Billing & Service Management 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 1.3x 1.5x 1.9x 1.9x 2.3x
EV/EBITDA 8.0x 8.2x 8.4x 8.3x 8.7x
EV/Earnings 15.9x 17.1x 15.4x 14.2x 17.2x
Gross Profit Margin 58.0% 58.3% 59.4% 58.4% 58.3%
EBITDA Margin 18.8% 19.8% 20.7% 18.7% 18.4%
Net Income Margin 11.7% 12.1% 11.0% 9.9% 9.8%
TTM Revenue Growth (YoY) 9.5% 10.4% 10.4% 8.9% 16.9% TTM EBITDA Growth (YoY) 10.2% 15.7% 14.5% 9.8% 11.6%
TTM E i G th (Y Y) 4 9% 5 6% 7 6% 6 7% 24 5%
Enterprise Resource Planning 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 2.1x 2.2x 2.3x 2.5x 2.5x
EV/EBITDA 9.2x 9.1x 10.1x 12.1x 12.2x
EV/Earnings 15.2x 15.7x 22.9x 30.7x 28.7x
Gross Profit Margin 75.4% 75.6% 75.8% 76.2% 76.6%
EBITDA Margin 23.2% 23.1% 22.8% 22.4% 22.2%
Net Income Margin 15.6% 14.6% 11.5% 7.9% 7.7%
TTM Revenue Growth (YoY) 4.7% 3.4% 2.6% 1.5% 2.2% TTM EBITDA Growth (YoY) 5.5% 8.2% 4.2% 0.3% 0.1% TTM E i G th (Y Y) 20 9% 24 7% 10 4% 12 3% 1 8%
IT Conglomerates 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 2.8x 2.5x 2.5x 2.9x 2.7x
EV/EBITDA 8.4x 8.0x 9.0x 8.7x 8.3x
EV/Earnings 14.4x 13.7x 14.7x 14.2x 13.5x
Gross Profit Margin 71.6% 71.4% 71.2% 71.6% 71.9%
EBITDA Margin 36.1% 34.6% 33.8% 33.8% 34.3%
Net Income Margin 23.0% 18.6% 17.4% 17.6% 17.8% TTM Revenue Growth (YoY) 1.5% 1.4% 0.5% 0.2% 1.2% TTM EBITDA Growth (YoY) 0.5% -0.6% 0.9% 2.4% -0.3%
TTM E i G th (Y Y) 4 1% 20 0% 24 9% 16 9% 7 9%
TTM Earnings Growth (YoY) 4.9% -5.6% -7.6% 6.7% 24.5%
Current Ratio 2.4 2.7 3.0 2.7 2.8
Cash as Percent of Market Cap 21.6% 21.8% 16.0% 17.8% 19.2% Enterprise Value Growth (YoY) -5.0% 13.9% 10.2% 21.5% 22.6%
Business Intelligence 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 3.7x 3.2x 3.4x 3.0x 3.3x
EV/EBITDA 25.6x 17.5x 15.8x 16.5x 17.1x
EV/Earnings 47.0x 30.9x 34.6x 25.2x 34.0x
Gross Profit Margin 73 9% 73 4% 72 8% 72 3% 71 8%
TTM Earnings Growth (YoY) -20.9% -24.7% -10.4% -12.3% -1.8%
Current Ratio 1.1 1.1 1.1 1.1 1.0
Cash as Percent of Market Cap 13.1% 13.8% 12.7% 13.2% 15.6% Enterprise Value Growth (YoY) 3.2% 2.7% 9.7% 18.3% 8.7%
Financial & Accounting 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 2.9x 2.9x 3.1x 3.3x 3.3x
EV/EBITDA 9.8x 9.8x 10.5x 11.3x 12.0x
EV/Earnings 20.1x 20.3x 22.8x 24.4x 28.0x
