MOSS ADAMS CAPITAL · 2016-04-29 · 3Online Retail MOSS ADAMS CAPITAL LLC Source: Moss Adams...

MOSS ADAMS CAPITAL LLC

Online Retail

Market Monitor

Spring 2016

2 MOSS ADAMS CAPITAL LLC Online Retail

Contents

Industry Update

Public Stock Performance & Valuations

M&A Activity & Valuations

Moss Adams Overview

3

6

9

13


Source: Moss Adams Capital, U.S. Census Bureau , U.S. Bureau of Labor Statistics, Federal Reserve, Internet Retailer, Criteo and University of Michigan.

• Online retail sales accounted for $340.8 billion or 7.3% of total U.S. retail sales in 2015, representing an all-time high.

• According to the latest information from the U.S. Census Bureau, online sales accounted for approximately two-thirds of total retail sales growth in 2015. U.S. online sales grew by 14.6% in 2015, compared to total U.S. retail sales growth of 1.4%.

• Over the next 5 years, online retail sales are expected to grow at a CAGR of 9.3% to $523 billion.

• Growth will be achieved through increased sales of physical goods as digital products reach maturity, as well as through continued adoption of e-commerce technology by customers, particularly shopping on mobile devices.

• Despite market volatility in early 2016, consumer confidence remains high (91.7 in February 2016) compared to the 24 month average of 88.8.

• According to the Bureau of Labor Statistics, the U.S. added 215,000 jobs in March; bringing the unemployment rate to 5.0%, slightly up from 4.9% in January and February.

• In the U.S., Black Friday and Cyber Monday are the two biggest online shopping days of the year. Even combined, these two days are dwarfed by Singles Day in China, which is the world’s biggest online shopping day.

Online Sales on Major Shopping Days

U.S. Online Sales as a Share of Total Retail Sales Industry Update

Online Retail Continues to Gain Momentum

$340.8 Billlionin 2015

Q4 20157.5%

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$100

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

To

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eta

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ale

s(I

n B

illi

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$1.2 $1.5 $1.7$2.3 $2.6 $3.0

$5.7

$9.3

$14.3

2013 2014 2015

$ i

n B

illi

on

s

Black Friday Cyber Monday Singles Day (China)


Source: Business Insider, IBISWorld and Moss Adams Capital estimates.

• Online retailers offer consumers the convenience of shopping for the best price among competing online stores, as well as with brick-and-mortar retailers.

• Providing a robust online shopping experience is becoming mandatory for brick-and-mortar retailers as consumers research products online before making purchases.

• Mass-market retailers such as Walmart and Target have made dramatic improvements to their online shopping experience and value proposition in an effort to compete with online retailers such as Amazon.

• The continued growth of online retailing has forced traditional brick-and-mortar retailers to close locations, focus on smaller stores and acquire online resources in order to compete in an omni-channel retail environment.

• An estimated 60.0% of U.S. consumers shop online at-least on a quarterly basis.

• Computer literacy, disposable income, and digital security concerns influence online shopping trends.

• Consumers in the 31 to 44 and 45 to 54 age groups typically purchase higher-priced goods and represent the two largest contributors to sales, accounting for nearly half of all online sales.

• Social media is becoming an important tool to drive consumers, particularly in the 18 to 34 age group, to well-positioned online retailers.

U.S. Online Sales by Customer Age Group

Announced U.S. Retail Store Closings Industry Update

Online Sales Force Structural Shifts in the Retail Industry

226 225

200 189

180 175

0

50

100

150

200

250

18.4%18 to 34

23.1%31 to 44

21.8%45 to 54

20.4%55 to 65

16.3%66 and older


Source: Internet Retailer, eMarketer, and Moss Adams Capital estimates.

• At the end of 2015, there were an estimated 190.5 million smartphone users in the United States, representing 73.8% of all mobile phone users.

• 82.0% of smartphone users use their phone when shopping to browse, research or compare products online.

• Online sales from mobile platforms (m-Commerce), which includes smartphones and tablet devices, is estimated to reach approximately $89.0 billion in 2015, representing 56.2% growth from 2014.

• In 2015, m-Commerce accounted for approximately 26.0% of all online retail sales.

• While the growth and share of m-Commerce is impressive, consumers still prefer to use a desktop computer to make purchases, citing ease of use and security concerns. Younger consumers are more apt to make purchases from mobile devices than their older counterparts. As a result, m-Commerce should continue to gain market share as the younger consumers mature and their discretionary income increases.

