Extended Case Manager: Full Case Flexibility, Beyond the Operating Model

One of our most highly anticipated features is now live - and it’s one many of you have asked for.

Until now, Mosaic let you build multiple operating model cases. With our new extended Case Manager, you can now flex assumptions across the entire deal, from financing to transaction structure to special situations.

This means you can define full Management, Base, Upside, and Downside cases with different inputs across:

• Financing assumptions – e.g., leverage levels, interest rates

• Transaction assumptions – e.g., entry/exit multiples, fees, management rollover

• Special situations – not just toggle add-ons, dividend recaps, or earnouts on or off, but change their individual assumptions case by case (e.g., different tuck-in EBITDA multiples, recap amounts)

With the enhanced Case Comparison Tab, you can now see all your inputs across scenarios in one centralized view, giving you complete visibility into what’s driving differences in returns, structure, and outcomes.

How It Works

To achieve this in Mosaic, simply click the split icon next to any splittable assumption to open a modal, as shown below:

From there, you can enter different values per case or unify them across all cases with a single click.

Use the full Case Manager view to see every assumption across all scenarios in one place, making edits and review seamless.

Any Operating Model Row Can Be an Entry or Exit Valuation Metric

Specialist software private equity investors have moved away from framing entry and exit valuation around traditional valuation multiples (TEV / Revenue, EBITDA, or EBITDA – Capex) and towards more industry-specific earnings metrics, including ARR, EBITDA – Capitalized Software Expenses, or similar variations of top- and bottom-line earnings metrics.

With enhancements to Mosaic’s Operating Model serving as the foundational unlock, we have now added functionality allowing a user to frame their entry and exit valuations on any operating model metric they define.

To achieve this in Mosaic, simply configure the Operating Model row to be a “Valuation Metric” as shown below:

Doing so will result in the row becoming available as an option in the menus for entry, leverage, and exit multiples throughout the Mosaic application:

The “EBITDA Less X” Row

An extension of the concept above, Mosaic has added a dedicated, optional “EBITDA Less X” section of the operating model given how many nonstandard valuation metrics used in practice are some variation of EBITDA less Capex.

To add an EBITDA Less X row, simply click the button shown below and configure the formula to leverage the desired rows. The label will update automatically, but can be overwritten at any time.

IRR Decomp in Excel

One of the most valuable outputs in Mosaic is the IRR Decomposition – whose historical iterations / sticky-ifs / manual copying and pasting were made obsolete in Mosaic by the power of Python.

We have had, however, many users request that the legacy Excel functionality of the iterative IRR Decomp with related switches be incorporated into Mosaic’s Excel download.

With our latest release, Mosaic’s Excel download now includes an “IRR Decomp Panel” with related switches that turn on / off each step of the IRR Decomp – allowing users to recompute the decomposition in Excel if changes are made after downloading the initial version:

To recompute the IRR Decomp, first, turn all the switches off (enter 0 for “Off”, 1 for “On”) – then in order from top to bottom, turn them on one-by-one – pasting the “Live IRR” value (not formula) into the cumulative IRR cell for the respective step in the decomposition. Mosaic will then automatically compute the differences between each step of cumulative IRR, which results in the values underlying the IRR Decomp.

If the IRR Decomp is out of sync with the current version of the model, the IRR Decomp output table will flag “Update!” as shown below to indicate that the IRR Decomp panel must be re-cycled to produce an up-to-date decomposition:

Upgraded LBO Summary (Different Entry & Exit Multiples)

Mosaic’s LBO produces a helpful summary of the deal’s entry and exit multiples, net debt, and TEV to quickly orient the user to the scale and profile of the investment being considered. For situations where a user was framing valuation around a different metric at entry vs. exit (e.g., Revenue multiple at entry, EBITDA multiple at exit), users expressed a desire for a clearer delineation of entry and exit metrics with the inclusion (but subtle de-emphasis) of the like-for-like value for each at entry and exit.

