Innovid SPAC Presentation Deck
33
P&L SUMMARY
Revenue
% Growth
1.
2.
Cost of Revenue
Gross Profit
% Margin
R&D
S&M
G&A
Total OpEx
Adjusted EBITDA³
% Margin
2018A
Audited
$48.4
11.0%
($9.4)
$39.0
80.5%
($12.2)
(19.4)
(5.9)
($37.6)
Historicals
$1.4
2.9%
2019A
$56.5
16.7%
($10.6)
$45.9
81.3%
($14.5)
(29.0)
(7.6)
($51.1)
($5.2)
-9.2%
Unaudited
2020A
$68.8
21.8%
($12.7)
$56.1
81.6%
($17.4)
(28.2)
(7.9)
($53.6)
$2.6
3.8%
2021E
$94.8
37.8%
($18.0)
$76.8
81.0%
($23.0)
(35.8)
(10.8)
($69.6)
$7.2
7.6%
Internal management results prior to PCAOB audit completion
No quantitative reconciliation of EBITDA to the most directly comparable GAAP financial measure has been provided for projections because management
cannot reliably predict all of the necessary components of the GAAP financial measure without unreasonable effort
3. Adjusted EBITDA includes add-back of stock-based compensation from 2018-2020; stock-based compensation not projected for 2021 - 2023
2
Projections
Projected
2022E
$130.1
37.2%
($24.7)
$105.4
81.0%
($27.3)
(46.9)
(15.6)
($89.8)
$15.6
12.0%
2023E
$177.3
36.3%
($33.7)
$143.6
81.0%
($32.8)
(56.7)
(19.5)
($109.1)
$34.6
19.5%
($ in millions)
Long-Term
Margins
82% - 85%
14%
26%
8%
48%
-35%
INNOVDView entire presentation