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  "docSlug": "4ee354470b615d587f65effaca15faf0",
  "documentTitle": "Baird | Investment Banking Pitch Book | 35 slides",
  "authorId": "baird",
  "authorName": "Baird",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-04-01 00:00:00",
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  "pageNumber": 14,
  "pageCount": 35,
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  "slideType": "financial_analysis",
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  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The chart uses a waterfall structure to reconcile reported FCF to isolated E&P FCF by adjusting for specific items like AM distributions, water earn-outs, and lawsuit recoveries.",
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      "kind": "callout",
      "text": "AR Free Cash Flow Definition: Cash Flow from E&P Operations, Plus: AM Distributions, Plus: Water Earn-Out & Lawsuit Recoveries, Less: Drilling Capital Expenditures, Less: Changes in Working Capital, Less: Leasehold Maintenance Expenditures",
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      "text": "Waterfall chart showing reconciliation from AR Reported FCF to Isolated E&P FCF",
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      "kind": "source-note",
      "text": "Source: Antero Management projections.",
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      "kind": "title",
      "text": "2018 – 2022 AR FREE CASH FLOW BRIDGE",
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