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  "notes": "The slide uses a waterfall chart structure to bridge from reported EBITDA to adjusted figures by subtracting Equity Income, Gain on Sale, SBC, and Startup Costs.",
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      "text": "Source: Luna management. Note: FY2017 EBITDA does not adjust for $20mm of non-cash Pilgrim and $65mm of start-up costs to the extent diligence shows to be non-recurring. 1) EBITDA Pre-SBC includes income from Epix, POP Network, and various other minority equity investment gains and losses. 2) Start-up costs of $64.9mm in 2017E, $45.7mm in 2018E and $8.7mm in 2019E",
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