WSMM Technology Feb. & Mar. 2024 Newsletter

1. CONFIDENTIAL
WALL STREET MASTERMIND
Sector Spotlight: February / March Recap
Sector Leads
Jagger Lambert | Media & Entertainment
James Concepcion | Media & Entertainment
Pan | Technology
Teddy Kesoglou | Technology
Nina Chhor | Healthcare
Joe Ames | Healthcare
Project Founders
Jagger Lambert
James Concepcion

2. CONFIDENTIAL
WALL STREET MASTERMIND
Technology
Contributors
Teddy Kesoglou | Group Head
Pan | Group Head
Jonathan Z. | Research Analyst
Mario D. | Research Analyst
Luis Urbina | Research Analyst
Willem Coertzen | Research Analyst
Ben | Research Analyst
Justin | Research Analyst

3. 3
TABLE OF CONTENTS Technology
I. Tech Stocks Rally 5
II. AI Regulations 12
III. Social Media Industry Deep Dive 21
IV. Deal Coverage 34

4. 4
Tech Stocks Rally Technology
I. Tech Stocks Rally 5
II. AI Regulations 11
III. Social Media Industry Deep Dive 18
IV. Deal Coverage 32

5. 5
Introduction To Technology Stock Rally
S&P 500
Leaders
Tech Stock
Rally
Market
Conditions
AI
Advancements
*Sources: jpmorgan, Statista
1. Chart as of Jan. 2024
Technology
Sector
Performance
Magnificent 7 % Change of Stock Price1
+239%
+194%
+102%
+81%
+59%
+57%
+48%
+24%
0% 50% 100% 150% 200% 250%
NVDA
META
TSLA
AMZN
GOOGl
MSFT
APPL
S&P 500
The "Magnificent 7" and other tech giants collectively wield a
remarkable 35.8% influence, with the Mag 7 alone commanding
28.8% in the S&P 500 . This dominance underscores the pivotal role
technology stocks play in index's performance
The Magnificent 7 collectively represent nearly 30% of S&P 500
market capitalization. The remarkable rise in stock prices for these
seven companies explain why the S&P is up almost 32% since 2023.
This came after the big tech stocks delivered exponential earning
reports
Investors are recognizing the pivotal role AI plays in enhancing
efficiency and innovation. This has driven more investors to invest
into tech stocks
It is crucial for investors to remain vigilant and closely monitor
interest rates and inflation. Despite the positive momentum, with
recent halt in high interest rates(5.3%-5.5%) and inflation being
higher than expected, it damped the recent positive news regarding
the tech stocks
Companies Day Close Price ($USD) 52 Week High ($USD) % Change of 52 Week Shares O/S ($M) Market Cap ($B USD) Enterprise Value ($B USD) EV / EBITDA EV / Revenue
TSLA $ 196.20 $ 299.29 -21.6% 3,185.0 $ 620.0 597 40.6x 6.2x
NVDA $ 745.94 $ 746.11 40.1% 2,500.0 $ 1,667.1 1660 72.8x 37.0x
MSFT $ 404.85 $ 420.82 8.4% 7,340.0 $ 3,020.0 2990 24.8x 13.5x
META $ 475.00 $ 488.62 35.2% 2,210.0 $ 1,193.0 1170 19.9x 8.7x
GOOG $ 144.04 $ 153.78 3.1% 5,670.0 $ 1,779.0 1740 17.3x 5.5x
AMZN $ 170.39 $ 175.39 12.5% 10,390.0 $ 1,751.0 1880 20.1x 3.1x
APPL $ 182.98 $ 199.62 -1.8% 15,500.0 $ 2,840.0 2850 21.3x 7.4x

6. 6
Earnings Growth And Market Valuations
-50.0%
0.0%
50.0%
100.0%
150.0%
200.0%
250.0%
Meta Platforms, Inc. (META) Apple Inc. (AAPL) Amazon.com, Inc. (AMZN) Microsoft Corporation (MSFT)
Alphabet Inc. (GOOGL) Tesla, Inc. (TSLA) NVIDIA Corporation (NVDA)
0% 5% 10% 15% 20% 25% 30%
Magnificent 7
S&P 500
Remaining 493
Earning Growth 2024
Top Opportunities to Expand From LLMs
• We saw an overall earning growth of 53.7% among the magnificent 7
with leaders like NVDA and META raking in the best earning for YOY Q4
1
Earnings
growth
• Despite the inflationary pressures leading to rising material costs, these
companies have witnessed increased spending, which could potentially
stem from the accumulated household savings during the pandemic
2
Increased
spending
• Meta, Nvidia, and Microsoft are aggressively hiring for AI roles despite
recent layoffs, reflecting their confidence in AI's potential. Meanwhile,
other big Tech companies have reduced hiring, opting for a more
cautious approach in uncertain times
3
Technology
layoffs
Earning Growth From Previous Quarter within S&P 500
One-Year Share Price % Change: The Magnificent 7 Stocks

7. 7
The Role of Artificial Intelligence
CLOUD SERVICES
CONTENT
GENERATION
SEMICONDUCTORS
CUSTOMER SUPPORT
AUTONOMOUS
SYSTEMS
• Microsoft (MSFT):
Provides Azure AI
Services like machine
learning, natural
language processing, and
computer vision on
Azure
• Amazon (AMZN):
Delivers AI-powered
services through AWS,
including generative AI
and AI chips
• Google (GOOGL):
Employs AI in Google
Cloud for large language
models and
recommendation systems
• Microsoft (MSFT): Uses
AI chatbots for customer
support, partnering with
OpenAI
• Amazon (AMZN): Offers
AI chatbots for service
and AI for personalized
recommendations.
• Google (Alphabet)
(GOOGL): Applies AI in
customer service and
user experience with
recommendation
algorithms
• Tesla (TSLA): Relies on
AI technology for
autonomous driving
systems in its vehicles,
utilizing computer vision
and machine learning
algorithms
• Apple (AAPL):
Integrates machine
learning algorithms into
products for features like
Siri and facial
recognition, enhancing
user experience and
interaction
• Nvidia (NVDA): Provides
GPUs optimized for AI
training and inference
tasks, powering AI
applications across
various industries
• Amazon (AMZN):
Develops custom AI chips
optimized for AI
workloads, supporting AI
initiatives in cloud
services and other
applications
• Meta Platforms (META):
Utilizes AI-powered
recommendation systems
for content
personalization on social
media platforms
• Apple (AAPL):
Integrates AI in products
for content generation
and personalization, such
as predictive text and
photo organization

