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  "documentTitle": "Houlihan Lokey | Investment Banking Pitch Book | 42 slides",
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  "authorName": "Houlihan Lokey",
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  "presentationDate": "2022-12-01 00:00:00",
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  "notes": "The slide compares management's adjusted figures against more conservative scenarios that do not add back share-based compensation or intangible asset amortization.",
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      "text": "Adjusted Net Income refers to earnings, adjusted for unrealized gains/losses, intangible asset amortization, stock-based compensation and certain unusual or non-recurring items. Refer to the next page for additional details on adjustments; Adjusted ROAE refers to Adjusted Return on Average Equity and is calculated as adjusted net income divided by average book value of equity (excluding AOCI); E refers to Estimated. 1. Tax-effected at projected tax rate of 21.0% in 2021 and 22.0% in 2022 through 2027 per Company management. Source: Company management and Management Projections.",
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      "text": "As most selected companies reviewed do not make add-back adjustments for these expenses, the below illustrates three alternative derivations of Adjusted Net Income (which may be relevant to financial analyses), as well as corresponding ROAE calculations, for the Company over the projection period:",
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      "text": "Company management's financial projections for Adjusted Net Income are consistent with public reporting of historical performance and include add-backs for expenses relating to (i) share based compensation and (ii) amortization of intangible assets.",
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      "text": "Table showing ROAE percentages and Adjusted Net Income dollar values for 2022E-2027E across three scenarios.",
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      "kind": "title",
      "text": "Projected Adjusted Net Income Detail",
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      "text": "Selected Net Income Adjustments and ROAE",
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