Atlassian Corporation Plc - Operating Model and Growth Equity Investment Analysis

($ in Millions USD Except Per Share and Per Unit Data)

Assumptions: Units:

Company Name: Name Atlassian Corporation Plc

Last Historical Year: Date 2018-06-30

Conversion Units: # 1,000,000

Expected Revenue Multiple for Acquisitions: x 20.0 x

Initial Revenue Growth Rate for Acquisitions: % 100.0%
Annual Change in Revenue Growth Rate: % (10.0%)

Initial EBIT Margin for Acquisitions: % 10.0%

Annual Change in EBIT Margin: % 2.5%

Historical
Summary & Returns: Units: FY15 FY16
Financial Statistics and Credit Stats and Ratios:

Year # Following Investment: #

Revenue: $M $ 319.5 $ 457.1

Growth Rate: % 43.0%

EBITDA: $M 17.2 16.0

Growth Rate: % (6.8%)
Margin: % 3.5%

Interest Expense: $M 0.1 0.1

Cash Interest Expense: $M 0.1 0.1

Total Debt: $M - -
Net Debt: $M (217.3) (743.1)

EBITDA / Interest: x 232.8 x 226.0 x

EBITDA / Cash Interest: x 232.8 x 226.0 x
Total Debt / EBITDA: x 0.0 x 0.0 x
Net Debt / EBITDA: x (12.6 x) (46.3 x)

Money-on-Money (MoM) Multiples and Internal Rate of Return (IRR):

Exit Year Revenue: $M
(x) Assumed Revenue Exit Multiple: x
Exit Enterprise Value: $M
(-) Net Debt: $M
Exit Equity Value: $M

Investor Proceeds: x
MoM Multiple: x
Internal Rate of Return (IRR): %
 Historical
Revenue Drivers: Units: FY15 FY16
Subscriptions:

Subscription Revenue Billed & Recognized: $M $ 111.7

Subscription Revenue Deferred: $M 35.0 60.0
Subscription Billings: $M 171.7

Prev. Subscription DR Recognized as Revenue: $M 35.0

Subscription Revenue Billed & Recognized: $M 111.7
Subscription Revenue: $M 146.7

Subscription Billings - Customer Renewals: $M

Renewal Rate: % 96.0%
Average Price Increase for Subscribers: % 0.0%

Subscription Billings - New Customers: $M

Growth Rate in New Customer Billings: %

Total Subscription Billings: $M

% Subscription Billings Recognized as Revenue: % 65.0%

Perpetual License, Maintenance, and Other:

Perpetual License Revenue: $M $ 57.4 $ 65.5

% Growth Rate: % 14.1%

Maintenance Revenue Billed & Recognized: $M 117.3

Maintenance Revenue Deferred: $M 101.6 121.1
Maintenance Billings: $M 238.4

Prev. Maintenance DR Recognized as Revenue: $M 101.6

Maintenance Revenue Billed & Recognized: $M 117.3
Maintenance Revenue: $M 218.8

Maintenance Billings - Customer Renewals: $M

Renewal Rate: %
Average Price Increase for Maint. Customers: %

Maintenance Billings - New Customers: $M

% of Perpetual License Revenue: %

Total Maintenance Billings: $M

% Maintenance Billings Recognized as Revenue: % 49.2%

Other Revenue: $M 26.1

% Growth Rate: %
 Historical
Expense Drivers: Units: FY15 FY16

Cost of Revenue % Standalone Revenue: % 11.7% 11.8%

Research & Development % Standalone Rev.: % 44.1% 45.6%

R&D - Average Fully-Loaded Cost per Employee: $ as Stated $ 215,000 $ 225,000

Fully-Loaded Employee Cost Growth Rate: % 4.7%

R&D - Implied Full-Time Employees: # People 655 926

Standalone Revenue per R&D Employee: $ as Stated $ 487,721 $ 493,687

Total Billings + Perpetual License Revenue: $M 475.5

Sales & Marketing % (Billings + Perp. Lic. Rev.): % 19.6%

General & Administrative % Standalone Rev.: % 17.5% 18.7%

Effective Tax Rate: % 1,004.5% 189.1%

Historical
Balance Sheet and Cash Flow Statement Drivers: Units: FY15 FY16
Balance Sheet Drivers:
Accounts Receivables % Revenue: % 3.7% 3.3%
Days Sales Outstanding: # Days 13.4 12.2

