《華利安：2024年餐飲技術市場更新報告（英文版）（17頁）.pdf》由會員分享，可在線閱讀，更多相關《華利安：2024年餐飲技術市場更新報告（英文版）（17頁）.pdf（17頁珍藏版）》請在三個皮匠報告上搜索。

1、November 2024Restaurant Technology Market UpdateRestaurant Technology Market Update2Restaurant technology has continued to attract both strategic and private equity investment as operators increase technology spending to improve operational efficiency to combat margin compression.Strategic consolida

2、tors have shown a continued appetite for M&A,with multiple significant transactions(Paytronix/Access,Tock/American Express,Revel Systems/Shift4,Cuboh/ChowNow)announced in 2024.Financing activity has picked up momentum,with several growth-stage technology leaders completing financing rounds(Restauran

3、t365,Pepper,Wonder)in recent months.The restaurant industry continues to see strong momentum,with U.S.food and beverage sales expected to surpass$1.1 trillion(2)for the first time in 2024.Restaurant operators are seeing continued revenue growth,fueled by resilient consumer spending and increasing ut

4、ilization of online takeout and delivery solutions.Despite strength in top-line growth,rising food and labor costs have created challenges for operators as margins have continued to compress.There is a significant opportunity for further tech adoption across the restaurant technology sector as innov

5、ative solutions enable operators to maximize efficiency,grow customer loyalty,and create top-tier guest experiences.The restaurant technology market continues to gain momentum.We expect to see sustained strength in investment activity going forward as growth in consumer spending boosts restaurant re

6、venue to record levels and operators accelerate the adoption of technology to maximize revenue and improve efficiency.Sources:PitchBook,company filings,company websites,and press releases.(1)Deal values represent Enterprise Values.(2)National Restaurant Association,“State of the Restaurant Industry

7、2024.”(3)Buyers Edge Platform raised a$425M preferred equity investment from a consortium led by General Atlantic Credit.Notable M&A Activity(1)Notable Financing Activity|$30M$175M|Undisclosed$48M$33M$400M|$950M$190M|$206M$30M|Undisclosed$250M|$425M(3)|UndisclosedMassiveMarketThe restaurant industry

8、 is showing no signs of slowing down in 2024;continued strength in consumer spending and location expansion is expected to drive U.S.food and beverage sales of more than$1.1 trillion in 2024.(1)In 2024,the global restaurant software market is forecasted to reach$6.6 billion,and sustain a 16.5%CAGR t

9、hrough 2033.(2)Tech Driving EfficiencyAs restaurant operators face challenges from inflation and rising food costs,improving efficiency and streamlining operations are paramount to profitability.Restaurant operators are accelerating the adoption of technology to optimize front-and back-of-house perf

10、ormance,control costs,and improve customer experiences.Shifting Consumer PreferencesThe rising adoption of online ordering and delivery solutions has changed consumer lifestyles and spending habits,particularly among Millennials and Gen Z.Quick service restaurants are showing continued momentum as c

11、onsumers seek convenient,affordable alternatives to cooking at home.Highly Fragmented LandscapeThe massive addressable market for restaurant technology has created a fragmented landscape of innovative point solutions that is ripe for consolidation.Large public players and sponsor-backed platforms co

12、ntinue to make strategic acquisitions to further build out end-to-end solutions.Attractive Market Dynamics Driving Restaurant Tech Investment3Investor interest is growing in the restaurant technology sector,driven by strong top-line growth,increasing adoption of operational solutions,and consumer li

13、festyle changes.(1)National Restaurant Association,“State of the Restaurant Industry 2024.”(2)Market.us.(3)Toast Restaurant Industry Outlook Report 2023.(4)National Restaurant Association,“Restaurant Technology Landscape 2024.”(5)William Blair,“The Dining Download.”$1T+Leading Strategic Consolidator

14、s*Sponsor-Backed Companies2024E U.S.Restaurant Industry Revenue(1)$7B2024E Global Restaurant Software Market(2)17%Global Restaurant Software Market CAGR(2024E2033E)(2)76%Operators Expect to Increase Technology Spend in 2024(3)57%Restaurant Owners Plan to Invest in Loyalty&Reward Systems(4)45%Of Cons

