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IndustryReport–Spring2020
C O N F I D E N T I A L
DIGITAL GAMING

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Agenda
I II III
Digital Gaming
Overview
The Forbes
M+A Group
Overview
Appendix
1

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I. Digital Gaming Overview
2

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3
DigitalGamingCurrentMarketStatus(1/3)
DIGITAL GAMING OVERVIEW
Source(s): Twitch Tracker, The NPD Group, WHO, BusinessofApps, Bloomberg
 Twitch users have streamed over 3 billion hours of content (over 340k years) since “stay at home” orders were instituted nationwide
 Video game spending saw its best month in over a decade, topping $1.6B in March, an increase of 35% YoY
 Socializing (and social distancing) via video games has become the new norm in this post-COVID world
– 27.7 million unique players participated live 45.8 million times across Travis Scott’s virtual concert series on Fortnite
– Over 5 million copies of Animal Crossing, Nintendo’s life simulating game, have been sold in its first month
– The video game industry (including Activision, Amazon, and Twitch) and the World Health Organization launched “#PlayApartTogether” to help promote social
distancing while encouraging connecting to one another
 Epic Games’ valuation reaches $15 billion as Fortnite continues to show barrel ahead (though there are signs the game is losing popularity) and Houseparty saw a
3,000% increase in downloads in March
 The latest version of MLB The Show 20, released in March, sold more copies in March and April than any previous releases due to MLB postponed
“Digital gaming, despite the global pandemic, continued to surge forward in Q1 2020 with unprecedented growth across all channels: streaming
platforms saw record viewership, consumer spending was at its highest since 2008, and user engagement reached new heights with the release of Call of
Duty: Warzone, Valorant (Beta), and Fortnite’s Travis Scott concert (to name a few). Whereas digital gaming was gaining mainstream adoption before the
pandemic, the industry is poised for unprecedented growth in a post-COVID world.”
JJ Lane – Head of Digital Gaming Group

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+25% +25%
63%
Xbox One PS4 Switch
28 31
+100
1
4
DigitalGamingCurrentMarketStatus(2/3)
DIGITAL GAMING OVERVIEW
Call of Duty Warzone becomes the second quickest game
to reach 50M players as video game usage spiked 75%.
Source(s): Newzoo, Konvoy Ventures, Verizon, The Verge
Valued At
$15
Billion
Days To Reach 50M Players March YoY Console Spending
17%
28%
36%
40%
Battle
Royale
Arcade
Games
Gambling
Games
Shooters
Genre Growth Since December
As people have more time to play video games, Shooters
rise to the top as Battle Royale lags in growth.
Epic Games’ Fortnite and app Houseparty are two of the
most popular downloads during the shutdown.
Gaming significantly outpaces video and music streaming
for YoY spending as of April 1.

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DigitalGamingCurrentMarketStatus(3/3)
DIGITAL GAMING OVERVIEW
Source(s): Twitch Tracker as of 4/22/2020, Konvoy Ventures
1,010 982
1,218 1,292
Jan-20 Feb-20 Mar-20 Apr-20
1.4 1.4
1.6
2.5
Jan-20 Feb-20 Mar-20 Apr-20
84.3%
Increase In Average Concurrent Viewers
27.9%
Increase In Hours Watched
(Viewers in Millions) (Hours in Millions)
~1.3 million
People Viewed NASCAR iRacing
53 54
66
92
Jan-20 Feb-20 Mar-20 Apr-20
73.5%
Increase In Average Concurrent Streamers
(Streamers in Millions)
Average concurrent viewers on Twitch sees significant rise
in April as more people turn to video games.
The number of streamers shatters record in April as video
game usage goes up.
The esports viewership record was broken as over 1.3M
people watched NASCAR’s iRacing event on March 29th.
1Q 2020 broke the record for hours watched on Twitch,
with 2Q on pace to meet or surpass.

