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1、Cybersecurity Quarterly UpdateQ3 2022TECHNOLOGYTable of Contents2Page1.Houlihan Lokey Credentials32.Cybersecurity Market Update133.Public Markets Benchmarking Detail27Page1.Houlihan Lokey Credentials32.Cybersecurity Market Update133.Public Markets Benchmarking Detail27Global Cybersecurity Team4Globa

2、l Cyber ReachIdo ZakaiHead of Tech,IsraelTel AvivMalte AbramsCo-Head of DACH CyberFrankfurtRaiko SteltenCo-Head of DACH CyberFrankfurtHisashi YoshimuraHead of Tech,JapanTokyoSameer JindalHead of Tech,IndiaMumbaiBrian FerreiraAssociateNew YorkMark SmithHead of U.K.CyberManchesterRob LouvChairman of U

3、.S.TechnologySan FranciscoSean FitzgeraldManaging DirectorNew YorkChris HebbleManaging DirectorLos AngelesStephen LeeTech and Cyber Due DiligenceChicagoTransaction AdvisoryRaymond FrjdHead of Software,NordicsStockholmSara NapolitanoHead of Cyber,France ParisFinancial Sponsors19 Senior Bankers Coveri

4、ng1,400 InvestorsHoulihan Lokeys global Cybersecurity team combines an extensive network of relationships across the cybersecurity ecosystem and deep domain expertise with significant experience advising on M&A and capital-raising transactions.Chris HastingsManaging DirectorNew YorkBobby WolfeDirect

5、orCo-Head of U.S.CyberMiamiU.S.Cyber TeamKeith SkirbeManaging DirectorCo-Head of U.S.CyberSan FranciscoCooper ByrneVice PresidentNew YorkCapital MarketsOur Tech M&A Team Is No.1 Globally With Unparalleled Reach13LOCATIONSWORLDWIDE200+TECHNOLOGY BANKERS40+MANAGINGDIRECTORS250+TECHNOLOGY DEALS IN CY 2

6、1Asia-PacificBeijingFukuokaGurugramHo Chi Minh CityHong Kong SARMumbaiNagoyaOsakaShanghaiSingaporeSydneyTokyoEurope and Middle EastAmsterdamDubaiFrankfurtLondonMadridManchesterMilanMunich ParisStockholmTel AvivZurichNorth AmericaAtlantaBostonChicagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan

7、 FranciscoWashington,D.C.Local Technology team2021 Investment Banking Rankings All Global Technology TransactionsRank AdvisorDeals1Houlihan Lokey1242Goldman Sachs1143JP Morgan914Morgan Stanley875William Blair67Source:Refinitiv.Excludes accounting firms and brokers.5Houlihan Lokey is a leading global

8、 investment bank with expertise in mergers and acquisitions,capital markets,financial restructuring,and financial and valuation advisory.Business ServicesConsumer,Food,and RetailEnergyHealthcareIndustrialsReal Estate,Lodging,and LeisureFinancial SponsorsCoverageOur Coverage AreasOur ServicesCorporat

9、e FinanceFinancial RestructuringFinancial and Valuation AdvisoryEquity Capital MarketsDebt Advisory2,000+3062,00035$2.3B$6BKey Facts and FiguresCLIENTS SERVED ANNUALLYMANAGINGDIRECTORS(1)TOTAL FINANCIALPROFESSIONALS(2)LOCATIONSWORLDWIDEREVENUE(3)MARKET CAPITALIZATION(2)(1)As of September 30,2022;exc

10、ludes corporate MDs.(2)As of November 2022.(3)LTM ended September 30,2022.TechnologyFinancial Services6 No.1 Global M&A Fairness Opinion Advisor 1,000+Annual Valuation EngagementsFinancial and Valuation Advisory2002 to 2021 Global M&A Fairness Opinion Advisory RankingsRank AdvisorDeals1Houlihan Loke

11、y9522JP Morgan8903Duff&Phelps,A Kroll Business882Source:Refinitiv.Announced or completed transactions.2021 Most Active Global Investment Banks to Private Equity FirmsRank AdvisorDeals1Houlihan Lokey3232Deloitte2183William Blair183Source:PitchBook.No.1 Global Restructuring Advisor$3.0 Trillion of Agg

