Morgan Stanley Investment Banking Pitch Book

Morgan Stanley Orange Comparable Company Operational Benchmarking (1) CY2023E CY2023E Revenue Growth (%) Management Street Sprout Social Zoominfo Asana Smartsheet Atlassian Hubspot PagerDuty Jamf DocuSign Crowdstr ke Zscaler Okta Rapid7 Tenable Qualys 11 24 17 21 24 24 21 23 31 31 29 30 30 28 32 29 CY2023E Adj. EBITDA Margin (%) 37 Source: Capital IQ, Thomson Consensus, Company Management Notes Management Street Zoominfo Jamf 1. Market data and consensus estimates as of 9/12/2022 2. Management reflects forecast provided by Management on 8/12/2022 3. Free cash flow calculated as operating cash flow less capital expenditures 4. Rule of defined as the sum of revenue growth and free cash flow margin PROJECT ORANGE DocuSign Atlassian Hubspot PagerDuty Sprout Social Smartsheet Asana Qualys Crowdstrike Zscaler Tenable Rapid7 Okta 4 (0) (1) 17 17 9 22 20 19 12 (32) 20 12 16 44 39 CY2023E Free Cash Flow Margin (%)(2) Street Management ZoomInfo Atlassian DocuSign Jamf Hubspot PagerDuty Sprout Social Smartsheet Asana Qualys Crowdstrike Zscaler Tenable Rapid7 Okta Orange Estimates PRELIMINARY AND CONFIDENTIAL DRAFT 6 5 4 (18) 7 14 11 19 25 24 18 18 17 23 37 32 36 CY2023E Rule of (%)(3) Management High Growth Software Street ZoomInfo Atlassian Jamf Hubspot Sprout Social Smartsheet PagerDuty DocuSign Asana Crowdstrike Zscaler Qualys Tenable Okta Rapid7 !!!! 12 29 40 38 32 30 36 32 li 38 36 55 53 68 REFERENCE MATERIALS 69 High Growth Security 26

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