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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 a line chart for TSR and a grouped bar chart for valuation multiples to demonstrate the market downturn.",
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      "kind": "callout",
      "text": "Macroeconomic issues have weighed on equity valuations across most markets, and Avalara has been particularly impacted",
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      "text": "EV/NTM Revenue",
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      "text": "TSR from April 2021 to April 2022",
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      "text": "Macroeconomic factors like rising interest rates, inflation, supply chain disruptions and concerns over consumer spending have created significant economic dislocation and uncertainty in 2022. The first half of 2022 saw the worst returns for the Russell 3000 since its inception. Technology companies have been particularly challenged as the normalization of growth and post-pandemic demand has rattled investor confidence in the sector. In the first half of 2022, the S&P North American Software Index was down 33%, compared to a 22% loss for the Russell 3000. Avalara and its peers have not been immune to these challenges. During the year leading up to the Board's decision to conduct a sale process, Avalara's revenue multiple declined by nearly 12 turns. This is consistent with the Company's peers and the broader software industry, which also saw their valuations slashed dramatically.",
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      "kind": "source-note",
      "text": "Source: FactSet and Company filings. Data from April 27, 2021 to April 27, 2022, the day that the Board determined to begin a process to sell the Company.",
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      "text": "Market Volatility Has Diminished Equity Values",
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