Ticker: SAAS. Current Price: $6.90. Investment Thesis $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00

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1 Technology InContact Ticker: SAAS Current Price: $6.90 Recommendation: Buy Implied Price: $8.39 Investment Thesis Key Statistics 52 Week Price Range $ Day Moving Average 6.14 Estimated Beta 1.08 Dividend Yield NA Market Capitalization $364,381 3-Year Revenue CAGR 23.4% Trading Statistics Diluted Shares Outstanding 52,809 InContact recently solidified its continued momentum in the cloud based call center space with 2012 Q4 Software revenues up 42% y/y and FY2012 Software revenues up 37% from The company has stated its goal to transition to a primarily recurring revenue model: Software revenue, as a percentage of total revenue, has increased to 35%, 41%, 45%, and 50% in 2009, 2010, 2011, and 2012, respectively. Key partnerships with Verizon and Siemens offer large sales teams behind the InContact platform and are just beginning to see results in a rapidly growing pipeline: the Verizon partnership recently closed its largest contract to date on the InContact platform. InContact is benefitting from and will continue to benefit from an early mover s advantage: the company is a key player in creating a brand new market for cloud based call centers. Traditional, on-premise vendors such as Avaya and Cisco are left with outdated software and large barriers to entry in creating a cloud based platform. One-Year Stock Chart Average Volume (3-Month) 299,907 Institutional Ownership 67.1% Insider Ownership 24.5% Margins and Ratios Gross Margin (LTM) 45.9% EBITDA Margin (LTM) 9.9% $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $ Net Margin (LTM) NA $0.00 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 0 Debt to Enterprise Value 1.7% Covering Analysts: Ian Strgar, Daniel Greenfield Forecast Summary (Thousands) UOIG Projections 3/31/2013E 6/31/2013E 9/31/2013E 12/31/2013E 2013E Net Sales $31,943 $33,076 $35,004 $38,586 $138,610 EBITDA $859 $1,500 $1,464 $1,044 $4,867 Basic EPS $ (0.03) $ (0.02) $ (0.02) $ (0.03) $ (0.11) Management Guidance Net Sales $34,250 $34,250 $34,250 $34,250 $137,000 EBTIDA $1,000 $1,000 $1,000 $1,000 $4,000 Consensus Estimates Volume Adj Close 50-Day Avg 200-Day Avg Net Sales $31,500 $32,800 $34,400 $37,400 $136,100 EBTIDA $1,100 $900 $1,000 $1,200 $4,200 Basic EPS $ (0.04) $ (0.04) $ (0.04) $ (0.04) $ (0.15) 1 University of Oregon Investment Group

2 Business Overview InContact began in 1997 as a reseller of telecommunications services. Since 2005, the company has been transforming its revenue model to include and expand on cloud based call center software revenue. InContact offers its cloud based call center software through subscription service to other businesses. The software includes interactive voice response with voice recognition, computer telephony integration services, reporting, workforce optimization, customer feedback measurement tools, and other features to optimize a company s call center needs. The company has stated its main financial objective is to generate recurring revenues from cloud based call center software. The company s corporate headquarters are based out of Salt Lake City, Utah. InContact was formerly known as UNC inc. and switched its name in 2009 to incorporate its blend of telecommunication and software infrastructure provider for contact centers. InContact has two primary business segments. Telecom Products and Services InContact derives approximately half its revenue from reselling telecom services (all voice and long distance services) of Qwest, Verizon, and Global Crossing. Buying telecom services through InContact offers businesses the following advantages: the ability to consolidate services, bills, and technical service inquiries to and from a single source. InContact offers telecom reselling agreements that typically last 1-3 years and are renewable at the end of each contract term. Although InContact is attempting to transform its revenue model to primarily software, the telecom revenue segment is still experiencing substantial growth. Cloud Based Call Center Software InContact s software segment includes delivery and support of its SaaS based call center software and associated professional services. InContact bills its SaaS customers monthly, creating a subscription based revenue model. InContact s cloud based call center platform includes the following applications: Automatic Call Distributor (ACD): ACD is designed to route callers to the correct agents as quickly and efficiently as possible based on different metrics. Computer Telephony Integration (CTI): CTI employs InContact s and the user s CRM customer information to provide the agent with relevant data on the caller while reducing call time. Interactive Voice Response (IVR): InContact offers a developed IVR that allows callers to seek the help and service they need before speaking with an agent. Integrations: InContact s platform allows its users to leverage a Private Branch Exchange (PBX) while simultaneously communicating with the user s CRM. ECHO: This application gathers and organizes customer feedback in order to identify gaps in performance that can be improved upon. Workforce Management (WFM): This productivity applications aids its users in forecasting customer demand, scheduling work times while letting agents set up their own schedules and request time off. Quality Monitoring: InContact s Quality Monitoring software provides insights into agent performance and customer satisfaction while offering coaching programs when necessary. UOIG 2

3 Screen Recording: InContact s platform allows agents the ability to record and organize previous conversations to ensure high customer satisfaction. elearning: During dips in call volume, InContact s elearning software provides agents with necessary training to improve performance while efficiently handling agent time restraints. Network Connectivity: InContact s network is run as a national, carrier-class network with both Time-Division Multiplexing and VoIP connectivity, as well as access to toll-free and local number services. While all incoming calls are handled through the InContact network, outgoing calls are handled through a portfolio of partners. 60% 50% 40% 30% 20% 10% 0% 2012 Operating Costs (%) 52% 31% 17% Selling & Marketing Research & Development General & Administrative Professional Services The company offers professional services to support its software product offering. These services are ran by contact center and cloud software experts who set up and optimize a customer s product for preferred use. Professional services include installation as well as maintenance and on-going support of the contact center software. Strategic Positioning Selling & Marketing Selling and marketing operating expenses consist primarily of wages of employees involved in selling and marketing, expenses for employees in sales and marketing, advertising costs, marketing events costs, travel costs, and allocated overhead. Because the company recognizes software revenues ratably over time through a subscription basis, the company expects selling and marketing costs to increase over time compared to sales due to the delayed recognition of sales. In addition, the company expects this operating cost to increase over time in order to support strategic growth initiatives. Research & Development Research and development operating costs consist primarily of personnel wages and salaries as well as the development of new products, enhancement of existing products, quality assurance, market research, and allocated overhead. The company expects research and development to increase nominally as it continues to create new products and develop existing products. General & Administrative General and administrative expenses consist of salary and similar expenses for management; financial, legal, and accounting expenses; IT and HR expenses, as well as overhead expenses. The company expects general and administrative expenses to increase nominally over time as it expands its employee count and operations. Business Growth Strategies InContact began selling cloud based call center solutions in 2005 and has primarily done so through a direct sales force. As of Q the company s direct sales team includes 37 sales representatives. This is a 37% increase in sales headcount from Q InContact has stated that it intends to aggressively add additional sales representatives through 2013 in order to market their cloud based software. The key target market for InContact s sales UOIG 3

