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: