Spring 2014 Real Estate Software Market Update and Ecosystem Landscape

Spring 2014 Real Estate Software Market Update
& Ecosystem / Landscape of Software Providers
May 2014

About SEG
• Twenty-one year, exclusive focus on software
advisory services to lower & middle market
representing companies seeking:
• Strategic exit
• Growth capital
• Buyout
• Inorganic growth via acquisition
• Fairness opinions and valuations
• Board advisory services
• Clients span virtually every technology, product
category, delivery model and vertical market
• Global presence providing advice and guidance to
more than 2,000 private and public companies
throughout US, Canada, Europe, Asia-Pacific, Africa
and Israel
• Strong cross-functional team leveraging transaction,
operating, legal and engineering experience
• Unparalleled software industry reputation, track
record and industry research
• Highly referenceable base of past clients and buyers
/ investors
Focus on
Advice
Multi-service
Multi-
Industry
Focus on
Software
Advisory
Boutiques
Bulge Bracket
Firms
IPO Boutiques
Copyright © 2014 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL

3
SEG’s Strong Software Transaction Experience
has received a
growth equity
investment from

Recent SEG Real Estate Related Transaction News
SAN DIEGO, CA –April 15, 2014. Software Equity Group, LLC (SEG) announced
today its client, Dean Evans & Associates, Inc. (dba Event Management
Systems) the leading provider of facility scheduling and event management
software, has received a strategic growth equity investment from JMI Equity, a
leading growth equity firm focused on investing in leading software and
technology-enabled services companies.
Founded in 1986 and headquartered in Centennial Colorado, Dean Evans &
Associates (DEA) provides a full suite of meeting and event scheduling,
resource management, academic scheduling, shared workspace management
(office “hoteling”), web calendaring and online registration/survey
solutions. More than 4,000 organizations in over 75 countries rely on DEA’s
Event Management System (EMS) software, including many Fortune 100
companies and other leading corporations, higher education institutions, law
firms, conference centers, religious organizations, hospitals, cultural venues
and sports facilities.
“For over 25 years, our team has been focused on providing our customers
with the best in facility management software, along with the highest levels of
customer service,” said Dean Evans, CEO and founder of DEA. ”EMS is a
premier brand with a strong competitive advantage, offering the most
comprehensive package of services on the market. With JMI’s expertise in
growing enterprise software companies, along with its experience in higher
education, we feel better than ever about our ability to continue to innovate
and grow our offering.”
“We share the DEA team’s vision for the future and look forward to
supporting the company in achieving its growth objectives,” said Brian
Hersman, General Partner at JMI Equity. ”DEA’s opportunity fits well with
JMI’s strategy of bringing expertise and resources to build on a foundation of
strong market and product leadership.”
.

SEG’s Strong Real Estate Industry Transaction Experience
CONFIDENTIAL
Real Estate SaaS
Provider of subscription-based vendor screening and risk
management solutions to the multifamily housing industry
Real Estate SaaS
Provider of property and resident management software to long-
term industry
Real Estate On-premise
Complete property management for affordable housing (resold
tenant screening solution)
Real Estate Hybrid
Provider of real estate investment budgeting and forecasting
solutions to property managers, REITs & PE firms
Real Estate SaaS
Provider of facilities management solutions to the global
corporate and commercial property market
Real Estate SaaS
Provider of project management, collaboration and bid
management solutions for retail store design and construction
Real Estate On-premise Provider of plant and facility design and engineering software
Real Estate On-premise Provider of Event and Room Management Software
Real Estate On-premise Provider of Integrated Workplace Management Software (IWMS)
BuyerBusiness DescriptionClient Category
Delivery
Model

SEG’s Strong Private Equity Relationships and Deal Experience
CONFIDENTIAL
With approximately $70 billion in capital commitments, Apax Partners is an independent
global partnership focused solely on long-term investment in growth companies.
With approximately $7 billion in capital commitments, Vista Equity Partners is a leading
private equity firm focused on investing in software and technology-enabled businesses.
With approximately $4 billion in capital commitments, Thoma Bravo invests in many industries
and has particular expertise in software, business and financial services, and education.
With approximately $1.7 billion in capital commitments, Arsenal Capital Partners invests in
middle-market companies with revenues ranging from $30 to $400 million.
With over 9 billion in capital commitments, New Mountain is a generalist firm that pursues
attractive investment opportunities across a full spectrum of industries and styles.
dmg :: information comprises a portfolio of high growth, innovative, must-have information
media businesses in the property, education, energy and commodity and structured finance
sectors. -
With over $2.6 billion in capital commitments, Marlin Equity Partners is a leading private
equity firm focused on investments in technology, healthcare services, business services and
several other industries.
Pequot Capital Management was a multi-billion dollar hedge fund sponsor founded in 1998
that announced it was closing in 2009.
JMI is a growth equity firm focused on investing in leading software and technology-enabled
services companies.
The Carlyle Group is a global alternative asset manager with more than $180 billion in assets
under management across 118 funds and 81 fund of funds vehicles.
PE Firm DescriptionClient(s) PE Firm

SOFTWARE EQUITY GROUP | CONFIDENTIAL
SEG-Landscape: Multi-Family Real Estate Technology*
Accounting
Applicant Screening
Property Mgmt.
CRM
Web Portals
/Marketing
Internet Listings
Revenue Mgmt.
Spend Mgmt.
Utility Billing &
Energy Mgmt.
Payments
* Not all inclusive
Property
Management
Vendor Ecosystem

SEG-Landscape: Commercial/Corporate Real Estate Technology*
Data/Info.
Services
Facilities Mgmt.
Investment
Mgmt.
IWMS
Facilities
Design/AEC
Construction
Vendor
Ecosystem
Capital Planning
Vertical Providers
Space Mgmt.
Lease
Administration
* Not all inclusive

SEG-Landscape: “For Sale” Real Estate Technology*
Property Search/
Lead Gen
Home Services/
Lead Gen
Broker CRM
Vendor
Ecosystem
Broker Marketing
MLS
Residential
Construction
Property Search
(Vacation Rentals)
Mortgage Orig./
Finance
Other
* Not all inclusive

Real Estate Technology M&A Activity
• Broad landscape of providers with high concentration of point solution offerings
• Sector public companies currently performing well & actively pursuing M&A to fill product gaps,
consolidate segments, and drive growth
• General sector buyer acquisition appetite high
Top 5 M&A Volume: 2009 - Present
1. Property Management (32 deals)
2. Commercial Construction (25 deals)
3. IWMS & Facilities Management, Mortgage Orig. /
Finance (24 deals each)
4. Broker CRM/Marketing, Property Search / Lead Gen
(22 deals each)
Top 5 M&A Volume: TTM
1. IWMS & Facilities Management (8 deals)
2. Commercial Construction (7 deals)
3. Property Management (6 deals)
4. Broker CRM/Marketing, Property Search /
Lead Gen, Data/Info. Services (5 deals each)

Public Companies: Real Estate Technology
Company Ticker Category
Enterprise
Value (mm)
LTM Rev
(mm)
LTM EBITDA
(mm)
LTM Rev
Growth
LTM Gross
Margin
LTM EBITDA
Margin
EV/
Rev
EV/
EBITDA
Angie’s List, Inc. NASDAQ: ANGI HomeServices Lead Gen $603.3 $266.1 -$19.4 50.5% 73.9% -7.3% 2.3x -
Autodesk, Inc. NASDAQ: ADSK Facilities Design/AEC $9,300.5 $2,273.9 $426.5 -1.7% 87.9% 18.8% 4.1x 21.8x
AvevaGroup plc LSE:AVV Facilities Design/AEC $1,944.3 $390.3 $114.9 10.9% 92.6% 29.4% 5.0x 16.9x
CoreLogic, Inc. NYSE: CLGX Data/Info. Services $3,956.5 $1,309.7 $231.4 -18.5% 48.1% 17.7% 3.0x 15.7x
CoStar Group, Inc. NASDAQ: CSGP Data/Info. Services $4,562.7 $456.0 $116.2 18.3% 71.9% 25.5% 10.0x 39.3x
EllieMae, Inc. NYSE: ELLI MortgageOrig. /Finance $614.3 $128.5 $25.1 26.2% 74.5% 19.5% 4.8x 24.5x
Homeaway, Inc. NASDAQ: AWAY Property Search /Lead Gen $2,622.0 $372.7 $60.7 26.0% 84.6% 16.3% 7.0x 43.2x
Move, Inc. NASDAQ: MOVE Property Search /Lead Gen $385.6 $227.0 $13.6 14.0% 79.8% 6.0% 1.7x 24.2x
Nemetscheck AG XTRA: NEM Facilities Design/AEC $737.8 $260.6 $52.3 6.0% 53.5% 20.1% 2.8x 14.1x
RealPage, Inc. NASDAQ: RP Property Management $1,368.1 $377.0 $54.2 17.0% 60.7% 14.4% 3.6x 25.2x
TexturaCorporation NYSE: TXTR Commercial Construction $365.3 $40.8 -$33.2 70.1% 68.6% -81.5% 9.0x -
Trulia, Inc. NYSE: TRLA Property Search /Lead Gen $1,224.7 $174.2 -$17.1 118.0% 82.8% -9.8% 7.0x -
Zillow, Inc. NASDAQ: Z Property Search /Lead Gen $3,772.4 $197.5 -$5.5 69.1% 90.5% -2.8% 19.1x -
ZipRealty, Inc. NASDAQ: ZIPR Broker CRM /Marketing $55.1 $75.9 -$2.7 2.8% 42.4% -3.6% 0.7x -
High: $9,300.5 $2,273.9 $426.5 118.0% 92.6% 29.4% 19.1x 43.2x
Low: $55.1 $40.8 -$33.2 -18.5% 42.4% -81.5% 0.7x 14.1x
Average: $2,250.9 $467.9 $72.6 29.2% 72.3% 4.5% 5.7x 25.0x
Median: $1,296.4 $263.4 $38.7 17.7% 74.2% 15.4% 4.5x 24.2x
*Data as of May 1 , 2014
Public Company Operating Performance and Market Valuation

