AdTech & MarTech BarometerQ1 2016 Market Review

STRICTLY PRIVATE AND CONFIDENTIAL

QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 2

Welcome to the Q1 2016 edition of the AdTech & MarTech Barometer

The Barometer is Results International’s quarterly market review of the global advertising and marketing technology sector.

It has been a tale of two halves in the public markets for AdTech and MarTech – AdTech has seen a second consecutive quarter of growth in valuation whereas MarTech stocks have experienced a significant decline in value this quarter. MarTech companies are aligned in business model to SaaS-based enterprise software vendors, and have been similarly impacted by the wider decline in software valuations across the board this quarter, in spite of continued positive company performance, although recent weeks have seen a return of value.

M&A across both sectors however has remained very strong as innovation continues to be acquired and large corporates look to the sector for diversification and revenue growth opportunity. Two notable, sizeable acquisitions of Opera and Tapad reinforce the continuing trend of new, cash-rich market entrants paying strategic multiples for an established, scaled and innovative presence in the sector. Wider M&A activity in AdTech/MarTech remains high; this quarter represents the joint third highest quarter of announced deals on record.

Against the rumoured tough funding backdrop both AdTech and MarTech have seen several sizable funding rounds announced with some exciting institutional investors including App Annie, Qubit, The Trade Desk and Jana Mobile, as well as dynamic, exciting early stage companies, including home-grown UK talents Grapeshot and Adbrain.

We expect the sectors M&A and fundraising to strengthen as we continue into 2016, especially for innovative companies that offer a differentiated proposition and those companies that are continuing to quickly scale globally. It is a good time to be contemplating corporate activity in the AdTech and MarTech space – if you are, please do get in touch.

We hope that you enjoy the document and look forward to discussing the data and underlying themes with you.

QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 3

About Results International

DEEP DOMAIN EXPERTISE IN THREE INTER-RELATED SECTORS… …AND AN INTERNATIONAL TRACK RECORD

A MARKET-LEADING CORPORATE FINANCE ADVISORY FIRM… …WITH GLOBAL REACH

• Experts in positioning growth, market opportunity and strategic benefits

• Extensive network of buyer relationships• Offices in London, New York and Singapore• Senior level involvement in every transaction• 40 person team globally; 250+ completed transactions• Entrepreneurial and owner-managed• Relentless pursuit of the very best outcome for all

shareholders

Marketing

Healthcare

Technology

Pie chart represents geographic spread of buyers for Results’ transactions in 2014, 2015 and 2016

QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 4

Mar-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15Apr-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15May-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jun-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Jul-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Aug-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Sep-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Oct-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Nov-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Dec-15Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Jan-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Feb-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-16Mar-1650%

60%

70%

80%

90%

100%

110%

120%

130%

140%

150%

Diversified Internet NASDAQ Comp Data MarTech AdTech

Results International Global AdTech & MarTech Indices

Mar-16Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16

Notes: Based on share prices as at 31st March 2016; indices weighted by market capitalisationSources: Capital IQ and Results analysis

LAST

12

MON

TH S

HARE

PRI

CE P

ERFO

RMAN

CE

32.1%

(0.6%)

(13.8%)

(16.7%)Q1 2016 PERFROMANCEAdTech 7.5%Diversified Internet (1.9%)Nasdaq Comp (2..8%)Data (8.4%)MarTech (19.0%)

(14.4%)

QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 5

(100%)

(80%)

(60%)

(40%)

(20%)

-

20%

40%

60%

80%

(88.9%)

(28.0%)

4.9%

(64.4%)(52.0%)(57.8%)

(81.5%)

1.8%

(77.1%)(65.8%)

(48.8%)

2.0%

(24.8%)(6.4%)

(27.9%)(44.2%)

(14.9%)

(35.8%)

9.3%

(23.6%)(24.8%)

65.9%

16.0%

(25.7%)

11.5%

(40.6%)

37.5%

59.5%

(58.6%)

38.8%

(17.2%)

(50%)

(40%)

(30%)

(20%)

(10%)

-

10%

20%

30%

40%

(41.8%)

25.0%

4.6%

(34.2%)

(15.6%)(19.4%)

3.5%

30.4%

(34.0%)

(9.7%)

16.0%11.1%

(14.6%)

(4.9%)

6.6%

(28.1%)

0.6%

(27.6%)(22.5%)

(31.8%)(28.4%)