The result of this effort is shown below:

Earn Outs

In times of increasing economic uncertainty, buyers and sellers are increasingly employing creative transaction structures to bridge “bid ask spreads” in valuation and get deals done. The most commonly requested feature in this genre is the “Earn Out,” where a buyer defers some portion of purchase price to a later date in the investment period contingent on the business hitting certain pre-determined performance outcomes – typically a revenue or EBITDA target.

In Mosaic, under “Special Situations,” users can now quickly incorporate an Earn Out even early on in their deal investigation. Simply determine the amount of the earnout payment and what it is contingent on (e.g., revenue or EBITDA achievement in year X), and Mosaic will run the math for you:

Simplified Taxes

We’ve restructured Mosaic’s tax step a bit to support two types of first-round bid modelers – those who just want to slap on a ~25% blended corporate rate and call it a day, and those who want to reflect the reality of interest deductibility and NOL usability limits even at the earliest stages.

Mosaic models will now give you the choice of a simple vs. a detailed tax build as shown below. This choice can be set as a default to reflect your preference for each new model built.

Within detailed tax setups, you can also select which complexities to include or exclude using the toggle-able sections shown below. Note that leaving Tax Deductible D&A Detail "off" is the same as setting “Capex = Tax D&A” in earlier versions of Mosaic.

Your setup here will flow into our Excel download as well – keeping the tax tab as clean or detailed as you want, and not including any unnecessary or unused logic.

Flow-Through Tax Structuring (LLC Modeling)

Many private equity firms have tax exempt investors (e.g., large public pension funds) who benefit materially from owning shares in a tax flow-through entity such as an S-Corp or LLC vs (all else being equal).

Mosaic now supports flow-through tax modeling where the investee pays no entity-level tax but rather pays a tax distribution to investors (which is accretive to IRR) throughout the investment hold period. Mosaic also allows users to model the associated step-up in basis that is often available when acquiring a flow-through entity (i.e., tax shield). These options are available as shown below within a “Detailed” tax setup in Mosaic:

Introducing the Mosaic AI Analyst - A Resource for Building and Updating Mosaic Models Through GenAI

We're excited to reveal a new resource available to all users with AI-features enabled in Mosaic - the Mosaic AI Analyst.

Leveraging the power of GenAI, we have introduced an AI Agent into the Mosaic platform that can assist you in building or updating your Mosaic models through chat-style instructions capable of remembering the context of your modeling task and taking feedback / making updates as required:

Let's explore a few key use cases:

1. Subsequent Image Uploads to Vision. The idea for Mosaic's AI Analyst came from our users who wanted to upload additional financial information into Mosaic Vision past the initial financial forecast page. Below is an example of a user uploading NWC Balances information from another page in the CIM to update their Mosaic operating model.

2. Adding Structural Complexity to a Model. Mosaic's AI Analyst can also help you update existing operating models by making multiple changes at once that become tedious to do manually. For example, tasks that would require adding multiple rows, updating formulas, and applying growth and margin assumption changes across several years can be done more efficiently through chat.

Below is an example where we ask Mosaic's AI Analyst to update an operating model by splitting its revenue into three segments of different size and growth rates. In the example below, you can see that at first, the AI Analyst successfully applies the split, but fails to apply the growth as instructed. A quick follow-up message remedies it, however, as the AI Analyst remembers the context of the conversation you're having with it:

Data Clarity Unlocked by Attribution

As Mosaic matures from a top-of-funnel efficiency booster to a system of record for new deals analysis, multiple deal team members are collaborating on individual deal models and more sources of third-party data are being incorporated into Mosaic models (e.g., Capital IQ, FactSet, Mosaic AI, etc.).

To ensure perfect clarity into the source of each unique datapoint comprising a Mosaic model, we've borrowed a concept from the engineering world and brought it to the world of dealmaking.  The concept is "input attribution" - Mosaic now tracks for each datapoint in each model (i) who entered the data and (ii) when it was entered. At the time of writing, data could be entered into Mosaic by:

1. A Human Deal Team Member. An assumption entered by a user updating a Mosaic model will be tagged to them, displaying their avatar.