Stock Market Performance: Property Search / Lead Gen
0.00x
5.00x
10.00x
15.00x
20.00x
25.00x
30.00x
EV/Revenue
Zillow, Inc. (NasdaqGS:Z) - TEV/Total Revenues
Trulia, Inc. (NYSE:TRLA) - TEV/Total Revenues
HomeAway, Inc. (NasdaqGS:AWAY) - TEV/Total Revenues
Move, Inc. (NasdaqGS:MOVE) - TEV/Total Revenues
Angie's List, Inc. (NasdaqGS:ANGI) - TEV/Total Revenues
0.00b
1.00b
2.00b
3.00b
4.00b
5.00b Market Capitalization
Zillow, Inc. (NasdaqGS:Z) - Market Capitalization
Trulia, Inc. (NYSE:TRLA) - Market Capitalization
HomeAway, Inc. (NasdaqGS:AWAY) - Market Capitalization
Move, Inc. (NasdaqGS:MOVE) - Market Capitalization
Angie's List, Inc. (NasdaqGS:ANGI) - Market Capitalization

Stock Market Performance: Facility Design / AEC
0.00b
2.00b
4.00b
6.00b
8.00b
10.00b
12.00b
14.00b
Market Capitalization
Autodesk, Inc. (NasdaqGS:ADSK) - Market Capitalization
Nemetschek AG (XTRA:NEM) - Market Capitalization
Aveva Group plc (LSE:AVV) - Market Capitalization
0.00x
1.00x
2.00x
3.00x
4.00x
5.00x
6.00x
7.00x
8.00x EV/Revenue
Autodesk, Inc. (NasdaqGS:ADSK) - TEV/Total Revenues
Nemetschek AG (XTRA:NEM) - TEV/Total Revenues
Aveva Group plc (LSE:AVV) - TEV/Total Revenues

Stock Market Performance: SaaS/Subscription
0.00b
1.00b
2.00b
3.00b
4.00b
5.00b
6.00b
7.00b
Market Capitalization
RealPage, Inc. (NasdaqGS:RP) - Market Capitalization
Textura Corporation (NYSE:TXTR) - Market Capitalization
Ellie Mae, Inc. (NYSE:ELLI) - Market Capitalization
CoStar Group Inc. (NasdaqGS:CSGP) - Market Capitalization
0.00x
5.00x
10.00x
15.00x
20.00x
25.00x
30.00x
35.00x
40.00x
EV/Revenue
RealPage, Inc. (NasdaqGS:RP) - TEV/Total Revenues
Textura Corporation (NYSE:TXTR) - TEV/Total Revenues
Ellie Mae, Inc. (NYSE:ELLI) - TEV/Total Revenues
CoStar Group Inc. (NasdaqGS:CSGP) - TEV/Total Revenues

Top 10 Real Estate Technology M&A by Enterprise Value (EV)
Date Buyer Seller
Enterprise
Value ($mm)
EV /
Rev
EV /
EBITDA Category Business Description
04/27/11 CoStar Group
Inc.
LoopNet, Inc. 654.2 8.2x 30.3x Property
Search/Data
Services
LoopNet.com enables commercial real estateagents workingon behalf of property owners
and landlords to list properties for saleor for lease, and submit detailed information on
property listings to find abuyer or tenant.
Inc.
Apartments.co
m, L.L.C.
$585.0 6.8x 22.9x Property Search Apartments.com provides apartment Internet listingsubscription services, providingrental
units from managed properties, newspaper classifieds, and for-rent-by-owner properties
and offeringrenters adatabaseof houses, condos, duplexes, etc.
05/08/13 Trulia, Inc. Market Leader,
Inc.
314.3 6.6x - Broker
CRM/Marketing
MarketLeader offers real estateprofessionals software-as-a-serviceCRM and marketing
tools to help customers build relationships with homebuyers and sellers through the
Internet.
01/11/11 CoreLogic, Inc. RP DataPty Ltd. 270.0 4.7x 11.8x Data/Information
Services
RP DataLtd. provides subscription-based access to commercial and residential property
information for real estateagents, valuers, property developers, financial institutions, and
stateand federal government departments.
03/24/11 Davis +
Henderson
Corporation
Mortgagebot
LLC
231.8 6.1x 11.5x Mortgage
Orig./Finance
Mortgagebot provides softwareas aservicemortgagepoint-of-salesolutions to banks and
credit unions in theUnited States.
03/22/12 PRIMEDIA Inc. Rent.com 145.0 - - Property Search Rent.com is an Internet listingsiteprovidingrental advertisement and related services in the
United States. It enables renters to find residential rental property listingonline, including
contact information, pricing, photos, floor plans, and virtual tours.
04/12/11 Altus Group
Limited
ARGUS
Software, Inc.
140.5 5.6x 20.8x Investment
Management
ARGUSSoftware, Inc. provides investment asset management and financial analysis solutions
to thecommercial real estateindustry globally.
12/01/09 VistaEquity
Partners
MRI Software 128.0 1.7x - Property
Management
MRI SoftwareLLC provides business management softwaresolutions for multifamily and
commercial property industry worldwide.
08/22/11 RealPage, Inc. MyNewPlace 74.9 4.5x - Property
Management
MyNewPlace.com is an apartment and homerentals Web site, offeringInternet listing
services; and provides access to property information, includingphoto galleries, videos, and
neighborhood information for renters.
11/03/10 RealPage, Inc. Level OneInc. 62.0 2.7x - Property
Management
Level OneInc. provides outsourced contact solutions and coreleasingsoftwarefor themulti-
family apartment industry.
*Data set 2009 - present

Top 10 Real Estate Technology M&A by EV/Revenue Multiple
*Revenue Estimate for SeniorLiving.com
*Data Set 2009 - Present
Date Buyer Seller
Enterprise
Value ($mm)
EV /
Rev
EV /
EBITDA Category Business Description
05/02/12 Zillow, Inc. RentJuice
Corporation
$37.4 102.4x - Property
Management
RentJuiceCorporation providesSaaaSRental Relationship Management (RRM) softwarefor
real estateprofessionals. Thecompany’s onlineRRM platform connects prospectiverenters,
brokers, and property managers to each other in real-time.
Inc.
LoopNet, Inc. $654.2 8.2x 30.3x Property
Search/Data
Services
LoopNet.com enables commercial real estateagents workingon behalf of property owners
and landlords to list properties for saleor for lease, and submit detailed information on
property listings to find abuyer or tenant.
08/19/13 Zillow, Inc. StreetEasy, Inc. $50.0 7.9x 42.0x Property Search StreetEasy, Inc. provides for-saleand for-rent listings and information of real estate
properties in New York. It offers information primarily about condos, co-ops, new
developments, and luxury real estatethrough its Websiteand mobileapplication.
Inc.
(NasdaqGS:CSG
P)
Apartments.co
m, L.L.C.
$585.0 6.8x 22.9x Property Search Apartments.com provides apartment Internet listingsubscription services, providingrental
units from managed properties, newspaper classifieds, and for-rent-by-owner properties
and offeringrenters adatabaseof houses, condos, duplexes, etc.
05/08/13 Trulia, Inc. Market Leader,
Inc.
$314.3 6.6x - Broker
CRM/Marketing
MarketLeader offers real estateprofessionals software-as-a-serviceCRM and marketing
tools to help customers build relationships with homebuyers and sellers through the
Internet.
03/24/11 Davis +
Henderson
Corporation
Mortgagebot
LLC
$231.8 6.1x 11.5x Mortgage
Orig./Finance
Mortgagebot provides softwareas aservicemortgagepoint-of-salesolutions to banks and
credit unions in theUnited States.
04/12/11 Altus Group
Limited
ARGUS
Software, Inc.
$140.5 5.6x 20.8x Investment
Management
ARGUSSoftware, Inc. provides investment asset management and financial analysis solutions
to thecommercial real estateindustry globally.
01/11/11 CoreLogic, Inc. RP DataPty Ltd. $270.0 4.7x 11.8x Data/Information
Services
RP DataLtd. provides subscription-based access to commercial and residential property
information for real estateagents, valuers, property developers, financial institutions, and
stateand federal government departments.
08/22/11 RealPage, Inc. MyNewPlace.co
m
$74.9 4.5x - Property
Management
MyNewPlace.com is an apartment and homerentals Web site, offeringInternet listing
services; and provides access to property information, includingphoto galleries, videos, and
neighborhood information for renters.
07/29/11 RealPage, Inc. Senior-
Living.com,
Inc.*
$14.8 3.5x - Property
Management
Senior-Living.com offers asearch engine, adviceand information about assisted living, adult
day, Alzheimer’s and dementiacare, continuingcareretirement community, homecare,
independent living, and nursingcarecommunity services.