• As consumers become more comfortable with making purchases on mobile devices, it is estimated that by 2017, 50.0% of U.S. m-Commerce sales will be made on a smartphone as opposed to tablet computers.

• Recognizing this trend, retailers are placing a priority on optimizing their websites for mobile use in order to boost customer experience and conversion rates.

U.S. Smartphone Users

m-Commerce in the U.S. Industry Update

Mobile Will Drive a Significant Share of Online Sales Growth

62.6

93.1

115.8

143.9165.3

190.5

0

50

100

150

200

250

Sm

art

ph

on

e U

sers

(in

Mil

lio

ns)

$57

$89

$123

$151

50.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

$0

$20

$40

$60

$80

$100

$120

$140

$160

Sm

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% o

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Source: CapitalIQ.

Note: The indices in the chart above are composed of the public companies included on slide 8.

3-Year Performance: Online Retailers vs. S&P

Large Cap Segment Significantly Higher; Mid/Small Cap Segment Underperforms S&P

Mid/Small Cap Online Retailers

15.4%

S&P 500 32.7%

Large Cap Online Retailers

60.3%

-10.0%

10.0%

30.0%

50.0%

70.0%

90.0%

110.0%


Source: CapitalIQ.

Public Market EV/EBITDA Valuations Next 12 Months: Estimated Growth

• Median sales and EBITDA growth of 18.9% and 81.5%, respectively for Large Cap companies over the next 12 months; while median sales and EBITDA growth for Mid/Small Cap companies are estimated to be 1.0% and 21.6%, respectively.

• By comparison, S&P 500 companies are projected to have median sales and EBITDA growth of 2.6% and 6.8%, respectively, for the next 12 months.

• While both Large Cap and Mid/Small Cap companies are experiencing premium valuations compared to the S&P 500, the Large Cap companies have experienced significantly higher EV/EBITDA valuations over the past three years.

• Following recent market volatility, EV/EBITDA valuations of Large Cap companies have recovered over the past three months at a healthier pace than their Mid/Small Cap counterparts.

Sales EBITDA

Industry Earnings Growth Outlook Higher than Market

Mid/Small CapOnline Retailers

11.7x

S&P 50011.0x

Large CapOnline Retailers

30.4x

5.0x

15.0x

25.0x

35.0x

45.0x

2.6%

1.0%

18.9%

S&P 500

Mid/SmallCap

Large Cap

6.8%

21.6%

81.5%

S&P 500

Mid/SmallCap

Large Cap

Note: Online Retail is composed of the public companies included on slide 8.


Source: CapitalIQ, company filings.

Note: Not meaningful (NM) if EV/Sales is greater than 10x, or EV/EBITDA is greater than 30x. NA if denominator is 0, for percentages and multiples, or if estimates are not available. NTM figures are based on the median estimate of Wall St. analysts.

($mm, except where noted)

Public Company Valuations (April 2016)

TTM Data NTM Estimated Growth EV Multiple

Company Name

Share

Price 52wk High / Low

Market

Cap

Enterprise

Value Revenue EBITDA

EBITDA

Margin Revenue EBITDA

TTM

Revenue

TTM

EBITDA

NTM

Revenue

NTM

EBITDA

Mid/Small Cap

1-800-Flowers.com Inc. $7.79 $13.28 / $6.11 $529 $545 $1,165 $80 6.8% 2.8% 16.5% 0.47x 6.8x NA NA

Blue Nile Inc. $26.50 $39.00 / $22.33 $312 $226 $480 $17 3.6% (1.1%) 23.2% 0.47x 13.1x 0.47x 10.6x

CafePress Inc. $3.68 $5.36 / $3.02 $64 $14 $105 $4 3.8% 0.0% 16.8% 0.14x 3.6x 0.14x 3.1x

Etsy, Inc. $8.67 $35.74 / $6.04 $790 $510 $273 $13 4.7% 24.9% 186.2% 1.87x NM 1.49x 13.9x

FTD Companies, Inc. $26.21 $33.52 / $21.79 $753 $995 $1,220 $105 8.6% (3.5%) 21.6% 0.82x 9.5x 0.85x 7.8x

Lands' End, Inc. $24.93 $35.86 / $19.84 $797 $1,070 $1,420 $111 7.8% 0.4% 2.4% 0.75x 9.7x NA NA

