{
  "docId": "019de071-17ea-7399-aac0-75542acc56ea",
  "docSlug": "b7552e0029a0cff631580e601cea3db4",
  "documentTitle": "Adtheorent | SPAC Presentation Deck | 45 slides",
  "authorId": "adtheorent",
  "authorName": "Adtheorent",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2021-06-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 8,
  "pageCount": 45,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Includes footnotes detailing market data, peer group composition, and transaction assumptions.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de071-17ea-7399-aac0-75542acc56ea/8",
  "deckHref": "/decks/019de071-17ea-7399-aac0-75542acc56ea",
  "deckJsonHref": "/decks/019de071-17ea-7399-aac0-75542acc56ea.json",
  "deckAnchorHref": "/decks/019de071-17ea-7399-aac0-75542acc56ea#slide-8",
  "components": [
    {
      "bbox": {
        "h": 0.25,
        "w": 0.2,
        "x": 0.75,
        "y": 0.55
      },
      "kind": "chart",
      "text": "TEV / '22P EBITDA",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b503c75-08a7-485d-8d3e-7fd0179b277b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.2,
        "x": 0.75,
        "y": 0.18
      },
      "kind": "chart",
      "text": "TEV / '22P Revenue",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a854bab-37eb-4d02-b97e-978dad4876ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.95,
        "x": 0.03,
        "y": 0.94
      },
      "kind": "disclaimer",
      "text": "Note: Market Data as of June 2, 2021. (1) Metric excludes media inventory... (2) See appendix... (3) Median calculation includes... (4) Assumes $10.00 price... (5) Subject to customary investment committee approval...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "469c4141-1561-4730-b4fa-c3e4281595b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.5,
        "x": 0.2,
        "y": 0.6
      },
      "kind": "list",
      "text": "The transaction will be funded by a combination of SPAC Cash in Trust of $316M and at least $100M proceeds from the PIPE\nSponsor group affiliated funds to commit a minimum of $30M to the PIPE, creating a well-capitalized leader in Programmatic Marketing\nTransaction expected to result in $100M of cash of the Company's balance sheet post-closing",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "29504d86-350d-4682-b180-9b95aa07a0dd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.5,
        "x": 0.2,
        "y": 0.22
      },
      "kind": "list",
      "text": "Transaction implies a Pre-Money Valuation of $775M, and a Post-Money Equity Valuation of $1.0BN (assuming $10 / share)\nAttractive valuation at pricing relative to the Company's projected growth and AdTech peers\nSignificant potential upside for new shareholders, transaction represents 5.9x 2022P revenue ex-TAC and 21.2x 2022P Adj. EBITDA which is a 42% discount to peers trading at 10.2x 2022P Revenue as a group",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "73e5ace2-62b5-402c-bae9-4d10a8e8b943",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.18,
        "x": 0.03,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "Post-Closing Capitalization",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "042a420f-ee5c-47d6-a72f-d334789cca9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.14,
        "x": 0.05,
        "y": 0.325
      },
      "kind": "paragraph",
      "text": "Valuation",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "41ffd719-29ee-48eb-9c5e-134245781c0f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.28,
        "x": 0.03,
        "y": 0.07
      },
      "kind": "title",
      "text": "Transaction Summary",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e0751b10-3a58-4833-9fcb-17ca2ac0143e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "e1beeb93-68be-494d-a018-4ba64601b30a",
      "evidence": "The slide contains a paragraph describing a table with data, specifically 'Post-Closing Capitalization'.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "peer_benchmark",
      "slug": null,
      "matchId": "4dc97440-ba25-4585-a7f7-26c286f0a7d3",
      "evidence": "Comparison of TEV/Revenue and TEV/EBITDA against industry peers",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}