2. Your Mosaic Defaults. Firms and individuals on Mosaic can set defaults for minor assumptions (e.g., entry transaction fees as a % of TEV, corporate tax rate, etc.).

3. Mosaic Vision. Historical and projected financial data ingested by Mosaic Vision, our AI "CIM Reader" will be tagged accordingly.

4. Capital IQ & FactSet Data. Data sourced from Capital IQ and FactSet will not only reflect which data source the figure came from, but will also provide a link that will take you directly to the source "tearsheet" that the underlying datapoint was sourced from.

5. Mosaic AI Analyst. Any inputs set by Mosaic's AI Analyst (described above) will be attributed to it accordingly:

Mosaic Supports Non 12/31 Fiscal Yearends

Mosaic now allows users to model a business with any fiscal yearend - supporting common non-12/31 fiscal yearends (e.g., 6/30, 3/31, etc.) as well as any other fixed fiscal yearend the user selects.

The fiscal yearend is set within the operating model of a Mosaic deal model:

Introducing the concept of non 12/31 fiscal years introduces some complexity in the calculation of "stub" period cash flows for LBO returns. Enhancements to our "deal timing" logic in the Excel download were necessary to unlock this feature, including careful tracking of leap years.

Imagine having to go through this every time you're modeling a new deal...

Additional Productivity Boosters

Our users can’t get enough of our new sensitivity capabilities (1 to 4 dimensions, automatic memo lines, etc.) and offered up a couple of additional suggestions we’ve knocked out:

1. Default Sensitivity Tables. Firms and individual users can now define which sensitivity tables are generated automatically in the creation of a new LBO model. To set up your default sensitivity tables as an individual user, navigate to your Profile (top right corner of the Mosaic application):

Then navigate to Defaults:

Then to Sensitivity Tables. In sensitivity tables, add as many as you’d like to see populated on the initial creation of a new LBO:

Admin users can follow the same steps to add default sensitivity tables to their Firm’s defaults. Doing so will ensure consistency across your firm’s LBOs as each user at the firm will inherit the firm’s default tables (unless they intentionally set their own individual defaults).

2. Decimal Place Precision. Mosaic’s standard LBO produces IRRs and MOICs to two decimal places of precision. You can now adjust this setting on any sensitivity table as shown below. This setting is also “defaultable” using the process described above so you don’t have to repeat this step for each new LBO to suit your preferences.

1. Drive Each Period’s Values However You Want. Mosaic’s row “drivers” are great for quick forecasting. For more nuanced cases, we heard that you want full control of which values are input as currency amounts vs. percentages (e.g., y/y growth %, sequential growth, or % margin). This can now be achieved by double clicking into the relevant field – in the example below, consider a case where we want to lock in the 2025 value because we feel confident about management’s budget, but we want to assume a growth rate for 2026 and beyond:

2. Enhanced Formula Builder with Tab Autocomplete. When building more complicated operating models with dozens of lines, users often got lost in Mosaic’s letter-based row references. We now allow users to type the relevant line item within Mosaic’s formula builder (with “tab” autocompletion) for a more natural formula-defining experience:

3. Sticky Period Headers. Again, for very large operating models with dozens of lines, users wanted to have the period references (e.g., FY2025E, FY2026E… etc.) frozen to the top of the page for quick reference as shown below:

4. Drivers Selected in the Mosaic App are Reflected in the Excel Download. Mosaic’s Excel downloader has been dynamic for quite some time – however, we had simplifying rules for immaterial assumptions like transaction fees, etc. The Excel download will now match your selected driver in the Application (e.g., Transaction Fees % of TEV vs. amount, operating model drivers as described in #1 above, etc.):

