Total Proceeds Based on Ending Cash Using Price / Rev.

Hi

Likely a basic question but thanks for any help. Please consider this in the context of a VC funding round / returns analysis.

Imagine I have a company which I am valuing using Price / Revenue, in line with industry norms. Let's assume the company has $100m in Revenue in my exit year and the multiple is 5.0x (so exit valuation of equity = $500m). Let's also assume I own 10% of the company. Finally, let's assume that due to a successful run-up of financial results until that point, the company has accrued $50m cash balance (net of any debt) at the time of exit.

When I am calculating exit proceeds, do I ignore the cash balance? I get that Ent Value = Equity Value + Debt - Cash. But here, the Price / Revenue multiple gives me the equity value, so it would seem that the enterprise value is actually $100m Revenue x 5.0x - $50m cash = $450m which is theoretically correct but is irrelevant for the purposes of my returns analysis. But that implies just ignoring the cash balance altogether? So I suppose the question is this: would the "proceeds" I model based on Price / Revenue be exactly the same regardless of if the company had $1 or $100m of cash on the balance sheet? Is this just a weakness of using Price rather than TEV as the numerator in the multiple i.e. the ignoring of the cash balance?

Thanks for any help Ice