Exhibit (c)(3)
Discussion Materials
Project Anaheim
July [ ], 2020
Confidential – For Discussion & General Information Purposes Only
Executive Summary
• At Sonoma’s request, Wells Fargo Securities (“WFS”) has reviewed the Project Anaheim Confidential Information Memorandum (“CIM”) and has performed certain analyses in order to provide perspectives around Anaheim (“the Company”)
• The Company has experienced a significant uptick in operating performance as a result of COVID-19 as more consumers are allocating spending towards at-home products
– Despite the aforementioned tailwind, the acceleration in performance has created uncertainty around future performance, as these elevated trends could potentially slow and revert to pre-COVID norms
• Due to these factors and in addition to the uncertainty of the Bloom product launch, Sonoma has informed WFS the projections contained in the CIM may be difficult to achieve
• Without performing any due diligence with Anaheim’s management, Wells Fargo has adjusted the projections to provide two illustrative financial forecasts for the Company
– Case A reflects a moderate growth case, which has been aligned to industry peers and has marginal margin expansion
– Case B applies deeper haircuts to growth with no margin expansion
– Potential bidders will likely haircut the Company’s projections when conducting their own assessments of the Company
• In addition, the Technology Licensing Agreement and Brand Licensing Agreement between Sonoma and Anaheim requires the Company to pay Sonoma 2% of net revenues and 5% on certain brand licenses
– An illustrative net present value of these royalties to Sonoma has been calculated and included herein
• WFS looks forward to discussing our perspectives and working with Sonoma to refine our analysis and assumptions
Project Anaheim Confidential 2
Key Financial Projection Assumptions
• WFS assumptions are purely illustrative and we look forward to working with Sonoma to refine the below cases
Case A
(Moderated Growth Relative to Seller Case)
Net Revenue Assumptions By Channel
AeroGarden.com, Amazon and Retail E-commerce
– Projected growth equivalent to consensus growth of DTC / E-commerce peer group
Retail In-store
– No growth
Bloom
– 50% haircut to Seller Case revenue in year 1 and 2; 10% YoY growth thereafter
EBITDA and Other Assumptions
Annual EBITDA margin expansion of 50 bps from Seller Case FY 2021E EBITDA margin CapEx as percentage of net revenues and net working capital ratios consistent with FY 2020A levels D&A as percentage of net revenues consistent with Seller Case in FY 2021E – FY 2023P and remains flat from FY 2024P through FY 2026P
Case B
(Heavily Discounted Growth Relative to Seller Case)
AeroGarden.com, Amazon and Retail E-commerce
– Projected growth equivalent to half of the growth outlined in Case A
Retail In-store
– YoY growth rate of (10%) throughout the projection period, which is consistent with historical declines in the channel
Bloom
– Removes Bloom from forecast; No revenue contribution
No expansion from Seller Case FY 2021E EBITDA margin (flat margins throughout) CapEx as percentage of net revenues and net working capital ratios consistent with FY 2020A levels D&A as percentage of net revenues consistent with Seller Case in FY 2021E – FY 2023P and remains flat from FY 2024P onward
Source: Anaheim management, Wells Fargo, Wall Street Equity Research
Project Anaheim Confidential 3
Key Net Revenue Projection Assumptions By Channel Seller Case Case A Case B AeroGarden.com($ in millions) Amazon
Retail E-commerce Growth Rates 29.9% 25.0% - - - 21.0% 21.2% 14.5% 17.4% 16.7% 10.5% 10.6% 7.3% 8.7% 8.4% Growth Rates 25.1% 20.1% - - - 21.0% 21.2% 14.5% 17.4% 16.7% 10.5% 10.6% 7.3% 8.7% 8.4% Growth Rates
FY2022E FY2023P FY2024P FY2025P FY2026P FY2022E FY2023P FY2024P FY2025P FY2026P FY2022E FY2023P FY2024P FY2025P FY2026P FY2022E FY2023P FY2024P FY2025P FY2026P FY2022E FY2023P FY2024P FY2025P FY2026P FY2022E FY2023P FY2024P FY2025P FY2026P Source: Anaheim management, Wells Fargo, Wall Street Equity Research | Note: Fiscal years ending March 31
7.6% 15.5% - - - 21.0% 21.2% 14.5% 17.4% 16.7% 10.5% 10.6% 7.3% 8.7% 8.4%
Bloom Growth Rates
938.0% 130.7% - - -419.1% 130.7% 10.0% 10.0% 10.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Retail In-store Growth Rates
96.2% 72.5% - - - 0.0% 0.0% 0.0% 0.0% 0.0% (10.0%) (10.0%) (10.0%) (10.0%) (10.0%)
Implied Total Revenue Growth Rates 47.1% 41.6% - - - 27.6% 29.1% 13.3% 15.7% 15.3% 9.1% 9.5% 6.5% 8.0% 7.8%
Project Anaheim Confidential 4
$41 $51 $38 $46 $53 $62 $72 $35 $38 $41 $45 $48 $31 $38 $30 $37 $42 $49 $58 $28 $31 $33 $36 $39
$16 $17 $18 $21 $24 $28 $33 $16 $18 $19 $21 $22
$16 $38 $8 $19 $21 $23 $25 $0 $0 $0 $0 $0
$10 $18 $5 $5 $5 $5 $5 $5 $4 $4 $3 $3
$114 $162 $99 $128 $145 $168 $193 $83 $91 $97 $104 $113
Anaheim Financial Summary Net Revenue & Growth ($ in Millions)
6.4% 14.1% 98.1% 47.1% 41.6% - - - 6.4% 14.1% 98.1% 27.6% 29.1% 13.3% 15.7% 15.3% 6.4% 14.1% 93.9% 9.1% 9.5% 6.5% 8.0% 7.8%
Adj. EBITDA ¹ & Margin
($ in Millions)
(0.1%) 1.5% 2.7% 10.1% 13.4% 15.8% - - - (0.1%) 1.5% 2.7% 10.1% 10.6% 11.1% 11.6% 12.1% 12.6% (0.1%) 1.5% 2.7% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1%