5. Moving Detail Enhancements to the Body of the OpModel. Detail enabling switches for EBITDA Adjustments, One-Time Costs, and NWC Balance vs. Change switches have been moved to their respective rows in the body of the operating model builder for better visibility and a more natural modeling flow:

6. Units Transposer Now Available by Row. Users have been able to apply a model-wide transposition for some time (i.e., multiplying or dividing the model values by a factor of 1,000 – for example, to quickly change source data presented in thousands to be stated in millions). Now this functionality can be applied on an individual row basis as well to support situations where underlying data sources are disparate and presented in different units:

7. Defaults Can Be Set for Operating Model Row Drivers. Mosaic’s operating model builder is now set to hardcodes by default to support the most common use case of copying / pasting a source model into Mosaic (e.g., Management Case forecast or an Excel model that is being checked for accuracy). To the extent you would prefer to start each new operating model with a different set of drivers, these can be easily configured in your defaults (under “Profile”):

8. Restart Operating Model. If you want a clean slate quickly, use our new operating model restart button to throw it all away and start over!

Integrate Your Preferred Public Company Data Provider into Mosaic to Triage Take-Private Opportunities in Under a Minute.

We’re excited to announce two game-changing data integrations now available within Mosaic: S&P Capital IQ or FactSet data to support public company take-private analysis

Introducing Mosaic Deals – the Foundation of Your Team’s Institutional Memory on Opportunities Reviewed Over Time

With the release of Mosaic Deals, teams can associate significant models in Mosaic to a “Deal” – think of it as a new investment opportunity – and tag those deals with helpful information including industry vertical, stage of deal, and deal team members:

What this unlocks today:

• Enhanced Organization. Deals also work as folders to organize your key models for a single opportunity. Quickly access active deals pinned to your dashboard. Group together related models associated with a single deal (e.g., major versions like intro memo vs. final memo model vs. lender model vs. coinvest model, etc.).

• Maintain Portfolio Company Models. Maintain a roster of models for each active portfolio company and mark them accordingly. Doing so will allow you to quickly analyze portco opportunities that arise from time to time, including (i) add-on M&A, (ii) dividend recapitalizations, or (iii) exits, whether private sales or IPOs.

• Enhanced Collaboration. Deals have “deal teams” associated with them, and any models included in a deal are automatically available to each deal team member without the need to explicitly share.

• Industry Stratification. Firms can set up their industry / vertical categorizations to appropriately stratify deals into logical, comparable sets.

Achieve Multi-Dimensional Analysis with Highly Customizable 4D Sensitivity Tables

We’re excited to announce our most significant enhancement to our sensitivity table builder yet - unlocking up to 4 dimensions of analysis across key drivers with no Excel workarounds needed. Prior to this release, the only way to produce this kind of analysis was via one of two terrible choices in Excel: (i) embedding Macros, making each model change a 5 minute waiting game, or (ii) hard copying / pasting wide swaths of self-referencing “IFs” virtually guaranteed to get stuck on a stale value. 

With Mosaic, this is all now achievable in a couple of clicks:

What else is new in this release?

• Multi-dimensionality. In addition to 4D sensitivities, Mosaic now supports 1D, 2D and 3D tables as well: 

• New Driver: EBITDA CAGR %. Several users asked to have EBITDA CAGR % included as a simplified combination of the existing revenue CAGR % / EBITDA margin improvement drivers:

• Memo lines. Each variable in Mosaic now has an accompanying “memo” row that can be displayed alongside it (e.g., Purchase Price and Purchase Multiple, EBITDA CAGR % and Exit EBITDA $, etc.):

• Custom Sensitivity Values. In addition to Mosaic’s trademark “midpoint + increment” driver of sensitivity tables, users can now override the sensitized values at each row / column to be any custom amount of their choosing:

• Configurable Row / Column Count. Users now have the ability to set the number of rows / columns in each table (previously fixed to 5 x 5):

With 4D sensitivity tables, uncover complex relationships across multiple metrics in a single view. For example, evaluate how organic revenue growth and EBITDA margin improvement interact with different entry and exit multiple assumptions to assess a wider range of potential deal outcomes.