Real Estate Technology M&A Activity
2
5
10
6
10
11
2
5
10
13
10
2
7
14
12
15
8 8
14
11
17
2009 2010 2011 2012 2013 2014
Aggregate Quarterly Deal Volume
Q1 Q2 Q3 Q4
14
25
48
42
51
44
2009 2010 2011 2012 2013 1Q14
Annualized
Aggregate Annual Deal Volume
4
1
0
1 1
0
2
0
1
0 0
3
6
2
1
0
1
2 2
1
3
1
4
2
7
1 1 1
9
2
3
1
7
1
7
8
9
1
0
1
5
1
7
0
5
2
6
55
6
1 1
8
2
6
4 4
1
5
66
5
1 1
8
1
7
3
5
1
5
4
Property
Management
Data/Information
Services
Payments Investment
Management
IWMS & Facilities
Management
Facilities Design /
AEC
Commercial
Construction
Residential
Construction
Property Search /
Lead Gen
Home Services
Lead Gen
Broker
CRM/Marketing
Mortgage Orig. /
Finance
Annual Deal Volume By Category
2009 2010 2011 2012 2013 1Q14 TTM
*Data set 2009 - present

SEG SaaS Index: Key Public Company Performance Metrics
Measure 4Q12 1Q13 2Q13 3Q13 4Q13
EV/Revenue 4.9x 5.5x 6.2x 7.3x 8.3x
EV/EBITDA 38.2x 35.4x 30.2x 39.8x 57.0x
EV/Earnings 40.2x 63.9x 106.1x 125.3x 81.9x
Gross Profit Margin 70.9% 70.8% 70.8% 70.3% 70.7%
EBITDA Margin 5.9% 3.2% 1.4% 1.2% 0.2%
Net Income Margin -1.6% -3.9% -4.4% -4.9% -5.0%
TTM Revenue Growth 26.8% 25.3% 25.0% 27.3% 26.1%
TTM Total Revenue ($M) $117.5 $127.7 $143.1 $163.8 $173.4
TTM EBITDA Growth 5.9% 3.2% 1.4% 1.2% 0.2%
TTM Total EBITDA ($M) $5.6 $4.0 $2.6 $1.2 $0.1
Cash & Eq ($M) $67.4 $75.3 $76.2 $92.0 $107.7
Current Ratio 1.6 1.9 1.5 2.3 2.6
Debt / Equity Ratio 6.7% 6.5% 7.1% 10.3% 11.4%
SEG - SaaS: Median Metrics
• The SEG SaaS Index tracks public companies that
primarily offer hosted, on-demand software
under a subscription and/or transaction based
pricing model
• The SEG SaaS Index is currently comprised of 43
public pure-play SaaS companies*
• Revenue growth is highly correlated with
valuation multiples
CONFIDENTIAL

The SEG SaaS Index: Public Company Market Multiples
7.5x
3.3x
2.6x
3.6x
4.5x
5.0x
7.3x
2007 2008 2009 2010 2011 2012 2013
EV/RevenueMultiple
65.2x
36.9x
31.4x 32.2x
35.2x 35.0x
48.2x
2007 2008 2009 2010 2011 2012 2013
EV/EBITDAMultiple
Median EV/Revenue - Annual Median EV/EBITDA - Annual
• After plunging to 2.6x in 2009, the median EV/Revenue of public SaaS companies has made a stunning comeback,
climbing steadily for four consecutive years to finish 2013 at a whopping 7.3x.
• Compared to this 180% increase in the SEG SaaS Index median EV/Revenue multiple, the median multiple of
public on-premise software companies grew 106%. At the close of 4Q13, the median EV/Revenue multiple of
public SaaS companies is more than twice that of their on-premise software counterparts.(7.3x vs. 3.1x).
• The stunning growth in median EV/Revenue of public SaaS companies reflects investors enthusiasm for 25%+
revenue growth, recurring revenue, immense market opportunities (enterprise and SMB), and an M&A feeding
frenzy targeting rapidly growing SaaS providers.
CONFIDENTIAL

The SEG SaaS Index: Public Company Market Multiples
0.0x
2.5x
4.6x
6.9x 7.2x 7.7x
21.2x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
<= 0% > 0%
<= 10%
> 10%
<= 20%
> 20%
<= 30%
> 30%
<= 40%
> 40%
<= 50%
> 50%
MedianEV/Revenue
TTM Revenue Growth
11.9x
5.3x 5.7x
6.5x
4.5x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
<= 0% > 0%
<= 10%
> 10%
<= 20%
> 20%
<= 30%
> 30%
MedianEV/Revenue
TTM EBITDA Margin
EV/Rev Multiples vs. TTM EBITDA Margins – 4Q13EV/Rev Multiples vs. TTM Rev Growth Rates – 4Q13
• Throughout 2013, profitable SaaS companies were penalized with lower market multiples, as investors
perceived profitability to have come at the expense of growth.
• Note the very strong correlation between the median TTM revenue growth rate and median EV/Revenue
multiple of public SaaS companies. Public SaaS companies that grew TTM revenue below 10% received
multiples significantly below their high growth peers.
• Adjusting EV/Rev multiples to account for public to private liquidity discount* would reduce valuations for 0-
10% and 10%-20% growth companies to 1.9x and 3.5x, respectively
* SEG uses industry standard 33% public to private liquidity discount
CONFIDENTIAL

Contact Information
kbeible@softwareequity.com
www.softwareequity.com
(858) 509-2800
The information contained in this Report is obtained from sources we believe to be reliable, but no representation or guarantee is made about the accuracy or completeness of such information, or the
opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or
sell, any security. Software Equity Group LLC may have an interest in one or more of the securities or companies discussed herein.
Financial data provided by Capital IQ.
This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C.
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Public Company Snapshot: Angie’s List
CONFIDENTIAL
ANGIE'S LIST, INC. (NASDAQGS:ANGI)
COMPANY INFORMATION
Angie’s List, Inc. operates a consumer-driven solution for its members to research, hire, rate, and review local professionals for home, health care, and automotive service needs. It offers member services
comprising member-generated ratings and reviews that provide reviews from members and non-members in approximately 720 categories; and service provider services for members looking for reputable providers of high cost of
failure services. As of December 31, 2013, it had approximately 2.5 million paid memberships in 253 local markets in the United States. The company was formerly known as Brownstone Publishing, LLC and changed its name
to Angie’s List, Inc. in April 2010. Angie’s List, Inc. was founded in 1995 and is headquartered in Indianapolis, Indiana.
Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Internet Software and ServicesNext Earnings Date n/a
Website http://www.angieslist.com Latest Fiscal Quarter 3/31/2014 S&P LT Rating n/a S&P STARS Ranking n/a
Employees 1,637 LTM as of 3/31/2014 S&P LT Rating Date n/a S&P Quality Ranking n/a
Current Investors
Pending Investors
VALUATION PRICE/VOLUME GRAPH
(in millions, except per share data)
Valuation Market Data
Current Price (Apr 30 2014) 11.31 Dividend Yield #VALUE!
52 Week High (Jul 18, 2013) 28.32 5 Year Beta (0.51)
52 Week Low (Apr 28, 2014) 10.56 Float 52.0
Total Basic Common Shares 58.5 Float % 88.9%
Market Capitalization 661.8 Short Int. as a % of S/O 26.3%
Plus: Total Debt 15.6 Shares Sold Short 15.4
Plus: Preferred Stock n/a Days Cover Short 11.3
Plus: Minority Interest n/a Average Trading Volume
Less: Cash and ST Investments (64.6) Last Week 4/23/14 2.5
Enterprise Value 612.7 Last Month 3/30/14 1.4
Relative Performance Last 3 Months 1/30/14 1.4
ANGI YTD (25.3%) 12/31/13 Last 6 Months 10/30/13 1.3
S&P 500 Index YTD 1.9% Last Year 4/30/13 1.4
CAPITAL STRUCTURE FINANCIAL SUMMARY
Capital Structure Fiscal Year Ending, LTM Fiscal Year Ending,
Commercial Paper n/a Unamortized Premium n/a 12/31/11 12/31/12 12/31/13 3/31/14 2014E 2015E
Revolving Credit 0.0 Unamortized Discount (0.1) Input Estimates
Term Loans 15.0 Adjustments n/a
Snr. Bonds and Notes n/a Total Debt 14.9 Revenue 90.0 155.8 245.6 266.1 329.1 407.8
Sub Bonds and Notes n/a EBITDA (43.5) (49.3) (24.0) (19.4) 1.5 37.0
Trust Preferred n/a Undrawn Revolver 15.0 Margin (%) (48.3%) (31.7%) (9.8%) (7.3%) 0.4% 9.1%
Capital Leases n/a Undrawn Commercial Paper n/a EBIT (44.2) (50.3) (27.1) (22.9) (11.4) 20.5
Other n/a Undrawn Term Loans n/a Margin (%) (49.0%) (32.3%) (11.0%) (8.6%) (3.5%) 5.0%
Total Principal Due 15.0 Other Available Credit n/a Net Income (49.0) (52.9) (33.0) (28.8) (13.8) 23.1
Total Undrawn Credit 15.0 Margin (%) (54.5%) (34.0%) (13.4%) (10.8%) (4.2%) 5.7%
998 999 1000 2000 1001 1002 Diluted EPS (1.60) (0.92) (0.57) (0.49) (0.25) 0.28
VALUATION MULTIPLES
Fiscal Year Ending, LTM Fiscal Year Ending,
12/31/11 12/31/12 12/31/13 3/31/14 2014E 2015E Cash from Operations (33.1) (33.4) 8.9 14.0 25.8 61.8
TEV / Revenue 11.3x 4.7x 3.8x 2.7x 1.8x 1.5x Cash from Investing (4.3) (22.0) (21.9) (16.8)
TEV / EBITDA NM NM NM NM NA 16.3x Cash from Finaning 116.8 9.4 5.1 3.9
TEV / EBIT NM NM NM NM NA 29.5x Change in Cash 79.4 (46.0) (7.8) 1.0
P / E NM NM NM NM NA 40.3x
P / BV NM NM NM NM -25.3x 54.2x Balance Sheet Latest
1 Year Growth
Total Revenue 52.5% 73.0% 57.7% 50.5% 34.0% 23.9% Total Assets 111.4 96.2 105.6 124.3
EBITDA NM NM NM NM NM 2430.9% Total Liabilities 65.6 90.9 124.1 144.6
EBIT NM NM NM NM NM NM Total Equity 45.8 5.3 (18.5) (20.3)
Net Income NM NM NM NM NM NM
EPS NM NM NM NM NM NM
VALUATION MULTIPLES CHART FINANCIAL SUMMARY CHART
BlackRock, Inc., Soroban Capital Partners LLC
NA
Income Statement
Cash Flow Statement
52.5%
73.0%
57.7%
34.0%
23.9%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
2011 2012 2013 2014E 2015E
YOY Growth
Total Revenue
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
0
50
100
150
200
250
300
350
400
450
2011 2012 2013 2014E 2015E
(in$millions)
Valuation
Revenue TEV / Revenue
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
150.00
170.00
190.00
210.00
230.00
250.00
270.00
290.00
310.00
4/13
Volume(inmillions)
Price
Volume ANGI Price

