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  "documentTitle": "ATI Physical Therapy | SPAC Presentation Deck | 38 slides",
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  "presentationDate": "2021-02-01 00:00:00",
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  "notes": "Includes detailed footnotes regarding financial definitions and COVID-19 impact on 2018/2019 cohorts.",
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      "text": "Clinic Contribution by Cohort",
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      "text": "Note: Excludes co-located clinics... Clinic Contribution is a non-GAAP financial measure... Represents performance of standalone de novo clinics by build year.",
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      "text": "Clinics are generally located in urban, well-trafficked areas; Average clinic is ~3,100 sq. feet staffed with four clinicians; De novos break even around 8-15 months and take ~24 months to mature; Return initial capital in 12-18 months.",
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      "text": "Typical Unit Economics: CapEx $200-300K, Upfront Losses ~$100K, Total $300-400K, Contribution $150-200K, Implied Multiples ~1.5x - 2.7x",
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      "text": "De Novo Economics Are Highly Accretive & Predictable",
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