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      "text": "CY'19E-CY'21E Revenue CAGR vs. CY'20E EBIT Margin (Pre-SBC)",
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      "text": "Source: Vail management, public company filings, FactSet as of 8/16/19. Note: Multiples reflect EV/CY'20 revenue. Raven fiscal year ends Jan 31st. FY financials used as proxy for prior CY metrics for Raven and Vail. Raven and Vail valuation metrics based on unaffected share prices on 8/14/19 of $8.30 and $150.09, respectively. Scenario A forecasts represent Vail's current cloud transition trajectory. Scenario B forecasts represent an accelerated cloud transition scenario.",
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