Gross Profit Margin 58 7% 55 3% 54 6% 55 7% 56 7%
TTM Earnings Growth (YoY) -4.1% 20.0% 24.9% 16.9% -7.9%
Current Ratio 1.2 1.2 1.1 1.2 1.2
Cash as Percent of Market Cap 19.6% 20.9% 19.2% 21.6% 26.1% Enterprise Value Growth (YoY) 9.4% 2.4% 1.6% 1.7% 4.1%
Mobile Solutions/Content 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 3.2x 2.5x 2.7x 2.8x 3.0x
EV/EBITDA 13.8x 11.9x 20.6x 13.2x 13.5x
EV/Earnings 22.2x 21.4x 40.1x 50.5x 62.9x
Gross Profit Margin 56 0% 57 1% 55 1% 54 2% 54 4% Gross Profit Margin 73.9% 73.4% 72.8% 72.3% 71.8%
EBITDA Margin 16.5% 14.7% 14.0% 13.6% 13.3%
Net Income Margin 7.9% 7.8% 6.1% 9.5% 8.9%
TTM Revenue Growth (YoY) 13.8% 13.2% 11.8% 13.1% 14.2% TTM EBITDA Growth (YoY) 8.4% 0.6% 3.0% -8.7% -22.8% TTM Earnings Growth (YoY) -14.0% 1.8% -7.5% -6.1% -75.4%
Current Ratio 2.0 2.2 1.9 2.0 2.0
Cash as Percent of Market Cap 13.2% 18.8% 15.7% 13.4% 11.2% Enterprise Value Growth (YoY) 1.5% -9.3% -7.2% -9.1% 21.0%
Gross Profit Margin 58.7% 55.3% 54.6% 55.7% 56.7%
EBITDA Margin 29.0% 28.8% 27.5% 26.6% 26.1%
Net Income Margin 11.0% 12.8% 12.6% 12.6% 11.2% TTM Revenue Growth (YoY) 17.2% 13.8% 8.6% 10.7% 9.5% TTM EBITDA Growth (YoY) 6.6% 4.1% 2.9% 5.3% 8.2% TTM Earnings Growth (YoY) -22.6% -22.2% -17.4% -7.0% -0.8%
Current Ratio 1.2 1.2 1.3 1.5 1.4
Cash as Percent of Market Cap 9.4% 6.5% 5.8% 7.9% 8.0% Enterprise Value Growth (YoY) 14.6% 19.8% 12.0% 20.9% 22.9%
Gross Profit Margin 56.0% 57.1% 55.1% 54.2% 54.4%
EBITDA Margin 7.8% 6.4% 4.5% 7.9% 8.0%
Net Income Margin -0.4% -5.1% -3.1% -2.7% 2.3% TTM Revenue Growth (YoY) 44.9% 48.1% 44.5% 24.6% 13.2% TTM EBITDA Growth (YoY) -1.6% -20.3% 13.7% 13.9% 10.7% TTM Earnings Growth (YoY) 27.0% 31.4% 33.7% 17.5% 70.5%
Current Ratio 1.9 2.0 1.9 2.1 2.1
Cash as Percent of Market Cap 13.3% 10.7% 8.2% 10.5% 10.9% Enterprise Value Growth (YoY) -20.9% -9.1% -18.9% -20.8% 8.6%
Development Platforms 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 2.5x 2.5x 2.5x 2.6x 2.6x
EV/EBITDA 8.2x 9.6x 9.1x 10.1x 14.2x
EV/Earnings 13.6x 16.6x 17.1x 14.2x 13.6x
Gross Profit Margin 77.8% 77.6% 77.9% 78.1% 77.7%
EBITDA Margin 24.7% 23.5% 21.1% 20.3% 20.4%
Net Income Margin 13.7% 13.8% 14.3% 12.6% 11.2% TTM Revenue Growth (YoY) 3.5% 1.6% 3.0% 0.6% -0.3% TTM EBITDA Growth (YoY) 3.0% -0.6% -3.0% -2.7% -5.5%
