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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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  "nDataPoints": 14,
  "notes": "Uses a line chart to show historical valuation trends and a bar chart to compare valuation compression across peers.",
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      "kind": "callout",
      "text": "It appears that Vista took full advantage of Avalara’s recent – and in our view, temporary – decline in valuation",
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      "text": "EV/NTM Revenue Multiple",
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      "text": "EV/NTM Revenue Since the Beginning of 2020",
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      "text": "Based on historical valuations, it appears that the Board chose a particularly inopportune moment to conduct a sale process. When the Board determined to move forward with a sale process in April 2022, Avalara’s valuation had declined by nearly 10 turns.",
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      "text": "Throughout Avalara’s time as a public company, it has traded at a median enterprise value multiple of next-twelve months revenue of 12.9x. Since the beginning of 2020, Avalara has traded at an even higher multiple of 16.5x NTM revenue.",
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      "text": "Source: FactSet. Data from January 1, 2020 to August 5, 2022, the last trading day before the transaction was announced.",
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      "kind": "title",
      "text": "Vista’s Offer Is Below Avalara’s Historical Valuation",
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      "evidence": "Comparison of historical valuation multiples vs current offer price",
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