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  "documentTitle": "Tudor, Pickering, Holt &amp; Co | Investment Banking Pitch Book | 77 slides",
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  "notes": "Confidential draft subject to change. Includes detailed line items for EBITDA, tax adjustments, and distribution per unit/share.",
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      "text": "Source: Management projections and FactSet as of 10/3/2018. Note: 1.6609x represents implied XR at 1.6350x equity XR; cash used to pay taxes, with any excess cash assumed to be used to purchase additional secondary shares.",
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      "text": "(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 the lesser of Current Earnings & Profits or Distributions to Shareholder assuming Qualified Dividends are applicable. (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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