12、regate Transaction Value CompletedFinancial Restructuring No.1 Global M&A Advisor Leading Capital Markets Advisor Raising More Than$100 Billion in Past Five YearsCorporate Finance2021 Global Distressed Debt&Bankruptcy Restructuring Rankings Rank AdvisorDeals1Houlihan Lokey632Rothschild383Moelis34Sou

13、rce:Refinitiv.2021 Investment Banking Rankings All Global TransactionsRank AdvisorDeals1Houlihan Lokey5492Goldman Sachs5113JP Morgan508Source:Refinitiv.Excludes accounting firms and brokers.No.1 Global Advisor to Private Equity Firms 1,000+Sponsors Covered GloballyFinancial Sponsors CoverageHoulihan

14、 Lokey is the trusted advisor to more top decision-makers than any other independent global investment bank.7How Houlihan Lokey Can HelpSuperior Work Product/Technical AbilitiesCreativity,Imagination,Tenacity,and PositivityDeep,Industry-Specific ExpertiseSenior-Level Commitment and DedicationSignifi

15、cant Experience With Financing MarketsNo.1 for U.S.and Tech M&AWhy Were Different Portfolio Valuation and Fund AdvisoryCorporate FinanceTransaction OpinionsCorporate Valuation Advisory ServicesTransaction Advisory ServicesReal Estate Valuation and Advisory Dispute Resolution ConsultingMergers and Ac

16、quisitionsCapital MarketsPrivate Funds AdvisoryBoard Advisory ServicesWe are widely recognized as a leading M&A advisor to the mid-cap and have long-standing relationships with capital providers,including commercial banks and other senior credit providers,insurance funds,asset managers,and mezzanine

17、 fund investors.Few other investment banks maintain the breadth of relationships and capital markets intelligence that we do.Company AdvisoryCreditor AdvisoryWe have the largest restructuring practice of any global investment bank.Since 1988,we have advised on more than 1,500 restructuring transacti

18、ons(with aggregate debt claims in excess of$3.0 trillion).We served as an advisor in 12 of the largest 15 bankruptcies from 2000 to 2021.Special SituationsDistressed M&ALiability ManagementOver nearly four decades,we have established ourselves as one of the largest financial and valuation advisory f

19、irms.Our transaction expertise and leadership in the field of valuation help inspire confidence in the financial executives,boards of directors,special committees,investors,and business owners we serve.1What We OfferFinancial Restructuring2Financial and Valuation Advisory3Our firm is extremely well

20、equipped to help our clients navigate uncertain times.We respond quickly to challenging situations and are constantly helping clients to analyze,structure,negotiate,and execute the best possible solutions from both a strategic and a financial perspective.8Recent Case Study:XalientClient ProfileXalie

21、nt is a U.K.-based provider of cybersecurity and network services and solutions to enterprise-level customers in the U.K.,Europe,and North America.Its offering encompasses highly sophisticated,cutting-edge SD-WAN and security technologies and consultancy,supported by a full managed service capabilit

22、y and proprietary software.The business routinely displaces large system integrators and telecoms peers with its agile approach,reputation for thought leadership,and strategic IT knowledge.Our RoleHoulihan Lokey acted as exclusive financial advisor to the shareholders of Xalient in securing private

23、equity investment to help the founder and management team further accelerate international growth,expand the product and service portfolio,and scale its distinctive market proposition.The transaction highlights Houlihan Lokeys strong credentials in the cybersecurity services sector.Transaction Snaps

24、hotIn 2022,the shareholders launched a process to explore potential partners to assist in the next phase of Xalients growth.Houlihan Lokey managed a narrow private equity process involving a full suite of vendor-led due diligence(financial,commercial,and technology),with Volpi selected as the prefer

25、red party in September 2022 and the transaction signing shortly thereafter.9Recent Case Study:Thrive OperationsClient ProfileThrive Operations,LLC(Thrive)is a leading provider of outsourced cybersecurity and managed IT services to mid-market clients.The company offers a comprehensive suite of next-g

26、eneration solutions with a strong focus on cybersecurity,managed cloud,managed infrastructure,help desk,network services,and disaster recovery.The company has a strong presence in the financial services,insurance,healthcare life sciences,and education end markets.Thrive has executed a focused M&A st

27、rategy predicated upon adding complementary capabilities and expanding geographic scale to grow its customer base.The company had successfully acquired and integrated seven businesses in 14 months and had two additional targets under LOI.Given that the prior acquisitions were funded through a combin

