Welcome to the Q1 2016 edition of the AdTech & MarTech Barometer – Results International’s quarterly market review of the global advertising and marketing technology sector. It has been a tale of two halves in the public markets for AdTech and MarTech – AdTech has seen a second consecutive quarter of growth in valuation whereas MarTech stocks have experienced a significant decline in value this quarter. MarTech companies are aligned in business model to SaaS-based enterprise software vendors, and have been similarly impacted by the wider decline in software valuations across the board this quarter, in spite of continued positive company performance, although recent weeks have seen a return of value. M&A across both sectors however has remained very strong as innovation continues to be acquired and large corporates look to the sector for diversification and revenue growth opportunity. Two notable, sizeable acquisitions of Opera and Tapad reinforce the continuing trend of new, cash-rich market entrants paying strategic multiples for an established, scaled and innovative presence in the sector. Wider M&A activity in AdTech/MarTech remains high; this quarter represents the joint third highest quarter of announced deals on record. Against the rumoured tough funding backdrop both AdTech and MarTech have seen several sizable funding rounds announced with some exciting institutional investors including App Annie, Qubit, The Trade Desk and Jana Mobile, as well as dynamic, exciting early stage companies, including home-grown UK talents Grapeshot and Adbrain. We expect the sectors M&A and fundraising to strengthen as we continue into 2016, especially for innovative companies that offer a differentiated proposition and those companies that are continuing to quickly scale globally. It is a good time to be contemplating corporate activity in the AdTech and MarTech space – if you are, please do get in touch. We hope that you enjoy the document and look forward to discussing the data and underlying themes with you.

1. AdTech & MarTech
Barometer
Q1 2016 Market Review
STRICTLY PRIVATE AND CONFIDENTIAL

2. QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 1
Welcome to the Q1 2016 edition of the AdTech & MarTech Barometer
The Barometer is Results International’s quarterly market review of the global advertising and marketing technology sector.
It has been a tale of two halves in the public markets for AdTech and MarTech – AdTech has seen a second consecutive quarter of growth in
valuation whereas MarTech stocks have experienced a significant decline in value this quarter. MarTech companies are aligned in business
model to SaaS-based enterprise software vendors, and have been similarly impacted by the wider decline in software valuations across the
board this quarter, in spite of continued positive company performance, although recent weeks have seen a return of value.
M&A across both sectors however has remained very strong as innovation continues to be acquired and large corporates look to the sector for
diversification and revenue growth opportunity. Two notable, sizeable acquisitions of Opera and Tapad reinforce the continuing trend of new,
cash-rich market entrants paying strategic multiples for an established, scaled and innovative presence in the sector. Wider M&A activity in
AdTech/MarTech remains high; this quarter represents the joint third highest quarter of announced deals on record.
Against the rumoured tough funding backdrop both AdTech and MarTech have seen several sizable funding rounds announced with some
exciting institutional investors including App Annie, Qubit, The Trade Desk and Jana Mobile, as well as dynamic, exciting early stage
companies, including home-grown UK talents Grapeshot and Adbrain.
We expect the sectors M&A and fundraising to strengthen as we continue into 2016, especially for innovative companies that offer a
differentiated proposition and those companies that are continuing to quickly scale globally. It is a good time to be contemplating corporate
activity in the AdTech and MarTech space – if you are, please do get in touch.
We hope that you enjoy the document and look forward to discussing the data and underlying themes with you.

3. QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 2
About Results International
DEEP DOMAIN EXPERTISE IN THREE INTER-RELATED SECTORS… …AND AN INTERNATIONAL TRACK RECORD
A MARKET-LEADING CORPORATE FINANCE ADVISORY FIRM… …WITH GLOBAL REACH
• Experts in positioning growth, market opportunity and strategic
benefits
• Extensive network of buyer relationships
• Offices in London, New York and Singapore
• Senior level involvement in every transaction
• 40 person team globally; 250+ completed transactions
• Entrepreneurial and owner-managed
• Relentless pursuit of the very best outcome for all shareholders
Marketing
Healthcar
e
Technolog
y
Pie chart represents geographic spread of buyers for Results’ transactions in 2014,

4. QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 3
50%
60%
70%
80%
90%
100%
110%
120%
130%
140%
150%
Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
Diversified Internet NASDAQ Comp Data MarTech AdTech
Results International Global AdTech & MarTech Indices
Mar-16Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16
Notes: Based on share prices as at 31st March 2016; indices weighted by market capitalisation
Sources: Capital IQ and Results analysis
LAST12MONTHSHAREPRICEPERFORMANCE
32.1%
(0.6%)
(13.8%)
(16.7%)Q1 2016 PERFROMANCE
AdTech 7.5%
Diversified Internet (1.9%)
Nasdaq Comp (2..8%)
Data (8.4%)
MarTech (19.0%)
(14.4%)

5. QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 4
(88.9%)
(28.0%)
4.9%
(64.4%)
(52.0%)
(57.8%)
(81.5%)
1.8%
(77.1%)
(65.8%)
(48.8%)
2.0%
(24.8%)
(6.4%)
(27.9%)
(44.2%)
(14.9%)
(35.8%)
9.3%
(23.6%)(24.8%)
65.9%
16.0%
(25.7%)
11.5%
(40.6%)
37.5%
59.5%
(58.6%)
38.8%
(17.2%)
(100%)
(80%)
(60%)
(40%)
(20%)
-
20%
40%
60%
80%
(41.8%)
25.0%
4.6%
(34.2%)
(15.6%)
(19.4%)
3.5%
30.4%
(34.0%)
(9.7%)
16.0%
11.1%
(14.6%)
(4.9%)
6.6%
(28.1%)
0.6%
(27.6%)
(22.5%)
(31.8%)
(28.4%)
9.3%
2.5%
(20.5%)
3.7%
(0.7%) (1.9%)
(12.2%)(13.2%)
9.0% 10.7%
(50%)
(40%)
(30%)
(20%)
(10%)
-
10%
20%
30%
40%
AdTech & MarTech: Share Price Performance
EV/2016E
Net Revenue
n.m 0.5x - 2.0x 1.7x 1.0x 0.5x 2.8x 3.4x 0.4x 3.3x 1.0x 1.0x 1.2x 4.4x 6.0x 5.5x2.9x 7.2x 4.1x 4.4x 1.4x 7.6x 2.1x 3.2x 7.4x12.4x4.2x 0.7x 0.4x 1.9x
(1)
(1) 2016E Net Revenue data is unavailable
(2) These companies have IPO’d within the last 12 months, the share price movement represents the change between each stocks respective IPO date (see slide 5) and 31st March 2016
Note: Based on share prices as at 31st March 2016
Sources: Capital IQ and Results analysis
(2)
(2)
ADTECH DIVERSIFIED INTERNETMARTECH DATA
LAST12MONTHSHAREPRICE
PERFORMANCE
Q12016

6. QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 5
AdTech & MarTech: Selected Stocks – Performance Since IPO
COMPANY IPO DATE DESCRIPTION
RAISE
D ($M)
INDICATIVE PRICE
RANGE ($)
IPO LISTING
PRICE ($)
DAY 1
INCREASE
CURRENT
INCREASE
CURREN
T EV ($M)
EV / NET
REVENUE
2016E
EV / EBITDA
2016E
Jun-15 AI ad optimisation 42 n.a. 2.1 4.2% (88.9%) (19) n.m. n.m.
May-15
eCommerce
platform
131 12.0-14.0 17.0 51.1% 65.9% 2,350 7.2x n.m.
Mar-15
Localised ad
targeting
75 10.5-12.5 11.5 (15.1%) (84.6%) 37 0.4x n.m.
Oct-14
Marketing
automation
125 22.0-24.0 25.0 20.4% 74.5% 1,515 6.0x n.m.
Sept-14
Multi-channel ad
server
75 n.a. 1.7 0.8% (68.6%) 3 n.a. n.a.
Jul-14
Programmatic video
DSP
44 7.0-8.0 7.0 64.3% 84.9% 408 3.3x n.m.
Jul-14
Multi-channel ad
network
70 n.a. 3.9 4.4% (68.8%) 135 2.0x 10.1x
Apr-14 SSP 102 15.0-17.0 15.0 33.9% 21.9% 776 3.4x 30.5x
Nov-13
Multi-channel
network
33 n.a. 1.0 20.0% (93.8%) 22 1.0x n.m.
Oct-13
DSP focused on
retargeting
251 27.0-29.0 31.0 14.2% 33.6% 2,277 4.2x 18.3x
Sep-13 DSP 116 27.0-29.0 29.0 93.4% (89.1%) 143 0.5x n.m.
Aug-13 Video ad network 46 12.0-14.0 9.0 0.0% (58.4%) 82 1.0x n.m.
Nasdaq
LSE
NYSE
AIM
Nasdaq
Nasdaq
NYSE
AIM
NYSE
AIM
NYSE
NYSE
(1) Current increase from IPO price; Market data as of 31st March 2016
Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 50x EV / EBITDA
Sources: Capital IQ and Results analysis
(1)

7. QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 6
1.0 x
4.4 x
3.0 x
7.4 x
2.8 x
-
1.0 x
2.0 x
3.0 x
4.0 x
5.0 x
6.0 x
7.0 x
8.0 x
AdTech MarTech Data Diversified
Internet
Global AdTech/
MarTech
22.3%
26.8%
5.8%
16.3% 16.9%
-
5%
10%
15%
20%
25%
30%
AdTech MarTech Data Diversified
Internet
Global AdTech/
MarTech
AdTech & MarTech: Public Company Valuation Benchmarks
(1) (1)
(1) Global AdTech / MarTech represents the median of all stocks in AdTech, MarTech, Data & Diversified Internet
Notes: EV = Enterprise Value; Financials calendarised to December year end; Median values reported
See Selected Publicly Traded Companies (slide 11) for details of companies included in each category
Sources: Capital IQ & analyst reports
REVENUE GROWTH (2016-17E) EV / NET REVENUE 2016E

8. QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 7
4.3 x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
MarTech: EV / CY Net Revenue
1.0 x
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16
AdTech: EV / CY Net Revenue
AdTech & MarTech: Public Company Valuation Performance Over Time
% CHANGE LTM Q1 2016
EV/Net Revenue (35.0%) 3.9%
Dec-15 Jan-16 Feb-16 Mar-16Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15Dec-14 Jan-15 Feb-15 Mar-15Oct-14 Nov-14
Dec-15 Jan-16 Feb-16 Mar-16Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15Dec-14 Jan-15 Feb-15 Mar-15Oct-14 Nov-14
Notes: EV = Enterprise Value; financials calendarised to December year end; median values reported; weekly tracking of valuation multiples was not commenced until July 2015, October 2014 – June
2015 tracked on a quarterly basis, therefore a linear progression has been assumed between quarters up to July 2015
Sources: Capital IQ & analyst reports
% CHANGE LTM Q1 2016
EV/Net Revenue (16.6%) (40.1%)

9. QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 8
54
43
74
52
108
101
113
106
98 101
112
100
108
-
$1bn
$2bn
$3bn
$4bn
$5bn
$6bn
$7bn
$8bn
$9bn
0
20
40
60
80
100
120
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
TOTALDISCLOSEDDEALVALUE($BN)
NUMBEROFDEALS
Number of deals Total disclosed deal value ($bn)
AdTech & MarTech: Global M&A Activity Q1 2013 – Q1 2016
(1) Q3 2014 data includes Alliance Data’s acquisition of Conversant ($2.2bn)
(2) Q2 2015 data includes Verizon’s acquisition of AOL ($4.3bn)
Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
(1) (2)

10. QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 9
AdTech & MarTech: Selected Deals in Q1 2016
DATE BUYER TARGET EV ($M) EV/REVENUE COMPANY DESCRIPTION
TARGET
LOCATION
Mar 16 56 - Video ad network
Mar 16 26 1.5x Mobile programmatic direct
Mar 16 - - Mobile in-app data & analytics
Mar 16 46 1.1x Mobile ad exchange
Mar 16 - - Content ROI measurement
Mar 16 - - Marketing decision support
Feb 16 - - Social ad management
Feb 16 25 - Native mobile ads
Feb 16 - - In-feed social ads
Feb 16 - - Ad network & social network
Feb 16 1,264 3.4x Mobile & video ad network
Feb 16 360 6.3x Cross-device retargeting
Jan 16 - - Online market research
Jan 16 - - Yield optimisation
Jan 16 - - Marketing automation & reputation management
Jan 16 - - Cross-channel attribution
Jan 16 - - DMP
Jan 16 175 - Audience tracking
(1) In certain cases EV/Revenue are publicly reported estimates; TTM net revenues have been used where possible (gross revenues minus TAC generated in the last 12 months); EV =
transaction value scaled to 100% shareholding plus net debt (incl. minority interest)
(2) Earnout of $26m has not been included in the calculation of Enterprise Value. Total deal value is $72m
Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
(1)
(2)

11. QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 10
AdTech & MarTech: Selected Fundraisings in Q1 2016
DATE COMPANY
TYPE OF
ROUND
FUNDS
RAISED ($M)
INVESTOR PARTICIPATON COMPANY DESCRIPTION
COMPANY
LOCATION
Mar 16 Venture 60 Wellington Management Company LLP DSP
Mar 16 Series C 50 Insight Venture Partners Web media analytics
Mar 16 Series D 15 IP Group (lead investor), Parkwalk Funds and Unilever Ventures Native video ads
Mar 16 Debt 15
Existing investors, including Blackrock, Fidelity Investments and
Focus Ventures
DSP
Mar 16 Series D 54 Khazanah Nasional Berhad (lead investor) and existing investors Augmented reality discovery
Feb 16 Series C 30
Cathay Innovation (lead investor), Redpoint Ventures, U.S. Venture
Partners, Comcast Ventures, Iris Capital and AME Cloud Ventures
On-demand brand insights
Feb 16 Series B 18
Battery Ventures (lead investor), Hasso Plattner Ventures, Intel
Capital and private investors
eCommerce personalisation
Feb 16 Series C 40
Goldman Sachs (lead investor), Sapphire Ventures, Salesforce
Ventures and Accel
eCommerce marketing
automation
Feb 16 Series C 57 Verizon Ventures (lead investor), Spark Capital and Publicis Groupe
Incentive based internet via
advertising
Feb 16 Series B 8 Cisco Investments, Notion Capital and Octopus Ventures
Cross-device
personalisation
Feb 16 Series C 42
Goldman Sachs’ Merchant Banking Division and New Enterprise
Associates
Social media monitoring
Feb 16 Series B 17 Kreos, Industrifonden, Northzone and other existing shareholders Mobile ad serving
Feb 16 Series C 9
IQ Capital and Draper Esprit (co-lead investors) and Albion
Ventures
Keyword targeting &
analytics
Jan 16 Series D 56
Bain Capital Ventures, Battery Ventures, Lightspeed Ventures, New
Enterprise Associates and Salesforce Ventures
On-site personalisation
Jan 16 Series C 35
Battery Ventures (lead investor), Bessemer Venture Partners,
Salesforce Ventures, OMERS Ventures, iNovia Capital and
SoftTech VC
Video content analytics &
automation
Jan 16 - 10 Sky DSP & marketing analytics
Jan 16 Growth 7 Business Growth Fund Email & CRM
Jan 16 Series E 63
Greenspring Associates (lead investor), e.Ventures, Greycroft
Partners, Institutional Venture Partners (IVP) and Sequoia Capital;
SVB (debt)
Mobile app data & insights
(1) Round is reported to be split between equity and debt funding
Sources: Press Releases, Capital IQ, Mergermarket and Results analysis
(1)

12. QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 11
AdTech & MarTech: Selected Publicly Traded Companies
Notes: Broker reports have been used for selected company financials – Liberium (Aug-15) for Adgorithms, Numis (May-15) for Blinkx, JP Morgan (Feb-16) for Criteo, Canaccord Genuity (Mar-16) for Matomy Media, William Blair
(Mar-16) for MaxPoint Interactive, Cenkos (Oct-15) for Rightster, BMO Capital Markets (Feb-16) for Rocket Fuel, N+1 Singer (Sep-15) for Taptica, Jefferies (Feb-16) for The Rubicon Project, Jefferies (Mar-16) for Tremor Video, BMO
Capital Markets (Feb-16) for TubeMogul, Deutsche Bank (Feb-16) for YuMe, RBC Capital Markets (Mar-16) for Alphabet and JP Morgan (Feb-16) for Yahoo!
Note: Calendarised to December year end. Cap multiple at 20x EV/Revenue and 50x EV/EBITDA. Net debt is inclusive of minority interest and preferred equity. Net revenues have been used where appropriate
Sources: Capital IQ, market data as of 31st March 2016
COMPANY OPERATING METRICS VALUATION METRICS
PRICE($) %OF52 MARKET TOTAL NET ENTERPRISE REVENUEGROWTH EBITDA MARGIN NETREVENUE EBITDA
(31-MAR-16) WEEK HIGH CAP CASH DEBT VALUE($M) CY15-16 CY16-17 CY2016 CY2017 CY2016 CY2017 CY2016 CY2017
ADTECH
Adgorithms LTD 0.23 10.5% 16 35 (35) (19) 56.3% 65.0% 67.5% 58.7% n.m. n.m. n.m. n.m.
Blinkx plc 0.31 52.5% 124 75 (75) 49 (11.1%) 3.7% (0.4%) 3.2% 0.5 x 0.5 x n.m. 16.3 x
Criteo SA 41.42 72.3% 2,616 354 (338) 2,277 58.6% 27.8% 22.6% 24.0% 4.2 x 3.2 x 18.3 x 13.5 x
Crossrider Plc 0.53 35.1% 74 71 (71) 3 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Marin Software Incorporated 3.02 39.6% 115 37 (34) 81 2.5% 6.9% 3.9% 7.6% 0.7 x 0.7 x 18.5 x 8.9 x
Matomy Media Group Ltd. 1.21 42.1% 113 28 22 135 3.1% 27.8% 20.0% 18.8% 2.0 x 1.6 x 10.1 x 8.4 x
MaxPoint Interactive, Inc. 1.77 17.5% 46 41 (10) 37 39.4% 7.9% (16.0%) (16.4%) 0.4 x 0.4 x n.m. n.m.
Opera Software ASA 7.98 84.5% 1,167 98 64 1,230 19.3% 17.4% 14.5% 17.6% 1.7 x 1.4 x 11.6 x 8.1 x
Rightster Group Plc 0.06 19.6% 34 12 (12) 22 70.1% 39.9% (71.6%) (19.3%) 1.0 x 0.7 x n.m. n.m.
Rocket Fuel Inc. 3.15 32.6% 137 79 5 143 15.9% 2.6% (55.4%) (8.3%) 0.5 x 0.5 x n.m. n.m.
Taptica International Ltd 1.04 41.0% 71 19 (19) 52 (2.0%) 52.5% 9.7% 25.0% 2.8 x 1.8 x 28.9 x 7.3 x
