| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| BILL | EVCM | BKYI | BRZE | S | | APPF | |
| NYSE:BILL | NasdaqGS:EVCM | NasdaqCM:BKYI | NasdaqGS:BRZE | NYSE:S | | NasdaqGM:APPF | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 64.1% | 23.6% | 13.9% | 43.8% | 77.6% | | 25.4% | |
| 3Y CAGR | 75.6% | 12.5% | 39.8% | 35.6% | 58.9% | | 30.3% | |
| Latest Twelve Months | 16.4% | 3.5% | -10.6% | 25.8% | 32.2% | | 28.0% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -28.7% | -1.4% | -133.3% | -31.4% | -92.3% | | 0.7% | |
| Prior Fiscal Year | -23.0% | 1.4% | -113.8% | -31.0% | -59.7% | | 3.8% | |
| Latest Fiscal Year | -11.4% | 5.8% | -57.9% | -20.6% | -40.1% | | 17.1% | |
| Latest Twelve Months | -5.5% | 5.8% | -57.9% | -20.6% | -40.1% | | 17.1% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 3.08x | 3.24x | 0.63x | 5.85x | 6.19x | | 9.85x | |
| EV / LTM EBIT | -55.8x | 55.6x | -1.1x | -28.4x | -15.4x | | 57.6x | |
| Price / LTM Sales | 3.40x | 2.66x | 0.44x | 6.57x | 7.56x | | 10.14x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.63x | 3.24x | 6.19x | | | | | |
| Historical EV / LTM Revenue | 8.17x | 10.56x | 19.80x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 9.01x | 9.49x | 9.96x | | | | | |
| (x) LTM Revenue | 794 | 794 | 794 | | | | | |
| (=) Implied Enterprise Value | 7,157 | 7,534 | 7,910 | | | | | |
| (-) Non-shareholder Claims * | 237 | 237 | 237 | | | | | |
| (=) Equity Value | 7,394 | 7,770 | 8,147 | | | | | |
| (/) Shares Outstanding | 36.4 | 36.4 | 36.4 | | | | | |
| Implied Value Range | 203.09 | 213.44 | 223.79 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 203.09 | 213.44 | 223.79 | | 221.30 | | | |
| Upside / (Downside) | -8.2% | -3.6% | 1.1% | | | | | |