9.3%2.5%

(20.5%)

3.7%

(0.7%)(1.9%)

(12.2%)(13.2%)

9.0% 10.7%

AdTech & MarTech: Share Price Performance

EV/2016E Net Revenue n.m 0.5x - 2.0x 1.7x 1.0x 0.5x 2.8x 3.4x 0.4x 3.3x 1.0x 1.0x 1.2x 4.4x 6.0x 5.5x2.9x 7.2x 4.1x 4.4x 1.4x 7.6x 2.1x 3.2x 7.4x12.4

x4.2x 0.7x 0.4x 1.9x

(1)

(1) 2016E Net Revenue data is unavailable(2) These companies have IPO’d within the last 12 months, the share price movement represents the change between each stocks respective IPO date (see slide 5) and 31 st March 2016Note: Based on share prices as at 31st March 2016Sources: Capital IQ and Results analysis

(2)

(2)

ADTECH DIVERSIFIED INTERNETMARTECH DATA

LAST

12

MON

TH S

HARE

PRI

CE

PERF

ORM

ANCE

Q1 2

016

QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 6

AdTech & MarTech: Selected Stocks – Performance Since IPO

COMPANY IPO DATE DESCRIPTION RAISED ($M)

INDICATIVE PRICE RANGE ($)

IPO LISTING PRICE ($)

DAY 1 INCREASE

CURRENT INCREASE

CURRENT EV ($M)

EV / NET REVENUE

2016EEV / EBITDA

2016E

Jun-15 AI ad optimisation 42 n.a. 2.1 4.2% (88.9%) (19) n.m. n.m.

May-15 eCommerce platform 131 12.0-14.0 17.0 51.1% 65.9% 2,350 7.2x n.m.

Mar-15 Localised ad targeting 75 10.5-12.5 11.5 (15.1%) (84.6%) 37 0.4x n.m.

Oct-14 Marketing automation 125 22.0-24.0 25.0 20.4% 74.5% 1,515 6.0x n.m.

Sept-14 Multi-channel ad server 75 n.a. 1.7 0.8% (68.6%) 3 n.a. n.a.

Jul-14 Programmatic video DSP 44 7.0-8.0 7.0 64.3% 84.9% 408 3.3x n.m.

Jul-14 Multi-channel ad network 70 n.a. 3.9 4.4% (68.8%) 135 2.0x 10.1x

Apr-14 SSP 102 15.0-17.0 15.0 33.9% 21.9% 776 3.4x 30.5x

Nov-13 Multi-channel network 33 n.a. 1.0 20.0% (93.8%) 22 1.0x n.m.

Oct-13 DSP focused on retargeting 251 27.0-29.0 31.0 14.2% 33.6% 2,277 4.2x 18.3x

Sep-13 DSP 116 27.0-29.0 29.0 93.4% (89.1%) 143 0.5x n.m.

Aug-13 Video ad network 46 12.0-14.0 9.0 0.0% (58.4%) 82 1.0x n.m.

Nasdaq

LSE

NYSE

AIM

Nasdaq

Nasdaq

NYSE

AIM

NYSE

AIM

NYSE

NYSE

(1) Current increase from IPO price; Market data as of 31st March 2016Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 50x EV / EBITDASources: Capital IQ and Results analysis

(1)

QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 7

AdTech MarTech Data Diversified Internet

Global AdTech/ MarTech

-

1.0 x

2.0 x

3.0 x

4.0 x

5.0 x

6.0 x

7.0 x

8.0 x

1.0 x

4.4 x

3.0 x

7.4 x

2.8 x

AdTech MarTech Data Diversified Internet

Global AdTech/ MarTech

-

5%

10%

15%

20%

25%

30%

22.3%

26.8%

5.8%

16.3% 16.9%

AdTech & MarTech: Public Company Valuation Benchmarks

(1) (1)

(1) Global AdTech / MarTech represents the median of all stocks in AdTech, MarTech, Data & Diversified InternetNotes: EV = Enterprise Value; Financials calendarised to December year end; Median values reportedSee Selected Publicly Traded Companies (slide 11) for details of companies included in each categorySources: Capital IQ & analyst reports

REVENUE GROWTH (2016-17E) EV / NET REVENUE 2016E

QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 8

Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-160.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0xMarTech: EV / CY Net Revenue

Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-160.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5xAdTech: EV / CY Net Revenue

