EX-16.(C)(IX) 13 ny20030653x1_ex16cix.htm EXHIBIT 16(C)(IX)

Exhibit 16(c)(ix)

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Discussion Materials  Project Surveyor  Goldman Sachs & Co. LLC  April 2024 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Disclaimer  2  These materials have been prepared and are provided by Goldman Sachs on a confidential basis solely for the information and assistance of the senior management of Permira (the "Company") in connection with their consideration of the matters referred to herein. These materials and Goldman Sachs’ presentation relating to these materials (the “Confidential Information”) may not be disclosed to any third party or circulated or referred to publicly or used for or relied upon for any other purpose without the prior written consent of Goldman Sachs. The Confidential Information was not prepared with a view to public disclosure or to conform to any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and Goldman Sachs does not take any responsibility for the use of the Confidential Information by persons other than those set forth above. Notwithstanding anything in this Confidential Information to the contrary, the Company may disclose to any person the US federal income and state income tax treatment and tax structure of any transaction described herein and all materials of any kind (including tax opinions and other tax analyses) that are provided to the Company relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. The Confidential Information has been prepared by Goldman Sachs Investment Banking and is not a product of Goldman Sachs Global Investment Research.  Goldman Sachs and its affiliates are engaged in advisory, underwriting and financing, principal investing, sales and trading, research, investment management and other financial and non-financial activities and services for various persons and entities. Goldman Sachs and its affiliates and employees, and funds or other entities they manage or in which they invest or have other economic interest or with which they co-invest, may at any time purchase, sell, hold or vote long or short positions and investments in securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments of the Company, any other party to any transaction and any of their respective affiliates or any currency or commodity that may be involved in any transaction. Goldman Sachs Investment Banking maintains regular, ordinary course client service dialogues with clients and potential clients to review events, opportunities, and conditions in particular sectors and industries and, in that connection, Goldman Sachs may make reference to the Company, but Goldman Sachs will not disclose any confidential information received from the Company.  The Confidential Information has been prepared based on historical financial information, forecasts and other information obtained by Goldman Sachs from publicly available sources, the management of the Company or other sources (approved for our use by the Company in the case of information from management and non-public information). In preparing the Confidential Information, Goldman Sachs has relied upon and assumed, without assuming any responsibility for independent verification, the accuracy and completeness of all of the financial, legal, regulatory, tax, accounting and other information provided to, discussed with or reviewed by us, and Goldman Sachs does not assume any liability for any such information. Goldman Sachs does not provide accounting, tax, legal or regulatory advice.  Goldman Sachs has not made an independent evaluation or appraisal of the assets and liabilities (including any contingent, derivative or off-balance sheet assets and liabilities) of the Company or any other party to any transaction or any of their respective affiliates and has no obligation to evaluate the solvency of the Company or any other party to any transaction under any state or federal laws relating to bankruptcy, insolvency or similar matters. The analyses contained in the Confidential Information do not purport to be appraisals nor do they necessarily reflect the prices at which businesses or securities actually may be sold or purchased. Goldman Sachs’ role in any due diligence review is limited solely to performing such a review as it shall deem necessary to support its own advice and analysis and shall not be on behalf of the Company. Analyses based upon forecasts of future results are not necessarily indicative of actual future results, which may be significantly more or less favorable than suggested by these analyses, and Goldman Sachs does not assume responsibility if future results are materially different from those forecast.  The Confidential Information does not address the underlying business decision of the Company to engage in any transaction, or the relative merits of any transaction or strategic alternative referred to herein as compared to any other transaction or alternative that may be available to the Company. The Confidential Information is necessarily based on economic, monetary, market and other conditions as in effect on, and the information made available to Goldman Sachs as of, the date of such Confidential Information and Goldman Sachs assumes no responsibility for updating or revising the Confidential Information based on circumstances, developments or events occurring after such date. The Confidential Information does not constitute any opinion, nor does the Confidential Information constitute a recommendation to the Special Committee, any security holder of the Company or any other person as to how to vote or act with respect to any transaction or any other matter. The Confidential Information, including this disclaimer, are subject to, and governed by, any written agreement between the Company, on the hand, and Goldman Sachs, on the other hand. 