4 team include: contact center operations management teams, IT management teams and C-level executives. The InContact software platform is especially attractive for businesses who are attempting to: develop high customer satisfaction rates through personalization, leverage social media, and increase scalability. Reseller Agreements In June of 2011, InContact entered into a reseller agreement with Siemens, whereby Siemens became a global distributer/reseller of InContact s software. The original agreement stated that Siemens would be granted a non-exclusive right to resell InContact s cloud-base software solutions and other services globally. It would also have exclusive rights in the EMEA region. The initial term of the agreement was from June 14, 2011 to December 31, Originally, Siemens agreed to a minimum purchase agreement of $5 million in 2012 and $10 million in The contract also stated that if Siemens produced $4 million in net software revenue for the 4 th quarter of 2013 that the contract would be extended into 2014 with a minimum purchase agreement of $16 million. In its latest conference call, InContact announced multiple changes to the Siemens contract: the minimum purchase agreements for 2012, 2013 and the first 7 months of 2014 are $4.5 million, $7 million and $5 million, respectively. Furthermore, InContact now has the right to independently recruit additional partners in the EMEA region. In October 2011 InContact entered into a reseller agreement with Verizon. Although there are no minimum purchase commitments, InContact believes this agreement will help increase their market share in North America. In the most recent conference call InContact s management stated that they are not yet half way through Verizon s installed base of business customers which leaves a lot of Verizon s business up for grabs. It is also worth noting that in their latest quarter, InContact booked their largest deal to date through the Verizon reseller agreement. Industry: Call Centers Background Call Centers have originally been based on proprietary Private Branch Exchange (PBX) equipment: an in-house telephone system that handles multiple telephone lines without having to pay telecommunication providers for multiple leases (separate lines). The PBX acts as the company s central office and is responsible for routing incoming and outgoing calls, acting as an exchange point. PBX allows cost reductions from scalability where companies pay for outside lines to be used rather than every line or extension within the business. With increasing network and internet speeds, companies are now able to offer PBXs over the World Wide Web where customers pay a subscription fee to its provider who hosts the contact center equipment. Thus, rather than the calls between contact centers and customers beginning and ending at the vendor s building, the calls begin and end at the host provider s data center. This allows call centers to become decentralized, and put pressure on business to take advantage of the potentially cost minimizing technology. This transition to hosted call center technology is extremely recent, with only a small handful of players in the specific cloud based call center market. Large, on-premise players dominate the call center market but are facing pressure to make the leap (a difficult and costly transition to make) to a cloud based solution UOIG 4

5 as businesses are realizing the cost advantages. InContact was one of the first businesses to provide cloud call center capabilities back in The call center industry can be further broken down into four primary offerings: automatic call distributing, dialer services, interactive voice response, workforce optimization. Automatic Call Distributing Automatic call distributing, in telecommunications, refers to a system that is responsible for rerouting incoming calls to available agents in such a way that maximizes efficiencies by minimizing agent s time in between calls. Thus, ACD systems are commonly found in businesses where customers frequently call in to speak to a specific person or to a person with a specific function, such as technical difficulty inquiries. The ACD system allows for minimal time in between agent s calls by employing algorithms and metrics to interpret current and forecasted agent call times. Dialer Services A dialer is a tool that is connected to a telephone line and takes dialed or saved numbers from a CRM database. The dialer can alter numbers being dialed based on the time of day, type of customer, geographic region, etc. There are four standard modes for dialers used in contact centers: preview, power, predictive, and auto-dial. Preview allows a call agent a sneak peak at the targets information before making the call. Power dialing is characterized by calls being placed when agents are ready to take the calls. Predictive dialing is a modern technology that is designed to optimize agent call times. Auto-dialing is employed to deliver a pre-recorded message to a large list of target customers. Interactive Voice Response Interactive voice response (IVR) technology can communicate directly with customers on incoming calls through pre-recorded messages in order to direct the customers to the specific department needed to address their inquiry. IVR systems enable call centers to take on and handle large volumes of customers efficiently. These systems are common in industries that require elaborate customer helpline services. Workforce Optimization Workforce optimization refers to planning, scheduling, and forecasting of workforce needs. The offerings do so in real time, allowing agents to actively set up schedule preferences, request time off, and swap shifts with agents without needing to involve upper level management. Metrics that workforce optimization offerings employ are predicted service levels, abandon rates, and queue times. Competitive Landscape The call center market is a fragmented market with many niche players. Its competitive landscape can be broken down into two main categories: on-premise vendors and pure-play SaaS software offerings. On-Premise Competitors Aspect Software: Aspect Software is a global provider of call center software with a strong focus on workforce management. UOIG 5

6 Avaya: Avaya provides networking and business collaboration services. The company s solutions include unified communications and a VoIP base that unifies all of its call center features. Cisco: Cisco was founded in 1984 and recently recorded Q2 2013FY revenues of $12.1 billion. The company offers Cisco Unified Contact Center Enterprise, a platform call center features over an IP infrastructure. NICE Systems: NICE Systems provides a wide range of business operation optimization solutions including: contact center interaction recording, workforce optimization, quality monitoring, and performance metrics. Verint Systems: Verint Systems is a global provider of Business Intelligence (BI) solutions. The company offers contact center software with a strong focus in workforce optimization for small to mid-size businesses. SaaS Competitors Echopass: Echopass was founded in 2000 as a spin-off from Genesys Telecommunications. The company offers cloud based call center solutions to large enterprises. Five9: Five9 is InContact s most frequently encountered competitor in the cloud space. The company is about one-third of InContact s size in employees and is privately held. The Five9 platform is focused on IVR and workforce management. Interactive Intelligence: Interactive Intelligence provides cloud based call center software to businesses globally with a mid to large sized organization focus. The company also offers its platform on-premise as wanted by customers. 8x8: 8x8 is a publically held SaaS contact center provider based out of northern California. The company s platform is VoIP based and is targeted towards small and midsize businesses. Market Opportunity Market Growth InContact participates in a brand new, immature market: the market for cloud based call centers. The cloud based call center market is a rapidly growing subsector of the larger call center market: Gartner estimates that the Contact Center as a Service Market in North America will grow at a CAGR of 17.8% through Agent Seats Total Cost of Ownership % Savings Over 3 Years 50 Seats 30% Savings 100 Seats 42% Savings 250 Seats 51% Savings 500 Seats 58% Savings The main driver for growth in the cloud based call center market lies in the cost reductions of transitioning from on-premise to the cloud and it s immediately realized effect. As opposed to an on-premise contact center, cloud based call centers offer no additional infrastructure investment, minimal up-front costs, immediate return on investment, instant scalability, security and IT expertise, as well as decentralization of call centers. Due to these advantages, IDC estimates that by 2015, the cloud market will help add 2 million home-based businesses 3 million corporate home office households. In comparing the percentage savings in total cost of ownership of the InContact solution vs. a leading premised based solution, Frost & Sullivan estimates that a contact center with 500 seats will save approximately 58% of its original costs over a three year period. UOIG 6

