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  "docId": "019de06f-6e3e-7077-a233-0960269d6dc3",
  "docSlug": "9ffdbe63cafe0fdab0fe06827ff4ea3a",
  "documentTitle": "PJT Partners | Investment Banking Pitch Book | 53 slides",
  "authorId": "pjt-partners",
  "authorName": "PJT Partners",
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  "presentationDate": "2016-06-01 00:00:00",
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  "pageNumber": 10,
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  "nDataPoints": 48,
  "notes": "Includes EBITDA margin callouts and detailed footnotes defining financial metrics and projection methodology.",
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      "text": "PROJECTED REVENUE(1)",
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      "text": "PROJECTED FREE CASH FLOW(3)",
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      "text": "Source: Solar Management. Projections were provided by Lunar Management. Note: Solar CY financial projections converted to FY by assuming 75% of financial results derived from the CY prior and 25% of financial results derived from the following CY for those years in which quarterly financial information is unavailable. (1) Segment revenues may not add to total due to eliminations. (2) Adj. EBITDA (pre-SBC) defined as revenues less direct costs of revenue and less SG&A expenses excluding stock-based compensation. Adj. EBITDA (post-SBC) defined as revenues less direct costs of revenue, less SG&A and less stock-based compensation. (3) Levered Free Cash Flow defined as Adj. EBITDA (post-SBC) plus stock-based compensation, less cash interest, less cash taxes, less cash spend on programming in excess of amortization, less purchases of PP&E & investments and less change in working capital and other.",
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      "text": "Solar Projected Financial Summary",
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      "arcSlug": "sequoia-pitch",
      "beatName": "Solution",
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      "position": 0,
      "objective": "What are the consequences of not pursuing the merger?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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