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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Medallia Inc | NYSE:MDLA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.99 | 0 | 01:00:00 |
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Preliminary Proxy Statement
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material Pursuant to §240.14a-12
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MEDALLIA, INC.
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(Name of Registrant as Specified In Its Charter)
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N/A
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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No fee required.
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
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(1)
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Title of each class of securities to which transaction applies:
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(2)
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Aggregate number of securities to which transaction applies:
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(3)
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
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(4)
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Proposed maximum aggregate value of transaction:
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(5)
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Total fee paid:
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Fee paid previously with preliminary materials.
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or
Schedule and the date of its filing.
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(1)
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Amount Previously Paid:
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(2)
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Form, Schedule or Registration Statement No.:
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(3)
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Filing Party:
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(4)
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Date Filed:
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CY 2021E AV/Revenue
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CY 2022E
AV/Revenue
|
|||
Adobe Inc.
|
19.2x
|
16.7x
|
||
Anaplan, Inc.
|
15.7x
|
12.4x
|
||
Blackline, Inc.
|
17.9x
|
14.8x
|
||
Cisco Systems, Inc.
|
4.4x
|
4.3x
|
||
Coupa Software Inc.
|
28.1x
|
22.6x
|
||
Five9, Inc.
|
23.5x
|
19.9x
|
||
HubSpot Inc.
|
22.7x
|
17.8x
|
||
Qualtrics International Inc.
|
22.1x
|
18.2x
|
||
RingCentral, Inc.
|
17.9x
|
14.5x
|
||
Salesforce.com, Inc.
|
8.8x
|
7.3x
|
||
ServiceNow, Inc.
|
20.6x
|
16.4x
|
||
Splunk Inc.
|
10.4x
|
8.6x
|
||
Momentive Global Inc. (formerly known as SurveyMonkey)
|
7.5x
|
6.2x
|
||
Twilio Inc.
|
28.4x
|
21.7x
|
||
Workday, Inc.
|
12.4x
|
10.5x
|
||
Zendesk, Inc.
|
14.2x
|
11.3x
|
||
Zuora Inc.
|
6.5x
|
5.7x
|
||
Management Case
|
9.3x
|
7.6x
|
||
Street Case
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9.4x
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7.9x
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Based on Calendar Year 2023
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Selected AV / Estimated
Revenue Multiple
Ranges
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Implied Value Per Share
of Medallia’s Common
Stock ($)
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Estimated Revenue
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Street Case
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8.0x – 15.0x
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27.46 – 50.94
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||||
Management Case
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8.0x – 15.0x
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29.26 – 54.09
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Selected Software Transactions (Target/Acquiror)
|
Date Announced
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AV / NTM
Revenue
Multiple
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Strategic Acquirors
|
||
Adaptive Insights Inc. / Workday, Inc.
|
June 11, 2018
|
11.0x
|
AppDynamics Inc. / Cisco Systems, Inc.
|
January 24, 2017
|
13.7x
|
Auth0, Inc. / Okta, Inc.
|
March 3, 2021
|
~38.7x
|
AVG Technologies N.V. / Avast Holding B.V.
|
July 7, 2016
|
3.3x
|
Broadsoft, Inc. / Cisco Systems, Inc.
|
October 23, 2017
|
4.8x
|
Callidus Software Inc. / SAP America, Inc.
|
January 29, 2018
|
8.3x
|
Carbon Black, Inc. / VMware, Inc.
|
August 22, 2019
|
8.0x
|
Concur Technologies, Inc. / SAP America, Inc.
|
September 18, 2014
|
10.3x
|
Five9, Inc. / Zoom Technologies Inc.
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July 18, 2021
|
25.7x
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Fleetmatics Group Ltd. / Verizon Business International Holdings B.V.
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August 1, 2016
|
6.6x
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Lifelock, Inc. / Symantec Corporation
|
November 20, 2016
|
3.2x
|
Livongo Health, Inc. / Teladoc Health, Inc.
|
August 5, 2020
|
44.9x
|
Mulesoft, Inc. / Salesforce.com, Inc.
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March 20, 2018
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15.7x
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Netsuite Inc. / Oracle Corporation
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July 28, 2016
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9.1x
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Qualtrics International Inc. / SAP America, Inc.
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November 11, 2018
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16.5x
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SendGrid, Inc. / Twilio Inc.(1)
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October 15, 2018
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15.7x
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Slack Technologies, Inc. / Salesforce.com, Inc.
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December 1, 2020
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24.9x
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Tableau Software Inc. / Salesforce.com, Inc.
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June 10, 2019
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11.0x
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Financial Sponsor Acquirors
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Apptio Inc. / Vista Equity Partners Management, LLC
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November 11, 2018
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7.0x
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Barracuda Networks Inc. / Thoma Bravo LP
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November 27, 2017
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3.8x
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Cambium Learning Group, Inc. / Veritas Capital Fund Management, L.L.C.
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October 15, 2018
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4.2x
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Cloudera, Inc. / Clayton Dubilier & Rice, LLC; Kohlberg Kravis Roberts & Co. L.P.
