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  "documentTitle": "Houlihan Lokey | Investment Banking Pitch Book | 43 slides",
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  "notes": "Includes mid-year convention note and specific assumptions for terminal value and tax rates.",
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      "text": "Note: Present values as of 9/6/19; mid-year convention applied. Refer to WACC calculation for derivation of discount rate. 1. Represents 3.8 months of projected quarterly financial information. 2. Projected taxes per Poconos management. Terminal year tax rate at 22.5%, per Poconos management. 3. Reflects portion of other minor operating cash flow items not attributable to change in net working capital, per Poconos management. 4. Implied from corresponding discount rate and 2021E Adjusted EBITDA multiple. Source: Poconos projections per Poconos management.",
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