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6
DigitalGamingOverview
Digital gaming consists of console, PC, and mobile games
and encompasses esports, streaming, and sponsorships.
Gaming is becoming more mainstream, merging the
casual and competitive scenes, reaching larger audiences
than ever before.
Mobile gaming is continuing to grow in popularity as the
mobile device population continues to boom.
Digital gaming is expected to reach $164.6B in revenue in
2020.
The U.S. and China are dominating the gaming universe
with nearly 50% of revenue market share.
DIGITAL GAMING OVERVIEW
~1.1 Billion
Gamers
Worldwide
21 - 35
Most Popular
Gaming Age
+3.2 Billion
Hours Streamed
in 1Q 2020
Source(s): Newzoo

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Source(s): Newzoo, Konvoy Ventures, Company Websites
DigitalGamingIndustryOutlook
DIGITAL GAMING OVERVIEW
U.S. and China Dominate the Global Gaming Market
($ billions)
47%
23%
4%
26%
2019 Total
$152.1B
+9.6% YoY
EUROPE, MIDDLE EAST & AFRICA
$34.7
+11.5% YoY
NORTH-AMERICA
$39.6B
+11.7% YoY
LATIN AMERICA
$5.6B
+11.1% YoY
ASIA-PACIFIC
$72.2B
+7.6% YoY
CHINA TOTAL
$36.5B
U.S. TOTAL
$36.9B
48%
of all consumer spending on
gaming in 2019 came from
the U.S. and China.
$19.3 $20.4 $21.5 $22.6
$41.5 $43.0 $47.0 $51.0
$137.9
$151.9
$165.9
$180.3
2018 2019 2020 2021
Music
Films
Videogames
Global Gaming Is on the Rise With the Help of Smartphones
($ billions)
Gaming Sales Continue To Outpace Music and Movie Sales
35% 36% 38% 40% 41%
9% 9% 8% 8% 8%31% 31% 31%
31%
31%
2%
2%
2%
1%
1%
35%
36%
38%
40%
41%
2018 2019 2020 2021 2022
Smartphone Tablet Console Browser PC Boxed/Downloaded PC
$138.7
$164.6$152.1
$178.2
($ billions)
$196.0
The Top 5 Gaming Markets Are Nearing 1 Billion Combined Players
(Players in millions)
37.5
44.6
65.9
176.1
644.0
U.K.
Germany
Japan
U.S.
China
7

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DigitalGamingUniverse(1/3)
DIGITAL GAMING OVERVIEW
Hardware Augmented & Virtual Reality Streaming and Content
Technology
Fantasy Sports and Betting
Esports Betting
8
Source(s): Konvoy Ventures

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DigitalGamingUniverse(2/3)
DIGITAL GAMING OVERVIEW
Engines
Distribution
Developers
Publishers
User Generated Content
Major Games
Game Development
Related Services
Data Analytics Peer to Peer
Sponsors and Sponsorship Services
9
Source(s): Konvoy Ventures

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DigitalGamingUniverse(3/3)
DIGITAL GAMING OVERVIEW
Teams Leagues/Organizers Competitions
Community
Conferences and Exhibitions Events
Professional Scene
Tournament Platforms Coaching Service Providers
Merchandise
Communications and Forums News Reporting Venues
10
Source(s): Konvoy Ventures

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46.9
52.5
75.7
108.9
Note: (1) Lifetime Unit Sales as of 12/31/2019
Source(s): Company Websites, Forbes
TheConsoleMarketisBeingDrivenbyNewHardwareandRefreshesofExistingHardware…
DIGITAL GAMING OVERVIEW
8th Generation Consoles Are Selling Strongly(1) While the 9th Generation Looks More Crowded Than Ever
Release Date Game Streaming?Parent Brand
“PS5”
Xbox Series X
6/28/19
9/20/19
11/19/19
Q4 2020
Q4 2020
11
Current Generation Consoles Are Selling Strongly
(Units sold in millions)
While the 9th Generation Looks More Crowded Than Ever

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10.0+
10.0+
10.0+
13.3
5.0
9.8
11.8
16.3
16.6
17.7
23.0
Animal Crossing Breaks Record With 5 Million Copies Sold in One Month
…WhileSoftwareStillPullsUsersBetweenPlatforms
DIGITAL GAMING OVERVIEW
PC Gaming Market Value Forecasts
(Units sold in millions)
Microsoft has stopped
disclosing sales numbers
for 1st party software
Mario Kart 8
Super Smash Bros. Ultimate
Mario Odyssey
Breath of the Wild
Pokémon Let’s Go
Splatoon 2
Spider-man
Horizon: Zero Dawn
Uncharted 4
God of War
Halo 5
Gears of War 5
Forza
= Sony
= Nintendo
= Microsoft
($ billions)
$26.6
$28.0
$29.6
$31.4
$33.6
2016 2017 2018 2019 2020
12
Gaming Market Value Forecasts
4.8% CAGR
Source(s): Newzoo, Company Websites
Animal Crossing: New Horizons

