OppFi Pitch Deck
Transaction Overview
Sources & Uses ($mm)
Cash in Trust1
$243
•
Seller Rollover
$500
•
•
Pro forma fully diluted equity value of $803.0mm, 12.2x
multiple of 2021P Adj. Net Income or 9.1x multiple of 2022P
Adj. Net Income ³,8
Current owners will retain ~62% ownership in public OppFi1,2,4
The transaction is expected to close in Q2 2021
Excess Cash From Balance Sheet
$16
Pro Forma Valuation ($mm)
Total Sources
$759
Share Price
$10.00
Seller Rollover
$500
x Pro Forma Shares Outstanding 1,2
80.300
Proceeds to Selling Shareholders¹
$243
Pro Forma Equity Value
$803
Estimated Transaction Expenses
Total Uses
$16
+ Net Debt5
106
$759
Implied Enterprise Value
$909
Pro Forma Ownership 1,2,4
Multiples 6,7
8%
Equity Value/2021P Adj. Net Income8
12.2x
30% 62%
■Seller Rollover
■SPAC Investors
■FGNA Sponsor
Equity Value/2022P Adj. Net Income
9.1x
TEV/2021P Adj. EBITDA8
6.9x
TEV/2022P Adj. EBITDA
42
1. Assumes no redemptions
2. Excludes any impact of excess working capital at close
3. Adj. Net Income represents Adj. EBT tax-affected at 25% assumed tax rate. Pro forma for fair market value accounting and includes anticipated recurring public company costs
4. Assumes a share price of $10.00. Ownership excludes dilutive impact of -5.6 million Sponsor warrants struck at $11.50 and $15.00, -11.9 million Public Warrants struck at $11.50 and 25.5 million seller earnout shares released at share price
hurdles of $12.00, $13.00 and $14.00.
5. As of 12/31/20. Pro forma for estimated transaction expenses
6. 2021P Adj. Net Income of $66.0mm based on pre-tax income of $88.0mm and assumed tax rate of 25%; 2022P Adj. Net Income of $87.8mm based on pre-tax income of $117.1mm and assumed tax rate of 25%
7. TEV / Adj. EBITDA multiples based on 2021P and 2022P Adj. EBITDA of $132.0mm and $182.0mm, respectively. Adj. EBITDA pro forma for fair market value accounting and includes anticipated recurring public company costs
8. 2021P projections exclude potential impact of additional government stimulus
5.0x
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