15、umers Order Takeout/Delivery More Than Pre-Pandemic(5)$214Average ConsumerMonthly Restaurant Spending,a 14%YoY Increase(5)*Trends Shaping the Restaurant Industry in 20244The global restaurant industry continues to show meaningful growth as consumers increase the adoption of online ordering solutions

16、;however,cost increases have created challenges,with profit margins trending lower.(1)National Restaurant Association.(2)Touch Bistro,“The State of Restaurants in 2024.”(3)Statista,Market Insights 2024.Consistent historical growth in food and beverage sales,with revenue forecasted to top$1.1 trillio

17、n in 2024.Food and Beverage Sales Showing Strong MomentumAdoption of Delivery and Online Ordering Solutions Providing Critical Revenue Uplift for OperatorsMidsize restaurant owners are having the most trouble navigating current economic conditions and maintaining healthy profit margins.Declining Pro

18、fit Margins Across the Restaurant Industry8646788249661,0491,106$200$300$400$500$600$700$800$900$1,000$1,1002019A2020A2021A2022A2023A2024EU.S.Food and Beverage Sales($B)(1)CAGR:13%12.0%10.2%10.6%9.3%2019A2021A2022A2023AAverage Profit Margin(2)(2.7%)123$23$28$35$55$69$76$87$96$102$106$109$112$-$20$40

19、$60$80$100$1202017A2018A2019A2020A2021A2022A2023A2024E2025E2026E2027E2028ETotal U.S.Meal Delivery Revenue($B)(3)CAGR:23%23%Average Online Share of Revenue(2)17%Average Increase in Sales Volume Since Implementing Online Ordering(2)36%Restaurants Offer Direct Online Ordering Through Their Website(2)95

20、%Restaurants Use at Least One Online Platform(2)238246248248252257261271290320328332Jan-14Jan-15Jan-16Jan-17Jan-18Jan-19Jan-20Jan-21Jan-22Jan-23Jan-24CPI:Food in U.S.City Average(2)04008001,2001,6002,000Job Openings Accommodation and Food Services($K)(1)Trends Shaping the Restaurant Industry in 2024

21、(cont.)5While rent and labor concerns have subsided,restaurant operators are increasing spending on technology solutions that can help address higher costs by optimizing efficiency.(1)U.S.Bureau of Labor Statistics.(2)Federal Reserve Economic Data(FRED)|St.Louis Fed.(3)TouchBistro,“The State of Rest

22、aurants in 2024.”(4)Restaurant365,“2024 State of the Industry Survey.”Labor Challenges Easing as Market Stabilizes,but Remains Above Historical NormsRising Inventory Costs Are the Top Concern for Operators,Driving Increased Adoption of Solutions That Improve Efficiency and Reduce Waste(3)Operators F

23、acing Steep Input Costs Driven by Sustained Rise in Food Prices45642%decrease from Sep-21 to Sep-24.18%increase(9%CAGR)from Jan-21 to Jan-23.30%30%33%23%22%54%17%20%58%0%10%20%30%40%50%60%70%RentLabor CostsInventory CostsGreatest Causes of Financial Strain in the Past 12 Months202120222023+25%(13%)A

24、s labor struggles and rent increases have subsided,operators are increasingly focused on minimizing the impact of higher inventory costs,driving the adoption of software solutions that deliver margin improvement and cost efficiency.In particular,more than 50%of operators expect to leverage inventory

25、 management and analytics solutions to target the nearly 10%of food inventory that is wasted.(4)(10%)35%Of Restaurants Eliminated Menu Items to Combat Higher Prices67%Of Restaurants Raised Menu Prices in the Past Six MonthsAverage 20142019Restaurant Technology Landscape6Indicates an Operating Subsid

26、iaryFront of HouseBack of HousePOS and PaymentsRESERVATIONS AND BOOKINGSGUEST EXPERIENCE AND ENGAGEMENTWORKFORCE MANAGEMENTINVENTORY MANAGEMENTONLINE ORDERINGDELIVERY MARKETPLACESCATERING AND EVENTS MANAGEMENTFACILITIES MANAGEMENTFINANCIAL MANAGEMENT AND BOOKKEEPINGDATA AND ANALYTICSEND-TO-END RESTA