7 $, Millions University of Oregon Investment Group InContact Market Opportunity Current Market Size According to Frost & Sullivan, DMG Consulting, and Gartner, there are approximately 6.8 million contact center agents in the United States, with at least that many outside of the United States. Considering the four specific areas of InContact s market opportunity, we see approximately an $8 billion market. This is derived from summing the market sizes for ACD, Dialer, IVR, and WFO Dialer IVR WFO ACD North America Rest of World Total Market Management and Employee Relations Paul Jarman, Chief Executive Officer & Director Paul Jarman has been an officer at InContact for 9 years, served as President since December 2002, and as Chief Executive officer since January Prior to his work as an officer, Mr. Jarman served as Executive Vice President to InContact. Prior to joining InContact, Mr. Jarman worked in multiple Executive roles at HealthRider Inc. In 2010, Mr. Jarman was named CEO of the year by Utah Business Magazine. Mr. Jarman is an original founder of InContact and holds a Bachelor of Science in Accounting from the University of Utah. Mr. Jarman s total compensation for 2011 was approximately $470 thousand. Gregory Ayers, Chief Financial Officer & Executive Vice President Gregory Ayers has worked for InContact since March of Prior to his work at InContact, Mr. Ayers has served as CFO at Zars Pharma and in other financial leadership positions at multiple companies. Mr. Ayers holds his Bachelor of Business Administration in Accounting from Stetson University and is currently an inactive Certified Public Accountant. Scott Welch, Chief Operating Officer & Executive Vice President Scott Welch began his career at InContact in September 2003 as Chief Information Officer. Since September 2004, Mr. Welch has served as Chief Operating Officer and Executive Vice President. Prior to his work at InContact, Mr. Welch served as Vice President of Information Technology at Access Long Distance. Mr. Welch holds a Bachelor of Science in Computer Science from Utah Valley State College. Mariann McDonagh, Chief Marketing Officer & Executive Vice President Mariann McDonagh has served as Chief Marketing and Executive Vice President since April Prior to her work at InContact, Ms. McDonagh, served as Senior Vice President of Corporate Marketing for Xtralis. Before her work at Xtralis Ms. McDonagh served as Senior Vice President of Corporate Marketing for Verint Systems. Ms. McDonagh holds a Bachelor of Arts in English Literature from the University of Virginia. Management Guidance Management Guidance (2012) Actual Result 2%-4% Gross Margin Improvement 5% Improvement 37%-42% Software Growth (Q4) 42% $55 Million Operating Expenses $55.1 Million InContact s management typically gives beatable guidance. For example, in 2012, InContact management predicted 2%-4% gross margin improvement but the company actually experienced 5% gross margin improvement. Management also gave guidance that they would see 37%-42% growth in the software segment in 2012 and they ended up experiencing just over 42%. Finally, management predicted $55 million in operating expenses in 2012 and realized $55.1 million. Going forward, management has predicted consolidated revenues of $135-$139 million and EBITDA of $4 million in During the last two quarters, management has also stated that in their new deals they believe 30%- 40% have a lot of upside. UOIG 7

8 Portfolio Strategy We are pitching a buy on InContact for all three portfolios because we see short and long term positive price performance. Short term, we believe that InContact will continue to beat earnings expectations and gain increasing recognition for its leadership position in the cloud based call center space. In addition, economic turmoil (sequestration, etc.) drives growth in the company s software segment due to increasing pressure to cut costs. InContact has demonstrated success in its Land & Expand strategy, so as more businesses begin using the InContact platform, we expect to see same store sales increase as well. Looking long term, we see InContact s market expand as they begin to service new verticals and more businesses begin to realize the cost benefits of the cloud. Recent News incontact Announces Major New Release of Award-Winning Cloud Contact Center Software MSN Money February 26 th, 2013 InContact announced the availability of a major new release of its cloud based contact center platform. The new cloud software release is designed to harmonize contact center operations by creating a single integrated flow of multi-channel interaction. This enables customers to communicate via their channel of preference, optimizing agent workflow. Features include work item routing, contact interlacing, and true dialer blending. incontact Reports Fourth Quarter and Full Year 2012 Financial Results MarketWatch February 14 th, 2013 InContact reported financial results for the fourth quarter and year ended December 31, Consolidated revenue for the quarter ended December 31, 2012 was $30.7 million versus $23.8 million for the same period in Consolidated gross margin percentage was 47% in the fourth quarter compared to 42% for the same period in For the full year ended December 31, 2012, the Company reported a GAAP net loss of $5.2 million versus a net loss of $9.4 million for incontact Receives TMC's CUSTOMER Magazine's 2012 Product of the Year Award CNBC February 5 th, 2013 InContact announced today that TMC has named the InContact Intelligent Call Suppression application as a recipient of a 2012 Product of the Year Award from Customer Magazine. InContact Intelligent Call Suppression intercepts dial requests and verifies if they exist in a tailored suppression list. If a match is found, the application will suspend this dial attempt and move to the next record. Intelligent Call Suppression provides real-time dialing list adjustments based on customer actions, such as Do-Not-Call requests or payment actions taken, avoiding unnecessary and unwelcome dials. Catalysts Upside Several notable trends are working in InContact s favor: 1) increasing pressure on businesses to cut costs with technological advances, 2) UOIG 8

