Azerion SPAC Presentation Deck
Comparable peers
Our margin presented to provide read-across for peers
Determining the adjustments to our revenue
For companies that act as an intermediary for services, consideration needs
to be placed on how revenues are presented: gross or net of their related
costs. This is the case in most accounting standards. Whether revenue is
reflected on a gross or net basis does not impact gross profit or EBITDA.
We have determined that we are the primary obligor for our advertiser
services for advertising and targeted media delivery when we control the ad
space/inventory, and this was agreed with our auditors
To provide read-across to certain industry peers, several adjustments can be
made to our Voidu and Real Time Bidding (RTB) business lines
In order to derive Comp Market Net revenue, Reported Net Revenue is
adjusted to exclude the publisher payments
1 Adjustments to Voidu
Our Voidu business sells game software keys on behalf of publishers.
Comp market Net Revenue equals Reported Net Revenue minus
payments to publishers for software keys
2
Adjustments to RTB
Our RTB business facilitates the buying and selling of ad impressions
through our programmatic auction platform. Comp Market Net
Revenue equals the Reported Net Revenue minus payments to
publishers who we place ads with
azerion Source: Deloitte De-SPAC due diligence report dated 28 September 2021.
Adjusted EBITDA margin bridge
€195.1m
150.9
14%
44.2
2020A Reported
Revenue
1
22.4
Voidu adjustments
Premium Gaming
2
36.1
RTB adjustments
Ad Platform
€136.6m
92.4
%
19%
44.2
2020 Illustrative
Revenue
€26.5m
2020A adj. EBITDA
Adj. EBITDA margin
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