27、URANT OPERATIONSIndicates Parent Company|Subsidiary 1,(Subsidiary 2)To view the full market map,please contact:Pat.HagertyHL.comHighlighted Restaurant Technology M&A Transactions7Acquired byAnnouncedJune 21,2024American Express acquired Tock for$400 million in cash from Squarespace.The transaction c

28、losed on October 15,2024.Tock is a reservation,table,and event management technology platform providing ticketing tools to 7,000+restaurants,wineries,and bookable venues to drive revenue,increase covers,and enhance customer retention.The acquisition will allow American Express to incorporate Tocks r

29、estaurant network and innovative product suite into its existing platform to continue growth in hospitality and enhancement of the customer dining experience.American Express also announced an agreement to acquire Rooam,a technology company that powers mobile payments,ordering and integrations with

30、point of sale,marketing and loyalty systems used by restaurants and entertainment venuesTock Profile:Founded in 20147,000+Restaurants and Venues235 EmployeesChicago,IllinoisAcquired byAnnounced May 9,2024Shift4 acquired Revel Systems for$250M in cash from WCAS and Light Street Investments.Revel Syst

31、ems offers a cloud-based POS system,back-office,and marketing tools for chains,serving more than 18,000 restaurants globally including Daves Hot Chicken,The Halal Guys,and Kung Fu Tea.Shift4 is a leading integrated payments and commerce technology platform.Its restaurant POS system,SkyTab,is used by

32、 operators of many large chains,including Burger King,Applebees,and Dennys.The acquisition allows Shift4 to incorporate Revels best POS features into its SkyTab POS system and cross-sell payment services to Revels customers representing a$17 billion+opportunity across 18,000 merchants.Revel Systems

33、Profile:Founded in 201020,000+Global Customers525 EmployeesAtlanta,GeorgiaAcquired byAnnounced March 28,2024ChowNow acquired Cuboh for an undisclosed amount.Cuboh offers an online tablet ordering application designed to automate online food orders for restaurants,with features such as tablet consoli

34、dation,menu management,customer support,and POS integrations.ChowNow powers branded online ordering systems for independent restaurants across the U.S.,while also providing restaurant partners with key insights and marketing support.The acquisition allows ChowNow to combine Cubohs POS integration wi

35、th its ordering and marketing platform,leading to a more unified and comprehensive suite of tools for their partner restaurants.Cuboh Profile:Founded in 201728 Platform Integrations300 EmployeesVictoria,British ColumbiaAcquired byAnnouncedMarch 11,2024PAR Technology acquired TASK Group for$206 milli

36、on and Stuzo for$190 million.TASK Group is an Australia-based enterprise restaurant management platform offering POS,customer engagement,and loyalty solutions for global foodservice brands.Stuzo is a digital engagement software platform for convenience and fuel retailers,enabling customers to build

37、and launch activation programs and manage contactless commerce programs.The acquisition allows PAR to offer a more comprehensive solution suite,boost its presence in convenience stores,and expand operations internationally.TASK Group Profile:Founded in 2010Mona Vale,AustraliaStuzo Profile:Founded in

38、 2007Philadelphia,PennsylvaniaSources:PitchBook,LinkedIn,451 Research,company filings,company websites,press releases.Highlighted Restaurant Technology Financings8Investment FromAnnouncedMay 15,2024Restaurant365 is a developer of restaurant enterprise management software.The companys software offers

39、 cloud-based accounting,inventory,scheduling,payroll,and HR services,helping to simplify the day-to-day management of operators and allowing users to control food costs and optimize labor.Restaurant365 intends to use the funding to expand its enterprise features and grow its workforce and payroll pr

40、oduct suites.The$175 million investment was led by ICONIQ Growth with participation by existing investors KKR and L Catterton.Restaurant365 Profile:Founded in 201140,000+Restaurants900+EmployeesIrvine,CaliforniaInvestment FromAnnouncedMay 13,2024Pepper is a developer of a digital food distribution p

41、latform intended to facilitate an online food supply chain;the company also helps restaurant operators with supplier management.Pepper plans to use the investment to continue to invest in the development of innovative solutions that meet its customers needs.The$30 million Series B venture funding de

