Spreadsheet: 867091d1713979677-average-ifs-within-a-targeted-range-another-example
Sheet: EXAMPLE

 |  |  | Date: | Adj. EBITDA (millions) |  |  |  |  |  |  |  | Adj. EBITDA Margin % |  |  |  |  |  |  | Adj. EBITDA YoY Change
 |  |  | Ticker | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |  | 2021 | 2022 | 2023 |  |  |  |  | 2021 | 2022 | 2023
 |  | 1 | 1 | 121.524 | 163.541 | 189.128 | 201.321 | 228.5 | 244.25 | 268.675
 |  |  | 2 | -1.307032 | - | 165 | 180.7 | 199 | 225 | 244
 |  |  |  | -36.13 | 78.12700000000001 | 157.863 | 193.236 | 214.5 | 237.125 | 262
 |  |  |  | -48.155 | -29.592 | 50.384 | 89.192 | 97.2 | 105.38 | 119
 |  |  |  | 500.729 | 645.689 | 236.1 | 269.2 | 372.7 | 417.5 | 460.875
 |  |  |  | 173.026 | 274 | 245.235 | 294.603 | 357.142857142857 | 389.857142857143 | 428.8428571428573
 |  |  |  | -15.591 | -11.063 | 89.864 | 148.105 | 170.916666666667 | 217.666666666667 | 302.75
 |  |  |  | 1.67 | 3.781000000000001 | 32.09 | 42.873 | 49.07 | 57.64 | 67.42
 |  |  |  | 458.302 | 493.093 | 520.082 | 578.01 | 990.6 | 1116.64285714286 | 1216.6
 |  |  |  | 23.164 | 79.189 | 120.174 | 123.108 | 124.2 | 141.1 | 145.6
 |  |  |  | 245.774 | 156.237 | 231.0209427846154 | 267.5762848173076 | 211.5 | 363.285714285714 | 449
 |  |  |  | 255.331 | 260.314 | 257.916 | 265.096 | 281.5 | 320.8 | 378.5
 | ATZ-CN |  |  | 162.945 | 249.207 | 318.173 | 371.502 | 402.4 | 427.142857142857 | 477.5
 |  |  |  | 93.23000000000002 | 109.58 | 116.983 | 146.159 | 179.25 | 195.75 | 209
 |  |  |  | 109.148 | 114.71 | 106.264 | 153.967 | 162.75 | 175.571428571429 | 198
 |  |  |  | -29.346 | -36.491 | -17.6 | -1.58 | 21.9 | 55.86 | 61.44600000000001
 |  |  |  | 177.19264556962 | 232.03 | 214.435 | 225.809 | 230 | 240 | 260
 |  |  |  | 93.916 | 100.082 | 119.64 | 144.509 | 148.444444444444 | 165.444444444444 | 185
 |  |  |  | 139.563 | 171.884 | 184.127 | 188.193 | 217.333333333333 | 256.4 | 282.04
 |  |  |  | 59.755 | 68.218 | 108.6 | 129.138 | 147.888888888889 | 174.333333333333 | 204.666666666667
 |  |  |  | 136.926 | 155.59 | 285.725 | 267.732 | 246.083333333333 | 268 | 322.181818181818
 |  |  |  | 81.878 | 53.616 | 85.625 | 102.282 | 100.8 | 114.522222222222 | 125.9744444444442
 |  |  |  | 71.542 | 83.088 | 102.458 | 157.63 | 184.333333333333 | 218 | 239.8
 |  |  |  | 27.216 | 38.86499999999999 | 58.785 | 100.363 | 110.875 | 124 | 135.666666666667
 |  |  |  | 28.205 | 51.08 | 46.757 | 40.909 | 45.3 | 49 | -
 |  |  |  | 50.782 | 57.23200000000001 | 52.22400000000001 | 45.988 | 53.914 | 58.773 | 63.159
 |  |  |  | - | 266.443 | 355.371 | 403.9 | 421.25 | 468.5 | 525.25
 |  |  |  | 156.637 | 323.754 | 350.628 | 367.002 | 366.142857142857 | 381.666666666667 | 400.7500000000003
 |  |  |  | 107.435 | 151.495 | 192.631 | 190.702 | 196.5 | 221.375 | 245.5
 |  |  |  | 115.518 | 189.453 | 153.977 | 195.702 | 205.4871 | 215.761455 | 226.54952775
 |  |  |  | 84.554 | 102.837 | 147.904569620253 | 174.067 | 196 | 216.5 | 225
 |  |  |  | 26.596 | 18.581 | 24.244 | 69.817 | 86.109090909091 | 117.827272727273 | 167.2
 |  |  |  | 41.514 | 22.341 | 33.702 | 31.2 | 28.975 | 46.125 | 61.6
 |  |  |  | 233.3 | 340.3 | 472.6 | 451 | 471.75 | 491.5 | 460
 |  |  |  | 26.6 | 39.2 | 49.9 | 50.8 | 48.8 | 56.9 | 63.45
 |  |  |  | 954.5999999999999 | 768.3 | 1131.7 | 1054.1 | 1198 | 784.666666666667 | 827.4
 |  |  |  | 26.666 | 31.307 | 46.51300000000001 | 77.267 | 80.166666666667 | 91.23333333333301 | -
 |  |  |  | 102 | 191 | 141.426 | 91.386 | 116.1 | 169.6
 |  |  |  | - | - | - | - | - | - | -
 |  |  |  | 201.594 | 215.184 | 147.423 | 250.913 | 309.666666666667 | 364.7777777777781 | 430.666666666667
 |  |  |  | 4202 | 4707 | 2335 | 2525 | 2250.4 | 2531.7 | 2848.1625
 |  |  |  | 91.877 | 92.316 | 135.22 | 135.542 | 172.375 | 215.125 | 255
 |  |  |  | 8.154 | 4.092 | 8.893 | 14.349 | 19.742857142857 | 22.325 | 23.44125
 |  |  |  | -20.318 | -30.495 | -12.54 | 4.31 | 26.656 | 93.636363636364 | 125.363636363636
 |  |  |  | - | - | -92.473 | -35.379 | 13.4 | 38.9 | 65.9
 |  |  |  | - | 236 | 196 | 200.8 | 192.125 | 218.875 | 229.81875
 |  |  |  | -6.534 | 11.922 | -6.284000000000002 | -8.304 | -10.427142857143 | 5.08 | 19.533333333333
 |  |  |  | 35.287 | 106.269 | 196.49 | 250.204 | 320 | 387.428571428571 | 484.75
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.1724115938160815 | 0.1686781466436422 | 0.1066060460292143
 | RTY
 |  |  | Trades
 |  |  | RCKY | 36.185556962025 | 49.58499999999999 | 60.948 | 50.985 | 50.633333333333 | 50.65 | -
 |  |  | ZUMZ | 181.541 | 198.045 | 256.488 | 129.123 | 78.312 | 10.455 | 35.8
 |  |  | Approved Companies
 |  |  | #
 |  |  | Mix
 |  |  | $ [NAME]
 |  | INVESTMENT GUIDELINES:
 |  | 1) Concentrate top 10 positions in the highest conviction, highest quality businesses. These should predominately be Long-Term-Compounders, with relatively little turnover
 |  | 2) Limit # of positions to 45 companies, 50 on the outset
 |  | 3) Limit high-flying Rev multiple weightings to 2%. [NAME] test - do you think it could fall by more than 40%? Would you be pounding the table at that price or ambivalent because still DD rev multiple?
 |  | 4) Special situations should be capped at 2% weight limit. And they should be time-stamped. Have a game plan to exit.