2017年Q2 SaaS公共市场报告（英文）

SEG SNAPSHOTSaaS Public MarketJune 2017 UpdateSEGs Recent SaaS Transactions SEGs Broad Network of SaaS Buyers2SUMMARYQ2 2017 SaaS Public Market Trends69 The number of companies comprising the SEG SaaS Index. Four new companies have entered the Index in 2017 due to IPO.6.0x The median EV/Revenue multiple for SaaS companies in 2Q17. This represents an 11% increase from 1Q17s 5.4x multiple, and a 20% year-over-year (YOY) increase from 2Q16s 5.0x multiple. 26.4% The median TTM revenue growth rate for SaaS companies in 2Q17. This represents a slight decrease from last quarters 28.3% median revenue growth rate, but rather substantial decrease from 2Q16s 32% mark.ERP & Supply Chain The product category posting the highest EV/Revenue multiple (9.2x) in 2Q17, representing a 53% premium over the Index median of 6.0x. 21% The percentage of companies trading at 9.0x EV/Revenue or greater in 2Q17, compared to 2Q16s 13.2% of companies posting 9.0x EV/Revenue or greater. 68.4% The median gross profit margin for SaaS companies in 2Q17, an impressive increase compared to 2Q16 (65.4%). 3Q2 2017 SEG SaaS Index The SEG SaaS Index tracks public companies that primarily offer their solutions via the cloud and through a subscription or transaction based pricing model. The Index is currently comprised of 69 publicly traded companies. SEG SaaS Index CompaniesSEG - SaaS: Median MetricsMeasure 2Q16 3Q16 4Q16 1Q17 2Q17*EV/TTM Revenue 5.0x 5.6x 5.5x 5.4x 6.0xEV/NTM Revenue 4.1x 5.0x 4.3x 4.5x 5.3xEV/EBITDA 38.2x 44.0x 32.6x 36.7x 42.5xEV/TTM CFO 35.4x 38.4x 36.6x 39.4x 40.7xGross Profit Margin 65.4% 65.8% 66.8% 66.8% 68.4%EBITDA Margin -11.7% -7.5% -6.9% -7.4% -6.9%Net Income Margin -19.3% -16.9% -15.7% -14.8% -12.9%TTM Revenue Growth 32.0% 31.2% 28.0% 28.3% 26.4%TTM Total Revenue ($M) $177.2 $185.7 $199.4 $205.0 $217.4TTM EBITDA Growth 26.2% 24.2% 20.2% 21.1% 18.8%TTM Total EBITDA ($M) -$14.7 -$10.8 -$9.6 -$10.3 -$10.9Cash & Eq ($M) $95.5 $94.7 $106.7 $106.3 $114.5 4Operating Metrics: Revenue5TTM Revenue Growth Rate Distribution The median TTM revenue growth rate of public SaaS companies in 2Q17 was 26.4%, down slightly from 1Q17s 28.3% rate, but still impressive given median company size ($217.4 million TTM revenue in 2Q17) grew 22.7% YOY. 21% of public SaaS companies generated TTM revenue growth of 40% or more in 2Q17, versus 36.5% of companies achieving this high watermark in 2Q16. Many of these companies have found it difficult to maintain 40%+ growth as they scale revenue.1.6%12.7%7.9%23.8%17.5%14.3%22.2%4.8%8.1%19.4%21.0%25.8%11.3% 9.7%0%10%20%30%40%50% of CompaniesTTM Revenue Growth2Q16 2Q17$177.2 $185.7$199.4 $205.0$217.40.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%$0$50$100$150$200$2502Q16 3Q16 4Q16 1Q17 2Q17TTM RevenueGrowthTTM Total RevenueMedian Revenue Performance - QuarterlyTTM Total Revenue ($M) TTM Revenue GrowthOperating Metrics: EBITDA Margin TTM EBITDA Margin Distribution63.2%11.8% 13.2%7.4% 4.4%63.2%11.8% 14.7%7.4%2.9%0%10%20%30% of CompaniesTTM EBITDA Margin2Q16 2Q17-11.7%-7.5% -6.9% -7.4% -6.9%2Q16 3Q16 4Q16 1Q17 2Q17EBITDA MarginEBITDA Margin6 Median public SaaS company EBITDA margin has oscillated around -7% over the past four quarters. This is a marked improvement over the double digit median GAAP loss posted in prior years. While the majority of the SEG SaaS Index continues to post GAAP losses (63% in 2Q17) due to revenue recognition requirements, approximately 72% of the index generated positive cash flow from operations (CFO) in Q2, up from 66% a year ago. Select public SaaS companies posting negative EBITDA margin while generating positive CFO include: Workday, ServiceNow, Atlassian Corp, Proofpoint and Cornerstone.Median Operating Ratios Median Margin Performance38.8% 38.4% 37.7% 38.4% 38.1%19.7% 19.5% 18.9% 19.0% 18.8%18.6% 17.2%16.7% 16.8% 17.1%2Q16 3Q16 4Q16 1Q17 2Q17% of RevenueS&M (% of Revenue) R&D (% of Revenue) G&A (% of Revenue)Median gross margin (68.4%), EBITDA margin (-6.9%), and net income margin (-12.9%) have all steadily improved for public SaaS companies over the past year. More importantly, public SaaS companies posted positive free cash flow margin of 7.6% in 2Q17.Public SaaS company operating expenses have remained relatively flat over the past few quarters. Median Sales & Marketing (S&M) , Research & Development (R&D), and General & Administrative (G&A) expenses were 38.1%, 18.8%, and 17.1% of revenue, respectively, during the second quarter. 7* FCF Margin is operating free cash flow divided by revenue65.4% 65.8% 66.8% 66.8%68.4%-11.7%-7.5% -6.9% -7.4% -6.9%-19.3% -16.9%-15.7% -14.8% -12.9%3.8% 4.4%7.1% 6.2% 7.6%-20%-10%0%10%20%30%40%50%60%70%2Q16 3Q16 4Q16 1Q17 2Q17% MarginGross Profit Margin EBITDA Margin Net Income Margin Free Cash Flow MarginPublic Market Multiples EV/Revenue Multiple Distribution7.5% 7.5%9.4%15.1%7.5%13.2%7.5% 7.5%11.3%13.2%3.0%7.6%6.1%10.6%7.6%13.6%9.1%13.6%7.6%21.2%1.0x2.0x3.0x4.0x5.0x6.0x7.0x8.0x9.0x% of