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  "documentTitle": "Multiple (Wix, Salesforce, Splunk, Vertiv) (WIX / CRM / SPLK / VRT)",
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  "presentationDate": "2022-10-19 00:00:00",
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  "notes": "The chart highlights a clear inflection point around late 2021 where high-growth valuations converged significantly with mid and low-growth cohorts.",
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      "text": "Average EV/NTM Revenue – Software Valuations by Growth Cohort",
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      "text": "EV / Forward Revenue",
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      "text": "Source: Bloomberg (9/30/18 – 10/14/22). Note: The iShares Expanded Tech-Software Sector (the “IGV”) is a commonly used benchmark to track the software industry. (1) High-growth represents subgroup of current IGV companies expected to grow more than 30% in the next fiscal year. (2) Mid-growth represents subgroup of current IGV companies expected to grow between 30% and 15% in the next fiscal year. (3) Low-growth represents subgroup of current IGV companies expected to grow less than 15% in the next fiscal year.",
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      "text": "However, the High-Growth Valuation Premium Has Contracted as Investor Focus Has Shifted from Growth Towards Profitability",
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