28、ation of incremental senior debt and cash equity,the sponsor was interested in pursuing alternative debt financing solutions to help fund the near-term M&A targets.Our RoleHoulihan Lokeys Capital Markets Group served as exclusive placement agent for the financing,assisting the company in marketing,a

29、rranging,structuring,and negotiating the financing to support the acquisition.Transaction SnapshotThis financing highlights Houlihan Lokeys ability to deliver favorable outcomes for clients to support acquisition financing transactions.Houlihan Lokey fulfilled the clients key objectives,including(i)

30、placing a fixed-rate,all-PIK piece of paper despite rising interest rates and unfavorable market conditions,(ii)maximizing the quantum of capital raised to support the companys aggressive acquisition strategy and reduce the required sponsor equity contribution,and(iii)running a limited and efficient

31、 diligence process to minimize managements involvement while they executed on the M&A strategy.10a portfolio company of HoldCo PIK NotesAcquisition FinancingExclusive Placement AgentDeep Cyber Experience Across the EcosystemSelected transactions were executed by Houlihan Lokey professionals while at

32、 other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.Tombstones included herein represent transactions closed from 2010 forward.11has been acquired bySellside Advisorhas received investment fromSellside Advisora portfolio company of HoldCo PIK Notes

33、Acquisition FinancingExclusive Placement Agenthas made a strategic investment inBuyside Advisorhas been acquired bySellside AdvisorSAShas received a growth equity investment of$70,000,000 from Financial Advisorhas been acquired bySellside Advisor*has received a strategic growth investment fromSellsi

34、de Advisor*has received an investment fromSellside Advisor*has invested inFinancing Advisor*has been recapitalizedin partnership withSellside Advisorhas sold a majority stake toSellside Advisor*has invested inBuyside Advisor*has sold a majority stake intoSellside Advisor*has sold a minority stake to

35、Sellside Advisor*has been acquired bySellside Advisor*a portfolio company of Financial Advisorhas received an equity investment fromFinancial Advisorhas been acquired bySellside Advisor*has been acquired bySellside Advisor*has sold substantially all its assets,pursuant to Section 363 of the U.S.Bank

36、ruptcy Code,toCompany Advisorhas entered into a partnership withSellside Advisor*has been acquired bySellside Advisor*has been acquired bySellside Advisor*structured equity investment led byFinancing Advisor*Acquisition Financing has acquired Financing Advisor*has acquiredBuyside Advisorhas been acq

37、uired bySellside Advisor2022 Global Tech Conference|Cybersecurity Debrief12700+Industry Leaders and Capital Providers Attended100Participating CompaniesParticipating Cybersecurity CompaniesSelect Conference AttendeesArete is the leading provider of incident response and managed services,allowing com

38、panies to take back control of their systems and restore normal operationsBridewell is an industry-leading provider of end-to-end cybersecurity services,including managed security services(MDR)and cyber consultancyIndex Engines is the industry-leading provider of an analytics engine designed to dete

39、ct data corruption due to ransomwareNowSecure is the leading provider of automated mobile app security and privacy testing software,including professional mobile penetration testingRacktop is the leading and innovative provider of Cyberstorage,a primary unstructured data solution that actively defen

40、ds against ransomware and insider threatsUbisecure is a leading identity platform for customer,citizen,workforce,and organization identity and access managementCEO:Joe MannHeadquarters:U.SCEOs:Anthony Young,Scott NicholsonHeadquarters:U.KCEO:Tim WilliamsHeadquarters:U.SCEO:Alan SnyderHeadquarters:U.

41、SCEO:Eric BednashHeadquarters:U.SCEO:Simon WoodHeadquarters:U.KTargeted 1x1 MeetingsHeld in New York City on October 1213Page1.Houlihan Lokey Credentials32.Cybersecurity Market Update133.Public Markets Benchmarking Detail27Momentum in the security market is expected to continue,driven by the persist

42、ent threat environment.Sources:Gartner,451 Research,PitchBook,S&P Capital IQ,market data as of September 30,2022.Q3 22 Public Market Environment In line with the broader market,cybersecurity companies experienced a drop in public performance14.0 xForward TEV/RevenueCybersecurity Dashboard$154.8$168.

