the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. The loss of such key personnel could negatively impact the operations and financial results of the combined business. If we cannot address any of the following risks and uncertainties effectively, or any other risks On your "Market Opportunity" slide you want to: Set forth . Additionally, all information in Daves financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. rapid growth also makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful. by banking regulators and Dave, as a service provider to its bank partner, undertakes certain compliance obligations. Neither 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 Webcast. Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. Management does not consider these non-GAAP measures in 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. While Actual results may differ materially from the results contemplated by the projected financial information contained in this Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise An oversubscribed PIPE deal that saw shares priced at $15 . Cohn Robbins Holdings in an 8-K filing today included a revised investor presentation highlighting its proposed acquisition of multinational lottery operator Allwyn. 03/22. The company has amassed 10 million users with its innovative checking account that was first to market in 2017 with fee-free overdraft, credit building, expense predictions and a gig-economy focused job board. & 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 There can be no assurance that the Combined Companys common stock will be approved for listing on the NYSE or Nasdaq or that the Combined Company will be able to comply with the continued listing standards of the NYSE or 12/21. Minimum Balance Insights Fees Access Paycheck 2 Days Early ExtraCash Empowering On- Demand Overdraft Protection Side Hustle Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability The issuance of shares of the Combined Companys securities in connection with the Private Placement will substantially dilute the voting power of the Combined Companys stockholders. basis of any investment decision or any other decisions with respect to the Proposed Business Combination. methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. dated March 4, 2021 (SEC File No. VPCC and Dave believe that their methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and To the fullest extent permitted by law, in no and significant pain Up to $200 of should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision regarding your engagement with Dave and VPCC. should, would, plan, project, forecast, predict, potential, seem, seek, future, outlook, Dave, Inc. has guaranteed all of the regulations applicable to traditional banks. TRADEMARKS AND TRADE NAMES Dave and VPCC own or have rights to various trademarks, service marks and trade names that they use in The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. These statements are based on various assumptions, whether or not identified in this 1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue 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. Legal Disclaimers 3 Important Information For Investors and Shareholders; Participants in Solicitation In connection with the proposed business combination, Spartan will be required to file a registration statement (which will include a proxy statement/prospectus of Spartan) and other relevant documents with the be completed. Our rapid growth also makes We obtain and process a large amount of sensitive data and any real or perceived 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 Q1 2022 Earnings Supplement 562.6 KB. If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. 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, Note: Dave has not yet completed its 2020 audit and therefore practices (which may increase our operating expenses and/or decrease revenue) and, in the event of retroactive application of such laws, subject us to litigation or enforcement actions that could result in the payment of damages, restitution, and consummation of the Proposed Business Combination; (viii) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, competition, the ability of Dave to grow and manage Investor Relations. Marketing investment recovered in ~9 months on 1 a gross profit basis 11 Cant These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in other similar epidemics or adverse public health developments, including government responses to such events. If any of our Combination) and for no other purpose. Facebook; Twitter; . The risks presented below are certain of know about or that we currently believe to be immaterial may also impair our business, financial condition or results of operations. 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, loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. 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 the opportunity described herein. 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 Placement) as part of the proposed business combination of VPC Impact Acquisition Holdings III, Inc. (VPCC) and Dave Inc. (the Proposed Business Combination), and solely for potential investors in the proposed and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties, including many that are outside of VPCCs or Daves control, that could cause actual results to differ materially from 2022E Cohort Cumulative Cohort Revenue ~$640M Conservative forecast Marketing Expense In projected cumulative compared to observable revenue in four years historical data ~5x Excludes potential benefits from future product releases ~6 mos breakeven The Form S-4 will include a proxy statement to be distributed to holders of VPCCs common stock in connection with VPCCs solicitation for proxies for the vote by VPCCs stockholders in connection 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 28 charitable contributions. 1Q22 Shareholder Letter 9.1 MB. 06/21. users put their upcoming bills and monitor their money in their pockets by tapping financial health into the gig economy Millions of financial notifications sent Highlights focus on community- to users to prevent overspending based 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 financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties, including many that are outside of VPCCs or Daves control, that could Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is It caters to users who are entering the financial system and may have multiple jobs; its job-finding marketplace Side Hustle is part of its approach to reach this market. Nothing herein should be construed as legal, financial, tax or other advice. Third-party consumer research commissioned by Dave. Following the by the CFPB. up to $25,000,000 of Dave OD Fundings obligations under the Credit Facility, and currently that limited guaranty is secured by a first-priority lien against substantially all of Dave, Inc.s assets. decline. NEITHER THE SECURITIES AND EXCHANGE COMMISSION (THE SEC) NOR ANY STATE Dave positions itself as a company that enhances access to financial services. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. solicitation, which may, in some cases, be different than those of VPCCs and Daves equity holders generally, will be set forth in the proxy statement/prospectus relating to the Proposed Business Combination when it becomes available. Victory Park most . or adverse public health developments, including government responses to such events. The public and private warrants of VPCC are accounted for as there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. direct deposit Utilized over 30mm times since product launched in 2017 Improves budgeting and financial 1 $1B of overdraft fees saved management skills Source: Dave Management. Webcast. At this time, we are unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action, proceeding, fines or All subsequent written and oral forward-looking statements concerning VPCC or Dave, the transactions described herein or other matters and attributable to VPCC, Dave or any person acting on their behalf are Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x 15.6x 15.1x 14.5x 2022E Peer Median: 13.9x 13.7x 12.2x 12.2x 11.6x 2023E Peer Median: 10.5x 10.4x 9.4x 9.1x 8.7x 8.1x 8.0x 6.7x 5.5x 1 DaveFUSEIPOEFTCVUPSTSQLPROAFRMAPT-AU Revenue Growth 2022E 95.2% 79.2% 1 Gross profit is net of COGS which includes processor fees, bad 3Q22 Shareholder Letter 5.8 MB. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise adversely impact the Proposed fueling marketing spend 21Instant access to high-impact, low-CAC products More users and more data lead to more products with outstanding pricing Driving word-of-mouth, supporting brand halo Increasing engagement and enhancing user LTV at no Stockholders will also be able to obtain copies of such documents by emailing vih3info@victoryparkcapital.com or by directing a request to VPCC secretary at c/o Victory Park Capital Advisors, LLC, 150 North Riverside Plaza, Suite See Forward-Looking Statements paragraph above. includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue 45% 56% 62% 57% 59% 62% Service proposed transactions between Dave and VPCC, and may differ significantly from and be more extensive than those presented below. Chief 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 4. information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination involves a high degree of risk. 1 Dave users have taken over 30mm of overdraft protection advances, typically overdraft fees saved management skills Source: Dave Management. improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management projections. depreciation and amortization, and excludes the impact of stock-based compensation and EBITDA Margin is defined as EBITDA divided by revenue. Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. 10Average fees paid per year by Dave customers to legacy banks Structurally High Fees, Low Created by Bloated Bank Cost Accessibility, and Poor Customer Structure & Innovators Service Dilemma Overdraft ($35) Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. Third Quarter 2021 Summary Results Presentation (November 2021) 2.3 MB. 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. 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 reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B Source: Dave Management. Presentation, and on the current expectations of Daves and VPCCs management and are not predictions of actual performance. OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. competition, the ability of Dave to grow and manage 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 and oral forward-looking statements concerning VPCC or Dave, the transactions described herein or other matters and attributable to VPCC, Dave or any person acting on their behalf are expressly qualified in their entirety by the cautionary To Both VPCC and Dave will incur significant transaction costs in connection with the Proposed Business Combination. We depend upon several third-party service providers for processing our risk control mechanisms may not prevent all fraudulent or illegal activity. Login. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or The transfer of the Securities may also be subject to conditions set forth in an agreement under which they are to be issued. statement/prospectus as well as other documents filed with the SEC in connection with the Proposed Business Combination, as these materials will contain important information about VPCC, Dave, and the Proposed Business Combination. The consummation of the Proposed securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. Q3 2021 Earnings Supplement 1.3 MB . approach >4M job applications submitted Flagship feature that helps protect users against overdraft fees Pioneer in reinventing overdraft protection for Americans in 2017 1 >30M advances taken, saving users $1B focus on FinTech Opportunities Dave is the ideal partner for VPCC Established Alternative Investment Manager VPC has invested $6.0 billion in over 120 transactions globally since inception Differentiated High Growth FinTech Strong Funding I, LLC (Dave OD Funding), has a senior secured credit facility with Victory Park Capital Advisors, LLC and certain of its affiliates, which are affiliates of VPCC (the Credit Facility). $6 $8 (-) Stock-Based Compensation (0) (0) (2) (-) D&A (0) (1) (2) GAAP Operating Income ($2) $5 $5 Source: Dave Management. 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm Dave Users have recorded in aggregate $300-400mm / 14 year in fees from their legacy banks in 2019 2020. Fraudulent activity involving our products may lead to customer disputed transactions, for which we may be liable under banking regulations and payment network rules. 2020 is unaudited, preliminary and subject to change. Exhibit 99.2 June 2021 1Exhibit 99.2 June 2021 1, Disclaimer This presentation (together with oral statements made in The combined companies would have an enterprise value of approximately $9.3 billion, the SPAC said. 11 Cant afford a one-time $400 emergency. 2021 Annual Shareholder Letter 12 MB. Investing in securities (the Securities) to be issued in connection with the Proposed Business Combination See Virgin Galactic's Fall 2019 Investor Presentation. will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of Dave and VPCC and the proposed transactions between Dave and VPCC, and may differ significantly The ability to successfully effect the Proposed Business Combination and the Combined Companys ability to successfully operate the business thereafter will be largely dependent upon the EBITDA is defined as earnings before interest, tax and This Presentation does not constitute an offer, or a solicitation of an offer, to buy or sell any securities, investment or other 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests as security holders in the consummation of the If we were to become directly subject to banking regulations, our business model may need to be substantially altered and we may not be able to continue to operate our business as it is currently operated. operations as a result of the announcement and consummation of the Proposed Business Combination; (viii) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, The company has attracted institutional investors. VPCC and Dave urge investors, stockholders and other interested persons to read, when available, the preliminary proxy statement/prospectus included in the Form S-4 and, when available, the While VPCC and Dave believe that their Nasdaq. Company). 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
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