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  "docSlug": "c32259a8fff86fda2f9cb093ab59b71b",
  "documentTitle": "Citi | Investment Banking Pitch Book | 21 slides",
  "authorId": "citi",
  "authorName": "Citi",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2023-02-01 00:00:00",
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  "pageNumber": 14,
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  "slideType": "financial_analysis",
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  "notes": "Includes Citi branding and detailed footnotes regarding financial adjustments.",
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      "text": "Source: AlerisLife Management as of 02/02/2023. Note: AlerisLife YE 2022 capitalization per ALR management. ALR's net debt balance of $24.4mm excludes cash held by ALR's captive insurance entity per ALR management. (1) ALR EBITDA burdened by annual Stock-Based Compensation expense of $2.0mm, included in General & Administrative expense. (2) Marginal tax rate of 26% based on 21% federal income tax rate and 5% state income tax. Analysis assumes no further tax attributes utilized during forecast period.",
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      "text": "Terminal year perpetuity growth rate of 1.0% to 3.0%\nCash flows discounted to 12/31/2022 using discount rate range of 17.7% to 19.8%\nExcludes any tax attributes",
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      "text": "5-year DCF projection table showing Revenue, EBITDA, NOPAT, and Unlevered Free Cash Flow",
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      "kind": "table",
      "text": "Sensitivity analysis table for Implied Equity Value Per Share",
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      "text": "Implied Enterprise Value calculation table",
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      "evidence": "The 'Selected Assumptions Underlying Financial Projections for ALR,' 'ALR Financial Projections,' and 'Discounted Cash Flow Analysis' slides offer detailed evidence and proof.",
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