Source: Anaheim management and Wells Fargo Note: Fiscal years ending March 31
¹ Adj. EBITDA includes adjustments per the CIM, including royalty payments to Sonoma; no incremental adjustments have been made beyond what was presented in the CIM
Project Anaheim 5
Preliminary Anaheim Financial Analysis Illustrative Per Share Valuation Outputs Seller Case Preliminary Selected Companies Analysis CY 2021P Revenue ¹ $6.20 - $7.75 CY 2021P Adj. EBITDA ² ³ $5.90 - $7.50 Preliminary Selected Transactions Analysis LTM 9/30/20 Revenue 4 $7.30 - $8.20 Preliminary Discounted Cash Flow Analysis Perpetuity Growth Method 5 - Terminal Multiple Method 6 - Case A $3.75 - $5.10 $3.20 - $4.35 $5.10 - $6.00 $4.05 - $5.40 $5.45 - $7.55 Case B $2.10 - $3.25 $2.20 - $3.20 $3.35 - $4.20 $2.50 - $3.15 $2.85 - $3.80 Source: Anaheim management, public filings, Wells Fargo and Capital IQ Note: Market data as of 7/28/2020; Assumes basic shares outstanding of 34.328 million and 0.011 million options with a strike price of $1.55; Assumes net cash of $10 mm as of 5/30/2020 balance sheet ¹ Based on 1.90x - 2.40x Seller Case CY 2021P Revenue ($107 mm), 1.25x - 1.75x Case A CY 2021P Revenue ($95 mm), and 0.75x - 1.25x Case B CY 2021P Revenue ($82 mm) ² Adj. EBITDA includes adjustments per the CIM, including royalty payments to Sonoma; no incremental adjustments have been made beyond what was presented in the CIM ³ Based on 14.0x - 18.0x Seller Case CY 2021P Adj. EBITDA ($14 mm), 10.0x - 14.0x Case A CY 2021P Adj. EBITDA ($10 mm), and 8.0x - 12.0x Case B CY 2021P Adj. EBITDA ($8 mm) 4 Based on 4.00x - 4.50x Seller Case LTM 9/30/20 Revenue ($60 mm), 2.75x - 3.25x Case A LTM 9/30/20 Revenue ($60 mm), and 1.75x - 2.25x Case B LTM 9/30/20 Revenue ($60 mm) 5 Based on 2.0% - 3.0% perpetuity growth discounted at 10.25% - 12.25% in Case A and 9.75% - 11.75% in Case B 6 Based on 10.0x - 14.0x terminal multiple discounted at 10.25% - 12.25% in Case A and 8.0x - 12.0x terminal multiple discounted at 9.75% - 11.75% in Case B Project Anaheim Confidential 6
Preliminary Anaheim Intellectual Property Analysis Preliminary IP Analysis ($ in Millions) Case A Perpetuity Growth Method ¹ Technology License ² $33 - $45 Brand License ³ $19 - $26 Total IP Royalty Payment $52 - $72 Total IP Royalty Payment Per Share $1.50 - $2.10 Terminal Multiple Method 4 Technology License ² $32 - $43 Brand License ³ $18 - $25 Total IP Royalty Payment $50 - $68 Total IP Royalty Payment Per Share $1.45 - $2.00 Case B $21 - $30 $11 - $15 $32 - $45 $0.95 - $1.30 $18 - $24 $9 - $13 $27 - $37 $0.80 - $1.10 Source: Anaheim management, public filings, and Wells Fargo Note: Market data as of 7/28/2020; Assumes basic shares outstanding of 34.328 million ¹ Discounted cash flow assuming 2.00% - 3.00% perpetuity growth discounted at 10.25% - 12.25% in Case A and 2.00% - 3.00% perpetuity growth discounted at 9.75% - 11.75% in Case B ² Calculated as 2% of total net revenue ³ Calculated as 5% of Seed Pod Kits, Accessories, and Shipping & Delivery net revenues plus 2% of Bloom net revenue 4 Discounted cash flow assuming 10.0x - 14.0x terminal multiple discounted at 10.25% - 12.25% in Case A and 8.0x - 12.0x terminal multiple discounted at 9.75% - 11.75% in Case B Project Anaheim Confidential 7
Appendix
Illustrative Analysis at Various Prices Analysis at Various Prices ($ in Millions, except per share data) Current Purchase Price Per Share $3.48 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 $6.00 Implied Purchase Price Premium: Current ($3.48) 0.0% (28.1%) (13.7%) 0.7% 15.1% 29.4% 43.8% 58.2% 72.6% 52-Week High ($3.81) (8.8%) (34.4%) (21.3%) (8.1%) 5.0% 18.1% 31.2% 44.4% 57.5% 52-Week Low ($0.61) 469.8% 309.8% 391.7% 473.7% 555.6% 637.6% 719.5% 801.5% 883.4% Equity Value $119 $86 $103 $120 $137 $155 $172 $189 $206 Plus: Net Debt (10) (10) (10) (10) (10) (10) (10) (10) (10) Total Enterprise Value $109 $76 $93 $110 $127 $144 $161 $179 $196 Revenue Multiple LTM 9/30/2020A ($60) (Seller Case) 1.81x 1.26x 1.54x 1.83x 2.11x 2.40x 2.68x 2.96x 3.25x FY 2021E ($78) (Seller Case) 1.41x 0.97x 1.19x 1.42x 1.64x 1.86x 2.08x 2.30x 2.52x FY 2022P ($114) (Seller Case) 0.96x 0.66x 0.81x 0.96x 1.11x 1.26x 1.41x 1.56x 1.71x FY 2022P ($99) (Case A) 1.10x 0.76x 0.94x 1.11x 1.28x 1.46x 1.63x 1.80x 1.98x FY 2022P ($83) (Case B) 1.32x 0.91x 1.12x 1.33x 1.53x 1.74x 1.95x 2.15x 2.36x Adj. EBITDA Multiple ¹ LTM 9/30/2020A ($4) (Seller Case) 28.4x 19.7x 24.2x 28.6x 33.1x 37.6x 42.0x 46.5x 51.0x FY 2021E ($8) (Seller Case) 13.9x 9.6x 11.8x 14.0x 16.2x 18.4x 20.6x 22.8x 25.0x FY 2022P ($15) (Seller Case) 7.1x 4.9x 6.1x 7.2x 8.3x 9.4x 10.5x 11.7x 12.8x FY 2022P ($11) (Case A) 10.4x 7.2x 8.8x 10.5x 12.1x 13.7x 15.4x 17.0x 18.6x FY 2022P ($8) (Case B) 13.0x 9.0x 11.1x 13.1x 15.2x 17.2x 19.3x 21.3x 23.4x Source: Anaheim management, public filings, Wells Fargo and CapitalIQ Note: Market data as of 7/28/2020; Fiscal years ending March 31 ¹ Adj. EBITDA includes adjustments per the CIM, including royalty payments to Sonoma; no incremental adjustments have been made beyond what was presented in the CIM Project Anaheim Confidential 9
