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It's generally just growth. Typically CAGR isn't used for operating scenarios in non-pitch or non-CIM and isn't really a good tool for evaluating growth from an investor perspective given how inflated the rate can come out to. Your two-year stack will typically take same quarter growth rather than any kind of CAGR calc.

 

Sorry - could you quantify it a bit? If I say "revenue grew 10% on a 2-year stack" where would the numbers come from

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