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  "documentTitle": "Evercore | Investment Banking Pitch Book | 54 slides",
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  "notes": "Includes mid-year discounting assumptions and specific WACC of 6.0%.",
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      "text": "Source: Company filings. 1. Represents NOL balance at the end of Q1 2020",
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      "text": "Valuation as of 3/31/20; using mid-year discounting ($ in millions)",
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      "text": "EBT (Pre-NOL) $2,811 $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 $ - 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 Memo Discount Period 0.38 1.25 Discount Factor 0.98 0.93",
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      "text": "Charter NOL Valuation",
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