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  "documentTitle": "Moelis & Company | Investment Banking Pitch Book | 37 slides",
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  "authorName": "Moelis & Company",
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  "notes": "The chart illustrates the drivers of the $13.5 million decrease in EBITDA, including operational expense increases and license gross profit reductions.",
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      "text": "FY16 EBITDA Bridge Waterfall",
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      "text": "The initial budget shared with buyers contemplated $86.6 million of FY16 Adjusted EBITDA; latest forecast shared with projects $73.1 million of FY16 Adjusted EBITDA",
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      "text": "Source: Management Estimates. 1. Adjusted EBITDA projections before public company cost savings. 2. Increase in operating expenses comprised of increase of S&M and G&A expense of $4.4 and $4.3 million, respectively, and a reduction of R&D expense of $0.2 million. 3. Reduction in EBITDA adjustments comprised of increase in D&A expense of $0.9 million and reduction in restructuring and impairment expenses of $2.0 million.",
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