[Scorpion Man]

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DSUP has an enterprise value at $8.50 of (depending on which seasonal balance sheet you use) around $480m.

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What about the remaining future minimum lease payments under non-cancelable operating leases? They are material in this case. $64.3 million as of the June balance sheet.

Most credit guys consider non-cancelable operating leases a form of off balance sheet financing and will finesse the $64.3 million figure to create adjustments to debt, EBITDA, interest expense, enterprise value, etc.

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this is not that big a deal because if you use operating leases, you then have to use EBITDAR, which is higher. Changes things some, but not a ton.