Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 307

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 307
---
 31 (“ FYE ”), 2025 through FYE 2040 – 2042, depending on the scenario. Ocean Tomo arrived at each indication of value by adding both the present value of the discrete period cash flows and a terminal value. This forecasted unlevered cash flow information was developed by Ocean Tomo based on the unit economics information, interviews with PlusAI management, and tax documentation provided by CCIX, and by Ocean Tomo applying the related assumptions around such unit economic information as described further in the section entitled “ Unit Economics ” and its industry expertise. Risk in each scenario was determined through Ocean Tomo’s selected discount rate, which was calculated using the Capital Asset Pricing Model (“ CAPM ”) approach, in addition to identifying qualitative measures of risk and benchmarking against venture capital and private equity rates of return for companies at similar stages of development and commercialization. The selected range of discount rates was calculated using the weighted average cost of capital formula and considered factors such as the results of published studies on discount rates and industry capital costs. In determining an EV/revenue and EV/EBITDA exit multiple for purposes of calculating a terminal value, Ocean Tomo reviewed certain financial data for 20 selected companies with publicly traded equity securities that were deemed relevant. The selected benchmarks were software-as-a-service (“ SaaS ”) companies given PlusAI’s SaaS business model. The selected companies and resulting median, mean, and quartile data included the following: • AppLovin Corporation; • Autodesk, Inc.; • Bentley Systems, Incorporated; • Box, Inc.; • CSG Systems International, Inc.; • Datadog, Inc.; • DocuSign, Inc.; • Dropbox, Inc.; • Dun & Bradstreet Holdings, Inc.; • Nutanix, Inc.; • Paycom Software, Inc.; • Paylocity Holding Corporation; • Pegasystems Inc.; • Sabre Corporation; • Teradata Corporation; • Tyler Technologies, Inc.;

<div align='center'>179</div>

• Unisys Corporation; • Veeva Systems Inc.; • Workday, Inc.; and

<div align='center'>180</div>

• ZoomInfo Technologies Inc.

| Software as a Service (SaaS) Companies |     | LTM        
 EV/Revenue |     | LTM       
 EV/EBITDA |
| AppLovin Corporation                   |     | 25.7x      |     | 47.1x     |
| Autodesk, Inc.                         |     | 10