8. 8
Tech Horizons: Advancements and Regulations
Beyond the Magnificent Seven
AMD (Advanced Micro Devices): With almost all
AI processing being done on Nvidia GPUs in 2023,
AMD is expected to gain market share in 2024
thanks to its new MI300 chip. This positions AMD
as a strong competitor in the semiconductor space,
especially for AI processing
Micron Technology Inc. (MU): As AI processing
demands significantly more onboard memory,
Micron is emerging as a leader in high bandwidth
memory (HBM). The company's advancements in
HBM are expected to drive a meaningful
acceleration in its fundamentals in 2024
Regulations & Competition
AI Arms Race: U.S. and global regulators are
intensifying scrutiny on symbiotic relationships
between Big Tech giants (Amazon, Google,
Microsoft) and rising startups (Anthropic, OpenAI)
to ensure these partnerships don't stifle
competition or innovation
Regulations: Tech giants like Meta are intensifying
efforts to ensure user privacy and combat
misinformation, particularly during pivotal
election cycles. Startups are proactively embedding
safety and privacy into their platforms, recognizing
the critical need for trust in technology
Cybersecurity
Generative AI acts as a double-edged
sword with cybersecurity companies
better equipped to detect and respond
to breaches but it has allowed hackers to
increase the number and scale of
ransomware attacks
FinTech
Utilizes AI and blockchain for tailored,
secure financial services; employs cloud
technology for growth. Spurs payment
innovations, showcasing vast expansion
and investment appeal in this swiftly
advancing industry
BioTech
By 2025, >30% of new drugs to be AI-
discovered, with $60B invested in 2023,
doubling in 2024. Pioneers such as
Araceli Biosciences, Pathos,
April19Discovery, CardiaTec
Biosciences, and Skymount Medical are
spearheading this innovative wave

9. 9
Investment Themes and Risk Considerations
Risk Considerations
Investment Themes
Magnificent
Seven
Monetary
Policy
The anticipated shift in Federal Reserve policy towards rate
cuts amidst ongoing economic growth sets the stage for
rising longer yields in 2024. This adjustment is expected to
lead to the normalization of the yield curve, moving from its
current inverted state to a traditional upward slope,
signaling investor confidence and a healthy economy
Global
Elections
In 2024, a significant portion of the world's market
capitalization will be influenced by major election cycles,
including the pivotal U.S. elections. Historically, the S&P
500® has performed well during U.S. election years,
indicating that, despite political volatility, there may be
robust investment opportunities in the financial markets
The magnificent seven, known for their higher margins,
expected sales growth, and strong tech presence have led
the charge for the current rally. With the advancements of
artificial intelligence incorporated within these companies,
these tech stocks are expected to see a 22% growth in 2024,
with the rest of the market expected to grow at 7.8%
Market volatility remains a persistent backdrop as investors
navigate the changing yield landscape, with the timing and
impact of Fed rate cuts introducing uncertainty. Additionally,
fluctuations in supply and demand for Treasury securities
may lead to yield level variances, adding complexity to fixed-
income investment strategies
The global stock market has an increasingly concentrated
focus on a handful of large-cap tech stocks highlighting a
growing concentration risk, reminiscent of the 1970s Nifty
Fifty and the 2000 tech bubble. Therefore, portfolio
diversification is needed for investors to be less vulnerable
to any negative development that impacts this sector
Political events can introduce uncertainty and volatility
into global financial markets, with election outcomes
potentially affecting economic policies, international
relations, and market sentiment. Investors must stay
vigilant of the geopolitical landscape and be prepared for
shifts in market dynamics that elections could precipitate

10. 10
Market Outlook and Strategic Implications
Market Outlook S&P 500 Performance in Reelection Years
▪ Market Breadth: Investors are transitioning from sellers to buyers as seen
with 90% of stock within Q3 2023 in the S&P 1500 index moved above their
50 day moving average which is a bullish indicator for positive returns
▪ Soft Landing: Inflation rates are gradually decreasing, with headline inflation
at 3.1% and core CPI at 3.9% year-over-year as of January, and are expected to
approach the Federal Reserve's 2% target by Q4 2024, assuming the absence
of major economic shocks and supported by cooling economic momentum
▪ Reelection cycle: Historically, U.S. stock markets gain in election years when
incumbents run for reelection, averaging 16% returns since 1944 across 13
instances, partly due to presidents boosting the economy through policies,
exemplified by Biden's infrastructure and economic acts
Strategic Implications LTM Inflation Data
19.5% 18.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
▪ Profit-Taking and Reinvestment: With tech stocks experiencing volatility,
strategic profit-taking and reinvestment into different tech sub-sectors, such
as AI infrastructure or software, could be prudent
▪ AI Investment Focus: Investing in AI is categorized into three buckets: data
center construction, cooling and power for servers, and vendors selling into
data centers, offering diverse opportunities for sector engagement
▪ Economic Resilience: Companies that are innovating within their traditional
business models, such as Walmart, are showing resilience and may be
attractive to investors seeking stability in the evolving tech landscape
▪ Market Reactivity: The market remains sensitive to interest rate changes,
highlighting the need for investors to stay nimble and responsive to economic
indicators such as PCE, CPI, and PPI reports
6.0%
3.1%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan

11. 11
AI Regulations Technology
I. Tech Stocks Rally 5
II. AI Regulations 11
III. Social Media Industry Deep Dive 18
IV. Deal Coverage 32