Prepaid Expenses % OpEx: % 3.6% 5.2%

Accounts Payable % OpEx: % 19.9% 15.0%

Provisions & Other Items % OpEx: % 2.3% 1.9%
Increase in Other Long-Term Liabilities: $M (0.3)

Cash Flow Statement Drivers:

Capital Expenditures % Revenue: % 9.9% 7.5%
Depreciation % Revenue: % 2.8% 3.2%

Changes in Investments & Other Items: $M 14.7 (455.3)

Proceeds from Share Issuances & Options: $M 2.3 432.8

FX Rate Effects % Revenue: % (0.5%) (0.0%)

Acquisition Projections: FY15 FY16

Acquisitions, Net of Cash Acquired: $M 11.5 -

% Allocated to Net Deferred Tax Asset: %
% Allocated to Goodwill: %
% Allocated to Other Intangible Assets: %
% Allocated to Other Non-Current Assets: %

Amortization % - Starting Intangible Balance: %

Amortization % - Newly Acquired Intangibles: %

Amortization - Starting Balance: $M

Amortization - Year 1 Additions: $M
Amortization - Year 2 Additions: $M
Amortization - Year 3 Additions: $M
Amortization - Year 4 Additions: $M
Amortization - Year 5 Additions: $M
Total Amortization: $M 6.5 7.5

Actual or Expected Revenue Multiple: x

Expected Revenue Growth Rate: %
Expected EBIT Margins: %

Revenue from Acquisitions - Year 1: $M

Revenue from Acquisitions - Year 2: $M
Revenue from Acquisitions - Year 3: $M
Revenue from Acquisitions - Year 4: $M
Revenue from Acquisitions - Year 5: $M
Total Revenue from Acquisitions: $M

EBIT from Acquisitions - Year 1: $M

EBIT from Acquisitions - Year 2: $M
EBIT from Acquisitions - Year 3: $M
EBIT from Acquisitions - Year 4: $M
EBIT from Acquisitions - Year 5: $M
Total EBIT from Acquisitions: $M

Debt Schedule: FY15 FY16

Beginning Face Value of Debt: $M

(-) Debt Principal Repayments & Maturities: $M
Ending Face Value of Debt: $M - -
Beginning Book Value of Debt: $M
(+) Amortization of Debt Discount: $M
(+) Amortization of Debt Issuance Fees: $M
(-) Debt Principal Repayments & Maturities: $M
Ending Book Value of Debt: $M

Unamortized Debt Issuance Fees: $M

Unamortized Debt Discount: $M
Debt Maturity: Year #
Stated Interest Rate: %
Effective Interest Rate: %

Contractual Interest Expense (Cash): $M

Amortization of Debt Discount (Non-Cash): $M
Amortization of Debt Issuance Fees (Non-Cash): $M
Total Interest Expense on Income Statement: $M

Finance Income % (Previous Cash + Investments): % 1.0%

Tax Schedule: FY15 FY16

Non-Tax-Deductible Stock-Based Compensation: $M 6.5 7.9

Non-Tax-Deductible SBC % Standalone Expenses: % 2.1% 1.8%

Book Pre-Tax Income: $M

(+) Non-Tax-Deductible SBC: $M
(+) Amortization of Acquired Intangibles: $M
Taxable Income: $M

Beginning Net Operating Loss (NOL) Balance: $M

(+) NOLs Created: $M
(-) NOLs Used: $M
Ending NOL Balance: $M

NOL-Adjusted Taxable Income: $M

Cash Taxes Payable: $M

Deferred Income Taxes: $M

Historical
Consolidated Statement of Operations: Units: FY15 FY16

Revenue:
Subscription: $M $ 85.9 $ 146.7
Maintenance: $M 160.4 218.8
Perpetual License: $M 57.4 65.5
Other: $M 15.9 26.1
Revenue from Acquired Companies: $M - -
Total Revenue: $M 319.5 457.1

