{
  "docId": "019de06f-60c6-76df-80d1-b4d09245da5c",
  "docSlug": "e81601f3c0058d365b4757536ba31a98",
  "documentTitle": "Moelis & Company | Investment Banking Pitch Book | 40 slides",
  "authorId": "moelis-company",
  "authorName": "Moelis & Company",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2015-11-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 6,
  "pageCount": 40,
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  "slideType": "situation_overview",
  "function": "establish_context",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The slide details specific IOI values, EBITDA projection revisions, and market reactions to earnings reports.",
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      "text": "On April 17, 2015, five potential buyers submitted initial indications of interest (\"IOI\") for the Company (1 strategic and 4 financial, including Starboard)\nThe values submitted in the IOI's received ranged from $12.00 to 15.00 per share\nA sixth IOI, with a value range of $12.50 to $14.50 per share, was received from another strategic buyer on July 2, 2015\nThe Company conducted six management presentations during the months of May, June and September\nFollowing management presentations, the Company, Moelis and potential buyers began conducting due diligence\nConsistent with the Company's normal budgeting process, during the months of June through September, the Company's financial projections were revised, in part or in total, four times due to:\nLower than expected financial results for certain 3D films\nCertain films no longer being slated to be shown in 3D (e.g., The Hunger Games: Mockingjay Part 2 in the US)\nAn inability for the Company to reduce its operating expenses to the levels announced on December 4, 2014 due to Management's decision to continue to invest in select R&D initiatives\nAs a result, the Adjusted EBITDA projections provided to potential buyers in March 2015 were revised downward:\nAdjusted EBITDA Projections (March 2015): FY 2016 - $86.6mm, FY 2017E - $90.0mm, FY 2018E - $96.2mm\nAdjusted EBITDA Projections (September 2015): FY 2016 - $73.1mm, FY 2017E - $83.3mm, FY 2018E - $90.9mm\nOn June 11, 2015, the Company reported FY 2015 Q4 Adjusted EBITDA of $2.4mm versus consensus estimates of $1.2mm and EPS of ($0.36) versus consensus estimates of ($0.34)\nOn August 5, 2015, the Company reported FY 2016 Q1 Adjusted EBITDA of $24.6mm versus consensus estimates of $26.5mm and EPS of $0.14 versus consensus estimates of $0.16\nFollowing the FY 2016 Q1 earnings announcement, the Company's stock price fell from $12.60 on August 4, 2015 to its 52-week low of $8.91 on August 24, 2015",
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      "text": "Situation Overview (cont'd)",
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      "arcName": "The Consultant's Gambit",
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      "beatName": "Situation & Context",
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