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  "documentTitle": "Moelis & Company | Investment Banking Pitch Book | 24 slides",
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  "authorName": "Moelis & Company",
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  "presentationDate": "2016-05-01 00:00:00",
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      "kind": "list",
      "text": "Orlando Management Incremental Forecast for Napa Assumptions: Model viewed as incremental to Orlando; Revenue growth based on assumed booking trends; Assumes a gross margin that approaches 90%; Orlando combination creates OpEx savings; Assumes a 35% tax rate",
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      "text": "Considerations: Projection lacks Orlando perspectives; No longer-term financial projection; No one-time costs incorporated; Assumes no change in working capital; D&A equals CapEx; Stock based compensation to be refined; No Napa NOLs; Non-GAAP basis",
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