Skillsoft SPAC Presentation Deck
Introduction
Strategy
Adj. Gross Revenue
Content
ATTRACTIVE ENTRY VALUE
($ in B)
Firm Value / CY2022E
Adj. Revenue
VALUE CREATION OPPORTUNITY FOR INVESTORS
Firm Value / CY2022E
Adj. EBITDA
BUSINESS PLAN SUPPORTS SIGNIFICANT ADJ. EBITDA GROWTH
(Adj. EBITDA; $ in M)
Equity Value / CY2022E LFCF
skillsoft
Platform
Implied Skillsoft Firm Value (2)
Go-To-Market
$158-$163
CY2020
$686-$691
2.2x
7.6x
5.6x
Finance
skillsoft
$1.5
Q&A
(1)
'20-'22 Adj. EBITDA CAGR 12%
5.3x
15.4x
18.0x
Cornerstone
$3.7
$155-$175
CY2021
$645-$675
6.1x
2 Based on peer CY2022E Revenue multiples. Skillsoft firm value based on acquisition values of Skillsoft and Global Knowledge.
Source: FactSet. Market data as of 2/19/21.
17.9x
26.3x
ltg
learning
technologies
group
$4.3
$180-$220
CY2022
$675-$725
6.7x
148.0x
82.3x
PLURALSIGHT
$4.7
Notes:
1 Based on acquisition values of Skillsoft and Global Knowledge. Multiples based on midpoint of FYE 1/31/23E range. Global Knowledge revenue reflects Gross Revenue.
LFCF assumes ~70% conversion.
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