9 increasing adoption of cloud based software, and 3) increasing customer demand for high quality, personalized customer service. InContact is well positioned to take advantage of the transition from on-premise to cloud based call centers due to its first mover advantage (Gartner estimates that through 2013, at least 75% of customer service centers are expected to use some SaaS application in their contact centers). Partnerships with Verizon and Siemens are just beginning to mature in strategy and show improved financial results through software segment growth. InContact s business model is recession proof: its solution benefits businesses in ways that drive more sales during financially tough times due to the cost reductions and scalability of the cloud. Downside Competition: the market for call centers is very fragmented, with very few cloud based offerings. InContact faces the risk that large, onpremise vendors will expand their offerings to fit the cloud. Additionally, InContact faces the risk of downward price pressure on long distance services in its telecom revenue segment. Regulatory risks: The FCC heavily regulates providers of telecom services as well as VoIP networks. InContact faces the risk that large changes in the regulatory environment will hinder its ability to sell its telecom services as a complimentary product to software. InContact s subscription based business model is heavily reliant on its ability to maintain high renewal rates on its software solution. Comparable Analysis Multiple Weightings We chose a 60% and 40% weighting on the EV/Revenue and EV/Gross Profit metrics, respectively. We chose the 60% weight on EV/Revenue because the company is in a high growth, cash flow negative stage. Furthermore, this metric best exemplifies how the company competes versus its peers. The 40% weight on EV/Gross Profit was chosen to show InContact s pricing on a gross profit basis due to the company s gross margin expansion goals. Interactive Intelligence Group (30%) Interactive Intelligence Group, Inc. provides software products and services for contact center automation, unified communications, business process automation, content management, and vertical applications. It offers Interactive Intelligence Customer Interaction Center (CIC), a solution for voice, data, and process automation. The company s CIC contact center application suite enables contact centers to automate, route, monitor, record, track, and report on phone calls, fax, , Web interactions, SMS, and social media in a single or multisite operations; and CIC solution for Unified Communications allows organizations to route live communications to various devices. -Yahoo! Finance Interactive Intelligence Group received the highest rating at 30% because their business model is extremely similar to InContact s. Interactive Intelligence Group provides an all-in-one contact center platform both in the cloud as well as through on-premise deployment. Much like InContact, Interactive Intelligence Group offers ACD services, VoIP services, and IVR services. Aside from this UOIG 9

10 qualitative assessment, Interactive Intelligence also has high revenue growth expectations. Bazaarvoice Inc. (20%) Bazaarvoice, Inc. provides various social commerce solutions in the United States and internationally. The company offers its solutions through Bazaarvoice conversations platform, a software-as-a-service platform that enables clients to capture, display, and analyze online word of mouth, including consumergenerated ratings and reviews, questions and answers, stories, recommendations, photographs, videos, and other content about clients brands, products, or services. Bazaarvoice, Inc. serves clients in the retail, consumer products, travel and leisure, technology, telecommunications, financial services, healthcare, and automotive industries. -Yahoo! Finance Bazaarvoice Inc. only received a 20% weighting because although Bazaarvoice offers software as a service to its customers, they are not geared towards call centers. Bazaarvoice has high revenue growth expectations and is also the closest out of our comparables in terms of size to InContact, (measured by market capitalization and enterprise value). Salesforce.com (20%) Salesforce.com, inc provides cloud computing and social enterprise solutions to various businesses and industries worldwide. The company delivers customer relationship management applications through Internet or cloud. Its cloud computing services enable customers to connect, engage, sell, service, and collaborate with customers. -Yahoo! Finance Salesforce.com only received a 20% weight because although it offers software as a service to its customers, it is a much larger company than InContact, (measured by market capitalization and enterprise value). Salesforce.com also has the most comparable revenue growth expectations to InContact. It is also important to note that InContact is highly integrated with Salesforce.com s software. Verizon Communications Inc. (15%) Verizon Communications Inc., through its subsidiaries, provides communications, information and entertainment products and services to consumers, businesses, and governmental agencies worldwide. Its Verizon Wireless segment offers access to various wireless voice and data services comprising Internet access through smart phones and basic phones, and notebook computers and tablets; messaging services, which enable customers to send and receive text, picture, and video messages; consumer-focused and business-focused multimedia applications. -Yahoo! Finance Although Verizon is much larger than InContact and has extremely differing growth expectations, it was important to use Verizon as a comparable company to capture risks associated with InContact s telecom segment. InContact resells Verizon long distance and other telephone services which means macroeconomic risks that could hurt Verizon would also affect InContact s telecom segment. It is also important to note that Verizon has also entered into a reseller agreement with InContact and now offers the InContact platform to its current customers. UOIG 10

11 Brightcove Inc. (10%) Brightcove Inc. provides cloud-based solutions for publishing and distributing professional digital media. The company offers Brightcove Video Cloud, an online video platform that enables its customers to publish and distribute video to Internet-connected devices. -Yahoo! Finance 70% 60% 50% 40% 30% 20% 10% 0% Software Revenue as % of Total 2008A 2010A 2012A 2014E 2016E Brightcove received a 10% rating because it offers cloud services to its customers much like InContact does. Brightcove is also very similar in size compared to InContact, (measured by revenue and gross profit). Brightcove had the most comparable gross margin to InContact out of all our comparable companies. Cornerstone OnDemand Inc. (5%) Cornerstone OnDemand, Inc. provides learning and talent management solution delivered as software-as-a-service. The company offers three integrated cloud-based solutions for learning management, performance management, and extended enterprise. -Yahoo! Finance Cornerstone OnDemand received a 5% weight because it offers software as a service to their customers but its growth rates are much different than InContact s. Although it has differing growth rates, it is important to note that Cornerstone OnDemand has the most comparable beta to InContact out of all of our comparable companies. Discounted Cash Flow Analysis Revenue Model Software InContact s software segment includes any monthly recurring revenue related to the delivery of their platform and software applications. The software segment also includes any fees associated with professional services provided, setup fees, and minimum purchase commitment revenue. There are three main drivers of revenue growth in the Software segment. The first driver of growth lies in existing customer retention. The second driver of growth is additional services sold to existing customers. The third and final driver of growth is from new contracts. New Customer Sales To account for sales to new customers we needed to gather 3 key pieces of data. First, we gathered how many new customers per quarter InContact books which was around in With this information we predicted how many new customers InContact would book each year. Next, because InContact charges on a per-seat basis, we needed to find the average number of seats a new customer has (40). Once we found average number of seats per new customer and average number of new customers booked per year, we could determine how many new seats InContact would book per year. Finally, we needed to gather how much InContact charges per seat, which we determined to be $2,000. InContact has stated that their typical cost per seat is anywhere between $1,700- $2,500 so we decided to take the lower end of this average. Once we had new seats booked and price per new seat, we multiplied to attain sales from new customers. UOIG 11

