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  "documentTitle": "Borders Group, Inc. (BGP)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2006-11-09 00:00:00",
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  "notes": "The slide reconciles reported EBITDA with Pro Forma EBITDA by adding back specific one-time costs.",
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      "text": "One time P&L impact of Remodels: YTD $2.5mm",
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      "text": "Superstores Segment Financials ($ in millions) 2005A 2006E Same store sales 1.1% 0.0% Revenue $2,710 $2,795 EBITDA 261 228 Margins 9.6% 8.2% One time costs: Redundant Distribution Center Costs $10 Advertising / G&A for Launch of Rewards 5 Impact of Remodels 5 Total $20 Pro Forma EBITDA $249 Pro Forma Margins 8.9%",
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