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  "documentTitle": "Baird | Investment Banking Pitch Book | 35 slides",
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  "notes": "The slide compares 'No Multiple Expansion' vs 'Elite Multiples Group' scenarios for share repurchases and provides a table of 9 historical buy-back events.",
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      "text": "Bar chart showing annualized returns and implied share prices for AR Today, AR 2020/2021 (No Multiple Expansion), and AR 2020/2021 (Elite Multiples Group)",
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      "text": "Source: FactSet and S&P Capital IQ as of April 13, 2018. (1) Market reaction defined as one day post-announcement. (2) Relative performance based on S&P 500 Index.",
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      "text": "SELECTED STOCK BUY-BACK ANNOUNCEMENTS & MARKET REACTION",
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      "text": "RETURN OF CAPITAL INITIATIVES",
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      "text": "POTENTIAL SHARE REPURCHASE ECONOMICS",
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