).40Median TTM EBITDA Margin-2.6%-15.7%-1.5%-8.4%21.1%-1.8%16.9%-8.4%-5.

138、2%-6.4%-4.6%-6.7%-12.6%-2.2%-12.6%20.9%-1.5%14.8%-10.8%-7.3%-8.6%3.3%SEG SaaS IndexAnalytics&Data ManagementCommunications&CollaborationDevOps&IT ManagementERP&Supply ChainFinancial ApplicationsHuman Capital ManagementOther SaaSSales&MarketingSecurityVertically Focused4Q234Q41Median EV/TTM Revenue M

139、ultiple(1)SEG SaaS IndexTM:Product Category Valuation PerformanceMany categories in the Index recorded higher median EV/TTM revenue multiples in 4Q23 than in 4Q22,reflecting the strong year many companies in the Index recorded.DevOps&IT Management(9.0 x in 4Q23 vs.6.9x in 4Q22)and Financial Applicat

140、ions(6.4x vs.5.4x)saw the two largest increases in revenue multiple.DevOps&IT Management,with a 9.0 x EV/TTM revenue mutiple,traded at a 61%premium to the Index median.The cohort contains highflyers like MongoDB(16.8x)and Datadog(16.7x),and the group broadly has seen massive tailwinds as artificial

141、intelligence adds additional complexity for IT departments.ERP&Supply Chain,combining growth(16.8%TTM Revenue Growth)and profitability(21.1%TTM EBITDA Margin),exemplifies a cohort of public SaaS companies receiving recognition for achieving profitable growth.The group saw a TTM revenue multiple of 7

142、.7x in 4Q23,38%higher than the Index median.The Vertically Focused group is led by Veeva Systems(11.6x,Life Sciences),AppFolio(11.3x,Real Estate),and Roper Technologies(10.4x,Diversified).5.8x6.0 x3.0 x9.0 x7.7x6.4x7.1x4.4x5.0 x7.6x4.7x5.4x5.5x3.7x6.9x7.6x5.4x9.6x3.4x5.4x7.3x5.0 xSEG SaaS IndexAnaly

143、tics&Data ManagementCommunications&CollaborationDevOps&IT ManagementERP&Supply ChainFinancial ApplicationsHuman Capital ManagementOther SaaSSales&MarketingSecurityVertically Focused4Q234Q22(1)Median EV for product category valuation performance is measured using the median EVs in 4Q23 and 4Q42VISIT

144、THE SaaS INDEXTMPAGEDiscover our dynamic SEG SaaS IndexTMPage,offering real-time metrics for SaaS companies including revenue multiples by category and size,comparisons to stock market indices,and 43Appendix2024 Annual SaaS RReport Definitions44SaaSPrimarily offers solutions via the cloud and may ha

145、ve a subscription or transaction-based pricing model EVEnterprise ValueTTMTrailing Twelve MonthsYOYYear-over-Year QOQQuarter-over-Q45CompanyTickerMedian EV(M)TTM Revenue(M)TTM Revenue Growth EV/TTM RevenueEBITDA(M)EBITDA MarginEV/EBITDABBILL$9,750.6$753.550.4%8.6x-$232.6-1.8%-MMNDY$6,523.6$464.745.7

146、%9.6x-$167.6-36.4%-ZscalerZS$20,277.1$1,216.044.6%11.5x-$263.753.7%-SamsaraIOT$11,968.8$591.743.3%14.1x-$441.2-2.3%-GitlabGTLB$6,139.3$379.242.1%11.4x-$200.8-6.0%-SnowflakeSNOW$47,982.1$1,860.440.9%18.3x-$704.8-5.1%-CrowdstrikeCRWD$33,228.9$2,034.939.9%11.7x-$33.0-63.0%198.9xConfluentCFLT$6,856.0$53

147、7.236.3%9.4x-$455.01.4%-CloudflareNET$20,663.7$894.135.2%17.1x-$91.614.0%-ProcorePCOR$8,220.4$664.334.3%9.2x-$228.2-35.7%-MongoDBMDB$24,014.2$1,189.233.4%15.1x-$316.6-8.4%-DatadogDDOG$28,000.1$1,531.931.1%13.9x$48.816.5%963.6xSprout SocialSPT$2,737.3$237.430.4%8.8x-$42.938.9%-AppFolioAPPF$5,971.3$44

148、3.429.1%10.4x-$25.620.8%-ShopifySHOP$67,943.6$5,245.026.8%10.2x-$1,038.2-4.7%-Paycom SoftwarePAYC$16,215.8$1,289.626.4%10.0 x$433.962.1%27.7xHubSpotHUBS$22,429.4$1,630.626.2%10.9x-$43.535.9%-Verisk AnalyticsVRSK$35,288.2$2,096.425.7%13.4x$1,594.8-28.5%24.9xDynaTraceDT$13,082.4$1,040.024.7%10.1x$134.