Anaheim Situation Backdrop Situation Overview • On June 23, 2020, Anaheim announced FY2020 earnings, noting a significant sales surge due to increased consumer demand as a result of stay-at-home orders related to COVID-19 - The Company noted a net revenue increase of 29% over the same period in the prior year - In addition, the Company noted that year-to-date results for FQ1 2021 further accelerated, with sales tracking to more than triple that of the previous year • Concurrently with its earnings release, Anaheim announced that the Board of Directors has formed a Special Committee consisting of Independent Directors in order to conduct a broad review of strategic alternatives focused on maximizing shareholder value - The Company has engaged an advisor to serve as exclusive financial advisor to assist in the strategic review process - The Company has not set a timetable for the conclusion of the review and does not expect to comment further or update the market unless and until the Board of Directors has approved a specific transaction or otherwise deems disclosure necessary or appropriate “Over the past several months the COVID-19 pandemic has had a significant and positive impact on our business that will further accelerate our sales in Q1 of FY 2021 – with sales in the quarter tracking to more than 3X over the prior year. Traffic on our web site and our product rankings on Amazon.com began spiking in mid-to-late March as consumers with an increased interest in at-home meal preparation began looking for access to fresh, safe food sources…I think the overall state of the business as we begin FY 2021 is at an all-time high. - President and CEO of Anaheim (June 23, 2020)” Three-Year Stock Price Performance $5.00 Stock Price Performance 3-Yr LTM Since COVID 1 Anaheim 26.4% 139.8% 122.9% Key Statistics $4.00 Share Price (07/28/20) $3.48 Market Cap ($M) $119.3 $3.48 Enterprise Value ($M) $111.2 $3.00 EV / LTM Revenue 2.2x $2.00 $1.00 $0.00 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Summary Historical Financials ($ in Millions) Fiscal Year Ended March 31, 2016 2017 2018 2019 2020 LTM 6/30 Revenue $19.6 $23.6 $32.3 $34.4 $39.2 $50.8 % Growth 9.5% 20.4% 36.8% 6.4% 14.1% 44.7% Gross Profit $7.0 $8.6 $10.7 $12.0 $14.0 $19.1 % Margin 35.7% 36.3% 33.1% 34.8% 35.8% 37.6% Operating Income ($1.3) ($0.3) ($0.4) $0.0 $0.3 NA % Margin (6.6%) (1.5%) (1.4%) 0.0% 0.8% NA Adj. EBITDA $0.3 $1.4 ($0.0) $0.5 $1.1 $4.2 % Margin 1.6% 6.0% (0.1%) 1.5% 2.8% 8.3% 1 Reflects stock price performance since closing price as of 2/19/2020 | Source: Company filings and S&P Capital IQ as of 7/28/2020 Project Anaheim Confidential 10
Operational Benchmarking Analysis
CY2019A – CY2021P Revenue CAGR
70.9% 61.0% Branded Consumer Median 1.6% 59.6% DTC / E-commerce Median 29.3%
49.4% 31.2% 30.4%
8.3% 28.1% 27.1% 18.9% 5.2% 2.2% 1.0% (0.4%) (2.7%)
Anaheim Case A Case B Seller Case
CY2020E – CY2023P Revenue CAGR
Branded Consumer Median NA DTC / E-commerce Median 19.2%
41.2%
28.6% 33.3%
20.9% 19.2% 16.9% 15.9%
13.6% NA NA NA NA NA NA NA
Anaheim Case A Case B Seller Case
CY2021P EBITDA Margin
23.8% Branded Consumer Median 15.9% 24.1% DTC / E-commerce Median 5.7%
17.6% 16.8% 15.0%
12.9% 13.8%
10.5% 10.1% 8.6% 9.6%
5.7%
1.6% 1.0% NM
Anaheim Case A Case B Seller Case
CY2019A – CY2021P EBITDA Margin Expansion
Branded Consumer Median 104 bps DTC / E-commerce Median 981 bps
2,037 bps
1,313 bps
1,038 bps 799 bps 1,001 bps 961 bps
757 bps 635 bps
461 bps 263 bps 477 bps 107 bps 101 bps 70 bps 38 bps
Anaheim Case A Case B Seller Case
Source: Company-provided information, Company filings, FactSet, S&P Capital IQ as of 7/28/2020
Project Anaheim Confidential 11
Selected Companies Analysis
EV / CY2021P Revenue
Branded Consumer Median 1.9x DTC / E-commerce Median 1.9x
8.7x
5.3x
2.8x 2.8x 2.3x 2.3x
1.0x 1.2x 1.3x 1.4x 1.3x 1.5x 1.1x
0.9x 0.5x
Anaheim Case A Case B Seller Case
EV / CY2021P EBITDA
Branded Consumer Median 10.2x DTC / E-commerce Median 36.0x
94.0x
36.0x 16.4x 15.8x
11.0x 13.3x 11.3x
7.9x 10.3x 10.2x 9.9x 8.3x
NM NM NM
Anaheim Case A Case B Seller Case
CY2021P PEG
Branded Consumer Median 1.95 DTC / E-commerce Median 2.50
2.89
2.08 2.55 2.45
1.95 1.74
1.53
NA NA NA NA NA NA NA NA
Anaheim Case A Case B Seller Case
Source: Company-provided information, Company filings, FactSet, S&P Capital IQ as of 7/28/2020
Project Anaheim Confidential 12
Selected High Growth Consumer Transactions Analysis
High Growth Consumer Transactions – EV / Revenue
($ in millions)
Median 20.0x EV / Revenue 4.9x EV / EBITDA 21.0x EBITDA Margin 24.2%
10.3x
8.4x
7.1x
6.6x 6.4x 6.8x 6.6x
6.0x
5.0x 5.4x 5.0x 5.0x 5.0x
4.7x 1 4.6x
4.2x 4.3x
4.0x 4.0x 4.1x 3.7x
2.9x 3.1x 3.2x
2.5x 2.7x
2.5x
Target
Acquiror
EV $290 $286 $3,300 $12,441 $1,000 $1,200 $1,450 $1,700 $1,000 $700 $250 $2,691 $600 $500 $250 $420 $205 $200 $3,747 $ 900 $900 $1,370 $1,690 $845 $1,561 $1,507 $750 $1,1762
EV /
- 17.0x 18.0x 23.3x - - 21.0x 21.5x - - - 16.6x - - - - - - - 22.6x 18.6x - 22.2x - 15.2x - - 26.6x EBITDA
Est. $115 $100 $320 $3,995 $200 $182 $270 $425 $50 $218 $100 $379 $120 $100 $50 $89 $76 $50 $625 $141 $220 $326 $367 $125 $422 $179 $175 $177
Rev. Est.