Gaming 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 1.0x 1.0x 1.1x 1.3x 1.7x
EV/EBITDA 9.1x 8.0x 7.1x 9.4x 11.3x
EV/Earnings 12.1x 20.2x 16.8x 20.5x 43.6x
Gross Profit Margin 61.6% 61.9% 64.7% 65.3% 66.5%
EBITDA Margin 14.9% 15.7% 14.9% 15.4% 14.6%
Net Income Margin 6.0% 5.4% 4.5% 4.4% 4.1%
TTM Revenue Growth (YoY) 2.2% 0.1% 7.4% 15.1% 14.9% TTM EBITDA Growth (YoY) -26.8% -12.5% 6.3% 57.8% 52.8%
Networking & Network Perf Mgmt 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 3.0x 3.0x 2.8x 2.7x 2.8x
EV/EBITDA 16.4x 14.9x 15.3x 17.0x 17.0x
EV/Earnings 25.8x 26.9x 29.8x 21.0x 22.9x
Gross Profit Margin 70.7% 70.7% 70.4% 70.5% 70.6%
EBITDA Margin 16.3% 16.0% 16.1% 15.0% 14.3%
Net Income Margin 8.3% 8.7% 6.5% 5.4% 0.5%
TTM Revenue Growth (YoY) 17.3% 14.6% 15.2% 11.0% 6.5% TTM EBITDA Growth (YoY) 17.9% 22.6% 15.6% 8.2% -2.0% TTM Earnings Growth (YoY) 3.9% 3.0% 7.1% 9.5% 15.7%
Current Ratio 2.1 2.2 2.3 2.3 2.1
Cash as Percent of Market Cap 21.5% 22.1% 19.8% 20.2% 17.4% Enterprise Value Growth (YoY) 6.5% -1.7% 0.1% -3.0% 6.2%
Engineering & PLM 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 2.6x 2.5x 2.7x 2.7x 2.8x
EV/EBITDA 12.1x 11.8x 13.4x 12.4x 13.8x
EV/Earnings 23.3x 23.2x 20.0x 19.6x 23.0x
TTM Earnings Growth (YoY) -29.2% -24.8% -24.5% -14.8% -9.5%
Current Ratio 2.8 2.4 2.5 2.6 2.4
Cash as Percent of Market Cap 31.4% 29.9% 28.7% 22.1% 19.4% Enterprise Value Growth (YoY) -10.5% -12.3% -1.3% 27.1% 65.7%
Healthcare 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 2.2x 2.1x 2.1x 2.1x 2.5x
EV/EBITDA 12.8x 11.3x 14.8x 17.6x 16.1x
EV/Earnings 37.9x 41.7x 34.2x 37.3x 34.4x
( )
TTM Earnings Growth (YoY) -19.6% 16.9% 27.9% 27.1% 2.3%
Current Ratio 2.7 2.5 1.9 1.9 2.4
Cash as Percent of Market Cap 17.9% 16.9% 14.4% 17.2% 20.4% Enterprise Value Growth (YoY) 7.1% -7.2% -4.3% 2.2% 8.7%
Security 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 4.2x 3.1x 3.5x 4.5x 4.9x
EV/EBITDA 11.5x 11.9x 20.7x 16.7x 12.7x
EV/Earnings 18.1x 14.2x 17.6x 18.0x 20.7x
Gross Profit Margin 84.1% 83.4% 83.3% 83.4% 83.6%
EBITDA Margin 20.5% 20.6% 20.7% 20.5% 20.3%
Net Income Margin 11.4% 10.6% 10.8% 10.4% 10.8% TTM Revenue Growth (YoY) 13.2% 14.0% 13.1% 11.7% 8.4% TTM EBITDA Growth (YoY) 20.8% 17.3% 10.5% 11.3% 10.1% TTM Earnings Growth (YoY) -38.8% -14.9% -9.0% -11.3% 0.1%
