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  "notes": "Includes sensitivity analysis across WACC and EV/EBITDA multiples.",
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      "text": "Source: MDLY Management estimates. Files and information received from MDLY Management on July 19 and 20, 2019. Note: See appendix for WACC calculation detail. 1. Projected financials provided by MDLY Management and revised since August 2018 presentation. 2. Taxes calculated and used only for DCF purposes. 3. Management assumption: $150k per year, primarily related to technology. 4. Management assumption: Net working capital equal to 25-30% (shown as 27.5%) of annual operating expenses.",
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