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  "documentTitle": "Qatalyst Partners | Investment Banking Pitch Book | 26 slides",
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  "authorName": "Qatalyst Partners",
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  "presentationDate": "2012-10-01 00:00:00",
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  "notes": "Includes a summary table of historical averages and current multiples for the peer groups.",
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      "text": "Line chart showing daily NTM Adjusted EBITDA multiples for Arbor and three peer groups.",
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      "text": "November 5, 2009 (Arbor IPO) to October 17, 2012",
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      "text": "Source: Based on CapitalIQ and consensus analyst estimates. Arbor estimates first available as of December 18, 2009. Period spans IPOs of FB, ACTV, ANGI, DMD, RATE, and QNST. Arbor NTM Adjusted EBITDA based on consensus estimates. Multiples greater than 50x or negative excluded. Selected Internet Leaders includes GOOG, AMZN, FB, EBAY, and PCLN. Selected eCommerce includes EXPE, VPRT, OPEN, SFLY, and NFLX. Selected Online Media and Consumer Services includes LACI, WBMD, MWW, ACTV, ANGI, DHX, DMD, RATE, and QNST.",
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      "text": "NTM Adjusted EBITDA Multiples Over Time",
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