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  "notes": "Includes a calculation note explaining the $84mm value capture figure.",
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      "text": "Illustrative value capture of ~$84mm assumed to be the difference between 2021 Adjusted EBITDA / fleet of ProFrac Predecessor and FTSI Successor ($6.5mm) multiplied by FTSI active fleets (13)",
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      "text": "Source: ProFrac provided information: 1) ProFrac Predecessor Adjusted EBITDA defined as net income (loss), before (i) interest expense, net, (ii) income tax provision, (iii) depreciation, depletion and amortization, (iv) loss on disposal of assets and (v) other unusual or non-recurring charges, non-recurring supply commitment charges, certain bad debt expense and gain on extinguishment of debt; 2) FTSI Adjusted EBITDA defined as net income (loss), before (i) interest expense, net, (ii) income tax provision, (iii) depreciation, depletion and amortization, (iv) loss on disposal of assets and (v) other unusual or non-recurring charges; 3) Based on 13 active fleets as provided in FTSI 3Q21 press release dated 11/4/21; 4) Adjusted EBITDA per fleet defined as Adjusted EBITDA divided by a daily average of active fleets during period",
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