Annie Y.

Bottoms-up fundamental research investor covering valuation and key operating metrics across EV peer group.

M&A and strategic finance across software stack and A.I. Machine Learning. Built Build vs. Buy M&A model of Immerok, open-source stream-processing software valued at >$100M. Owned model of acquiring with cash vs. equity for CFO. Valued the firm via DCF and peer comps analysis. Analyzed revenue acceleration drivers via M&A: ASP, product attach rate. Cloud software valuations and key operating metrics: net dollar retention, rule of 40, ARR expansion. Business partner to Product, Engineering, GTM on adding new product or features across software stack via M&A, JV partnership, or organic build. International ROI strategy and modeling.

Right hand of CFO in all IPO valuation needs. Initiated user conversion funnel, tracked key operating metrics and made recommendations to optimize LTV/CAC when scaling machine learning to new markets.

A.I. driverless software with an asset-light business model for fleet trucks. Wrote investment memorandum on Series A, B. Public exit at $5.2B valuation in November 2021.

The AVG Total Access Fund provides individual investors access to an actively-indexed venture portfolio. Investors own a portfolio of ~200-300 deals diversified across sector, stage, geography, and lead manager. The portfolio will represent every AVG investment that is completed over a 12-month period.

Technology and Payments coverage. Lead associate on 4 stock initiations in TMT space. • TMT fundamental analysis, bottoms-up research on organic revenue growth, valuations, product strategy. • Sole associate supporting a junior analyst on stock initiations for a new sector (IT) and following companies: EPAM (HOLD), PRFT (BUY), CTSH (HOLD) within 1 month of joining Jefferies. Recommended PRFT as top valuations pick in bundle of initiations. 2019 performance of >100%. • Owned and built an operating model and forecasted revenue via key operating metrics. Initiated on ASGN (BUY) in March 2019. Forecasted P&L, projected EBITDA of $459M, 11.5x EV/EBITDA. • Computed price targets, made buy/sell recommendations, wrote 4 initiation reports (EPAM, PRFT, CTSH, ASGN) after conducting due diligence using Bloomberg, FactSet, and Thinknum data. • Analyzed stock catalyst drivers by comparing key operating metrics to forecast Y/Y organic revenue, Q/Q operating margins. Monitored key drivers of technology and payments business models. • Only associate in an office of 30 that covered 3 sectors: IT, FinTech, and Data Analytics. Addressed buyside client due diligence and fundamental value questions. Covered NLSN, SCOR, SSNC, ADS, ENV, EPAM, PRFT, CTSH. Addressed client inquiries. Series 86, 87, 7, 63 certified.

• Lead investor analyst on Embark Series A, B. Public exit in Nov 2021. • Lead investor analyst on $3M technology investment at $65M valuation, series A. Conducted top-down analysis due diligence and was responsible for writing investment memorandum from beginning to end for the largest technology deal for Fund 8. Presented to investment team a key capital expenditure model driver that influenced deal terms / valuations by $20M. Forecasted financial performance for multiple go-to-market scenarios, conducted breakeven analysis, assessed competitive moat and risks. • Served as the key point of contact in an office of 12 for valuations needs. • Specialized in go-to-market strategies for technology, health, and fintech business models. • Performed market analysis, due diligence, product and external competitive analyses, and IRR analysis in a 30-page investment memorandum. • Sourced series A, B, and C artificial intelligence, Fintech, SaaS, and consumer technology and health care companies. Researched emerging technology trends that may form synergies with current portfolio companies. • Helped a SaaS portfolio company value M&A exit opportunities by industry and identify cost synergies.

• Helped lead the first cross line of business strategy in the L.A. market for the Private Bank and nine other lines of business within J.P. Morgan Chase & Co. (Investment Bank, Real Estate Bank, Corporate Client Bank, Middle Market Bank, Chase Wealth Management, Consumer Client Bank, Business Bank, Commercial Term Lending, and Securities) over 14 months. Helped generate $500M of revenue for the Private Bank and capitalize > $5B new pipeline for JPM L.A. Helped present this initiative and its best practices to market managers and to the CEO, who wants to replicate the pilot program in 34 other markets. • Selected out of 16 analysts to partner with the market managers in L.A. market and help drive operational, strategic, and financial optimization. Provided management with measurement data to make key decisions. Engaged cross-functionally across key business partners. • Generated an internal strategy that increased sales volume by 60% YTD across 6 products. • Used Excel analytics and pivot tables to assess the L.A. market’s YTD CAGR and generate revenue projections relative to U.S. financial market conditions that influenced senior management decisions. • Analyzed the economic and competitive landscape of the L.A. market and helped develop a long-term strategy to double CAGR. Helped create the annual 5-year plan deck presented to the CEO. • Served as a key person in pitching to and closing on a relationship by articulating macro-level market trends related to current portfolio positioning and future investment opportunities in Mandarin.

Research Assistant for Dr. Lisa Cavanaugh, marketing professor at the University of Southern California, Marshall School of Business. Research topics: emotionally-induced sales, branding and identity association, etc.

Business Administration B.S. Degree: • Strategic Management • Financial Valuations • Operations Management • Management Consulting • Investments • Financial & Managerial Accounting • Global Marketing Management • Advertising & Promotion • Global Strategy