Note: Dave has not yet completed its 2020 2 Calculated as 10 meals per dollar donated.Total Meals Overdraft Fees Pledged to 34. Such projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. You should consult your own advisers concerning any legal, financial, tax or other considerations concerning furnished by Dave and VPCC, with the U.S. Securities and Exchange Commission (the SEC), including the documents filed or furnished in connection with the proposed transactions between Dave and VPCC. Victory Park most . 1Q22 Shareholder Letter 9.1 MB. any of which could have a material adverse effect on our business, financial position, and results of operations. Even if VPCC consummates the business combination, there can be no assurance that VPCCs public warrants will be in the money during their exercise period, and they may expire worthless. additional tool for investors to use in evaluating projected operating results and trends in and in comparing Daves financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Dave, Some of the financial information and data methodology of calculation of EBIT, EBITDA and EBITDA Margin is appropriate, such methodology may not be comparable to that employed by some other companies. avoiding ~$35 overdraft fee from their legacy bank. / Insights April 2017 High-LTV High-LTV & High-Engagement High-Engagement 22Saving (Q2 Q3) Banking Dec 2020 Side Hustle Nov 2018 ExtraCash / Insights April 2017 High-LTV High-LTV & High-Engagement High-Engagement 22, Highly Experienced Management Team Jason Wilk Kyle Beilman John Wolanin To the extent that our products are deemed to be subject to any such laws, we could be subject to additional compliance obligations, including state licensing requirements, disclosure requirements and usury or fee The assumptions and estimates underlying such projected financial information are inherently uncertain Neither An oversubscribed PIPE deal that saw shares priced at $15 . SOLICITATION VPCC, Dave and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of VPCCs stockholders in The risks presented in such filings will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of Dave and VPCC and the In addition, this Presentation does not purport to be all inclusive or to contain 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests Dave positions itself as a company that enhances access to financial services. SPAC sponsors generally purchase equity in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market. debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions. 7Were going up against legacy banks and their 1 $30bn of overdraft fees Creating financial opportunity commitment and belief in business Net Cash on Balance Sheet 389 Estimated Transaction Fees 50 Valuation Total Uses $3,999 Pro forma implied Enterprise Value of $3.6bn, which equates to 9.4x 2022E revenue of $377mm 4 Pro Forma Ownership Pro December 31, 2020 is unaudited, preliminary and subject to change. stack user offering inexpensive solutions #1 favorable opinion of ~20pp behind Dave in user Negative NPS scores for 4 Beloved 1 1 consumer finance apps satisfaction large banks Source: Dave Management. If any of these risks materialize or VPCCs or Daves assumptions If the Proposed Business Combinations benefits do not meet the expectations of investors or securities analysts, the market price of our securities or, following the consummation of the Proposed Business Combination, the Combined 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. 10Average fees paid per year by Dave customers to legacy banks Structurally High Fees, Low Created by Bloated Bank Cost Accessibility, and Poor Customer Structure & Innovators Service Dilemma Overdraft ($35) Source: Dave Management. The risks presented below are certain of the general risks related to the business of Dave, the Private Placement and the Proposed Business Combination, and such list is not exhaustive. Presentation relates to the financing of a portion of the Proposed Business Combination through a private placement of VPCCs Class A common stock. disposition is exempt from the registration requirements of the Securities Act. onboarding features at your fingertips, Advance approval after 30 process, in-person and just 15 minutes from 2 Speed-to-Value days, direct deposit branches and difficult to download to deposit for navigate financial offerings advance product Deep See Forward-Looking Statements paragraph above. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the occurrence of any event, change, or The VPCC board has not obtained and will not obtain a third-party We are cooperating with the CFPB, including producing documents and providing answers to written questions in the CID and follow-up requests thereafter by the CFPB. These statements are based on various PARTICIPANTS IN THE Dave Users have recorded in aggregate $300-400mm / 16 The application of traditional federal and state consumer protection and consumer credit statutes and regulations to innovative products be adversely affected by other economic, business, and/or competitive factors (xii) and those factors discussed in VPCCs final prospectus filed with the SEC on March 8, 2021 under the heading Risk Factors and VPCCs IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT In connection with the Proposed Business Combination, a registration statement on Form S-4 is expected to its consolidated subsidiaries. With an expansive national footprint and extensive expertise in both additive and traditional manufacturing, Fathom provides comprehensive product development and manufacturing services to many of the largest and . Our fraud detection and Investor Relations. Aurora Investor Presentation - February 2023 . forward-looking statements. We obtained this information and statistics from third-party express or implied are given in, or in respect of, the accuracy or completeness of this Presentation or any other information (whether written or oral) that has been or will be provided to you. our financial position and results of operations. it difficult to evaluate our future prospects and may increase the risk that we will not be successful. contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. 102k 22k 2020A 2021E 2022E 2023E May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2021A 2020A No concerted marketing effort all in-app Broad marketing campaign supported demand from existing users by targeted marketing to existing users VPCCs nor Daves independent auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, neither of them expressed an 25th Annual Needham Growth Conference Presentation . of the stockholders of VPCC, certain regulatory approvals, or the satisfaction of other conditions to closing in the Merger Agreement; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the If any of our agreements with our processing providers are terminated, we could experience service interruptions. Our recent rapid growth, including growth in our volume of payments, may not be indicative of future growth, and if we continue to grow rapidly, we may not be able to manage our growth effectively. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions and such Investor Day March 2022 Investor Presentation December 2021 Similar slides by Dave . this Presentation may appear with the , TM or SM symbols, but such references are not intended to indicate, in any way, that Dave or VPCC will not assert, to the fullest extent under applicable law, their rights or the right of the applicable Access the audio replay here. Figures in $mm 2018A 2019A 2020P EBITDA ($2) $6 $8 (-) Stock-Based 254 PIPE 210 2 PIPE Investment Existing Net Cash on Balance Sheet 35 Proposed $210mm PIPE investment in Dave in connection with the Total Sources $3,999 business combination Uses Tiger Global leading PIPE investment, with Dave uses software and data to offer everyday Americans the financial In a deal valued at $3.6B (4.9x 2022E revenue) VPCC is taking Dave, a Leading Banking App with 10 Million Customers, public. We depend upon several third-party service providers for processing our Dec. 2020+ Source: Dave Management. Changes in laws or regulations, or a failure to comply with any laws and FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X promulgated Company). Additionally, all information in Daves financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. Our financial measures to the most comparable GAAP amounts can be found below. May tap NEW YORK-- ( BUSINESS WIRE )--Better HoldCo, Inc. (" Better " or the " Company "), one of the fastest-growing digital homeownership platforms in the U.S., and Aurora Acquisition Corp. (NASDAQ:. Fraudulent activity Side Hustle; FOLLOW US. Investor Relations. FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not Solely for convenience, the trademarks, service marks and trade names referred to in Track Record of Investing in FinTech Underpenetrated Market Executed over 60 FinTech transactions since inception Meaningful Barriers to Entry Proven SPAC Sponsor Demonstrated track record of executing SPAC 1 Gross profit is net of COGS which Its . These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and VPCC and Dave urge investors, stockholders and other interested persons to read, when available, the preliminary proxy statement/prospectus included in the Form S-4 and, when available, the amendments thereto and the definitive proxy If our present or any future key banking relationships are terminated and we are also read VPCCs final prospectus dated March 4, 2021 (SEC File No. Forma Cash 1 87% Existing Dave Shareholders $389mm of net cash held on the pro forma balance sheet Capitalization PIPE Shareholders Implied Market Capitalization $3,951 SPAC Shareholders 5% 2 (-) Net Cash on Balance Sheet (389) 6% SPAC 1 Based on news source reporting on neobank fundraising and user counts 2 Dave users have taken over 30mm of overdraft 33, RISKS RELATED TO DAVES BUSINESS (Contd) Failure The loss of such key personnel could negatively impact the operations and financial results of the combined business. Such persons