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      "text": "Discounted Cash Flow Key Assumptions: Duff & Phelps utilized and relied upon the Management Projections for the fiscal years ending December 31, 2014-2022... Beyond the projection period, Duff & Phelps estimated the \"terminal value\" using a perpetuity formula. Duff & Phelps discounted the resulting free cash flows and terminal value using a weighted average cost of capital range of 16.5% to 19.0%, derived from the Capital Asset Pricing Model. The following is a summary of the Management Projections and extrapolations of such projections utilized in the discounted cash flow analysis: The Company's net revenue is projected to increase at a compound annual growth rate (\"CAGR\") of 14.1% over the nine year period ending 2022. EBITDA is projected to increase at a CAGR of 13.2% over the nine year period ending 2022. The Company's EBITDA margin is projected to average 60.8% over the nine year period ending 2022. Total capital expenditures and capitalized development costs are projected to average 3.0% of revenue over the nine year period ending 2022.",
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      "text": "Discounted Cash Flow Methodology: Duff & Phelps performed a discounted cash flow analysis of the projected unlevered free cash flows. Unlevered free cash flow is defined as cash generated by the business that is available to either reinvest or to distribute to security holders. Projected free cash flows are discounted to the present using a discount rate which reflects their relative risk. The discount rate is equivalent to the rate of return that security holders could expect to realize on alternative investment opportunities with similar risk profiles.",
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