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  "documentTitle": "Perfect | SPAC Presentation Deck | 47 slides",
  "authorId": "perfect",
  "authorName": "Perfect",
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  "presentationDate": "2022-03-01 00:00:00",
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  "pageNumber": 36,
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  "notes": "Includes detailed footnotes regarding SPAC redemption rights and share counts.",
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      "text": "Pro Forma Ownership @ US$10.00 per share",
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      "text": "Assumes no SPAC shareholder has exercised its redemption rights to receive cash from the trust account. Assumes undiluted share count of 101.0 million equity rollover shares, 28.5m SPAC public shares (including forward purchase shares), 5.4m sponsor promote shares (held by SPAC directors, advisors, sponsors and Ward Ferry) vested at closing, and 5.0m PIPE shares. Excludes (i) out-of-the money warrants, (ii) unvested promote shares of 1.18m, (iii) seller earn-out shares and ESOP shares of 15.3m. Net Cash assumes US$80.0m existing cash and no debt as of December 2021",
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      "text": "Pro Forma Enterprise Value of US$1,019m, representing a transaction multiple of 16.9x CY2022E revenue and 12.0x CY2023E revenue. Current owners will retain ~72% ownership in combined company. US$285m total cash proceeds from SPAC and FPA and US$50m PIPE raise. US$300m cash proceeds to balance sheet.",
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      "text": "Sources and Uses (US$m): Sources: SPAC Cash in Trust $230, Forward Purchase Agreement 55, PIPE Capital Raised 50, Stock to Existing Shareholders 1,010, Total Sources $1,345. Uses: Seller Rollover $1,010, Cash to Balance Sheet 300, Estimated Transaction Fees 35, Total Uses $1,345",
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      "text": "Pro Forma Valuation (US$m): Share Price at Merger $10.00, Pro Forma Total Shares Outstanding 139.9, Equity Value $1,399, Less: Net Cash 380, Enterprise Value $1,019, Implied EV/CY2022E Revenue 16.9x, Implied EV/CY2023E Revenue 12.0x",
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