12. 12
Introduction To Tech Industry Regulations
• Rapid technological advancements challenge regulators to balance innovation,
consumer protection, and regulation, necessitating agile and sustainable solutions
• Regulatory discussions on private data usage have emphasized the necessity of robust
frameworks to safeguard privacy, mitigate misuse risks, and protect consumers
• LLMs like ChatGPT4 and Google's AI products drove calls for U.S. regulation due to
amplified risks including discrimination, bias, misinformation, and privacy concerns
1
Current Technological Landscape Overview
• Current tech regulations comes with higher costs and barriers to entry. Larger
technology companies can absorb these costs while complying with regulations
• Goldman Sachs research indicates that the impulse toward early regulation of AI
technology may favor large, well-capitalized companies over small AI tech startups
• Wedbush analyst Ives highlights the current lack of consensus in Washington as
advantageous for Big Tech, with Microsoft emerging as a notable leader
Latest Regulatory Policy Implications
2
• Regulations play a critical role in ensuring that the development and deployment of AI
technologies adhere to ethical standards, fostering trust among stakeholders
• Clear regulatory guidelines can create a level playing field. By eliminating legal
uncertainties, firms can easily compete based solely on the quality of their innovations
• Regulations instill public trust by assuring citizens that AI and Tech systems are
designed with their well-being in mind, ensuring safety to consumers
Importance of Regulations
3
• The EU’s Digital Services Act (DSA) regulates online intermediaries and platforms,
ensuring user safety and fundamental rights while fostering fair competition
• EU’s Digital Markets Act (DMA) targets gatekeeper platforms. The DMA promotes
openness, competition, and user rights in digital markets, ensuring transparency
• The U.S. AI Executive Order ensures AI safety, encouraging responsible innovation by
requiring AI developers to share safety test results with the Biden administration
Main Regulatory Policies
4

13. 13
European Union AI Act
Risk-Based Approaches:
Addresses risks associated with certain dual-use
foundation models, focusing on safety test
disclosures to the government
Data Quality and Human Oversight:
Directs the Department of Commerce to develop
rules for disclosing AI model information, but
with a broader scope om equity considerations
Cybersecurity:
Requires disclosures from companies developing
infrastructure for AI models under certain
circumstances but lacks specific mandates
U.S. AI Executive Order
Impact on AI Providers and
Compliance Challenges
Compliance
Cost
Major
Companies
Potential
Fines
European Union
AI Act
U.S. AI Executive
order
€29,000 per model. 10%
high-risk systems.
Annual: €1.6-€3.3 BN
Center for Data
Innovation: compliance
costs estimated $6B Per
Annum
Key Features
• Many AI providers operate internationally
and will need to comply with regulations
from multiple jurisdictions. Additionally,
regulations from influential entities like
the EU and the U.S. may serve as models
for other countries, leading to global
regulatory changes
1. Resource Allocation: Compliance may
demand significant resources in terms of
time, manpower, and financial
investments. Small and medium-sized AI
providers may particularly struggle due
to limited resources
2. Data Privacy and Security: AI providers
must adhere to strict regulations,
safeguarding user data and
implementing privacy-enhancing
technologies
3. Monitoring and Reporting: Establishing
robust monitoring mechanisms and
reporting processes is essential for
continuous compliance
Up to EUR 30 million or
7% of global annual
turnover
Statutory damages
$150,000 per work
Major technology
giants (FAANG)
are subject to
compliance
requirements due to
their substantial AI
development
Cybersecurity:
Mandates that high-risk AI systems
ensure robustness and cybersecurity
measures
Data Quality and Human Oversight:
Emphasizes data governance, human
oversight, and accuracy in high-risk AI
systems
Risk-Based Approaches:
Implements a risk-based approach,
imposing stringent requirements on
providers of high-risk AI systems
Comparative Overview of AI Regulation EU vs. US Frameworks and Impacts on Compliance

14. 14
Navigating the New Era Regulatory Challenges in Technology and Data Privacy
Emerging Regulatory Frontiers
Newer Technologies Data Privacy and Security
Increased Stringency:
- Stricter data privacy laws worldwide, similar to GDPR in Europe, may
require companies to obtain explicit consent for data collection and use,
and giving individuals more control over their data
Focus on Specific Sectors:
- Regulations might target specific sectors, like healthcare or finance,
where data privacy and security are particularly crucial
Global Harmonization:
- There might be efforts to harmonize data privacy regulations
across different countries to create a more consistent global framework
Focus on emerging technologies:
- Regulations might address data privacy and security concerns specific
to emerging technologies like artificial intelligence and the Internet
of Things (IoT)
Quantum Computing: Regulations might focus on:
- Security: Mitigating risks of hacking and ensuring the integrity of
sensitive data processed by quantum computers
- Competition: Preventing monopolies and fostering a fair playing field for
different quantum computing companies
- Access and control: Determining who has access to quantum computing
resources and how such access is controlled
Blockchain (beyond cryptocurrencies): Regulations might address:
- Standardization: Establishing common protocols and frameworks for
different blockchain applications
- Consumer protection: Addressing potential scams and ensuring
transparency in blockchain-based transactions
- Energy consumption: Regulating the energy usage of proof-of-work
consensus mechanisms used in some blockchains

15. 15
Two Ways Companies can Adapt to Regulations
Innovation in
Compliance
Ethical Tech
Development
- Develop AI-powered compliance tools: These tools can automate tasks like data analysis, risk
identification, and reporting, reducing manual workload and improving efficiency
- Implement blockchain-based solutions for data tracking and record-keeping: This can enhance
transparency and auditability, facilitating compliance with data privacy regulations
- Build internal compliance training programs: Regularly train employees on relevant regulations and
ethical practices to ensure awareness and accountability across the organization
- Conducting algorithmic bias audits: Regularly assess algorithms for potential biases and implement
safeguards to mitigate discriminatory outcomes
- Developing privacy-preserving technologies: Design technologies that minimize data collection and
ensure user control over their data, adhering to data privacy regulations
- Establishing clear ethical guidelines for AI development and deployment: These guidelines should
address issues like transparency, accountability, and fairness in AI decision-making

16. 16
How OpenAI Overcame Regulatory Concerns
Ethical Use and Responsible AI Development: OpenAI encountered
regulatory challenges related to ensuring the ethical use of AI and
responsible development practices. With the growing concerns
surrounding AI's societal impact, regulatory scrutiny intensified,
requiring organizations like OpenAI to navigate ethical
considerations and regulatory expectations effectively
Data Privacy and Security Compliance: The sensitive nature of data
used to train AI models posed regulatory challenges concerning
data privacy and security compliance. As data protection
regulations such as GDPR and CCPA became more stringent, OpenAI
needed to ensure robust measures to safeguard user data and
comply with evolving legal requirements
Export Control and International Regulations: OpenAI faced
regulatory hurdles regarding export control and compliance with
international regulations governing the export of AI technology.
The global nature of AI development necessitated meticulous
attention to export control laws and navigating complex
international regulatory frameworks
OpenAI conducted thorough assessments of export control
regulations in different jurisdictions to understand the regulatory
landscape comprehensively. By staying informed about export
control laws such as the Export Administration Regulations (EAR) in
the United States and similar regulations in other countries,
OpenAI ensured compliance with relevant export control
requirements
OpenAI addressed data privacy and security compliance challenges
through encryption, access controls, and anonymization
techniques. Regular audits ensured regulatory compliance, with
prompt action taken to mitigate risks. Collaboration with legal
experts facilitated navigation of international regulations and
acquisition of export licenses for global AI distribution
OpenAI conducted thorough ethical reviews of AI applications,
engaging stakeholders for feedback, and adhering to ethical
principles like fairness, transparency, and accountability.
Collaborating with regulatory bodies and industry groups helped
shape AI governance frameworks and advocate for responsible AI
practices at the regulatory level
Navigating the Complexities of AI Ethics and Compliance OpenAI's Strategic Approach

