1Q27 Results: Arriving at Rule of 40 Destination Early

Research evidence excerpt

1Q27 Results: Arriving at Rule of 40 Destination Early

Investing in foreign markets and securities, including ADRs, is subject to additional risks such as currency fluctuation, limited

information, political instability, economic risk, and the potential for illiquid markets. Investing in emerging markets may

accentuate these risks. Non-U.S. reporting issuers of foreign securities, however, may not make regular or complete public

disclosure relating to their financial condition or the securities that they issue.

The trademarks and service marks contained herein are the property of their respective owners. Third-party data providers make

no warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide andAPPLICATION shall not have liability of any damages of any kind relating to such data. The report or any portion hereof may not be reprinted,

sold or redistributed without the written consent of BTIG. This report is intended only for use by the recipient. The recipient

acknowledges that all research and analysis in this report are the property of BTIG and agrees to limit the use of all publications

received from BTIG within his, or her or its, own company or organization. No rights are given for passing on, transmitting, re

transmitting or reselling the information provided.

Jurisdiction and DisseminationSOFTWARE

BTIG is a U.S. broker-dealer and member of FINRA and SIPC.

BTIG Australia Limited ACN 128 554 601, member of ASIC and ASX; BTIG Hong Kong Limited, an Exchange Participant of SEHK and

licensed and regulated by the SFC; BTIG Ltd, member of the LSE, authorized and regulated by the FSA; and BTIG Singapore PteEQUITY Ltd, registered and licensed with MAS; are all separate but affiliated entities of BTIG.