Platform Updates: April 2024 Edition 💐🐣💐

Major New Features 🚨

1. ARR roll-forward functionality released, unlocking further granularity for SaaS or other bookings-based business models.

By popular demand from our tech-investor deal teams, Mosaic is thrilled to now enable users to seamlessly integrate Annually Recurring Revenue (ARR)-style calculations into your operating models. With this new feature, you can construct a comprehensive ARR build, reflecting key drivers such as new bookings, upsells, downsells, churn, and any other items relevant to your particular situation. You can then effortlessly incorporate these ARR calculations directly into your final revenue figures, as shown below. 

APR-2024: Feature 1 (ARR Build)

We’ve made this framework versatile (not only limited to SaaS deals!) - you can easily apply the same logic across other business models and industries, including financial services by accommodating inflows and outflows with precision for AUM builds.

Feature 1B

To incorporate ARR into your next Operating Model, simply click the “Add Revenue” line above the Revenue row in your Operating Model and choose the “SaaS build” revenue template to get up and running in seconds.

Feature 1C

To build your own ARR roll-forward style schedules without first leveraging Mosaic’s template, simply link your “beginning” row to your “ending” row using our newly available driver, “Prior Period Reference” and watch it all hang together as expected.

Feature 1D

2. Set personal default assumptions to jump-start your Mosaic models.

Mosaic has always pre-populated common, trivial assumptions (e.g., interest deductibility limits, fees, etc.) to help our deal teams build models efficiently and focus on the assumptions that truly drive outcomes.

Today, we’re excited to hand the control over those default assumptions to you:

APR - 2024: Feature 2 (Defaults)
Defaults GIF

Always model in Euros? Always focus on NTM EBITDA at entry and exit? Always set up your deals with a first lien, second lien leverage package at 6.0x EBITDA? You can now set all of these (and more) one time for all future models to start from.

Feature 2B

In addition, Admin users can also customize Mosaic’s Excel and PDF downloads to reflect your team’s unique colors and fonts.

Feature 2C

3. Multiple OpModel cases on an LBO will unlock our dynamic case comparison output

If you’re running multiple cases within an LBO, you no longer have to flip back and forth to compare OpModels! As soon as you have two or more operating cases within a Mosaic LBO, you will be able to navigate to our new “Case Comparison” tab on the dashboard, as shown below. 

Here, you can easily compare the key differences between each case in a side-by-side view, including operating drivers such as Revenue and EBITDA CAGRs as well as the impact on returns.

APR-2024: Feature 3 (Case Comparison)

Let us know what you think 📣

Mosaic has been built over the years by the collective intelligence of the private equity industry - specifically, by you, our users - through your thoughtful product feedback.

Your feedback is instrumental in helping us build a product that you'll continue to love far into the future. Please reach out if there is anything we can do to make your Mosaic experience even better.

That's all for now! Shoot us a note at support@mosaic.pe if you can think of anything else you'd like to see in Mosaic!

Platform Updates: March 2024 Edition 🍀🌟🍀

Major New Features 🚨

1. TEV can be set up for a public company take-private 🏦💸🚀📈

Mosaic has released a third "entry mode" - in addition to defining the TEV as either (i) a purchase price amount or (ii) a multiple of some earnings metric (e.g., Revenue, EBITDA, etc.), Mosaic now allows you to define the building blocks of a public company's TEV, including:

  1. Market Price Per Share

  2. Bid Premium or Bid Price Per Share (with the other implied)

  3. Basic Shares Outstanding

  4. Unlimited tranches of dilutive securities (Mosaic runs the Treasury Stock Method math for you to get to Fully Diluted Shares Outstanding)

  5. Other configurable & extendable TEV components including Debt, Cash and Non Controlling Interests (NCI)

Mar-2024 Feature 1

2. AVP can be sensitized by either Bid Price Per Share or Bid Premium 📊📈

When analyzing a public company take-private, you're thinking about your bid price per share (or premium) more so than the TEV at bid. Mosaic allows you to drive the AVP by either:

Mar-2024-feature-2

3. Sensitivity Tables have been supercharged 💪🚀⚡

A few notable improvements that our users have asked for:

  1. The midpoints on the sensitivity tables now refresh on each recalculation of your base LBO - meaning your midpoints will now always align to your live case, while respecting the interval size you've set for each axis. Let's see Excel do that.