The Rubicon Project, Inc. 18.28 95.2% 915 140 (140) 776 81.4% 29.3% 11.2% 8.0% 3.4 x 2.6 x 30.5 x 33.0 x
Tremor Video, Inc. 1.76 53.7% 93 60 (60) 33 29.0% 6.0% (46.2%) (3.1%) 0.4 x 0.4 x n.m. n.m.
TubeMogul, Inc. 12.94 72.8% 487 83 (80) 408 52.6% 27.2% (7.5%) (6.9%) 3.3 x 2.6 x n.m. n.m.
YuMe, Inc. 3.74 64.9% 130 48 (48) 82 (8.0%) 3.3% (13.0%) (3.9%) 1.0 x 1.0 x n.m. n.m.
MARTECH
Bazaarvoice, Inc. 3.15 48.0% 256 109 (52) 204 4.6% 5.2% 2.9% 6.7% 1.0 x 0.9 x 34.7 x 14.1 x
Brightcove Inc. 6.24 80.8% 204 28 (27) 178 8.4% 9.7% 6.1% 7.1% 1.2 x 1.1 x 20.1 x 15.5 x
Demandware, Inc. 39.10 51.5% 1,522 197 (197) 1,325 27.0% 26.8% 7.8% 9.2% 4.4 x 3.5 x n.m. 37.9 x
HubSpot, Inc. 43.62 72.6% 1,619 105 (104) 1,515 37.8% 30.4% (5.4%) (0.3%) 6.0 x 4.6 x n.m. n.m.
Marketo, Inc. 19.57 57.6% 891 107 (100) 791 30.0% 26.7% (2.9%) 1.7% 2.9 x 2.3 x n.m. n.m.
New Relic, Inc. 26.08 65.0% 1,443 191 (191) 1,252 40.0% 29.3% (8.6%) 0.8% 5.5 x 4.3 x n.m. n.m.
Shopify Inc. 28.21 67.0% 2,542 192 (192) 2,350 60.1% 36.3% (2.5%) 2.4% 7.2 x 5.2 x n.m. n.m.
DATA
Acxiom Corporation 21.44 91.5% 1,697 186 15 1,712 (0.5%) 6.9% 18.5% 20.0% 1.9 x 1.8 x 10.5 x 9.1 x
Alliance Data Systems Corporation 220.00 70.5% 13,061 1,168 16,177 29,238 10.8% 11.9% 28.8% 28.7% 4.1 x 3.7 x 14.2 x 12.7 x
Experian plc 17.93 98.5% 16,817 165 3,356 20,173 0.1% 4.6% 34.5% 34.8% 4.4 x 4.2 x 12.7 x 12.0 x
Teradata Corporation 26.24 57.0% 3,383 839 (59) 3,324 (9.3%) (0.8%) 26.1% 26.3% 1.4 x 1.5 x 5.6 x 5.5 x
DIVERSIFIED INTERNET
Alphabet Inc. 762.90 94.1% 527,772 71,926 (64,278) 463,494 14.8% 16.3% 40.3% 41.4% 7.6 x 6.6 x 19.0 x 15.9 x
Amazon.com, Inc. 593.64 85.2% 279,629 19,808 (2,261) 277,368 21.6% 19.9% 10.9% 11.8% 2.1 x 1.8 x 19.6 x 15.0 x
eBay Inc. 23.86 35.8% 27,290 6,131 648 27,938 (1.3%) 4.4% 39.6% 40.8% 3.2 x 3.1 x 8.1 x 7.5 x
Facebook, Inc. 114.10 97.0% 335,598 18,434 (18,119) 317,479 42.9% 32.4% 60.8% 60.8% 12.4 x 9.4 x 20.4 x 15.4 x
Yahoo! Inc. 36.81 79.7% 34,969 5,857 (4,555) 30,415 (7.0%) (13.7%) (101.2%) 9.3% 7.4 x 8.6 x n.m. n.m.
25th percentile 0.7% 5.4% (7.0%) 1.0% 1.0 x 1.0 x 11.3 x 8.5 x
Median 17.6% 16.9% 6.9% 8.6% 2.8 x 1.8 x 18.4 x 13.1 x
75th percentile 39.8% 28.9% 22.0% 24.8% 4.4 x 3.7 x 20.2 x 15.5 x

13. QUARTERLY TECH REPORT – Q1: ADTECH & MARTECH 12
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