17. 17
Balancing Innovation and Regulation The Societal and Corporate Impact of AI and Cryptocurrency
AI Impacts on Society
AI Impacts on Companies
- Increased financial inclusion: Bitcoin and other cryptocurrencies could potentially offer alternative financial
tools for individuals and communities excluded from traditional financial systems
- Innovation and technological advancements: The development of blockchain technology underlying Bitcoin
has the potential to spur innovation in various sectors beyond finance
- Potential risks: Concerns regarding financial stability, money laundering, and consumer protection
necessitate careful consideration and responsible regulatory frameworks to mitigate these risks
- Clarity and predictability: Clear and adaptable regulations can provide a more predictable environment for
AI companies to invest and innovate
- Focus on ethical development: Regulatory frameworks emphasizing ethical considerations can
encourage responsible AI development and mitigate potential societal harms
- Challenges and adaptation: Adapting to evolving regulations can be resource-intensive and require
ongoing efforts from AI companies

18. 18
Social Media Industry Deep Dive Technology
I. Tech Stocks Rally 5
II. AI Regulations 11
III. Social Media Industry Deep Dive 18
IV. Deal Coverage 32

19. 19
4.9
5.8
4.4
4.6
4.8
5
5.2
5.4
5.6
5.8
6
2023 2027
Active Users in Billions
The Timeline of Social Media A Journey from SixDegrees to Today's Giants and the Advertising Landscape
145 minutes daily
average use per person
77 % of all businesses utilize social media to reach
audiences
76% of social media users have purchased a
service or good on social media
Social media adspend has crossed $182B which
marks 15.2% growth YoY (largest in all verticals)
Implications for Advertising
Social Media Evolution
Social
Media
Today
1997 2003 2005
2017 2022 Today
SixDegrees: First
social media
network.
Amassed 1m+
users and
acquired for
$125m
MySpace is
founded and
peaked 25
million
users
Facebook,
Linkedin,
Youtube,
Wordpress
founded
2010
Instagram
founded
2012
Facebook reaches 1B
users and acquires
Instagram for a
significant $1B
Tiktok is
born
Elon Musk buys
Twitter for a record
breaking $44B

20. 20
Social Media Market Dynamics Dominance of Short-Form Content and TikTok's Growth
84%
81%
73%
45%
0% 20% 40% 60% 80% 100%
18-29
30-49
50-64
65+
Social Media Use by Age Group
Largest Players by Market Cap
$1.2T
$18B
$351B
$- (Private)
Rise of Tik Tok:
1. Tiktok has crafted near-perfect short-form content for instant gratifying and
digestible information
2. Within 8 years Tiktok has over 2B downloads indiscriminately from all age
groups and demographics
3. Tiktok prioritizes user engagement through AI/ML, music licensing deals,
and creative expression through authentic growth
4. Short-form content has become the most effective type of content for lead
generation and engagement for marketing and ad-spend
5. More importantly, Tiktok has recently aggressively expanded its in-app e-
commerce shop to integrate the consumer and social media experience
Shifting Engagement to Short-Form Content
54%
36% 36% 34% 32% 30%
Short-form
Long
videos
Live
stream
User-generated
content
Interviews,
podcasts,
etc
Infographics
Which Formats do Social Media Marketers Use

21. 21
Integrated social-commerce platforms
The Evolution of Social Commerce Integration, Impact, and Regulatory Challenges
Influencers
The Social Commerce
Digital
Marketing
User-
generated
content
• Social commerce integrates social media and the e-
commerce experience into a 1 stop shop, generating a
new type of experience for online shoppers. Social
media platforms are introducing eCommerce features,
allowing users to buy products directly from posts and
stories
• 89% of consumers have bought goods online after
seeing products in their social media feed; now Tiktok,
Facebook Instagram, and WeChat have all
implemented a form of integrated marketplace.
Anyone can become an affiliate for a commission or
push brand exposure through user-generated content.
The marketplace utilizes network marketing and
trends to push sales
• AI algorithms study consumer behavior and interest
alongside big data feeders to accelerate social
commerce integration. Social media is a feeding
ground of information that is trained to push and filter
relevant content to its user base
• As these social media companies become large “data
storage centers” privacy and data protection have
become a roadblock for the space. There have recently
been multiple congressional hearings and attempted
regulatory controls set in place to restrict the data
collected and used by these social media giants
Data and Privacy
Regulations
AI, data analytics
Livestreaming
AI, data analytics
User-generated
marketing and
sales affiliation
Content
generation
Corporations

22. 22
Social Media Industry Challenges
Privacy and
Data Security
• Social media companies collect tons of user data, including personal info, browsing history, location data which they share frequently share with
third-party developers, advertisers, and business partners for purposes such as targeted advertising. People have raised concerns about how their
data is being handled and who can access it
• The GDPR imposes strict requirements on the collection and processing of personal data. The organization makes sure that social media companies
have a lawful basis for collecting user data, such as obtaining explicit consent
Content
Moderation
• Content moderation for social media companies is has many issues including the delicate balance between free speech and preventing harm, the
sheer amount of user-generated content requiring efficient review, consideration of cultural contexts, challenges with algorithmic biases, the
psychological impact on human moderators, and legal compliance. Achieving effective moderation is a challenge. Thus incorporating AI tools, human
expertise, transparent policies, is necessary to protect free expression, and uphold ethical standards
Market
Saturation
• With lots of options and intense competition, companies have to adapt to changing user preferences fast which is hard to predict. They also have
to manage content overload, and balance monetization pressures from investors while maintaining user trust amidst privacy concerns. In order to
stand out, platforms need to innovate, offer personalized experiences, and address diverse demographic preferences. Ultimately, success depends on
value, engagement, and differentiation for brands
Social Media's Biggest Challenges