42、al was led by ICONIQ Growth,with participation from Greylock,Imaginary Ventures,Index Ventures,and Harmony Partners.The company currently serves 28,000+operators and 200+food distribution customers.Pepper Profile:Founded in 2019200+Food Distribution Customers50 EmployeesNew York,New YorkInvestment F

43、romAnnounced April 8,2024Buyers Edge offers technology services to the foodservice industry(operators,distributors,manufacturers),focusing on digital procurement networks,fresh solutions,supply chain management,and software.Buyers Edge plans to use the investment to support the execution of its cont

44、inued growth initiatives,including platform innovation,strategic M&A,and European expansion.The$425 million preferred equity investment was led by General Atlantic,with participation from Blackstone and MS Tactical Value.Currently serves 200,000+operators across North America and has$60 billion+of a

45、ggregated spend volume.Buyers Edge Profile:Founded in 1998200,000+Restaurants1,000 EmployeesWaltham,MassachusettsInvestment FromAnnouncedJanuary 31,2024O is an all-in-one platform for managing a restaurants digital presence.It features restaurant website generation,online ordering,branded applicatio

46、ns,zero-commission delivery,and automated marketing.O plans to use the investment to expand to more restaurants,as well as to enhance marketing campaigns with generative AI and other technologies.The$33 million investment was co-led by Redpoint Ventures and Alt Capital,with participation from Horsle

47、y Bridge Partners,Activant Capital,Transpose Platform Management,and others.Currently serves thousands of small-and medium-sized restaurant owners in the United States.O Profile:Founded in 2018$200M Post-Money Valuation3M+Users65 EmployeesPalo Alto,CaliforniaSources:PitchBook,LinkedIn,451 Research,W

48、SJ,company websites,press releases.Jun-24:American Express acquired Tock for$400 million.Sep-24:Access Group acquired Qikserve.Apr-24:Buyers Edge raised$425 million in preferred equity led by General Atlantic.May-24:Shift4 acquired Revel Systems for$250 million.Jul-23:Access Group acquired R.Jul-23:

49、Gauge Capital made a strategic investment in Craftable.Jan-23:Zenchef,backed by PSG,merged with Formitable.Apr-23:General Atlantic acquired Tripleseat Software.Dec-22:CoverManager raised$55 million in funding led by GP Bullhound.Dec-22:DelaGet raised development capital from The Riverside Company.Se

50、p-22:Zenchef raised$50 million in funding from PSG.Nov-22:TouchBistro raised$110 million in funding from Francisco Partners.May-22:SpotOn raised$300 million in funding led by Dragoneer.Jun-22:Corsair Capital acquired HungerRush.Restaurant Technology Transaction Timeline9Feb-22:7shifts raised$80 mill

51、ion in funding led by Softbank.Feb-22:Relex raised$500 million in funding from Blackstone Growth.Jun-22:Crunchtimeacquired Zenput.Aug-22:PAR Technologies acquired MENU Technologies for$40 million.2022May-23:Shift4Payments acquired Focus POS Systems for$45 million.May-23:Restaurant365 raised$135 mill

52、ion in funding co-led by KKR and L Catterton.Oct-23:Shift4 acquired Appetize for$100 million.Mar-24:PAR Technologies acquired TASK Group($206 million)and Stuzo($190 million).May-24:Restaurant365 raised$175 million in funding led by ICONIQ Growth.Jun-24:Local Kitchens raised$40 million in funding fro

53、m General Catalyst.Sources:PitchBook,S&P Capital IQ,Mergermarket,451 Research,company websites.Note:Transaction dates represent date of announcement.20232024Announced DateTargetAcquirerTarget DescriptionEnterpriseValue($M)11/1/24Guest engagement platform offering online ordering,loyalty,mobile apps,

54、marketplace management,and payments to more than 50,000 sites across 1,800 brands.-9/25/24Digital ordering,content management system,kiosk,and mobile order and pay platform for the hospitality sector.-9/10/24Labor,inventory,and recipe management software platform that seamlessly integrates with the

55、POS to help operators forecast accurately and save on both labor costs and food waste.-7/22/24Singapore-based booking platform that provides online reservations software to restaurants across Southeast Asia,including Singapore,Indonesia,and Thailand.-6/21/24Reservation,table,and event management pla

