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  "docSlug": "e81601f3c0058d365b4757536ba31a98",
  "documentTitle": "Moelis & Company | Investment Banking Pitch Book | 40 slides",
  "authorId": "moelis-company",
  "authorName": "Moelis & Company",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2015-11-01 00:00:00",
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  "pageNumber": 20,
  "pageCount": 40,
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  "slideType": "financial_analysis",
  "function": "quantify_impact",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses a waterfall chart to explain the variance in EBITDA projections.",
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      "kind": "chart",
      "text": "Waterfall chart showing EBITDA bridge from $86.6M to $73.1M",
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      "kind": "paragraph",
      "text": "The initial budget shared with buyers contemplated $86.6 million of FY16 Adjusted EBITDA; latest forecast shared with buyers projects $73.1 million of FY16 Adjusted EBITDA",
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      "kind": "source-note",
      "text": "Source: Company 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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      "text": "Fiscal Year 2016 EBITDA Bridge",
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      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
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