- $17 $183 $533 - - $69 $79 - - - $162 - - - - - - - $40 $48 - $76 - $102 - - $44
EBITDA EBITDA
- 16.8% 57.2% 13.3% - - 25.6% 18.6% - - - 42.8% - - - - - - - 28.3% 22.0% - 20.7% - 24.2% - - 25.0%
Margin
Source: S&P Capital IQ, Company press releases, Wall Street Equity Research, Mergermarket, Pitchbook, news articles | 1 Transaction blocked by the FTC and cancelled | 2 Implied EV based on transaction value of $600 M for a 51% stake
Project Anaheim Confidential 13
Selected Branded Consumer Transactions Analysis
Branded Consumer Transactions – EV / Revenue
($ in millions)
Median EV / Revenue 2.7x EV / EBITDA 12.8x
5.0x
EBITDA Margin 21.1%
3.9x 3.9x 3.9x
3.2x
2.7x
2.6x 2.6x
2.4x
2.3x
1.0x
0.6x
Target
Tools Business GBL Business GAC Business Professional Hair
Acquiror
EV $210 $1,824 $741 $154 $1,950 $1,025 $2000 $1,250 $900 $750 $255 $1,250 $2,580
EV /
12.0x 14.2x 9.8x 11.7x 13.0x 12.8x 11.8x 10.7x 16.4x 15.0x 13.0x 10.9x 16.7x EBITDA
Est.
$54 $570 $741 $266 $760 $265 $866 $465 $180 $287 $65 - $1,075
Rev. Est.
$18 $128 $76 $13 $150 $80 $169 $117 $55 $50 $20 $115 $154
EBITDA EBITDA
32.4% 22.5% 10.2% 4.9% 19.7% 30.2% 19.5% 25.2% 30.6% 17.4% 30.2% - 14.4%
Margin
Source: S&P Capital IQ, Company press releases, Wall Street Equity Research, Mergermarket, Pitchbook, news articles
Project Anaheim Confidential 14
Illustrative Anaheim Discounted Cash Flow Analysis (Case A)
Discounted Cash Flow Analysis (Perpetuity Growth) – Case A
($ in Millions) 2021 Fiscal Year Ending March 31, Normalized CAGR
6 Months 2022P 2023P 2024P 2025P 2026P 2026P 2021-2026
Net Revenue $48 $99 $128 $145 $168 $193 $193 20.0%
% Growth 27.6% 29.1% 13.3% 15.7% 15.3%
Adj. EBITDA ¹ 5 11 14 17 20 24 24 25.4%
% Margin 10.1% 10.6% 11.1% 11.6% 12.1% 12.6% 12.6%
EBIT 4 9 13 16 19 23 20 Less: Cash Taxes @ 27.0% 1 3 4 4 5 6 5 Tax-adjusted EBIT $3 $7 $10 $11 $14 $17 $15 Plus: Depreciation & Amortization 1 1 1 1 1 1 4 Less: Capital Expenditures 1 2 3 3 4 4 4 Less: Change in Net Working Capital (19) 1 2 1 1 2 0 Unlevered Free Cash Flow $21 $4 $6 $8 $10 $12 $14
Discount Rate 10.25% 11.25% 12.25%
Perpetuity Growth 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% 2.0% 2.5% 3.0%
Normalized 2026P Free Cash Flow ² $14 $14 $14 $14 $14 $14 $14 $14 $14 Terminal Value 178 190 203 159 168 178 144 151 159 PV of Terminal Value ³ 109 117 125 93 99 105 81 85 89 PV of Free Cash Flows ³ 50 50 50 49 49 49 48 48 48 Implied Enterprise Value $160 $167 $175 $143 $148 $154 $129 $133 $138 Less: Net Debt (10) (10) (10) (10) (10) (10) (10) (10) (10) Implied Equity Value $170 $177 $185 $153 $158 $164 $139 $143 $148
Implied Share Price $4.94 $5.15 $5.39 $4.45 $4.60 $4.78 $4.05 $4.17 $4.30
Implied Metrics
Implied Terminal EBITDA Multiple 7.7x 8.2x 8.8x 6.9x 7.3x 7.7x 6.2x 6.6x 6.9x Terminal Value % of Enterprise Value 68.6% 69.9% 71.3% 65.5% 66.7% 68.0% 62.5% 63.7% 64.9%
Source: Anaheim management, public filings, Wells Fargo and CapitalIQ Note: Cash flows discounted using mid-year convention
¹ Adj. EBITDA includes adjustments per the CIM, including royalty payments to Sonoma; no incremental adjustments have been made beyond what was presented in the CIM additional one-time expenses, and additional standalone costs
² Assumes a normalized level of unlevered free cash flows in 2024, taking into account equalized depreciation and capital expenditures
³ Present value as of September 30, 2020
Project Anaheim Confidential 15
Illustrative Anaheim Discounted Cash Flow Analysis (Case A)
Discounted Cash Flow Analysis (Terminal Multiple) – Case A
($ in Millions) 2021 Fiscal Year Ending March 31, CAGR
6 Months 2022P 2023P 2024P 2025P 2026P 2021-2026
Net Revenue $48 $99 $128 $145 $168 $193 20.0%
% Growth 27.6% 29.1% 13.3% 15.7% 15.3%
Adj. EBITDA ¹ 5 11 14 17 20 24 25.4%
% Margin 10.1% 10.6% 11.1% 11.6% 12.1% 12.6%
EBIT 4 9 13 16 19 23 Less: Cash Taxes @ 27.0% 1 3 4 4 5 6 Tax-adjusted EBIT $3 $7 $10 $11 $14 $17 Plus: Depreciation & Amortization 1 1 1 1 1 1 Less: Capital Expenditures 1 2 3 3 4 4 Less: Change in Net Working Capital (19) 1 2 1 1 2 Unlevered Free Cash Flow $21 $4 $6 $8 $10 $12
Discount Rate 10.25% 11.25% 12.25%
Terminal Multiple 10.0x 12.0x 14.0x 10.0x 12.0x 14.0x 10.0x 12.0x 14.0x