12 Current Customer Sales To account for sales from existing customers we needed to figure out InContact s retention rate as well as InContact s Same store sales metric. First, in terms of retention rate, recently InContact has achieved an existing customer retention rate of 92% which we held steady going forward. It is important to note that as successful cloud computing companies mature, it is not uncommon to see retention rates of closer to 97%. We then multiplied our 92% retention rate by the previous period s software sales to determine how much revenue we would generate from pure retention. After figuring out retained revenue, we used a 6% same store sales rate to determine additional sales from existing customers. With InContact s Land and Expand strategy, it is not uncommon for call centers to test out certain InContact applications and then add more in the future. InContact has stated that recently, their same store sales growth has been around 6% which we kept constant going forward. Once we determined additional sales from existing customers and retained revenue we added the two to get sales from current customers. 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Cost of Goods Sold as % of Revenue 2008A 2009A 2010A 2011A 2012A 2013E 2014E 2015E 2016E 2017E Telecom InContact s second revenue segment is Telecom which includes any voice and long distance services provided to both telecom only customers as well as software customers. Going forward, InContact s management team still predicts healthy growth for their telecom segment although it will not be able to keep up with Software. With that in mind, we projected telecom to deteriorate as a percentage of revenue as companies gravitate towards the cloud. Cost of Goods Sold InContact s cost of revenue consists primarily of fees paid to third party long distance providers, which allows InContact to resell their services to customers. Cost of goods sold also includes salaries as well as related expenses to software delivery and professional support. As InContact s business model shifts more towards the cloud, they have seen and will continue to see cost of goods sold decrease as a percentage of revenue. This is due to the fact that InContact experiences gross margins of around 72% for software and around 33% for telecom. We trended cost of goods down as a percentage of revenue each year to reflect this shift to software. Selling & Marketing InContact s selling and marketing expenses consist primarily of the sales team s salaries, commissions and bonuses. Selling and marketing expenses also are comprised of advertising, marketing events, corporate communication expenses, and travel costs related to marketing. InContact s management team has projected selling and marketing expenses to rise to 28%-29% of revenue which we held constant throughout our DCF. Research & Development Research and development costs consist of costs related to development of new products, enhancement of existing products, quality assurance, market research, and allocated overhead costs. InContact s management team has stated that they predict research and development costs to rise to 9%-10% of revenue in 2013 and we held that constant throughout our DCF. Depreciation & Amortization InContact s depreciation is calculated using the straight-line method. InContact breaks up their depreciation and amortization into different parts including a UOIG 12

13 EV/EBITDA Multiples 2013 Weight SaaS Software Providers INFA EV/EBITDA 13.2x 10% SQI EV/EBITDA 21.4x 10% RAX EV/EBITDA 13.4x 10% VMW EV/EBITDA 13.6x 10% ININ EV/EBITDA 46.1x 10% CRM EV/EBITDA 40.2x 10% Telecom VZ EV/EBITDA 5.7x 20% CTL EV/EBITDA 5.7x 10% T EV/EBITDA 6.2x 10% 2013 EV/EBITDA Industry 17.1x EV/EBITDA Multiples 2014 Weight SaaS Software Providers INFA EV/EBITDA 11.1x 10% SQI EV/EBITDA 15.4x 10% RAX EV/EBITDA 10.8x 10% VMW EV/EBITDA 11.7x 10% ININ EV/EBITDA 45.6x 10% CRM EV/EBITDA 31.8x 10% Telecom VZ EV/EBITDA 5.3x 20% CTL EV/EBITDA 5.8x 10% T EV/EBITDA 6.0x 10% 2014 EV/EBITDA Industry 14.9x SAAS EV/EBITDA Exit Multiple 16.0x Exit Multiple (1.32 Beta) Terminal Year EBITDA $ 59, Exit Multiple Terminal Value $ 953, Discount Period 10 WACC of 9.19% Discounted Terminal Value $ 395, PV of FCF 98, Enterprise Value $ 494, Less Debt $ (5,315.00) Equity Value $ 489, Diluted Shares Outstanding Implied Share Price $ 9.27 Current Price $ 6.90 Undervalued 34% section specifically for depreciation of PP&E. With this information, we used the company s depreciation of PP&E on our working capital model since it is centered around starting and ending PP&E. We projected this depreciation as a percentage of revenue. Because non-cash items need to be added back in the DCF to arrive at free cash flow, we used the company s total depreciation and amortization in the DCF. We used 2% and 3% growth rates to project the depreciation on the DCF. Tax Rate InContact is entering a period of time where they are just becoming profitable so it was difficult to estimate their tax rate. Management gave no guidance in terms of a long term outlook for their tax rate so we looked at comparable company s tax rates in comparable time periods. For example, we examined Salesforce.com s rate, Verizon s rate, and Interactive Intelligence s rate during time periods when they were just becoming profitable. After taking these averages we determined a tax rate of 11%-18% was reasonable over the next 5 years. Market Risk Premium Instead of using the typical UOIG 7% market risk premium we used Aswath Damodaran s implied market risk premium as of February 1, We believe the standard 7% market risk premium our group typically uses is too high given what the market has been returning the past 3-4 years (over the risk free rate). We believe a 5.46% market risk premium is more realistic. While the argument has been made that a 7% risk premium is conservative which makes undervalued pitches stronger, it is not our job to make conservative assumptions. It is our job to make the most accurate assumptions possible. Exit Multiple In order to adjust for extreme sensitivities to our original beta of 1.08 in our DCF, we valued InContact using an alternate DCF with an exit multiple. In this DCF, we used the highest regressed beta for InContact: 1.32 (chosen for conservatism). Derivation of the Exit Multiple In order to derive our exit multiple for InContact, we looked at 2013 and 2014 EV/EBITDA multiples for six SaaS software providers and three telecommunications providers. We weighted each comparable s multiple according to (approximately) our distribution of software versus telecom revenue into perpetuity: 63% software and 37% telecom. The 2013 EV/EBITDA industry multiple came out to 17.1x, and the 2014 EV/EBITDA industry multiple came out to 14.9x. Thus, the InContact exit multiple came out to 16.0x Exit Multiple Valuation Employing the exit multiple, we valued InContact to be trading at a discount of 34%. After integrating the 1.32 beta into the original DCF and combining all three valuation methods (comparables, original DCF adjusted for beta, and the alternative DCF with the exit multiple), we obtain a final price target of $8.15. This represents an undervaluation of 18.15%. Final Price Target Implied Price Weight Comparables Analysis $ % Adjusted DCF $ % Exit Multple $ % Price Target $8.15 Current Price 6.90 Undervalued 18.15% UOIG 13