Current Ratio 1.8 1.8 1.9 2.2 2.2
Cash as Percent of Market Cap 16.3% 14.6% 13.9% 14.9% 15.5% Enterprise Value Growth (YoY) 29.0% 31.1% 21.1% 27.4% 32.9%
Gross Profit Margin 55.1% 55.4% 55.7% 54.5% 53.6%
EBITDA Margin 20.6% 18.5% 13.4% 14.1% 14.3%
Net Income Margin 4.0% 3.3% 1.9% 1.7% 1.7%
TTM Revenue Growth (YoY) 24.2% 19.6% 10.7% 11.0% 9.4% TTM EBITDA Growth (YoY) 7.0% 13.7% -0.2% -16.8% -19.9% TTM Earnings Growth (YoY) -24.0% -16.2% -10.8% 22.5% 229.5%
Current Ratio 2.1 2.1 2.2 2.2 2.2
Cash as Percent of Market Cap 8.1% 7.2% 7.1% 5.8% 5.6% Enterprise Value Growth (YoY) -25.5% -17.3% -10.0% 0.4% 9.3%
Gross Profit Margin 77.0% 77.0% 76.7% 76.7% 76.9%
EBITDA Margin 18.4% 17.1% 8.1% 7.3% 7.5%
Net Income Margin 9.4% 12.3% 6.2% 2.1% 2.4%
TTM Revenue Growth (YoY) 22.8% 23.9% 23.8% 21.8% 21.2% TTM EBITDA Growth (YoY) 8.4% 8.7% 4.6% -18.6% -25.4% TTM Earnings Growth (YoY) -7.5% 1.1% 6.5% 21.1% 33.0%
Current Ratio 2.2 2.3 1.8 1.8 1.7
Cash as Percent of Market Cap 14.7% 14.6% 12.8% 12.1% 9.4% Enterprise Value Growth (YoY) 9.1% 0.7% 7.7% 10.3% 46.7%
THE SEG SOFTWARE INDEX METRICS BY PRODUCT
CATEGORY
Storage, Data Mgmt & Integration 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 2.5x 2.3x 2.4x 2.4x 2.7x
EV/EBITDA 9.2x 8.4x 9.2x 8.8x 8.9x
EV/Earnings 15.2x 14.5x 15.4x 16.9x 15.5x
Gross Profit Margin 73.7% 72.4% 72.6% 72.3% 72.8%
EBITDA Margin 23.9% 23.8% 22.2% 21.9% 22.2%
Net Income Margin 12.8% 12.7% 11.5% 10.7% 10.9% TTM Revenue Growth (YoY) 6.3% 6.5% 4.8% 4.1% 3.3% TTM EBITDA Growth (YoY) 8.0% 3.8% 3.9% 3.4% -0.3%
TTM E i G th (Y Y) 11 4% 9 9% 8 0% 5 7% 0 4%
Vertical - Other 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 2.9x 2.9x 3.0x 3.2x 3.6x
EV/EBITDA 21.2x 21.3x 22.0x 22.1x 20.8x
EV/Earnings 47.5x 39.8x 40.9x 45.5x 51.8x
Gross Profit Margin 54.6% 54.2% 53.8% 53.5% 53.2%
EBITDA Margin 14.3% 14.0% 14.1% 14.4% 15.5%
Net Income Margin 6.2% 5.7% 5.7% 5.5% 5.5%
TTM Revenue Growth (YoY) 28.0% 19.8% 21.3% 21.0% 22.2% TTM EBITDA Growth (YoY) 9.0% 6.5% 1.1% 11.2% 18.1% TTM E i G th (Y Y) 14 5% 12 5% 22 4% 0 5% 21 9% TTM Earnings Growth (YoY) -11.4% -9.9% -8.0% -5.7% 0.4%
Current Ratio 2.1 2.3 2.2 2.2 2.4