This update streamlines setup, clarifies insights, and simplifies complex scenario exploration, so you can focus on strategic decisions with a comprehensive view of potential outcomes.

And of course, downloads to a tidy PDF / PPT for quick in-office walkthroughs with the deal team:

1 - Enhanced Deal Structuring with Expanded Financing Capabilities

1a: Unlock Complete Flexibility with Unlimited Debt Tranches

We’re thrilled to unveil one of our most highly anticipated updates - expanded financing capabilities that give you full control over your debt, pref and common equity structure. With this powerful set of features, you can now configure unlimited tranches of debt and preferred equity, including revolvers, term debt, bonds, and even custom debt types, with common security features configurable by tranche (e.g., cash-pay vs. PIK, prepayability, mandatory amortization, etc.) - with configurable seniority and a debt and equity waterfall at exit that respects seniority and accrued PIK value over the investment hold period. 

1b: Greater Transparency with New Pricing Metrics

As you build your capital structure, the Sources & Uses now dynamically populates the pricing for each tranche of debt and displays a weighted average cost of debt (“WACD”). This provides immediate clarity on your debt composition, enabling you to assess financing costs seamlessly and ensure your transactions are structured optimally.

1c: Reflect Market Constraints with Minimum Equity Thresholds

We’ve now released the ability to set a minimum equity threshold (e.g., total equity must be >30% of the total capital structure), ensuring your financing package stays within practical limitations. This is particularly relevant when reviewing an Analysis at Various Prices (“AVP”) that sensitizes TEV down while holding debt constant. In such a scenario, Mosaic will now reduce your assumed debt load to comply with the minimum equity constraint. 

2 - Transform Deal Incentive Structures with Expanded MIP Options

Building on input from investment professionals in the Mosaic network, we’re excited to introduce significant enhancements to our Management Incentive Plan (“MIP”) functionality. With the latest update, you now have the flexibility to model MIP in three distinct ways: (i) as an options pool that dilutes the sponsoring shareholders, (ii) as a simple percentage of the gain on the common equity from the deal, or (iii) as “sweet equity” - the preferred tax-advantaged method for UK and European deals. Sweet equity adds significant complexity to a standard LBO analysis yet is often modeled even in the early stages in UK-based and European deals. We hope this addition will be extremely helpful to those tasked with this kind of analysis with high frequency.

3 - Tailor Your Analysis with Enhanced AVP Configurability

Our latest AVP update takes customization to the next level, allowing you to tailor your models by displaying or hiding metrics that matter most to your analysis. For example, if revenue multiples aren’t relevant to your industry team’s focus, you can easily hide them to keep your view clean and focused on the key drivers that are important to your deal.

To further enhance your workflow, you can now save these customized views as part of your default settings, ensuring consistency and efficiency across all of your models.

4 - View Detailed Exit Waterfall Insights on Our New Exit Tab

Our latest release introduces a game-changing Exit tab that offers comprehensive visibility into recovery scenarios. It’s designed to factor in debt and pref equity seniority across tranches, ensuring you get a precise understanding of recoverability at each exit stage. Plus, the expanded MIP analysis reveals how management incentive plans affect outcomes, giving you the clarity needed to drive smarter decisions and optimize deal returns.

5 - Delve into Detailed Returns Analysis with Our New Returns Tab

We’re excited to introduce the highly anticipated Returns tab - where now you can evaluate returns by security and investor type, whether it’s the management team, a co-investor, or other stakeholders. This is especially valuable for investors evaluating opportunities across the capital stack or those interested in understanding the returns impact across securities (e.g., Bond vs. Pref vs. Common Equity). 