Cost of Revenue: $M 37.5 53.9

Gross Profit: $M 282.1 403.1

Operating Expenses:
Research & Development: $M 140.9 208.3
Sales & Marketing: $M 67.9 93.3
General & Administrative: $M 56.0 85.5
Depreciation: $M 9.1 14.4
Amortization: $M 6.5 7.5
Expenses from Acquired Companies: $M - -
Total Operating Expenses: $M 280.3 409.0

Operating Income (EBIT): $M 1.7 (5.9)

Other Income / (Expense): $M (2.6) (1.1)

Finance Income: $M 0.2 2.1
Finance Expense: $M (0.1) (0.1)

Pre-Tax Income: $M (0.7) (4.9)

Income Tax Benefit / (Expense): $M 7.5 9.3
Net Income / (Loss): $M $ 6.8 $ 4.4
 Historical
Consolidated Statement of Financial Position: Units: FY15 FY16
ASSETS:
Current Assets:
Cash & Equivalents: $M $ 187.1 $ 259.7
Investments: $M 30.3 483.4
Accounts Receivable: $M 11.7 15.2
Prepaid Expenses & Other: $M 9.5 20.2
Total Current Assets: $M 238.6 778.5

Non-Current Assets:
Net PP&E: $M 41.9 58.8
Net Deferred Tax Asset: $M 76.6 120.8
Goodwill: $M 7.2 7.1
Other Intangible Assets: $M 21.1 13.6
Other Non-Current Assets: $M 6.8 5.5
Total Non-Current Assets: $M 153.6 205.8

Total Assets: $M $ 392.2 $ 984.3

LIABILITIES AND EQUITY:

Current Liabilities:
Accounts Payable: $M $ 52.6 $ 57.9
Deferred Revenue: $M 136.6 181.1
Provisions & Other Items: $M 6.2 7.2
Total Current Liabilities: $M 195.4 246.1

Non-Current Liabilities:
Long-Term Debt: $M - -
Other Long-Term Liabilities: $M 6.8 6.5
Total Non-Current Liabilities: $M 6.8 6.5

Total Liabilities: $M $ 202.2 $ 252.7

Equity: $M $ 190.1 $ 731.7

Total Liabilities & Equity: $M $ 392.2 $ 984.3

Balance Check: OK! OK!

 Historical
Consolidated Statement of Cash Flows: Units: FY15 FY16
CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income / (Loss): $M $ 6.8 $ 4.4

Adjustments for Non-Cash Charges:
(+) Depreciation: $M 9.1 14.4
(+) Amortization: $M 6.5 7.5
(+) Loss / (-) Gains & Other Adjustments: $M 1.3 1.0
(+) Stock-Based Compensation: $M 41.5 75.5
(+) Amort. of Debt Discount & Issuance Fee: $M - -
(+/-) Deferred Income Taxes: $M (12.6) (21.7)
Changes in Operating Assets and Liabilities:
Accounts Receivable: $M (7.9) (3.5)
Prepaid Expenses & Other: $M (9.8) (4.2)
Accounts Payable, Provisions & Other: $M 16.1 11.6
Deferred Revenue: $M 47.4 44.5
Net Cash Flow from Operations: $M 98.2 129.5

CASH FLOWS FROM INVESTING ACTIVITIES:

(-) Acquisitions, Net of Cash Acquired: $M (11.5) -
(-) CapEx: $M (31.8) (34.2)
(+/-) Changes in Investments & Other Items: $M 14.7 (455.3)
Net Cash Flow from Investing: $M (28.6) (489.5)

CASH FLOWS FROM FINANCING ACTIVITIES:

(+) Proceeds from Share Issuances & Options: $M 2.3 432.8
(+) Net Debt Proceeds / (-) Repayments: $M - -
Net Cash Flow from Financing: $M 2.3 432.8

FX Rate Effects: $M (1.7) (0.2)

Net Change in Cash: $M 70.3 72.6

Beginning Cash: $M 116.8 187.1
Ending Cash: $M $ 187.1 $ 259.7
Sensitivity Tables:

Sensitivity - Year 4 IRR vs. Acquisition Revenue Multiple and Initial Revenue Growth Rate:

Expecte
34.0% 40.0 x 36.0 x
60.0%
65.0%
70.0%
75.0%
Initial Revenue Growth Rate for Acquisitions: 80.0%
85.0%
90.0%
95.0%
100.0%