43、4$187.0$208.5$230.6$254.1202120222023202420252026General Market Environment($B)Cybersecurity momentum is expected to push onwards and upwards as secular trends remain intact$24.6$26.9 Sep-21 LTMSep-22 LTMPrivate Company Funding($B)Appetite for later-stage and mature cybersecurity deals remains stabl

44、eM&A Environment Public listings are less attractive exit options in volatile public markets,with sponsor-to-sponsor exits and corporate acquisitions likely to be the primary exit pathsNotable Q3 Transactions62 Deals$8.9B in Disclosed Transaction ValueQ3 2022AcquirerTarget145.7xForward TEV/Revenue5.

45、0 xForward TEV/Revenue(2.1%)Q3 22 Index Performance(11.8%)Q3 22 Index Performance(8.1%)Q3 22 Index PerformanceHigh-GrowthMedium-GrowthLow-GrowthDespite Correction,Cyber Remains Above Pre-COVID-19 LevelsSource:S&P Capital IQ as of September 30,2022.(1)High-Growth Cyber includes S,CRWD,ZS.(2)Medium-Gr

46、owth Cyber includes PANW,FTNT,SPLK,OKTA,FFIV,CYBR,QLYS,TENB,KNBE,RPD,DARK,FORG,SUMO,RSKD,TLS,ABST,WITH.(3)Low-Growth Cyber includes AVGO,CHKP,JNPR,4704,OTEX,BB,SWI,FSECURE,OSPN.Relative Index Performance Change152019202020212022High-Growth CyberMedium-Growth CyberLow-Growth CyberS&P 500NasdaqSigns o

47、f slowdown,trade war,scrutiny of big tech,and concerns about fiscal policy drive market declinePre-COVID-19 market highBoom in tech stocks amid COVID-19-related behavioral shiftsCost of capital increase begins sell-off of tech stocksRussia invades Ukraine Market crash bottoms out on March 23,2020(2.

48、1%)Q3 22 Index Performance(11.8%)Q3 22 Index Performance(8.1%)Q3 22 Index Performance(6.3%)Q3 22 Index Performance(5.0%)Q3 22 Index Performance(1)(2)(3)$168.4$254.1 20222026And Cybersecurity Remains Top of MindSource:Gartner Information Security and Risk Management Forecast 2022.TAM Expected to Grow

49、 in ResponseDespite macro conditions and the overall market pullback,security spend is expected to continue$85B+New TAMData Breaches Are Persistent($B)“Hackers threatening to release LAUSD data if demands not met by Monday”September 30,2022“The biggest hack in history:Australians scramble to change

50、passports and driver licenses after Optus telco data debacle”September 30,2022“Reshaping the threat landscape:deepfake cyberattacks are here”September 30,2022“Suffolk County struggles to recover from BlackCat ransomware attack”September 16,2022“Newly unsealed indictment accuses three individuals of

51、ransomware attacks against hundreds of U.S.victims”September 14,202216Pressing Cyber Concerns for CISOs in Q3 2022As the cyber threat environment continues to proliferate and cyber attackers increase their sophistication,cybersecurity solutions continue to be top of mind for CISOs in 2022.Source:Gar

52、tner Security and Risk Trends 2022.With 60%of knowledge workers currently working remotely,the usage of the public cloud and digital infrastructure has exploded,exposing new and challenging attack“surfaces”or points of security weakness This leaves organizations more vulnerable to attacksecurity lea

53、ders must look beyond traditional approaches to MDR in order to manage this wider set of risks By 2025,45%of organizations worldwide will have experienced attacks on their software supply chainssecurity leaders must prioritize digital supply chain risk management to mitigate the likelihood and effec

54、ts of these attacks Executive leaders need a fast and agile cybersecurity function to support digital business priorities To support this,digital businesses have moved away from a centralized CIO role and are building the Office of the CIO to enable distributed cyber judgement Human error continues

55、to play a prominent role in most data breaches,showing that the existing approaches to security awareness training are ineffective Organizations must move beyond outdated compliance-based awareness programs and begin investing in holistic behavior and culturechange programs to provoke more secure wa

56、ys of thinkingMoving Beyond AwarenessDistributed DecisionsDigital Supply Chain Risk Misuse of credentials is now a primary method that attackers use to access systems and achieve their goals Due to the criticality of IDTR systems,the identity management market will see consolidation in the longer te

57、rmIdentity System DefenseExpanding Attack“Surface”17About 1 million people work in cybersecurity in the U.S.,but there are nearly 700,000 unfilled positions;more than 90%of these openings are in the private sector(4)In the past 12 months,cybersecurity job openings in the U.S.have increased 29%,more