149、4-49.1%72.0 xPalo Alto NetworksPANW$69,886.6$5,817.523.9%9.7x$219.240.1%63.3xAtlassianTEAM$44,298.9$2,996.323.7%12.0 x$23.0-4.3%-The Trade DeskTTD$33,171.5$1,482.723.5%18.1x$38.0-16.5%142.4xServiceNowNOW$108,844.1$6,919.022.5%12.8x$716.012.7%78.0 xClearwater AnalyticsCWAN$3,336.0$290.521.1%9.5x$6.75

150、.9%-SPS CommerceSPSC$5,874.0$431.619.1%11.4x$93.715.3%55.0 xDescartesDSGX$6,225.1$473.216.2%11.3x$190.7-3.9%29.1xRoper TechnologiesROP$56,039.3$5,197.515.3%9.3x$1,991.7-3.0%22.5xVeeva SystemsVEEV$25,878.7$2,077.210.6%11.3x$498.4-18.0%59.5xAdobeADBE$219,975.5$17,606.010.2%11.3x$6,976.028.6%28.3xMSCIM

151、SCI$44,860.9$2,222.28.7%18.6x$1,331.841.5%29.9xPTCPTC$18,005.7$1,933.38.5%8.6x$573.420.2%30.1xTyler TechnologiesTYL$16,900.4$1,831.55.0%8.8x$396.818.9%43.6xHigh$219,975.5$17,606.050.4%18.6x$6,976.062.1%963.6xMedian$20,470.4$1,386.126.3%11.3x$14.9-0.2%49.3xAverage$32,518.4$2,293.127.3%11.8x$343.24.4%

152、116.8xLow$2,737.3$237.45.0%8.6x-$1,038.2-63.0%22.5xSEG SaaS IndexTM:Top Quartile by EV/TTM R46CompanyTickerMedian EV(M)TTM Revenue(M)TTM Revenue Growth EV/TTM RevenueEBITDA(M)EBITDA MarginEV/EBITDAToastTOST$9,085.3$2,474.06.5%2.5x-$260.0-16.2%-EventbriteEB$534.3$249.00.6%1.7x-$48.013.4%103.6xCourser

153、aCOUR$1,340.6$496.5-14.7%2.2x-$151.1-24.2%-OloOLO$669.3$175.63.4%3.1x-$40.37.6%-WeaveWEAV$418.6$136.39.3%2.6x-$37.111.5%-RiskifiedRSKD$364.2$251.87.8%1.2x-$111.211.5%-WalkMeWKME$596.0$233.44.4%2.3x-$108.3-15.9%-RingCentralRNG$4,500.9$1,912.112.8%2.1x-$458.4-6.3%-TwilioTWLO$8,416.7$3,644.512.6%2.1x-$

154、823.6-6.4%-ZuoraZUO$1,047.7$383.719.2%2.5x-$92.9-9.4%-BigCommerceBIGC$777.5$271.5-2.3%2.6x-$128.624.8%-PegasystemsPEGA$4,089.2$1,237.613.1%3.0 x-$216.8-26.5%-BandwidthBAND$637.2$542.3-0.6%1.1x$19.223.7%9.4xEverbridgeEVBG$1,329.5$417.610.5%3.0 x-$17.6-25.1%25.7xHealth CatalystHCAT$532.7$271.85.5%1.8x

155、-$97.619.9%-DomoDOMO$527.8$299.09.6%1.7x-$96.6-27.0%-HealthStreamHSTM$683.2$262.6-6.6%2.5x$46.6-5.5%12.4xKalturaKLTR$215.4$167.524.4%1.2x-$37.11.7%-AALRM$2,503.3$829.79.5%2.9x$93.6-0.3%20.2x8X8EGHT$780.0$713.345.4%1.1x-$52.9-8.4%14.0 xYextYEXT$764.4$399.9-3.1%1.9x-$52.2-33.1%46.9xTeradataTDC$4,431.6

156、$1,818.0-16.9%2.4x$267.0-14.3%18.1xACI WorldwideACIW$3,575.5$1,436.9-12.9%2.5x$416.1-27.5%10.6xCS DiscoLAW$229.8$136.51.3%1.7x-$57.84.0%-Ziff DavisZD$3,419.4$1,402.916.3%2.5x$685.1-27.9%10.1xUpland SoftwareUPLD$495.1$314.2-4.6%1.6x$28.6-10.1%-2UTWOU$1,080.8$970.74.1%1.2x-$190.914.3%-BrightcoveBCOV$1

157、53.9$214.422.7%0.8x$7.3-24.2%-ON24ONTF$75.6$196.3-1.2%0.4x-$50.3-40.6%-VeritoneVERI$164.6$161.0-30.7%1.2x-$12.917.2%-LivePersonLPSN$687.2$516.16.7%1.6x-$161.9-25.0%-EbixEBIXQ$1,064.2$1,061.822.5%1.4x$153.6-19.4%8.4xHigh$9,085.3$3,644.545.4%3.1x$685.124.8%103.6xMedian$725.8$391.86.0%2.0 x-$51.3-8.9%1

158、4.0 xAverage$1,724.7$737.55.4%1.9x-$49.6-7.6%25.4xLow$75.6$136.3-30.7%0.4x-$823.6-40.6%8.4xSEG SaaS IndexTM:Bottom Quartile by EV/TTM RCompanyEV/TTM RevenueEV/EBITDATTM Revenue GrowthEBITDA Margin 2002220232002220232002220232002220232U3.4x2.9x2.7x1.5x1.2x-

159、40%35%22%2%-5%-29.9%-12.2%-3.8%-13.8%-10.1%8X84.6x3.5x4.7x1.3x1.1x-107.0 x14.0 x27%19%20%17%3%-27.5%-19.0%-16.4%1.2%7.6%ACI Worldwide3.6x3.5x3.9x2.8x2.5x16.7x14.2x14.6x9.9x10.6x25%3%6%4%-1%21.8%24.6%26.6%28.0%23.7%Adobe10.5x13.1x15.3x9.6x11.3x26.8x31.4x38.5x24.0 x28.3x15%23%12%10%10%39.2%41.8%39.6%4

