Overview Key strengths Key risks Second largest market share in the niche musical retail industry. Financial-sponsor ownership. Good brand recognition among professional musicians. Narrow customer base with limited product diversity compared with broader retailers. Proactive sales engineer model drives revenue growth. Participation in the mature and highly competitive musical instrument retail industry. Sweetwater's revenue and EBITDA performed better than our expectations in the fiscal year ended Dec 2022 (fiscal 2022). Top-line growth was a result of higher ticket sizes as well as the company's proactive sales engineer model, which drives customer contact. We note that supply chain challenges due to the macroenvironment have, for the most part, subsided compared to last year. While we believe customers will be cautious of