AdTech & MarTech: Public Company Valuation Performance Over Time

% CHANGE LTM Q1 2016

EV/Net Revenue (35.0%) 3.9%

Dec-15 Jan-16 Feb-16 Mar-16Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15Dec-14 Jan-15 Feb-15 Mar-15Oct-14 Nov-14

Dec-15 Jan-16 Feb-16 Mar-16Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15Dec-14 Jan-15 Feb-15 Mar-15Oct-14 Nov-14

Notes: EV = Enterprise Value; financials calendarised to December year end; median values reported; weekly tracking of valuation multiples was not commenced until July 2015, October 2014 – June 2015 tracked on a quarterly basis, therefore a linear progression has been assumed between quarters up to July 2015Sources: Capital IQ & analyst reports

% CHANGE LTM Q1 2016

EV/Net Revenue (16.6%) (40.1%)

QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 9

Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 20160

20

40

60

80

100

120

-

$1bn

$2bn

$3bn

$4bn

$5bn

$6bn

$7bn

$8bn

$9bn

5443

74

52

108101

113106

98 101112

100108

Number of deals Total disclosed deal value ($bn)

Num

ber o

f dea

ls

Tota

l dis

clos

ed d

eal v

alue

($bn

)

AdTech & MarTech: Global M&A Activity Q1 2013 – Q1 2016

(1) Q3 2014 data includes Alliance Data’s acquisition of Conversant ($2.2bn)(2) Q2 2015 data includes Verizon’s acquisition of AOL ($4.3bn)Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis

(1) (2)

QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 10

AdTech & MarTech: Selected Deals in Q1 2016

DATE BUYER TARGET EV ($M) EV/REVENUE COMPANY DESCRIPTION TARGETLOCATION

Mar 16 56 - Video ad network

Mar 16 26 1.5x Mobile programmatic direct

Mar 16 - - Mobile in-app data & analytics

Mar 16 46 1.1x Mobile ad exchange

Mar 16 - - Content ROI measurement

Mar 16 - - Marketing decision support

Feb 16 - - Social ad management

Feb 16 25 - Native mobile ads

Feb 16 - - In-feed social ads

Feb 16 - - Ad network & social network

Feb 16 1,264 3.4x Mobile & video ad network

Feb 16 360 6.3x Cross-device retargeting

Jan 16 - - Online market research

Jan 16 - - Yield optimisation

Jan 16 - - Marketing automation & reputation management

Jan 16 - - Cross-channel attribution

Jan 16 - - DMP

Jan 16 175 - Audience tracking

(1) In certain cases EV/Revenue are publicly reported estimates; TTM net revenues have been used where possible (gross revenues minus TAC generated in the last 12 months); EV = transaction value scaled to 100% shareholding plus net debt (incl. minority interest)

(2) Earnout of $26m has not been included in the calculation of Enterprise Value. Total deal value is $72mSources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis

(1)

(2)

QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 11

AdTech & MarTech: Selected Fundraisings in Q1 2016

DATE COMPANY TYPE OF ROUND

FUNDS RAISED

($M)INVESTOR PARTICIPATON COMPANY DESCRIPTION COMPANY

LOCATION

Mar 16 Venture  60 Wellington Management Company LLP DSP

Mar 16 Series C 50 Insight Venture Partners Web media analytics

Mar 16 Series D 15 IP Group (lead investor), Parkwalk Funds and Unilever Ventures Native video ads

Mar 16  Debt 15 Existing investors, including Blackrock, Fidelity Investments and Focus Ventures DSP

Mar 16 Series D 54 Khazanah Nasional Berhad (lead investor) and existing investors

Augmented reality discovery

Feb 16 Series C 30Cathay Innovation (lead investor), Redpoint Ventures, U.S. Venture Partners, Comcast Ventures, Iris Capital and AME Cloud Ventures

On-demand brand insights

Feb 16 Series B 18 Battery Ventures (lead investor), Hasso Plattner Ventures, Intel Capital and private investors

eCommerce personalisation

Feb 16 Series C 40 Goldman Sachs (lead investor), Sapphire Ventures, Salesforce Ventures and Accel

eCommerce marketing automation

Feb 16 Series C 57 Verizon Ventures (lead investor), Spark Capital and Publicis Groupe

Incentive based internet via advertising

Feb 16 Series B 8 Cisco Investments, Notion Capital and Octopus Ventures Cross-device personalisation