14 Recommendation In conclusion, we believe InContact will continue to benefit from persisting pressure on businesses to cut costs by moving their IT efforts to the cloud. We recommend a buy in all portfolios based on a final price target of $8.15 and an undervaluation of 18.15%. UOIG 14

15 Appendix 1 Comparables Analysis Forward Comparables Analysis: 2013 SAAS Interactive ININ BV CRM VZ BCOV CSOD Intelligence Cornerstone ($ in thousands) InContact Group Bazaarvoice Salesforce.com Verizon Wireless Brightcove OnDemand Stock Characteristics Max Min Median Weight Avg % 20.00% 20.00% 15.00% 10.00% 5.00% Current Price $ $6.33 $37.93 $59.75 $6.90 $41.96 $7.12 $ $46.72 $6.33 $33.90 Beta Size Short-Term Debt 6,335, ,282 2, ,335, Long-Term Debt 46,467, ,970,101 2, ,467, ,025 Cash and Cash Equivalent 9,714,000 16,940 54,804 1,584,217 48,513 29,438 45, ,720 9,714,000 16,940 64,492 Non-Controlling Interest 54,990, ,248, ,990, Preferred Stock Diluted Basic Shares 2,881,739 21,010 60, ,016 52,809 21,010 71, ,026 2,881,739 30,307 50,482 Market Capitalization 134,634, ,846 1,296,460 26,236, , , ,771 27,850, ,634, ,846 1,711,339 Enterprise Value 232,712, ,906 1,250,322 40,821, , , ,655 27,329, ,712, ,906 1,648,502 Growth Expectations % Revenue Growth 2013E 51.7% 4.2% 20.7% 20.7% 25.5% 20.8% 20.5% 26.8% 4.2% 17.8% 51.7% % Revenue Growth 2014E 39.5% 3.5% 18.5% 18.0% 20.6% 16.7% 20.2% 24.0% 3.5% 16.1% 39.5% % EBITDA Growth 2013E 97.5% -3.2% 32.7% 27.9% -3.1% -3.2% 40.3% 25.1% 9.8% 93.9% 97.5% % EBITDA Growth 2014E 117.0% 0.8% 61.4% 44.5% 71.6% 0.8% 117.0% 26.7% 6.2% 96.0% 99.7% % EPS Growth 2013E 47.3% -15.7% 19.9% 9.2% -10.0% -15.7% 4.2% 20.3% 19.4% 37.7% 47.3% % EPS Growth 2014E 90.6% 12.9% 28.1% 29.6% 54.0% 27.1% 13.0% 29.0% 12.9% 90.6% 42.3% Profitability Margins Gross Margin 80.8% 48.0% 68.8% 68.8% 48.0% 65.3% 65.5% 80.8% 60.8% 72.0% 73.6% EBIT Margin 20.3% -12.5% -0.3% 3.6% -3.5% 4.3% -12.5% 12.6% 20.3% -5.2% -4.9% EBITDA Margin 34.1% -6.1% 3.2% 9.3% 3.5% 6.5% -6.1% 17.6% 34.1% -0.1% -0.1% Net Margin 6.6% -13.1% -9.6% -4.5% -4.1% 1.5% -13.1% -8.9% 6.6% -10.6% -10.4% Credit Metrics Interest Expense 2,433, , ,000 2,433, Debt/EV Leverage Ratio 1.28 (8.28) 0.00 (0.22) (8.28) Interest Coverage Ratio Operating Results: 2013 Revenue 120,660, , ,400 19,016, , , ,100 3,868, ,660, , ,100 Gross Profit 73,308,000 66, ,200 11,716,435 66, , ,900 3,124,000 73,308,000 74, ,300 EBIT 24,518,000 (24,000) 3,400 3,773,375 (4,863) 12,200 (24,000) 489,000 24,518,000 (5,400) (8,900) EBITDA 41,152,000 (11,800) 9,200 6,311,770 4,867 18,500 (11,800) 679,000 41,152,000 (100) (200) Net Income 7,934,000 (25,100) (3,300) 1,188,560 (5,627) 4,400 (25,100) 21,000 7,934,000 (11,000) (18,800) Capital Expenditures 16,029,000 2,600 12,800 2,455,460 4,158 13,000 12, ,000 16,029,000 5,600 2,600 Multiples 0 0 #NUM! EV/Revenue 9.1x 1.7x 2.7x 3.7x 2.3x 3.0x 2.4x 7.1x 1.9x 1.7x 9.1x EV/Gross Profit 12.4x 2.3x 4.1x 5.2x 4.8x 4.6x 3.7x 8.7x 3.2x 2.3x 12.4x Multiple Implied Price Weight EV/Revenue $ % EV/Gross Profit $ % Price Target $9.26 Current Price 6.90 Undervalued 34.16% UOIG 15