Public Company Snapshot: Autodesk
CONFIDENTIAL
AUTODESK, INC. (NASDAQGS:ADSK)
COMPANY INFORMATION
Autodesk, Inc. operates as a design software and services company worldwide. Its Platform Solutions and Emerging Business segment offers AutoCAD software, a computer-aided design application for professional design,
drafting, detailing, and visualization; and AutoCAD LT, a professional drafting and detailing software. The company’s Architecture, Engineering and Construction segment offers Autodesk Building Design Suites that
give customers the ability to manage various phases of design and construction; Autodesk Revit products, which provide model-based design and documentation systems; Autodesk Infrastructure Design Suites; AutoCAD
Civil 3D products that offer a surveying, design, analysis, and documentation solution; and AutoCAD Map 3D software, which provides direct access to data needed for infrastructure planning, design, and management. Its
Manufacturing segment provides Autodesk Product Design Suites, a solution for digital prototyping; Autodesk Inventor that allows manufacturers to go beyond 3D design to digital prototyping; AutoCAD Mechanical
software to accelerate the mechanical design process; and Autodesk Moldflow family of injection molding simulation software provides tools. The company’s Media and Entertainment segment offers animation products that
provide tools for digital sculpting, modeling, animation, effects, rendering, and compositing; and creative finishing products, which offer editing, finishing, and visual effects design and color grading solutions.
Autodesk, Inc. also sells consumer products for digital art, personal design and creativity, and home design in various digital storefronts and over the Internet. The company licenses or sells its products to customers
in the architecture, engineering, and construction; manufacturing; and digital media, consumer, and entertainment industries directly, as well as through a network of resellers and distributors. Autodesk, Inc. was
founded in 1982 and is headquartered in San Rafael, California.
Stock Exchange NasdaqGS Latest Fiscal Year 1/31/2014 Primary Industry Application Software Next Earnings Date n/a
Website http://www.autodesk.com Latest Fiscal Quarter 1/31/2014 S&P LT Rating BBB S&P STARS Ranking 3
Employees 7,600 LTM as of 1/31/2014 S&P LT Rating Date 12/5/2012 S&P Quality Ranking B-
Current Investors
Pending Investors
52 Week High (Feb 27, 2014) 58.68 5 Year Beta 1.86
52 Week Low (Jun 24, 2013) 33.01 Float 211.8
Market Capitalization 10,923.5 Short Int. as a % of S/O 1.4%
Less: Cash and ST Investments (2,267.1) Last Week 4/23/14 2.3
Enterprise Value 9,402.8 Last Month 3/30/14 3.1
ADSK YTD (4.6%) 12/31/13 Last 6 Months 10/30/13 2.9
Revolving Credit 0.0 Unamortized Discount (4.5) Input Estimates
Term Loans n/a Adjustments 0.9
Snr. Bonds and Notes 750.0 Total Debt 746.4 Revenue 2,215.6 2,312.2 2,273.9 2,273.9 2,360.0 2,488.5
Sub Bonds and Notes n/a EBITDA 469.8 477.6 426.5 426.5 437.5 558.9
Trust Preferred n/a Undrawn Revolver 400.0 Margin (%) 21.2% 20.7% 18.8% 18.8% 18.5% 22.5%
Capital Leases n/a Undrawn Commercial Paper n/a EBIT 354.3 349.8 297.6 297.6 357.1 461.0
Other n/a Undrawn Term Loans n/a Margin (%) 16.0% 15.1% 13.1% 13.1% 15.1% 18.5%
Total Principal Due 750.0 Other Available Credit n/a Net Income 285.3 247.4 228.8 228.8 261.6 348.7
Total Undrawn Credit 400.0 Margin (%) 12.9% 10.7% 10.1% 10.1% 11.1% 14.0%
998 999 1000 2000 1001 1002 Diluted EPS 1.22 1.07 1.00 1.00 1.15 1.49
VALUATION MULTIPLES
1/31/12 1/31/13 1/31/14 1/31/14 2015E 2016E Cash from Operations 573.5 559.1 563.5 563.5 505.7 680.2
TEV / EBITDA 15.3x 15.9x 22.2x 22.2x 21.3x 16.6x Cash from Finaning (119.8) 541.4 (126.5) (126.5)
TEV / EBIT 20.3x 21.5x 30.9x 30.9x 26.0x 20.2x Change in Cash 81.8 455.3 240.8 240.8
P / E 30.8x 36.7x 47.0x 47.0x 41.5x 31.9x
P / BV 4.5x 4.3x 5.3x 5.3x 4.6x 4.3x Balance Sheet Latest
1 Year Growth
Total Revenue 13.5% 4.4% (1.7%) (1.7%) 3.8% 5.4% Total Assets 3,227.8 4,308.4 4,595.0 4,595.0
EBITDA 21.2% 1.7% (10.7%) (10.7%) 2.6% 27.7% Total Liabilities 1,344.9 2,265.2 2,333.5 2,333.5
EBIT 25.5% (1.3%) (14.9%) (14.9%) 20.0% 29.1% Total Equity 1,882.9 2,043.2 2,261.5 2,261.5
Net Income 34.6% (13.3%) (7.5%) (7.5%) 14.3% 33.3%
EPS 35.6% (12.3%) (6.5%) (6.5%) 14.8% 30.1%
NA
Income Statement
Cash Flow Statement
13.5%
4.4%
(1.7%)
3.8%
5.4%
(4.0%)
(2.0%)
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
2012 2013 2014 2015E 2016E
YOY Growth
Total Revenue
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
2,050
2,100
2,150
2,200
2,250
2,300
2,350
2,400
2,450
2,500
2,550
2012 2013 2014 2015E 2016E
(in$millions)
Valuation
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
150.00
170.00
190.00
210.00
230.00
250.00
270.00
290.00
310.00
4/13
Volume(inmillions)
Price
Volume ADSK Price

Public Company Snapshot: Aveva Group
CONFIDENTIAL
AVEVA GROUP PLC (LSE:AVV)
COMPANY INFORMATION
Aveva Group plc, through its subsidiaries, develops and markets engineering, design, and information management software and related services. The company provides engineering and design, and enterprise software
solutions to customers in oil and gas, power, marine, chemical and pharmaceutical, mining and mineral processing, and pulp and paper industries. Its software solutions support project management, engineering and
detailed design, procurement, materials management, construction, operations, maintenance, revamp, and decommissioning activities in process plant, power, and marine markets. The company also offers consultancy and
training services. It sells its software by licensing rights to use the software directly to engineering contractors, plant owner operators, and shipbuilding companies through a network of sales offices worldwide. Aveva
Group plc was founded in 1967 and is based in Cambridge, the United Kingdom.
Stock Exchange LSE Latest Fiscal Year 3/31/2013 Primary Industry Application Software Next Earnings Date 5/27/2014
Website http://www.aveva.com Latest Fiscal Quarter 9/30/2013 S&P LT Rating n/a S&P STARS Ranking n/a
Employees 1,317 LTM as of 9/30/2013 S&P LT Rating Date n/a S&P Quality Ranking A-
Current Investors
Pending Investors
Current Price (Apr 30 2014) 35.60 Dividend Yield 1.2%
52 Week High (Sep 20, 2013) 45.06 5 Year Beta 0.76
Market Capitalization 2,270.9 Short Int. as a % of S/O #VALUE!
Plus: Total Debt 0.0 Shares Sold Short n/a
Plus: Preferred Stock n/a Days Cover Short n/a
AVV YTD (0.7%) 12/31/13 Last 6 Months 10/30/13 0.1
(Invalid Identifier) YTD #VALUE! Last Year 4/30/13 0.1
Revolving Credit n/a Unamortized Discount n/a Input Estimates
Term Loans n/a Adjustments n/a
Trust Preferred n/a Undrawn Revolver n/a Margin (%) 29.4% 30.2% 29.7% 29.4% 32.7% 33.7%
Total Principal Due n/a Other Available Credit n/a Net Income 55.4 63.9 69.1 76.1 94.4 110.6
Total Undrawn Credit n/a Margin (%) 19.8% 20.4% 20.7% 20.3% 23.8% 24.9%
998 999 1000 2000 1001 1002 Diluted EPS 0.81 0.94 1.01 1.13 1.44 1.71
VALUATION MULTIPLES
TEV / Revenue 6.1x 5.4x 6.6x 6.7x 5.2x 4.8x Cash from Investing (50.1) (23.4) (32.0) 109.9
TEV / EBITDA 18.9x 18.5x 22.3x 22.4x 16.0x 14.1x Cash from Finaning (19.5) (21.5) (23.4) (189.7)
TEV / EBIT 19.9x 19.6x 23.6x 23.6x 17.3x 15.1x Change in Cash (20.8) 29.6 8.5 2.1
P / E 32.8x 32.0x 36.9x 38.9x 24.4x 20.8x
1 Year Growth
EBITDA 8.4% 15.7% 10.7% 10.7% 30.7% 15.0% Total Liabilities 133.8 141.8 156.4 126.5
EBIT 8.4% 15.7% 10.3% 9.8% 27.0% 16.3% Total Equity 324.8 354.1 382.1 253.8
Net Income 3.1% 15.9% 13.9% 12.8% 36.5% 17.2%
EPS 3.0% 16.2% 13.8% 13.6% 41.6% 19.0%
NA
Income Statement
Cash Flow Statement
17.3%
12.6% 12.4%
18.8%
11.7%
0.0%
5.0%
10.0%
15.0%
20.0%
2011 2012 2013 2014E 2015E
YOY Growth
Total Revenue
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
0
100
200
300
400
500
2011 2012 2013 2014E 2015E
(in$millions)
Valuation
0.0
0.2
0.4
0.6
0.8
1.0
1.2
150.00
170.00
190.00
210.00
230.00
250.00
270.00
290.00
310.00
4/13
Volume(inmillions)
Price
Volume AVV Price