2026 Adj. EBITDA ¹ $24 $24 $24 $24 $24 $24 $24 $24 $24 Terminal Value 244 292 341 244 292 341 244 292 341 PV of Terminal Value ² 142 171 199 136 163 190 129 155 181 PV of Free Cash Flows ² 50 50 50 49 49 49 48 48 48 Implied Enterprise Value $193 $221 $249 $185 $212 $239 $177 $203 $229 Less: Net Debt (10) (10) (10) (10) (10) (10) (10) (10) (10) Implied Equity Value $203 $231 $260 $195 $222 $249 $188 $213 $239
Implied Share Price $5.90 $6.73 $7.56 $5.68 $6.47 $7.26 $5.46 $6.21 $6.97
Implied Metrics
Implied Perpetuity Growth 3.8% 4.8% 5.6% 4.7% 5.8% 6.5% 5.6% 6.7% 7.5% Terminal Value % of Enterprise Value 74.0% 77.3% 79.9% 73.4% 76.8% 79.4% 72.8% 76.2% 78.9% Implied Enterprise Value / 2021E Adj. EBITDA ¹ 24.5x 28.2x 31.8x 23.5x 27.0x 30.4x 22.6x 25.9x 29.2x
Source: Anaheim management, public filings, Wells Fargo and CapitalIQ Note: Cash flows discounted using mid-year convention
¹ Adj. EBITDA includes adjustments per the CIM, including royalty payments to Sonoma; no incremental adjustments have been made beyond what was presented in the CIM additional one-time expenses, and additional standalone costs
³ Present value as of September 30, 2020
Project Anaheim Confidential 16
Illustrative Anaheim Discounted Cash Flow Analysis (Case B)
Discounted Cash Flow Analysis (Perpetuity Growth) – Case B
($ in Millions) 2021 Fiscal Year Ending March 31, Normalized CAGR
6 Months 2022P 2023P 2024P 2025P 2026P 2026P 2021-2026
Net Revenue $47 $83 $91 $97 $104 $113 $113 8.2%
% Growth 9.1% 9.5% 6.5% 8.0% 7.8%
Adj. EBITDA ¹ 5 8 9 10 11 11 11 8.2%
% Margin 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1%
EBIT 4 8 8 9 10 11 9 Less: Cash Taxes @ 27.0% 1 2 2 2 3 3 2 Tax-adjusted EBIT $3 $5 $6 $7 $7 $8 $6 Plus: Depreciation & Amortization 1 1 1 1 1 1 2 Less: Capital Expenditures 1 2 2 2 2 2 2 Less: Change in Net Working Capital (19) 0 1 0 1 1 0 Unlevered Free Cash Flow $21 $4 $4 $5 $5 $6 $6
Discount Rate 9.75% 10.75% 11.75%
Perpetuity Growth 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% 2.0% 2.5% 3.0%
Normalized 2026P Free Cash Flow ² $6 $6 $6 $6 $6 $6 $6 $6 $6 Terminal Value 83 89 96 74 78 83 66 70 74 PV of Terminal Value ³ 52 56 60 44 47 50 38 40 42 PV of Free Cash Flows ³ 39 39 39 38 38 38 38 38 38 Implied Enterprise Value $91 $95 $99 $82 $85 $88 $76 $78 $80 Less: Net Debt (10) (10) (10) (10) (10) (10) (10) (10) (10) Implied Equity Value $101 $105 $109 $93 $95 $98 $86 $88 $90
Implied Share Price $2.95 $3.05 $3.17 $2.70 $2.78 $2.86 $2.50 $2.56 $2.62
Implied Metrics
Implied Terminal EBITDA Multiple 7.7x 8.2x 8.8x 6.8x 7.3x 7.7x 6.2x 6.5x 6.9x Terminal Value % of Enterprise Value 57.6% 59.2% 60.9% 53.8% 55.3% 56.8% 50.3% 51.6% 53.0%
Source: Anaheim management, public filings, Wells Fargo and CapitalIQ Note: Cash flows discounted using mid-year convention
¹ Adj. EBITDA includes adjustments per the CIM, including royalty payments to Sonoma; no incremental adjustments have been made beyond what was presented in the CIM additional one-time expenses, and additional standalone costs
² Assumes a normalized level of unlevered free cash flows in 2024, taking into account equalized depreciation and capital expenditures
³ Present value as of September 30, 2020
Project Anaheim Confidential 17
Illustrative Anaheim Discounted Cash Flow Analysis (Case B)
Discounted Cash Flow Analysis (Terminal Multiple) – Case B
($ in Millions) 2021 Fiscal Year Ending March 31, CAGR
6 Months 2022P 2023P 2024P 2025P 2026P 2021-2026
Net Revenue $47 $83 $91 $97 $104 $113 8.2%
% Growth 9.1% 9.5% 6.5% 8.0% 7.8%
Adj. EBITDA ¹ 5 8 9 10 11 11 8.2%
% Margin 10.1% 10.1% 10.1% 10.1% 10.1% 10.1%
EBIT 4 8 8 9 10 11 Less: Cash Taxes @ 27.0% 1 2 2 2 3 3 Tax-adjusted EBIT $3 $5 $6 $7 $7 $8 Plus: Depreciation & Amortization 1 1 1 1 1 1 Less: Capital Expenditures 1 2 2 2 2 2 Less: Change in Net Working Capital (19) 0 1 0 1 1 Unlevered Free Cash Flow $21 $4 $4 $5 $5 $6
Discount Rate 9.75% 10.75% 11.75%
Terminal Multiple 8.0x 10.0x 12.0x 8.0x 10.0x 12.0x 8.0x 10.0x 12.0x
2026 Adj. EBITDA ¹ $11 $11 $11 $11 $11 $11 $11 $11 $11 Terminal Value 91 114 136 91 114 136 91 114 136 PV of Terminal Value ² 55 68 82 52 65 78 49 62 74 PV of Free Cash Flows ² 39 39 39 38 38 38 38 38 38 Implied Enterprise Value $93 $107 $120 $90 $103 $116 $87 $99 $112 Less: Net Debt (10) (10) (10) (10) (10) (10) (10) (10) (10) Implied Equity Value $103 $117 $131 $100 $113 $126 $97 $109 $122
