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  "documentTitle": "Berkshire Grey | SPAC Presentation Deck | 45 slides",
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  "authorName": "Berkshire Grey",
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  "presentationDate": "2021-02-01 00:00:00",
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      "text": "Pro Forma Ownership @ $10.00 per Share(1,3)\nPIPE investors 6%\nRevolution public shareholders 10%\nFounder shares 1%\nBerkshire Grey existing shareholders 82%",
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      "text": "BERKSHIRE GREY",
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      "text": "Transaction Overview\nPro forma enterprise value of $2,234m (2.4x 2025E revenue)\n$413m cash proceeds inclusive of $165m PIPE proceeds and transaction expenses(1)\nPro forma net cash of $507m\nNo debt\nInclusive of $94m cash currently on balance sheet\nBerkshire Grey shareholders are rolling 100% of equity ownership",
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      "text": "Note:\nFigures may not total due to rounding.\nAssumes no redemption of public shares, no earn-out shares issued and a PIPE of $165m.\nAdjusted EBITDA is a non-GAAP measure. Excludes stock-based compensation and depreciation and amortization. See reconciliations of historic measures in Appendix.\nAdditional dilutive securities include 5.75m Revolution alignment shares that vest at the earlier of $15.25\nbefore 3rd anniversary, $23.00 before 6th anniversary or $35.00 before 9th anniversary of a business combination, 5.2m founder warrants and 9.6m of Revolution's public warrants, which have a strike price of $11.50 per share. The founder shares are held by Revolution's sponsor and certain of its directors and advisors that convert into Class A common stock at the completion of the business combination. Excludes share that may be issued to Berkshire Grey employees pursuant to Berkshire Grey's incentive plan.",
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      "text": "Illustrative Pro Forma Valuation and Sources & Uses\n($ in millions, except per share data; shares in millions)\nTotal Enterprise Value Summary\nBerkshire Grey share price $10.00\n(X) Pro forma share outstanding 274.1\nPro Forma Equity Value $2,741\n(-) Current cash (94)\n(-) Net proceeds (413)\nPro Forma Enterprise Value $2,234\nValuation Multiples\nEV / 2025E Revenue $927 2.4x\nEV / 2025E Adj. EBITDA (2) $232 9.6x\nSources $ % Shares\nRollover equity $2,250 82% 225.0\nRAAC cash in trust 288 10% 28.8\nPIPE investment 165 6% 16.5\nFounder shares 38 1% 3.8\nTotal Sources $2,741 100% 274.1\nUses $ %\nRollover equity $2,250 82%\nCash to balance sheet 413 15%\nFounder shares 38 1%\nEstimated fees and expenses 40 1%\nTotal Uses $2,741 100%",
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