Overstock.com Inc. $14.86 $25.93 / $10.03 $367 $211 $1,658 $11 0.7% 10.2% 330.6% 0.13x 18.7x 0.12x 4.3x

PetMed Express, Inc. $17.98 $18.74 / $14.53 $363 $301 $229 $32 14.1% 1.0% 0.7% 1.31x 9.3x 1.30x 9.2x

U.S. Auto Parts Network, Inc. $2.71 $3.28 / $1.50 $92 $111 $291 $6 2.0% 4.2% 117.2% 0.38x 18.7x 0.36x 8.6x

Average $452 $442 $760 $42 5.8% 4.3% 79.5% 0.70x 11.2x 0.68x 8.2x

Median $367 $301 $480 $17 4.7% 1.0% 21.6% 0.47x 9.6x 0.47x 8.6x

Large Cap

Amazon.com, Inc. $598.50 $696.44 / $369.36 $285,485 $283,224 $107,006 $7,857 7.3% 21.4% 81.5% 2.65x NM 2.18x 19.9x

Expedia Inc. $108.20 $140.51 / $88.40 $14,501 $17,144 $6,672 $731 11.0% 32.4% 122.8% 2.57x 23.4x 1.94x 10.5x

Liberty TripAdvisor Holdings, Inc. $22.40 $35.10 / $17.23 $1,680 $6,238 $1,565 $286 18.3% 14.2% 54.2% 3.99x 21.8x 3.49x 14.1x

The Priceline Group Inc. $1,299.70 $1476.52 / $954.02 $67,055 $70,565 $9,224 $3,509 38.0% 16.3% 24.5% NM 20.1x NM 16.1x

Shutterfly, Inc. $46.72 $49.10 / $35.22 $1,717 $1,789 $1,059 $115 10.8% 8.7% 87.7% 1.69x 15.6x 1.55x 8.3x

Wayfair Inc. $43.96 $56.84 / $27.36 $3,681 $3,295 $2,250 ($64) (2.9%) 49.1% NM 1.46x NM 0.98x NM

Average $62,353 $63,709 $21,296 $2,072 13.8% 23.7% 74.1% 2.47x 20.2x 2.03x 13.8x

Median $9,091 $11,691 $4,461 $509 10.9% 18.9% 81.5% 2.57x 21.0x 1.94x 14.1x

All Companies

Average $25,212 $25,749 $8,974 $854 9.0% 12.1% 77.6% 1.33x 14.2x 1.24x 10.5x

Median $790 $995 $1,220 $80 7.3% 8.7% 39.4% 1.06x 14.3x 1.14x 9.9x


2) Middle market M&A includes transactions with disclosed EBITDA, where EV < $500 million and EV/EBITDA between 3.0x and 15.0x. Note: transactions with disclosed EBITDA represent <5% of all transactions

1) Middle market M&A includes transactions with undisclosed values, and disclosed values where EV < $500 million

Source: CapitalIQ

Middle Market M&A Volume Declines in Q1 After Strong 2015

U.S. Middle Market M&A 1 U.S. Middle Market M&A Valuations 2

• Overall, 2015 was a record year for M&A with global transaction values totaling $4.7 trillion, according to Thomson Reuters

• However, in Q1 2016, U.S. middle market M&A deal volumes declined 6% from Q4 2015, and 24% from Q1 2015 to its lowest level since Q1 2013

• U.S. middle market M&A activity in Q4 2015, measured by deal values, decreased compared 2015 at $59 billion

• EBITDA multiples in middle market transactions in Q1 2016 finished the quarter at 9.2x, above the 5 year average for this metric and an 11% increase over Q4 2015

• Q1 2016 EBITDA margins for reportable transactions were the highest since Q3 2013 at 11%, an increase from 9% for Q4 2015

• The 5 year average reported EBITDA margin was 8%

3,197

3,422 3,525

4,099

3,429

3,682 3,744

5,576

3,163

3,513

3,950

4,485

3,953

4,226

4,607 4,766

4,343 4,191

4,168

3,529

3,320

$56

$80$79

$88

$69

$81

$72

$118

$68

$73$75

$105

$87

$99 $98

$125

$91

$85 $83 $94

$59

$50

$70

$90

$110

$130

$150

0

1,000

2,000

3,000

4,000

5,000

6,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2011 2012 2013 2014 2015 2016

