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Project Atlas

Atlas_Trading_Comps_v3.xlsx

v3Excel · 12 citations

Every figure traced to its source

The workspace

Your whole deal lives in one window.

Open a deal and you get a command station for your transaction: the agent in the chat, your live files in the editor, the full deal tree on the right. Version pills give your work history, Definitions are your source of truth, and the work and the workspace are finally the same place.

Project Atlas — Acquisition of Meridian Logistics

4 workflows·ACTIVE·atlas-8f21@deals.arcalabs.ai

Add workflow

Workbench Deal Log Editor Explorer

CIM review & valuation bridge

Build the EV bridge from purchase price to implied EBITDA multiple at $1.05B enterprise value.

Used 4 tools · 14s Thinking…

Search files · Meridian_CIM_v3.pdf1.4s

FactSet · MRDN-US2.1s

Read file · Meridian_Financial_Model.xlsx3.6s

Write file · Meridian_EV_Bridge.xlsx6.9s

Bridge built. At a $1.05B enterprise value on LTM Adjusted EBITDA of $84.2M, the implied entry multiple is 12.5x. Saved as Meridian_EV_Bridge.xlsx, sourced to the CIM and FactSet.

Meridian_EV_Bridge.xlsx

Excel · 41 KB

v1

Reply to add a follow-up that sends when this finishes

Meridian_Financial_Model.xlsx Excel

Meridian_EV_Bridge.xlsxv1

Project Atlas · Valuation

Implied Valuation Bridge

Purchase price to implied EV / LTM EBITDA · $ in millions

$924Equity

+$86Net debt

+$40Adj.

$1,050Enterprise

Every figure traced to its source · Adjusted EBITDA per the deal's Definitions

BridgeInputsSources

Files

01 — Confidential Information Memorandum

Meridian_CIM_v3.pdf

02 — Valuation

Meridian_Financial_Model.xlsxv4

Meridian_EV_Bridge.xlsxv1

Valuation_Deck.pptxv6

Definitions

Adjusted EBITDA

SBC Treatment

NWC Definition

Emails3

Q3 working capital

TSA exit costs

Workflows2

Meridian comps refreshDaily

Diligence trackerWeekly

Every figure traced to the source Source: FactSet · pulled 09:14 ET

Automate it

Describe the workflow. Watch the agent build it.

Turn the repeatable work into an agent just by talking: "every day at 8:00 AM ET, build the Vega Pharma comps and email me the Excel." It assembles itself into numbered steps you can watch execute, runs on a schedule, and keeps every step auditable against the deal brief.

Vega Pharma Trading Comps

Vega Pharma

Save as template Runs Run now

Agent Workflow

6/6 steps complete

Step 1PendingRunningComplete

Read the deal brief and the pinned definitions

Adjusted EBITDA and SBC Treatment, exactly as the deal team wrote them.

3m ago · 8s
Step 2PendingRunningComplete

Pull the peer set from FactSet

Prices, share counts and LTM financials for the eleven listed specialty-pharma peers.

3m ago · 47s
Step 3PendingRunningComplete

Apply our Adjusted EBITDA add-backs to every peer

Restate each peer on the firm's definition so the multiples are actually comparable.

2m ago · 31s
Step 4PendingRunningComplete

Build the trading comps table

EV/Revenue, EV/EBITDA and P/E at mean, median and quartiles.

1m ago · 24s
Step 5PendingRunningComplete

Write the Excel workbook

vega_pharma_comps.xlsx — every multiple cited back to the filing it came from.

1m ago · 12s · 1 artifact
Step 6PendingRunningComplete

Email me the workbook

Sent to the deal team with a short note on what moved since yesterday.

just now · 6s

Runs

Schedule

Every day at 08:00 America/New_York

Next run in 21h

0 8 * * * America/New_York

Edit Pause Remove

RUNNINGSUCCEEDEDjust now

Trigger: SCHEDULE
SUCCEEDED1d ago

Trigger: SCHEDULE
SUCCEEDED2d ago

Trigger: SCHEDULE
SUCCEEDED3d ago

Trigger: SCHEDULE

From one sentence to a running, scheduled workflow.

Trust the number

Every figure traces back to its source.

A single surface only works if you can trust it, so every number carries provenance — the filing, the data room, or the management file it came from. Click the flag on any cell and that source opens in-app, scrolled to the line it was read off, on the face of the statement rather than the commentary around it. Step through the tagged range and mark each one reviewed. No download, no SEC.gov tab, no black-box numbers.

Gross margin held at 66.5% on revenue of $13,507.0M1 citation for the quarter.

Atlas operating model.xlsx Income Statement!B8 13,507.0

Audit · NVIDIA Corp. 10-Q (Q1 FY2026) Income Statement · B8 · Revenue 1 of 12 SEC.gov

Citations (12) 54 reviewed

B8 · Revenue$13,507.0M10-Q for 1Q26
C8 · Cost of revenue$4,521.0M10-Q for 1Q26
B22 · Adj. EBITDA margin41.5%Data room · Adj. EBITDA bridge
B9 · Operating expenses$3,502.0M10-Q for 1Q26
B14 · Gross profit$8,986.0M10-Q for 1Q26
F30 · Net debt$1,940.0M10-K for FY25

Value $13,507.0M Mark reviewedReviewed

Opened to the exhibit — $13,507.0M is the Revenue line for the April 27, 2025 column, read off the statement, not the commentary.