58、than double the rate of growth between 2018 and 2019(5)Several factors are driving the cybersecurity staffing shortage,including a lack of qualified professionals,increasing threats,and new challenges presented by more automation and telework Companies typically spend a minimum of 90 days to find th

59、e right candidate and have to pay up given the limited supply(6)The staffing shortage is becoming a more recognizable problem as businesses realize the criticality of protection in the face of the growing number of hackersMacro Factors Impacting the Cybersecurity Market Global awareness of Russian c

60、yber attacks and the potential spillover effects from large-scale cyber war(e.g.,the 2017 NotPetya cyber attack)are bolstering cybersecurity investment and focusCyberattacks continue to remain persistent,particularly amid the invasion of Ukraine,with extremely dangerous attacks from both an espionag

61、e perspective as well as in terms of the physical disruption of assets(1)This form of precision striking will continue to be aimed at Ukraines critical infrastructure and energy and financial sectors(1)The increase in attack severity highlights the need for heightened cybersecurity measuressuch as m

62、ultifactor authentication,zero trust,and incident response plansIn the wake of amplified,evolving cyber threats,the Biden administration is expanding its role in protecting the U.S.s digital infrastructure and will be releasing a“strict and demanding”national cyber strategy in Q4 2022(2)(1)DarkReadi

63、ng:Russian Cyber Attacks.(2)CyberScoop:Preview of National Cyber Strategy.(3)PitchBook:Q3 PE Breakdown.(4)CyberSeek Data.(5)Gartner TalentNeuron.(6)Think Consulting Cyber Staffing Crunch.Severity of Cyber ThreatsBear MarketSecurity Staff ShortageHigh inflation and rising interest rates are negativel

64、y impacting fund performance and portfolio valuations across all industriesHowever,cybersecurity is considered a top investment theme across funds and will remain stable amid adjusting valuations as the threat environment continues to be persistent and security is a priority Thoma Bravo announced in

65、 August that it would take authentication company Ping Identity private for an estimated$2.8 billion(3)Consolidation/roll-ups continue to be a popular play as the cyber space remains fragmented(3)In September,HelpSystems announced its acquisition of Outflank to add to its vulnerability management an

66、d simulations solutions;HelpSystems,backed by TA,has completed 14 add-ons in the past five yearsPublic listings are less attractive exit options in volatile public markets,with sponsor-to-sponsor exits and corporate acquisitions likely to be the primary exit paths for 202218R=0.300.0 x2.0 x4.0 x6.0

67、x8.0 x10.0 x12.0 x14.0 x16.0 x0%20%40%60%EV/23E Revenue to 23E/22E Revenue GrowthR=0.450.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 x14.0 x16.0 x0%20%40%60%80%EV/23E Revenue to Rule of 40Public Investors Remain Focused on Growth and ProfitabilityHigh Revenue Growth RateMean:45%|11.4xMedian:37%|12.0 xMedium R

68、evenue Growth RateMean:20%|4.2xMedian:21%|3.6xLow Revenue Growth RateMean:5%|3.4xMedian:5%|3.4xAbove“Rule of 40”Mean:22%|6.4xMedian:23%|8.4xBelow“Rule of 40”Mean:15%|3.5xMedian:15%|4.5xSources:Trading multiples are based on share price,other market data,and broker consensus future earnings estimates

69、 from S&P Capital IQ as of September 30,2022.All financials calendarized to a December year-end.19M&A Continues to Be an Exciting Exit for Cyber CompaniesCyber M&A Summary(2010Q3 2022)Select Recent Cyber Transactions(Q3 2022)Sources:PitchBook,451 Research as of September 30,2022.Note:NA indicates no

70、t publicly available.(1)Based on 2022 estimated revenue.Ann.DateAcquirerTargetSubsectorEV($M)EV/Rev09/12/22Application Security$3033.8x(1)09/01/22Security TestingNANA08/25/22Application Security5,6562.1x08/03/22Identity and Access Management2,7969.1x07/12/22Identity and Access Management102NA20($B)$

71、13.3$4.2$1.7$7.2$5.9$10.1$20.6$14.2$15.2$24.5$19.5$81.8$123.9 10610310595116151144151158 166 189 245 194 2010201120122013201420152016201720182019202020212022 YTDDisclosed ValueNumber of DealsSelect Minority Transactions(Q3 2022)And Cyber Continues to Draw InvestmentPrivate Funding Summary(2010Q3 202

