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  "documentTitle": "Qatalyst Partners | Investment Banking Pitch Book | 26 slides",
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  "authorName": "Qatalyst Partners",
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  "presentationDate": "2012-10-01 00:00:00",
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  "pageNumber": 12,
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  "nDataPoints": 72,
  "notes": "The slide compares subscriber counts, revenue, and adjusted EBITDA across three time periods, highlighting the delta between external analyst expectations and internal management guidance.",
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      "kind": "callout",
      "text": "Q3'CY12E Guidance: (Announced on July 25, 2012) Ending subscribers (000s): 2,000-2,020 Revenue: $122-$125MM Adjusted EBITDA: $46.5-$49.0MM",
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      "text": "CY12E Guidance: (Announced on July 25, 2012) Ending subscribers (000s): 2,000-2,020 Revenue: $473-$480MM Adjusted EBITDA: $170-$175MM",
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      "text": "Both Street and Management Cases exclude Archives.com",
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      "text": "Source: Capital IQ and Wall Street Research. All estimates are Non-GAAP projections, excluding stock-based compensation, amortization of intangibles and other non-recurring charges. (1) Arbor Street Case based on consensus analyst estimates as of October 17, 2012. (2) Arbor Management Case based on Arbor Management (2013 projections as of May 2012, 2012 forecast as of October 2012). Excludes contribution from Archives.com.",
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      "text": "Financial comparison table for Q3'CY12E, CY12E, and CY13E",
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      "text": "Arbor Street vs. Management",
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