23. 23
Evolution of Social Media Monetization Advertising, Influencers, and Data Analytics
Monetization Strategies Influencer Economy Analytics and ROI
Social media companies generate
revenue primarily through advertising,
subscription services, and in-app
purchases. Advertising models utilize
user data for targeted ads which many
different companies have adapted to
their sites. Subscription services offer
ad-free experiences or premium
features for a fee like X (formerly
Twitter) which allows users to pay to be
verified in the app. Lastly, in-app
purchases enable users to buy virtual
goods like gifts on livestreams within the
app. Some sites integrate e-commerce
for direct shopping like Instagram has
Influencers have become pivotal in
social media marketing, collaborating
with brands through sponsored content,
affiliate marketing, and product
placements. They create
seemingly authentic, relatable content
that resonates with audiences. Although
maintaining authenticity, adhering to
regulatory disclosure requirements is a
challenge. Despite these challenges,
influencer marketing remains a
powerful tool for brands to engage with
consumers effectively and drive sales
Analytics help by providing insights into
audience behavior, campaign
performance, and ROI. Tools for
measuring campaigns like click-through
rates, help marketers understand the
effectiveness of their ads. ROI is
assessed through metrics such as
conversions, customer acquisition costs,
and revenue generated from social
media campaigns, then marketers
evaluate the impact of their marketing
efforts. Big data analytics leverage large
datasets for targeted advertising,
personalized content, enhancing the
effectiveness of social media advertising

24. 24
Future Outlook and Ethical Considerations
Predictions for the Future
The future of social media will be
shaped by technological
advancements like augmented
reality (AR) and virtual reality
(VR). Short-form video content,
live streaming, and ephemeral
stories will remain popular.
Personalized content through AI-
powered algorithms will gain
popularity. It's hard to say exactly
what the future holds for social
media companies but they will
stay relevant through
competitive practices
Strategic Considerations
In today's landscape a business
can become a household name
simply by creating content,
leveraging targeted
advertising.Partnering with
influencers, fostering
communities, and analyzing
performance metrics enable
businesses to amplify their reach
and optimize their strategies
effectively. Businesses can
cultivate loyal followers,
differentiate themselves, and
position themselves for success
Ethical Considerations
Social media bears ethical
responsibilities like data privacy,
content moderation while
promoting transparency and
accountability. Social media also
has a big impact on society with
communication, and civic
engagement. The role of social
media in democracy is complex,
as it involves political activism,
and public discourse, but also
involves things like echo
chambers

25. 25
Tik Tok Ban Overview
The Biden Administration
signs the "No TikTok on
Government Devices Act,"
prohibiting the app on
federal government devices
December 2022
The Administration calls on
ByteDance to either sell TikTok or
face a ban due to security
concerns. Additionally, there
is an investigation into TikTok
jointly conducted by the DOJ and
the FBI to investigate allegations
of spying on American journalists
March 2023
The Senate will now consider the
legislation passed by the House. If
passed by the Senate, it would
then go to President Biden for his
signature
Future
House Foreign Affairs Committee Vote
On March 13th 2024, the House passed H.R. 7521, which would
effectively ban TikTok unless its parent company, ByteDance,
divests itself of the app in a way that satisfies security concerns.
This vote by the House Foreign Affairs Committee is a significant
step towards a potential ban
Proponents Opponents
Lawmakers worry that ByteDance
could be forced to share user
data with the Chinese government,
which could include browsing
history, location information, and
even private messages
This group argues that a ban would
violate First Amendment rights to free
speech and expression as they point
out that millions of Americans use
TikTok for entertainment and
communication

26. 26
Strategic Response and Legislative Concerns Surrounding TikTok Operations
Risks of Outside Influences
▪ TikTok surfaces as a vector for
potential cybersecurity threats
within the U.S. regulatory
framework, amplifying the dialogue
on digital platforms' data integrity to
external influence. Consideration of
TikTok's protocols is critical to
mitigating cybersecurity risks of
U.S.-China tech competition
Legislative
Guardrails
Strategic
Recalibration
Regulatory and Compliance
▪ U.S. policymakers advocate for
decisive action, proposing legislation
mandating ByteDance's divestiture
of TikTok. This reflects a proactive
stance toward enforcing data privacy
and addressing potential foreign
control within the tech sector,
highlighting the need for robust
compliance mechanisms and
Market Viability
▪ Facing legislative challenges,
TikTok's strategic maneuvers in the
U.S. include potential litigation,
fierce advocacy, and operational
adjustments. The platform's efforts
to maintain its presence in the U.S
will require adept navigation of
policy developments, positive user
sentiment, and strong market forces
Corporate Decoupling
▪ TikTok's rebranding as a global
entity, distinct from its Chinese
roots, is an exercise in strategic
corporate positioning. The
platform's proactive data
management and market exit
strategies aim to comply with
international standards and navigate
the complex geopolitical landscape

27. 27
Analyzing the Legal and Political Hurdles in the TikTok Divestiture Debate
Legal Complexities Political Dynamics
Infringement on 1st Amendment Rights: The bill would give
ByteDance six months to divest and find a buyer for Tiktok.
However, ‘Restricting Americans' right to access information or
ideas on a media platform from abroad implicates the First
Amendment. Three separate federal district judges have blocked
efforts to ban TikTok — two courts during the Trump
administration, and one U.S. court more recently in Montana
Geopolitical tensions with China: Many in Washington,
including lawmakers from both parties and top intelligence
officials, fear the Chinese government could use TikTok to spy on
Americans, push pro-China propaganda, or use the service to
interfere in U.S. elections. Chinese officials have said they would
oppose a divestiture due to an export ban on algorithms. It
seems as though the Chinese government has been making laws
specifically to complicate a TikTok divestiture
The Roadblocks and Issues
Potential Solution
Publish & document evidence: To date, lawmakers have
not offered any evidence of the Chinese Communist Party
using TikTok as a weapon against American interests.
Providing a strong case of tangible & credible threats to
domestic American security would legitimize the bill for
cause