 

 I. Trading and Investor Considerations 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  $ 25  $ 50  $ 75  Mar-2022 Jul-2022 Oct-2022  Feb-2023 May-2023 Sep-2023  Dec-2023 Apr-2024  09-Nov-2021  (7.7)%  Q3'21 Earnings Beat / (Miss) Revenue: 1.6 %  EBITDA: 29.3 %  10-Aug-2021 (9.1)%  Q2'21 Earnings Beat / (Miss) Revenue: 3.8 %  EBITDA: 727.1 %  08-Mar-2022  7.5%  FY2021 Earnings Beat / (Miss) Revenue: 0.7 %  EBITDA: 31.2 %  12-May-2022  48.5%  Q1'22 Earnings; Authorizes  $200mm repurchase program Revenue: 1.5 %  EBITDA: (115.5)%  25-Jul-2022 (3.1)%  Q2'22 Earnings Beat / (Miss) Revenue: 0.3 %  EBITDA: (2.2)%  12-Oct-2022  0.2%  Announced appointment of  Nathan Gooden as CFO  08-Nov-2022 (0.6)%  Q3'22 Earnings Beat / (Miss) Revenue: 0.7 %  EBITDA: (7.8)  07-Mar-2023  14.6%  FY 2022 Earnings Beat / (Miss) Revenue: 3.0 %  EBITDA: 29.1 %  09-May-2023 (0.0)%  Q1'23 Earnings Beat / (Miss) Revenue: 1.7 %  EBITDA: 41.9 %  10-Aug-2023  1.4%  Q2'23 Earnings Beat / (Miss)  Revenue: 1.7 %  EBITDA: 26.8 %  07-Sep-2023  2.8%  Completes acquisition of Google Domain Assets  07-Nov-2023 (1.4)%  Q3'23 Earnings Beat / (Miss) Revenue: 2.0 %  EBITDA: 6.1 %  01-Mar-2024 (2.8)%  FY 2023 Earning Release; Authorizes  $500mm share repurchase Revenue: 2.8 %  EBITDA: (3.0)%  15-Sep-2023  0.7%  General Atlantic sells shares in secondary offering at $29.00  15-Nov-2023  0.4%  General Atlantic sells 6mm Class A shares in secondary offering at  $29.70  $ 37.59  $ 36.39   $ 33.47  $ 31.80  $ 0  May-2021 Sep-2021 Dec-2021  Source: FactSet; market data as of 04-Apr-2024  Surveyor Share Price Evolution Since Direct Listing  Direct Listing Reference Price: $50  Earnings  Share Repurchase  Block Trade (Sponsor Sell down)  Other  Share Price  30D VWAP  90D VWAP  52-Week High  Trading and Investor Considerations  4 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Dissecting the Drivers of Surveyor’s Share Price Performance  Source: Public Company Filings, FactSet, market data as of 04-Apr-2024  Note: At Listing represents listing price on 19-May-2021 of $48.00; estimates as of first publicly available date. 1 Expressed as % of beginning of period share price.  % Impact1  +116%  +45%  (184)%  +0%  (1)%  At Listing  May-2021  Current  Apr-2024  $286 23%  19.9x  NTM EBITDA  NTM EBITDA Margin  NTM EV / EBITDA  $112 13%  65.6x  $ 48  Trading and Investor Considerations  5  $(88)  $ 0  $(0)  $ 36  $ 22  $ 56  Share Price At  Change in Margin  Change in  Multiple  Change in  Change in Shares  Current  Listing  Estimates (Excl.  Expansion /  Net Debt  Outstanding  Share Price  Margin Impact)  (Contraction) 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Defining the Valuation Peer Set and Framework  Rationale  Domain, Website and Commerce enablement capabilities with SMB focus  Software offering focused on SMB and mid- market customer base  Enterprise focused customer base  Scaled software businesses with highly recurring and strong cash flow generation  Multiple  EV / Revenue  EV / uFCF (based on profitability)  Growth adjusted  EV / Revenue  EV / uFCF (based on profitability)  P / E  P / FCF  Select Peers  SMB Enablement Peers  Enterprise Software Peers  FOR REFERENCE ONLY  6 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Select Peers Share Price Performance Over Time  Since Surveyor Direct Listing  Indexed Share Price Performance  (100)%  (75)%  (50)%  (25)%  0 %  25 %  50 %  75 %  100 %  Jun-21  Oct-21  Feb-22  Jun-22  Nov-22  Mar-23  Jul-23  Nov-23  Apr-24  Indexed Share Price Performance  53 %  (66)%  Performance (%) Since DL  Surveyor Wix Block Shopify GoDaddy  (34)%  (49)  (66)  (39)  53  1Y  11 %  35  9  57  60  6M  27 %  52  78  42  68  3M  18 %  15  10  2  23  1M  11 %  (3)  (3)  (1)  11  YTD 10 %  10  (3)  (4)  17  (34)% Surveyor  (39)%  (49)%  Wix August 2023 Investor Day  Source: Public financials, FactSet, Wall Street research, Bloomberg, market data as of 04-Apr-2024.  