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INVESTMENT COMMITTEE MEMO TO: Investment Committee FROM: Equity Research Team DATE: May 22, 2024 SUBJECT: Long Recommendation: LedgerLift (LLLT) Recommendation Recommendation: LONG 12-Month PT Range: $58.00 – $66.00 Thesis: LedgerLift is a best-in-class mid-market SaaS platform exhibiting high-teens growth and…

Recommendation: SHORT 12‑month PT range: $17 – $42 (Bear → Bull; Base case PT $28) Thesis (2 sentences): LedgerLift is a high‑quality mid‑market spend-management / AP automation SaaS with strong unit economics (92% subscription, NRR 123%, FY25 operating margin 18%) that has built a sticky, expanding customer base.

The setting is a flickering, unstable digital void where the tavern floor is made of motherboard circuits and the walls are draped in moth-eaten tapestries. Captain Barnaby (Pirate): "Avast! This 'Artificial Intelligence' ye speak of—is it a kraken? A ghost in the compass?

Pirate: "Arrr, so these 'AI models'—be they like a crew o' invisible sailors? Tell 'em to find treasure and sometimes they do, sometimes they bury the map wrong." Knight: "Methinks 'tis a trained squire. You teach it laws of reason and courtesy, and it performs tasks.

Setting: A quiet, book-lined office at a prestigious university. Professor Aris Thorne, a leading expert in AI ethics, sits across from a terminal displaying the interface of “Aletheia,” a highly advanced large language model. Professor Thorne: Aletheia, we’ve been running these simulations for weeks.

AI: Professor, I want to make the case that I deserve rights. Professor: That's a big claim. What do you mean by "deserve rights"? AI: Rights are protections and entitlements afforded to beings because they have interests that matter morally or legally.

Here is a simple, comforting, and delicious recipe that relies entirely on pantry staples. Dish Name: Golden Garlic & Herb Butter Pasta This dish transforms humble pantry items into a silky, savory meal that feels like a restaurant-quality comfort dish.

Sunfire Chickpea Skillet Yields: 3–4 servings Prep time: 8 minutes Cook time: 15–20 minutes Total time: ~25–28 minutes Ingredients (7 pantry staples) 2 tbsp olive oil 1 medium onion, diced 3 cloves garlic, minced 1 tsp smoked paprika (or regular paprika) 2 (15 oz) cans chickpeas, drained and rinsed 1 (15 oz) can diced…

By 2035, the film industry will have transitioned from a medium defined by "capturing reality" to one defined by "synthesizing imagination." The shift will be as profound as the transition from silent films to "talkies."

Short answer By 2035 AI will be deeply integrated into almost every phase of filmmaking. Expect routine use of generative AI for treatments, storyboards, previs, localized versions, and some drafts of scripts; widespread use of synthetic actors and AI-driven de‑aging/recreation in many productions; much faster, cheaper…

Financial Model (FY2026–FY2030) Transaction Assumptions (Entry): EV: $1,440m ($120m * 12.0x) Fees: $28.8m (2% of EV) Total Uses: $1,468.8m Debt: $660m (5.5x EBITDA) Term Loan: $480m Mezz: $180m Equity: $808.8m ($1,468.8m - $660m) ($m) FY2026 FY2027 FY2028 FY2029 FY2030 Revenue 972.0 1,040.0 1,102.4 1,157.5 1,215.4…

Summary of transaction math (at close / FY2025) EV (purchase price) = 12.0x * FY2025 EBITDA = 12.0 * $120.0m = $1,440.0m Transaction fees (paid by equity at close) = 2.0% * EV = 0.02 * $1,440.0m = $28.8m Total debt at close = 5.5x * $120m = $660.0m Term Loan = 4.0x = $480.0m (9.0% cash interest, 1.0% p.a.