160、0.1%40.1%Affirm Holdings-16.5x5.2x4.5x-93%71%55%18%20%-13.8%-42.6%-44.6%-42.3%-30.3%A4.9x4.4x5.3x3.6x2.9x26.5x22.6x38.6x29.8x20.2x19%23%21%12%4%18.4%19.4%13.7%12.2%14.3%Alkami-15.3x5.4x5.6x-52%36%34%30%-53.8%-42.9%-27.6%-23.1%-15.2%Amplitude-38.1x6.6x3.9x-50%63%42%22%-49.1%-21.8%-42.5%-38.6%-34.4%Ap

161、pFolio12.8x15.9x12.5x7.8x10.4x101.5x126.8x221.4x-35%21%16%31%29%12.6%12.6%5.7%-8.1%-3.0%Appian8.9x11.4x20.4x7.3x5.7x-15%17%21%27%18%-17.2%-8.6%-22.1%-30.2%-20.7%Asana-16.5x31.1x7.7x6.0 x-86%59%67%45%24%-81.4%-75.1%-68.2%-70.9%-42.3%Atlassian17.9x20.1x23.3x15.7x12.0 x-33%29%34%26%24%-12.3%-17.5%-13.5

162、%-6.2%-6.0%Autodesk11.0 x13.4x14.6x8.9x8.3x75.4x70.4x82.5x38.3x35.3x27%16%16%14%9%14.5%19.1%17.7%23.3%23.5%AvePoint-7.5x2.9x3.5x-31%27%21%17%-15.5%-9.5%-27.2%-16.2%-7.5%AvidXChange-16.9x4.0 x4.5x-24%34%27%21%-36.0%-28.7%-61.8%-15.0%-4.6%Bandwidth5.8x8.3x6.4x1.5x1.1x-351.7x91.4x15.1x9.4x14%48%43%17%9

163、%-1.7%2.4%7.0%9.8%11.5%BigCommerce-34.7x17.8x4.5x2.6x-22%36%44%27%10%-34.2%-20.6%-32.0%-45.6%-27.0%B16.1x25.2x26.6x12.8x8.6x-45%51%169%65%50%-16.8%-42.0%-36.4%-10.6%-4.7%Blackbaud5.0 x3.6x4.3x3.7x4.3x38.5x25.2x37.1x47.8x40.4x6%1%2%14%5%13.0%14.4%11.6%7.8%10.6%BlackLine8.9x12.0 x15.5x8.4x6.4x-765.5x-

164、3486.8x37.3x27%22%21%23%15%-0.2%1.6%-2.5%0.2%17.3%Box3.5x3.2x3.9x4.2x4.1x-65.9x67.3x40.8x41.6x14%11%13%13%7%-11.5%4.9%5.8%10.4%9.8%Braze-27.8x8.7x8.1x-56%58%49%34%-34.1%-20.3%-31.7%-40.4%-32.3%Brightcove1.9x1.6x2.4x1.2x0.8x-87.3x35.3x154.1x-12%7%7%0%-7%-7.0%1.9%6.9%0.8%-5.5%C3.ai-70.7x17.8x3.8x8.3x-

165、71%17%38%6%6%-44.8%-30.5%-75.5%-106.6%-101.5%Ceridian9.2x13.6x15.2x8.3x7.8x61.3x201.6x674.0 x188.6x56.1x11%2%22%22%22%15.0%6.8%2.3%4.4%14.0%Clearwater Analytics-15.3x9.6x9.5x-120.4x283.9x-21%24%20%21%16.4%-8.9%12.7%3.4%-1.8%Cloudflare15.8x23.7x49.2x19.4x17.1x-49%50%52%49%35%-25.8%-11.7%-20.1%-8.6%-5

166、.1%Confluent-40.7x11.4x9.4x-58%64%51%36%-64.7%-97.9%-86.6%-77.7%-63.0%Couchbase-10.3x3.4x3.3x-25%20%25%16%-28.0%-29.0%-43.5%-41.5%-41.7%47SEG SaaS IndexTMCompanyEV/TTM RevenueEV/EBITDATTM Revenue GrowthEBITDA Margin 200222023200222023200222023200222023Cour

167、sera-10.6x2.7x2.2x-59%41%26%23%-21.7%-19.0%-30.9%-28.4%-24.2%Crowdstrike27.4x23.9x34.9x17.5x11.7x-198.9x93%82%66%54%40%-24.1%-5.3%-4.5%-1.8%5.9%CS Disco-22.4x7.9x1.7x-41%67%18%-1%-59.5%-30.3%-19.3%-49.7%-40.6%Datadog27.1x39.9x31.8x18.6x13.9x-1017.1x 1278.0 x 2380.0 x963.6x83%66%70%63%31%-1.0%3.9%2.5

168、%0.8%1.4%Definitive Healthcare-24.8x11.3x6.2x-179.1x106.9x-40%34%18%-36.7%13.9%10.5%-99.1%Descartes10.1x12.4x13.5x11.5x11.3x28.9x32.5x34.2x27.8x29.1x18%7%22%14%16%35.0%38.2%39.5%41.2%38.9%DigitalOcean Holdings-12.6x7.7x5.6x-73.1x51.2x29.5x25%25%35%34%27%12.9%14.6%17.2%15.1%19.0%Docebo-16.4x17.0 x6.1

169、x6.1x-82.8x153.1x53%52%66%37%27%-23.8%-9.6%-10.5%7.3%4.0%Docusign9.3x23.8x23.1x5.3x3.7x-2274.9x 4791.3x59.4x39%49%45%19%11%-12.9%-8.8%1.0%0.1%6.2%Domo3.9x4.5x8.6x3.4x1.7x-22%21%23%20%6%-62.5%-32.5%-32.2%-27.1%-16.2%Dropbox4.9x3.7x4.6x3.5x3.6x87.3x25.3x21.8x15.7x17.2x19%15%13%8%8%5.6%14.7%21.2%22.1%2