Trading and Investor Considerations  7 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Broader Peers Valuation Multiples Over Time  Profitability | Since Surveyor Direct Listing  NTM EV / EBITDA  NTM EV / uFCF  0 x  10 x  20 x  30 x  40 x  50 x  60 x  70 x  80 x  Jun-21 Nov-21 Mar-22 Aug-22 Jan-23 Jun-23 Nov-23 Apr-24  NTM EV / EBITDA  Since DL  31.0 x  14.5  1Y  20.7 x  - 22.4  12.9  19.8  -  -  Average Surveyor Wix GoDaddy Block Shopify  SMB-Focused Software Enterprise Software  26.8  16.3  19.8  16.3  6M  18.8 x  20.3  13.5  16.7  - 67.2  20.7  17.6  3M  19.1 x  22.7  14.3  17.5  68.0  21.3  19.9  1M  19.0 x  23.1  14.9  18.1  65.7  21.6  20.8  YTD  19.1 x  22.6  14.3  17.5  67.9  21.3  19.7  22.1 x  21.4 x  20.4 x  19.9 x  16.6 x  15.4 x  0 x  20 x  40 x  60 x  80 x  100 x  120 x  Jun-21 Nov-21 Mar-22 Aug-22 Jan-23 Jun-23 Nov-23 Apr-24  NTM EV / Unlevered FCF  Since DL  24.5 x  13.6  1Y  17.8 x  - 20.4  12.7  21.7  -  -  Average Surveyor Wix GoDaddy Block Shopify  SMB-Focused Software Enterprise Software  32.2  26.4  29.2  27.9  6M  16.7 x  17.1  13.5  19.6  - 74.5  30.7  28.9  3M  16.6 x  18.9  14.2  20.5  74.8  30.6  32.0  1M  16.1 x  19.5  14.7  24.6  71.4  29.6  34.1  YTD  16.7 x  18.8  14.2  20.6  74.7  30.7  31.7  33.7 x  29.8 x  22.4 x  19.3 x  16.9 x  14.9 x  Source: Public financials, FactSet, Wall Street research, Bloomberg, market data as of 04-Apr-2024.  Trading and Investor Considerations  7 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  What Are Investors Key Focus Areas For Surveyor?  Management Guidance  Key Questions / Areas of Focus  What is sustainable revenue growth rate / how will growth trend amid a slowing eCommerce environment?  How much will S&M and R&D need to differentiate against new business formation to sustain growth?  What is the ROI for investments in Surveyor Payments, international and other investment in the business?  What will Surveyor’s capital allocation policy be given the FCF generation profile?  What is the opportunity of integrating GenAI into the business?  What impact will initiatives around bundling and new pricing packages have on overall profitability?  ?  ?  ?  ?  ?  ?  Issued revenue guidance that was 2% above street estimates at the midpoint, citing expanded ecosystem, contributions from Google Domains customers and improvement of website business  Launched Surveyor Domains, Payments and Blueprint. Invested in Surveyor AI to simplify generating custom content for consumers  Conservative approach to overall spend  Profitability  Growth  “Our largest Surveyor Payments in Q4 serves as a cornerstone of our commerce capabilities. Enabling merchants to collect money directly through our native solution will be central to enhancing the power of our platform by growing GMV and driving customer growth and retention.”  “The main drivers of our business moving forward into 2024 are first, enabling small business, to get started, namely a domain, website and e-mail. Second, commerce… third, international.”  Management Commentary  What steps will / can be taken to reverse the deterioration of CAC?  ?  Source: Company financials, Company earnings release  9 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Where Does Surveyor Stack Up Against Peers’ Metrics?  Source: Factset, Bloomberg, public filings as of 04-Apr-2024. Note: Median metrics displayed for SMB-Focused Software and Enterprise Software peers; non-growth adj. multiples >100x or <(100)x considered NM.  1 Growth adjusted multiple calculated as EV / NTM multiple over CY24 - 26 CAGR; growth-adj. multiples >10x or <(10)x considered NM. 2 Represents the median. 3 Includes Intuit, Box, LegalZoom,  SMB-Focused Software Peers2  Select Peers  Enterprise Software Peers2  Surveyor  Operational  Valuation  Sage, Freshworks, Sprout Social, Braze, ZoomInfo, Toast, Confluent, Digital Ocean, Paycor, Semrush, and Evercommerce.  