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  "documentTitle": "Forge | SPAC Presentation Deck | 64 slides",
  "authorId": "forge",
  "authorName": "Forge",
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  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2021-09-01 00:00:00",
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  "pageNumber": 44,
  "pageCount": 64,
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  "slideType": "revenue_buildup",
  "function": "size_opportunity",
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      "kind": "callout",
      "text": "20-30%\nAdjusted EBITDA Margin",
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      "kind": "callout",
      "text": "20-30%\nRevenue Less\nTransaction-Based Expenses\nGrowth",
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      "kind": "paragraph",
      "text": "Illustrative Long-Term\nTargets",
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      "text": "1) Actuals represent unaudited financials and are presented on a GAAP basis\n2) For illustrative purposes, the 2023P column shows numbers based on the midpoint of the projected 20-26% revenue less transaction-based expenses growth range\n3) Adjusted EBITDA adds back depreciation and amortization, stock-based compensation, and acquisition costs to Operating Income; see page 51 in the appendix for Non-GAAP EBITDA reconciliation\n4) Projected financials assume capitalization of internally developed software starting in 2022",
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      "text": "P&L\nRevenues\nTransaction-Based Expenses\nTotal Revenue Less Transaction-Based Expenses\nYoY Growth %\nTotal Operating Expense\nOperating Income\nAdjusted EBITDA (3,4)\nAdjusted EBITDA Margin %\n($ in 000's)\nActuals(1)\n2019A\n2020A\nProjected\n2021P\n2022P\n2023P(2)\nActuals(1)\nQ1 21\n$27,710\n3,661\n$24,049\n$51,644\n3,888\n$47,756\n99%\n$128,754\n5,334\n$123,421\n158%\n$158,684\n7,257\n$151,427\n23%\n$195,437\n8,587\n$186,850\n23%\n$32,055\n976\n$31,078\n337%\n$38,696\n($14,646)\n($6,544)\n(27%)\n$55,373\n($7,617)\n$2,782\n6%\n$152,945\n($29,525)\n$3,837\n3%\n$178,216\n($26,789)\n$11,477\n8%\n$211,549\n($24,699)\n$18,999\n10%\n$28,853\n$2,225\n$4,877\n16%",
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      "kind": "title",
      "text": "Historical and Future Financials",
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