170、1.2%DynaTrace13.4x15.1x18.0 x9.5x10.1x-69.6x120.3x74.2x72.0 x27%29%32%25%25%-19.6%21.8%14.9%12.8%14.0%Ebix3.6x2.2x1.6x1.3x1.4x13.4x9.1x11.3x8.8x8.4x17%8%59%6%-31%27.1%23.8%13.8%14.5%17.2%Elastic13.7x12.1x15.1x6.5x5.1x-57%42%42%24%19%-36.5%-17.1%-18.2%-16.0%-10.4%Eventbrite3.4x5.4x8.1x2.7x1.7x-103.6x

171、12%-68%77%39%24%-12.7%-167.5%-54.9%-11.2%1.7%Everbridge12.0 x16.0 x13.8x3.9x3.0 x-794.6x25.7x37%35%36%17%8%-12.3%-15.1%-5.0%0.5%11.5%EverCommerce-8.9x4.2x3.6x-96.3x32.5x22.7x39%45%27%12%-6.9%16.2%9.3%12.9%15.8%Fastly9.0 x26.2x17.2x3.9x4.6x-39%45%22%22%19%-14.6%-27.8%-47.2%-27.8%-16.7%Five99.4x16.5x1

172、8.9x9.0 x5.9x108.0 x494.5x-27%33%40%28%18%8.7%3.3%-1.4%-3.6%-1.5%Fortive5.5x5.4x5.0 x4.4x4.4x30.4x12.3x22.2x17.7x17.0 x20%2%13%11%6%18.0%44.0%22.4%24.7%25.9%Freshworks-23.9x6.2x6.7x-45%49%34%21%-13.6%-18.0%-51.6%-44.6%-31.4%Gitlab-56.5x15.9x11.4x-87%66%68%42%-158.0%-140.4%-50.6%-48.5%-35.7%Guidewire

173、 Software10.3x11.2x10.9x6.5x6.7x210.3x-3%0%9%11%9%4.9%-6.5%-21.7%-11.3%-6.3%Health Catalyst7.6x5.8x9.3x2.1x1.8x-38%22%28%14%7%-30.5%-45.5%-43.5%-31.2%-25.0%HealthStream2.8x2.3x3.0 x2.4x2.5x16.5x12.1x17.1x12.5x12.4x10%-4%5%4%5%16.8%18.8%17.5%18.9%19.9%HubSpot9.5x10.7x20.4x8.8x10.9x 7630.8x-16374.6x-3

174、2%31%47%33%26%0.1%-0.8%0.1%-2.5%-4.3%Informatica-8.0 x4.6x4.1x-35.4x27.3x26.5x6%1%9%4%2%23.1%20.7%22.7%16.9%15.5%Instructure-8.9x7.4x7.7x-55.2x28.6x27.5x23%57%17%13%-24.9%-16.2%26.0%28.0%Intapp-6.9x3.6x6.6x-30%15%27%29%29%-2.6%-3.9%-31.6%-14.2%-12.1%48SEG SaaS IndexTMCompanyEV/TTM RevenueEV/EBITDATT

175、M Revenue GrowthEBITDA Margin 200222023200222023200222023200222023Jfrog-37.8x16.7x6.5x6.6x-65%44%37%35%25%-3.9%-7.0%-28.8%-26.8%-21.2%Kaltura-7.0 x1.1x1.2x-24%37%2%4%-5.3%2.7%-16.5%-30.4%-15.9%Kinaxis7.2x14.7x14.0 x7.9x7.7x31.2x91.1x156.9x54.9x74.9x30%18%5

176、%52%29%23.2%16.2%8.9%14.4%10.3%LivePerson6.4x7.5x8.4x2.7x1.6x-17%26%28%10%-17%-22.8%-17.6%-11.3%-32.9%-14.3%MeridianLink-8.6x6.0 x5.8x-29.3x20.6x24.7x31%34%8%6%38.6%43.1%29.2%29.0%23.3%Model N4.0 x5.8x5.5x3.8x4.8x-14%20%13%14%14%-0.6%-3.4%-1.5%-7.1%-7.1%M-44.2x8.8x9.6x-106%91%68%46%-115.0%-91.5%-40.

177、2%-23.3%-2.3%MongoDB17.3x20.7x27.0 x14.9x15.1x-58%40%48%47%33%-32.1%-30.8%-30.6%-22.9%-8.4%MSCI13.4x18.1x23.0 x18.4x18.6x24.5x32.1x40.9x30.4x29.9x9%9%21%10%9%54.8%56.2%56.4%60.4%62.1%Ncino-33.0 x21.6x9.1x6.8x-51%48%34%49%24%-16.3%-16.2%-22.8%-14.8%-2.0%Nutanix4.1x3.2x4.5x3.0 x3.5x-6%7%13%18%19%-55.8

178、%-60.4%-39.9%-5.0%-0.6%Okta21.3x29.4x27.2x8.0 x5.3x-47%42%56%43%25%-28.2%-18.7%-50.1%-36.4%-15.9%Olo-26.2x6.7x3.1x-59%94%52%24%22%-15.1%4.1%-30.3%-22.1%-19.4%ON24-5.8x0.7x0.4x-8%76%30%-6%-13%-15.5%15.9%-9.6%-27.1%-27.5%Oracle5.1x4.9x6.5x5.3x7.1x11.7x10.8x20.4x14.2x18.2x-1%4%5%18%12%43.6%45.5%31.9%37

179、.5%39.2%Pagerduty14.4x8.2x11.3x5.8x4.9x-41%28%32%32%21%-28.5%-27.3%-33.7%-29.4%-11.9%Palo Alto Networks5.8x5.2x6.8x7.4x9.7x333.5x-391.7x58.7x63.3x18%25%29%25%24%1.7%-1.1%1.7%12.6%15.3%Paycom Software16.6x20.5x21.8x13.5x10.0 x45.6x72.1x71.3x38.2x27.7x30%14%25%30%26%36.5%28.4%30.6%35.3%35.9%Paycor-12.