56、tform enabling restaurants,wineries,hotels,and bars to increase revenue,reduce no-shows,and leverage data to improve the guest experience.4006/20/24Online ordering and contactless dining solution that allows diners to order ahead at nearby restaurants and cafes while earning rewards that drive loyal

57、ty for restaurants.-5/13/24Taiwan business unit of Foodpanda,one of the largest online food and grocery delivery platforms in Asia.9505/9/24Offers cloud-based POS system,back-office,and marketing tools for chains,serving more than 18,000 restaurants globally including Daves Hot Chicken,The Halal Guy

58、s,and Kung Fu Tea.2504/9/24Learning Management System specifically built for restaurants to create,deliver,and track training content across multiple platforms.-3/28/24Centralized third-party order management solution for restaurants offering automated order consolidation and menu syncing across all

59、 delivery apps.-3/11/24Digital engagement software platform for convenience and fuel retailers,strengthening PARs business strategy to expand its addressable market to an expanding foodservice category.1903/11/24Australia-based enterprise restaurant management platform offering POS,customer engageme

60、nt,and loyalty solutions for global foodservice brands.206Selected Recent M&A Transactions10Sources:PitchBook,S&P Capital IQ,Mergermarket,451 Research,company filings,company websites.Announced DateCompanyInvestor(s)Company DescriptionAmountRaised($M)10/23/24Ordering solutions for enterprise brands,

61、providing direct and third-party order management,marketing,loyalty,and customer data analytics for more than 2,400 brands.109/30/24Tokyo-based restaurant management platform offering solutions for mobile ordering,cloud-based order management,cashless payment processing,and analytics.489/19/24AI-pow

62、ered customer engagement platform for restaurants offering solutions for feedback collection and measurement,reputation management,customer retention,and analytics.106/25/24Operator of multi-brand restaurants that offer a food hall-style experience and leverage proprietary POS,KDS,and Dynamic Firing

63、 to synchronize orders across multiple brands.405/28/24Unified restaurant management platform offering online order management and channel integration,order routing,KDS,pickup and delivery management,and analytics.155/22/24AI-powered business intelligence platform enabling single and multi-location

64、restaurants to optimize sales,labor,and inventory to drive operational consistency and profitability.165/15/24All-in-one enterprise management software offering cloud-based accounting,inventory,scheduling,payroll,and HR developed specifically for restaurants.1755/13/24Go-to-Market platform for indep

65、endent food distributors offering solutions for order management,sales enablement,marketing,invoice management,and payments.304/15/24Facility management platform providing CMMS and inventory management software and maintenance services to restaurants,convenience stores,retail,grocery,and more.304/4/

66、24Technology-driven digital procurement network for restaurant operators,food manufacturers,and distributors that uses data and technology to streamline operations and reduce costs.425(1)3/19/24Vertically-integrated ghost kitchen operator offering made-to-order delivery meals from high-profile chefs

67、 and restaurant brands.7001/31/24All-in-one platform providing solutions for independent restaurants to manage their online presence,including website and app creation,online ordering,delivery,loyalty,and marketing.33Selected Recent Financing Transactions11Sources:PitchBook,S&P Capital IQ,Mergermark

68、et,451 Research,company websites.(1)Buyers Edge Platform raised a$425M preferred equity investment from a consortium led by General Atlantic Credit.Houlihan Lokeys Subsector Research Reports12Travel&Hospitality TechnologyCommercial Real Estate Technology1H 2024 PropTech Market UpdateMulti-Family Pro

69、pTechField and Frontline OperationsFitness&Wellness SoftwareClick on the images to access Houlihan Lokeys recent reports.Highly Active Global Travel&Hospitality Tech Team13Tombstones included herein represent transactions closed from 2018 forward.*Selected transactions were executed by Houlihan Loke

70、y professionals while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.U.S.Travel&Hospitality TechLeader in Travel&Hospitality Tech AdvisoryEuropean Travel&Hospitality Techa portfolio company ofhas been acquired bya portfolio company ofSellsid

71、e Advisorhas merged within an investment backed byFinancial Advisorhas received a significant investment fromSellside Advisorhas soldtoSellside Advisor*has been acquired bySellside Advisor*a portfolio company ofhas been acquired byGoldman SachsSellside Co-Advisorhas received a$100M+investment led by

