Citi Investment Banking Pitch Book
ALR Estimated Federal Taxable Income Summary
($ in millions)
Profit Before Tax
Total Book to Tax Adjustments (1)
Taxable Income (Loss) before NOL Utilization
Net Operating Loss Deduction (2)
Estimated Tax Rate (3)
Estimated Tax Amount
8
Memo: NOLs at Year End
2021A
($29.7)
($2.6)
($32.3)
26%
$120.9(4)
2022E
($33.4)
$11.9
($21.6)
26%
$142.5
2023E
($17.0)
$9.3
($7.7)
26%
$150.1
2024E
Marginal tax rate of 26% based on 21% federal income tax rate and 5% state income tax as per ALR Management.
Includes $5.8mm of federal NOLS generated prior to the change-of-control restructuring in early 2020, restricting those NOLS to a utilization rate.
($4.6)
$8.5
$3.9
($3.1)
26%
$0.2
$147.0
Source: ALR Management as of 02/02/2023.
Comprised primarily of adjustments related to tax depreciation, business interest expense, gains/losses on asset sales and unrealized gains/losses on investments.
(2) Post TCJA (Tax Cuts and Jobs Act) losses, limited to 80% of taxable income.
(3)
2025E
$0.5
$7.2
$7.7
($6.2)
26%
$0.4
$140.8
2026E
$1.5
$6.8
$8.3
($6.7)
26%
$0.4
$134.2
2027E
$1.8
$6.5
$8.3
($6.7)
26%
$0.4
$127.5
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