10  +14 others3  LFQ YoY Growth  18 %  14 %  6 %  24 %  25 %  20 %  9 %  CY24-26E Rev  CAGR  CY24E EBITDA  Margin CY24E uFCF  Margin  13 %  13 %  7 %  15 %  20 %  16 %  11 %  24 %  19 %  29 %  26 %  16 %  19 %  47 %  29 %  21 %  30 %  17 %  15 %  18 %  27 %  EV/NTM Rev  Growth Adj. Rev1 EV/NTM GP  Growth Adj. GP1 EV/NTM EBITDA  Growth Adj. EBITDA1 EV/NTM uFCF  Growth Adj. uFCF1  4.7 x  4.4 x  4.6 x  3.6 x  10.3 x  5.6 x  7.7 x  0.38 x  0.36 x  0.66 x  0.31 x  0.55 x  0.39 x  0.73 x  6.1 x  6.4 x  7.2 x  4.5 x  20.1 x  7.0 x  10.1 x  0.50 x  0.52 x  1.04 x  0.40 x  1.08 x  0.52 x  0.99 x  19.9 x  22.1 x  15.4 x  16.6 x  62.7 x  21.4 x  20.4 x  1.57 x  1.89 x  2.25 x  1.21 x  3.53 x  2.12 x  1.66 x  16.9 x  19.3 x  14.9 x  22.4 x  68.3 x  29.8 x  33.7 x  1.33 x  1.67 x  2.20 x  1.83 x  3.78 x  2.38 x  3.04 x  LTM Stock Price  Performance  11 %  35 %  60 %  9 %  58 %  19 %  47 % 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Growth Continues to be Paramount  ’24E EV / Revenue vs ’24E-’26E Revenue CAGR  ’24E EV / EBITDA vs 24-26E Rev CAGR  Wix  Shopify  Surveyor  Block  DocuSign  LegalZoom  HubSpot Freshworks  BILL  Intuit  Toast  GoDaddy Box  Klaviyo  Digital Ocean  Semrush  Sage  Evercommerce  Paycor ZoomInfo  R² = 0.72  0.0 x  12.0 x  24.0 x  36.0 x  48.0 x  60.0 x  72.0 x  84.0 x  0 %  10 % 20 % 30 %  CY2024 Revenue - CY2026 Revenue CAGR  40 %  CY2024 EV / EBITDA  Wix  Block  SurveyoBr ILL  HubSpot  Freshworks  Intuit  Shopify  Toast  Box  Klaviyo  Digital Ocean  Paycor  Semrush  Sage GoDaddy  DocuSign  LegalZoom Evercommerce  ZoomInfo  R² = 0.33  0.0 x  4.0 x  8.0 x  12.0 x  16.0 x  0 %  10 % 20 %  CY2024 Revenue - CY2026 Revenue CAGR  30 %  CY2024 EV / Revenue  Select Peers  SMB Focused Peers  Source: FactSet. Market data as of 04-Apr-2024.  Trading and Investor Considerations  11 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  NTM EV / UFCF  NTM EV / Growth Adj. UFCF1  Surveyor, Wix and GoDaddy Trading Dynamics Over Last 2 Years  5 x  10 x  15 x  20 x  25 x  35 x  Apr-22 Aug-22 Dec-22 Apr-23 Aug-23 Dec-23 Apr-24  NTM / EV uFCF  -  -  Average Surveyor Wix GoDaddy  12.8  12.4  2Y 1Y 6M  17.9 x 17.9 x 16.4 x  18.5  13.0  YTD  16.3 x  20.5  13.8  14.9 x  19.3 x  16.9 x  30 x  NM multiples due to low profitability  0.00 x  0.50 x  1.00 x  1.50 x  2.00 x  2.50 x  3.00 x  3.50 x  Apr-22  Aug-22  Dec-22  Apr-23  Aug-23  Dec-23  Apr-24  NTM EV / Growth Adj. UFCF  1.52 x  1.32 x  2Y  1.53 x  1Y  1.61 x  -  Average Surveyor Wix GoDaddy  1.59  1.66  6M  1.49 x  - 1.66  1.78  YTD  1.51 x  1.76  1.92  2.13 x  NM multiples due to low profitability  EV / Growth Adj. UFCF Multiples are adjusted using NTM - NTM + 2 CAGR  Source: Public financials, FactSet, Wall Street research, Bloomberg, market data as of 04-Apr-2024. 1 Growth adjusted multiple calculated as EV / NTM multiple over 2-year revenue CAGR.  Trading and Investor Considerations  12 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Investor  Equity AUM ($bn)  Surveyor  % S/O   Share Pos.  Dimensional  $ 527  < 0.1 %  Current  Position Q2'23  61,724 596,078  (534,354)  T. Rowe Associates  928  0.2  207,343  475,186  (267,843)  AlphInvest  < 1  0.2  207,343  473,928  (266,585)  G2 Investments  < 1  -  -  248,706  (248,706)  Millennium  108  0.8  1,057,316  1,279,914  (222,598)  Goldman Sachs AM  316  < 0.1  51,632  219,035  (167,403)  D. E. Shaw  64  0.2  327,596  490,860  (163,264)  DWS  103  0.1  103,463  229,782  (126,319)  Mellon  250  0.3  369,214  491,706  (122,492)  First Eagle IM  70  -  -  100,760  (100,760)  Riverbridge  8  1.7  2,293,124  2,378,406  (85,282)  Cubist  8  -  -  63,684  (63,684)  Schroder IM  165  < 0.1  63,561  121,968  (58,407)   Surveyor Pos. (shares)    Share Pos.  Wellington  $ 624  6.1 %  8,284,051  3,121,269  5,162,782  Citadel  97  1.6  2,212,670  66,937  2,145,733  Two Sigma  85  1.1  1,457,741  941,445  516,296  Renaissance Tech  65  1.1  1,434,494  932,500  501,994  Lazard AM  123  0.4  559,451  129,276  430,175  Morgan Stanley IM  95  0.4  611,726  298,417  313,309  APG AM  130  0.3  401,348  94,429  306,919  Hawk Ridge  2  0.2  292,266  -  292,266  Voloridge  25  0.4  546,257  264,781  281,476  Ararat  < 1  0.6  849,551  568,733  280,818  Jacobs Levy  22  0.7  1,015,880  839,399  176,481  Balyasny  35  0.1  166,639  -  166,639  BlackRock (UK)  551  0.3  389,959  224,220  165,739  Fidelity  1,788  0.1  164,596  814  163,782  Acadian  31  1.0  1,319,945  1,160,423  159,522  Qube Research  44  0.1  158,714  -  158,714  BlackRock (US)  428  0.3  465,118  329,670  135,448  Total  14.9  20,330,406  8,972,313  11,358,093   Surveyor Pos. (shares)   Connor, Clark & Lunn  23  0.4  519,878  396,729  123,149  Nuveen  480  0.4  504,555  792,656  (288,101)  BlackRock (US)  428  0.3  465,118  329,670  135,448  Arrowstreet Capital  100  0.1  130,235  651,998  (521,763)  APG AM  130  0.3  401,348  94,429  306,919  Noked Capital  DWS Investment  1  155  < 0.1  25,000  - -  432,329  320,010  (407,329)  (320,010)  BlackRock (UK)  551  0.3  389,959  224,220  165,739  Nuveen  480  0.4  504,555  792,656  (288,101)  Mellon  250  0.3  369,214  491,706  (122,492)  D. E. Shaw  64  0.2  327,596  490,860  (163,264)  SEI Investments  72  0.2  307,213  291,616  15,597  Hawk Ridge  2  0.2  292,266  -  292,266  T. Rowe Associates  928  0.2  207,343  475,186  (267,843)  AlphInvest  < 1  0.2  207,343  473,928  (266,585)  Numeric Investors  24  0.1  202,383  84,170  118,213   Surveyor Pos. (shares)   Equity AUM  Surveyor  Current  Investor  Equity AUM  ($bn)  Surveyor  % S/O  Current  Position  Q2'23  Investor  ($bn)  % S/O  Position  Q2'23   Share Pos.  Wellington  $ 624  6.1 %  8,284,051  3,121,269  5,162,782  Riverbridge  8  1.7  2,293,124  2,378,406  (85,282)  Citadel  97  1.6  2,212,670  66,937  2,145,733  Two Sigma  85  1.1  1,457,741  941,445  516,296  Renaissance Tech  65  1.1  1,434,494  932,500  501,994  Acadian  31  1.0  1,319,945  1,160,423  159,522  Millennium  108  0.8  1,057,316  1,279,914  (222,598)  Jacobs Levy  22  0.7  1,015,880  839,399  176,481  Ararat  < 1  0.6  849,551  568,733  280,818  Morgan Stanley IM  95  0.4  611,726  298,417  313,309  Lazard AM  123  0.4  559,451  129,276  430,175  Federated  8  0.4  551,400  605,092  (53,692)  Top Sellers  Voloridge  25  0.4  546,257  264,781  281,476  Top Buyers and Sellers of Surveyor  Top 25 Active Investors in Surveyor  Top Buyers  Total  19.3  26,387,822  16,731,762  9,656,060  Total  3.8  5,402,106  9,367,006  (3,964,900)  13  Source: Refinitiv and Bloomberg as of latest filings. Highlighting denotes Top 25 Active Investors who are also a Top Buyer or Top Seller. 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Appendix A:  Additional Market Perspectives 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Broader Peers Valuation Multiples Over Time  Top-line | Since Surveyor Direct Listing  Source: Public financials, FactSet, Wall Street research, Bloomberg, market data as of 04-Apr-2024.  NTM EV / Revenue  NTM EV / Gross Profit  0 x  5 x  10 x  15 x  20 x  25 x  30 x  Jun-21 Nov-21 Mar-22 Aug-22 Jan-23 Jun-23 Nov-23 Apr-24  NTM EV / Revenue  Average Surveyor Wix GoDaddy Block Shopify  SMB-Focused Software Enterprise Software  Since DL  4.8 x  4.6  3.6  5.6  13.2  9.1  6.6  1Y  4.4 x  3.4  3.6  3.2  10.0  5.9  6.8  6M  4.3 x  3.8  3.9  3.2  10.4  5.6  7.0  3M  4.3 x  4.4  4.2  3.5  11.2  5.7  7.5  1M  4.4 x  4.6  4.4  3.9  10.7  5.8  7.8  YTD  4.4 x  4.4  4.2  3.5  11.2  5.7  7.4  7.7 x  5.6 x  4.7 x  4.6 x  4.4 x  3.6 x  0 x  5 x  10 x  15 x  20 x  25 x  30 x  35 x  Jun-21 Nov-21 Mar-22 Aug-22 Jan-23 Jun-23 Nov-23 Apr-24  NTM EV / Gross Profit  Average Since DL  Surveyor 5.9 x  Wix 7.2  GoDaddy 5.7  Block 8.4  Shopify 25.4  SMB-Focused Software 12.0  Enterprise Software 8.5  1Y  5.4 x  5.1  5.7  4.0  19.8  8.2  9.0  6M  5.4 x  5.6  6.2  4.0  20.4  7.7  9.3  3M  5.6 x  6.5  6.7  4.5  21.9  7.7  9.9  1M  5.7 x  6.7  7.0  4.9  20.9  7.3  10.3  YTD  5.6 x  6.5  6.7  4.5  21.9  7.7  9.8  10.1 x  Note: Shopify excluded from graph due to outsized trading in the period.  Additional Market Perspectives  15  7.2 x  7.0 x  6.4 x  6.1 x  4.5 x 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Surveyor  Wix  Shopify  Block  BILL  GoDaddy  LegalZoom  Freshworks  HubSpot Intuit  Paycor  Toast  Klaviyo  Digital Ocean  Semrush  Sage  Evercommerce  DocuSign Box ZoomInfo  R² = 0.27  0.0 x  0 %  4.0 x  8.0 x  12.0 x  16.0 x  20.0 x  24.0 x  10 % 20 % 30 %  CY2024 Revenue - CY2026 Revenue CAGR  40 %  CY2024 EV / Gross Profit  Growth Continues to be Paramount  ’24E-’26E Revenue CAGR vs. ’24E EV / Gross Profit  ’24E-’26E Revenue CAGR vs. ’24E EV / uFCF  Surveyor  Wix  GoDaddy  DocuSign  HubSpot  Shopify  LegalZoom  Freshworks  Toast  Paycor  Block BILL  Klaviyo  Intuit Digital Ocean  Semrush  Sage  Evercommerce  BoxZoomInfo  R² = 0.76  0.0 x  12.0 x  24.0 x  36.0 x  48.0 x  60.0 x  72.0 x  84.0 x  96.0 x  0 %  10 % 20 % 30 %  CY2024 Revenue - CY2026 Revenue CAGR  40 %  CY2024 EV / uFCF  Select Peers  SMB Focused Peers  Source: FactSet. Market data as of 04-Apr-2024.  Additional Market Perspectives  16 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Appendix B:  Additional Supplemental Materials 
 