28. 28
Prospects and Challenges in the Potential Acquisition of TikTok by American Tech Giants
Background
• Why is TikTok a target?: In October 2019, Senator Marco Rubio
initiated a request for a Committee on Foreign Investment in the United
States (CFIUS) investigation into TikTok. The concern stemmed from
worries that ByteDance, the app's parent company, was engaging in
content censorship not in line with democratic principles, potentially
influenced by the Chinese Communist Party. In 2020 former president
Trump tried to get the application banned before it was ultimately
blocked. In 2023 with the Israel-Palestine conflict, the rise of pro-
Palestine hashtags started to gain a lot of traction, with many politicians
getting concerned that it was propaganda. In 2024 The Protecting
Americans From Foreign Adversary Controlled Applications Act passed
in the House of Representatives.
• Impact on American Tech Companies: It's unclear how the
banning/sale of TikTok could impact other American tech companies,
some worry that the bill could potentially hurt domestic tech companies
if companies are deemed to be "foreign controlled". One thing for certain
is that competitors might try to gain a competitive advantage during the
complex sale of the company.
Acquisition Scenario
Microsoft
•Microsoft having previously been open to acquiring the company
in 2020, it seems most probable that the company will move
quickly and in conjunction with TikTok.
•As they have previously said that they would be committed
to acquiring TikTok " subject to a complete security review and
providing proper economic benefits to the United States". This
would most likely be one of the first things that they would do
Oracle
•Oracle already has a working relationship with TikTok which is
housing its U.S. data. Which gives it the upper hand and could
help speed up the process should the sale be completed
•Still many obstacles they would face. One of the first is clear
understanding of what TikTok would sell, and whether that
would include the algorithm. Many speculate that the algorithm
is the key to the transaction
What will happen?
Considering that so many different aspects have to be taken into
consideration, its hard to realistically see that the transaction happens on
time if at all. With regulations, money, legal, and specific deal terms all of
which needs to be clarified and approved in under 6 months or less. This
means that it's really uncertain what will happen.

29. 29
• China will prevent the sale of TikTok’s
Algorithm. Chinese authorities are
widely expected to block the deal,
considering the company’s algorithm a
“home-grown technology”.
• TikTok’s potential sale faces antitrust
challenges. Former justice department
official claims antitrust laws will block
the forced merger if big tech attempts to
acquire the social media platform.
• Deal must be executed in 6 months.
Due to the legislation, the deadline for
the acquisition may not be enough time
for effective due diligence.
Key Considerations in the Acquisition Risks of TikTok
Technology &
Security
• Banning TikTok might not solve data
security concerns. Experts from the
Center of Strategic and International
Studies described the ban as symbolic.
TikTok will still be accessible through
private security networks.
Judicial &
Legal
• TikTok may attempt to block
legislation through judicial due
process. TikTok can execute First
Amendment rights, which will cause a
deal fallout if the target succeeds in
blocking the legislation.
Valuation &
Deal Structure
• TikTok’s Valuation is approximately
$223.5 Billion. The merger requires
access to significant capital reserves.
Multiple competing strategic and
financial sponsors will be needed to
execute the acquisition.

30. 30
TikTok Ban Global Implications and Industry Shifts
US – China
Relation
Digital Rights
Tech Industry
Impact of the Ban
The forced sale of Tik-Tok
could further strain an
already tense relationship.
The Chinese company
ByteDance is worth
roughly $264B and one of
China’s largest companies.
This ban could limit
economic cooperation
between companies
Tik-Tok ban could
potentially challenge first
amendment with argues
for freedom of speech.
Data privacy could
heighten awareness for
other social media
companies
Foreign media companies
could face more regulations
and investigations in future.
This could accelerate a trend
of the US and China
developing separate
technological spheres. This
would limit collaboration and
innovation on a global scale
Upsides to the Ban
• Rise of Domestic Alternatives: A ban could create space for new
US-based social media apps to emerge. This could foster innovation
and competition in the tech industry, potentially leading to
platforms with better privacy features or content moderation. We
could see Tik-Tok users stream to other media platforms like
YouTube, Instragram and Facebook
• Intellectual property protection: TikTok has come under fire for
enabling users to upload videos without giving credit or receiving
payment. Businesses can safeguard their rights to intellectual
property and stop illegal usage of their content by outlawing TikTok
Downsides to the Ban
• Uncertainty for Content producers: Millions of content producers
depend on TikTok for their careers; a ban would ruin their way of
life. It might require time and effort for them to adjust and possibly
move to new platforms
• Effect on Influencer Marketing: Companies using TikTok
influencer marketing would need to modify their approaches. Tik-
Tok has over 170 million users, reaching people across the globe.To
reach their intended audience, they might have to look for new
channels or influencer partnerships

31. 31
Deal Coverage Technology
I. Tech Stocks Rally 5
II. AI Regulations 11
III. Social Media Industry Deep Dive 18
IV. Deal Coverage 32

32. 32
Synopsys Acquire Ansys Deal Introduction
• Announcement Date: December 21st, 2023, and expected to close 2025
• Transaction Value: $35 billion
• Form of Payment: Combination of cash and stock
Key Details
• Synopsys: Synopsys, Inc. is known for its electronic design automation (EDA)
tools and semiconductor IP. It plays a crucial role in designing and testing
integrated circuits and systems
• Ansys: A global leader in engineering simulation software, helping the world's
most innovative companies deliver radically better products to their customers.
Ansys offers a portfolio of engineering simulation software to support the
development of complex products across industries
Brief Introduction of Synopsys and Ansys
Stock Performance
• Marks the largest acquisition in the tech sector, placing it among the top five
largest ever tech deals
• Reflects the growing importance of integrated chip and system design in
powering next-generation computing hardware and AI applications
• Demonstrates the industry's shift towards more complex, software-defined
systems requiring advanced simulation and design capabilities
• Addresses the expanding needs of both tech and non-tech businesses in
integrating advanced semiconductor functionalities
Importance of the Deal in the Context of the Industry
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Synopsys, Inc. (NasdaqGS:SNPS) ANSYS, Inc. (NasdaqGS:ANSS)
S&P 500 Index
• The acquisition is transformative for the engineering and design simulation
industry, marking one of the largest deals in this sector
• It signifies a major consolidation in the market, aiming to create an end-to-end
integrated circuit and system design platform
• Addresses growing demand for integrated software solutions that can
accelerate development cycles in the rapidly evolving tech landscape,
particularly in semiconductors and electronics
Key Objectives of the Deal
Announcement of
Deal: Dec 21st, 2023