6 - Get a Comprehensive Credit View with Our New Leverage Tab

Mosaic’s dashboard now comes equipped with a new, detailed Leverage tab, offering a more comprehensive view on the deal’s credit metrics over the investment horizon. The view below provides full visibility into the debt schedules by tranche, showing the detailed build-up of each. 

Finally, we have expanded Mosaic’s credit metrics to include Interest Coverage Ratio (“ICR”), Fixed Charge Coverage Ratio (“FCCR”), and Debt Service Coverage Ratio (“DSCR”), with transparency into their calculation - just hover over the label to learn how each is computed. 

1 - Mosaic now exports to your firm’s powerpoint template 

Mosaic’s PowerPoint Exporter is now live! This new feature allows you to effortlessly download outputs from Mosaic into a well-formatted PowerPoint, customized with your firm's unique Slide Master.

This update is designed to streamline your workflow, making it easier than ever before to create materials supporting a bid discussion or investment committee memo. Mosaic's PowerPoint Exporter not only ensures your slides are perfectly formatted and on-brand, but also allows for rapid annotation / commentary not as easily achieved in a straight-to-PDF export.

To set up your firm's Slide Master, please contact your dedicated Account Executive (or support@mosaic.pe) and we'll get it set up right away! 

To set up your firm's Slide Master, please contact your dedicated Account Executive (or support@mosaic.pe) and we'll get it set up right away! 

1 - Deal teams can now effortlessly collaborate on models with full edit access

We're excited to announce a powerful set of new features now available in Mosaic that will enable you and your deal team to collaborate effortlessly on a deal model together in ways not possible through legacy spreadsheets.

The ability to share a Mosaic model has been possible for quite some time - today, we're excited to unlock the ability to share with edit rights - meaning other deal team members with this permission can independently update Mosaic models.

2 - Our new versioning feature allows you to track, review, and rollback changes with ease

With this release, we have also enabled “Versioning” in all Mosaic models - every saved change made by you and your team members is tracked in a detailed version history, tracking (i) who made the change, (ii) when they made the change, and (iii) what the impact was to the "North Star" model metric (e.g., IRR for LBOs, NPV for DCFs, etc.). No more guesswork or confusion—just clear, transparent tracking of all modifications.

3 - You can also seamlessly compare two model versions, unlocking additional deal insights

Want to see exactly which underlying assumptions have been changed? Simply click into any edit in the history to view a detailed, assumption-by-assumption impact of the changes between two model versions. For the first time in the history of deal-making, you can clearly see the evolution of each model while maintaining quality control - all unlocked by the power of software.

1 - Split up the equity check to reflect a multi-shareholder deal

Mosaic can now split the common equity investment by various shareholder groups that you want to display separately in your outputs.

We've added a new step (#5) to the LBO builder, allowing you to create a multi-shareholder equity structure. The purple shaded row signifies your organization’s equity, used as the plug to total to the common equity financing required for the deal. You can add as many additional tranches of equity as necessary, adjusting their values as either percentages or dollar amounts.

Leverage this feature to show Management’s Co-investment in a deal, a GP co-bidder, or LP co-investor and reflect your firm’s precise dollar investment in the deal.

Note that you will be able to review outputs for each tranche of equity under the “Summary” tab in the dashboard Sources & Uses as well as the “AVP” tab , where you can also see your firm’s cash gain at each TEV interval

2 - Model with precision in units for enhanced flexibility

You can now build Mosaic models displaying in thousands (vs. the default millions), which has been requested by firms looking at lower enterprise value deals.

3 - Additional productivity boosters

We’re happy to announce that Mosaic’s PDF download now includes our detailed IRR Decomposition and Equity Bridge waterfall charts for every model you create:

1 - ARR build 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. 

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.

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.

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.

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:

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.

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

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.

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)

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:

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.

• 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:

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

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:

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.

• 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:

• 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:

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:

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:

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:

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:

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...

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:

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.

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:

*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.

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.

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).

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.

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.

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.

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

• Alternate between entering values as dollar amounts or margins with a click

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