J.P.Morgan Software Investment Banking

Capital structure is in line with growth SaaS technology players Summary observations Strong balance sheet Estimated capitalization As of 12/31/2020 Cash and cash equivalents $100mm Revolving Credit Facility Secured debt Total debt Net debt 03/31/21 LTM Adj. EBITDA J.P. Morgan Source: Company filings Amount ($mm) $129 $886 $915 $786 $242 ✓ Leverage down to 3.2x from ~5.5x at time of Ability acquisition XEBITDA 3.7x 3.8x 3.2x Loan trading levels ($) $102.00 $101.00 $100.00 $99.00 $98.00 $97.00 $96.00 $95.00 Apr-20 Jun-20 Aug-20 Debt matures in 2025 and trades close to par Oct-20 Dec-20 Feb-21 $99.25 Yield: 3.12% Apr-21 15

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