180、9x8.4x7.0 x-130.7x80.0 x8%22%29%27%14.5%15.7%-1.8%6.4%8.8%Paylocity Holding9.0 x11.5x12.7x9.6x8.3x48.3x72.2x80.3x52.0 x40.8x20%13%34%38%34%18.5%15.9%15.8%18.4%20.4%Pegasystems6.0 x7.8x8.7x3.2x3.0 x-2%12%19%9%9%-12.4%-8.3%-7.9%-10.3%-0.3%PowerSchool-8.7x6.0 x6.9x-45.4x31.0 x31.7x19%28%13%10%20.8%27.1

181、%19.1%19.3%21.9%Procore-21.3x9.3x9.2x-55%38%29%40%34%-23.2%-17.2%-48.6%-30.7%-18.0%PROS Holdings8.9x6.3x7.3x4.6x5.1x-27%1%0%10%10%-16.4%-20.4%-25.2%-22.3%-15.7%PTC7.0 x5.7x8.4x6.9x8.6x31.0 x18.4x28.5x24.0 x30.1x16%24%7%8%8%22.7%31.3%29.7%28.6%28.6%Q2 Holdings10.6x11.9x10.9x4.8x3.4x-31%28%24%13%11%-1

182、1.0%-13.8%-4.7%-6.7%-0.2%Qualys9.3x9.8x9.4x9.4x8.2x26.9x26.4x30.9x27.3x24.0 x15%13%13%19%15%34.6%37.2%30.5%34.4%34.3%Rapid77.5x7.2x10.7x6.7x4.5x-34%26%30%28%16%-7.3%-12.2%-16.5%-10.3%-8.9%RingCentral10.9x20.3x15.8x3.3x2.1x 6846.3x562.0 x-34%31%35%25%13%0.2%3.6%-11.5%-31.3%-6.3%49SEG SaaS IndexTMComp

183、anyEV/TTM RevenueEV/EBITDATTM Revenue GrowthEBITDA Margin 200222023200222023200222023200222023Riskified-12.2x1.4x1.2x-30%35%14%16%-10.1%-3.2%-23.1%-39.9%-27.9%Roper Technologies8.7x10.4x11.2x9.4x9.3x15.5x28.9x30.1x23.7x22.5x-9%-15%20%11%15%56.1%39.1%38.9%3

184、9.5%41.5%S7.2x7.7x8.1x5.4x5.8x47.2x49.7x55.8x30.0 x21.1x29%24%25%18%12%15.2%15.5%14.5%18.0%27.8%Samsara-30.6x8.4x14.1x-108%71%52%43%-186.5%-79.5%-80.2%-37.8%-28.5%SAP5.1x5.4x5.3x3.9x4.6x19.9x15.2x15.3x16.8x21.2x6%1%6%-1%7%25.6%35.7%34.4%23.3%21.5%SEMrush-13.9x5.4x3.6x-2514.9x-36%51%35%22%-9.4%-3.7%0

185、.6%-7.3%-6.0%SentinelOne-62.1x14.2x7.0 x-100%120%106%58%-155.9%-121.3%-127.6%-83.6%-54.8%ServiceNow13.8x17.1x18.9x12.5x12.8x135.6x149.0 x148.5x105.4x78.0 x33%31%30%23%22%10.2%11.5%12.7%11.9%16.5%Shopify20.5x36.2x36.1x7.5x10.2x-332.8x51.9x-47%86%57%21%27%-3.8%10.9%69.6%-63.1%-49.1%Smartsheet15.6x14.0

186、 x15.0 x5.7x5.6x-52%42%43%39%28%-33.3%-26.8%-26.9%-25.7%-13.3%Snowflake-118.0 x62.8x24.1x18.3x-174%124%106%69%41%-133.9%-90.2%-56.9%-37.7%-36.4%SolarWinds6.9x5.5x9.1x4.0 x3.6x16.0 x17.4x32.9x-12.4x-20%7%0%0%4%43.2%38.1%27.5%-101.4%28.8%Sprinklr-8.2x3.8x4.2x-104.6x19%27%26%20%-9.6%-5.1%-16.1%-6.3%4.0

187、%Sprout Social7.3x9.6x24.5x12.3x8.8x-30%29%41%35%30%-40.1%-19.5%-12.5%-17.6%-16.5%SPS Commerce5.9x7.5x9.5x9.4x11.4x30.2x33.9x46.0 x42.4x55.0 x12%12%23%17%19%19.6%22.0%20.8%22.0%20.8%Squarespace-8.3x3.8x4.4x-28%26%11%15%17.2%8.7%-25.7%-20.2%-10.4%Tenable6.4x6.4x8.2x7.1x6.1x-33%24%23%26%19%-23.7%-5.9%