Public Company Snapshot: Core Logic
CONFIDENTIAL
CORELOGIC, INC. (NYSE:CLGX)
COMPANY INFORMATION
CoreLogic, Inc. provides property, financial and consumer information, analytics, and services in the United States, Australia, and New Zealand. The company operates through two segments, Technology and Processing
Solutions and Data & Analytics. The Technology and Processing Solutions segment offers tax monitoring, flood zone certification and monitoring, credit services, mortgage loan administration and production services,
lending solutions, and mortgage-related business process outsourcing. The Data and Analytics segment owns or licenses data assets, such as loan information, criminal and eviction records, employment verification,
property characteristic information, and information on mortgage-backed securities. This segment provides analytical products for risk management, collateral assessment, loan quality reviews, and fraud assessment, as
well as geospatial proprietary software and databases with geographic mapping and data; and consumer screening and risk management for the multifamily housing and under-banked credit services industries. CoreLogic,
Inc. primarily offers its services to mortgage originators and servicers, financial institutions, investment banks, fixed-income investors, title insurance companies, commercial banks, government agencies and
government-sponsored enterprises, property and casualty insurers, credit unions, real estate agents, and other real estate professionals. The company was formerly known as The First American Corporation and changed its
name to CoreLogic, Inc. in June 2010. CoreLogic, Inc. was incorporated in 1894 and is headquartered in Irvine, California.
Stock Exchange NYSE Latest Fiscal Year 12/31/2013 Primary Industry Data Processing and Outsourced ServicesNext Earnings Date n/a
Website http://www.corelogic.com Latest Fiscal Quarter 3/31/2014 S&P LT Rating BB S&P STARS Ranking n/a
Employees 5,242 LTM as of 3/31/2014 S&P LT Rating Date 3/4/2010 S&P Quality Ranking B-
Current Investors
Pending Investors
52 Week High (Dec 30, 2013) 36.19 5 Year Beta 1.64
Plus: Total Debt 1,524.5 Shares Sold Short 1.4
Plus: Minority Interest 10.4 Average Trading Volume
CLGX YTD (21.1%) 12/31/13 Last 6 Months 10/30/13 0.8
Revolving Credit 100.0 Unamortized Discount n/a Input Estimates
Term Loans 275.6 Adjustments 4.0
Snr. Bonds and Notes 462.7 Total Debt 843.9 Revenue 1,010.2 1,235.4 1,330.6 1,309.7 1,357.5 1,462.2
Other 1.6 Undrawn Term Loans n/a Margin (%) 4.2% 14.7% 13.1% 10.8% 20.8% 15.7%
Total Principal Due 839.9 Other Available Credit n/a Net Income (74.6) 112.3 107.7 71.4 133.8 165.0
Total Undrawn Credit 450.0 Margin (%) (7.4%) 9.1% 8.1% 5.4% 9.9% 11.3%
998 999 1000 2000 1001 1002 Diluted EPS 0.19 0.87 1.34 1.00 1.49 1.96
VALUATION MULTIPLES
TEV / EBITDA 8.1x 9.8x 10.1x 11.6x 10.5x 9.0x Cash from Finaning (149.9) (332.5) (179.9) 557.6
TEV / EBIT 13.3x 14.2x 13.2x 17.1x 14.0x 16.5x Change in Cash (159.7) (108.0) (17.2) (5.7)
P / E 24.8x 28.3x 23.9x 22.4x 18.7x 14.3x
1 Year Growth
Total Revenue (21.1%) 22.3% 7.7% (18.5%) 2.0% 7.7% Total Assets 3,118.7 3,030.3 3,003.4 3,720.0
EBITDA (36.2%) 117.3% 2.0% (33.1%) 39.9% 16.0% Total Liabilities 1,873.9 1,859.4 1,948.8 2,665.4
EBIT (63.1%) 327.6% (3.8%) (44.9%) 61.6% (18.6%) Total Equity 1,244.8 1,170.9 1,054.6 1,054.6
Net Income NM NM (4.1%) (44.8%) 24.2% 23.3%
EPS (53.7%) 357.9% 54.0% (21.6%) 10.9% 32.1%
NA
Income Statement
Cash Flow Statement
(21.1%)
22.3%
7.7%
2.0%
7.7%
(30.0%)
(20.0%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
2011 2012 2013 2014E 2015E
YOY Growth
Total Revenue
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
0
200
400
600
800
1,000
1,200
1,400
1,600
2011 2012 2013 2014E 2015E
(in$millions)
Valuation
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
150.00
170.00
190.00
210.00
230.00
250.00
270.00
290.00
310.00
4/13
Volume(inmillions)
Price
Volume CLGX Price

Public Company Snapshot: CoStar Group
CONFIDENTIAL
COSTAR GROUP INC. (NASDAQGS:CSGP)
COMPANY INFORMATION
CoStar Group, Inc. provides information, analytics, and marketing services to the commercial real estate industry in the United States, the United Kingdom, and France. Its services include CoStar Property
Professional service that offers inventory of office, industrial, retail, and multifamily properties and land; CoStar COMPS Professional, which provides coverage of comparable sales information; CoStar Tenant, an online
business-to-business prospecting and analytical tool; CoStarGo, an iPad application that integrates its property, tenant, and comparable sales information; and CoStar Advertising to market a space for lease or a property
for sale. The company also offers PPR Portal, a delivery platform for research, forecasts, analytics, and granular data; PPR COMPASS, a commercial real estate risk management tool; Resolve Portfolio Maximizer, a
real estate portfolio management software solution; Resolve Request, a business intelligence software solution; VP Corporate Edition and VP Retail Edition, which are real estate management software solutions. In
addition, its services include LoopNet Premium Lister designed for commercial real estate professionals and other customers; LoopNet Premium Searcher designed for members searching for commercial real estate; LoopLink
LoopLink, an online real estate marketing and database services suite; LandsofAmerica and LandAndFarm, which are online marketplaces for rural land for sale; BizBuySell and BizQuest that are online marketplaces for
operating businesses for sale; FOCUS, a digital online service; and Observatoire Immobilier D’ Entreprise, which provides commercial property availability. The company serves commercial real estate brokers, as well as
owners, landlords, financial institutions, retailers, vendors, appraisers, investment banks, governmental agencies, and other parties involved in commercial real estate. CoStar Group, Inc. was founded in 1987 and
is headquartered in Washington, District of Columbia.
Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Internet Software and ServicesNext Earnings Date n/a
Website http://www.costar.com Latest Fiscal Quarter 3/31/2014 S&P LT Rating n/a S&P STARS Ranking n/a
Employees 2,046 LTM as of 3/31/2014 S&P LT Rating Date n/a S&P Quality Ranking B-
Current Investors
Pending Investors
52 Week High (Mar 04, 2014) 218.17 5 Year Beta 1.00
52 Week Low (May 02, 2013) 106.10 Float 27.7
CSGP YTD (12.8%) 12/31/13 Last 6 Months 10/30/13 0.2
Total Undrawn Credit 50.0 Margin (%) 5.8% 2.8% 6.7% 9.2% 15.9% 17.3%
998 999 1000 2000 1001 1002 Diluted EPS 0.62 0.37 1.05 1.47 3.10 3.99
VALUATION MULTIPLES
TEV / Revenue 4.7x 8.1x 12.3x 12.0x 8.0x 7.2x Cash from Investing 58.4 (640.4) (19.0) (18.6)
TEV / EBITDA 27.4x 41.0x 63.1x 56.2x 26.2x 21.2x Cash from Finaning 252.7 164.9 10.4 (16.7)
TEV / EBIT 39.9x 68.6x 123.5x 97.6x 29.5x 25.1x Change in Cash 338.9 (389.3) 99.9 56.0
P / E 113.7x 229.5x 237.6x 177.8x 51.8x 40.3x
1 Year Growth
Total Revenue 11.3% 39.0% 26.0% 18.3% 28.4% 11.9% Total Assets 771.0 1,165.1 1,257.0 1,244.8
EBIT 33.8% (9.3%) 65.9% 278.7% 184.8% 17.8% Total Equity 659.2 826.3 927.9 929.8
Net Income 10.3% (32.3%) 199.9% 1665.0% 202.4% 22.0%
EPS (3.1%) (40.3%) 183.8% 1578.1% 195.6% 28.6%
NA
Income Statement
Cash Flow Statement
11.3%
39.0%
26.0%
28.4%
11.9%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
2011 2012 2013 2014E 2015E
YOY Growth
Total Revenue
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
0
100
200
300
400
500
600
700
2011 2012 2013 2014E 2015E
(in$millions)
Valuation
0.0
0.2
0.4
0.6
0.8
1.0
1.2
150.00
160.00
170.00
180.00
190.00
200.00
210.00
220.00
4/13
Volume(inmillions)
Price
Volume CSGP Price

