Company: CTLPP
Filing Date: 2025-08-22
Form Type: DEFA14A
Source: 0001140361-25-032369
Chunk: 5

Company: CANTALOUPE, INC.
Filing Date: 2025-08-22
Form: DEFA14A
Chunk 5
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 | Repay Holdings Corporation |

| • | Shift4 Payments, Inc. |

| • | Toast, Inc. |

These companies were selected by J.P. Morgan, among other reasons, because they are publicly traded companies with operations and businesses that, for purposes of J.P. Morgan’s analysis, J.P. Morgan considered to be similar to those of Cantaloupe. However, certain of these companies may have characteristics that are materially different from those of Cantaloupe. The analyses necessarily involve complex considerations and judgments concerning differences in financial and operational characteristics of the companies involved and other factors that could affect the selected companies differently than they would affect Cantaloupe. Using publicly available information, J.P. Morgan calculated, for each selected company, (i) the multiple of the firm value (calculated as fully diluted equity value, plus net debt, preferred equity and non-controlling interests and less unconsolidated investments, as applicable) (which we refer to as the “FV”) to the analyst consensus estimates of calendar year 2025 adjusted EBITDA for the applicable company (which we refer to as the “FV/2025E Adj. EBITDA Multiple”), (ii) the multiple of the FV to the analyst consensus estimates of calendar year 2026 adjusted EBITDA (which we refer to as the “2026E Adj. EBITDA”) for the applicable company (which we refer to as the “FV/2026E Adj. EBITDA Multiple”) and (iii) the multiple of the FV to the unlevered free cash flow (calculated as 2026E Adj. EBITDA minus unlevered cash taxes, change in net working capital and capital expenditures) for the applicable company (which we refer to as the “FV/2026E uFCF Multiple”). The FV/2025E Adj. EBITDA Multiple, the FV/2026E Adj. EBITDA Multiple and the FV/2026E uFCF Multiple for the companies selected by J.P. Morgan were as follows:

| Company                    | FV/2025E Adj. EBITDA 
 Multiple             | FV/2026E Adj. EBITDA 
 Multiple             | FV/2026E uFCF 
 Multiple      |
| ACI Worldwide, Inc.        | 11.4x                | 10.4x                | 13.8x         |
| Block, Inc.