dave spac investor presentation

The deal was announced in October. 06/21. FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are Investor Resources. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. circumstances will VPCC, Dave or any of their respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or financial measures determined in accordance with GAAP. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash Financial Officer Senior Partner & Co-Founder Executive Officer Joined Dave in 2017 Co-founded VPC in 2007 Founded Dave in 2017 Heads Finance & Operations Serial Entrepreneur 4Jason Wilk Kyle Beilman Brendan Carroll Co-Founder and Chief & Tech spending patterns; limits Learning to deliver fast and technology stack user offering inexpensive solutions #1 favorable opinion of ~20pp behind Dave in user Negative NPS scores for 4 Beloved 1 1 consumer finance apps satisfaction large Were going up against legacy banks and their 1 $30bn of overdraft FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X promulgated onboarding features at your fingertips, Advance approval after 30 process, in-person and just 15 minutes from 2 Speed-to-Value days, direct deposit branches and difficult to download to deposit for navigate financial offerings advance product Deep One of our wholly-owned In addition, this of VPCCs stockholders in connection with the Proposed Business Combination. cumulative compared to observable revenue in four years historical data ~5x Excludes potential benefits from future product releases ~6 mos breakeven Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand, as well as have a material adverse effect on our business. future, outlook, target or other similar expressions (or negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE isolation or as an alternative to financial measures determined in accordance with GAAP. Momentus Investor Presentation - Powering In-Space Transportation 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. EV / 2022E Revenue EV / Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. scale growth through COVID efficiencies; upside beyond forecast Source: Dave Management. Sep Oct Nov Dec Jan Feb Mar Apr May 2021A 2020A No concerted marketing effort all in-app Broad marketing campaign supported demand from existing users by targeted marketing to existing users Source: Dave Management. In addition, forward-looking statements reflect VPCCs and Daves expectations, plans or forecasts of future events and views as of the date of this Presentation. technology stacks and call centers Source: Dave Management, industry reports and user feedback. penalties against us. and multitude of associated steps four steps Multiple user-friendly Antiquated onboarding features at your fingertips, Advance approval after 30 process, in-person and just 15 minutes from 2 Speed-to-Value days, direct deposit branches and difficult See Forward-Looking Statements paragraph above. any exemption under the Securities Act. partner bank costs, debit funding fees, and 28 charitable contributions.Marketing investment recovered in ~9 months on 1 a gross profit basis 2022E Cohort Cumulative Cohort Revenue ~$640M Conservative forecast Marketing Expense In projected measures. VPCCs nor Daves independent auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, neither of them expressed an trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with Dave or VPCC, or an endorsement or sponsorship by or of Dave or VPCC. If the Proposed Business VPCC and Dave believe that the use of these non-GAAP financial measures provides an additional tool for investors to by the CFPB. The risks presented below are certain of the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. Source: Dave Management. All subsequent written EBITDA is defined as earnings before interest, tax and RISKS March 31, 2021 filed with the SEC on May 25, 2021 under the heading Risk Factors and other documents of VPCC filed, or to be filed, with the SEC, including those risk factors included in the proxy statement/prospectus contained in the the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may 19Phased Launch To Date growth profitably, and retain its key employees; (ix) costs related to the Proposed Business Combination; (x) changes in applicable laws or regulations; (xi) the possibility that Dave, or VPCC may be adversely affected by other economic, business, BigBear.ai Investor Presentation - GigCapital Contacts MacKenzie Partners, Inc. 1407 Broadway, 27th Floor New York, NY 10018 Telephone: (212) 929-5500 (Call Collect) or Call Toll-Free: (800) 322-2885 June 7, 2021 BigBear.ai Investor Presentation COMPANY. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. 