Terran Orbital SPAC Presentation Deck
Financial Summary
($ in millions)
2020A
Target NextGen Earth Observation Sats in Orbit
Satellite Solutions
Earth Observation Solutions
Revenue
% Growth
Satellite Solutions
Earth Observation Solutions
Adjusted Gross Profit
% Margin
(-) Operating Expenses
Adjusted EBITDA
% Margin
(-) Cap Ex
(-) Change in NWC
(-) Cash Taxes 1
Unlevered Adjusted Free Cash Flow 2
$25
0
$25
14%
$10
0
$10
40%
(15)
($5)
NM
(7)
(6)
($19)
2021E
$35
0
$35
42%
$10
(0)
$9
26%
(31)
($22)
NM
(20)
1
2022P
$94
3
$96
172%
$32
(0)
$32
33%
(68)
($36)
NM
(96)
(2)
($41) ($134)
2023P
16
$283
128
$411
327%
$107
110
$217
53%
(132)
$85
21%
(139)
(9)
(3)
($67)
2024P
32
$435
532
$967
135%
$179
481
$660
68%
(225)
$434
45%
(233)
(14)
(81)
$106
2025P
64
$640
1,060
$1,700
76%
$280
959
$1,239
73%
(306)
$933
55%
(263)
(21)
(226)
$423
2026P
96
$918
1,721
$2,640
55%
$423
1,557
$1,980
75%
(375)
$1,605
61%
(106)
(29)
(393)
$1,076
Management Discussion and Analysis
Both segments well-positioned for
robust growth
Gross margin expansion supported by
up-front investments in constellation
and infrastructure
As Terran's Earth Observation satellite
constellation scales capacity, the
business plans to recognize greater than
60% Adjusted EBITDA margins driven by
minimal ongoing operating costs
Satellite Solutions will benefit from
enhanced operating leverage utilizing
expanded facilities
Capital expenditures fund build out of
initial Earth Observation constellation
and proposed ~660,000 square foot
manufacturing facility
Source: Company management.
Note: This slide includes the Non-GAAP financial measures Adjusted Gross Profit, Adjusted EBITDA, Adjusted EBITDA Margin and Unlevered Adjusted Free Cash Flow. See the appendix for reconciliations of Non-GAAP financial measures for historical periods to the
most comparable U.S. GAAP financial measures.
1 Cash taxes calculation assumes a 27% tax rate, assumes utilization of certain NOLS and does not incorporate the tax impact of interest expense for outstanding debt.
2 Excludes the impact of $30 million payment obligation to an affiliate of Daniel Staton, to be paid quarterly over four years with the first year's payments in cash and the remaining payments, subject to compliance with the Company's debt facilities, in cash or stock
at the discretion of the Company.
TERRAN ORBITAL
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