188、-5.0%-6.5%-1.5%Teradata2.1x1.3x2.6x2.1x2.4x24.0 x13.6x13.7x16.9x18.1x-12%-3%4%-6%1%8.6%9.5%19.1%12.5%13.4%The Trade Desk13.8x23.0 x29.9x16.8x18.1x68.1x111.0 x214.5x157.7x142.4x39%26%43%32%23%20.2%20.7%14.0%10.7%12.7%Toast-13.9x3.1x2.5x-24%107%60%45%-30.8%-25.4%-26.8%-13.2%-8.4%Twilio13.2x17.4x20.0 x

189、3.3x2.1x-75%55%61%35%13%-22.9%-19.5%-23.1%-19.6%-6.4%Tyler Technologies7.9x11.9x12.5x8.7x8.8x35.9x51.5x60.5x41.5x43.6x16%3%43%16%5%22.0%23.1%20.6%21.0%20.2%UiPath-32.5x7.8x6.1x-81%47%19%17%-149.2%-14.9%-53.5%-30.0%-15.7%Upland Software5.3x4.7x5.1x2.5x1.6x246.2x58.8x85.8x52.7x-49%31%4%5%-3%2.1%8.0%6.

190、0%4.8%-33.1%Varonis Systems7.0 x10.2x14.3x5.9x5.0 x-6%15%33%21%7%-27.6%-23.8%-24.8%-20.2%-19.6%Veeva Systems18.0 x23.9x22.9x12.3x11.3x65.1x85.9x79.6x54.1x59.5x28%33%26%16%11%27.7%27.8%28.8%22.7%18.9%Verint Systems2.6x2.4x4.2x4.1x3.2x26.5x23.7x29.0 x28.1x20.3x-31%-2%5%3%-2%9.6%10.1%14.3%14.5%15.9%Ver

191、isk Analytics10.0 x13.6x13.6x12.8x13.4x25.6x23.5x25.8x18.4x24.9x9%-13%9%1%26%39.1%57.9%52.7%69.7%53.7%Veritone1.1x3.4x6.0 x1.6x1.2x-47.8x-84%16%100%30%-15%-117.1%-71.5%-45.1%3.4%-24.2%50SEG SaaS IndexTMCompanyEV/TTM RevenueEV/EBITDATTM Revenue GrowthEBITDA Margin 20022202320022

192、2023200222023200222023Vertex-9.5x6.6x4.1x5.7x-67.1x38.1x61.0 x18%17%14%16%16%17.7%-19.4%9.8%10.8%9.4%WalkMe-9.5x2.4x2.3x-41%30%27%13%-43.5%-25.9%-37.8%-41.6%-26.5%Weave-9.8x1.6x2.6x-75%45%23%19%-55.8%-37.4%-33.1%-22.2%-9.4%Wix7.7x13.5x11.2x3.0 x3.2x-26%30%29%9%11%-6.3%-10.6%-2.

193、3%-31.7%-12.0%Workday11.4x9.9x11.7x6.5x7.5x-489.3x159.3x194.3x94.4x29%19%19%21%17%-4.1%2.0%7.3%3.3%7.9%Workiva6.9x6.6x12.7x7.3x8.4x-22%18%26%21%18%-12.6%-8.7%-4.5%-13.5%-11.7%Yext5.9x4.7x3.6x1.2x1.9x-46.9x31%19%10%3%1%-33.8%-20.1%-16.7%-9.2%4.0%Ziff Davis4.8x3.8x4.9x3.1x2.5x16.1x12.2x10.1x10.7x10.1x

194、-13%10%22%-2%-2%29.9%31.3%48.1%28.6%24.8%Zoom33.3x26.2x22.5x5.7x3.3x711.5x100.9x82.9x76.9x44.9x88%326%55%7%3%4.7%26.0%27.1%7.5%7.3%ZoomInfo-15.5x14.2x17.0 x7.7x-83.3x49.6x56.5x23.0 x103%62%57%47%20%22.7%18.6%28.7%30.1%33.5%Zscaler17.3x21.4x27.5x14.0 x11.5x-42%56%62%48%45%-20.1%-24.9%-25.4%-6.8%-3.9%

195、Zuora5.8x3.9x5.3x2.4x2.5x-17%11%14%14%11%-26.7%-18.2%-22.9%-38.8%-25.1%51SEG SaaS IndexTM52SEG SaaS IndexTMby Product CategoryAnalytics&Data Management4Q221Q232Q233Q234Q23EV/NTM Revenue5.5x5.4x5.4x5.9x6.0 xEV/TTM Revenue5.0 x4.9x4.7x5.7x5.8xEV/TTM EBITDA48.4x39.4x49.7x25.9x-EV/TTM CFO8.2x29.2x29.6x4

196、7.2x34.7xGross Profit Margin70.7%71.1%71.2%71.8%73.0%EBITDA Margin-18.7%-19.5%-16.0%-12.6%-15.7%Net Income Margin-25.0%-24.8%-21.5%-19.3%-21.4%YOY Revenue Growth28.3%20.4%16.0%15.1%18.1%YOY EBITDA Growth-1.9%1.7%-17.1%-13.6%-YOY Earnings Growth6.8%1.3%-17.3%-29.3%-15.1%YOY Enterprise Value Growth15.

