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  "documentTitle": "Altair US LLC | Activist Presentation Deck | 38 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 a combination of bulleted performance highlights and two charts to support the thesis of consistent growth.",
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      "kind": "callout",
      "text": "Avalara has been a strong performer since its IPO, and we believe it has a long runway ahead",
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      "text": "Avalara Core Customers / Net Revenue Retention Rate",
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      "text": "Revenue ($M)",
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      "text": "Avalara has delivered strong, consistent growth over a number of years across economic cycles; Since 2015, Avalara has compounded revenue at a rate of 34% annually; The number of core customers continues to increase by approximately 5% every quarter; In Q2 2022, the Company reported over 20 million customers for the first time ever; The Company's net revenue retention rate also remains relatively steady, even in a challenging economic environment; Avalara expects this growth to continue; The Company projects that revenue will continue to grow at a rate of approximately 25% YoY for the next three years; Importantly, Avalara expects to achieve operating profitability as soon as the end of this fiscal year, with further margin expansion thereafter",
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      "text": "Source: Company filings. Source: Avalara Definitive Proxy Statement, filed with the SEC on September 12, 2022, at page 64. Id. (Avalara's July projections forecast non-GAAP operating income to be break-even in FY 2022, with operating margins expanding to 5%, 10% and 15% in the three years thereafter.)",
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      "text": "Avalara Has Delivered Consistent Growth",
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