33. 33
Electronic Design Automation (EDA) Industry & Market Overview
Potential Regulatory Impacts or Considerations
• The acquisition could lead to a decrease in market
competition, which would attract scrutiny from
regulators like the FTC in the U.S. or the European
Commission in the EU. These entities aim to prevent
monopolies and ensure a competitive market landscape
Data
Privacy and
Security
• Regulators will closely examine the companies data
handling and privacy practices to ensure they comply
with stringent data protection laws such as GDPR in
Europe. This scrutiny aims to safeguard user data and
maintain high security standards
• There will be conditions set to prevent the
inappropriate transfer of sensitive technologies,
especially those that could affect national security. This
is important in industries like semiconductor
manufacturing, where technology can significant
strategic implications
• Since both companies operate globally, the acquisition
will be subject to review by various international
regulatory bodies, which could prolong the approval
process and impose different conditions in different
jurisdictions
Antitrust
Concerns
Internation
al Scrutiny
Technology
Transfer
and IP
Global Electronic Design Automation Market Forecast
$3.4
$8.0
$0.0bn
$1.0bn
$2.0bn
$3.0bn
$4.0bn
$5.0bn
$6.0bn
$7.0bn
$8.0bn
$9.0bn
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
(NasdaqGS:CDNS) (NasdaqGS:SNPS) (NasdaqGS:ANSS)
(ENXTPA:DSY) (ASX:ALU)
Top Industry Players (% Share Change)

34. 34
Electronic Design Automation (EDA) Industry & Market Overview Specifically Relating to Deal
Underlying
R&D Growth
Secular
Trends
Estimated
2023 TAM
Estimated
2023 TAM
Systems
Silicon
~$10B
Sector:
Simulation
& Analysis
~$7B
Sector:
IP
~$11B
Sector:
EDA
TAM CAGR
2023-2028
CAGR ~11%
CAGR ~12%
TAM CAGR
~12%
~6-7%
~8-9%
• Sustainability
• Autonomy
• IoT
• Engineering Digital
Transformation
• Model-Based Systems
Engineering
• Avaliablility of Compute
(Cloud)
• Engineering Complexity
• AI-Powered design &
anaysis
• Talent Constraints
• Software-defined systems
• Domain-specific silicon
• Multi-die
• Angstrom-size nodes

35. 35
64% 63% 63%
25% 26% 26%
9% 9% 9%
0%
20%
40%
60%
80%
100%
Fiscal 2021 Fiscal 2022 Fiscal 2023
Revenue by Product Group
EDA Design IP Software Integrity Other
Synopsys Company Overview
Company
Overview
Inception
Business
Segments
Synopsys, Inc. is a global leader in electronic design
automation (EDA) software for designing and testing
integrated circuits and electronic systems, including
cloud-based solutions to enhance chip design. They
also offer a suite of semiconductor intellectual
property (IP) products & software tools for improving
software security, quality, compliance across industries
Founded as a synthesis company in 1986
• Design Automation: EDA software for circuit
design and testing.
• Design IP: Pre-designed circuit components for
chip designs.
• Software Integrity: Tools for software security
and quality
Customers and
End Markets
Synopsys
Company
Overview
Intel Corporation, IBM, STMicroelectronics,
Honeywell International, Top Universities
• Revenue Growth: Revenue increased significantly from $4.2 billion in FY21 to
$5.8 billion in FY23, indicating strong top-line growth
• Operational Efficiency: Operating income grew notably, with EBIT margins
expanding from 18.3% to 23%, reflecting improved operational efficiency
• Profitability: Net income rose from $757.5 million to $1.23 billion, and net income
margin improved, signaling enhanced overall profitability
• Gross Margin Stability: Gross margin remained consistently high at around 80%,
indicating stable cost control relative to revenue
• Healthy Balance Sheet: Total assets and equity both increased, pointing to a
robust financial position
Key Takeaways from FY21 to FY23 Financials
Income Statement Historical:
($M USD) FY21 FY22 FY23
Total Revenue: 4,204.2 5,081.5 5,842.6
(-) Cost of Sales -813.3 -996.8 -1147.3
Gross Profit: 3,390.9 4,084.8 4,695.3
Gross Margin % 80.7% 80.4% 80.4%
(-) Total Operating Expenses: 2622.7 2910.7 3349.0
Operating Income (EBIT): 768.2 1,174.1 1,346.3
EBIT Margin: 18.3% 23.1% 23.0%
EBITDA 921.8 1,335.4 1,516.2
EBITDA Margin: 21.9% 26.3% 26.0%
(+/-) Other Income (Expense) - - -
Earnings Before Income Tax (EBT): 805.5 1,115.5 1,301.8
(+/-) Income (Loss) from Discont. Ops - - -
Net Income to Parent: 757.5 984.6 1,229.9
Net Income Margin: 18.0% 19.4% 21.1%
Balance Sheet
Total Assets: 8,752.3 9,418.1 10,333.1
Total Liabilities: 3,453.3 3,858.9 4,148.8
Total Equity: 5,298.9 5,559.2 6,184.3