197、3%14.5%12.0%11.1%8.4%Cash as Percent of Market Cap-57.0%-37.6%-12.1%-8.8%19.0%Communications&Collaboration4Q221Q232Q233Q234Q23EV/NTM Revenue3.7x3.5x3.2x3.6x3.0 xEV/TTM Revenue3.6x3.4x3.2x3.5x2.9xEV/TTM EBITDA24.5x45.9x32.7x31.1x19.9xEV/TTM CFO17.0 x16.5x17.1x15.4x13.4xGross Profit Margin73.5%74.5%74

198、.9%75.1%74.9%EBITDA Margin-7.4%-4.3%-2.6%-2.2%-1.5%Net Income Margin-17.8%-14.8%-12.9%-8.4%-7.9%YOY Revenue Growth23.7%21.3%16.6%13.6%11.2%YOY EBITDA Growth22.5%12.4%101.7%106.5%109.2%YOY Earnings Growth11.9%15.4%-21.9%-34.4%-39.0%YOY Enterprise Value Growth9.0%9.7%9.5%8.8%10.5%Cash as Percent of Ma

199、rket Cap-69.1%-39.1%-14.7%-14.0%8.9%53Dev Ops&IT Management4Q221Q232Q233Q234Q23EV/NTM Revenue6.9x6.6x8.1x10.8x9.0 xEV/TTM Revenue6.5x6.3x7.0 x9.4x8.3xEV/TTM EBITDA107.2x87.0 x86.5x79.6x78.8xEV/TTM CFO16.4x15.7x21.8x25.8x15.3xGross Profit Margin77.9%78.0%78.4%78.5%78.5%EBITDA Margin-27.9%-26.8%-22.1%

200、-12.6%-8.4%Net Income Margin-31.8%-32.2%-30.8%-26.6%-16.7%YOY Revenue Growth30.4%26.7%24.6%24.0%23.7%YOY EBITDA Growth11.9%11.3%24.2%49.5%63.1%YOY Earnings Growth11.5%32.0%11.1%-6.3%-4.6%YOY Enterprise Value Growth5.4%4.6%4.8%4.3%4.4%Cash as Percent of Market Cap-62.4%-30.1%3.4%11.4%40.0%ERP&Supply

201、Chain4Q221Q232Q233Q234Q23EV/NTM Revenue7.6x8.0 x8.6x8.3x7.7xEV/TTM Revenue6.8x6.8x7.5x7.7x7.4xEV/TTM EBITDA38.1x40.6x42.5x44.2x43.6xEV/TTM CFO26.9x28.5x31.8x32.0 x28.1xGross Profit Margin72.4%71.7%71.8%71.4%71.3%EBITDA Margin25.5%22.7%20.9%20.9%21.1%Net Income Margin10.9%8.9%7.8%8.2%14.1%YOY Revenue

202、 Growth17.3%15.8%17.7%16.9%16.8%YOY EBITDA Growth19.2%21.7%2.1%18.7%12.7%YOY Earnings Growth-2.8%-30.5%21.1%25.8%22.4%YOY Enterprise Value Growth4.1%4.2%3.4%3.6%3.5%Cash as Percent of Market Cap-20.3%3.7%30.9%42.9%27.5%SEG SaaS IndexTMby Product C54Financial Applications4Q221Q232Q233Q234Q23EV/NTM Re

203、venue5.4x5.8x5.9x6.0 x6.4xEV/TTM Revenue5.3x5.0 x5.6x5.7x6.3xEV/TTM EBITDA30.7x37.9x48.1x31.7x29.6xEV/TTM CFO32.1x24.1x36.7x32.8x27.2xGross Profit Margin60.7%61.3%62.0%62.3%63.2%EBITDA Margin-6.2%-6.7%-2.3%-1.5%-1.8%Net Income Margin-18.5%-19.3%-14.7%-14.1%-13.1%YOY Revenue Growth15.8%15.5%15.2%16.0

204、%15.2%YOY EBITDA Growth33.4%13.6%2.9%3.0%-3.6%YOY Earnings Growth23.4%11.3%15.1%-7.1%-23.1%YOY Enterprise Value Growth8.5%7.2%7.0%6.1%6.7%Cash as Percent of Market Cap-39.7%-7.5%2.9%13.5%18.6%Human Capital Management4Q221Q232Q233Q234Q23EV/NTM Revenue9.6x9.1x8.0 x8.4x7.1xEV/TTM Revenue8.7x7.9x7.3x7.8

205、x6.5xEV/TTM EBITDA150.6x144.1x75.6x63.1x45.5xEV/TTM CFO66.9x50.0 x43.0 x37.9x30.2xGross Profit Margin66.1%66.6%67.0%67.4%67.6%EBITDA Margin9.0%9.6%12.6%14.8%16.9%Net Income Margin-0.9%-0.7%0.8%1.9%2.8%YOY Revenue Growth23.9%24.0%25.5%25.5%24.0%YOY EBITDA Growth13.3%22.0%47.7%80.6%152.2%YOY Earnings

206、Growth-0.6%2.3%37.0%12.3%12.4%YOY Enterprise Value Growth3.0%3.1%2.9%2.9%3.7%Cash as Percent of Market Cap-26.9%-4.8%7.7%-11.4%-10.4%SEG SaaS IndexTMby Product C55Other SaaS4Q221Q232Q233Q234Q23EV/NTM Revenue3.4x3.5x3.4x3.8x4.4xEV/TTM Revenue3.3x3.2x3.1x3.6x4.3xEV/TTM EBITDA30.4x39.5x31.7x35.2x36.3xE

207、V/TTM CFO22.9x20.3x20.1x28.7x23.9xGross Profit Margin70.8%72.0%70.1%70.6%71.1%EBITDA Margin-10.5%-13.2%-13.2%-10.8%-8.4%Net Income Margin-16.9%-21.6%-17.6%-16.0%-12.9%YOY Revenue Growth20.8%21.1%18.8%13.0%14.8%YOY EBITDA Growth23.4%-5.8%25.2%24.0%24.2%YOY Earnings Growth-39.5%0.1%-6.5%7.0%-33.1%YOY