NVIDIA CORPORATION

FORM 10-Q — QUARTERLY PERIOD ENDED APRIL 27, 2025

Item 1. Financial Statements

Condensed Consolidated Statements of Income3 Condensed Consolidated Balance Sheets4 Condensed Consolidated Statements of Cash Flows5 Notes to the Financial Statements6

Condensed Consolidated Statements of Income

(In millions, unaudited)

	Three Months Ended
	April 27, 2025	April 28, 2024
Revenue	13,507	7,192
Cost of revenue	4,521	2,544
Gross profit	8,986	4,648
Operating expenses	3,502	2,497
Operating income	5,484	2,151

See accompanying notes to the financial statements.

10-Q for 1Q26$13,507.0M Prev Next Finish audit

The record and the replies

The deal log keeps itself. The replies draft themselves.

Correspondence and compliance live on the same surface as the work, so they stop being a second job. Every email, meeting, and agent action lands in a live, exportable deal log, and when a counterparty writes in, the agent drafts the reply for you to approve, all without opening your email.

Deal Log

Live compliance record · 36 entries · 2 to review · Last synced 4m ago

Add note Paste email Sync Export log

Waiting on your reply · 1

Review the message, edit the reply, then send — or reject to discard.

Project Atlas — Meridian Logistics drafted 6m agojust now

In reply to Priya Raghavan

Re: Project Atlas — confirmatory diligence: Q3 working capital

Two follow-ups before Thursday: restate Q3 on the Adjusted EBITDA definition we agreed, and confirm the TSA exit costs in schedule 4 — our bridge nets differently.

18m agojust now

Show original message

Your reply

Drafted reply · awaiting your approval from analyst@arcalabs.com

Topriya.raghavan@meridianlogistics.com

Ccdeal-team@arcalabs.com

SubjectRe: Project Atlas — confirmatory diligence: Q3 working capital

Priya — Q3 is restated on the Adjusted EBITDA definition in the deal's Definitions tab: SBC added back, the June freight rebate excluded.

The schedule 4 TSA items net to $1.8m, not $2.4m — the difference is the intercompany accrual that reverses in Q3; tab 4 walks it.

Reject Approve & send

Project Atlas — confirmatory diligence: Q3 working capital 4 messages Jul 31, 2026, 4:12 PM – Aug 1, 2026, 11:20 AM

Email sent· Jul 31, 2026, 4:12 PM gmail

Project Atlas — confirmatory diligence: Q3 working capital

Sent the working-capital request list and the Q3 bridge template to Meridian.

Email received· Aug 1, 2026, 8:42 AM reviewed gmail

Re: Project Atlas — confirmatory diligence: Q3 working capital

Returns the Q3 bridge and asks two questions on the TSA schedule.

Email sent· Aug 1, 2026, 8:45 AM gmail

Re: Project Atlas — confirmatory diligence: Q3 working capital

Approved and sent from the deal log — restated Q3 and the schedule 4 walk.

Email received· Aug 1, 2026, 11:20 AM gmail

Re: Project Atlas — confirmatory diligence: Q3 working capital

Accepts the restatement and asks for the TSA exit-cost support.

Meeting· Jul 31, 2026, 11:00 AM manual

Management session — logistics network and TSA scope

Walked the Q3 bridge with Meridian's controller. Open: freight rebate treatment, TSA exit costs.

Agent action· Jul 31, 2026, 9:26 AM agent

Rebuilt the working-capital bridge from the July trial balance

atlas_wc_bridge.xlsx · every line traced back to the trial balance it came from.

Teams message· Jul 30, 2026, 5:41 PM teams

Project Atlas — diligence channel

Legal confirmed the TSA schedule can be shared under the existing NDA.

Note· Jul 30, 2026, 2:15 PM manual

Call with Meridian's controller

June intercompany accrual reverses in Q3; support to follow with the trial balance.

Status change· Jul 29, 2026, 4:30 PM manual

Stage moved to confirmatory diligence

Exclusivity signed; diligence request list issued to Meridian Logistics.

Document· Jul 29, 2026, 11:48 AM manual

Meridian Logistics — Q3 trial balance (final)

Registered as a deal file; supersedes the July 24 draft.

The output

Client-ready files, not chat answers.

The point of the surface is what comes off of it: real Excel models, PowerPoint decks, and Word memos in your house style, saved as first-class deal files you preview and download in full fidelity. Your golden-copy templates are the agent's playbook, so every output starts from your standard.