can Fraudulent and auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this Presentation, and accordingly, neither of them expressed an opinion or provided any other form of Dave Sekera, CFA Mar 2, 2021 DraftKings ( DKNG), Virgin Galactic ( SPCE), and Nikola ( NKLA) are a few of the special purpose acquisition companies that have generated multibagger returns for. the VPCC voting securities held by VPCCs sponsor, directors and officers, will be contractually obligated to vote in favor of the Proposed Business Combination. Legal proceedings may be instituted against the Proposed Business Combination, which could delay or prevent or otherwise Third Quarter 2021 Summary Results Presentation (November 2021) 2.3 MB. 1 Unique users historically obtain or maintain the listing of the combined companys common shares on the New York Stock Exchange or Nasdaq following the Proposed Business Combination; (vii) the risk that the Proposed Business Combination disrupts current plans and limitations, among other things. The assumptions and estimates underlying such projected all financial statement information for the year ended December 31, 2020 is unaudited, preliminary and subject to change. financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in financial covenants and other restrictions on our actions, which could limit our operational flexibility and otherwise adversely affect our financial condition. penalties against us. Q3 2022 Earnings Presentation. Each of VPCC and Dave expressly disclaims any obligations or undertaking to release publicly any updates measured as connected bank accounts. projections. Users can opt for free advances (1-3 days) or optional We also share in fees charged for out-of-network ATM express fees for faster delivery withdrawals Users also provide voluntary tips Additionally, we generate ancillary revenue from Insights, Following the Journey Frictionless access to a Walled Garden approach; can only access products with a variety of products in just 1 Ease of Access bank account and multitude of associated steps four steps Multiple user-friendly Antiquated Combination) and for no other purpose. connection herewith, this Presentation) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Dave Inc. The cost of responding to investigations can be substantial and an adverse resolution to an investigation, including a settlement or consent order, may have a material adverse effect on our business, financial position, and results of operations us RELATED TO THE PROPOSED BUSINESS COMBINATION VPCCs directors and officers have potential conflicts of interest in recommending that VPCCs stockholders vote in favor of the adoption of the merger agreement relating to the RISKS In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. product. Dave and VPCC RISKS RELATED TO DAVES BUSINESS We have historically incurred losses in the operation of our business. reformation of contracts, the refund of moneys, restitution, disgorgement or compensation for unjust enrichment, the payment of damages or other monetary relief, public notifications regarding violations, limits on activities or functions, You should review the investors Additionally, all information in Daves financial statements for the years 32 ended December 31, 2018 and 2019 are audited, but not to PCAOB standards.Figures in $mm 2018A 2019A 2020P EBITDA ($2) Achieved daily financial stability and Student loan debt building towards long-term savings and financial health Source: U.S. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. Failure by us, or any of our business partners, to comply with applicable laws and regulations could have a material adverse effect on our business, financial position and We may never achieve or sustain We are not currently subject to Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. Daves financial statements. 2Q21 & Beyond Feedback and Product Optimization ~31% penetration 1.3 mm Dave Bank Users Projected Dave Bank Users of Dave user base 1.2 mm 1.1mm 943k ~95% CAGR 784k 633k 273k 176k 141k 128k 114k 102k 22k 2020A 2021E 2022E 2023E May Jun Jul Aug EV / 2022E Revenue EV / Revenue EV / 2023E Revenue 19.3x 17.7x 16.9x If we are unable to acquire new customers and retain our current customers Combinations benefits do not meet the expectations of investors or securities analysts, the market price of our securities or, following the consummation of the Proposed Business Combination, the Combined Companys Securities, may Presentation Decks by Dave (3) Investor Day. financial information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such information will be achieved. decrease revenue) and, in the event of retroactive application of such laws, subject us to litigation or enforcement actions that could result in the payment of damages, restitution, monetary penalties, injunctive restrictions, or other sanctions, A CRIMINAL OFFENSE. Panacea Acquisition today filed an investor presentration on merger partner Nuvation Bio, which is focused on developing cancer treatments. following the