208、Enterprise Value Growth10.7%10.4%9.9%10.7%9.9%Cash as Percent of Market Cap-54.6%-29.9%-0.6%18.0%27.9%Sales&Marketing4Q221Q232Q233Q234Q23EV/NTM Revenue5.4x5.3x5.3x5.5x5.0 xEV/TTM Revenue5.2x4.6x4.7x5.2x4.9xEV/TTM EBITDA34.5x29.2x27.6x31.4x34.0 xEV/TTM CFO22.8x20.9x24.6x28.5x38.8xGross Profit Margin7

209、3.9%73.8%74.8%75.9%76.4%EBITDA Margin-11.8%-8.2%-6.6%-7.3%-5.2%Net Income Margin-18.0%-14.9%-12.9%-11.2%-7.7%YOY Revenue Growth32.7%29.3%25.1%22.6%19.9%YOY EBITDA Growth5.6%46.7%66.2%108.3%125.4%YOY Earnings Growth3.2%9.5%-3.1%2.1%-15.5%YOY Enterprise Value Growth6.8%5.6%4.8%4.0%4.2%Cash as Percent

210、of Market Cap-60.0%-26.6%-4.8%14.7%47.9%SEG SaaS IndexTMby Product CSecurity4Q221Q232Q233Q234Q23EV/NTM Revenue7.3x7.7x7.3x7.1x7.6xEV/TTM Revenue6.5x5.9x6.3x6.4x7.3xEV/TTM EBITDA-105.6x84.9x72.8xEV/TTM CFO37.2x27.9x27.1x33.8x29.5xGross Profit Margin71.6%71.9%72.6%73.3%74.0%EBITDA Margin-18.8%-13.6%-9

211、.5%-8.6%-6.4%Net Income Margin-27.2%-21.1%-16.5%-15.3%-15.8%YOY Revenue Growth29.5%27.3%24.5%23.4%21.4%YOY EBITDA Growth-102.5%280.3%403.7%YOY Earnings Growth24.2%-2.9%-21.9%-27.9%-31.1%YOY Enterprise Value Growth6.2%6.7%7.3%6.2%4.1%Cash as Percent of Market Cap-61.0%-38.8%-21.9%-3.9%38.2%Vertically

212、 Focused 4Q221Q232Q233Q234Q23EV/NTM Revenue5.0 x6.1x5.9x5.6x4.7xEV/TTM Revenue4.7x5.8x5.6x5.2x4.6xEV/TTM EBITDA36.2x32.2x32.0 x32.2x29.8xEV/TTM CFO25.0 x31.8x33.3x31.0 x29.7xGross Profit Margin61.8%62.9%62.5%63.2%63.3%EBITDA Margin3.5%2.9%3.0%3.3%-4.6%Net Income Margin-12.1%-11.3%-14.7%-12.2%-7.9%YO

213、Y Revenue Growth19.3%15.2%11.6%11.5%10.2%YOY EBITDA Growth-0.9%10.6%10.4%11.8%20.6%YOY Earnings Growth2.3%5.0%1.7%3.4%-14.8%YOY Enterprise Value Growth6.6%4.8%4.1%5.6%7.7%Cash as Percent of Market Cap-32.0%-16.5%7.6%12.9%17.5%56SEG SaaS IndexTMby Product CSlide 31)Reuters.(2023,February 1).ChatGPT s

214、ets record fastest-growing user base-Analyst note.Retrieved from https:/ 2023 Jobs Report,https:/ no doubt the U.S.economy is in a league by itself,says Carlyle Groups David Rubenstein,https:/ 41)CNN.(2024,January 11).Americas final inflation report for 2023 just came in,https:/ Market Is Expecting

215、Rate Cuts.The Fed Needs to Provide Clarity,https:/ Budget Office.(2023,February).The Economic Outlook for 2023 to 2033 in 16 Charts,Federal Reserve Bank of St.Louis.(2023,November).Slower GDP Growth,Falling Inflation:U.S.Economic Outlook 2024.Retrieved from https:/www.stlouisfed.org/publications/reg

216、ional-economist/2023/nov/slower-gdp-growth-falling-inflation-us-economic-outlook-20244)Goldman Sachs.(2023,November 12).US Economics Analyst 2024 US Economic Outlook Final Descent(Mericle),https:/ Sachs.(2024).2024 U.S.Economic Outlook:Final Descent.Retrieved from https:/ New York Times.(2024,Januar

217、y 25).Title of the Article.Retrieved from https:/ 51)Gartner.(2023,October 18).Gartner Forecasts Worldwide IT Spending to Grow 8 Percent in 2024.Retrieved from https:/ 182)Allvue Systems.(n.d.).Private Equity Dry Powder Hits New Highs and Brings Old Challenges.Retrieved from https:/ Wall Street Jour

218、nal.(n.d.).Pro Take:Some CEOs See Growing Potential for Tech Acquisitions.Retrieved from https:/ 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 a

219、ccuracy,completeness or fairness of such information,or the opinions expressed herein and SEG expressly disclaims any and all liability which may be based on this Report or any of its contents,errors therein or omissions therefrom.Nothing in this Report is intended to be a recommendation of a specif

220、ic 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

221、 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&A KnowledgeBase and YC

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225、.Then well bring the best parties to the table,handle negotiations,and manage due diligence so you achieve the best possible outcome.We understand value drivers.THE AUTHORSCONTACT USLearn more about our M&A services and see successful deals weve done.Austin HammerPrincipalGabrielle AvantinoAnalystLamson VuAssociate