Valuation_Deck.pptxv6 Word

IC_Memo.docx

Meridian_Financial_Model.xlsxv4

Excel 02 — Valuation / Meridian_Financial_Model.xlsx v4 ⌘L Native view Open in Excel

	A	B	C	D	E	F
1	Project Atlas — Meridian Logistics
2	Operating summary · $ in millions
3
4		FY2023A	FY2024A	LTM	FY2025E	FY2026E
5	Revenue	1,284.3	1,412.6	1,486.3	1,540.7	1,663.9
6	Adjusted EBITDA	70.1	78.9	84.2	92.1	99.6
7	Adj. EBITDA Margin	5.5%	5.6%	5.7%	6.0%	6.0%
8	Capex	(31.6)	(34.1)	(35.9)	(36.8)	(39.4)
9	Levered free cash flow	24.8	29.4	33.6	38.9	44.2
10
11	Enterprise value	1,050.0
12	Implied EV / Adj. EBITDA	15.0x	13.3x	12.5x	11.4x	10.5x
13	Net debt / Adj. EBITDA	4.7x	4.2x	3.9x	3.5x	3.0x
14
15	Adjusted EBITDA per the deal's Definitions

B6:F6Audit 3+ Add to chat

Summary Operating Model Valuation Comps Sources

Deliverable Excel

Meridian_Financial_Model.xlsxExcel · 486 KB Download Every output starts from your firm's golden‑copy template

Across the firm

Ask once. Every answer, fully sourced.

Ask across every deal at once. Enterprise Search reads your files, connected drives, and your market-data providers, FactSet by default, then streams back a cited answer led by the steps it took, so the provenance you trust on one deal scales to the whole firm. It searches only what you are cleared to see: sealed deal folders and information barriers stay enforced, so a query never reaches across an ethical wall.

Chats New

Adjusted EBITDA add-backs across live deals
Logistics precedents, 2024–2025
Find the most recent CIM globally
AAPL-US quotes and 3-year revenue
Weekly comps refresh workflow
Precedent multiples, cold-chain logistics
Which deals reference the Vega comps set?
Meridian data room — new this week
Draft a memo template I can adapt
Where did we land on SBC Treatment?

Adjusted EBITDA add-backs across live deals Global · Connectors · FactSet · Creates workflows

Where else have we used Project Atlas's Adjusted EBITDA add-backs, and what did comparable logistics deals close at?

Used 6 tools · 22s Running Web search · “logistics EBITDA add-backs” Running FactSet · fundamentals · MRDN-US Running FactSet M&A · public_targets · Complete Running Search connector · datasite · “Meridian” Running Search files · “Adjusted EBITDA” Running Find deals · “logistics” Thinking…

1. Find deals “logistics” 412ms

Result

6 deals
2. Search files “Adjusted EBITDA” 1.2s
3. Search connector datasite · “Meridian” 2.8s
4. FactSet M&A public_targets · Complete 6.4s
5. FactSet fundamentals · MRDN-US 2.9s
6. Web search “logistics EBITDA add-backs” 4.1s

Three of the six logistics deals you're on reuse Project Atlas's Adjusted EBITDA add-backs, SBC included, against the same Definitions entry. Across 14 comparable closed transactions FactSet puts the median at 11.8x LTM EBITDA. Atlas at a $1.05B enterprise value implies 12.5x — 0.7x above the set.

Ask anything across your deals, drives, and FactSet Working…

Attach

Step 1 resolves the deals you are cleared on — six here. Every step after it reads inside that set and nowhere else.

Why ArcaLabs

Compliance-first AI, sourced and audited end to end.

IT and security teams approve us. Partners and MDs trust us. The teams under them ship work that holds up to a senior reviewer's red pen, and stop pulling all-nighters before the meeting. Every output is sourced, audited, and runnable in your firm's existing infrastructure.

Official FactSet Partner

Live, licensed, direct data access, not a reseller, not a crawled snapshot. The fastest comps refresh in finance. FactSet is our default, certified data source; the platform is provider-agnostic and sources from other trusted providers however your firm prefers.
From the makers of Arcafeed (acquired)

A team with a real fintech track record. We have shipped production infrastructure into banks before, so we know what your ops, infosec, and procurement teams will ask.
Built for regulated firms

SOC 2 Type II, hosted on ArcaLabs' secure cloud, with single-tenant VPC deployment available on request and a full audit trail on every prompt and output.

Schedule a Call

Project Atlas — Meridian Logistics

Definitions Excel

Vega Pharma comps.xlsx

These overrides apply to every workflow under this deal.

Auto-saves while you type Saved

Adjusted EBITDA

Reported EBITDA plus run-rate cost synergies and non-recurring items. Excludes out-of-period gains, pro-forma revenue uplift, and any synergy not evidenced in the VDR.

SBC Treatment

Non-cash; added back to Adjusted EBITDA. Dilutive — carried into FDSO on a treasury-stock basis.

Debt Treatment

Financial debt and finance leases, net of unrestricted cash.

NWC Definition

AR + inventory + prepaids, less AP, accruals and deferred revenue. Peg is the LTM 12-month average.

FDSO Count

Treasury stock method for options and RSUs. Source is the latest 10-Q.

See the whole desk on one surface.

Book a demo and we will run a live workflow on your own deal: a comps refresh, a valuation bridge, or a board deck, built on live, licensed market data, FactSet by default, in your house style, with every figure traced to source, end to end without leaving the screen.

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