{
  "docId": "019de073-77e4-755e-b63f-52c1c75c68ed",
  "docSlug": "ca5d20405bc44fcbf4929babb29114a4",
  "documentTitle": "Altair US LLC | Activist Presentation Deck | 38 slides",
  "authorId": "altair-us-llc",
  "authorName": "Altair US, LLC",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-09-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 30,
  "pageCount": 38,
  "prevPage": 29,
  "nextPage": 31,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses a combination of TSR performance and deal premium benchmarking to expose the 'trough' valuation.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de073-77e4-755e-b63f-52c1c75c68ed/30",
  "deckHref": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed",
  "deckJsonHref": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed.json",
  "deckAnchorHref": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed#slide-30",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Vista’s offer came when Avalara was trading at near-term lows; we believe the Company deserved a higher premium",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "043c32c9-5583-4c6f-9fe0-e18160480898",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.58,
        "y": 0.63
      },
      "kind": "chart",
      "text": "Deal Premium to VWAP",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "15608fe4-f5ba-4721-9f87-9f1ae2bb7041",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.58,
        "y": 0.28
      },
      "kind": "chart",
      "text": "1-Year TSR Prior to Deal Announcement",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c515a6b6-2eb0-47df-a7c2-b4fcb39aadab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.5,
        "x": 0.04,
        "y": 0.29
      },
      "kind": "list",
      "text": "Avalara’s total shareholder return during the one-year period prior to the transaction announcement was -44%, compared to a weighted average of +19% for precedent transactions. Ordinarily, one would expect companies trading at near-term highs to receive smaller premiums, not larger ones, than companies that have traded down. However, the premium offered for Avalara is substantially lower than the median of the premiums in precedent transactions. We believe this further demonstrates that Vista is seeking to pick off Avalara at a trough, while the Company is facing temporary headwinds, to the detriment of public shareholders",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c30f7b50-0087-4a41-80a4-9b902a9822e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: FactSet. Comparable transactions refer to those in the “Selected Transactions Analysis” of the Company’s financial advisor and include Ping Identity (Thoma Bravo), Zendesk (Permira & H&F), SailPoint (Thoma Bravo), Datto (Kaseya / Insight), Anaplan (Thoma Bravo), Mandiant (Google), Medallia (Thoma Bravo), Proofpoint (Thoma Bravo), Pluralsight (Vista), Slack (Salesforce), Tableau (Salesforce), Ultimate Software (Hellman & Friedman), Apptio (Vista), SendGrid (Twilio), Adaptive Insights (Workday), MuleSoft (Salesforce), Netsuite (Oracle), Demandware (Salesforce), Marketo (Vista), Cvent (Vista), Solarwinds (Thoma Bravo), Concur (SAP) and Sourcefire (Cisco). “Undisturbed Date” is July 6, 2022, the last trading day before rumors of a deal surfaced.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "653baa02-9f47-4b6e-8249-cb0bfa03ad22",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "4 Avalara’s Trading Should Have Inspired a Higher Premium",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b732a37-5dcd-4815-8de4-3a4797fa2a2a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "5b3ce36c-502a-4166-b66f-29b1eed37cd3",
      "evidence": "Comparing Avalara's TSR and premiums against a peer set of precedent transactions to frame the offer as inadequate.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 38,
      "from": 25,
      "beatId": "f7110c28-ff0c-491a-bc82-2386675e455a",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document provides a solution by urging investors to vote against the acquisition",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}