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Hebbia has not only increased the speed at which analysts can perform, but also created insights into our various positions that have influenced our investment process.
| Document | Date | Document Type | Investment Risks | Market Considerations | Investment Highlights | |
|---|---|---|---|---|---|---|
| 1 |
FY2024 P&L
| Jan 18, 2024 | Financials | There have been increasing costs related to | N/A | Revenue: Figures for Project Alpha over the cours... |
| 2 |
Project Alpha CIM
| April 29, 2024 | Market Materials | Risk factors that are not detailed in the CIM | Despite the growing TAM described within the CIM | Rapid organic growth: Over the last 2 |
| 3 |
Product Overview Project Alpha
| Feb 26, 2024 | Product | Current product lacks detail regarding the most r... | N/A | Flexible: Product is adaptable for a variety of |
| 4 |
Product Roadmap
| Feb 26, 2024 | Product | Several integrations listed within the roadmap in... | Roadmap details particularities that align with th... | Integrations: Prioritized over the near term are |
| 5 |
Expert Calls Project Alpha
| Mar 12, 2024 | Customer | Experts hesitate on defensibility of the technology | Experts differ in opinion regarding the growth of... | Differentiation: Experts deem there is a high level... |
| 6 |
Customer Reference Calls
| Mar 18, 2024 | Customer | Common negative feedback across customers | Customers list several tailwinds including the pre... | Early Market Leadership: The Company has esta... |
| 7 |
Market Report
| Mar 30, 2024 | Market | Headwinds raised across this report include | The TAM is estimated at approximately $72B, wit... | Growing Market: Study demonstrates a growing... |
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| Document | Consideration Type | Earn-Out | Indemnification | Reverse Termination | |
|---|---|---|---|---|---|
| 1 |
Project Jazz APA
| Cash | Seller will receive $8 million if annual revenues exceed $2... | Seller agrees to indemnify the buyer against any pre-closi... | Reverse termination fee of $3 million applies if the Buyer f... |
| 2 |
Ocean <> Alpha MIPA
| Cash | An additional 10% of the final purchase price is contingent... | Indemnification provisions cover all intellectual property i... | No reverse termination provisions identified |
| 3 |
Wonder Corp. SPA
| Cash + Stock | $1.5 million is payable to the stockholders if MAUs exceed... | Agreement explicitly states that representations do not su... | If the acquisition is not completed due to failure in Buyer... |
| 4 |
Project Beacon Merger
| Stock | No earn-out identified | Transaction includes representation and warranty insuran... | Agreement includes a $1.5 million reverse termination fee... |
| 5 |
Project Titan MA
| Cash | Sellers will receive $2 million if annual revenues increase... | Seller provides indemnity against losses up to $2 million r... | A $2 million reverse termination fee is payable by Buyer if... |
| 6 |
Blvd Corp SPA
| Stock | No earn-out identified | Indemnification terms are backed by rep and warranty ins... | Reverse termination fee of $1.25 million applies if the Buy... |
| 7 |
Ocean-Athena MA
| Cash + Stock | $3 million in buyer stock is payable to Sellers if daily activ... | No indemnification terms identified | Agreement includes a $750k reverse termination fee if the... |
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| Document | Facilities | Applicable Margin | Amortization | Term | Call Protection | Incremental Debt Capacity | |
|---|---|---|---|---|---|---|---|
| 1 |
All Good HoldCo Credit Agreeme...
| $200m unitranche term loan | S + 4.00% | 0.25% per quarter | 6 years | Make Whole / 101 / Par | The greater of $40m of 20% of C... |
| 2 |
Big Technology, Inc. CA
| $550m term loan | $75m revolvi... | S + 5.00% if leverage does not e... | 1.0% per annum | 5 years | 103 / 102 / 101 / Par | The 'Accordion Amount' is $100,... |
| 3 |
BrightBucket Operating LLC Agr...
| $100m first lien facility | L + 350 bps | - | 7 years | 101 soft call for 12 months | - |
| 4 |
Credit Agreement Large Retailer,...