72、Financial Advisor*a portfolio company ofhas been acquired bySellside Advisorhas been acquired bya portfolio company ofSellside Advisorhas been acquired bya portfolio company ofSellside Advisorhas been acquired bySellside Advisorhas been acquired bySellside Advisor*has been acquired bySellside Adviso

73、ra portfolio company ofhas been acquired bySellside Advisora portfolio company ofhas been acquired bya portfolio company ofSellside Advisorhas acquiredBuyside Advisorhas been acquired bySellside AdvisorSascha PfeifferManaging DirectorHead of European Technology+49(0)69 204 34 6415Sascha.PfeifferHL.c

74、omChris GoughManaging Director+1 415.273.3696 Chris.GoughHL.comPat HagertyVice President+1 646.259.7528 Pat.HagertyHL.comKevin WalshManaging Director+1 415.273.3664Kevin.WalshHL.comhas been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisora portfolio company ofhas

75、 merged witha portfolio company of Sellside Advisorhas been acquired bySellside Advisor*a portfolio company ofhas been acquired bySellside Advisor*majority sold toSellside Advisor*has been acquired bySellside Advisor*Raymond FrjdManaging Director+46(0)70 747 25 17Raymond.FrojdHL.comJames CravenManag

76、ing Director+44(0)20 7484 4083James.CravenHL.comA Global Leader in Technology Advisory1436Locations Worldwide2,000Finance Professionals323Managing Directors(1)2,000+Clients Served Annually$12BMarket Capitalization(2)$2.1BRevenue(3)Key Facts and Figures2023 M&A Advisory Rankings All Global Technology

77、 TransactionsDealsAdvisor89Houlihan Lokey176Rothschild&Co268JP Morgan363Goldman Sachs&Co459Morgan Stanley5Source:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.15Technology Offices Globally170+Technology-Focused Financial Professionals30Technology-Focused Managing DirectorsProviding

78、unbiased,insightful advice in the best interest of our clients,Houlihan Lokey will have significant senior resources dedicated to guiding clients.PARTNER-LEDAPPROACHGLOBAL TECH COVERAGE AND KNOWLEDGEOur global footprint with offices in key M&A markets in the Americas,Asia,and Europe gives us integra

79、ted coverage,while our local roots mean that we have a strong understanding of the markets we cover.BROAD AND DEEP INVESTOR COVERAGEThirty senior officers dedicated to the sponsor community in the U.S.,Europe,and Japan.Coverage of 1,400+private equity firms,300+credit funds,and 70+family offices.Cat

80、alog and deal experience in financial sponsor preferences and behaviors.Houlihan Lokeys Capital Markets Group comprises more than 90 dedicated professionals across 12 offices in six countries and raised approximately$14 billion in capital during 2023.Significant experience and expertise across verti

81、cal and horizontal business management software,HCM,property tech,tech-enabled services,UCaaS,industrial tech,data and analytics,FinTech,adtech,and cyber.EXPERTISE IN HIGH-GROWTH TECHNOLOGY SECTORSNote:Ranking based on data provided by LSEG(formerly Refinitiv).Excludes accounting firms and brokers.(

82、1)As of September 30,2024.(2)As of October 31,2024.(3)LTM ended September 30,2024.AMERICASAtlantaLos AngelesBaltimoreMiamiBostonMinneapolisCharlotteNew YorkChicagoSan FranciscoDallasSo PauloHoustonWashington,D.C.EUROPE AND MIDDLE EASTAmsterdamMilanAntwerpMunichDubaiParisFrankfurtStockholmLondonTel A

83、vivMadridZurichManchesterASIA-PACIFICBeijingShanghaiFukuokaSingaporeGurugramSydneyHong Kong SARTokyoMumbai1530 Tech ManagingDirectors180+Technology Financial Professionals89Technology Dealsin CY 23No.1 Global Tech M&A Advisor(1)15 Tech Team Locations WorldwideBlue text denotes a local Technology tea

84、m.(1)Source:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.Our Tech M&A Team Is No.1 Globally With Unrivalled ReachDisclaimer16 2024 Houlihan Lokey.All rights reserved.This material may not be reproduced in any format by any means or redistributed without the prior written consent of

