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  "documentTitle": "Evercore | Investment Banking Pitch Book | 54 slides",
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  "authorName": "Evercore",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2020-06-01 00:00:00",
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  "pageNumber": 49,
  "pageCount": 54,
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  "notes": "The slide uses mid-year discounting and provides a breakdown of NOL usage and tax benefits for Q2-Q4 2020 and 2021.",
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      "kind": "source-note",
      "text": "Source: Company filings. 1. Represents NOL balance at the end of Q1 2020",
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      "kind": "subtitle",
      "text": "Valuation as of 3/31/20; using mid-year discounting ($ in millions)",
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      "text": "Memo Discount Period 0.38 1.25; Discount Factor 0.98 0.93",
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      "text": "Tax Benefits at 21% Federal Income Tax Rate $590 $792; PV of Total Federal NOLs at 6.0% WACC $578 $736; NPV of Federal NOLs at 6.0% WACC $1,314",
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      "text": "EBT (Pre-NOL) Q2-Q4'20E $2,811 2021E $4,837; Less: NOL Usage (2,811) (3,770); EBT (Post NOL) $ - $1,067; NOLs Beg. of Period $6,581 $3,770; Plus: Accumulation - -; Less: Usage (2,811) (3,770); End of Period $3,770 $ -",
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      "kind": "title",
      "text": "Charter NOL Valuation",
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