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  "documentTitle": "Altair US LLC | Activist Presentation Deck | 16 slides",
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  "authorName": "Altair US, LLC",
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  "presentationDate": "2022-09-01 00:00:00",
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  "notes": "The slide uses numbered callouts to link specific critiques to visual elements in the charts.",
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      "text": "Even if Avalara’s stock had declined 10% after Q2 earnings, the Vista premium would still have been underwhelming, in our view",
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      "kind": "chart",
      "text": "Illustrative Transaction Premium Given Theoretical Post-Earnings Stock Movement",
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      "text": "Table showing illustrative implied deal premiums and multiples",
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      "kind": "list",
      "text": "1. Avalara is assuming that its stock price would have remained unchanged... 2. Avalara is again using a new comparator... 3. Avalara seems to be basing its EV/NTM revenue multiple on its employee FAQ... 4. Given that Avalara’s stock price has moved...",
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      "kind": "source-note",
      "text": "Source: Avalara Investor Presentation... 2 Source: FactSet.",
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      "kind": "title",
      "text": "Avalara Appears to Be Applying the Wrong Price to Its Post-Earnings Premium Analysis",
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