{
  "docId": "019de06f-7049-743a-b0a8-9cfe2ffaf4d1",
  "docSlug": "6b0fd61af0e9d15d1f72975600e94619",
  "documentTitle": "Moelis & Company | Investment Banking Pitch Book | 44 slides",
  "authorId": "moelis-company",
  "authorName": "Moelis & Company",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2016-07-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.294673,
  "pageNumber": 18,
  "pageCount": 44,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "appendix_methodology",
  "function": "present_framework",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "This is a standard disclosure slide for financial advisory work, detailing the inputs for DCF and valuation analyses.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-7049-743a-b0a8-9cfe2ffaf4d1/18",
  "deckHref": "/decks/019de06f-7049-743a-b0a8-9cfe2ffaf4d1",
  "deckJsonHref": "/decks/019de06f-7049-743a-b0a8-9cfe2ffaf4d1.json",
  "deckAnchorHref": "/decks/019de06f-7049-743a-b0a8-9cfe2ffaf4d1#slide-18",
  "components": [
    {
      "bbox": {
        "h": 0.057,
        "w": 0.802,
        "x": 0.109,
        "y": 0.792
      },
      "kind": "list",
      "text": "For purposes of the Selected Public SaaS Companies and Selected Precedent Transactions analyses, Moelis used the most recent financial projections available from Napa management and the most recent preliminary 6/30/16 results from Napa management, in each case approved for Moelis' use by the Special Committee",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06d0acc1-92ab-4e41-a379-a1427d56f40e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.019,
        "w": 0.461,
        "x": 0.125,
        "y": 0.548
      },
      "kind": "list",
      "text": "Napa Case: 5-year projections on a standalone basis",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11834ed0-c183-4411-8a0c-81c87c5d204e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.076,
        "w": 0.769,
        "x": 0.142,
        "y": 0.368
      },
      "kind": "list",
      "text": "Orlando created its projections on an incremental basis, demonstrating the illustrative value of Napa to Orlando's revenue and cash flows and including the impact of synergies and other benefits that are available only to Orlando pro forma for the acquisition. During diligence Orlando's model was revised to incorporate its findings, please see page 29 for description of changes.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1dd4561f-a7a8-45cc-bc71-563a07fcc43f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.038,
        "w": 0.786,
        "x": 0.125,
        "y": 0.712
      },
      "kind": "list",
      "text": "For comparative purposes, the Orlando projection set was set forth alongside Wall Street consensus estimates, which were calendarized to a May 31 fiscal-year end to align with Orlando's fiscal calendar",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a50b635-0912-46fc-841c-178f695f14c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.038,
        "w": 0.802,
        "x": 0.109,
        "y": 0.245
      },
      "kind": "list",
      "text": "Moelis reviewed projection sets and adjustments thereto provided by Orlando, Napa and publicly available Wall Street estimates in connection with its financial analysis:",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "46b261a2-0c2b-4278-b5f6-2f6581018006",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.019,
        "w": 0.582,
        "x": 0.125,
        "y": 0.322
      },
      "kind": "list",
      "text": "Orlando Case: 5-year projections / 3 cases (Conservative, Base, Upside)",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7e89d305-d8f3-4886-b5e8-6b1653d64b4e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.019,
        "w": 0.435,
        "x": 0.125,
        "y": 0.595
      },
      "kind": "list",
      "text": "Wall Street estimates of Napa on a standalone basis",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d4d4a7a0-2f19-47e4-ae58-756da093b607",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.038,
        "w": 0.802,
        "x": 0.109,
        "y": 0.642
      },
      "kind": "list",
      "text": "For purposes of its discounted cash flow analyses, Moelis used the most recent projection set available from Orlando, approved for Moelis' use by the Special Committee",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f5443138-02fc-4401-bf92-c434de054d50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.038,
        "w": 0.769,
        "x": 0.142,
        "y": 0.478
      },
      "kind": "list",
      "text": "Orlando did not prepare projections for Napa on a standalone basis separating out synergies, that is consistent with Orlando's practice in other acquisitions",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd5b4762-1324-4c93-b920-71979894f015",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.023,
        "w": 0.302,
        "x": 0.109,
        "y": 0.118
      },
      "kind": "title",
      "text": "Review of Financial Projections",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80594fd3-83cd-4c7d-8c38-97a0f85cc3dd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 20,
      "from": 11,
      "beatId": "99fef066-cd2b-477d-9d73-f5bd9b0d27a8",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The document provides financial analysis and data to support the investment opportunity",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [
    {
      "to": 20,
      "from": 15,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "344708e3-eaca-4f0e-bfec-757237ae4c97",
      "evidence": "The document presents financial analysis and data to support the cost of inaction",
      "position": 0,
      "objective": "Highlight the cost of inaction for investors",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}