Implied Share Price $3.01 $3.41 $3.80 $2.92 $3.29 $3.67 $2.83 $3.19 $3.55
Implied Metrics
Implied Perpetuity Growth 2.3% 3.7% 4.7% 3.2% 4.6% 5.6% 4.1% 5.6% 6.6% Terminal Value % of Enterprise Value 58.6% 63.8% 67.9% 57.7% 63.0% 67.1% 56.8% 62.2% 66.3% Implied Enterprise Value / 2021E Adj. EBITDA ¹ 12.1x 13.9x 15.7x 11.7x 13.4x 15.1x 11.3x 12.9x 14.5x
Source: Anaheim management, public filings, Wells Fargo and CapitalIQ Note: Cash flows discounted using mid-year convention
¹ Adj. EBITDA includes adjustments per the CIM, including royalty payments to Sonoma; no incremental adjustments have been made beyond what was presented in the CIM additional one-time expenses, and additional standalone costs
³ Present value as of September 30, 2020
Project Anaheim Confidential 18
Illustrative Anaheim Intellectual Property Discounted Cash Flow Analysis (Case A)
Discounted Cash Flow Analysis (Perpetuity Growth) – Case A
($ in Millions) 2021 Fiscal Year Ending March 31, CAGR
6 Months 2022P 2023P 2024P 2025P 2026P 2021-2026
Net Revenue
AeroGardens $37 $72 $86 $98 $114 $133 Bloom 1 8 19 21 23 26 Seed Pod Kits 7 13 15 17 20 23 Accessories 3 5 6 7 8 9 Shipping & Delivery 1 1 2 2 2 2
Total Net Revenue $48 $99 $128 $145 $168 $193 20.0%
% Growth 27.6% 29.1% 13.3% 15.7% 15.3%
Technology License ¹ $1 $2 $3 $3 $3 $4 Brand License ² 1 1 2 2 2 2
Total IP Royalty Payment $1 $3 $4 $5 $5 $6 20.8%
% Growth 30.1% 31.7% 13.2% 15.4% 15.1%
Discount Rate 10.25% 11.25% 12.25%
Perpetuity Growth 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% 2.0% 2.5% 3.0%
2026P IP Royalty Payment $6 $6 $6 $6 $6 $6 $6 $6 $6 Terminal Value 76 81 87 67 72 76 61 64 68 PV of Terminal Value ³ 46 50 53 40 42 45 34 36 38 PV of IP Royalty Payments ³ 18 18 18 18 18 18 17 17 17 Implied Value of IP $65 $68 $72 $57 $60 $63 $52 $54 $56
Source: Anaheim management, public filings, Wells Fargo and CapitalIQ Note: Cash flows discounted using mid-year convention ¹ Calculated as 2% of total net revenue
² Calculated as 5% of Seed Pod Kits, Accessories, and Shipping & Delivery net revenues plus 2% of Bloom net revenue
³ Present value as of September 30, 2020
Project Anaheim Confidential 19
Illustrative Anaheim Intellectual Property Discounted Cash Flow Analysis (Case A)
Discounted Cash Flow Analysis (Terminal Multiple) – Case A
($ in Millions) 2021 Fiscal Year Ending March 31, CAGR
6 Months 2022P 2023P 2024P 2025P 2026P 2021-2026
Net Revenue
AeroGardens $37 $72 $86 $98 $114 $133
Bloom 1 8 19 21 23 26
Seed Pod Kits 7 13 15 17 20 23
Accessories 3 5 6 7 8 9
Shipping & Delivery 1 1 2 2 2 2
Total Net Revenue $48 $99 $128 $145 $168 $193 20.0%
% Growth 27.6% 29.1% 13.3% 15.7% 15.3%
Technology License ¹ $1 $2 $3 $3 $3 $4
Brand License ² 1 1 2 2 2 2
Total IP Royalty Payment $1 $3 $4 $5 $5 $6 20.8%
% Growth 30.1% 31.7% 13.2% 15.4% 15.1%
Discount Rate 10.25% 11.25% 12.25%
Terminal Multiple 10.0x 12.0x 14.0x 10.0x 12.0x 14.0x 10.0x 12.0x 14.0x
2026P IP Royalty Payment $6 $6 $6 $6 $6 $6 $6 $6 $6
Terminal Value 61 73 86 61 73 86 61 73 86
PV of Terminal Value ³ 36 43 50 34 41 48 32 39 45
PV of IP Royalty Payments ³ 18 18 18 18 18 18 17 17 17
Implied Value of IP $54 $61 $68 $52 $59 $66 $50 $56 $63
Source: Anaheim management, public filings, Wells Fargo and CapitalIQ
Note: Cash flows discounted using mid-year convention
¹ Calculated as 2% of total net revenue
² Calculated as 5% of Seed Pod Kits, Accessories, and Shipping & Delivery net revenues plus 2% of Bloom net revenue
³ Present value as of September 30, 2020
Project Anaheim Confidential 20
Illustrative Anaheim Intellectual Property Discounted Cash Flow Analysis (Case B)
Discounted Cash Flow Analysis (Perpetuity Growth) – Case B
($ in Millions) 2021 Fiscal Year Ending March 31, CAGR
6 Months 2022P 2023P 2024P 2025P 2026P 2021-2026
Net Revenue
AeroGardens $37 $66 $72 $77 $83 $89 Bloom 0 0 0 0 0 0 Seed Pod Kits 7 12 13 13 15 16 Accessories 3 4 5 5 6 6 Shipping & Delivery 1 1 1 1 1 2
Total Net Revenue $47 $83 $91 $97 $104 $113 8.2%
% Growth 9.1% 9.5% 6.5% 8.0% 7.8%
Technology License ¹ $1 $2 $2 $2 $2 $2 Brand License ² 0 1 1 1 1 1
Total IP Royalty Payment $1 $3 $3 $3 $3 $3 8.2%
% Growth 9.1% 9.5% 6.5% 8.0% 7.8%
Discount Rate 9.75% 10.75% 11.75%
Perpetuity Growth 2.0% 2.5% 3.0% 2.0% 2.5% 3.0% 2.0% 2.5% 3.0%