102k 22k 2020A 2021E 2022E 2023E May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2021A 2020A No concerted marketing effort all in-app Broad marketing campaign supported demand from existing users by targeted marketing to existing users 25. immaterial that could also cause actual results to differ from those contained in the forward-looking statements. and minimum balance fees Massive and expensive brick / mortar ($10) for the most vulnerable customers footprints Onerous regulatory requirements (capital, interchange) constrain investment Mediocre digital user experience Legacy and antiquated Following the consummation of the Proposed Business Combination, the Combined Company will incur significant increased expenses and administrative burdens as a public company, which could negatively impact its business, Allows users to confidently track First neobank to help connection with the Proposed Business Combination. In addition to the approximately $144 million held in Panacea's trust (assuming no redemptions), a group of premier healthcare investors . 29 2 Growth-adjusted revenue multiples calculated as EV / CY revenue / CY revenue Additional risks that we currently do not Solving Legacy Pain Points Building a Better Bank No Overdraft or 1 Gross profit is net of COGS which includes processor fees, bad licensing requirements, disclosure requirements and usury or fee limitations, among other things. A special purpose acquisition company, or SPAC, is formed and taken public in an initial public offering with the sole intention of merging with a private company, thereby taking the private . any of which could have a material adverse effect on our business, financial position, and results of operations. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. forward-looking statements. Investor Presentation | Virgin Orbit Vision Launch The Virgin Way Missions Investor Information Careers Orbit for Everyone Team Contact Us The Latest Media Center Service Guide Launch with us Investor Presentation Investor Presentation August 23, 2021 Looking for more? 5200, Chicago, IL 60606. This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other Presentation does not purport to be all inclusive or to contain all of the information that may be required to make a full analysis of Dave or the Proposed Business Combination. The company has attracted institutional investors. obtain and process a large amount of sensitive data and any real or perceived improper or unauthorized use of, disclosure of, or access to such data could harm our reputation as a trusted brand, as well as have a material adverse effect on our offering of securities (the Securities) will not be registered under the Securities Act of 1933, as amended (the Securities Act), and will be offered as a private placement to a limited number of institutional These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. from and be more extensive than those presented below. Webcast. Fraudulent activity involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the Proposed Business Combination agreement may be terminated in accordance with its terms and the Proposed Business Combination may not The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial situations or financial needs. most vulnerable customers footprints Onerous regulatory requirements (capital, interchange) constrain investment Mediocre digital user experience Legacy and antiquated technology stacks and call centers Source: Dave Management, industry reports and Announced last month, the deal includes $828 million of cash in the SPAC's trust and a $350 million PIPE. 2Disclaimer This presentation (together with oral statements made in connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E 2022E 2023E Q3 2021 Earnings Supplement 1.3 MB . NO OFFER OR SOLICITATION This Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. proposed transactions between Dave and VPCC, and may differ significantly from and be more extensive than those presented below. SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESENTATION IS TRUTHFUL OR COMPLETE. Additionally, all information in Daves financial statements for the years 31 ended December 31, 2018 and 2019 are audited, but not to In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial Dave positions itself as a company that enhances access to financial services. Any interruption or delay in the services provided by our third-party service providers could impair the delivery of our platform and our business forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. Investor Presentation 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. risks and uncertainties inherent in an investment in us and in the Securities, including those described below, before subscribing for the Securities. If you hold public warrants of VPCC, VPCC may, in accordance with their terms, redeem your unexpired VPCC warrants prior to their exercise at a time that is disadvantageous to you. EBITDA is defined as earnings Stockholders will also be able to obtain copies of such documents by emailing vih3info@victoryparkcapital.com or by directing a request to VPCC secretary at c/o Victory Park Capital Rewards, and Side Hustle Source: Dave Management. 03/22. commitment and belief in business Net Cash on Balance Sheet 389 Estimated Transaction Fees 50 Valuation Total Uses $3,999 Pro forma implied Enterprise Value of $3.6bn, which equates to 9.4x 2022E revenue of $377mm 4 Pro Forma Ownership Pro opinion or provided any other form of assurance with respect thereto for the purpose of this Presentation. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is unaudited, preliminary There is no guarantee that a stockholders decision whether to redeem its shares for a pro rata portion of the trust account will put the stockholder in a better future economic position. merge with VPCC through a reverse-subsidiary merger Sources Dave to become a wholly-owned subsidiary of VPCC, which will be Existing Dave Shareholder Equity $3,500 renamed Dave and be the go-forward publicly traded company SPAC Cash in Trust Dave - SPAC Presentation Deck. Failure by us, or any of our business partners, to comply with applicable laws and regulations could have a material adverse effect on our business, financial position and results of operations. in VPCCs final prospectus dated March 4, 2021 (SEC File No. According to an investor presentation, the company generated $122M in revenue in 2020. Marketing) 4 13 29 58 87 113 EBITDA pre-Marketing $4 $29 $46 $52 presentation and perform your own due diligence prior to making an investment in Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. We aim to transform weight management through our proprietary biomimetic technology. VPCC, VPCC may, in accordance with their terms, redeem your unexpired VPCC warrants prior to their exercise at a time that is disadvantageous to you. also read VPCCs final prospectus dated March 4, 2021 (SEC File No. 2 Calculated as 10 meals per dollar information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. with respect to a potential business combination between Dave Inc. (Dave or the Company) and VPC Impact Acquisition Holdings III, Inc. (VPCC) and related transactions (the Proposed Business Note: Dave has not yet completed its 2020 audit and therefore all financial 115 Across all relevant mobile Many actual events and circumstances are beyond the control of Dave and VPCC. projections. Economic, political and other conditions may adversely affect trends in consumer spending. Note: Dave has not yet completed its 2020 audit and therefore all financial statement The general explanations included in this Presentation cannot address, and are not intended to address, your specific investment objectives, financial Learn More. 1 Gross profit is net of COGS which includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.Profit & Loss Highlight ($mm) 2018A 2019A 2020P 2021E of the stockholders of VPCC, certain regulatory approvals, or the satisfaction of other conditions to closing in the Merger Agreement; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020.1 Capital Raised / Users Acquired Dave: $6 Other donated. 2 Includes $1.4mm of lease liabilities and excludes Credit Facility and receivables related to the ExtraCash product. all of the regulations applicable to traditional banks. document does not contain all the information that should be considered concerning the Proposed Business Combination and is not intended to form the basis of any investment decision or any other investment decision in respect of the Business ExtraCash ExtraCash Recent bank revenue trends for Solving Crucial Daily Financial Direct Deposit cohorts suggest Pain Points Platform upside over time on engagement and revenue Where weve been Where were going Since inception not be able to continue to operate our business as it is currently operated. USE OF PROJECTIONS This Presentation contains projected financial information. If you hold public warrants of January 5, 2021. revenue when our users engage in cash We receive debit interchange fees when users pay with advances for overdraft protection their Dave debit card or fund their account via Debit rails Users can opt for free advances (1-3 days) or optional We also If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are immaterial that could also cause actual results to differ from LOS ANGELES, March 02, 2023 (GLOBE NEWSWIRE) -- Dave Inc. (the "Company") (NASDAQ:DAVE, DAVEW)), one of the leading U.S. neobanks on a mission to build products that level the financial . Information concerning the interests of VPCCs and 1 minute read. Mr. Meyer's SPAC, USHG Acquisition Corp. (ticker: HUGS) said Tuesday it would take the cash it raised earlier this year - a bit under $300 million - and invest in Panera Brands at the IPO price. We are cooperating fully with all pending inquiries and investigations, any of which could lead to administrative or legal proceedings or settlements. VPCCs sponsor, directors Source: Dave management. Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. operations. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement to be filed by VPCC with the SEC. Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. transactions with significant PIPE activity Strong Unit Economics The VPC SPAC franchise has raised over $1.2 billion of primary capital since September 2020 (4 SPACs + Bakkt PIPE transaction) Growing Addressable Market These forward-looking statements include, but Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or other similar epidemics improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management projections. Q1 2022 Earnings Supplement 562.6 KB. VPCC and Dave believe that the use of these non-GAAP financial measures provides an Dave. NO REPRESENTATION OR WARRANTY No representations or warranties, express or implied are given in, or in respect of, the accuracy or know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. The risks described below banks Source: Dave Management. SoFi Q4 2022 Earnings Conference Call. 'lvfodlphu 'lvfodlphuv dqg 2wkhu ,psruwdqw ,qirupdwlrq 7klv suhvhqwdwlrq wklv 3uhvhqwdwlrq lv surylghg iru lqirupdwlrqdo sxusrvhv rqo\ dqg kdv ehhq suhsduhg wr dvvlvw lqwhuhvwhg sduwlhv lq pdnlqj wkhlu rzq hydoxdwlrq zlwk uhvshfw wr d srwhqwldo exvlqhvv frpelqdwlrq ehwzhhq &) 2019 2020. Allows users to confidently track First neobank to help users put their upcoming bills and monitor their money in their pockets by tapping financial health into the gig economy Millions of financial RISKS RELATED TO THE use in evaluating projected operating results and trends in and in comparing Daves financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their The list below is qualified in included in the proxy statement/prospectus contained in the registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. After the Form S-4 has been filed and declared effective, the definitive proxy statement/prospectus will be mailed to VPCCs stockholders as of a record date to be established for voting on the Proposed Business This document does not contain all the information that should be considered concerning the Proposed Business Combination and is not intended to form the basis of any investment decision or any other 34. 6 3 Maximum proceeds to select existing employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. this Presentation may appear with the , TM or SM symbols, but such references are not intended to indicate, in any way, that Dave or VPCC will not assert, to the fullest extent under applicable law, their rights or the right of the applicable accredited investors as defined in Rule 501(a)(1), (2), (3) or (7) under the Act and Institutional Accounts as defined in FINRA Rule 4512(c). Aside from offering a comprehensive and competitive benefits package, we're also committed to fostering an inclusive environment for personal growth, creating challenges for career development, and providing opportunities for fun along the way. JMP Securities Technology Conference is being held March 6 - 7, 2023 at the Ritz . 62 slides. Business Combination may not be completed. Dave nor VPCC is making an offer of the Securities in any state where the offer is not permitted. new laws or regulations in many jurisdictions, including the U.S. states we operate in, that could restrict the products and services Dave offers, impose additional compliance costs on Dave, render its current operations unprofitable or even Combination (the Merger Agreement) and the Proposed Business Combination, and approval of the other proposals to be described in the proxy statement relating to the Proposed Business Combination. obligations could harm our business by resulting in litigation, fines, penalties, or adverse publicity and reputational damage that may negatively affect the value of our business, and compliance with such laws could also result in additional costs However, banking products made available through Dave by our bank partner remain subject to regulation and supervision by banking regulators and Dave, as a service provider to its bank partner, Third-party consumer research commissioned by Dave. We depend upon several third-party service providers for processing our Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x 15.6x 15.1x 14.5x 2022E Peer Median: 13.9x 13.7x 12.2x 12.2x 11.6x 2023E Peer Median: 10.5x 10.4x 9.4x 9.1x 8.7x 8.1x 8.0x 6.7x 5.5x 1 DaveFUSEIPOEFTCVUPSTSQLPROAFRMAPT-AU Revenue Growth 2022E 95.2% 79.2% Such projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. Consumer Financial Protection (the CFPB), the stated purpose of which is to determine whether there is or has been a violation of any laws enforced by the CFPB. qualification under the securities laws of any such jurisdiction. cause the transaction to fail to close; (v) the impact of the COVID-19 pandemic on Daves business and/or the ability of the parties to complete the Proposed Business Combination; (vi) the inability to obtain or maintain the listing of the data lead to more products with outstanding pricing Driving word-of-mouth, supporting brand halo Increasing engagement and enhancing user LTV at no additional CAC High-impact products significantly revenue-generative even before cross-attach, 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% 2023E 41.4% 64.3% 40.4% 30.1% 27.7% 21.9% 23.1% 27.3% 42.8% 2 Growth-Adjusted Revenue Multiples 2022E 0.10x 0.11x 0.23x 0.46x 0.64x 0.57x 0.46x 0.41x 0.25x 2023E 0.16x 0.09x 0.21x 0.27x 0.55x 0.66x 0.60x

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