Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 306

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 306
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 the same deployment delay from Scenario 2 with the additional assumptions of (1) first-year truck utilization being reduced by 10% from the Base Case assumptions and (2) all of Europe deployment being pushed back a year (“ Scenario 3 ”). • Scenario 4 . Assumes the same sensitivities from Scenario 3 with the additional assumptions of (1) a 10% haircut to all deployments, and (2) a lag in Europe utilization by three years relative to U.S. utilization (starting at 50% utilization in 2030) (“ Scenario 4 ”). Discounted Cash Flow Analysis The DCF method of the income approach estimates the value of a company as the present value of expected future cash flows that a business can be expected to generate. The DCF method begins with an estimation of the annual cash flows the subject business is expected to generate over a discrete projection period (e.g., a 16-year period). The estimated cash flows for each of the years in the discrete projection period are then converted to their present value equivalents using a discount rate appropriate for the risk of achieving the projected cash flows. The present value of the estimated discrete period cash flows is then added to the present value equivalent of the residual/terminal value of the business at the end of the discrete projection period to arrive at an estimate of total value. The terminal value is the value of a business beyond the explicit forecast period and represents the future cash flows expected to be generated by the business into perpetuity. The DCF analyses performed by Ocean Tomo considered both the Gordon Growth Model and Exit Multiples Approach when calculating the terminal value of the business in each scenario. The Gordon Growth Model is a formula used to calculate the terminal value that assumes that the cash flows generated by the subject company will increase at a constant growth rate into perpetuity. The Exit Multiples approach assumes that the value of a business can be determined at the end of a projected period based on the existing public market valuations of comparable companies. Exit multiples are derived from comparable companies by dividing enterprise value (“ EV ”) by current or expected

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financial performance indicators such as revenue or earnings before interest, taxes, depreciation, and amortization (“ EBITDA ”). The selected multiples are then applied to the revenue or EBITDA at the end of the discrete forecast period to arrive at an undiscounted indication of the terminal value. Ocean Tomo’s DCF analyses of PlusAI considered the forecasted discrete period of estimation from fiscal year ending December