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LedgerLift (LLLT) — Investment Committee Memo Recommendation: Pass 12-month price target range: $28–44 per share LedgerLift has attractive customer economics, recurring revenue, and a credible path to margin expansion, but those strengths are already reflected in a $46 share price.

Recommendation Short LLLT; 12-month price target $30–40 (vs. $46 today). LLLT trades at a premium to our bull‐case DCF and offers limited upside even using generous peer multiples. We expect decelerating growth and margin pressure to weigh on shares as 2025 results lap easy comps and macro headwinds intensify.

Operating and debt schedule Conventions: Interest is calculated on beginning-of-year debt; the 1% Term Loan amortization is 1% of its original $480m principal ($4.8m annually). Mezzanine PIK accrues at 2% annually.

Base‐case LBO Cash‐Flow & Debt Schedule (all $ m) Assumptions: Term‐loan amort = 4.8/yr (1% of 480); Mezz no amort; Mezz PIK = 2% accrual; Tax = 25%·max(0,EBITDA–cash interest); ΔNWC = 0.5%·ΔRev; Capex = 3%·Rev; all excess cash pays Term optional.