Sensitivity - Year 4 IRR vs. Initial New Subscription Billings Growth Rate and Initial Revenue Exit Multiple:

34.0% 24.0 x 22.0 x

30.0%
35.0%
40.0%
45.0%
Initial New Subscription Billings Growth Rate: 50.0%
55.0%
60.0%
65.0%
70.0%

Sensitivity - Year 4 IRR vs. Initial Company Market Cap Upon Investment and Initial Revenue Exit Multiple:

34.0% 24.0 x 22.0 x

$ 18,000.0
19,000.0
20,000.0
21,000.0
Initial Company Market Cap Upon Investment: 22,128.6
23,000.0
24,000.0
25,000.0
26,000.0
ment Analysis

Units:

Current Market Cap: $M $ 22,128.6

Initial Equity Investment: $M 2,000.0

% Stake Acquired: % 8.3%

Purchase Revenue Multiple: x 20.7 x

Baseline Revenue Exit Multiple: x 20.0 x
Annual Change in Rev. Exit Multiple: x (1.5 x)

Initial Growth Rate in New Subscription Billings: % 50.0%

Annual Change in Growth Rate: % (5.0%)

Historical Projected
FY17 FY18 FY19 FY20 FY21 FY22 FY23

0 1 2 3 4

$ 619.9 $ 874.0 $ 1,244.0 $ 1,734.5 $ 2,367.9 $ 3,283.2 $ 4,492.8

35.6% 41.0% 42.3% 39.4% 36.5% 38.7% 36.8%

(1.5) 25.7 77.0 146.9 266.6 429.4 709.8

(109.6%) (1768.0%) 199.6% 90.8% 81.5% 61.1% 65.3%
(0.2%) 2.9% 6.2% 8.5% 11.3% 13.1% 15.8%

0.1 6.8 39.3 40.8 42.3 43.8 45.5

0.1 1.1 6.3 6.3 6.3 6.3 6.3

- 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 -

(549.9) (733.5) (2,599.8) (2,145.2) (1,730.2) (1,438.6) (1,308.3)

(20.5 x) 3.8 x 2.0 x 3.6 x 6.3 x 9.8 x 15.6 x

(20.5 x) 23.9 x 12.3 x 23.5 x 42.7 x 68.7 x 113.6 x
0.0 x 38.9 x 13.0 x 6.8 x 3.8 x 2.3 x 0.0 x
357.1 x (28.6 x) (33.8 x) (14.6 x) (6.5 x) (3.4 x) (1.8 x)
 2,367.9 3,283.2 4,492.8
20.0 x 18.5 x 17.0 x
47,357.5 60,739.7 76,377.3
1,730.2 1,438.6 1,308.3
49,087.7 62,178.3 77,685.6

4,068.8 5,153.9 6,439.3

2.0 x 2.6 x 3.2 x
42.6% 37.1% 34.0%
Historical Projected
FY17 FY18 FY19 FY20 FY21 FY22 FY23

$ 182.1 $ 303.2 $ 506.0 $ 775.2 $ 1,112.3 $ 1,620.2 $ 2,209.5

100.0 160.0 260.7 381.8 523.4 727.9 946.9
282.1 463.2 766.7 1,157.1 1,635.7 2,348.2 3,156.4

60.0 100.0 160.0 260.7 381.8 523.4 727.9

182.1 303.2 506.0 775.2 1,112.3 1,620.2 2,209.5
242.1 403.2 666.0 1,035.9 1,494.1 2,143.7 2,937.4

171.2 268.0 473.9 732.5 1,041.4 1,545.8 2,113.3

95.0% 95.0% 93.0% 91.0% 90.0% 90.0% 90.0%
5.0% 0.0% 10.0% 5.0% 0.0% 5.0% 0.0%

110.9 195.2 292.8 424.5 594.4 802.4 1,043.1

76.0% 50.0% 45.0% 40.0% 35.0% 30.0%

282.1 463.2 766.7 1,157.1 1,635.7 2,348.2 3,156.4

64.6% 65.5% 66.0% 67.0% 68.0% 69.0% 70.0%

$ 74.6 $ 85.5 $ 97.4 $ 110.1 $ 123.3 $ 136.9 $ 150.6

13.9% 14.6% 14.0% 13.0% 12.0% 11.0% 10.0%

144.5 169.9 179.5 194.5 211.7 230.9 252.0

156.0 200.2 210.7 219.4 229.3 240.3 252.0
300.5 370.1 390.2 413.9 441.0 471.2 503.9