Tran

saction

Valu

e ($bn

)Nu

mb

er o

f T

ran

sact

ion

s

# Of Deals Transaction Value

8.8x 8.8x 8.7x

8.2x

7.0x

8.1x

9.2x

8.1x

10.4x

7.4x

8.2x

8.6x 8.7x

8.2x

8.7x 8.7x

8.3x

7.1x6.8x

8.3x

9.2x

9% 9% 9%

8%9%

9%

12%

10%

0%

8%8%

5%

8%

10%

7%6%

9%

7%

10%

9%

11%

-5%

0%

5%

10%

15%

20%

25%

30%

0.0 x

2.0 x

4.0 x

6.0 x

8.0 x

10.0 x

12.0 x

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2011 2012 2013 2014 2015 2016

EV

/Tra

ilin

g E

BIT

DA

Mu

ltip

le

EV/EBITDA EBITDA Margin


Source: CapitalIQ, PitchBook, company filings, news releases.


Selected Recent M&A Activity

Date Acquirer/Investor Target Long Target DescriptionEnterprise

Value

TTM

Revenue

TTM

EBITDA

3/21/2016 Shiekh Shoes, LLC Karmaloop, Inc. Sells apparel and accessories online. - - -

03/08/2016 The Image Group, Inc. Thirsty Promo and Bag Warehouse Online retail of promotional products. - - -

2/29/2016 Dezignable Corporation Pure Home Corporation Online retail of home goods. - - -

2/22/2016 Jet.com, Inc. Hayneedle Inc. Online retail of home goods. - - -

2/16/2016 DSW Shoe Warehouse, Inc. Ebuys, Inc. Online retail of shoes and accessories. $117.5 - -

1/14/2016 Sisquoc Healthcare, Inc. Prime Life Nutriceuticals, Inc. Online retail of nutraceutical products. - - -

1/7/2016 Hudson's Bay Company Gilt Groupe, Inc. Sells apparel and accessories online. $250.0 - -

9/30/2015 LeftLane Sports, Inc. Retail Innovation Group, Inc. Sells outdoor apparel and accessories online. $18.6 - -

12/16/2015 AEA Investors LP 1-800 CONTACTS, Inc. Online retail of perscription eye products. - - -

12/04/2015 Target Global Blue Apron, Inc. Online sales and delivery of fresh food. - - -

12/3/2015 Willowridge Partners, Inc. eBags, Inc. Retails bags and accessories online. - - -

8/26/2015 The Grooming Network Vintage Blades LLC Online retail of grooming products. - - -

8/24/2015 Alphagility, LLC Cyberswim, Inc. Online retail of women's swimwear. - - -

8/16/2015 QVC, Inc. zulily, Inc. (nka:zulily, llc) Online flash-sale retailer. $2,162.6 1.7x 76.7x

7/22/2015 Hilco Merchant Resources LLC Deal Genius, LLC Online retail of home goods. - - -

3/27/2015 Global Value Commerce, Inc. 3balls.com, Inc. Online retail of golf equipment. - - -

7/20/2015 eBay Inc. Minno Inc. Sells women's secondhand clothing online. - - -

6/30/2015 TSG Consumer Partners Backcountry.com, LLC Retails outdoor gear and clothing online. - - -

6/24/2015 Total Hockey Inc. Player's Bench Corporation Online retail of hockey equipment. - - -

6/17/2015 Private Investor The Weck Corporation Sells housewares online. - - -

5/27/2015 GameStop Corp. Geeknet, Inc. Online retailer for the global geek community. $102.7 0.7x -

5/13/2015 XCelerate Capital Bourbon & Boots, Inc. Online store for tailgating supplies. - - -

5/8/2015 Gorilla Stationers, LLC GZMOE Corporation Sells office supplies and furniture online. - - -

4/30/2015 Premier Performance, LLC RallySport Direct, LLC Retails car parts online. - - -

4/10/2015 Norwest Venture Partners WineAccess, Inc Online wine store. - - -

4/1/2015 Canarsee Plumbing & Heating Supply PexMall, LLC Online retailing platform for plumbing products. - - -

3/31/2015 Net-A-Porter Group S.p.A. The Net-A-Porter Group Limited Online retail of luxury fashion for women. - - -

3/30/2015 CapX Partners; Comvest Partners Karmaloop, Inc. Sells apparel and accessories online. $13.0 - -

3/27/2015 Global Value Commerce, Inc. 3balls.com, Inc. Sells golf equipment online. - - -

3/3/2015 PCH International Ltd. Fab, Inc. Sells everyday design products online. $15.0 - -

2/26/2015 Lexi-Luu Designs, Inc. Skipjack Dive & Dancewear Inc. Sells swim wear online. - - -

EV Multiple


Source: CapitalIQ, PitchBook, company filings, news releases.