| $600m term loan | $50m ABL fa... | 5 + 6.00% if BB rating or better fr... | $1.5m per quarter through the se... | 7 years | Non-call 6 months | The greater of $80m or 5% of tot... |
| 5 |
Topco Execution Version
| $400m priority lien term loan | $... | L + 4.50% with 0.50% PIK toggle... | 25 bps per quarter | 6 years | 102 / 101 / Par | The greater of $100,000,000 or 5... |
| 6 |
Stellar Enterprises Credit Agreement
| $150m revolving credit | L + 3.50% | 0.50% per quarter | 5 years | 102 / 101 / Par | The greater of $30m or 15% of Consolidated... |
| 7 |
Apex Holdings Credit Agreement
| $250m senior secured loan | S + 3.75% | 0.30% per quarter | 7 years | Make Whole / 102 / Par | The greater of $50m or 25% of Consolidated... |
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| Document | Effective Date | Payments Schedule | Customer Contact | Pricing Mechanism | Customer Termination | |
|---|---|---|---|---|---|---|
| 1 |
Wilshire MSA
| October 5, 2022 | Net 30 | Head of Operations | Per User. Wilshire pays $800 / month for each enterprise user,.. | Termination for Convenience or for Cause |
| 2 |
GreenTech License Agmt
| December 8, 2023 | Net 30 | CFO | Flat. GreenTech pays $50k monthly licensing fee | Termination for Cause |
| 3 |
3Part Inc. MSA
| May 3, 2024 | Net 60 | Director of Research | Per User. 3Part pays $1000 / month for each enterprise user | Termination for Cause |
| 4 |
Holland Entertainment MSA
| March 25, 2022 | Net 45 | CTO | Per User. Holland pays $1000 / month for each enterprise user... | Termination for Convenience or for Cause |
| 5 |
LakeShow Customer Contract
| September 1, 2023 | Net 60 | CFO | Hybrid. LakeShow pays $250 / month for each enterprise user... | Termination for Convenience or for Cause |
| 6 |
SwipeCo MSA
| January 8, 2024 | Net 30 | SVP Operations | Platform Fee. SwipeCo pays one-time annual platform fee of $... | Termination for Cause |
| 7 |
Evergreen SLA
| July 20, 2024 | Net 30 | Director of Procurement | Per Project. Evergreen pays $10,000 per project, with a 20%... | Termination with 30 days notice |
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| Document | Author | Year of Report | Industry Trends | Drivers | Competitive Dynamics | Projected Growth | Pricing Highlights | |
|---|---|---|---|---|---|---|---|---|
| 1 |
North American Coffee
| The Business Research | 2023 | Coffee premiumization has gained popularity glo... | Rise of coffee subscription services and coffee pr... | Market Fragmentation: Numerous players in coff... | The global market for health and wellness beverages... | Market values include the impact of inflation... |
| 2 |
Beverages in America
| FoodInsights Analytics | 2024 | Beverage companies are increasingly offering be... | Growing demand for premium coffee offerings a... | Brand Loyalty: Strong brand recognition and cust... | The RTD beverage segment is expected to expand at... | In emerging markets, where disposable incomes are... |
| 3 |
F&B North America
| GlobalTaste Research | 2024 | Tea and coffee is gaining attention as an ingredie... | Busy lifestyles and the need for quick, convenien... | Price Wars: Frequent discounting and promotion... | The market for beverages with sustainable and eco-friendly... | Fluctuations in the costs of raw materials, such as sugar... |
| 4 |
Consumer Behavior in F&B Sector
| MarketPulse F&B | 2023 | Consumers are increasingly seeking beverages t... | Continuous innovation and the introduction of ne... | Market Entry Barriers: High initial investment and... | Growth in alternative distribution channels, such as... | Temporary promotional pricing, discounts... |
| 5 |
Beverage Trends in 2024
| Nutriview Reports | 2024 | The popularity of plant-based diets has led to a s... | In many regions, increased disposable income all... | Diverse Market Players: The market is characteri... | Emerging markets are growing tremendously, ... | The trend towards premium and specialty beverages... |
| 6 |
Caffeinated Beverages in North...
| CulinaryTrends Resear... | 2024 | There is a growing interest in unique caffeinated... | Loyalty programs and rewards can encourage re... | Varied Market Segments: The industry is segmen... | The caffeine beverage market, including coffee, ... | Coffee subscription services charge a weekly or ... |
| 7 |
European Craft Beer Trends
| Beverage Insights | 2024 | Increasing demand for unique and locally produced... | Rise of microbreweries and consumer preference... | High Competition: Numerous small breweries are.... | The European craft beer market is expected to grow... | Prices are influenced by the cost of premium ... |
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| Document | Quarter | City | Property Size | Market Value | Type | Building Condition | Tenancy | |
|---|---|---|---|---|---|---|---|---|
| 1 |
Crystal City - 23rd St
| 2023 Q4 | Arlington, VA | 60,000 sqft | $1,860,000 | Commercial | Fair: The property is in decent cond... | 3 Tenants: A marketing agency (Le... |
| 2 |
Arlington - S Clark St
| 2023 Q4 | Arlington, VA | 118,000 sqft | $2,400,000 | Commercial | Excellent: The property is in pristin... | 8 Tenants: An airline call center (W... |
| 3 |
Coastal Retail Center
| 2023 Q4 | Arlington, VA | 82,000 sqft | $1,740,000 | Commercial | Good: The property is well-maintai... | 5 Tenants: A law firm (Justice Partn... |
| 4 |
Crystal City - Crystal City Shops
| 2023 Q4 | Arlington, VA | 20,000 sqft | $600,000 | Retail | Fair: The property's exterior is well-... | 1 Tenant: A technology store (Techn... |
| 5 |
Arlington - 18th St S
| 2023 Q4 | Arlington, VA | 51,000 sqft | $1,070,000 | Commercial | Poor: The property has major issue... | 3 Tenants: A recruitment agency (T... |
| 6 |
Lakeside Residences
| 2023 Q4 | Austin, TX | 74,000 sqft | $820,000 | Residential | Good: The property is in solid condi... | 4 Tenants: A logistics company (SW... |
| 7 |
Midtown Plaza - 5th Ave
| 2023 Q3 | New York, NY | 100,000 sqft | $10,500,000 | Office | Good: The property is well-maintained... | 5 Tenants: A law firm (Legal Eagles),... |
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