121.1 156.0 200.2 210.7 219.4 229.3 240.3

144.5 169.9 179.5 194.5 211.7 230.9 252.0
265.5 325.9 379.7 405.2 431.0 460.2 492.3

341.4 359.9 381.8 406.8 434.7

90.0% 90.0% 90.0% 90.0% 90.0%
2.5% 2.5% 2.5% 2.5% 2.5%

48.7 54.0 59.2 64.3 69.3

50.0% 49.0% 48.0% 47.0% 46.0%

390.2 413.9 441.0 471.2 503.9

48.1% 45.9% 46.0% 47.0% 48.0% 49.0% 50.0%

37.7 59.4 89.0 124.6 168.3 218.8 284.4

44.7% 57.4% 50.0% 40.0% 35.0% 30.0% 30.0%
Historical Projected
FY17 FY18 FY19 FY20 FY21 FY22 FY23

11.8% 14.8% 15.0% 15.0% 14.5% 14.5% 14.0%

50.0% 47.6% 45.6% 44.6% 43.0% 42.1% 40.5%

$ 250,000 $ 270,000 $ 291,600 $ 312,012 $ 330,733 $ 347,269 $ 364,633

11.1% 8.0% 8.0% 7.0% 6.0% 5.0% 5.0%

1,241 1,540 1,925 2,394 2,879 3,587 4,294

$ 499,676 $ 567,533 $ 640,000 $ 700,000 $ 770,000 $ 825,000 $ 900,000

657.1 918.8 1,254.3 1,681.1 2,200.1 2,956.2 3,811.0

18.2% 16.5% 16.0% 15.5% 15.5% 15.0% 15.0%

19.2% 17.3% 17.0% 16.5% 16.0% 15.5% 15.0%

28.7% (81.3%) 19.0% 19.0% 17.0% 17.0% 17.0%

Historical Projected
FY17 FY18 FY19 FY20 FY21 FY22 FY23

4.3% 5.3% 5.8% 6.3% 6.8% 7.1% 7.4%

15.8 19.3 21.0 23.0 25.0 26.0 27.0

6.5% 5.7% 5.3% 5.3% 5.3% 5.3% 5.3%

13.3% 15.7% 16.0% 16.0% 16.0% 16.0% 16.0%

2.1% 1.6% 2.0% 2.0% 2.0% 2.0% 2.0%
(1.6) 210.0 - - - - -

2.4% 3.5% 4.0% 4.0% 4.5% 5.0% 5.0%

5.1% 2.5% 3.0% 3.0% 3.5% 3.5% 4.0%

171.6 (21.5) 50.0 50.0 50.0 50.0 50.0

9.4 4.0 2,000.0 - - - -

0.1% (0.1%) (0.1%) (0.1%) (0.1%) (0.1%) (0.1%)

FY17 FY18 FY19 FY20 FY21 FY22 FY23

381.1 - 295.0 700.0 725.0 750.0 775.0

(5.0%)
65.0%
30.0%
10.0%

50.0% 50.0% 0.0% 0.0% 0.0%

33.3% 33.3% 33.3% 0.0% 0.0%

31.8 31.8 - - -
29.5 29.5 29.5 - -
70.0 70.0 70.0 -
72.5 72.5 72.5
75.0 75.0
77.5
29.9 57.3 61.3 131.3 172.0 217.5 225.0

