TradeStation SPAC Presentation Deck
32
Historical and Projected Financials
($ in millions)
Trading-Related Revenue
Net Interest Income
Subscription and Other Revenue
Total Revenues
Crypto Revenue as % of Total Revenues
Employee Compensation & Benefits(2)
Cost of Service Provided
Marketing
Other Spending
Total Spending
Adj. EBITDA
Margin %
(4)
Depreciation & Amortization
Interest Expense on Borrowings
Adj. Pre-tax Income (Loss)(4)
Total Revenues
YOY Growth
Adj. EBITDA
Margin %
(2)
(3)
(4)
(3)
(4)
(1)
3/31/19A
$106
59
13
$177
$65
28
11
33
$138
$39
22%
$18
5
$17
3/31/20A
$113
65
10
$189
0%
$69
31
11
36
$147
$42
22%
$19
4
$18
12/31/19A
$183
$44
24%
Fiscal Year Ended,
3/31/21A
$170
40
9
$219
3%
$73
33
17
41
$165
$54
25%
$19
3
$32
12/31/20A
$206
12%
3/31/22E
$46
22%
$168
43
8
$219
7%
$100
38
58
50
$246
($26)
(12%)
$20
2
($48)
Calendar Year Ended,
12/31/21E
$220
7%
3/31/23E
$281
59
9
$349
15%
$124
55
108
62
$349
$0
0%
$22
($22)
12/31/22E
$310
41%
($15)
3/31/24E
$411
97
10
$518
Does not include initial or ongoing company grants anticipated to be made to employees pursuant to new public company equity compensation plans.
Other spending includes communications, market data, occupancy, software maintenance, professional services, regulatory fees, travel and entertainment, insurance, and other general and administrative costs.
Adj. EBITDA and Adj. Pre-tax Income (loss) are non-GAAP measures. Please see pages 1-3 for a definition and the Appendix for a reconciliation to the nearest GAAP measure.
21%
$152
83
147
71
$453
$65
13%
$26
$40
$3
2%
(5%)
Note: This page contains forward-looking statements that reflect assumptions, plans, estimates and beliefs and involve numerous risks and uncertainties. Please see pages 1 - 3 for information regarding non-GAAP financial measures and forward-looking statements and the Appendix for various
relevant assumptions. Actual results may differ materially from those contained in any forward-looking statements.
(1) Includes crypto trading and crypto lending
12/31/23E
$471
52%
$44
3 Year CAGR
34%
35%
9%
33%
32%
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