72、2)Sources:PitchBook,451 Research as of September 30,2022.Note:Val.reflects estimated post-money valuation.N/D indicated that investors were not disclosed.Private Funding by Round(2022 YTD)Seed/AngelSeriesASeriesBSeriesCSeriesD+PE GrowthMedian Post-Money Valuation$14$48$140$500$2,600$70Percentage of

73、Deals by Round($in millions)Ann.DateLead InvestorTargetSubsectorAmt.($M)Val.($M)09/21/22Endpoint Security$100NA09/02/22Data Security1281,02008/31/22Identity and Access Management144108/18/22Endpoint Security135507/09/22Network Security9NA07/01/22Application Security3012021$1.4$1.6$2.2$2.6$3.2$4.6$5.

74、1$6.0$8.6$10.1$11.8$30.4$16.4 199 231 284 363 479 521 590 699 739 787 820 1,074 821$0.0$2.0$4.0$6.0$8.0$10.0$12.0$14.0$16.0$18.0$20.0$22.0$24.0$26.0$28.0$30.0$32.02010201120122013201420152016201720182019202020212022 YTDCapital InvestedNumber of Deals($B)41%25%13%7%4%10%SeedSeries ASeries BSeries CSe

75、ries D+PE GrowthSponsor-Backed Strategics Penetrating the Cyber MarketSource:Sponsor websites.(1)Thoma Bravo agreed to acquire ForgeRock for$2.3 billion on October 11,2022.(2)Vista Equity Partners agreed to acquire KnowBe4 for$4.6 billion on October 12,2022.(2)22(1)Select Cyber Investments:8.7x8.1x7

76、.8x7.1x6.5x4.6x3.8x3.8x3.6x3.6x3.0 x2.8x2.7x1.9x1.7x1.3x0.7x21.5xNMNM25.2x28.0 xNMNMNM23.6xNM16.6x8.4x12.5x18.1xNMNMNMQualysPublic Company Benchmarking:EV/CY 2023E Revenue and EBITDAHigh-Growth Cyber(30%+Revenue Growth)Medium-Growth Cyber(10%and 30 x or 0 x.Sorted by EV/2023E revenue.(1)Acquisition

77、by Vista Equity Partners announced October 12,2022.(2)Acquisition by Thoma Bravo announced October 11,2022.Median EV/2023E Revenue:7.3xMedian EV/2023E EBITDA:NMMedian EV/2023E Revenue:3.6xMedian EV/2023E EBITDA:19.8xEV/2023E EBITDAEV/2023E Revenue13.2x12.0 x8.8xNMNMNMMedian EV/2023E Revenue:12.0 x(2

78、)23(1)5.9x5.1x3.6x3.5x3.4x3.2x2.6x1.7x1.1x9.4x11.3xNM12.4x8.9x7.9x7.1x8.1xNMPublic Company Benchmarking:EV/CY 2023E Revenue and EBITDALow-Growth Cyber(30 x or 10%and 30%Revenue Growth)Median 2022E2023E Revenue Growth:37.1%Sources:Trading multiples are based on share price,other market data,and broke

79、r consensus future earnings estimates from S&P Capital IQ as of September 30,2022.All financials calendarized to a December year-end.Sorted by 2022E2023E revenue growth.(1)Acquisition by Thoma Bravo announced October 11,2022.(2)Acquisition by Vista Equity Partners announced October 12,2022.Median 20

80、22E2023E Revenue Growth:20.8%(1)25(2)10.0%9.5%8.7%8.7%8.5%5.4%3.2%2.1%8.8%6.4%5.5%4.9%4.7%4.7%4.5%4.4%3.5%Public Company Benchmarking:CY 2022E2023E Revenue GrowthLow-Growth Cyber(30 x or 30 x or 30 x or 30 x or 30 x or 30 x or 30 x or 30 x or 30 x or 30 x or 0 x.Sorted by market capitalization.37$81

81、.86$121,923$150,083$64,388$67,737$73,524$11,374$12,203$14,09413.8%5.2%8.5%17.7%18.0%19.2%8.80 27,826 33,175 26,433 25,250 26,606 3,011 3,407 3,649 0.4%NM 5.4%11.4%13.5%13.7%4.85 26,528 24,643 9,996 10,857 11,937 2,119 2,035 2,297 18.9%8.6%10.0%21.2%18.7%19.2%11.98 15,468 26,591 27,912 28,148 28,744

