Tempo SPAC Presentation Deck
Reconciliation to EBITDA
UNAUDITED
$ IN MILLIONS
T
Revenue
Trans Adj.²
PF Revenue
2
3
4
Net Income
Income Taxes
Depreciation and Amortization
Interest Expense
Remeasurement of Convertible Debt
Change in Fair Value of Warrants
Other Expense
Stock Based Compensation
Other One-time Adjustments - COGS³
Other One-time Adjustments - SGA4
EBITDA
EBITDA Margin
Pro Forma
12 Months Ended
12/31/19
$146.2
($0.9)
$145.3
$3.0
$5.5
$4.9
$6.4
$0.6
($1.4)
$0.0
$1.3
$0.3
$0.5
$20.9
14.4%
12/31/20
$142.5
($0.3)
$142.3
$0.4
$2.9
$5.8
$6.7
$0.0
($0.0)
$0.0
$1.8
$1.2
$4.8
$23.6
16.6%
Source: AC, Whizz Audited FY20 and FY19 financial statements; Tempo unaudited draft FY20 and FY19 financial statements; Management estimates
1
Pro forma (PF) figures include the acquisitions of Compass AC Holdings, Inc. ("Advanced Circuits" or "AC") and Whizz Systems, Inc. ("Whizz Systems" or "Whizz") which are expected to close substantially concurrently with the SPAC business combination
and exclude estimates of additional future acquisitions.
PF figures are adjusted to eliminate billings from Advanced Circuits to Tempo for purchase of product.
Whizz Systems charges incurred of $0.3M (FY19) and $1.2M (FY20) for certain related party transactions which are considered non-recurring charges post combination.
Whizz Systems charges incurred of $4.3M (FY20) for certain related party transactions and Advanced Circuits parent company management fee of $0.5M in each of FY19 and FY20, all of which are considered non-recurring charges post combination.
OCTOBER 2021 51
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