  2. Our rockstar engineers figured out how to cut down the sensitivity table speed materially (more than 2x) which should lead to perceptibly faster load times. 🧠🤯

  3. You can now sensitize purchase price by bid price per share or premium (in the case of public to private) and entry multiple.

Mar-2024 Feature 3

Additional Productivity Boosters 🚀📈

  • Operating Models are now simpler to interact with: (a) they remain within the same browser tab, and (b) they allow for one-click case duplication as shown below:

Mar 2024 PBB 1
  • Cleaner, more organized models dashboard: operating models that are part of LBOs no longer show as separate dashboard models:

March 2024 PBB 2

Let us know what you think 📣

Mosaic has been built over the years by the collective intelligence of the private equity industry - specifically, by you, our users - through your thoughtful product feedback.

Your feedback is instrumental in helping us build a product that you'll continue to love far into the future. Please reach out if there is anything we can do to make your Mosaic experience even better.

That's all for now! Shoot us a note at support@mosaic.pe if you can think of anything else you'd like to see in Mosaic!

Platform Updates: February 2024 Edition 💘🥰💝

Major New Features 🚨

1. SOFR curve can be pulled dynamically into an LBO 📈💵

Mosaic dynamically pulls the latest 1-month and 3-month SOFR curves for users to quickly drop into their models with floating rate debt. We pull from Chatham Financial (like everyone does) and calculate an average rate from the monthly values available for the rest of the year:

Feb-2024 Feature 1

2. Multiple OpModel cases on an LBO will download to Excel with a dynamic case switch 🔁

This one's big. Before, downloading an Excel of an LBO in Mosaic would only give you the active OpModel linked through. Now, all OpModel cases running through the LBO will download to Excel with a dynamic, functional case switcher. All the plumbing you need for teeing up later stage deals.

Feb-2024 Feature 2
case switch second shot

Additional Productivity Boosters 🚀📈

  • Undo & Redo commands are now available within the OpModel builder to add efficiency to the process of editing and manipulating rows (particularly those returned by OpenAI if you want to put some finishing touches on them). CTRL + Z and CTRL + Y on Windows, Command + Z and Command + Shift + Z on Mac, or use the icons on the ribbon shown below:

Feb-2024 PBA
  • Users can now quickly translate model units by a factor of one thousand in either direction. This is useful when you upload to Mosaic Vision a model presented in thousands that you want to model in millions. Just tap the buttons shown below in the OpModel:

Feb-2024 PBB

Let us know what you think 📣

Mosaic has been built over the years by the collective intelligence of the private equity industry - specifically, by you, our users - through your thoughtful product feedback.

Your feedback is instrumental in helping us build a product that you'll continue to love far into the future. Please reach out if there is anything we can do to make your Mosaic experience even better.

That's all for now! Shoot us a note at support@mosaic.pe if you can think of anything else you'd like to see in Mosaic!

Platform Updates: January 2024 Edition 🎊🎇🌟

Major New Features 🚨

1. Introducing Mosaic Vision™: The World's First AI-Powered Financial Model Reader

Today, we’re excited to share with the world our first application of Generative AI in dealmakers’ workflows with Mosaic Vision™ – which we believe to be the world’s first commercially available financial model reader and translator.

With Mosaic Vision™, investors can take a screenshot of financial projections (e.g., from a CIM, pitch book, public company investor presentation, etc.) and by uploading it to Mosaic Vision™, be instantly able to (i) adjust growth rates, margins, and other forecast items; (ii) clone upside, base, and downside cases; and (iii) add transaction assumptions to calculate deal returns (e.g., IRR, MOIC, etc.) – all from a static page and without opening a spreadsheet.

Learn more about this revolutionary release here:

https://www.mosaic.pe/blog/unveiling-mosaic-vision

2. Detailed Operating Model rows are available in the Excel download. 📩

We figured the core four operating model items (Revenue, EBITDA, Capex & Changes in NWC) were enough to keep folks happy with the Excel download - but we received feedback that people do like to be able to drop the whole detailed build into an Excel at a moment's notice with everything linked up and working.