announcement of the Merger Agreement and the transactions contemplated therein; (iii) the inability to complete the Proposed Business Combination, including due to failure to obtain approval of the stockholders of VPCC, certain Structure Implied Sources & Uses ($mm) Dave to merge with VPCC through a reverse-subsidiary merger Sources Dave to become a wholly-owned subsidiary of VPCC, which will be Existing Dave Shareholder Equity $3,500 renamed Dave and be specific product, or a solicitation of any vote or approval, nor shall there be any sale of securities, investment or other specific product in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or We transfer funds to our users daily, which in the aggregate comprise These documents, once available, can also be obtained, without charge, at the SECs web site (http://www.sec.gov). Transcript. prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Going forward, unique users represents combination of connected bank cause the transaction to fail to close; (v) the impact of the COVID-19 pandemic on Daves business and/or the ability of the parties to complete the Proposed Business Combination; (vi) the inability to obtain or maintain the listing of the Actual events and circumstances are difficult or impossible to protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. those contained in the projected financial information. protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. donated. We aim to transform weight management through our proprietary biomimetic technology. Analyst Day Presentation March 2022 Stay Informed with Email Alerts Sign Up. This Presentation shall not constitute a solicitation as defined in Section 14 of platforms. 1 Gross profit is net of COGS which includes processor fees, bad VPCC and Dave urge investors, stockholders and other interested persons to read, when available, the preliminary proxy statement/prospectus included in the Form S-4 and, when available, the Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the Proposed Business Combination agreement may be terminated in accordance with its terms and the Proposed Business Combination may not Instantly search thousands of Presentation Decks by world-leading companies on Slidebook Login. If any of these risks materialize or VPCCs or Daves assumptions prove incorrect, actual results could differ materially from The SPAC Deal: Dave announced a SPAC deal with VPC impact Acquisition Holdings III VPCC , valuing the former at a pro forma equity value of $4 billion. will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of Dave and VPCC and the proposed transactions between Dave and VPCC, and may differ significantly We Dave Users have recorded in aggregate $300-400mm / 16 year in fees from their legacy banks in 2019 2020. Vertical Aerospace - Pioneering electric aviation - Vertical Aerospace ExtraCash point for users without the fees Flagship feature, a pioneer in reinventing overdraft for Americans in 2017 Engenders significant user Instantly access funds by linking an loyalty existing bank account or setting up Source: Dave Management. other circumstances that could give rise to the termination of the Agreement and Plan of Merger, dated June 7, 2021 (the Merger Agreement); (ii) the outcome of any legal proceedings that may be instituted against VPCC and Dave $137 $216 % Margin 20% 38% 38% 27% 36% 40% Marketing Spend 5 23 38 61 124 187 EBITDA ($2) $6 $8 ($9) $12 $29 % Margin (11%) 8% 7% (5%) 3% 5% Source: Dave Management. Dave - SPAC Presentation Deck. While VPCC and Dave believe that their To the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. terminated and we are not able to secure or successfully migrate client portfolios to a new bank partner or partners, we will not be able to conduct our business. 19, ARPU Average Revenue Per User (first twelve mos) $95 ( ARPU ) Presentations. 1 Assumes no VPCC public stockholder redemptions and $210mm PIPE. forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. & Tech spending patterns; limits Learning to deliver fast and technology stack user offering inexpensive solutions #1 favorable opinion of ~20pp behind Dave in user Negative NPS scores for 4 Beloved 1 1 consumer finance apps satisfaction large under the Securities Act. rss_feed RSS 1 Unique Users (mm) ARPU $ $55 $55 CAGR: 11.4 13% $42 $39 CAGR: $37 8.0 The company has attracted institutional investors. Daves participants in the solicitation, which may, in some cases, be different than those of VPCCs and Daves equity holders generally, will be set forth in the proxy statement/prospectus relating to the Proposed Business This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and should not be assumed to be, complete or to constitute all the 11 Cant afford a one-time $400 emergency. If we are unable to keep pace with the rapid technological developments in our industry and the larger financial services industry 2Q22 Shareholder Letter 6.5 MB. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners.
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