85、 Houlihan Lokey.Houlihan Lokey is a trade name for Houlihan Lokey,Inc.,and its subsidiaries and affiliates,which include the following licensed(or,in the case of Singapore,exempt)entities:in(i)the United States:Houlihan Lokey Capital,Inc.,and Houlihan Lokey Advisory,Inc.,each an SEC-registered broke

86、r-dealer and members of FINRA(www.finra.org)and SIPC(www.sipc.org)(investment banking services);(ii)Europe:Houlihan Lokey UK Limited(FRN 792919),Houlihan Lokey Advisory Limited(FRN 116310),and Houlihan Lokey PFG Advisory Limited(FRN 725267),authorized and regulated by the U.K.Financial Conduct Autho

87、rity;Houlihan Lokey(Europe)GmbH,authorized and regulated by the German Federal Financial Supervisory Authority(Bundesanstalt fr Finanzdienstleistungsaufsicht);Houlihan Lokey Private Funds Advisory S.A.,a member of CNCEF Patrimoine and registered with the ORIAS(#14002730);(iii)the United Arab Emirate

88、s,Dubai International Financial Centre(Dubai):Houlihan Lokey(MEA Financial Advisory)Ltd.and Houlihan Lokey(MEA PFG Advisory)Limited,regulated by the Dubai Financial Services Authority;(iv)Singapore:Houlihan Lokey(Singapore)Private Limited an“exempt corporate finance adviser”able to provide exempt co

89、rporate finance advisory services to accredited investors only;(v)Hong Kong SAR:Houlihan Lokey(China)Limited,licensed in Hong Kong by the Securities and Futures Commission to conduct Type 1,4,and 6 regulated activities to professional investors only;(vi)India:Houlihan Lokey Advisory(India)Private Li

90、mited,registered as an investment adviser with the Securities and Exchange Board of India(registration number INA000001217);and(vii)Australia:Houlihan Lokey(Australia)Pty Limited(ABN 74 601 825 227),a company incorporated in Australia and licensed by the Australian Securities and Investments Commiss

91、ion(AFSL number 474953)in respect of financial services provided to wholesale clients only.In the United Kingdom,European Economic Area(EEA),Dubai,Singapore,Hong Kong,India,and Australia,this communication is directed to intended recipients,including actual or potential professional clients(UK,EEA,a

92、nd Dubai),accredited investors(Singapore),professional investors(Hong Kong),and wholesale clients(Australia),respectively.No entity affiliated with Houlihan Lokey,Inc.,provides banking or securities brokerage services,nor is any such affiliate subject to FINMA supervision in Switzerland or similar r

93、egulatory authorities regarding such activities in other jurisdictions.Other persons,such as retail clients,are NOT the intended recipients of our communications or services and should not act upon this communication.Houlihan Lokey gathers its data from sources it considers reliable;however,it does

94、not guarantee the accuracy or completeness of the information provided within this presentation.The material presented reflects information known to the authors at the time this presentation was written,and this information is subject to change.Any forward-looking information and statements containe

95、d herein are subject to various risks and uncertainties,many of which are difficult to predict,that could cause actual results and developments to differ materially from those expressed in,or implied or projected by,the forward-looking information and statements.In addition,past performance should n

96、ot be taken as an indication or guarantee of future performance,and information contained herein may be subject to variation as a result of currency fluctuations.Houlihan Lokey makes no representations or warranties,expressed or implied,regarding the accuracy of this material.The views expressed in

97、this material accurately reflect the personal views of the authors regarding the subject securities and issuers and do not necessarily coincide with those of Houlihan Lokey.Officers,directors,and partners in the Houlihan Lokey group of companies may have positions in the securities of the companies

98、discussed.This presentation does not constitute advice or a recommendation,offer,or solicitation with respect to the securities of any company discussed herein,is not intended to provide information upon which to base an investment decision,and should not be construed as such.Houlihan Lokey or its a

99、ffiliates may from time to time provide financial or related services to these companies.Like all Houlihan Lokey employees,the authors of this presentation receive compensation that is affected by overall firm profitability.Corporate Finance Financial Restructuring Financial and Valuation AdvisoryHL.com