16 Appendix 2 Discounted Cash Flows Analysis Discounted Cash Flow Analysis Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ($ in thousands) 2008A 2009A 2010A 2011A 3/31/2012A 6/31/2012A 9/31/2012A 12/41/2012A 2012A 3/31/2013E 6/31/2013E 9/31/2013E 12/31/2013E 2013E 2014E 2015E 2016E 2017E Total Revenue 79, , , , , , , , , , , , , , , , , ,635.4 % YoY Growth 0.2% 5.7% -2.4% 8.3% 20.3% 20.6% 25.8% 29.4% 24.2% 24.4% 26.2% 25.6% 25.6% 25.5% 20.6% 17.5% 15.0% 12.7% Cost of Goods Sold 52, , , , , , , , , , , , , , , , , ,039.6 % Revenue 66.1% 59.4% 56.7% 59.1% 55.8% 55.1% 53.2% 52.7% 54.1% 52.0% 52.0% 52.0% 52.0% 52.0% 50.0% 48.0% 46.0% 44.0% Gross Profit 26, , , , , , , , , , , , , , , , , ,595.8 Gross Margin 33.9% 40.6% 43.3% 40.9% 44.2% 44.9% 46.8% 47.3% 45.9% 48.0% 48.0% 48.0% 48.0% 48.0% 50.0% 52.0% 54.0% 56.0% Selling and Marketing 17, , , , , , , , , , , , , , , , , ,297.9 % Revenue 22.1% 20.6% 23.3% 27.6% 27.3% 26.3% 25.0% 25.1% 25.9% 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% 28.0% Research and Development 4, , , , , , , , , , , , , , , , , ,917.2 % Revenue 5.4% 5.8% 6.4% 7.1% 7.2% 8.7% 9.0% 9.1% 8.5% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% General and Administrative 14, , , , , , , , , , , , , , , , , ,463.5 % Revenue 18.6% 16.3% 14.7% 15.8% 15.9% 15.4% 15.6% 15.2% 15.5% 15.0% 14.0% 14.0% 15.0% 14.5% 14.0% 11.0% 10.0% 10.0% Earnings Before Interest & Taxes (9,789.0) (1,769.0) (952.0) (8,599.0) (1,593.0) (1,466.0) (748.0) (617.0) (4,424.0) (1,277.7) (992.3) (1,050.1) (1,543.4) (4,863.1) (1,671.0) 7, , ,917.2 % Revenue -12.3% -2.1% -1.2% -9.7% -6.2% -5.6% -2.7% -2.0% -4.0% -4.0% -3.0% -3.0% -4.0% -3.5% -1.0% 4.0% 7.0% 9.0% Net Interest (Income) (45.0) (4.0) (1.0) (1.0) 0.0 (3.0) (3.0) % Revenue -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Interest Expense % Revenue 0.7% 0.8% 0.3% 0.6% 0.4% 0.4% 0.5% 0.1% 0.3% 0.3% 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% Change in Fair Value of Warrants (250.0) % Revenue 0.0% 0.5% -0.3% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Other Expense % Revenue 0.0% 0.1% 0.1% 0.1% 0.2% 0.4% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% Earnings Before Taxes (10,268.0) (2,860.0) (1,035.0) (9,354.0) (1,734.0) (1,670.0) (932.0) (724.0) (5,060.0) (1,421.5) (1,141.1) (1,207.7) (1,717.1) (5,486.9) (2,172.2) 7, , ,255.1 % Revenue -12.9% -3.4% -1.3% -10.5% -6.8% -6.4% -3.3% -2.4% -4.6% -4.5% -3.5% -3.5% -4.5% -4.0% -1.3% 3.7% 6.7% 8.7% Less Taxes (Benefits) , ,005.9 Tax Rate -0.4% -2.2% -2.0% -0.8% -0.9% -0.9% -2.3% -9.5% -2.4% -2.5% -3.1% -2.9% -2.0% -2.6% 11.0% 13.0% 15.0% 18.0% Net Income (10,304.0) (2,922.0) (1,056.0) (9,428.0) (1,749.0) (1,685.0) (953.0) (793.0) (5,180.0) (1,456.5) (1,176.1) (1,242.7) (1,752.1) (5,626.9) (2,411.2) 6, , ,249.2 Net Margin % Add Back: Depreciation and Amortization 6, , , , , , , , , , , , , , , , , ,740.0 Add Back: Interest Expense*(1-Tax Rate) Operating Cash Flow (3,625.2) 2, ,776.8 (1,814.0) , , , , , , , , , ,406.9 % Revenue -4.6% 3.3% 5.8% -2.0% 1.6% 3.2% 5.8% 5.7% 4.2% 3.2% 4.7% 8.7% 10.6% 11.5% Current Assets 9, , , , , , , , , , , , , , , , , ,959.2 % Revenue 11.61% 12.86% 14.41% 17.63% 63.32% 64.27% 69.49% 69.64% 19.37% 66.30% 65.20% 64.30% 64.30% 17.90% 16.20% 16.10% 17.10% 15.30% Current Liabilities 12, , , , , , , , , , , , , , , , , ,593.3 % Revenue 15.93% 15.39% 14.32% 15.81% 58.64% 62.70% 57.52% 56.43% 15.70% 49.00% 48.00% 49.00% 54.00% 15.03% 14.10% 13.90% 14.50% 12.80% Net Working Capital (3,442.0) (2,129.0) , , , , , , , , , , , , , ,365.9 % Revenue -4.3% -2.5% 0.1% 1.8% 4.7% 1.6% 12.0% 13.2% 3.7% 17.3% 17.2% 15.3% 10.3% 2.9% 2.1% 2.2% 2.6% 2.5% Change in Working Capital NA 1, , ,541.0 (417.0) (789.0) 2, , , (333.4) (1,381.3) (86.6) (465.4) , Capital Expenditures 2, , , , , , , , , , , , ,949.3 % Revenue 2.9% 1.2% 2.1% 5.9% 2.7% 6.7% 1.7% 2.6% 3.4% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.3% 3.3% 4.3% Acquisitions % Revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Unlevered Free Cash Flow (5,935.2) (8,572.0) (136.0) (1,779.1) (1,541.4) (1,661.8) , , , , ,964.0 Discounted Free Cash Flow , , , ,274.0 Intermediate Growth Rates 19% 15% 12% 9% 6% Year 2018E 2019E 2020E 2021E 2022E FCF 21, , , , ,812.6 Discounted FCF 13, , , , ,851.2 UOIG 16