 18  PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Peers % Shares Outstanding  Bill  Braze  Hub  Klaviyo  Shop  sprout  wix  gdaddy  Investor  Equity AUM ($bn)  Total Peer Pos. ($mm)  Total # of Peers Held  Surveyor Pos.  (% S/O)  Avg % S/O in Peers  Theoretical Total RTA (%)  Baillie Gifford & Co.  $ 223  $ 6,159  6 / 8  4.5 %  4.5 %  <0.1 %  0.5 %  0.1 %  -  5.0 %  7.3 %  14.0 %  -  Fidelity Management & Research Company LLC  1,788  5,522  8 / 8  0.1 %  2.6  2.5  4.8  <0.1  5.9  0.2 %  2.7  2.1  4.4  0.7 %  T. Rowe Price Associates, Inc.  928  4,236  7 / 8  0.2  2.6  2.5  10.4  1.1  3.4  -  2.2  0.1  <0.1  1.2  Capital International Investors  449  1,741  3 / 8  1.8  1.8  1.7  -  -  -  1.2  -  -  2.4  ClearBridge Investments, LLC  122  1,432  6 / 8  1.7  1.7  <0.1  -  2.6  0.8  0.2  4.5  2.1  -  Morgan Stanley Investment Management Inc. (US)  95  4,196  8 / 8  0.4  1.9  1.5  10.7  0.7  0.1  0.1  3.5  <0.1  <0.1  <0.1  Capital Research Global Investors  1,120  3,204  3 / 8  1.4  1.4  -  -  0.9  0.4  3.  -  -  -  Capital World Investors  765  3,007  3 / 8  1.2  1.2  0.3  -  -  0.3  3.1  -  -  -  Jennison Associates LLC  147  758  5 / 8  1.0  1.0  <0.1  -  1.9  -  -  3.2  <0.1  <0.1  JP Morgan Asset Management  660  3,564  8 / 8  0.1  1.1  1.0  0.5  0.2  4.1  0.3  1.9  0.2  <0.1  1.5  Invesco Advisers, Inc.  282  936  7 / 8  <0.1  0.9  0.9  0.1  1.2  1.5  -  0.2  3.4  <0.1  0.1  Franklin Advisers, Inc.  159  1,515  7 / 8  <0.1  0.9  0.8  2.8  -  2.  0.5  0.6  <0.1  <0.1  <0.1  Artisan Partners Limited Partnership  108  946  3 / 8  0.8  0.8  -  -  1.3  -  0.5  0.7 -  -  Janus Henderson Investors  207  1,029  7 / 8  <0.1  0.8  0.8  <0.1  <0.1  <0.1  -  <0.1  <0.1  <0.1  5.6  Norges Bank Investment Management (NBIM)  1,100  1,762  8 / 8  0.8  0.8  1.1  0.7  1.1  0.3  1.  0.4  0.5  1.2  HOOPP Investment Management  29  381  4 / 8  0.7  0.7  -  2.1  -  -  0.3  -  0.2  0.1  Columbia Threadneedle Investments (US)  324  841  8 / 8  0.1  0.6  0.5  0.4  0.1  0.3  <0.1  0.1  0.4  0.1  3.2  Principal Global Investors (Equity)  217  271  8 / 8  <0.1  0.5  0.5  <0.1  0.1  <0.1  <0.1  <0.1  1.5  1.7  0.4  Baron Capital Management, Inc.  42  284  5 / 8  0.5  0.5  0.2  -  0.1  -  0.2  1.4  0.4  -  Voya Investment Management LLC  95  1,045  8 / 8  0.1  0.5  0.4  1.6  <0.1  1.  0.1  0.6  0.5  <0.1  0.1  AllianceBernstein L.P.  305  340  8 / 8  <0.1  0.4  0.4  0.2  1.9  0.4  0.7  <0.1  0.1  0.2  0.2  T. Rowe Price Investment Management, Inc.  177  141  5 / 8  0.4  0.4  1.  0.8  0.1  -  <0.1  -  -  <0.1  Goldman Sachs Asset Management, L.P.  316  775  8 / 8  <0.1  0.4  0.4  0.1  0.2  1.2  0.5  0.2  0.1  0.4  0.4  Whale Rock Capital Management LLC  6  342  3 / 8  0.3  0.3  -  -  0.8  0.1  0.1  -  -  -  Putnam Investment Management, L.L.C.  81  246  5 / 8  0.3  0.6  0.3  0.5  0.3  1.7  0.4  0.3  0.7  0.6  0.6  Neuberger Berman, LLC  121  393  8 / 8  0.3  0.3  0.1  <0.1  0.3  <0.1  <0.1  0.2  0.7  0.9  Allspring Global Investments, LLC  72  189  7 / 8  <0.1  0.3  0.3  0.6  0.3  0.2  -  <0.1  0.6  0.5  <0.1  Fred Alger Management, LLC  19  97  5 / 8  0.3  0.3  0.1  <0.1  0.1 -  <0.1  1.3 -  -  BlackRock (US)  428  1,028  16 / 8  0.3  0.6  0.3  0.4  0.3  1.6  0.4  0.2  0.7  0.6  0.7  Marshall Wace LLP  52  283  6 / 8  <0.1  0.2  0.2  0.8  0.1  -  0.1  0.2  -  <0.1  0.1  Average  Median  $ 1,555  $ 941  6 / 8  7 / 8  1.0 %  0.7 %  1.0 %  0.7 %  1.5 %  0.4 %  0.4 %  0.2 %  1.2 %  0.9 %  0.2 %  0.1 %  1.2 %  0.5 %  1.1 %  0.4 %  1.3 %  0.4 %  0.8 %  0.2 %  Investors with Capacity to add to Surveyor Position  Based on Customer Engagement Peers  Source: Refintiv  Note: “Room-to-Add” calculates the room to add based on the average position in % of shares outstanding of the peer group and subtracts the % shares outstanding from the investor’s Surveyor position. Note: Customer Engagement Peers include Bill.com, Braze, HubSpot, Klaviyo, Shopify, Sproutsocial, Wix.com, GoDaddy. 
