Brivo Financial & Market Positioning
Summary P&L
Brivo financial summary and expected forecasts
$1.7
$4.5
$8.5
3.9%
8.9%
14.8%
($2.8)
($0.9)
Actual
Projected
($ in millions)
2018A
2019A
2020A
2021A
2022E
2023E
2024E
2025E
Subscription Revenue
Hardware & Other Revenue
Total Revenue
YoY Growth (%)
$17.4
$21.0
$25.5
$31.0
$48.6
$85.3
$149.8
$240.7
25.1
30.2
31.9
42.4
61.5
$42.5
$51.2
$57.4
$73.4
$110.0
93.7
$179.1
140.1
175.9
$289.9
$416.6
12.1%
27.8%
49.9%
62.8%
61.9%
43.7%
Gross Profit
$27.2
$32.6
$34.2
$41.9
$69.1
$106.9
$179.9
$267.2
% Margin
64.0%
63.7%
59.5%
57.2%
62.8%
59.7%
62.0%
64.1%
Adjusted EBITDA (1)
% Margin
FCF(2)
$1.2
($5.8)
($0.7)
($4.3)
($3.5)
$32.7
$91.9
NM
NM
NM
11.3%
22.1%
($24.4)
($35.4)
$6.4
$52.5
($ in millions)
Adjusted EBITDA Reconciliation
Net Income (Loss)
Income Tax
Interest Expense
Actual
Projected
2018A
2019A
2020A
2021A
2022E
2023E
2024E
2025E
($3.1)
($1.2)
$1.0
($9.2)
($15.7)
($17.5)
$15.7
$72.8
(0.3)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.6
0.8
1.2
0.9
0.0
0.0
0.0
0.0
Depreciation & Amoritization
4.3
4.8
5.9
7.3
11.0
13.5
16.5
18.6
Stock Based Compensation
0.2
0.2
0.3
0.3
0.5
0.5
0.5
0.5
Adjusted EBITDA (1)
$1.7
$4.5
$8.5
($0.7)
($4.3)
($3.5)
$32.7
$91.9
Free Cash Flow Reconciliation
Actual
Projected
($ in millions)
2018A
2019A
2020A
2021A
2022E
2023E
2024E
2025E
CF From Operations
CF From Investing
FCF(2)
2.8
(1.5)
$1.2
2.1
(4.9)
($2.8)
5.2
(6.1)
($0.9)
(0.8)
(11.6)
(18.4)
(5.1)
(12.8)
(16.9)
25.5
(19.0)
75.4
(22.9)
($5.8)
($24.4)
($35.4)
$6.4
$52.5
(1) Adjusted EBITDA is a non-GAAP measure. 2020 Adjusted EBITDA includes the benefit of $3.5m PPP funding that flows through the income statement "other income" as a direct offset to operating expense. The PPP loan enabled the Company to maintain its operational scale without
having to implement cost cutting measures in response to COVID-19.
Obrivo.
(2) Cash flows from operating activities less cash flows from investing activities.
Please refer to "Disclaimer" on Slides 2 and 3 including sections on Forward-Looking Statements, Preliminary Financial Information and Non-GAAP Financial Measures.
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