Public Company Snapshot: Ellie Mae
CONFIDENTIAL
ELLIE MAE, INC. (NYSE:ELLI)
COMPANY INFORMATION
Ellie Mae, Inc. provides on-demand software solutions and services for the residential mortgage industry in the United States. Its mortgage management solutions streamline and automate the process of originating and
funding new mortgage loans, facilitating regulatory compliance, and reducing documentation errors. The company provides Encompass, a proprietary software product that combines loan origination, business management,
and customer relationship management (CRM) software for mortgage originators into one end-to-end system. Mortgage originators use Encompass as a single tool for loan processing, marketing, and customer
communication, as well as to interact electronically with lenders, investors, and service providers over the Ellie Mae Network. The company’s Encompass services comprise Encompass Docs Solution, which automatically prepares the
disclosure and closing documents necessary to fund a mortgage; Encompass CenterWise, a bundled offering of electronic document management and Websites used for customer relationship management; Total Quality Loan
that offers a suite of fraud detection, valuation, validation, and risk analysis services; and Encompass Compliance Service, which automatically checks for compliance with federal, state, and local regulations in the
origination process. Its Encompass services also include tax transcript services that offer income verification capability; services for ordering and managing appraisals; Encompass CRM, a suite of tools for
managing contacts, leads, and marketing campaigns; Encompass Product and Pricing Service, which allows its users to compare loans offered by various lenders and investors to determine the product and price available to a
particular borrower; and Encompass Flood Service that allows its users to order and transfer flood zone certifications. The company was founded in 1997 and is headquartered in Pleasanton, California.
Stock Exchange NYSE Latest Fiscal Year 12/31/2013 Primary Industry Application Software Next Earnings Date 5/1/2014
Website http://www.elliemae.com Latest Fiscal Quarter 12/31/2013 S&P LT Rating n/a S&P STARS Ranking n/a
Employees 407 LTM as of 12/31/2013 S&P LT Rating Date n/a S&P Quality Ranking n/a
Current Investors
Pending Investors
52 Week High (Oct 02, 2013) 33.24 5 Year Beta (0.05)
ELLI YTD (9.2%) 12/31/13 Last 6 Months 10/30/13 0.6
Capital Leases 1.0 Undrawn Commercial Paper n/a EBIT 2.1 21.2 18.9 18.9 18.7 23.4
998 999 1000 2000 1001 1002 Diluted EPS 0.18 0.76 0.44 0.44 1.06 1.31
VALUATION MULTIPLES
TEV / EBITDA 20.8x 28.0x 23.8x 23.8x 13.4x 10.6x Cash from Finaning 24.3 61.8 12.4 12.4
TEV / EBIT 41.3x 35.1x 30.1x 30.1x 32.3x 25.8x Change in Cash 9.4 20.4 (10.7) (10.7)
P / E 76.1x 38.3x 50.8x 50.8x 23.0x 18.7x
P / BV 1.6x 4.5x 3.7x 3.7x NA NA Balance Sheet Latest
1 Year Growth
EBITDA 73.5% 422.6% (3.5%) (3.5%) 79.8% 25.6% Total Liabilities 20.9 18.8 21.7 21.7
EBIT 138.8% 904.7% (11.0%) (11.0%) (1.0%) 25.1% Total Equity 78.9 166.9 206.9 206.9
Net Income 365.9% 437.7% (35.4%) (35.4%) 153.5% 26.3%
EPS 260.0% 322.2% (42.1%) (42.1%) 140.9% 23.1%
NA
Income Statement
Cash Flow Statement
28.4%
83.5%
26.2%
16.4%
22.5%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
2011 2012 2013 2014E 2015E
YOY Growth
Total Revenue
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
0
50
100
150
200
2011 2012 2013 2014E 2015E
(in$millions)
Valuation
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
150.00
170.00
190.00
210.00
230.00
250.00
270.00
290.00
310.00
4/13
Volume(inmillions)
Price
Volume ELLI Price

Public Company Snapshot: HomeAway
CONFIDENTIAL
HOMEAWAY, INC. (NASDAQGS:AWAY)
COMPANY INFORMATION
HomeAway, Inc., together with its subsidiaries, operates an online vacation rental property marketplace that enables property owners and managers to market properties for rental to vacation travelers. The company’s
portfolio includes vacation rental Websites, such as HomeAway.com, VRBO.com, and VacationRentals.com in the United States; HomeAway.co.uk and OwnersDirect.co.uk in the United Kingdom; HomeAway.de in Germany;
Abritel.fr and Homelidays.com in France; HomeAway.es and Toprural.com in Spain; AlugueTemporada.com.br in Brazil; Stayz.com.au and HomeAway.com.au in Australia; and Bookabach.co.nz in New Zealand. It also owns
travelmob.com, an Asia Pacific short-term rental site, as well as operates BedandBreakfast.com, a site for finding bed and breakfast properties. In addition, the company offers HomeAway software for professionals at
software.HomeAway.com, which provides software solutions to property managers and innkeepers. As of December 31, 2013, it operated its online marketplace through 50 Websites in 21 languages; and included approximately 890,000
paid listings of vacation rentals. The company was formerly known as CEH Holdings, Inc. and changed its name to HomeAway, Inc. in 2006. HomeAway, Inc. was founded in 2004 and is headquartered in Austin, Texas.
Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Internet Retail Next Earnings Date n/a
Website http://www.homeaway.com Latest Fiscal Quarter 3/31/2014 S&P LT Rating n/a S&P STARS Ranking n/a
Employees 1,542 LTM as of 3/31/2014 S&P LT Rating Date n/a S&P Quality Ranking NR
Current Investors
Pending Investors
52 Week High (Feb 20, 2014) 48.90 5 Year Beta 0.70
52 Week Low (Oct 02, 2013) 27.27 Float 87.8
AWAY YTD (20.2%) 12/31/13 Last 6 Months 10/30/13 1.8
Total Principal Due n/a Other Available Credit n/a Net Income 6.2 15.0 17.7 16.8 60.9 80.9
998 999 1000 2000 1001 1002 Diluted EPS (0.31) 0.18 0.20 0.19 0.17 0.29
VALUATION MULTIPLES
TEV / Revenue #REFRESH #REFRESH #REFRESH #REFRESH 6.0x 5.0x Cash from Investing (73.5) (58.0) (223.4) (234.3)
TEV / EBITDA #REFRESH #REFRESH #REFRESH #REFRESH 21.7x 17.7x Cash from Finaning 51.6 33.0 252.0 591.6
TEV / EBIT #REFRESH #REFRESH #REFRESH #REFRESH 28.4x 21.0x Change in Cash 52.5 71.3 135.1 469.4
P / E #REFRESH #REFRESH #REFRESH #REFRESH 189.4x 114.1x
P / BV #REFRESH #REFRESH #REFRESH #REFRESH 3.3x 3.1x Balance Sheet Latest
1 Year Growth
Total Revenue 37.1% 21.8% 23.6% 26.0% 25.3% 20.1% Total Assets 604.6 722.7 1,080.7 1,493.5
EBIT 57.5% 31.3% 26.6% 12.7% 139.9% 35.2% Total Equity 441.0 517.0 833.9 910.5
Net Income (63.5%) 142.2% 18.2% (5.7%) 244.5% 32.7%
EPS NM NM 11.1% (9.3%) (13.9%) 66.1%
NA
Income Statement
Cash Flow Statement
37.1%
21.8% 23.6% 25.3%
20.1%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
2011 2012 2013 2014E 2015E
YOY Growth
Total Revenue
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
0
100
200
300
400
500
600
2011 2012 2013 2014E 2015E
(in$millions)
Valuation
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
150.00
170.00
190.00
210.00
230.00
250.00
270.00
290.00
310.00
4/13
Volume(inmillions)
Price
Volume AWAY Price

Public Company Snapshot: Move
CONFIDENTIAL
MOVE, INC. (NASDAQGS:MOVE)
COMPANY INFORMATION
Move, Inc. operates an online network of Websites for real estate search, finance, and moving and home enthusiasts in North America. The company operates realtor.com, a Website that offers property listings and
other property information services to real estate franchises, brokers, and agents, as well as non-real estate related advertisers, such as personal banking and mortgage companies, insurance providers, home improvement
retailers, moving service providers, and other consumer product and service companies. Its realtor.com Website provides listing advertisements to enhance, prioritize, and connect with consumers of for-sale property
listings; non-listing advertisements to connect with consumer audience in the real estate search process; and various products and services to advertisers, including sponsorships, graphical display advertisements,
text links, directories, Featured Community, and Featured CMA, as well as pricing models. The company also operates other Websites that provide single and multi-family rental listings, senior housing, and
moving-related content and services to consumer audience, as well as provides various listing-related advertisement services for rental property owners and managers; Moving.com that offers quotes from moving companies and
truck rental companies; Move.com, a new homes channel; NewHomeSource.com; and Doorsteps, which provides homebuyers with content, tools, and advice. In addition, it offers software-as-a-service customer relationship
management products comprising Top Producer and TigerLead that provide productivity and lead management tools tailored to real estate agents. Further, Move, Inc. operates ListHub, an online real estate listing
syndicator and provider of performance reporting solutions. The company was formerly known as Homestore, Inc. and changed its name to Move, Inc. in June 2006. Move, Inc. was founded in 1993 and is headquartered in San Jose,
California.
Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Internet Software and ServicesNext Earnings Date 5/6/2014
Website http://www.move.com Latest Fiscal Quarter 12/31/2013 S&P LT Rating n/a S&P STARS Ranking n/a
Employees 913 LTM as of 12/31/2013 S&P LT Rating Date n/a S&P Quality Ranking C
Current Investors
Pending Investors
52 Week High (Oct 21, 2013) 18.36 5 Year Beta 1.69
Move YTD (33.1%) 12/31/13 Last 6 Months 10/30/13 0.4
Revolving Credit n/a Unamortized Discount (17.5) Input Estimates
Snr. Bonds and Notes 100.0 Total Debt 82.5 Revenue 191.7 199.2 227.0 227.0 255.4 289.6
Capital Leases n/a Undrawn Commercial Paper n/a EBIT 6.0 5.9 1.1 1.1 (2.3) 5.6
Other n/a Undrawn Term Loans n/a Margin (%) 3.1% 3.0% 0.5% 0.5% (0.9%) 1.9%
998 999 1000 2000 1001 1002 Diluted EPS 0.08 0.12 0.01 0.01 0.32 0.49
VALUATION MULTIPLES
TEV / EBITDA 15.9x 14.6x 34.0x 34.0x 13.8x 10.3x Cash from Finaning (81.2) (47.6) 77.1 77.1
TEV / EBIT 44.9x 30.3x 123.1x 123.1x NA 69.0x Change in Cash (70.9) (60.5) 91.6 91.6
P / E NM 44.9x NM NM 33.9x 21.8x
1 Year Growth
Total Revenue (2.9%) 3.9% 14.0% 14.0% 12.5% 13.4% Total Assets 164.9 136.9 236.8 236.8
EBITDA 32.2% 6.9% (16.0%) (16.0%) 106.0% 33.6% Total Liabilities 33.7 38.9 128.0 128.0
EBIT 103.0% (1.5%) (82.2%) (82.2%) NM NM Total Equity 131.2 98.0 108.8 108.8
Net Income NM (22.5%) (89.8%) (89.8%) 2225.8% 65.1%
EPS NM 50.0% (91.7%) (91.7%) 3057.1% 55.2%
NA
Income Statement
Cash Flow Statement
(2.9%)
3.9%
14.0%
12.5% 13.4%
(5.0%)
0.0%
5.0%
10.0%
15.0%
2011 2012 2013 2014E 2015E
YOY Growth
Total Revenue
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
0
50
100
150
200
250
300
350
2011 2012 2013 2014E 2015E
(in$millions)
Valuation
0.0
1.0
2.0
3.0
4.0
5.0
6.0
150.00
170.00
190.00
210.00
230.00
250.00
270.00
290.00
310.00
4/13
Volume(inmillions)
Price
Volume Move Price