2026P IP Royalty Payment $3 $3 $3 $3 $3 $3 $3 $3 $3 Terminal Value 45 48 52 40 42 45 36 38 40 PV of Terminal Value ³ 28 30 33 24 25 27 21 22 23 PV of IP Royalty Payments ³ 13 13 13 12 12 12 12 12 12 Implied Value of IP $41 $43 $45 $36 $38 $39 $32 $34 $35
Source: Anaheim management, public filings, Wells Fargo and CapitalIQ Note: Cash flows discounted using mid-year convention ¹ Calculated as 2% of total net revenue
² Calculated as 5% of Seed Pod Kits, Accessories, and Shipping & Delivery net revenues plus 2% of Bloom net revenue
³ Present value as of September 30, 2020
Project Anaheim Confidential 21
Illustrative Anaheim Intellectual Property Discounted Cash Flow Analysis (Case B)
Discounted Cash Flow Analysis (Terminal Multiple) – Case B
($ in Millions) 2021 Fiscal Year Ending March 31, CAGR
6 Months 2022P 2023P 2024P 2025P 2026P 2021-2026
Net Revenue
AeroGardens $37 $66 $72 $77 $83 $89 Bloom 0 0 0 0 0 0 Seed Pod Kits 7 12 13 13 15 16 Accessories 3 4 5 5 6 6 Shipping & Delivery 1 1 1 1 1 2
Total Net Revenue $47 $83 $91 $97 $104 $113 8.2%
% Growth 9.1% 9.5% 6.5% 8.0% 7.8%
Technology License ¹ $1 $2 $2 $2 $2 $2 Brand License ² 0 1 1 1 1 1
Total IP Royalty Payment $1 $3 $3 $3 $3 $3 8.2%
% Growth 9.1% 9.5% 6.5% 8.0% 7.8%
Discount Rate 9.75% 10.75% 11.75%
Terminal Multiple 8.0x 10.0x 12.0x 8.0x 10.0x 12.0x 8.0x 10.0x 12.0x
2026P IP Royalty Payment $3 $3 $3 $3 $3 $3 $3 $3 $3 Terminal Value 27 34 41 27 34 41 27 34 41 PV of Terminal Value ³ 16 20 25 16 19 23 15 19 22 PV of IP Royalty Payments ³ 13 13 13 12 12 12 12 12 12 Implied Value of IP $29 $33 $37 $28 $32 $36 $27 $30 $34
Source: Anaheim management, public filings, Wells Fargo and CapitalIQ Note: Cash flows discounted using mid-year convention ¹ Calculated as 2% of total net revenue
² Calculated as 5% of Seed Pod Kits, Accessories, and Shipping & Delivery net revenues plus 2% of Bloom net revenue
³ Present value as of September 30, 2020
Project Anaheim Confidential 22
Selected Companies Analysis
Market Data Financial Data Valuation Data
($ in millions, except per share data) 7/28/2020 % of Share ‘19 - 21P ‘19 - 21P EBITDA Proj 5-Yr
Share 52 Week Price Equity Enterprise Revenue EBITDA Margin EPS EV 1 / EBITDA EV 1 / Revenue P / E PEG
Company Name Price High LTM Value Value 1 Growth Growth CY2021P Growth NTM CY2021P NTM CY2021P NTM CY2021P NTM CY2021P
Branded Consumer Peers
Newell Brands Inc. $17.26 82.2% 21.5% $7,320 $12,883 (2.7%) (0.2%) 13.8% (0.1%) 10.7x 10.2x 1.4x 1.4x 14.1x 13.1x -- -- The Scotts Miracle-Gro Company 145.43 96.3% 40.5% 8,072 10,524 8.3% 11.6% 17.6% 11.0% 16.0x 15.8x 2.8x 2.8x 23.6x 22.9x 2.15 2.08 Energizer Holdings, Inc. 49.14 91.3% 21.5% 3,364 6,374 1.0% 12.5% 23.8% 8.2% 10.1x 9.9x 2.4x 2.3x 15.3x 14.2x 1.86 1.74 Helen of Troy Limited 189.35 90.2% 24.6% 4,795 5,046 5.2% 8.7% 16.8% 9.3% 16.9x 16.4x 2.8x 2.8x 21.6x 18.3x 2.31 1.95 Spectrum Brands Holdings, Inc. 49.80 76.9% (4.7%) 2,144 4,707 (0.4%) 9.6% 15.0% 9.8% 8.6x 8.3x 1.3x 1.3x 17.4x 15.0x 1.78 1.53 Central Garden & Pet Company 36.56 96.0% 22.3% 1,868 2,231 2.2% 4.5% 8.6% 7.0% 10.5x 10.3x 0.9x 0.9x 21.1x 20.2x 3.01 2.89
Branded Consumer Median $4,079 $5,710 1.6% 9.2% 15.9% 8.8% 10.6x 10.2x 1.9x 1.9x 19.3x 16.6x 2.15 1.95
DTC / E-commerce Peers
Wayfair Inc. $227.00 96.9% 64.4% $21,482 $22,168 27.1% -- 1.0% NA -- -- 1.6x 1.5x -- -- -- -- Chewy, Inc. 46.32 87.8% 42.7% 18,600 18,408 28.1% -- 1.6% NA -- -- 2.5x 2.3x -- -- -- -- Peloton Interactive, Inc. 64.11 91.9% NA 18,158 16,725 59.6% -- 5.7% NA -- 94.0x 6.2x 5.3x -- -- -- -- Etsy, Inc. 102.45 88.7% 44.6% 12,159 12,208 31.2% 69.3% 24.1% 28.8% 39.0x 36.0x 9.3x 8.7x 66.0x 70.8x 2.29 2.45 Purple Innovation, Inc. 21.06 98.9% 225.5% 768 788 30.4% 84.3% 9.6% 15.0% 12.6x 11.3x 1.2x 1.1x 31.6x 38.3x 2.11 2.55 Casper Sleep Inc. 8.63 54.4% NA 342 292 18.9% (36.2%) -- NA -- -- 0.5x 0.5x -- -- -- --
DTC / E-commerce Median $15,158 $14,467 29.3% 69.3% 5.7% 21.9% 25.8x 36.0x 2.1x 1.9x 48.8x 54.5x 2.20 2.50 Anaheim Seller Case $3.48 91.2% 139.8% $119 $109 70.9% 286.3% 12.9% NA -- 7.9x -- 1.0x -- -- -- -- Case A $3.48 91.2% 139.8% $119 $109 61.0% 228.5% 10.5% NA -- 11.0x -- 1.2x -- -- -- -- Case B $3.48 91.2% 139.8% $119 $109 49.4% 198.7% 10.1% NA -- 13.3x -- 1.3x -- -- -- -- Total Median $6,057 $8,449 13.6% 9.6% 13.8% 9.6% 11.6x 11.3x 2.0x 1.9x 21.3x 19.2x 2.15 2.08