Feb 16 Series C 42 Goldman Sachs’ Merchant Banking Division and New Enterprise Associates Social media monitoring

Feb 16 Series B 17 Kreos, Industrifonden, Northzone and other existing shareholders Mobile ad serving

Feb 16 Series C 9 IQ Capital and Draper Esprit (co-lead investors) and Albion Ventures

Keyword targeting & analytics

Jan 16 Series D 56Bain Capital Ventures, Battery Ventures, Lightspeed Ventures, New Enterprise Associates and Salesforce Ventures

On-site personalisation

Jan 16 Series C 35Battery Ventures (lead investor), Bessemer Venture Partners, Salesforce Ventures, OMERS Ventures, iNovia Capital and SoftTech VC

Video content analytics & automation

Jan 16  - 10 Sky DSP & marketing analytics

Jan 16  Growth 7 Business Growth Fund Email & CRM

Jan 16 Series E 63Greenspring Associates (lead investor), e.Ventures, Greycroft Partners, Institutional Venture Partners (IVP) and Sequoia Capital; SVB (debt)

Mobile app data & insights

(1) Round is reported to be split between equity and debt fundingSources: Press Releases, Capital IQ, Mergermarket and Results analysis

(1)

QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 12

AdTech & MarTech: Selected Publicly Traded Companies

Notes: Broker reports have been used for selected company financials – Liberium (Aug-15) for Adgorithms, Numis (May-15) for Blinkx, JP Morgan (Feb-16) for Criteo, Canaccord Genuity (Mar-16) for Matomy Media, William Blair (Mar-16) for MaxPoint Interactive, Cenkos (Oct-15) for Rightster, BMO Capital Markets (Feb-16) for Rocket Fuel, N+1 Singer (Sep-15) for Taptica, Jefferies (Feb-16) for The Rubicon Project, Jefferies (Mar-16) for Tremor Video, BMO Capital Markets (Feb-16) for TubeMogul, Deutsche Bank (Feb-16) for YuMe, RBC Capital Markets (Mar-16) for Alphabet and JP Morgan (Feb-16) for Yahoo!Note: Calendarised to December year end. Cap multiple at 20x EV/Revenue and 50x EV/EBITDA. Net debt is inclusive of minority interest and preferred equity. Net revenues have been used where appropriateSources: Capital IQ, market data as of 31st March 2016

COMPANY OPERATING METRICS VALUATION METRICSPRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE GROWTH EBITDA MARGIN NET REVENUE EBITDA

