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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 16 slides",
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  "notes": "Includes detailed line items for EBITDA, tax adjustments, and dividend calculations.",
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      "kind": "callout",
      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "Source: Management projections and FactSet as of 7/10/18. (1) Return of capital per share / unit calculated as the total distributions to holders when Current Earnings & Profits are less than 0. (2) Qualified dividend calculated as equal to the lesser of Current Earnings & Profits or Distributions to Shareholder assuming Current Earnings & Profit is greater than 0. (3) Partial Return of Capital is calculated as the difference between Distributions to Shareholders and Current Earnings & Profits assuming Qualified Dividends are applicable.",
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