For those of you who feel this way, today is your lucky day! The Excel downloader of both the OpModel and the LBO includes all the detailed rows you included in the platform to get to the core four rows:

Jan-18-2024 Feature 2

3. Turning off a "Special Situation" retains my underlying assumptions for later use

Users wanting to toggle M&A on and off and see the impact in Mosaic shared their frustrations that they were losing their M&A assumptions each time they clicked the "enable | disable" toggle in Mosaic.

We now retain the data entered but do not use it when the toggle is switched off:

Jan-18-2024 Feature 3

Let us know what you think 📣

Mosaic has been built over the years by the collective intelligence of the private equity industry - specifically, by you, our users - through your thoughtful product feedback.

Your feedback is instrumental in helping us build a product that you'll continue to love far into the future. Please reach out if there is anything we can do to make your Mosaic experience even better.

That's all for now! Shoot us a note at support@mosaic.pe if you can think of anything else you'd like to see in Mosaic!

Platform Updates: December 2023 Edition ❄️

Major New Features 🚨

1. Deals Analytics 📊📈

Today we’re unveiling Mosaic Deals Analytics™ – for the first time in the history of private equity, firms will be able to look across all deals underwritten in Mosaic for unparalleled insight, visibility, and comparability of key valuation and operational metrics.

With Mosaic Deals Analytics™ – our partner deal teams can now set a date range, pick the model assumptions or calculated outputs they are interested in, and in seconds query their full database of models across up to three variables in the same visualization:

Dec-22-2023 Feature 1

2. Upload a profile picture 🫠

Add a professional headshot to Mosaic so your colleagues can quickly identify your models that you've shared with them on their Mosaic homepage (vs. trying to remember your initials)! Available under "My Profile" on the top right corner of the app:

Dec-22-2023 - Feature 2

Let us know what you think 📣

Mosaic has been built over the years by the collective intelligence of the private equity industry - specifically, by you, our users - through your thoughtful product feedback.

Your feedback is instrumental in helping us build a product that you'll continue to love far into the future. Please reach out if there is anything we can do to make your Mosaic experience even better.

That's all for now! Shoot us a note at support@mosaic.pe if you can think of anything else you'd like to see in Mosaic!

Platform Updates: November 2023 Edition 🔮

Major New Features 🚨

1. Warning Messages Added ⚠️⚠️⚠️

Wouldn't it be great if models alerted you to assumptions that aren't technically wrong, but given their relationship to other items within the model and standard conventions, they are likely not what the creator intended?

Introducing warnings in Mosaic. We've coded hundreds of such situations into the platform as a starting point and will add more every week as users continue to suggest new ones. If you see a yellow bar at the top of a model you've created (or that's been shared with you) - click into it to see what the potential issue is and either (a) correct it because it's wrong or (b) accept that your deal is a bit off the fairway...

Nov-29-2023 Release 1

2. Expandable LBO sidebar for editing assumptions ⬅️➡️

Give yourself some more breathing room by clicking the icon shown below to get back into the expanded "Wizard" view when you first built the LBO:

Nov-29-2023 Release 2

3. Custom Firm Logos & Color Conventions in Excel, PDF 🌈

Firms can now re-skin Mosaic's Excel and PDF downloads to match their unique color conventions and upload their firm logos to be reflected throughout the app and the PDF download. Click into the Admin panel available on the top right of the app. Note: this is available to Organization Admin users only.

Nov-29-2023 Release 3

4. Set a custom leverage/financing metric⚙️

Want to set your leverage as a multiple of a financing metric not readily available in your OpModel? Click here to enter any metric you desire and label it accordingly:

Nov-29-2023 Release 4

Additional Productivity Boosters 🚀📈

*Easter egg feature* - Double clicking on an OpModel forecast row flips the row driver to hardcodes 🐣

If you have a model set up as year-over-year growth or linear CAGR, you might want to quickly override a given year. Double click to flip the row to hardcodes while saving all the values calculated by the previously selected driver.