Source: Company filings, S&P Capital IQ, FactSet as of 7/28/2020
Note: Financials and estimates are adjusted for one-time items and are pro forma for announced and closed transactions for which applicable financial data is publicly available ¹ Enterprise value equals market value of equity plus net debt
Project Anaheim Confidential 23
Microcap Public Company Selection Criteria Microcap OTC Companies • Started with the universe of public companies as of July 28, 2020 • Based on the company’s primary listing, list was filtered to only include equities with a listing on the OTC Bulletin Board (OTCBB), Pink Sheets (OTCPK) or Other “Gray Market” OTC (OTCUS) • Resulting list was then filtered to include only companies with an enterprise value between $100M—$150M • Calculated Enterprise Value / LTM Sales and looked at companies with a multiple between 0.0x – 50.0x – Final list included 19 companies from various industries Microcap Major Exchange-Listed Companies • Started with the universe of public companies as of July 28, 2020 • Based on the company’s primary listing, list was filtered to only include equities listed on major U.S. exchanges • Resulting list was then filtered to include only companies with an enterprise value between $100M—$150M • Filtered for companies in the Consumer Staples or Consumer Discretionary industries • Calculated Enterprise Value / LTM Sales and looked at companies with a multiple between 0.0x – 50.0x – Final list included 34 companies Company Name Ticker Market Cap TEV TEV / LTM Sales Alaska Power & Telephone Company OTCPK:APTL 65 111 2.0x AMMO, Inc. OTCPK:POWW 127 139 12.7x Corning Natural Gas Holding Corporation OTCPK:CNIG 53 112 3.5x Crimson Wine Group, Ltd. OTCPK:CWGL 123 120 1.8x FingerMotion, Inc. OTCPK:FNGR 119 120 10.9x Forbes Energy Services Ltd. OTCPK:FLSS 1 136 0.8x Granite City Food & Brewery, Ltd. OTCPK:GCFB 1 137 1.0x Horizon Group Properties, Inc. OTCPK:HGPI 10 112 6.8x Internet Gold—Golden Lines Ltd. OTCPK:IGLD.F 2 127 0.0x Intrusion Inc. OTCPK:INTZ 138 138 11.3x Investview, Inc. OTCPK:INVU 89 106 4.4x KushCo Holdings, Inc. OTCPK:KSHB 86 105 0.8x MariMed Inc. OTCPK:MRMD 42 101 2.0x MobileSmith, Inc. OTCPK:MOST 78 129 47.9x Nuvera Communications, Inc. OTCPK:NUVR 88 142 2.2x PURE Bioscience, Inc. OTCPK:PURE 121 119 33.2x SAExploration Holdings, Inc. OTCPK:SAEX 4 111 0.4x Sanara MedTech Inc. OTCPK:SMTI 143 140 10.9x Sino Agro Food, Inc. OTCPK:SIAF 10 138 1.0x Median 2.2x Company Name Ticker Market Cap TEV TEV / LTM Sales 500.com Limited NYSE:WBAI $157 $112 3.6x Acme United Corporation AMEX:ACU 77 117 0.8x ALJ Regional Holdings, Inc. NasdaqGM:ALJJ 27 129 0.4x AMCON Distributing Company AMEX:DIT 37 116 0.1x Ark Restaurants Corp. NasdaqGM:ARKR 36 117 0.7x BBQ Holdings, Inc. NasdaqGS:BBQ 30 112 1.2x Birks Group Inc. AMEX:BGI 17 125 0.7x Educational Development Corporation NasdaqGM:EDUC 117 121 1.0x Envela Corporation AMEX:ELA 113 122 1.3x Full House Resorts, Inc. NasdaqCM:FLL 35 139 0.9x iFresh Inc. NasdaqCM:IFMK 19 105 1.1x J. Alexander’s Holdings, Inc. NYSE:JAX 62 149 0.6x Kopin Corporation NasdaqCM:KOPN 147 132 4.1x Kura Sushi USA, Inc. NasdaqGM:KRUS 84 124 2.1x KVH Industries, Inc. NasdaqGS:KVHI 141 106 0.7x Leaf Group Ltd. NYSE:LEAF 101 107 0.7x LightInTheBox Holding Co., Ltd. NYSE:LITB 151 132 0.5x Liquidity Services, Inc. NasdaqGS:LQDT 172 132 0.6x Live Ventures Incorporated NasdaqCM:LIVE 15 104 0.6x Luby’s, Inc. NYSE:LUB 35 111 0.4x Mohawk Group Holdings, Inc. NasdaqCM:MWK 121 145 1.2x Nature’s Sunshine Products, Inc. NasdaqCM:NATR 188 149 0.4x Ocean Bio-Chem, Inc. NasdaqCM:OBCI 141 139 3.4x Renren Inc. NYSE:RENN 67 118 0.3x Rocky Brands, Inc. NasdaqGS:RCKY 140 117 0.5x RumbleON, Inc. NasdaqCM:RMBL 46 139 0.2x RYB Education, Inc. NYSE:RYB 79 130 0.8x S&W Seed Company NasdaqCM:SANW 80 120 1.2x Sharps Compliance Corp. NasdaqCM:SMED 117 123 2.4x Strattec Security Corporation NasdaqGM:STRT 82 128 0.3x Tarena International, Inc. NasdaqGS:TEDU 85 116 0.1x The Alkaline Water Company Inc. NasdaqCM:WTER 138 137 3.3x The Dixie Group, Inc. NasdaqGM:DXYN 14 132 0.4x Vuzix Corporation NasdaqCM:VUZI 152 148 21.7x Median 0.7x Source: S&P Capital IQ as of 7/28/2020 | Note: $ in millions Project Anaheim Confidential 24
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Project Anaheim Confidential 25