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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 94 slides",
  "authorId": "tudor-pickering-holt-co",
  "authorName": "Tudor Pickering Holt",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-09-01 00:00:00",
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  "pageNumber": 79,
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  "notes": "Includes detailed footnotes regarding valuation methodology and tax assumptions.",
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      "text": "IDR LLC Cash Flow",
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      "text": "AMGP Total Distributions",
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      "text": "Source: Management Projections, Company Filings. (1) Implied AMGP and Series B valuation from 2016A through 2020E based on 2018E yield. (2) Implied AMGP and Series B valuation from 2021E forward based on yield vs growth regression analysis derived on slide 18. (3) Excludes IPO related G&A. (4) Series B Valuation calculated as 6% of the valuation of AMGP less $2 billion. (5) Illustrative yield based on regression analysis as presented on page 91.",
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      "text": "IDR LLC owns the 100% of the IDRs in AM and has two share classes. AMGP owns 100% of the Series A units. Management owns 100% of the Series B units. Series B unitholders are entitled to receive up to 6% of the distributions from AM in excess of $7.5MM per quarter. Remaining profits pass through AMGP via Series A shares. Series B units scheduled to vest at a value of 6% of equity value above $2 billion in the event of a liquidation of IDR LLC. AMGP currently pays corporate taxes of 21% and 4% at the federal and state taxes, respectively.",
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      "text": "AR Downside Volumes Case",
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