38.1 x 25.0 x 20.0 x 20.0 x 20.0 x 20.0 x

100.0% 90.0% 80.0% 70.0% 60.0%
10.0% 12.5% 15.0% 17.5% 20.0%

11.8 23.6 44.8 80.7 137.2

35.0 70.0 133.0 239.4
36.3 72.5 137.8
37.5 75.0
38.8
11.8 58.6 151.1 323.7 628.1

1.2 3.0 6.7 14.1 27.4

3.5 8.8 20.0 41.9
3.6 9.1 20.7
3.8 9.4
3.9
1.2 6.5 19.1 46.9 103.2

FY17 FY18 FY19 FY20 FY21 FY22 FY23

1,000.0 1,000.0 1,000.0 1,000.0 1,000.0

- - - - (1,000.0)
- 1,000.0 1,000.0 1,000.0 1,000.0 1,000.0 -
 819.6 852.7 887.2 923.2 960.8
31.5 32.9 34.4 36.0 37.6
1.6 1.6 1.6 1.6 1.6
- - - - (1,000.0)
819.6 852.7 887.2 923.2 960.8 0.0

7.9 6.3 4.7 3.2 1.6 -

172.5 141.0 108.1 73.6 37.6 (0.0)
5
0.625%
4.560%

6.3 6.3 6.3 6.3 6.3

31.5 32.9 34.4 36.0 37.6
1.6 1.6 1.6 1.6 1.6
39.3 40.8 42.3 43.8 45.5

0.7% 1.8% 1.0% 1.2% 1.4% 1.5% 1.5%

 FY17 FY18 FY19 FY20 FY21 FY22 FY23

12.4 13.8 21.8 29.0 37.2 48.7 61.5

2.0% 1.6% 1.9% 1.9% 1.9% 1.9% 1.9%

(45.3) (35.7) 11.8 92.4 294.5

21.8 29.0 37.2 48.7 61.5
61.3 131.3 172.0 217.5 225.0
37.8 124.6 221.0 358.6 581.0

150.0 112.2 - - -
- - - - -
(37.8) (112.2) - - -
112.2 - - - -

- 12.4 221.0 358.6 581.0

- (2.4) (37.6) (61.0) (98.8)

(8.6) (9.1) (35.6) (45.2) (48.7)

Historical Projected
FY17 FY18 FY19 FY20 FY21 FY22 FY23

$ 242.1 $ 403.2 $ 666.0 $ 1,035.9 $ 1,494.1 $ 2,143.7 $ 2,937.4

265.5 325.9 379.7 405.2 431.0 460.2 492.3
74.6 85.5 97.4 110.1 123.3 136.9 150.6
37.7 59.4 89.0 124.6 168.3 218.8 284.4
- - 11.8 58.6 151.1 323.7 628.1
619.9 874.0 1,244.0 1,734.5 2,367.9 3,283.2 4,492.8

72.9 129.3 184.8 251.4 321.4 429.1 541.1

547.1 744.6 1,059.1 1,483.1 2,046.4 2,854.1 3,951.7

310.2 415.8 561.4 747.0 952.2 1,245.8 1,565.8

119.6 151.9 200.7 260.6 341.0 443.4 571.6
118.8 151.2 209.5 276.5 354.7 458.7 579.7
31.7 22.2 37.3 52.0 82.9 114.9 179.7
29.9 57.3 61.3 131.3 172.0 217.5 225.0
- - 10.6 52.2 132.0 276.8 524.9
 610.1 798.4 1,080.8 1,519.6 2,034.7 2,757.2 3,646.7

(63.1) (53.7) (21.6) (36.5) 11.7 96.9 305.0

(1.3) (15.2) (1.7) (1.7) (1.7) (1.7) (1.7)

4.9 9.9 17.3 43.2 44.0 41.0 36.6
(0.1) (6.8) (39.3) (40.8) (42.3) (43.8) (45.5)

(59.7) (65.8) (45.3) (35.7) 11.8 92.4 294.5

17.1 (53.5) 8.6 6.8 (2.0) (15.7) (50.1)
$ (42.5) $ (119.3) $ (36.7) $ (28.9) $ 9.8 $ 76.7 $ 244.4
Historical Projected
FY17 FY18 FY19 FY20 FY21 FY22 FY23

$ 244.4 $ 1,410.3 $ 3,326.7 $ 2,922.1 $ 2,557.1 $ 2,315.5 $ 1,235.2

305.5 323.1 273.1 223.1 173.1 123.1 73.1
26.8 46.1 71.6 109.0 162.2 233.9 332.3
35.8 40.8 51.6 70.2 93.5 127.4 170.3
612.5 1,820.5 3,723.0 3,324.4 2,985.9 2,799.9 1,811.0

