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  "documentTitle": "Forge | SPAC Presentation Deck | 64 slides",
  "authorId": "forge",
  "authorName": "Forge",
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  "presentationDate": "2021-09-01 00:00:00",
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      "kind": "source-note",
      "text": "1) Net Revenue (Revenue less Transaction Expenses) shown for Forge; Revenue metrics for Shopify, Afterpay, Lightspeed and Bill.com based on gross revenue",
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      "text": "2) Pro-Forma numbers include full year effect of SharesPost including the periods in which it was a standalone entity (January 2020 - October 2020); reported numbers only include SharesPost numbers as of acquisition in November 2020",
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      "text": "3) CAGR shown using pro-forma 2020A revenue less transaction-based expenses includes SharesPost",
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      "text": "Company Name Enterprise Value ($mm) CY20A CY21E CY22E EV / Net Revenue (1) CY20A CY21E CY22E Net Revenue Growth (1) CY 22E CY20A-22E Forge $1,601 $72(2) $123 $151 22.3x 12.9x 10.6x 23% 45% (3) High Growth FinTech Shopify $182,063 $2,929 $4,455 $5,875 62.1x 40.9x 31.0x 32% 42% Adyen 78,477 808 1,129 1,620 97.2 69.5 48.5 44% 42 Afterpay 22,940 525 909 1,413 43.7 25.2 16.2 56 64 Bill.com 15,248 184 261 350 83.1 58.5 43.6 34 38 Affirm 15,210 669 989 1,303 22.7 15.4 11.7 32 40% Lightspeed 10,014 176 393 575 57.0 25.5 17.4 47 81 Mean $53,992 $882 $1,356 $1,856 61.0x 39.2x 28.1x 41% 51% Median 19,094 597 949 1,358 59.6 33.2 24.2 39 42 Fixed-Income Trading Platforms Tradeweb Markets $19,448 $893 $1,053 $1,144 21.8x 18.5x 17.0x 9% 13% MarketAxess 17,463 689 752 851 25.3 23.2 20.5 13 11 Mean $18,455 $791 $902 $998 23.6x 20.8x 18.8x 11% 12% Median 18,455 791 902 998 23.6 20.8 18.8 11 12 Large Global Exchanges Intercontinental Exchange $82,485 $6,036 $6,926 $7,183 13.7x 11.9x 11.5x 4% 9% Deutsche Börse 33,070 3,794 4,126 4,467 8.7 8.0 7.4 8 9 Nasdaq 34,221 2,903 3,364 3,517 11.8 10.2 9.7 5 10 Mean $49,925 $4,244 $4,805 $5,056 11.4x 10.0x 9.5x 6% 9% Median 34,221 3,794 4,126 4,467 11.8 10.2 9.7 5 9",
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      "kind": "title",
      "text": "Selected Trading Comparable Companies",
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