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  "docId": "019f6b8f-0212-73bd-9499-c5531bcd3b43",
  "docSlug": "jarvis-calm-company-portfolio-valuation-update-december-2021",
  "documentTitle": "Calm Company Portfolio Valuation Update December 2021",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2021-12-01 00:00:00",
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  "pageNumber": 5,
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  "slideType": "appendix_methodology",
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  "notes": "Includes a specific 'Watchlist protocol' for underperforming assets.",
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      "text": "Decision tree for valuation marking",
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      "kind": "list",
      "text": "Watchlist protocol:\n• 12-24 n-months, trend improves for two qtrs: remove from WL\n• 12-24 n-months, trending down for two qtrs: mark @ 75% of cost\n• >24 n-months, trending down for two qtrs: mark @ 50% of cost\n• >36 n-months, trending down for two qtrs: mark @ 25%, consider write-off",
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      "kind": "list",
      "text": "1. The majority of distributions to the fund and LPs will likely come via proceeds of a sale of the business\n2. Revenue growth is the primary driver of evaluating progress for portfolio companies.\n3. Annualized Revenue is the primary driver of estimated company value.\n4. We’ve chosen 5x Annualized Revenue as a reasonable benchmark for the value of portfolio companies.\n5. Our financing model contemplates scenarios where the founder wants to sell for something under the Valuation Cap of the SEAL, and we believe it’s far to mark companies up as “partial credit” toward our Shared Earnings Cap for salable assets.",
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      "kind": "paragraph",
      "text": "Though we will continue to improve our approach over time, we have put the following business logic in place to formalize and guide our valuation methodology moving forward (TL;DR chart below):",
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      "kind": "paragraph",
      "text": "Our headline principles underlying the methodology are as follows:",
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      "kind": "title",
      "text": "Valuation Methodology Details",
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  "loops": [
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      "to": 6,
      "from": 5,
      "name": "Benchmark Gap",
      "slug": "39-benchmark-gap",
      "bestFor": "Performance improvement, competitive analysis, target setting",
      "matchId": "50bd8c4f-ef42-468a-bf77-0acdf8cea230",
      "evidence": "The appendix on methodology details provides a benchmark for understanding the valuation approach.",
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      "objective": "To provide transparency and credibility in the valuation methodology.",
      "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity",
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      "description": "Compare performance against best-in-class to quantify the opportunity"
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