41.2 51.7 64.1 81.4 105.1 154.4 199.3

144.3 52.6 46.5 20.6 19.9 27.7 37.6
311.9 311.9 503.7 958.7 1,429.9 1,917.4 2,421.2
120.8 63.6 90.8 169.5 215.0 222.5 230.0
9.3 112.2 141.7 211.7 284.2 359.2 436.7
627.4 592.0 846.8 1,442.0 2,054.2 2,681.2 3,324.8

$ 1,239.9 $ 2,412.5 $ 4,569.8 $ 4,766.4 $ 5,040.1 $ 5,481.1 $ 5,135.9

$ 73.2 $ 113.1 $ 156.9 $ 213.5 $ 284.4 $ 387.4 $ 517.9

256.0 360.2 471.4 601.2 752.8 968.2 1,198.9
11.7 11.8 19.5 26.5 35.4 48.2 64.4
340.9 485.1 647.8 841.2 1,072.5 1,403.8 1,781.2

- 819.6 852.7 887.2 923.2 960.8 0.0

5.0 215.0 215.0 215.0 215.0 215.0 215.0
5.0 1,034.6 1,067.7 1,102.2 1,138.2 1,175.8 215.0

$ 345.9 $ 1,519.7 $ 1,715.5 $ 1,943.4 $ 2,210.7 $ 2,579.5 $ 1,996.2

$ 894.0 $ 892.8 $ 2,854.3 $ 2,823.0 $ 2,829.5 $ 2,901.5 $ 3,139.7

$ 1,239.9 $ 2,412.5 $ 4,569.8 $ 4,766.4 $ 5,040.1 $ 5,481.1 $ 5,135.9

OK! OK! OK! OK! OK! OK! OK!

Historical Projected
FY17 FY18 FY19 FY20 FY21 FY22 FY23

$ (42.5) $ (119.3) $ (36.7) $ (28.9) $ 9.8 $ 76.7 $ 244.4

31.7 22.2 37.3 52.0 82.9 114.9 179.7

29.9 57.3 61.3 131.3 172.0 217.5 225.0
1.4 11.0 - - - - -
137.4 162.9 - - - - -
- 7.5 33.1 34.5 36.0 37.6 39.2
(26.2) 49.3 (8.6) (9.1) (35.6) (45.2) (48.7)

(10.2) (19.6) (25.4) (37.4) (53.2) (71.7) (98.5)

(5.6) (7.3) (10.8) (18.6) (23.3) (33.9) (42.9)
10.9 43.5 51.6 63.6 79.7 115.8 146.8
72.6 104.2 111.1 129.8 151.6 215.5 230.7
199.4 311.5 212.9 317.2 419.9 627.2 875.7

(381.1) - (295.0) (700.0) (725.0) (750.0) (775.0)

(15.1) (30.2) (49.8) (69.4) (106.6) (164.2) (224.6)
171.6 (21.5) 50.0 50.0 50.0 50.0 50.0
(224.6) (51.7) (294.8) (719.4) (781.6) (864.2) (949.6)

9.4 4.0 2,000.0 - - - -

- 902.8 - - - - (1,000.0)
9.4 906.8 2,000.0 - - - (1,000.0)

0.5 (0.6) (1.7) (2.4) (3.3) (4.6) (6.3)

(15.3) 1,165.9 1,916.4 (404.6) (365.0) (241.6) (1,080.3)

259.7 244.4 1,410.3 3,326.7 2,922.1 2,557.1 2,315.5
$ 244.4 $ 1,410.3 $ 3,326.7 $ 2,922.1 $ 2,557.1 $ 2,315.5 $ 1,235.2
 Expected Revenue Multiple for Acquisitions:
32.0 x 28.0 x 24.0 x 20.0 x 16.0 x 12.0 x 8.0 x

al Revenue Exit Multiple:

Initial Revenue Exit Multiple:

20.0 x 18.0 x 16.0 x 14.0 x 12.0 x 10.0 x 8.0 x

tial Revenue Exit Multiple:

Initial Revenue Exit Multiple:

20.0 x 18.0 x 16.0 x 14.0 x 12.0 x 10.0 x 8.0 x