(31-MAR-16) WEEK HIGH CAP CASH DEBT VALUE ($M) CY15-16 CY16-17 CY2016 CY2017 CY2016 CY2017 CY2016 CY2017ADTECHAdgorithms LTD 0.23 10.5% 16 35 (35) (19) 56.3% 65.0% 67.5% 58.7% n.m. n.m. n.m. n.m.Blinkx plc 0.31 52.5% 124 75 (75) 49 (11.1%) 3.7% (0.4%) 3.2% 0.5 x 0.5 x n.m. 16.3 xCriteo SA 41.42 72.3% 2,616 354 (338) 2,277 58.6% 27.8% 22.6% 24.0% 4.2 x 3.2 x 18.3 x 13.5 xCrossrider Plc 0.53 35.1% 74 71 (71) 3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.Marin Software Incorporated 3.02 39.6% 115 37 (34) 81 2.5% 6.9% 3.9% 7.6% 0.7 x 0.7 x 18.5 x 8.9 xMatomy Media Group Ltd. 1.21 42.1% 113 28 22 135 3.1% 27.8% 20.0% 18.8% 2.0 x 1.6 x 10.1 x 8.4 xMaxPoint Interactive, Inc. 1.77 17.5% 46 41 (10) 37 39.4% 7.9% (16.0%) (16.4%) 0.4 x 0.4 x n.m. n.m.Opera Software ASA 7.98 84.5% 1,167 98 64 1,230 19.3% 17.4% 14.5% 17.6% 1.7 x 1.4 x 11.6 x 8.1 xRightster Group Plc 0.06 19.6% 34 12 (12) 22 70.1% 39.9% (71.6%) (19.3%) 1.0 x 0.7 x n.m. n.m.Rocket Fuel Inc. 3.15 32.6% 137 79 5 143 15.9% 2.6% (55.4%) (8.3%) 0.5 x 0.5 x n.m. n.m.Taptica International Ltd 1.04 41.0% 71 19 (19) 52 (2.0%) 52.5% 9.7% 25.0% 2.8 x 1.8 x 28.9 x 7.3 xThe Rubicon Project, Inc. 18.28 95.2% 915 140 (140) 776 81.4% 29.3% 11.2% 8.0% 3.4 x 2.6 x 30.5 x 33.0 xTremor Video, Inc. 1.76 53.7% 93 60 (60) 33 29.0% 6.0% (46.2%) (3.1%) 0.4 x 0.4 x n.m. n.m.TubeMogul, Inc. 12.94 72.8% 487 83 (80) 408 52.6% 27.2% (7.5%) (6.9%) 3.3 x 2.6 x n.m. n.m.YuMe, Inc. 3.74 64.9% 130 48 (48) 82 (8.0%) 3.3% (13.0%) (3.9%) 1.0 x 1.0 x n.m. n.m.MARTECHBazaarvoice, Inc. 3.15 48.0% 256 109 (52) 204 4.6% 5.2% 2.9% 6.7% 1.0 x 0.9 x 34.7 x 14.1 xBrightcove Inc. 6.24 80.8% 204 28 (27) 178 8.4% 9.7% 6.1% 7.1% 1.2 x 1.1 x 20.1 x 15.5 xDemandware, Inc. 39.10 51.5% 1,522 197 (197) 1,325 27.0% 26.8% 7.8% 9.2% 4.4 x 3.5 x n.m. 37.9 xHubSpot, Inc. 43.62 72.6% 1,619 105 (104) 1,515 37.8% 30.4% (5.4%) (0.3%) 6.0 x 4.6 x n.m. n.m.Marketo, Inc. 19.57 57.6% 891 107 (100) 791 30.0% 26.7% (2.9%) 1.7% 2.9 x 2.3 x n.m. n.m.New Relic, Inc. 26.08 65.0% 1,443 191 (191) 1,252 40.0% 29.3% (8.6%) 0.8% 5.5 x 4.3 x n.m. n.m.Shopify Inc. 28.21 67.0% 2,542 192 (192) 2,350 60.1% 36.3% (2.5%) 2.4% 7.2 x 5.2 x n.m. n.m.DATAAcxiom Corporation 21.44 91.5% 1,697 186 15 1,712 (0.5%) 6.9% 18.5% 20.0% 1.9 x 1.8 x 10.5 x 9.1 xAlliance Data Systems Corporation 220.00 70.5% 13,061 1,168 16,177 29,238 10.8% 11.9% 28.8% 28.7% 4.1 x 3.7 x 14.2 x 12.7 xExperian plc 17.93 98.5% 16,817 165 3,356 20,173 0.1% 4.6% 34.5% 34.8% 4.4 x 4.2 x 12.7 x 12.0 xTeradata Corporation 26.24 57.0% 3,383 839 (59) 3,324 (9.3%) (0.8%) 26.1% 26.3% 1.4 x 1.5 x 5.6 x 5.5 xDIVERSIFIED INTERNETAlphabet Inc. 762.90 94.1% 527,772 71,926 (64,278) 463,494 14.8% 16.3% 40.3% 41.4% 7.6 x 6.6 x 19.0 x 15.9 xAmazon.com, Inc. 593.64 85.2% 279,629 19,808 (2,261) 277,368 21.6% 19.9% 10.9% 11.8% 2.1 x 1.8 x 19.6 x 15.0 xeBay Inc. 23.86 35.8% 27,290 6,131 648 27,938 (1.3%) 4.4% 39.6% 40.8% 3.2 x 3.1 x 8.1 x 7.5 xFacebook, Inc. 114.10 97.0% 335,598 18,434 (18,119) 317,479 42.9% 32.4% 60.8% 60.8% 12.4 x 9.4 x 20.4 x 15.4 xYahoo! Inc. 36.81 79.7% 34,969 5,857 (4,555) 30,415 (7.0%) (13.7%) (101.2%) 9.3% 7.4 x 8.6 x n.m. n.m.25th percentile 0.7% 5.4% (7.0%) 1.0% 1.0 x 1.0 x 11.3 x 8.5 xMedian 17.6% 16.9% 6.9% 8.6% 2.8 x 1.8 x 18.4 x 13.1 x75th percentile 39.8% 28.9% 22.0% 24.8% 4.4 x 3.7 x 20.2 x 15.5 x

QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 13

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