Selected Recent M&A Activity

Date Acquirer/Investor Target Long Target DescriptionEnterprise

Value

TTM

Revenue

TTM

EBITDA

2/23/2015 thredUP Inc. Kindermint, Inc. Sells kids clothing online. - - -

2/20/2015 Logo Sportswear Inc. CafePress Inc., Groups Business Sells custom retail apparel online. $10.3 - -

2/12/2015 Expedia Inc. Orbitz Worldwide, Inc. Online travel company worldwide. $1,691.6 1.8x 12.1x

2/11/2015 IdeoClick, Inc. JackedPack, Inc. Retails health nutrition supplements online. - - -

1/12/2015 Menrva Holdings, Inc. Swags Galore, Inc. Online curtain superstore. - - -

12/18/2014 Prudential Capital Group, L.P. Ashford.com, Inc. Online retailer of luxury watches and jewelry. - - -

12/17/2014 AV1 Group, Inc. Vapor High USA E-commerce Website for vaporizing products. - - -

12/3/2014 O2 Media, Inc. InboxFitness.com LLC Sells health and fitness products online. - - -

9/15/2014 Bright Mountain Acquisition Corp. Police Blotter Online retail of law enforcement apparel. $0.1 1.0x -

8/25/2014 Atgames Digital Media Inc. GameFly, Inc. Online video game buying and rental services. - - -

8/24/2014 LiveDeal, Inc. Modern Everyday, Inc. Sells remote controlled (RC) products online. $2.4 0.2x 44.7x

8/21/2014 Fastfunds Financial Corporation T & M Distribution LLC Sells grow lights and hydroponics supplies online. - - -

8/19/2014 PetSmart, Inc. Pet360 Inc. Online retailer of pet food, medications, and supplies. $160.4 - -

8/8/2014 Demand Media, Inc. Saatchi Online Inc. Online art gallery. $14.7 4.1x -

7/30/2014 Nordstrom Inc. Trunk Club, Inc. Online retailer of clothing for men. $322.5 - -

7/30/2014 FTD Companies, Inc. Provide Commerce, Inc. Online retailer of gifts backed by customer service. $422.4 0.7x -

7/11/2014 Hardy Capital Partners Shoes.com, Inc. Online apparel retailing services. $140.0 1.0x -

7/2/2014 MAD Holdings Inc. Home Sew Inc. Online retailer of sewing and crafting supplies. - - -

7/1/2014 The Kroger Co. Vitacost.com, Inc. Online retailer of health and wellness products. $253.2 0.6x -

6/25/2014 American Green, Inc. Green Universe Inc Online retailer of indoor and outdoor hydroponics. - - -

6/11/2014 Helen of Troy Limited Healthy Directions, LLC Online retailing of supplements and skincare products. $195.9 1.4x -

5/28/2014 United Stationers Supply Company CPO Commerce, LLC Online outlet stores. $40.0 0.5x -

5/3/2014 Organize It, LLC Stacksandstacks.com Online furnishing retailing company. - - -

5/21/2014 Bryght.com Joy & Revelry, Inc. Sells home furnishing products online. - - -

4/15/2014 Evergreen Enterprises, LLC. Vivaterra LLC Online retailer of home decor products. - - -

3/20/2014 Wal-Mart Stores Inc. Simplexity, LLC Online retail of cell phones and wireless plans. $10.2 - -

3/14/2014 Private Investor JunkieDog.com, Inc. Sells electronics and other merchandise online. $0.1 0.1x -

2/26/2014 Essilor International SA Coastal Contacts Inc. Online retailer of vision care products and services. $378.5 2.0x -

2/1/2014 Luggage & More Konarqui Internet Services, LLC Online retailer of luggage bags and travel accessories. - - -

1/23/2014 The Home Depot, Inc. Global Custom Commerce, Inc. Online window covering store. - - -

1/13/2014 Groupon, Inc. ideeli Inc. Members-only online shopping site. - - -

Valuation Analysis

Median 1.0x 44.7x

EV Multiple


acquires on January 7, 2016

• Gilt Groupe Holdings, Inc. (Gilt) is an online, member’s only daily flash sale website which offers discounted prices on fashion apparel and accessories.

