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  "documentTitle": "Edgewater Technology, Inc. (EDGW)",
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  "authorName": "Jim Chadwick",
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  "presentationDate": "2017-01-24 00:00:00",
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  "notes": "The slide uses a 'Value Creation (Destruction)' calculation to highlight negative returns.",
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      "text": "When Shirley Singleton became CEO in January 2002, Edgewater's market capitalization was $45.9 million. Today the market cap is $93.8 million (as of 1/20/2017). From 2002 – Sep 30, 2016, Edgewater has spent $104 million on acquisitions, and approximately $112 million of total capital expenditures. Over this same time period, the Company has generated cumulative negative free cash flow of -$60.4 million.",
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      "text": "Free Cash Flow: ($60.4) million",
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      "text": "In Edgewater’s most recent investor presentation, filed on January 10, 2017, the Company mentions that the business generated $3.2 million of free cash flow (“FCF”) on $125.2 million of LTM revenues, which is less than the $5.5 million of FCF generated in 2014 on $113 million of revenues, despite spending approximately $33 million on acquisitions in 2015.",
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      "text": "(1) Source: All data provided by CapIQ; (2) Acquisition costs include direct acquisition costs, cash acquisition costs, and earn-outs",
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