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$776.4
$957.5
$1,059.3
$1,598.2
2018 2019 2020 2023
Source(s): The Esports Observer, Newzoo, and CapitalIQ as of 4/22/2020
TheProfessionalSceneContinuestoExpandinSize…
DIGITAL GAMING OVERVIEW
Representative Companies
Professional esports
organization.
Esports content
provider and game
developer
Value EV/Revenue
$400M 11.4x
$20.0M 5.9x
($ in thousands
Esports Revenue Growth
1
2
3
Prize Pools Awarded in 2019
$64.4M
$21.1M
$46.7M
13
15.5% CAGR

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$400 $400 $320 $240 $210 $185 $175 $170 $165 $160
11.4x 13.8x
13.3x
6.9x
19.1x 20.6x
10.9x
21.3x
7.5x
16.0x
0.0x
5.0x
10.0x
15.0x
20.0x
$0
$100
$200
$300
$400
$500
Team
SoloMid
Cloud 9 Team Liquid FaZe Clan Immortals
Gaming Club
Gen.G Fnatic Envy Gaming G2 Sports 100 Thieves
222 245 272 351
173 198 223
295
2018 2019 2020 2023
Chart Title
Occasional Viewers Esports Enthusiasts
…AndEsportsisGainingMainstreamPopularity
DIGITAL GAMING OVERVIEW
Esports Teams Are Being Valued Like Tech Companies
Who’s Watching Esports?(1)
($ millions)
Median
EV/Revenue
(Viewers in millions)
Esports Enthusiasts in 2020
Asia- Pacific 57%
European Union 16%
North America 11%
Rest of World 16%
Note(s): (1) “Enthusiasts” are defined as viewers who are amateur esports players or watch more than once a month; (2) Percentages are as of 2017
Source(s): Twitch Tracker, Forbes, CapitalIQ, Newzoo, and Company Websites
20%
38%
12%
1%
7%
14%
7%
1%
M10-20 M21-35
M36-50 M51-65
F10-20 F21-35
F36-50 F51-65
Esports Enthusiasts Are Becoming More Diverse(1)(2)
52% of
Enthusiasts
are 21-35
Top 3 Streamed Games Hit 670M Hours Watched in 1Q 2020
14
10.3% CAGR
Value EV/Revenue
13.6x

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56 60
77 86 95 101
120
107 105 100
126
50
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q*
2017 2018 2019 2020 3.9
6.35
7.07
7.99
14.7
summit1g
Myth
shroud
Tfue
Ninja
737 789 952 1,044 1,120 1,162 1,287 1,267 1,265 1,206 1,468 2,502
25 27
36 39 43 46
56 49 48 45
58
92
0
20
40
60
80
100
0
500
1,000
1,500
2,000
2,500
3,000
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q*
2017 2018 2019 2020
StreamingViewershipContinuesToGrow
DIGITAL GAMING OVERVIEW
Twitch Exceeds 1.2B Average Concurrent Viewers in 2018
(Hours in millions)
Top Streamers Are Reaching Millions of Followers
(Viewers and Channels in thousands)
(Followers in millions)
15
Source(s): Twitch Tracker as of 4/22/20
Twitch Sees Sharp Increase in Average Viewers and Channels3.2 Billion Hours Watched in 1Q Sets Record, but 2Q on Track to Surpass
1,618 1,740
2,037 2,279 2,444 2,563 2,776 2,767 2,794 2,661
3,210
1,292
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q*
2017 2018 2019 2020
Viewers Channels
Twitch Exceeds 1.2B Average Concurrent Viewers in 2018
(Hours in millions)
Hours of Content Increases As Streamers Are Becoming More Active

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$543.68
$158.03
$614.9
$176.2
Sponsorship Media Rights
2019 2020
Sponsorship and Media Rights Revenues On The Rise
EsportsAdvertisementsAreGrowing
DIGITAL GAMING OVERVIEW
Select Endemic Sponsors
Select Non-Endemic Sponsors
($ millions)
16
Source(s): The Esports Observer, Newzoo
13.1%
YoY Growth
11.5%
YoY Growth

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13.2x
27.5x 23.5x 20.6x
9.5x
51.8x
20.8x 20.1x
15.0x
9.0x 6.9x
46.0x
1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x 11.0x 12.0x 13.0x 14.0x
4.9x 0.9x
7.5x
5.3x
4.1x 1.4x
15.3x
9.5x
3.7x 2.5x 1.2x 0.6x
10.1x
1.6x
1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x 11.0x 12.0x 13.0x 14.0x
SelectPublicCompanies
DIGITAL GAMING OVERVIEW
Median EV/Revenue
Median: 3.9x Game Development – Mobile Games
Game Development – Developer/Publisher
Technology - Hardware
Technology – Streaming/Content
Median EV/EBITDA
Median: 20.3x Game Development – Mobile Games
Game Development – Developer/Publisher
Technology - Hardware
Technology – Streaming/Content
17
NM NM
Source(s):CapitalIQ as of 4/22/20; Note: “NM” only applies to multiples less than zero.

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5.4x 5.4x
5.2x
3.9x
3.6x 3.4x
2.8x
2.0x
1.7x
0.8x
Saber Interactive Small Giant Games Funcom The Sims Resource Eko Software Storm8 UMG Media The TrailerFarm Snowed In Studios roccat
Source(s): CapitalIQ as of 4/22/20, Company Websites
SelectPrecedentTransactions
DIGITAL GAMING OVERVIEW
EV/Revenue
Median: 3.5x
Target:
Acquirer:
18

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II. The Forbes M+A Overview
19

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TheForbesM+AGroup
THE FORBES M+A OVERVIEW
Senior-level
attention and
transaction
leadership
Focused,
dedicated
transaction
teams
Vertical and
industry
focused
expertise
Unbiased,
trusted
advisory
services
Quality of
service and
execution over
quantity
Track record
of successful
outcomes
✓ Founded in 2004 with offices located in Denver, Colorado & Salt Lake
City, Utah
✓ Transaction sizes ranging from $10M — $200M
✓ Nationwide clientele with global market reach
✓ Nationwide clientele with global market reach
✓ Swarm transactions with senior advisors, with more than $85B and
250 years of combined experience
Rocky Mountain West boutique investment banking advisory firm focused on closely held companies with strong growth stories
and market dominant products or services.
Focused on Excellence in Execution…
Middle
Market
Leader
20

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TheForbesM+ATransactionTeam
THE FORBES M+A OVERVIEW
Head of Digital
Gaming Group
303.872.6445
JJ.Lane@ForbesMA.com
Industry leading veterans that possess a
depth and breadth of experience across
both M&A and private industry as founders,
operators, advisors, and executives.
JJ Lane
Bob Forbes
President
Bill Nack
Partner / Managing
Director
Dan Pellegrino
Partner / Managing
Director
Jon Wiley
Partner / Managing
Director
Garit Lawson
Managing Director
Steve Quisenberry
Managing Director
James Morgan
Managing Director
Doug Freyschlag
Director
Blake Shear
Director
JJ Lane
Vice President
Cassie Dobos
Associate
Bryce Dietz
Analyst
Jarred Olson
Analyst
Liam Narozanick
Analyst
John Kiernan
Analyst
21

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SoftwareasaService(“SaaS”)IndustryReport
TheForbesM+AGroupAdvantage
THE FORBES M+A OVERVIEW
EVERY DETAIL COUNTS.™
In managing the ownership transition of a closely-held company, the old adage that
“the devil is in the details” is widely underestimated.
At THE FORBES M+A GROUP, we are hyper vigilant about details – not only based on
the merits of the phrase above but because, as our tagline reveals, we recognize the
“deals” are also in those details. The best deals. The ones that offer the most
strategic and financial value to all of the key stakeholders involved in the transaction.
We fully grasp and
internalize clients’
goals.
We understand clients’
businesses exhaustively
and tell their stories
meticulously.
We design a
comprehensive
blueprint of each
client’s best future.
We find ideal targets,
not just the easy ones,
and compel them to
compete.
We advocate fiercely
for our clients,
creating extraordinary
outcomes.