Public Company Snapshot: RealPage
CONFIDENTIAL
REALPAGE, INC. (NASDAQGS:RP)
COMPANY INFORMATION
RealPage, Inc. provides on demand software solutions for the rental housing industry in North America. The company offers property management solutions, including OneSite to serve the specific needs of conventional
multi-family, affordable housing and urban development (HUD), affordable tax credit, rural housing, privatized military housing, student housing, and commercial sectors; and Propertyware for accounting, maintenance
and work order management, marketing spend management, and portal services, as well as screening, renter’s insurance, and payment solutions. It also provides on premise property management solutions, which include
Tenant Pro to serve the needs of small conventional properties; Spectra, a conventional apartment and commercial modular property management solution; and i-CAM, a property management software to automate and
streamline rental activities for affordable housing. In addition, the company offers software-enabled value-added services, such as LeaseStar, a multichannel managed marketing solution that works to maximize a property’s
leads to reduce costs per lease; YieldStar, a scientific yield management solution, which enables owners and managers to optimize rents; LeasingDesk, a risk mitigation solution to reduce delinquency, liability, and
property damage risk; and Velocity that offers a range of billing and utility management services. Further, it provides OpsTechnology that offers spend management solutions, which enable owners and managers to
control costs; shared cloud services, which are integrated with property management systems and software-enabled valued added services; and RealPage Senior Living, an integrated care management, community management, and
marketing management platform, as well as provides consulting and implementation services; and training programs. The company sells its software and services directly through its sales force. RealPage, Inc. is
headquartered in Carrollton, Texas.
Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Application Software Next Earnings Date n/a
Website http://www.realpage.com Latest Fiscal Quarter 12/31/2013 S&P LT Rating n/a S&P STARS Ranking n/a
Current Investors
Pending Investors
52 Week High (Oct 22, 2013) 26.34 5 Year Beta 1.31
52 Week Low (Feb 25, 2014) 15.40 Float 51.8
RP YTD (24.1%) 12/31/13 Last 6 Months 10/30/13 0.5
Capital Leases 1.4 Undrawn Commercial Paper n/a EBIT 2.7 20.9 23.5 23.5 89.4 116.0
Total Principal Due 1.4 Other Available Credit n/a Net Income (1.2) 5.2 20.7 20.7 52.8 68.7
Total Undrawn Credit 150.0 Margin (%) (0.5%) 1.6% 5.5% 5.5% 11.9% 13.3%
998 999 1000 2000 1001 1002 Diluted EPS (0.02) 0.07 0.27 0.27 0.67 0.85
VALUATION MULTIPLES
TEV / EBITDA #REFRESH #REFRESH #REFRESH #REFRESH 12.9x 10.6x Cash from Finaning (8.2) (43.1) (6.3) (6.3)
TEV / EBIT #REFRESH #REFRESH #REFRESH #REFRESH 15.3x 11.8x Change in Cash (66.7) (17.5) 0.7 0.7
P / E #REFRESH #REFRESH #REFRESH #REFRESH 26.4x 20.9x
1 Year Growth
EBIT (57.1%) 674.1% 12.5% 12.5% 280.3% 29.8% Total Equity 222.9 255.1 314.5 314.5
Net Income NM NM 299.2% 299.2% 155.1% 30.1%
EPS NM NM 285.7% 285.7% 148.6% 26.5%
NA
Income Statement
Cash Flow Statement
37.0%
24.9%
17.0% 17.2% 17.1%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
2011 2012 2013 2014E 2015E
YOY Growth
Total Revenue
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
0
100
200
300
400
500
600
2011 2012 2013 2014E 2015E
(in$millions)
Valuation
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
150.00
170.00
190.00
210.00
230.00
250.00
270.00
290.00
310.00
4/13
Volume(inmillions)
Price
Volume RP Price

Public Company Snapshot: Textura
CONFIDENTIAL
TEXTURA CORPORATION (NYSE:TXTR)
COMPANY INFORMATION
Textura Corporation provides on-demand business collaboration software solutions to the commercial construction industry in the United States and Canada. The company’s solutions are focused on facilitating
collaboration between owners/developers, general contractors, and subcontractors. Its solutions include Construction Payment Management that facilitates the exchange of invoice documents, supporting documentation, and lien
waivers for secure electronic payment; and GradeBeam, which enables general contractors to identify and invite suitable subcontractors to bid on project work. The company also offers project management solutions
comprising Submittal Exchange, Submittal Exchange for Design, and Submittal Exchange for Subcontractors, which facilitates the exchange of critical project documents, as well as facilitating communication and ensuring
proper audit trails and archival. In addition, it provides other solutions consisting of Pre-Qualification Management that collects, reviews, and evaluates prequalification information, including financial and safety
information; Greengrade that simplifies and streamlines the collection and submission of information necessary to obtain LEED certification; PlanSwift, a take-off and estimating solution used in preparing
construction bids; Contractor Default Claims Management, which supports the process of documenting a subcontractor default insurance claim; and BidOrganizer that provides a central, online location to prioritize, track, and
schedule various bid invitations. The company markets and sells its solutions to the owners/developers, general contractors, subcontractors, architects, material suppliers, and others. It has strategic relationships
with CMiC, Viewpoint Construction Software, Sage North America, and Computer Guidance Corporation. The company was founded in 2004 and is headquartered in Deerfield, Illinois.
Stock Exchange NYSE Latest Fiscal Year 9/30/2013 Primary Industry Internet Software and ServicesNext Earnings Date 5/7/2014
Website http://www.texturacorp.com Latest Fiscal Quarter 12/31/2013 S&P LT Rating n/a S&P STARS Ranking n/a
Current Investors
Pending Investors
52 Week High (Oct 01, 2013) 47.25 5 Year Beta n/a
TXTR YTD (40.5%) 12/31/13 Last 6 Months 10/30/13 0.6
Sub Bonds and Notes 0.0 EBITDA (10.8) (14.8) (30.6) (33.2) (11.1) 6.5
Trust Preferred n/a Undrawn Revolver n/a Margin (%) (102.3%) (68.0%) (86.0%) (81.5%) (18.6%) 7.0%
Capital Leases 1.4 Undrawn Commercial Paper n/a EBIT (11.7) (16.8) (35.1) (38.5) (14.9) 2.5
Other 0.0 Undrawn Term Loans n/a Margin (%) (111.0%) (77.4%) (98.7%) (94.4%) (25.1%) 2.7%
Total Undrawn Credit n/a Margin (%) (180.0%) (73.5%) (103.8%) (94.4%) (24.7%) 2.5%
998 999 1000 2000 1001 1002 Diluted EPS (4.18) (2.31) (3.58) (2.83) (0.59) 0.08
VALUATION MULTIPLES
9/30/11 9/30/12 9/30/13 12/31/13 2014E 2015E Cash from Operations (1.9) (3.4) (11.8) (15.9) (9.1) 16.2
TEV / EBITDA #REFRESH #REFRESH #REFRESH #REFRESH NA 56.6x Cash from Finaning 5.2 14.5 138.7 129.7
TEV / EBIT #REFRESH #REFRESH #REFRESH #REFRESH NA 145.0x Change in Cash 2.9 (1.8) 123.6 75.2
P / E #REFRESH #REFRESH #REFRESH #REFRESH NA 216.7x
1 Year Growth
EBITDA NM NM NM NM NM NM Total Liabilities 24.0 49.4 46.2 39.1
EBIT NM NM NM NM NM NM Total Equity 3.3 1.7 141.8 138.8
NA
Income Statement
Cash Flow Statement
74.7%
106.2%
63.9% 67.4%
54.8%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
2011 2012 2013 2014E 2015E
YOY Growth
Total Revenue
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
0
20
40
60
80
100
2011 2012 2013 2014E 2015E
(in$millions)
Valuation
0.0
1.0
2.0
3.0
4.0
5.0
6.0
150.00
170.00
190.00
210.00
230.00
250.00
270.00
290.00
310.00
4/13
Volume(inmillions)
Price
Volume TXTR Price

