ironSource SPAC Presentation Deck
Appendix: comparable companies benchmarking
Revenue
CAGR
($ in millions)
Core Peers
Digital Turbine
Trade Desk
Unity
Mean
Median
Enablement Peers
Adyen
BigCommerce
Bill.com
Shopify
Twilio
Mean
Median
Implied ironSource
ES ironSource
Equity Value
$7,796
$ 38,622
$ 35,383
$ 27,267
$ 35,383
$ 61,723
$ 4,359
$ 13,040
$ 145,876
$ 68,458
$ 58,691
$ 61,723
$ 11,074
Enterprise
Value
$7,771
$ 37,997
$ 33,631
$ 26,467
$ 33,631
$ 59,106
$4,140
$ 12,458
$ 138,857
$ 65,820
$ 56,076
$ 59,106
$ 10,334
Revenue Multiple
2022E
2021E
48.5 x
33.7 x
34.7 x
39.0 x
34.7 x
61.8 x
21.8 x
50.9 x
34.6 x
27.1 x
39.2 x
34.6 x
22.5 x
37.5 x
25.8 x
27.5 X
30.2 x
27.5 x
43.9 x
17.6 x
38.6 x
26.5 x
20.7 x
29.5 x
26.5 x
16.5 x
2020A 2022E
29 %
33%
26%
29%
29 %
43 %
24%
32%
34 %
34 %
33%
34%
37%
Growth Adj. Revenue
2021 E
2022E
1.65 x
1.03 x
1.34 x
1.34 x
1.34 x
1.44 x
0.90 x
1.58 x
1.02 X
0.79 x
1.15 x
1.02 X
0.62 x
1.27 x
0.78 x
1.06 x
1.04 x
1.06 x
1.03 x
0.73 x
1.20 x
0.78 x
0.60 x
0.87 x
0.78 x
0.45 x
Revenue
2022E
$ 207
$ 1,475
$ 1,225
$969
$1,225
$ 1,345
$ 235
$ 323
$ 5,241
$ 3,184
$ 2,066
$ 1,345
$ 626
EBITDA
Margin
2022E
63 %
35 %
1%
33 %
35 %
62 %
(6)%
(2)%
14 %
11 %
16%
11 %
30%
DBNER
138%
138%
138%
113%
121%
139%
124%
121%
149%
Source: Latest publicly available financial statements, Bloomberg, IBES. Market data as of 16-Mar-2021. Note: All research estimates have been calendarized to December. ironSource revenue based on non-GAAP; 2022E GAAP
revenue is $622. Digital Turbine revenue based on gross profit as a proxy for net revenue, with corresponding EBITDA margin based on net revenue accordingly. Digital Turbine CY2021E - CY2022E revenue growth used as a proxy for Confidential 51
2YR revenue growth rate due to February 2020 acquisition of Mobile Posse. ¹ Equity Market Cap based on fully diluted shares outstanding. 2 Projected revenues are based on IBES median estimates. ³ Post-money equity value. 4
Dollar-based net expansion rates as reported by the peers at their most recently reported fiscal quarter.View entire presentation