{
  "docId": "019de511-4f44-7167-8cab-0b979eba3429",
  "docSlug": "8cad11128b15f4dbbf2f53db800bc745",
  "documentTitle": "Cannae | SPAC Presentation Deck | 28 slides",
  "authorId": "cannae",
  "authorName": "Cannae Holdings, Inc.",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2021-08-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 21,
  "pageCount": 28,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 45,
  "notes": "Includes detailed footnotes regarding redemption scenarios and equity backstop mechanics.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de511-4f44-7167-8cab-0b979eba3429/21",
  "deckHref": "/decks/019de511-4f44-7167-8cab-0b979eba3429",
  "deckJsonHref": "/decks/019de511-4f44-7167-8cab-0b979eba3429.json",
  "deckAnchorHref": "/decks/019de511-4f44-7167-8cab-0b979eba3429#slide-21",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.02,
        "y": 0.32
      },
      "kind": "callout",
      "text": "As part of the transaction, Cannae removed its $75M FPA and instead has a $200M equity backstop for redemptions. Cannae's backstop will be hit pro rata with debt for the first $200M of redemptions and then Cannae's backstop will hit for the next $100M of redemptions. Cannae maintains its previously agreed upon amount of sponsor promote. Furthermore, if backstop is hit above $75M, Cannae can earn additional promote shares.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f585b52f-d6bc-45b6-a5e2-33e3c7aa6bf2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.95,
        "x": 0.02,
        "y": 0.84
      },
      "kind": "disclaimer",
      "text": "Note: Assumes no redemptions: The transaction provides for 100% backstop in the case of Trebia shareholder redemptions. The $518m of cash held in Trebia's trust account is backstopped by the $200m equity commitment from Cannae...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3dca3ca4-70ef-4d14-b9c8-08d468b3088e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.02,
        "y": 0.21
      },
      "kind": "list",
      "text": "On June 29, 2021, Trebia Acquisition Corp. announced a definitive agreement for a business combination with System1, a leading omnichannel customer acquisition platform. Transaction represents $1.4B Enterprise Value, or 11.9x and 9.1x 2021E and 2022E EV/Pro-Forma Billings Adjusted EBITDA, respectively.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8519f774-c9e5-4f8e-b80c-0e3134cd7c8e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.02,
        "y": 0.62
      },
      "kind": "table",
      "text": "Pro Forma Ownership (M)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "780bd851-5352-43fd-a9ad-8ae8a2a001d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.42,
        "x": 0.54,
        "y": 0.15
      },
      "kind": "table",
      "text": "Sources and Uses Assuming No Redemptions ($M)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f13060a-655e-4eb8-8211-b49222b309c4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.42,
        "x": 0.54,
        "y": 0.64
      },
      "kind": "table",
      "text": "Pro Forma Valuation Assuming No Redemptions ($M)",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d30df3ef-2431-4b77-90f6-1dec358653c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "title",
      "text": "Transaction Highlights",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de65ebd6-2bc3-4252-a0f2-9a9440991e49",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}