


Total 2000 2005 2010 2015 2020
Square
Adyen

Coinbase

nCino

Clover Health

Metromile
•

•
 Bill.com
Bill.com

Lightspeed
Lightspeed
% Change in Market Cap

% Change in Market Cap

(Mar ’20-Nov ’21)

(Mar ’20-Nov ’21)

Square
Square

Adyen
Adyen

Q2
PagSeguro PagSeguro
Coupa Q2 Coupa
StoneCo StoneCo

’21A Op Margin + Retention ’21A Rev Growth

 Banking
Insurance Software NASDAQ S&P 500 Dow Jones
 StoneCo
Toast StoneCo
Flywire Toast
Flywire nCino
% Change in Market Cap

% Change in Market Cap

Adyen nCino
PagSeguro PagSeguro
(Mar ’22-Aug ’22)

dlocal

(Mar ’22-Aug ’22)

Adyen
Lightspeed Marqeta dlocal
Marqeta
Coupa Lightspeed
Bill.com
Coupa Bill.com
Duck Creek Technologies
Q2 Q2
Duck Creek Technologies

Affirm Square Affirm

Square

’22E Op Margin + Retention ’22E Rev Growth

 -39%
$2,398B

-71%
$1,002B
$38B

$1,453B

$154B

$291B
$6B

$168B
Peak Today Peak Today
•

•
•

•
 $6,306 29.6x 157% 48% 37% 52% 294%
$14,487 20.3x 131% 84% 2% 38% 255%
$3,825 14.6x 155% 65% (4%) 26% 242%
$13,705 4.5x 140% 44% 34% 18% 236%
$19,529 6.9x 125% 79% 12% 20% 236%
$13,675 7.1x 93% 79% 54% 9% 235%
$4,770 3.1x 115% 57% 33% 21% 227%
$4,018 7.5x 175% 44% (22%) 29% 225%
$2,607 17.1x 123% 67% 2% 31% 223%
$40,043 30.6x 155% 15% 9% 41% 219%
$3,295 2.7x 99% 60% 38% 19% 216%
$1,375 9.3x 120% 64% 21% 9% 214%
$4,605 9.6x 110% 73% 7% 19% 209%
$1,878 7.7x 119% 52% 4% 18% 193%
$1,403 10.9x 117% 58% (11%) 26% 190%
$810 6.2x 100% 51% 25% 11% 188%
$8,580 15.0x 135% 19% (5%) 32% 181%
$1,754 3.5x 90% 60% (13%) 28% 165%
$533 3.5x 145% 43% (60%) 1% 129%
$1,590 7.3x 112% 0% 5% 12% 125%
$96,451 14.2x 92% 0% 24% 7% 123%
$2,724 6.2x 100% 0% (22%) 34% 112%
$153 0.6x 70% 56% (50%) 26% 102%
$5,495 41.2x 100% 18% (52%) 30% 96%
$1,529 29.4x 93% 23% (141%) 60% 35%
$370 1.3x 87% 31% (217%) 96% (3%)
▪ Enterprise
Payments and
Payments
Infrastructure
▪ Banking Software 37.9x 9.3x 200%+
▪ B2B Payments
▪ Asset Management
& Brokerage
▪ SMB Payments

▪ Consumer Finance
▪ InsurTech 27.4 7.3x <200%
▪ SMB Payments
40.0x

15x
11x
11x

20.0x

Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22

$317 $126 4% 26% 9.0x $1,795 $207 12% 34% 23.6x

$250 $94 5% 28% 8.9x $170 $46 11% 29% 12.4x

$158 $73 (7%) 21% 8.5x $148 $31 17% 15% 28.3x

$82 $75 5% 19% 6.3x $110 $60 4% 14% 12.4x

$62 $24 7% 26% 9.0x $97 $30 (6%) 19% 16.1x

Gross Profit
Market Cap

Semis eCommerce Software Healthcare Financial Services

•

•
 15bps 10bps

15bps

Gross Processing Funding Losses Net Revenue Gross Processing Funding Losses Net Revenue
Revenue Costs Costs (Debt Revenue Costs (At Costs (Fed
Investor) Cost) Funds Rate)

Gross Profit Book Value

High Low
Gross Profit Multiples Book Value Multiples

High Low
 $3.0B

$2.5B

$2.0B

$1.5B

$1.0B

$0.5B

$0.0B
2014 2017 2020 2023 2014 2017 2020 2023
•

•
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22
•

200%

150%

100%
•

•
2016 2017 2018 2019 2020 2021
Internet Penetration Smartphone Penetration

+3,179%

Brazil Chile Argentina Colombia Peru Mexico Nov-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Aug-22

2017 2021
 Incumbents New Entrants →

$308B
→
$268B
$242B $271B
$206B $221B →
$196B

→
$100B
$68B
$30B $46B →
$8B $17B
$1B

2015 2016 2017 2018 2019 2020 2021

•

•
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
•

•
 ACI Interactive Brokers
ADP Intuit
Jack Henry
AssetMark
LPL
C. Schwab MasterCard
Cantaloupe MeridianLink

MoneyGram

Paychex
Cielo Paycor
Euronet PayPal
Evertec PaySafe
EVO
FIS
Fiserv
FleetCor Visa
Global Payments
Green Dot Western Union
WEX
This presentation is confidential and not intended for public use or further distribution without the prior written consent of Coatue Management, L.L.C.

 The information herein is provided for illustrative purposes only, reflects the opinions of Coatue or its
Coatue Analysis advisors, and does not constitute investment advice or a recommendation to buy or sell any securities.

 Unless otherwise indicated, all figures and calculations are for informational purposes only, computed by
Coatue or its advisors and not audited by any third party or approved by any governmental agency.

 Although Coatue believes that the data expressed in this presentation is accurate and reasonable,
actual results could differ materially from those projected or assumed, and such projections are
subject to change, and are subject to inherent risks and uncertainties. Neither Coatue nor its
affiliates or advisors guarantees the accuracy or completeness of the information. Accordingly,
neither Coatue nor any of its affiliates, advisors or employees shall be liable to you or anyone else
for any loss or damages from use of the information contained in this presentation.

 Unless otherwise indicated, companies referenced herein are for illustrative purposes only, and such
companies do not necessarily represent investments that any Coatue fund owns or may own in the future.
Coatue funds may or may not hold positions in certain of the companies mentioned in this whitepaper.

 This presentation contains forecasts, projections and other forward-looking statements, including (but not
Forward-looking limited to) the occurrence or outcome of anticipated events, estimates, price targets, valuation, exposure
Statements limits and performance returns

 There is no guarantee that such forecasts, projections or forward-looking statements will be realized and
therefore investors should not rely on such statements in making an investment decision