82、4,837 5,271 5,564 3.9%0.8%2.1%17.3%18.7%19.4%15.98 1,468 1,749 2,824 3,106 3,401 131 155 173 22.1%10.0%9.5%4.6%5.0%5.1%2.43 755 865 377 362 394 54 71 80 6.1%NM 8.7%14.2%19.6%20.4%8.05 684 536 535 461 476 (12)(64)(78)NM NM 3.2%NM NM NM 4.04 290 258 474 331 360 28 (49)9 6.9%NM 8.7%5.9%NM 2.6%Top Quart

83、ile$26,853$28,237$26,802$25,974$27,141$3,468$3,873$4,12816.3%9.0%8.9%17.5%18.7%19.3%Mean24,368 29,738 16,617 17,032 18,180 2,693 2,879 3,224 10.3%6.2%7.0%13.2%15.6%14.2%Median8,468 13,196 6,410 6,982 7,669 1,125 1,095 1,235 6.9%6.9%8.6%14.2%18.4%19.2%1st Quartile737 783 520 437 455 47 41 63 5.0%4.1%

84、4.8%8.7%14.6%9.4%($in millions)RevenueEBITDARevenue GrowthEBITDA MarginCompanyStock PriceEquity Mkt CapEnterprise ValueCY 2021A CY 2022E CY 2023ECY 2021A CY 2022E CY 2023E2020-2021A 2021-2022E 2022-2023ECY 2021A CY 2022E CY 2023EDisclaimer 2022 Houlihan Lokey.All rights reserved.This material may no

85、t be reproduced in any format by any means or redistributed without the prior written consent of Houlihan Lokey.Houlihan Lokey is a trade name for Houlihan Lokey,Inc.,and its subsidiaries and affiliates,which include the following licensed(or,in the case of Singapore,exempt)entities:in(i)the United

86、States:Houlihan Lokey Capital,Inc.,and Houlihan Lokey Advisors,LLC,each an SEC-registered broker-dealer and member of FINRA(www.finra.org)and SIPC(www.sipc.org)(investment banking services);(ii)Europe:Houlihan Lokey EMEA,LLP,Houlihan Lokey(Corporate Finance)Limited,and Houlihan Lokey UK Limited,auth

87、orized and regulated by the U.K.Financial Conduct Authority;Houlihan Lokey(Europe)GmbH,authorized and regulated by the German Federal Financial Supervisory Authority(Bundesanstalt fr Finanzdienstleistungsaufsicht);(iii)the United Arab Emirates,Dubai International Financial Centre(Dubai):Houlihan Lok

88、ey(MEA Financial Advisory)Limited,regulated by the Dubai Financial Services Authority for the provision of advising on financial products,arranging deals in investments,and arranging credit and advising on credit to professional clients only;(iv)Singapore:Houlihan Lokey(Singapore)Private Limited and

89、 Houlihan Lokey Advisers Singapore Private Limited,each an“exempt corporate finance adviser”able to provide exempt corporate finance advisory services to accredited investors only;(v)Hong Kong SAR:Houlihan Lokey(China)Limited,licensed in Hong Kong by the Securities and Futures Commission to conduct

90、Type 1,4,and 6 regulated activities to professional investors only;(vi)India:Houlihan Lokey Advisory(India)Private Limited,registered as an investment adviser with the Securities and Exchange Board of India(registration number INA000001217);and(vii)Australia:Houlihan Lokey(Australia)Pty Limited(ABN

91、74 601 825 227),a company incorporated in Australia and licensed by the Australian Securities and Investments Commission(AFSL number 474953)in respect of financial services provided to wholesale clients only.In the United Kingdom,European Economic Area(EEA),Dubai,Singapore,Hong Kong,India,and Austra

92、lia,this communication is directed to intended recipients,including actual or potential professional clients(UK,EEA,and Dubai),accredited investors(Singapore),professional investors(Hong Kong),and wholesale clients(Australia),respectively.Other persons,such as retail clients,are NOT the intended rec

93、ipients of our communications or services and should not act upon this communication.Houlihan Lokey gathers its data from sources it considers reliable;however,it does not guarantee the accuracy or completeness of the information provided within this presentation.The material presented reflects info

94、rmation known to the authors at the time this presentation was written,and this information is subject to change.Houlihan Lokey makes no representations or warranties,expressed or implied,regarding the accuracy of this material.The views expressed in this material accurately reflect the personal vie

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