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SoftwareasaService(“SaaS”)IndustryReport
WhatClientsandAdvisorsSay
THE FORBES M+A OVERVIEW
“Their industry knowledge, relationships
with buyers, extensive transaction
experience, and adaptive and creative
deal making were essential in achieving
an outcome that met our goals.”
~ Tres Coors, CEO of Novelty Lights
“Their guidance was invaluable
as we reviewed offers and
negotiated a deal structure that
was exactly what we needed.”
~ Doug Larson, President at
Eldorado Artesian Springs
“Forbes is like a bulldog with a
rag in its mouth. If there is a deal
that serves the interests of their
client, those guys don’t let go
until it crosses the finish line.”
~ Bob Roth, Partner at Kutak Rock
“They exceeded every expectation
by taking the time to understand
our objectives, delivering the best
possible partner and terms.”
~ Christine Crane, CEO of BoldLeads
“We wanted to entrust the
business to an advisor with
similar core values and high-
quality standards.”
~ Tom Tolkacz, CEO of Swingle
“PASCO selected The Forbes M+A
Group amongst competing advisory
firms because of their reputation for
identifying excellent strategic
partners.”
~ Ryan Zeiger, CEO of PASCO
“From identifying the perfect
buyer, to maximizing our value,
and ultimately continuing our
legacy, the Forbes M+A team was
there from start to finish.”
~ Stephanie White, CEO of Top Gun
“The Forbes M+A Group was
recommended to us as a
company that would truly partner
with us to achieve our goals.”
~ Mike Franklin, President of
TouchSource

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SoftwareasaService(“SaaS”)IndustryReport
TrustedbytheWorld’sTopFinancialInstitutions
THE FORBES M+A OVERVIEW
Forbes has developed strategic partnerships with some of the largest financial institutions in the world with its
strong reputation for servicing the middle market.
24

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III. Appendix
26

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Date Target Buyer / Investor(s) Target Description Target Category Transaction Type
Implied EV
($ in millions) EV / Revenue EV / EBITDA
Apr-20 Hypixel Studios Riot Games Hypixel Studios designs and develops computer games. Game Development Merger/Acquisition na na na
Apr-20 Moneyweek Torque Esports Moneyweek operates an online motor sports community for
motorsport enthusiasts, industry influencers, and Formula 1 teams,
as well as former drivers.
Community Merger/Acquisition $0.5 na na
Mar-20 MTD Gaming Ainsworth Game Technology MTD Gaming develops and supplies computer games. Game Development Merger/Acquisition $26.0 na na
Feb-20 Saber Interactive Embracer Group Saber Interactive develops online interactive games in the United
States.
Game Development Merger/Acquisition $596.2 5.4x 9.2x
Feb-20 Kolibri Games Ubisoft Entertainment Kolibri Games operates as a mobile games company. Mobile Games Merger/Acquisition na na na
Jan-20 Phoenix Labs Garena Online Private Phoenix Labs develops games for personal computers. Game Development Merger/Acquisition na na na
Jan-20 Streamlabs Logitech International Streamlabs develops Streamlabs application that provides in-stream
popup alerts.
Community Merger/Acquisition $130.3 na na
Jan-20 Funcom Tencent Cloud Europe Funcom develops and publishes massively multiplayer online games
for PCs and consoles worldwide.
Game Development Merger/Acquisition $1,223.5 5.2x 11.3x
Jan-20 FoxNext Games Scopely FoxNext develops virtual and augmented reality, mobile,
console/personal computer games, and location-based
entertainment for studio's film and television operations.
Game Development Merger/Acquisition na na na
Jan-20 Storm8 Stillfront Group Storm8 develops social mobile games for the iPhone, iPod Touch,
and Android devices.
Mobile Games Merger/Acquisition $403.9 3.4x 6.6x
Dec-19 Typhoon Studios Google Typhoon Studios is an independent game developer. Game Development Merger/Acquisition na na na
Dec-19 Scuf Gaming International Corsair Components Scuf Gaming International manufactures and markets video game
controllers for gamers.
Hardware Merger/Acquisition na na na
Nov-19 UMG Media Torque Esports UMG Media operates as an esports company in North America. Professional Scene Merger/Acquisition $4.8 2.8x na
Oct-19 Fullcube ReKTGlobal Fullcube develops a platform for subscription management. Community Merger/Acquisition $4.2 na na
SoftwareasaService(“SaaS”)IndustryReport
SelectDigitalGamingM&ATransactions(1/2)
VALUATION SUPPORT
27
Source(s):CapitalIQ as of 4/22/20