Cash as Percent of Market Cap 19.6% 20.9% 22.1% 21.7% 20.6% Enterprise Value Growth (YoY) 7.8% -1.1% -9.1% -0.8% 13.0%
Supply Chain Mgmt & Logistics 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 2.5x 2.9x 3.3x 3.4x 4.1x
EV/EBITDA 10.5x 12.7x 14.5x 15.0x 17.1x
EV/Earnings 24.8x 33.1x 34.1x 36.0x 33.9x
Gross Profit Margin 65 6% 66 0% 66 6% 67 7% 67 7%
TTM Earnings Growth (YoY) -14.5% 12.5% 22.4% -0.5% 21.9%
Current Ratio 1.3 1.4 1.4 1.4 1.4
Cash as Percent of Market Cap 10.3% 11.2% 11.3% 9.4% 7.9% Enterprise Value Growth (YoY) 15.6% 7.5% 8.4% 50.5% 68.0%
Gross Profit Margin 65.6% 66.0% 66.6% 67.7% 67.7%
EBITDA Margin 17.1% 16.6% 16.0% 15.3% 19.2%
Net Income Margin 10.4% 10.4% 10.5% 10.4% 11.1% TTM Revenue Growth (YoY) 15.9% 11.2% 11.3% 9.3% 10.2% TTM EBITDA Growth (YoY) 31.6% 36.0% 27.4% 12.0% 16.8% TTM Earnings Growth (YoY) -18.2% -4.0% -8.7% -10.6% 19.7%
Current Ratio 2.0 2.0 2.0 2.0 2.1
Cash as Percent of Market Cap 10.8% 9.3% 8.1% 6.2% 6.1% Enterprise Value Growth (YoY) 40.9% 38.4% 28.9% 31.7% 40.4%
Systems Management 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 6.9x 5.7x 5.6x 5.0x 5.4x
EV/EBITDA 26.6x 24.6x 23.0x 20.9x 19.7x
EV/Earnings 41.2x 39.3x 37.6x 34.7x 34.8x
Gross Profit Margin 85.8% 85.8% 85.6% 85.5% 85.6%
EBITDA Margin 25.9% 25.0% 24.4% 23.8% 24.2%
Net Income Margin 16.7% 15.5% 14.9% 14.1% 13.8% TTM Revenue Growth (YoY) 18.7% 17.4% 17.2% 16.1% 16.4% TTM EBITDA Growth (YoY) 13.3% 16.0% 18.2% 15.1% 10.1% TTM Earnings Growth (YoY) -15.8% -8.0% -8.8% -8.8% 0.4%
Current Ratio 1.9 1.8 1.5 1.5 1.5
Cash as Percent of Market Cap 9.3% 10.5% 11.0% 13.2% 11.5% Enterprise Value Growth (YoY) 33.2% 7.8% 4.1% -10.3% -9.0%
Vertical - Finance 3Q12 4Q12 1Q13 2Q13 3Q13
EV/Revenue 3.2x 3.0x 3.4x 3.8x 3.7x
EV/EBITDA 10.6x 9.4x 10.7x 11.4x 12.6x
EV/Earnings 26.0x 23.3x 24.1x 23.2x 24.3x
Gross Profit Margin 45.4% 44.3% 43.8% 43.3% 43.2%
EBITDA Margin 26.2% 26.3% 26.5% 27.3% 26.0%
Net Income Margin 10.4% 10.0% 9.7% 10.3% 11.3%
TTM Revenue Growth (YoY) 6.3% 7.1% 6.7% 7.6% 7.4% TTM EBITDA Growth (YoY) 7.9% 11.2% 8.8% 9.0% 8.9% TTM Earnings Growth (YoY) 1.3% -3.3% -0.9% -2.6% -8.4%
Current Ratio 1.3 1.4 1.3 1.4 1.3
Cash as Percent of Market Cap 9.0% 7.6% 7.0% 7.7% 6.9% Enterprise Value Growth (YoY) 2.7% -4.4% 0.9% 20.9% 29.0%