 

 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  What Are Key Drivers of Recent Operating Performance for Surveyor, Wix, and GoDaddy?  Source: Factset, Bloomberg, public filings as of 02-Apr-2024  Note: Wix’s 2022 and 2023 FCF margin is burdened by capex related to HQ build out and restructuring costs.  Total Revenue  $ 867  $ 1,012  $ 1,181  $ 1,339  Growth %  16.8 %  16.7 %  13.3 %  Total EBITDA  $ 147  $ 235  $ 286  $ 349  Margin %  17.0 %  23.3 %  24.2 %  26.0 %  Total FCF  $ 153  $ 214  $ 192  $ 258  Margin %  17.6 %  21.2 %  16.2 %  19.3 %  Total Revenue  $ 1,388  $ 1,562  $ 1,750  $ 1,982  Growth %  12.5 %  12.1 %  13.3 %  Total EBITDA  $(20)  $ 261  $ 329  $ 456  Margin %  (1.4)%  16.7 %  18.8 %  23.0 %  Total FCF  $(34)  $ 182  $ 377  $ 519  Margin %  (2.4)%  11.7 %  21.5 %  26.2 %  Total Revenue  $ 4,091  $ 4,254  $ 4,520  $ 4,840  Growth %  4.0 %  6.3 %  7.1 %  Total EBITDA  $ 1,013  $ 1,135  $ 1,315  $ 1,508  Margin %  24.8 %  26.7 %  29.1 %  31.1 %  Total FCF  $ 969  $ 1,084  $ 1,224  $ 1,443  Margin %  23.7 %  25.5 %  27.1 %  29.8 %  ($ in millions)  2022A 2023A 2024E 2025E  Several new product launches, google domain acquisition, legacy price increases  and Q4 momentum exceeding mid-teens  top line growth  Significant operating leverage with increased cost discipline resulting in  300bps+ margin expansion from 23A  Starboard disclosed a stake in Wix in Q4  19  2022 calling for margin expansion and  highlighted cost-reduction efforts  Wix since announced a $150 million plan  of cost reductions in August 2022  Investor Day in August 2023 disclosed  “Rule of 40” target by 2025 and “minimum” FCF margin target of 25%  Starboard continues to push for realistic  growth targets and FCF generation  Company reinforced key levers for long- term growth and margin expansion in Q4 ‘23 earnings of 28% Adj. EBITDA margin and 46% UFCF growth  Key initiatives include cost rationalization in technology and development  Surveyor 
 


 PRELIMINARY DRAFT SUBJECT TO FURTHER DUE DILIGENCE AND REVIEW  Common Stock Comparison  ($ in Millions, except per share data)  Source: FactSet, Bloomberg, public filings as of 04-Apr-2024.  Note: 1 Using 2024E - 2025E YoY Growth for Block, Klaviyo, Intuit, Box, LegalZoom, Sage, Toast, Paycor, Semrush, Evercommerce, and Oracle. Multiples are growth-adjusted with 24-26E CAGR.   EV / Gross Profit EV / EBITDA EV / uFCF Revenue CAGR Gross Margin EBITDA Margin UFCF Margin   Company Name  NTM  CY2024  CY2025  CY2024  NTM  CY2024  CY2025  NTM  CY2024  CY2025  CY2024 Revenue  CY2024 uFCF  Growth. Adj.(24- Growth. Adj.1(24- 26E CAGR) 26E CAGR)  '23 - '25  '24 - '26  CY2024  CY2025  CY2024  CY2025  CY2024  CY2025  Surveyor  $ 36.39  6.1 x  6.3 x  5.4 x  CY2024 Revenue Gross Profit Growth. Adj.(24- Growth. Adj.(24-  26E CAGR) 26E CAGR)  0.50 x 0.42 x  19.9 x  19.9 x  16.3 x  CY2024 Revenue CY2024 EBITDA  Growth. Adj.(24- Growth. Adj.(24-  26E CAGR) 26E CAGR)  1.57 x 1.01 x  16.9 x  16.9 x  14.4 x  1.33 x 1.02 x  15 %  13 %  76 %  79 %  24 %  26 %  29 %  29 %  % of 52- Fully Diluted Enterprise Week High Equity Value Value  99 % $ 5.4 $ 5.7  Select Peers  Block  $ 74.73  87 %  $ 49.1  $ 47.0  4.5 x  5.8 x  5.1 x  0.40 x  0.38 x  16.6 x  17.8 x  13.9 x  1.21 x  0.64 x  22.4 x  26.9 x  15.2 x  1.83 x  0.35 x  15 %  15 %  78 %  79 %  26 %  29 %  17 %  26 %  GoDaddy  123.93  100  17.7  21.0  7.2  7.4  6.9  1.04  0.98  15.4  16.0  13.9  2.25  1.16  14.9  15.6  13.2  2.20  1.05  7  7  63  63  29  31  30  33  Shopify  75.16  83  97.4  92.6  20.1  21.1  17.6  1.08  1.08  62.7  69.0  49.6  3.53  2.20  68.3  73.9  56.2  3.78  2.20  21  20  51  51  16  18  15  16  Wix  134.73  94  8.4  8.0  6.4  6.7  5.8  0.52  0.48  22.1  24.3  17.5  1.89  0.73  19.3  21.4  15.0  1.67  1.10  13  13  68  69  19  23  21  27  Mean  9.6 x  10.2 x  8.9 x  0.76 x  0.73 x  29.2 x  31.7 x  23.7 x  2.22 x  1.18 x  31.2 x  34.4 x  24.9 x  2.37 x  1.18 x  14 %  14 %  65 %  65 %  22 %  25 %  21 %  25 %  Median  6.8 x  7.0 x  6.4 x  0.78 x  0.73 x  19.3 x  21.0 x  15.7 x  2.07 x  0.94 x  20.9 x  24.2 x  15.1 x  2.02 x  1.08 x  14 %  14 %  66 %  66 %  22 %  26 %  19 %  26 %  SMB Enablement