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Date Target Buyer / Investor(s) Target Description Target Category Transaction Type
Implied EV
($ in millions) EV / Revenue EV / EBITDA
Aug-19 Insomniac Games Sony Interactive Entertainment Insomniac Games develops various games for PlayStations. Game Development Merger/Acquisition $229.0 na na
Jun-19 Greenlit Content ReKTGlobal Greenlit Content provides web development and content creation
services for video gaming industry.
Community Merger/Acquisition na na na
Jun-19 Infinite Esports & Entertainment Immortals Infinite Esports & Entertainment owns and operates an esports
organization and provides a gaming platform, which creates a roster
of online game players and competes in online championship
Community Merger/Acquisition $100.0 na na
Mar-19 ROCCAT TBC Holding Company ROCCAT manufactures computer components and accessories. Hardware Merger/Acquisition $18.9 0.8x na
Jan-19 The Sims Resource Enthusiast Gaming Properties The Sims Resource comprises female video gaming content. Community Merger/Acquisition $20.6 3.9x 5.2x
Dec-18 Small Giant Games Zynga Small Giant Games develops mobile games. Game Development Merger/Acquisition $700.0 5.4x na
Nov-18 Ludomade ShareRoot Ludomade operates as a mobile gaming development agency. Game Development Merger/Acquisition $1.0 0.5x na
Sep-18 Eko Software BigBen Interactive Eko Software produces and develops console video games. Game Development Merger/Acquisition $8.1 3.6x na
Sep-18 The TrailerFarm Keywords Studios The TrailerFarm produces trailers for the marketing and support of
video games.
Community Merger/Acquisition $2.0 2.0x 12.1x
Jul-18 Snowed In Studios Keywords Studios Snowed In Studios operates as a video game and interactive media
development studio.
Game Development Merger/Acquisition $4.0 1.7x 5.0x
Jul-18 Tangelo Games Third Eye Capital Tangelo Games develops and publishes social and mobile gaming for
PC, Mac, and mobile.
Game Development Merger/Acquisition $99.9 2.9x na
May-18 Cyanide BigBen Interactive Cyanide develops video games for gaming consoles. Game Development Merger/Acquisition $21.1 3.5x 7.3x
Jan-18 Fuel Powered Animoca Brands Fuel Powered operates a social gaming platform. Community Merger/Acquisition $1.3 2.5x na
Median $38.6 2.9x 9.8x
Mean $500.0 3.1x 10.7x
SoftwareasaService(“SaaS”)IndustryReport
SelectDigitalGamingM&ATransactions(2/2)
VALUATION SUPPORT
28
Source(s):CapitalIQ as of 4/22/20

30. CONFIDENTIAL
D i g i t a l G a m i n g U p d a t e – S p r i n g 2 0 2 0
Stock % of Equity
Price 52 Week Market Enterprise EV / Revenue EV / EBITDA
Company 4/22/2020 High Cap Value LTM LTM
Game Development - Mobile Games
Zynga Inc. (NasdaqGS:ZNGA) $7.47 96% $7,149 $6,504 4.9x NM
Glu Mobile Inc. (NasdaqGS:GLUU) $8.15 72% $1,190 $1,104 2.7x 73.4x
Rovio Entertainment Oyj (HLSE:ROVIO) $5.24 69% $401 $277 0.9x 13.2x
Mean 79.0% $2,913 $2,628 2.8x 43.3x
Median 72.3% $1,190 $1,104 2.7x 43.3x
Stock % of Equity
Price 52 Week Market Enterprise EV / Revenue EV / EBITDA
Company 4/22/2020 High Cap Value LTM LTM
Game Development - Publisher/Developer
Microsoft Corporation (NasdaqGS:MSFT) $171.39 90% $1,319,801 $1,272,717 9.5x 20.8x
Tencent Holdings Limited (SEHK:700) $51.23 12% $500,532 $515,201 9.5x 25.9x
Sony Corporation (TSE:6758) $61.89 1% $76,290 $92,018 1.2x 9.0x
Activision Blizzard, Inc. (NasdaqGS:ATVI) $66.70 98% $51,522 $48,611 7.5x 23.5x
Nintendo Co., Ltd. (TSE:7974) $435.81 1% $51,893 $41,777 3.7x 15.0x
Electronic Arts Inc. (NasdaqGS:EA) $114.36 96% $33,188 $28,824 5.3x 20.6x
Take-Two Interactive Software, Inc. (Nasdaq:TTWO) $126.69 93% $13,681 $11,873 4.1x 27.5x
BANDAI NAMCO Holdings Inc. (TSE:7832) $49.36 1% $10,900 $9,392 1.4x 9.5x
Ubisoft Entertainment SA (ENXTPA:UBI) $72.57 85% $8,543 $9,017 4.7x NM
Square Enix Holdings Co., Ltd. (TSE:9684) $41.59 1% $4,895 $3,747 1.4x 8.5x
Capcom Co., Ltd. (TSE:9697) $31.06 1% $3,371 $2,878 3.4x 12.1x
Mean 43% $188,602 $185,096 4.7x 17.2x
Median 12% $33,188 $28,824 4.1x 17.8x
SoftwareasaService(“SaaS”)IndustryReport
PubliclyTradedCompanies(1/2)
VALUATION SUPPORT
$ millions, except per share data
29
Source(s):CapitalIQ as of 4/22/20; Note: “NM” only applies to multiples less than zero.