36. 36
ANSYS, Inc. Company Overview
Income Statement Historical:
($M USD) FY21 FY22 FY23
Total Revenue: 4,204.2 5,081.5 5,842.6
(-) Cost of Sales 813.3 996.8 1147.3
Gross Profit: 5,017.5 6,078.3 6,989.9
Gross Margin % 119.3% 119.6% 119.6%
(-) Total Operating Expenses: 768.2 1174.1 1346.3
Operating Income (EBIT): 768.2 1,174.1 1,346.3
EBIT Margin: 18.3% 23.1% 23.0%
EBITDA 921.8 1,335.4 1,516.2
EBITDA Margin: 21.9% 26.3% 26.0%
(+/-) Other Income (Expense) - - -
Earnings Before Income Tax (EBT): 768.2 1,174.1 1,346.3
(+/-) Income (Loss) from Discont. Ops - - -
Net Income to Parent: 757.5 984.6 1,229.9
Net Income Margin: 18.0% 19.4% 21.1%
Balance Sheet
Total Assets: 8,752.3 9,418.1 10,333.1
Total Liabilities: 3,453.3 3,858.9 4,148.8
Total Equity: 5,298.9 5,559.2 6,184.3
Company
Overview
Inception
Business
Segments
ANSYS, Inc. offers engineering simulation software and
services worldwide, supporting diverse industries with
open, flexible solutions for efficient product
development. The company targets growth by
enhancing its multiphysics portfolio and broadening
user access, responding to increasing demands fueled
by trends like electrification and sustainability
Founded established in 1994
• Simulation and Modeling Software: Providing
engineering simulation and 3D design software
used across various industries for product
development, testing, and optimization
• Services and Support: Offering consulting,
training, and customer support services to enhance
software implementation and utilization
Customers and
End Markets
Synopsys
Company
Overview
Cummins Inc, Hyperloop One, General Electric, Elbit
Systems of America, Panasonic Corp, Fujitsu Ltd
• Revenue Growth: ANSYS has shown a consistent increase in total revenue,
growing from $4.204 billion in FY21 to $5.843 billion in FY23
• Profitability Enhancement: The company has significantly improved its net
income, from $757.5 million in FY21 to $1.229.9 million in FY23
• Operational Efficiency: Improvement in operating income and EBIT margin
reflects ANSYS's enhanced operational efficiency and profit retention
• Financial Health: The growth in ANSYS's assets indicates an overall
enhancement in the company's financial stability and health
Key Takeaways from FY21 to FY23 Financials
Significance of the Deal
1.Margin Improvement: The acquisition aims to enhance Synopsys' non-
GAAP operating margins by about 125 basis points
2.Free Cash Flow: There is an expected increase in unlevered free cash flow
(FCF) margins by approximately 75 basis points in the first year following the
deal's closure, suggesting better cash generation capabilities
3.Earnings Per Share: The deal is anticipated to positively impact non-GAAP
(EPS) starting from the second full year after the acquisition, contributing
positively to Synopsys' earnings and potentially increasing shareholder value
4.Long-Term Financial Benefits: The acquisition is expected to provide
significant contributions to the financial metrics of the merged company
beyond the initial years, aiding in sustained growth and profitability

37. 37
Deal Breakdown and Potential Synergies
Revenue
Synergies
Cost
Synergies
Financial
Synergies
• Cross-Selling and Up-Selling Opportunities: With Synopsys’s strong
presence in the semiconductor and EDA market and Ansys’s leadership in
simulation for various industries, there’s significant potential for cross-
selling & up-selling products to the existing customer bases
• Integration of Technologies for New Solutions: By combining
Synopsys's EDA tools with Ansys's simulation capabilities, the merged
company can create integrated solutions that are more powerful and
comprehensive than what competitors offer
• Consolidation of Platforms and Services: The integration of similar
technologies and services between the two companies can eliminate
redundancies and lower operating costs
• Shared R&D Activities: By aligning their research and development
activities, Synopsys and Ansys can avoid duplicate efforts in areas where
their technologies overlap
• Improved Borrowing Terms: The combined entity’s increased size and
market share could enable it to negotiate better terms on debt or
refinancing, potentially reducing interest rates & lowering cost of capital
• Enhanced Cash Flow Management: The merger could lead to improved
cash flow management, as the combined company leverages economies
Potential Synergy Opportunities
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
ANSYS, Inc. Synopsys, Inc.
6.4%
23.7%
• Announcement: Synopsys Inc. and Ansys announced the acquisition of Ansys on 21st December, 2023
• Valuation: Ansys shareholders will receive $197.00 in cash and 0.3450 shares of Synopsys common stock for each Ansys share, which totals approximately $35
billion in equity. This valuation implies a per-share value of $390.19, which indicates a premium of about 29% over Ansys' last closing price before the announcement
• Rational Behind Deal: The deal is poised to create a new leader in a highly consolidated business software sector, particularly focusing on semiconductor electronic
design automation (EDA) and system simulation and analysis
• The deal is expected to close by the end of the 3rd quarter of the calendar year 2025, subject to regulatory approval and other customary closing conditions, including
approval by Ansys shareholders
• The investment bank underwriters for the Ansys-Synopsys deal are Evercore (for Synopsys) and Qatalyst Partners LP (for Ansys)
Cisco Splunk Deal Breakdown
Tracking % Change of Ansys and Synopsys

38. 38
Ansys Multiples Show That It’s In Line with Its Public Comps
Source: Calculated from Ansys 10k & Comparable Companies 10Ks
10.6 x
9.0 x
9.5 x
0.0 x
10.8 x
11.6 x
9.4 x
8.3 x 8.4 x
9.9 x
EV / FY24 Revenue EV / FY25 Revenue
37.1 x
41.3 x
25.6 x
34.0 x
85.4 x
0.0 x
24.4 x
32.5 x 34.8 x
22.0 x
29.9 x
52.6 x
22.8 x
22.8 x
EV/FY24 EBITDA EV/FY25 EBITDA EV/FY24 EBITDA
TEV/
Revenue
Multiples
TEV /
EBITDA
Multiples
12.9 x 18.6 x 16.5 x

39. 39
Ansys Football Field
Methodology
Selected Public
Comparable
Companies
Assumptions
LTM TEV / Revenue
CY 24 TEV / Revenue
CY 25 TEV / Revenue
LTM TEV / EBITDA
CY 24 TEV / EBITDA
CY 25 TEV / EBITDA
CY 24 P / E
CY 25 TEV / EBITDA
Transactions between
2020 to 2023
CY 25 P / E
22x - 35x EBITDA Exit
Multiple,
7% - 11% WACC
Precedent
Transactions
Ansys Valuation - Range of Implied Share Prices
Discounted Cash
Flow
Selected Comps
1. Bentley Systems
2. Cadence Design
Systems
3. PTC Inc
4. Tyler
Technologies
5. Guidewire
Software
ARM is
currently overvalued,
based on our DCF projections
and trading multiples
$303
Pre-Offer Price
$235.24
85.81
277.94
289.76
316.30
493.39
251.63
252.26
250.03
$308.80
203.53
499.88
459.05
510.17
671.17
354.90
359.83
365.52
$- $100.00 $200.00 $300.00 $400.00 $500.00 $600.00 $700.00 $800.00
25th to Median
Median to 75th
Current Share Price
$ 303
Pre-Offer Price
$ 197 in
cash +
0.3450
share
exchange
Source: Calculated from Ansys 10k & Comparable Companies 10Ks