Peers  BILL  $ 61.86  46 %  $ 6.9  $ 6.2  5.3 x  5.5 x  4.8 x  0.35 x  0.36 x  28.6 x  30.8 x  22.4 x  1.95 x  0.70 x  23.4 x  23.9 x  20.9 x  1.51 x  1.15 x  16 %  16 %  85 %  84 %  15 %  18 %  19 %  19 %  Box  27.62  87  4.4  4.8  5.5  5.6  5.2  0.65  NA  13.8  14.2  12.9  1.65  0.96  14.2  14.5  13.1  1.69  1.32  5  9  80  80  31  32  31  32  Braze  42.35  71  4.7  4.2  10.3  10.9  8.9  0.50  0.49  NM  NM  NM  NA  NA  NM  NM  NM  NA  NA  22  22  69  69  (3)  5  0  4  Confluent  29.27  75  10.5  9.7  12.7  13.5  10.8  0.57  0.57  NM  NM  NM  NA  NA  NM  NM  69.7  NA  NA  23  24  76  76  2  7  8  12  Digital Ocean  36.77  74  3.7  4.8  10.0  10.4  9.1  0.75  0.62  16.0  16.7  14.2  1.21  0.97  28.0  29.0  25.3  2.10  1.28  12  14  60  60  37  39  21  22  DocuSign  58.80  93  13.7  12.9  5.4  5.5  5.1  0.82  0.94  14.1  14.5  13.1  2.20  0.73  15.6  15.8  14.4  2.38  1.81  6  7  81  82  31  32  28  29  Evercommerce  9.11  70  1.7  2.2  4.7  4.8  4.4  0.75  0.64  12.3  12.6  11.4  1.96  1.27  16.1  16.6  14.8  2.58  1.33  4  6  66  67  25  26  19  20  Freshworks  18.01  74  5.9  4.7  7.6  7.9  6.7  0.40  0.40  56.6  67.2  39.0  3.35  0.92  36.6  40.5  28.7  2.02  0.95  19  20  83  83  10  14  16  19  HubSpot  657.85  100  35.2  34.2  15.1  15.8  13.4  0.80  0.81  65.3  69.5  55.5  3.54  2.42  73.1  78.2  61.3  3.98  2.97  18  20  85  84  19  20  17  18  Intuit  621.28  93  180.4  184.8  13.0  13.4  11.9  1.07  1.07  26.3  27.2  23.7  2.18  NA  31.6  33.4  27.9  2.68  1.67  12  12  82  82  40  41  33  35  Klaviyo  24.36  67  7.6  6.9  9.4  10.0  8.0  0.40  NA  55.3  60.1  44.8  2.40  1.80  57.3  63.2  45.1  2.53  1.58  27  25  77  76  13  14  12  13  LegalZoom  13.15  85  2.8  2.6  5.4  5.5  5.0  0.49  0.53  17.7  18.7  15.3  1.65  0.96  18.9  19.5  17.4  1.73  1.64  10  11  67  66  20  22  19  19  Paycor  18.17  67  3.3  3.2  6.4  6.6  5.7  0.43  0.43  13.9  14.4  12.5  0.93  0.93  33.2  36.1  24.9  2.34  0.81  16  15  69  69  32  32  13  16  Sage  15.80  97  15.9  16.5  5.6  5.8  5.3  0.55  NA  21.4  22.2  19.5  2.13  1.50  25.4  26.2  23.2  2.52  2.03  9  10  93  93  24  25  21  21  Semrush  13.12  93  2.0  1.8  5.5  5.7  4.8  0.31  0.27  35.1  39.2  27.0  2.12  0.91  55.1  63.0  40.4  3.41  1.13  19  18  83  84  12  15  8  10  Sprout Social  56.02  85  3.4  3.3  9.3  10.0  7.8  0.36  0.32  NM  NM  78.3  NA  NA  96.2  NM  66.5  NA  NA  28  28  78  78  4  8  7  9  Toast  23.26  87  14.3  13.2  10.6  11.4  8.9  0.44  0.45  51.2  61.0  35.7  2.36  1.01  68.5  89.8  41.5  3.47  0.77  25  26  78  79  15  20  10  17  ZoomInfo  15.08  52  5.9  6.6  5.7  5.8  5.3  0.54  0.58  12.1  12.6  10.9  1.19  0.76  14.3  14.9  13.0  1.40  0.88  6  11  90  90  41  44  35  37  Mean  8.2 x  8.6 x  7.3 x  0.57 x  0.57 x  29.3 x  32.1 x  27.3 x  2.05 x  1.13 x  38.0 x  37.7 x  32.2 x  2.42 x  1.42 x  15 %  16 %  78 %  78 %  21 %  23 %  18 %  20 %  Median  7.0 x  7.3 x  6.2 x  0.52 x  0.53 x  21.4 x  22.2 x  21.0 x  2.12 x  0.96 x  29.8 x  29.0 x  25.3 x  2.38 x  1.32 x  16 %  16 %  79 %  80 %  19 %  21 %  18 %  19 %  Enterprise Software Peers  Microsoft $ 417.88  Oracle 124.19  Salesforce 294.14  SAP 193.47  97 %  $ 3,145.1  $ 3,158.5  17.0 x  17.5 x  15.3 x  1.12 x  1.09 x  22.4 x  23.1 x  20.0 x  1.49 x  1.42 x  40.2 x  42.1 x  34.9 x  2.70 x  1.49 x  14 %  16 %  69 %  69 %  52 %  53 %  29 %  30 %  96  369.2  447.8  10.8  11.0  10.1  1.20  NA  15.1  15.2  13.9  1.64  1.56  31.2  31.0  28.1  3.37  3.01  9  9  72  72  53  53  26  26  93  294.9  290.8  9.4  9.7  8.8  0.86  1.02  18.5  18.9  17.2  1.68  1.54  24.1  25.0  21.9  2.23  3.33  10  11  80  79  41  41  31  32  97  240.9  240.9  8.7  9.0  8.0  0.78  0.73  23.5  25.1  19.8  2.17  1.21  36.2  44.0  24.0  3.80  0.97  10  12  73  74  26  30  15  25  Mean  11.5 x  11.8 x  10.5 x  0.99 x  0.95 x  19.9 x  20.6 x  17.7 x  1.75 x  1.43 x  32.9 x  35.5 x  27.2 x  3.03 x  2.20 x  11 %  12 %  74 %  74 %  43 %  44 %  25 %  28 %  Median 10.1 x 10.4 x  9.4 x  0.99 x  1.02 x  20.4 x  21.0 x  18.5 x  1.66 x  1.48 x  33.7 x  36.6 x  26.1 x  3.04 x  2.25 x  10 %  11 %  73 %  73 %  47 %  47 %  27 %  28 %  Closing Price  20  Additional Supplemental Materials