RE:Add ons to ETC contractsChi, the 7x - 8x was based on ETC actual experience with contracts prior to the acquisition by QTRH. It is a talked to factor within the industry, not just ETC/IRD/QTRH. I'm using 5x in my model, as you note. QTRH won't indicate a multiple number and will only say ~7.5x is the average. The low in the range was ~3.8x as I recall. That's why I am comfortable with 5x for now.
It is a real factor.