Nov-29-2023 PB1

Let us know what you think 📣

Mosaic has been built over the years by the collective intelligence of the private equity industry - specifically, by you, our users - through your thoughtful product feedback.

Your feedback is instrumental in helping us build a product that you'll continue to love far into the future. Please reach out if there is anything we can do to make your Mosaic experience even better.

That's all for now! Shoot us a note at support@mosaic.pe if you can think of anything else you'd like to see in Mosaic!

Platform Updates: October 2023 Edition 🚀

Major New Features 🚨

1. Fully Customizable P&Ls

Mosaic’s founding product set its sights on streamlining transaction returns math (IRR, MOIC) with “assumptions-driven” modeling. This release extends our defining approach to the operating model – the investment industry’s non-GAAP combination of the Income Statement and relevant Cash Flow elements that comprise Unlevered Free Cash Flow. Our latest update hands users the reins to fully control the building blocks of organic growth driving Revenue, EBITDA, Capital Expenditures and Net Working Capital (“NWC”).

Mosaic now comes pre-loaded with several quick-start elements (e.g., multi-segment Revenue & EBITDA builds, common cost structures like COGS / Gross Margin / S&M / R&D / G&A, and NWC builds for software or physical products businesses). It also allows you to define your own custom elements to build to each core cash flow row – because every business is different, and understanding these building blocks is a core part of diligence.

Oct-23-2023 Feature 1

2. Quarterly & Monthly Modeling

Once a deal moves past the early innings – and if cash flow seasonality, volatility or liquidity concerns warrant it – transitioning from an annual model to quarterly (or the dreaded monthly) used to take hours of painstaking manual Excel work. Mosaic will transition your annual models to quarterly and monthly at the click of a button – cleanly rolling up to quarters / years without the linking (and the warranted fear of mis-linking).

Oct-23-2023 Feature 2

3. Dynamically Generated, Customizable Excel

Say good-bye to the 50,000-cell Excel template (with 35,000 unused cells and a handful of #REFs) that was handed down to you by some VP who is no longer at the firm. Mosaic now smartly outputs only the tables that match your specific analysis needs. No more orphan second tranche of debt on that uni-tranche deal. No more M&A tables cluttering up a deal with no roll-up prospects. Every cell has a purpose, so you can focus on what matters.

Want to align it with your brand's aesthetics? Customize it with your firm’s unique colors and fonts.

Oct-23-2023 Feature 3

4. Stub Entry & Exit

10 out of 10 Investment Professionals agree – they’d rather stub a toe than stub a model. Those few bps of added precision require hours of focused work to layer in, and expose your model to a high risk of a mis-linking bust (i.e., should I stub interest in the cash flow schedule or the debt schedule? What about the tax schedules? How’s this going to impact my yields – surely those shouldn’t be stubbed? Nightmare).

Simply select your entry and exit dates and let Mosaic’s field-tested algorithm handle the table-stakes math. Just because you can do it, doesn’t mean you should.

Oct-23-2023 Feature 4

5. Enhanced Sensitivity Analysis

Step-up your scenario analysis with our enhanced sensitivity tables – now displaying MOIC, IRR, or both, shown to two decimal places for greater precision.

Oct-23-2023 Feature 5

Additional Productivity Boosters 🚀📈

Because every second counts when you’re sprinting to the finish line – below are a handful of additional enhancements included in this release to make your life easier:

  • Drive Net Working Capital as a balance or model the change directly

Oct-23-2023 Feature PBA
  • Alternate between entering values as dollar amounts or margins with a click

Oct-23-2023 PBB
  • Navigate effortlessly using our intuitive hotkeys. Just hit ALT (or command on Mac) to pull up on-screen prompts:

Oct-23-2023 PBC

Let us know what you think 📣

Mosaic has been built over the years by the collective intelligence of the private equity industry - specifically, by you, our users - through your thoughtful product feedback.

Your feedback is instrumental in helping us build a product that you'll continue to love far into the future. Please reach out if there is anything we can do to make your Mosaic experience even better.

That's all for now! Shoot us a note at support@mosaic.pe if you can think of anything else you'd like to see in Mosaic!