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June 1, 2021
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5.3x
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Cvent Inc. / Vista Equity Partners Management, LLC
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April 18, 2016
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6.4x
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Ellie Mae Inc. / Thoma Bravo LP
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February 12, 2019
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6.8x
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Forescout Technologies, Inc. / Advent International Corporation; Crosspoint Capital Partners
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July 15, 2020
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4.9x
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Gigamon Inc. / Elliott Management Corporation
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October 26, 2017
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3.7x
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Imperva Inc. / Thoma Bravo LP
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October 10, 2018
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4.7x
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Infloblox Inc. / Vista Equity Partners Management, LLC
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September 19, 2016
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3.6x
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Informatica Corporation / Permira Advisers LLC
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April 7, 2015
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4.1x
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Instructure Inc. / Thoma Bravo LP
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December 4, 2019
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6.6x
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LogMeIn, Inc. / Francisco Partners; Evergreen Coast Capital Corp.
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December 17, 2019
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3.4x
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Marketo, Inc. / Vista Equity Partners Management, LLC
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May 31, 2016
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5.9x
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MINDBODY, Inc. / Vista Equity Partners Management, LLC
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December 24, 2018
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6.8x
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Pluralsight, Inc. / Vista Equity Partners Management, LLC
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December 13, 2020
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7.8x
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Proofpoint, Inc. / Thoma Bravo LP
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April 26, 2021
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9.3x
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QAD Inc. / Thoma Bravo LP
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June 28, 2021
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5.3x
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RealPage, Inc. / Thoma Bravo LP
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December 21, 2020
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8.2x
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SolarWinds Corporation / Silver Lake Group, LLC; Thoma Bravo LLC
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October 21, 2015
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7.8x
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Sophos Ltd. / Thoma Bravo LP
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October 14, 2019
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5.1x
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Talend S.A. / Thoma Bravo LP
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March 10, 2021
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7.3x
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Ultimate Software / Hellman & Friedman LLC
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February 4, 2019
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8.2x
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_____________
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(1) Transaction multiple as of closing date.
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Extrapolations
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||||||||||
Fiscal year ended January 31,
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||||||||||
(dollars in millions)(1)
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2022E
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2023E
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2024E
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2025E
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2026E
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2027E
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2028E
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2029E
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2030E
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2031E
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Revenue
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$578
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$708
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$876
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$1,074
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$1,310
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$1,591
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$1,926
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$2,311
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$2,750
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$3,245
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Cost of Goods Sold
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(186)
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(214)
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(250)
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(292)
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Gross Profit
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392
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494
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626
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782
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Non-GAAP Operating Expenses(2)
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(412)
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(444)
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(507)
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(560)
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Non-GAAP EBIT(3)
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(20)
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50
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119
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222
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291
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378
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488
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621
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782
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973
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Additional Cash Adjustments(4)(5)
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(18)
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(7)
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(4)
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(5)
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(6)
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(6)
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(7)
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(8)
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(8)
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(9)
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Depreciation
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24
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31
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34
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37
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45
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55
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67
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80
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96
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114
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Stock-based Compensation Expense
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(125)
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(141)
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(162)
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(187)
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(206)
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(223)
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(250)
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(277)
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(302)
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(324)
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EBITDA(5) (6)
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(139)
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(68)
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(14)
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66
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124
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204
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297
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417
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567
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754
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Taxes(5)
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—
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—
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—
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(9)
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(21)
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(39)
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(59)
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(86)
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(120)
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(162)
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Change in Net Working Capital
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(8)
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(19)
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(8)
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(36)
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(12)
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(6)
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3
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12
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13
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15
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Capital Expenditures
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(34)
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(37)
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(52)
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(54)
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(59)
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(64)
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(77)
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(92)
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(96)
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(114)
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Unlevered free cash flow(5)(7)
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(180)
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(124)
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(74)
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(32)
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32
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96
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164
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250
|
364
|
493
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(1)
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Totals may not foot due to rounding. Cost of goods sold, gross profit and non-GAAP operating expenses were not extrapolated from fiscal year 2026E to fiscal year 2031E.
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(2)
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Non-GAAP operating expenses include non-GAAP sales and marketing, research and development, and general and administrative expenses.
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(3)
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Non-GAAP EBIT is defined as Medallia’s GAAP loss from operations plus stock-based compensation, employer payroll tax expense related to stock-based compensation, amortization of acquired intangible assets, acquisition-related costs,
option acceleration payments, and restructuring and other expenses.
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(4)
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Additional cash adjustments include cash expenses for acquisitions and corporate development, employee RSU taxes and option payment expenses.
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(5)
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Not provided to Parent.
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(6)
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EBITDA is defined as Medallia’s non-GAAP EBIT less cash expenses for acquisitions and corporate development, employee RSU taxes and option payment expenses, plus depreciation, and less stock based compensation expenses.
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(7)
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Unlevered free cash flow is defined as Medallia’s EBITDA less taxes (at estimated marginal tax rate) less capital expenditures including capitalized R&D, plus or minus changes in net working capital and other adjustments.
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1 Year Medallia Chart |
1 Month Medallia Chart |
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