Public Company Snapshot: Trulia
CONFIDENTIAL
TRULIA, INC. (NYSE:TRLA)
COMPANY INFORMATION
Trulia, Inc. provides tools to research homes and neighborhoods for consumers through Web and mobile applications. The company, through its tools, also enables real estate professionals to market their listings. It
provides subscription and free products for real estate professionals, as well as sells display media advertising. In addition, the company offers information on schools, crime, neighborhood amenities, home values,
and other communities. It serves buyers, sellers, and renters. The company was formerly known Realwide, Inc. and changed its name to Trulia, Inc. in September 2005. Trulia, Inc. was founded in 2005 and is
headquartered in San Francisco, California.
Stock Exchange NYSE Latest Fiscal Year 12/31/2013 Primary Industry Internet Software and ServicesNext Earnings Date n/a
Website http://www.trulia.com Latest Fiscal Quarter 3/31/2014 S&P LT Rating n/a S&P STARS Ranking n/a
Current Investors
Pending Investors
52 Week High (Sep 19, 2013) 52.71 5 Year Beta n/a
52 Week Low (Dec 12, 2013) 26.35 Float 33.8
Plus: Preferred Stock n/a Days Cover Short n/a
TRLA YTD (3.6%) 12/31/13 Last 6 Months 10/30/13 1.7
Sub Bonds and Notes n/a EBITDA (4.0) (7.0) (10.2) (17.1) 21.0 47.8
Trust Preferred n/a Undrawn Revolver n/a Margin (%) (10.3%) (10.3%) (7.1%) (9.8%) 8.3% 14.6%
Capital Leases 0.1 Undrawn Commercial Paper n/a EBIT (5.8) (9.5) (18.1) (29.9) (51.8) (32.2)
Other n/a Undrawn Term Loans n/a Margin (%) (15.0%) (14.0%) (12.6%) (17.2%) (20.5%) (9.8%)
998 999 1000 2000 1001 1002 Diluted EPS (0.92) (0.87) (0.54) (0.88) (0.35) 0.22
VALUATION MULTIPLES
12/31/11 12/31/12 12/31/13 3/31/14 2014E 2015E Cash from Operations 1.1 4.2 (1.4) 5.9 19.8 43.8
TEV / EBIT #REFRESH #REFRESH #REFRESH #REFRESH NA NA Change in Cash 2.6 93.0 125.6 6.4
1 Year Growth
EBITDA NM NM NM NM NM 128.0% Total Liabilities 21.2 32.4 274.3 272.0
NA
Income Statement
Cash Flow Statement
94.7%
76.8%
111.1%
75.4%
29.7%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
2011 2012 2013 2014E 2015E
YOY Growth
Total Revenue
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
0
50
100
150
200
250
300
350
2011 2012 2013 2014E 2015E
(in$millions)
Valuation
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
150.00
170.00
190.00
210.00
230.00
250.00
270.00
290.00
310.00
4/13
Volume(inmillions)
Price
Volume TRLA Price

Public Company Snapshot: Zillow
CONFIDENTIAL
ZILLOW, INC. (NASDAQGS:Z)
COMPANY INFORMATION
Zillow, Inc. operates real estate and home-related information marketplaces on mobile and the Web in the United States. The company owns and operates Zillow.com. It also provides various advertising products and
services, including Premier Agent program, which offers a suite of marketing and business technology solutions for real estate agents; Zillow Mortgage Marketplace, where borrowers connect with lenders to find loans and
get mortgage rates; Zillow Rentals, a marketplace and suite of tools for rental professionals, Postlets, Diverse Solutions, Agentfolio, Mortech, HotPads, and StreetEasy; and graphical mobile and Web advertising
services on its home page and on individual Web pages. In addition, the company offers information products and services that enable consumers to make decisions about homes comprising home value and rental price
estimates; Zillow Digs, a home improvement marketplace for home shoppers and homeowners to find visual inspiration and local cost estimates; and a rich set of home-related information for consumers and real estate
professionals, as well as services for sale and rental listings. Further, it provides consumers with ratings and contact information for the listing agent and local buyer’s agents alongside home profiles and listings for
homes to assist for evaluating and selecting the real estate agent; and home-related advice and discussions through Zillow Advice section of its Zillow.com Website that captures questions and discussion topics from
consumers and real estate, rental, mortgage, and home improvement professionals, as well as operates mobile real estate applications. The company serves advertisers primarily in the real estate industry, such as real
estate brokerages, home builders, lenders, and home services providers; and advertising customers comprising telecommunications, automotive, insurance, and consumer products companies. Zillow, Inc. was incorporated
in 2004 and is headquartered in Seattle, Washington.
Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Internet Software and ServicesNext Earnings Date 5/7/2014
Website http://www.zillow.com Latest Fiscal Quarter 12/31/2013 S&P LT Rating n/a S&P STARS Ranking n/a
Current Investors
Pending Investors
52 Week High (Apr 22, 2014) 108.12 5 Year Beta 1.16
Z YTD 33.0% 12/31/13 Last 6 Months 10/30/13 1.5
Sub Bonds and Notes n/a EBITDA 5.8 12.4 (5.5) (5.5) 41.8 79.8
Trust Preferred n/a Undrawn Revolver n/a Margin (%) 8.8% 10.6% (2.8%) (2.8%) 14.2% 20.1%
Capital Leases n/a Undrawn Commercial Paper n/a EBIT 2.7 7.0 (16.5) (16.5) (26.5) 0.7
Other n/a Undrawn Term Loans n/a Margin (%) 4.1% 6.0% (8.4%) (8.4%) (9.0%) 0.2%
Total Principal Due n/a Other Available Credit n/a Net Income 1.1 5.9 (12.5) (12.5) 3.3 35.8
Total Undrawn Credit n/a Margin (%) 1.7% 5.1% (6.3%) (6.3%) 1.1% 9.0%
998 999 1000 2000 1001 1002 Diluted EPS n/a 0.18 (0.35) (0.35) 0.06 0.67
VALUATION MULTIPLES
TEV / EBIT #REFRESH #REFRESH #REFRESH #REFRESH NA NA Change in Cash 35.6 102.1 51.7 51.7
1 Year Growth
EBITDA NM 112.4% NM NM NM 90.8% Total Liabilities 15.5 27.2 40.3 40.3
EBIT NM 155.9% NM NM NM NM Total Equity 101.2 280.3 567.8 567.8
Net Income NM 438.9% NM NM NM 999.2%
EPS NM NM NM NM NM 1012.9%
NA
Income Statement
Cash Flow Statement
116.8%
76.9%
69.1%
48.7%
35.4%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
2011 2012 2013 2014E 2015E
YOY Growth
Total Revenue
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
0
50
100
150
200
250
300
350
400
450
2011 2012 2013 2014E 2015E
(in$millions)
Valuation
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
150.00
170.00
190.00
210.00
230.00
250.00
270.00
290.00
310.00
4/13
Volume(inmillions)
Price
Volume Z Price

Public Company Snapshot: ZipRealty
CONFIDENTIAL
ZIPREALTY INC. (NASDAQGM:ZIPR)
COMPANY INFORMATION
ZipRealty, Inc. operates as an online technology-enabled real estate brokerage company in the United States. The company offers an online marketing and sales system to its owned and operated brokerages, and its
Powered by Zip network of third-party brokerages that enables them to offer brokerage services to buyers and sellers in residential real estate transactions. It operates ziprealty.com, a brokerage Website that provides
consumers with data on homes currently for sale; ZAP, a SaaS-based Zap technology platform for managing the client interaction, lead incubation, and customer service; and mobile applications that offer features of
its Website and optimize them for various platforms and devices. ZipRealty, Inc. serves consumers, real estate professionals, and other real estate brokerages and their affiliated agents. The company conducts its
owned-and-operated brokerages in 19 markets; and Powered by Zip business that serves local brokerages in 20 markets in the United States. ZipRealty, Inc. was founded in 1999 and is based in Emeryville, California.
Stock Exchange NasdaqGM Latest Fiscal Year 12/31/2013 Primary Industry Real Estate Services Next Earnings Date 5/5/2014
Website http://www.ziprealty.com Latest Fiscal Quarter 12/31/2013 S&P LT Rating n/a S&P STARS Ranking n/a
Employees 160 LTM as of 12/31/2013 S&P LT Rating Date n/a S&P Quality Ranking C
Current Investors
Pending Investors
52 Week High (Jan 17, 2014) 7.07 5 Year Beta 1.93
ZIPR YTD (40.7%) 12/31/13 Last 6 Months 10/30/13 0.1
Sub Bonds and Notes n/a EBITDA (5.7) (1.4) (2.7) (2.7) (0.9) 2.7
Trust Preferred n/a Undrawn Revolver n/a Margin (%) (6.7%) (1.9%) (3.6%) (3.6%) (1.1%) 3.3%
Capital Leases n/a Undrawn Commercial Paper n/a EBIT (6.6) (2.1) (3.3) (3.3) (4.1) (0.6)
Other n/a Undrawn Term Loans n/a Margin (%) (7.7%) (2.8%) (4.4%) (4.4%) (5.4%) (0.7%)
998 999 1000 2000 1001 1002 Diluted EPS (0.47) (0.47) (0.26) (0.26) (0.18) (0.03)
VALUATION MULTIPLES
12/31/11 12/31/12 12/31/13 12/31/13 2014E 2015E Cash from Operations (8.3) (7.3) 1.0 1.0 0.2 3.7
TEV / Revenue #REFRESH #REFRESH #REFRESH #REFRESH 0.8x 0.7x Cash from Investing 7.6 7.5 (2.4) (2.4)
TEV / EBITDA #REFRESH #REFRESH #REFRESH #REFRESH NA 21.4x Cash from Finaning 0.0 0.1 2.8 2.8
TEV / EBIT #REFRESH #REFRESH #REFRESH #REFRESH NA NA Change in Cash (0.8) 0.3 1.4 1.4
P / E #REFRESH #REFRESH #REFRESH #REFRESH NA NA
1 Year Growth
Total Revenue (28.3%) (13.3%) 2.8% 2.8% 0.1% 8.0% Total Assets 28.3 19.4 20.2 20.2
EBITDA NM NM NM NM NM NM Total Liabilities 6.5 5.9 7.9 7.9
NA
Income Statement
Cash Flow Statement
(28.3%)
(13.3%)
2.8%
0.1%
8.0%
(35.0%)
(30.0%)
(25.0%)
(20.0%)
(15.0%)
(10.0%)
(5.0%)
0.0%
5.0%
10.0%
2011 2012 2013 2014E 2015E
YOY Growth
Total Revenue
0.0x
0.1x
0.2x
0.3x
0.4x
0.5x
0.6x
0.7x
0.8x
68
70
72
74
76
78
80
82
84
86
2011 2012 2013 2014E 2015E
(in$millions)
Valuation
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
150.00
170.00
190.00
210.00
230.00
250.00
270.00
290.00
310.00
4/13
Volume(inmillions)
Price
Volume ZIPR Price

Spring 2014 Real Estate Software Market Update and Ecosystem Landscape

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