34. Valuation Issues – Deferred Revenue II Cash Flow Comparison – Annual vs. Monthly Customers $180 $180 $180 $180 $180 $180 CF with Monthly Pay 12 12 12 12 12 12 Number of Subs Renewing All Monthly Cust $180 $180 $180 $180 $180 $180 CF with Annual Pay 1 1 1 1 1 1 Number of Subs Renewing Jun May Apr Mar Feb Jan All Annual Cust 12 Total Customers $15 Cash/Sub/Month