31. CONFIDENTIAL
D i g i t a l G a m i n g U p d a t e – S p r i n g 2 0 2 0
Stock % of Equity
Price 52 Week Market Enterprise EV / Revenue EV / EBITDA
Company 4/22/2020 High Cap Value LTM LTM
Technology - Streaming & Content
Sea Limited (NYSE:SE) $54.11 98% $25,187 $23,571 10.8x NM
Bilibili Inc. (NasdaqGS:BILI) $29.23 96% $10,432 $9,857 10.1x NM
HUYA Inc. (NYSE:HUYA) $15.49 55% $3,389 $1,956 1.6x 46.0x
Torque Esports Corp. (TSXV:GAME) $0.36 4% $6 $20 5.9x NM
Gfinity plc (AIM:GFIN) $0.02 30% $14 $12 1.3x NM
Mean 57% $7,805 $7,083 5.9x 46.0x
Median 55% $3,389 $1,956 5.9x 46.0x
Aggregate Metrics
Mean 54% $156,682 $150,202 4.7x 23.4x
Median 71% $12,070 $10,865 3.7x 15.8x
Stock % of Equity
Price 52 Week Market Enterprise EV / Revenue EV / EBITDA
Company 4/22/2020 High Cap Value LTM LTM
Technology - Hardware
Microsoft Corporation (NasdaqGS:MSFT) $171.39 90% $1,319,801 $1,272,717 9.5x 20.8x
Alphabet Inc. (NasdaqGS:GOOG.L) $1,241.11 81% $866,524 $762,816 4.7x 15.8x
NVIDIA Corporation (NasdaqGS:NVDA) $277.23 88% $175,263 $167,009 15.3x 51.8x
Sony Corporation (TSE:6758) $61.89 1% $76,290 $92,018 1.2x 9.0x
Advanced Micro Devices, Inc. (Nasdaq:AMD) $54.91 93% $65,474 $64,699 9.6x 75.8x
Nintendo Co., Ltd. (TSE:7974) $435.81 1% $51,893 $41,777 3.7x 15.0x
Seagate Technology plc (NasdaqGS:STX) $50.90 79% $13,241 $15,703 1.6x 9.6x
Logitech International S.A. (SWX:LOGN) $46.40 98% $7,837 $7,216 2.5x 20.1x
Plantronics, Inc. (NYSE:PLT) $11.42 21% $431 $1,936 1.1x 7.9x
Razer Inc. (SEHK:1337) $0.13 6% $1,187 $670 0.8x NM
Turtle Beach Corporation (NasdaqGM:HEAR) $8.75 70% $123 $132 0.6x 6.9x
Mean 57% $234,369 $220,609 4.6x 23.3x
Median 79% $51,893 $41,777 2.5x 15.4x
SoftwareasaService(“SaaS”)IndustryReport
PubliclyTradedCompanies(2/2)
VALUATION SUPPORT
30
$ millions, except per share data
Source(s):CapitalIQ as of 4/22/20; Note: “NM” only applies to multiples less than zero.