17 Beta University of Oregon Investment Group Discounted Free Cash Flow Assumptions Tax Rate 18.00% Terminal Growth Rate 3.00% Risk Free Rate 2.04% Terminal Value 666,603 Beta 1.08 PV of Terminal Value 311,192 Market Risk Premium 5.46% Sum of PV Free Cash Flows 107,091 % Equity 98.56% Firm Value 418,283 % Debt 1.44% Total Debt 5,315 Cost of Debt 6.68% Cash & Cash Equivalents 48,513 CAPM 7.95% Market Capitalization 412,968 WACC 7.92% Fully Diluted Shares 52,809 Implied Price $ 7.82 Current Price $ 6.90 Undervalued 13.33% Considerations Implied Price EBITDA EXIT Multiple Appendix 3 Revenue Model Revenue Model Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ($ in thousands) 2008A 2009A 2010A 2011A 3/31/2012A 6/31/2012A 9/31/2012A 12/41/2012A 2012A 3/31/2013E 6/31/2013E 9/31/2013E 12/31/2013E 2013E 2014E 2015E 2016E 2017E Software 19,972 29,103 33,692 39,870 12,302 12,828 13,976 15,599 54,705 17,037 17,550 18,589 20,172 73,348 92, , , ,947 % Growth (YoY) 48% 46% 16% 18% 32% 35% 40% 42% 37% 38% 37% 33% 29% 34% 26% 24% 20% 17% % of Total Revenue 25% 35% 41% 45% 48% 49% 50% 51% 50% 53% 53% 53% 52% 53% 55% 58% 61% 63% Telecom 59,653 55,080 48,463 49,115 13,373 13,387 13,886 15,133 55,779 14,906 15,526 16,415 18,414 65,261 74,398 81,838 88,385 93,688 % Growth (10%) (8%) (12%) 1% 11% 9% 14% 19% 14% 11% 16% 18% 22% 17% 14% 10% 8% 6% % of Total Revenue 75% 65% 59% 55% 52% 51% 50% 49% 50% 47% 47% 47% 48% 47% 45% 42% 39% 37% Total Revenue 79,625 84,183 82,155 88,985 25,675 26,215 27,862 30, ,484 31,943 33,076 35,004 38, , , , , ,635 % Growth.2% 6% (2%) 8% 20% 21% 26% 29% 24% 24% 26% 26% 26% 25% 21% 18% 15% 13% Software Revenue Model Q1 Q2 Q3 Q4 3/31/2013E 6/31/2013E 9/31/2013E 12/31/2013E 2013E 2014E 2015E 2016E 2017E New Customers Number of new customers Seats per new customer Cost per seat Sales from New customers 5,040 5,040 4,960 4,960 20,000 21,168 24,180 25,740 26,880 Land & Expand Retained Revenue (92%) 11,318 11,802 12,858 14,351 50,329 67,480 85, , ,479 Sales from additional applications of current customers ,020 4,049 5,117 6,325 7,589 Sales from Current customers 11,997 12,510 13,629 15,212 53,348 71,529 90, , ,067 Total Software Sales 17,037 17,550 18,589 20,172 73,348 92, , , ,947 Growth 27% 31% 34% 33% 34% 26% 24% 20% 17% UOIG 17

18 Adjusted Beta University of Oregon Investment Group Appendix 4 Working Capital Model Working Capital Model Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ($ in thousands) 2008A 2009A 2010A 2011A 3/31/2012A 6/31/2012A 9/31/2012A 12/41/2012A 2012A 3/31/2013E 6/31/2013E 9/31/2013E 12/31/2013E 2013E 2014E 2015E 2016E 2017E Total Revenue $79, $84, $82, $88, $25, $26, $27, $30, $110, $31, $33, $35, $38, $138, $167, $196, $225, $254, Current Assets Accounts Receivable $17, $17, $18, $20, $20, $21, $25, $29, $30, Days Sales Outstanding A/R % of Revenue 10% 11% 11% 15% 50% 52% 57% 59% 16% 54% 54% 54% 54% 12% 13% 13% 13% 12% Restricted Cash % of Revenue 0.0% 0.1% 0.3% 0.3% 1.0% 0.3% 0.3% 0.3% 0.1% 0.3% 0.2% 0.3% 0.3% 0.1% 0.2% 0.1% 0.1% 0.3% Other Assets $3, $3, $3, $3, $5, $5, $9, $7, % of Revenue 1% 2% 3% 3% 12% 12% 12% 11% 3% 12% 11% 10% 10% 3% 3% 3% 4% 3% Total Current Assets % of Revenue 12% 13% 14% 18% 63% 64% 69% 70% 19% 66% 65% 64% 64% 18% 16% 16% 17% 15% Long Term Assets Net PP&E Beginning Capital Expenditures Acquisitions Depreciation and Amortization (2,163.0) (2,850.0) (2,959.0) (3,504.0) (1,087.0) (1,295.0) (1,309.0) (1,356.0) (5,047.0) (798.6) (826.9) (875.1) (964.7) (3,465.2) (4,511.6) (4,419.4) (4,969.0) (4,838.1) % of Revenue 2.7% 3.4% 3.6% 3.9% 4.2% 4.9% 4.7% 4.4% 4.6% 2.5% 2.5% 2.5% 2.5% -2.5% 2.7% 2.3% 2.2% 1.9% Net PP&E Ending 6, , , , , , , , , , , , , , , , , ,407.5 Total Current Assets & Net PP&E , % of Revenue 8% 12% 15% 21% 78% 79% 73% 61% 18% 63% 61% 58% 53% 15% 13% 12% 12% 13% Current Liabilities Appendix 5 Discounted Cash Flows Analysis Assumptions Current Portion of Long Term Debt % of Revenue 1.6% 2.2% 1.6% 3.2% 12.1% 11.5% 10.1% 8.8% 2.4% 8.0% 8.0% 8.0% 8.0% 2.2% 1.8% 1.7% 1.6% 1.5% Trade Accounts Payable Copy from your Excel spreadsheet Includes the box of Beta, Return on Debt and Equity, WACC, long term debt, implied share price, etc. Look at another report or ask your mentor if you have questions on this % of Revenue 8.8% 7.3% 8.9% 8.1% 27.3% 29.1% 26.6% 23.6% 6.6% 22.0% 22.0% 22.0% 23.0% 6.4% 7.0% 7.0% 8.0% 7.0% Accrued Liabilities $2, $2, $2, $3, $3, $3, $4, $4, % of Revenue 2.88% 3.29% 2.53% 3.11% 7.98% 10.87% 9.29% 12.43% 3.46% 8.00% 7.00% 8.00% 10.00% 2.78% 2.00% 2.00% 1.80% 1.60% Accrued Comissions $2, $2, $3, $3, % of Revenue 1.45% 1.35% 1.29% 1.45% 5.96% 5.87% 5.61% 5.24% 1.46% 5.00% 5.00% 5.00% 6.00% 1.67% 1.50% 1.40% 1.40% 1.20% Current Portion of Deferred Revenue $1, $1, $2, $2, $3, $3, $3, $3, % of Revenue 1.18% 1.29% 0.00% 0.00% 5.33% 5.30% 5.98% 6.42% 1.79% 6.00% 6.00% 6.00% 7.00% 1.95% 1.80% 1.80% 1.70% 1.50% Appendix 6 Sensitivity Analysis Total Current Liabilities % of Revenue 16% 15% 14% 16% 59% 63% 58% 56% 16% 49% 48% 49% 54% 15% 14% 14% 15% 13% Implied Price Terminal Growth Rate 8 2.0% 2.5% 3.0% 3.5% 4.0% Undervalued/(Overvalued) Terminal Growth Rate UOIG 18

19 Appendix 8 Sources Suggested Sources InContact Earnings Call Transcripts Factset Piper Jaffray Investment Research Frost & Sullivan Gartner IDC Yahoo Finance DMG Consulting Reuters SEC Filings UOIG 19

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