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peers.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:00.295+00", "seconds": 3.286, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-77e4-755e-b63f-52c1c75c68ed/28", "deck": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed", "deckAnchor": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed#slide-28", "deckJson": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "callout", "text": "It appears that Vista took full advantage of Avalara’s recent – and in our view, temporary – decline in valuation", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", 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"confidence": null, "extraction": { "at": "2026-05-02 12:32:00.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e22ffed-5db5-4965-9afb-a22c096613c6", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.4, "x": 0.55, "y": 0.25 }, "kind": "chart", "text": "EV/NTM Revenue Since the Beginning of 2020", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:00.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e75e4ee4-104d-4f5a-94f8-e82eb72d3d39", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.45, "x": 0.05, "y": 0.55 }, "kind": "list", "text": "Based on historical valuations, it appears that the Board chose a particularly inopportune moment to conduct a sale process. When the Board determined to move forward with a sale process in April 2022, Avalara’s valuation had declined by nearly 10 turns.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:00.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "067aa2a6-b6b1-4dcb-af97-cc8270103f40", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.45, "x": 0.05, "y": 0.25 }, "kind": "list", "text": "Throughout Avalara’s time as a public company, it has traded at a median enterprise value multiple of next-twelve months revenue of 12.9x. Since the beginning of 2020, Avalara has traded at an even higher multiple of 16.5x NTM revenue.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:00.295+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f872d4f9-3502-4d89-850f-c904ca048bd0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "source-note", "text": "Source: FactSet. Data from January 1, 2020 to August 5, 2022, the last trading day before the transaction was announced.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 29, "type": "setup", "title": "Uses a stock price chart to anchor the argument that the company was trading at a level where a standard premium would have exceeded $100/share.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 6, "textChars": 1173, "nDataPoints": 2, "notes": "Uses a stock price chart to anchor the argument that the company was trading at a level where a standard premium would have exceeded $100/share.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:00.382+00", "seconds": 3.303, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-77e4-755e-b63f-52c1c75c68ed/29", "deck": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed", "deckAnchor": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed#slide-29", "deckJson": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "callout", "text": "Private equity firms reached out to Avalara likely expecting that they would have to pay $100 or more to acquire the Company", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:00.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "db5fbb82-e784-49a4-8fed-4e3e6abdd563", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.38, "x": 0.58, "y": 0.28 }, "kind": "chart", "text": "Avalara Stock Price from March to April 2022", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:00.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc16676c-18fa-4886-a358-9fe069ce722f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.47, "x": 0.06, "y": 0.54 }, "kind": "list", "text": "We believe private equity firms were prepared to pay this type of premium, understanding it to be typical for a high-growth software company with compelling prospects, otherwise they would not have reached out. In our view, Avalara was unable to capitalize on this seeming willingness to pay more than $100 per share because the financing market weakened, not because Avalara's prospects diminished", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:00.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "436f384f-fe35-4341-9f5c-898bb2c421e1", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.5, "x": 0.03, "y": 0.28 }, "kind": "list", "text": "Members of Avalara's senior management team began receiving inbound interest from private equity firms in March and April 2022. During that time, Avalara was generally trading at or above $90 per share. Even a modest premium – i.e., the 26% median one-day premium of comparable transactions – would put a transaction price for Avalara well above $110 per share.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:00.382+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de93c65f-88df-4155-872b-426bfdb84f6e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.092 }, "kind": "source-note", "text": "Source: FactSet. Data from March 1, 2022 to April 30, 2022. Source: FactSet. Comparable transactions refer to those in the “Selected Transactions Analysis” of the Company’s financial advisor...", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Ordinarily, one would expect companies trading at near-term highs to receive smaller premiums, not larger ones, than companies that have traded down. However, the premium offered for Avalara is substantially lower than the median of the premiums in precedent transactions. We believe this further demonstrates that Vista is seeking to pick off Avalara at a trough, while the Company is facing temporary headwinds, to the detriment of public shareholders", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:01.919+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c30f7b50-0087-4a41-80a4-9b902a9822e0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: FactSet. Comparable transactions refer to those in the “Selected Transactions Analysis” of the Company’s financial advisor and include Ping Identity (Thoma Bravo), Zendesk (Permira & H&F), SailPoint (Thoma Bravo), Datto (Kaseya / Insight), Anaplan (Thoma Bravo), Mandiant (Google), Medallia (Thoma Bravo), Proofpoint (Thoma Bravo), Pluralsight (Vista), Slack (Salesforce), Tableau (Salesforce), Ultimate Software (Hellman & Friedman), Apptio (Vista), SendGrid (Twilio), Adaptive Insights (Workday), MuleSoft (Salesforce), Netsuite (Oracle), Demandware (Salesforce), Marketo (Vista), Cvent (Vista), Solarwinds (Thoma Bravo), Concur (SAP) and Sourcefire (Cisco). “Undisturbed Date” is July 6, 2022, the last trading day before rumors of a deal surfaced.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 31, "type": "setup", "title": "Uses a 'true undisturbed price' argument to challenge the fairness opinion's baseline.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 6, "textChars": 1629, "nDataPoints": 6, "notes": "Uses a 'true undisturbed price' argument to challenge the fairness opinion's baseline.", "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 12:32:08.218+00", "seconds": 10.742, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de073-77e4-755e-b63f-52c1c75c68ed/31", "deck": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed", "deckAnchor": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed#slide-31", "deckJson": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "callout", "text": "Avalara would likely have traded higher in July regardless of the sale rumors; the true “unaffected” price should be higher", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:08.218+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87c73c49-5def-4373-adee-9525c84b7093", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.4, "x": 0.55, "y": 0.3 }, "kind": "chart", "text": "TSR from Undisturbed Date to Day Before Deal Announcement", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:08.218+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24921b3b-010f-4f6d-83ce-d02832b90e69", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.4, "x": 0.55, "y": 0.6 }, "kind": "chart", "text": "Avalara Stock Price", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:08.218+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "657da678-ae29-4f10-b0d5-4646fe585caf", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.45, "x": 0.05, "y": 0.3 }, "kind": "list", "text": "Goldman’s fairness opinion claims the “undisturbed” price of Avalara’s shares was July 6, the day before rumors of a buyout surfaced. However, while Avalara’s stock undoubted rallied in part because of the deal rumor, comparable public companies also traded up from July 6 to August 5, the day before the deal was announced. We believe it is reasonable to assume that Avalara would have matched this performance even in the absence of a deal rumor. We therefore believe that Avalara’s true “undisturbed” price is approximately $83.15 per share, which assumes that Avalara would have traded in-line with the peer median during this period. Applying the median one-day premium of comparable transactions of 26% to this price yields a price for Avalara of over $103 per share, which we believe is more directionally consistent with fair value", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 12:32:08.218+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d14a3df-d390-4f41-bf34-9dbc250b71c9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: FactSet. Data from July 6, 2022 to August 5, 2022, the last trading day before the transaction was announced. Source: FactSet. Median performance from July 6 to August 5 is calculated based on the public companies used in Goldman’s “Selected Public Company Comparables” analysis. Median one-day premium is calculated based on the companies used in Goldman’s “Selected Transactions” analysis. See pages 56 and 57, respectively, of Avalara’s Proxy Statement for a full list of the companies included in these analyses.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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