• Hudson’s Bay Company, the parent company of Saks Fifth Avenue agreed to acquire Gilt for $250 million in cash. Implied transaction multiples were not available, however Hudson’s Bay expects Gilt to add $500 million to its fiscal year 2016 sales and $40 million in adjusted EBITDA by fiscal 2017.

• From a financial standpoint, the acquisition is a somewhat disappointing outcome for Gilt, which raised approximately $300 million in venture capital and at one point, had a private company valuation of $1 billion.

• The acquisition reflects Hudson’s Bay’s growth strategy for its off-price channel through the integration with the company’s Saks OFF 5TH stores. Gilt will also give Hudson’s Bay direct access to its loyal customer base of approximately 9 million members.

• “With this transaction we are further accelerating both HBC’s all-channel offering and Gilt’s growth. We plan to continue to foster Gilt’s culture of innovation, which has helped create a strong brand with a loyal and devoted millennial following. Adding Gilt to our rapidly growing digital business is very exciting and we see tremendous potential to enhance our mobile and personalization strategies by leveraging Gilt’s advanced capabilities. We look forward to welcoming the Gilt team to HBC and to benefitting from the complementary nature of our businesses.” – Jerry Storch, Hudson’s Bay CEO

Source: CapitalIQ, company filings, news releases.

Overview of Selected Transactions

acquires on February 22, 2016

• Jet.com (Jet), an online retail startup challenging Amazon has made its first acquisition with the purchase of Omaha-based Hayneedle, a home goods e-commerce company. Terms of the deal were not disclosed.

• Jet, which has raised more than $700 million and was recently valued at $1.5 billion, is undertaking initiatives to gain traction in an online retail market that is already dominated by Amazon. In purchasing Hayneedle, it obtains a site that offers patio furniture and pet supplies that reportedly does more than $350 million in annual sales.

• Marc Lore, Jet’s founder and CEO, said he had not planned to make any acquisitions to grow his company and called the move opportunistic. “We think that mass merchants in general have a hard time in this high margin, long tail category called ‘home,’” he said. “It gives Jet an amazing boost in that category.”


Moss Adams Capital LLC

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• Mergers and acquisitions

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Moss Adams LLP

• 100+ years old – Founded in 1913

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Our affiliation with CFxB consists of 150+ Corporate Finance Professionals across the U.S. and in over 25 countries.

more than 25 countries

Global M&A Reach Through Local Relationships

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40 offices

Mazars Asia

25 offices

Mazars Middle East

15 offices

Mazars Europe 140 offices

Mazars M&A 20 offices

Mazars South America

20 offices

Moss Adams Capital 3 offices

Moss Adams LLP 28 offices

MNP Corporate Finance 10 offices

MNP LLP 70 offices

BKD Corporate Finance 4 offices

BKD LLP 33 offices

William Buck CAA

6 offices

Weiser Mazars

6 offices

Mazars Canada

1 office CH Reynolds CF

1 office

https://ecollab.mazars.com/cfxb/

http://www.mossadamscapital.com/

http://www.mnpcorporatefinance.ca/


Contributing Authors: Richard Anderson Managing Director (949) 221-4006 [email protected]

Moss Adams Capital LLC

2040 Main Street Suite 900 Irvine, CA 92614

999 Third Avenue Suite 2800 Seattle, WA 98104

Bradley Erhart Associate (949) 517-9452 [email protected]

Wiley Kitchell Managing Director (206) 302-6780 [email protected] Harman Wales Managing Director (206) 302-6770 [email protected]

Brandon Clewett Director (949) 512-9470 [email protected]

James Rothenberger Vice President (206) 302-6777 [email protected] Andrew Suen Vice president (949) 517-9428 [email protected]

James Parr Analyst (949) 221- 4099 [email protected]

Daniel Seubert Analyst (206) 302-6775 [email protected]

Tyler Dale Vice President (949) 221-4030 [email protected] Robert Miranda Vice President (949) 221-4021 [email protected]

Scott Porter Vice President (206) 306-6326 [email protected]

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MOSS ADAMS CAPITAL · 2016-04-29 · 3Online Retail MOSS ADAMS CAPITAL LLC Source: Moss Adams...

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