{ "docId": "019de517-2108-7588-ab5d-678764937096", "docSlug": "e804418aa1bf3e82d3876208c4039e57", "documentTitle": "Better | Results Presentation Deck | 17 slides", "authorId": "better", "authorName": "Better", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-11-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 16, "pageCount": 17, "prevPage": 15, "nextPage": 17, "slideType": "appendix_data", "function": "appendix", "density": "overcrowded", "nDataPoints": 108, "notes": null, "elementsJson": null, "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019de517-2108-7588-ab5d-678764937096/16", "deckHref": "/decks/019de517-2108-7588-ab5d-678764937096", "deckJsonHref": "/decks/019de517-2108-7588-ab5d-678764937096.json", "deckAnchorHref": "/decks/019de517-2108-7588-ab5d-678764937096#slide-16", "components": [ { "bbox": { "h": 0.307, "w": 0.575, "x": 0.029, "y": 0.069 }, "kind": "disclaimer", "text": "Use of Non-GAAP Measures and Other Financial Metrics: This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles (\"GAAP\") including, Adjusted EBITDA, Adjusted Net Income (Loss), Revenue excluding Better Cash Offer program revenue, Total Expenses excluding Better Cash Offer program, metrics derived therefrom and other key metrics. We calculate Adjusted Net Income (Loss) as net income (loss) adjusted for the impact of stock-based compensation expense, change in the fair value of warrants, change in the fair value of bifurcated derivative, interest on Pre-Closing Bridge Notes, and other non-recurring or non-core operational expenses. We calculate Adjusted EBITDA as net income (loss) adjusted for the impact of stock-based compensation expense, change in the fair value of warrants, change in the fair value of bifurcated derivative, interest on Pre-Closing Bridge Notes, and other non-recurring or non-core operational expenses, as well as interest and amortization on non-funding debt (which includes interest on Convertible Notes), depreciation and amortization expense, and income tax expense. Revenue excluding Cash Offer program revenue is determined by excluding Cash offer program revenue from Total net revenues. Total Expenses excluding Cash Offer program expenses is determined by excluding Cash offer program expenses from Total expenses. These non-GAAP financial measures should not be considered in isolation and are not intended to be a substitute for any GAAP financial measures. These non-GAAP measures provide supplemental information that we believe helps investors better understand our business, our business model and how we analyze our performance. We also believe these non-GAAP financial measures improve investors' and analysts' ability to compare our results with those of our competitors and other similarly situated companies, which commonly disclose similar performance measures. However, our calculation of Adjusted EBITDA and Adjusted Net Income (Loss) may not be comparable to similarly titled performance measures presented by other companies. Further, although we use these non-GAAP measures to assess the financial performance of our business, these measures exclude certain substantial costs related to our business, and investors are cautioned not to use such measures as a substitute for financial results prepared according to GAAP. Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. As a result, non- GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, our financial results prepared and presented in accordance with GAAP.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e7f925a9-0838-4f23-a4ad-f44b12a5017f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.55, "w": 0.44, "x": 0.541, "y": 0.39 }, "kind": "list", "text": "1. Stock-based compensation represents the non-cash grant date fair value of stock-based instruments utilized to incentivize employees and consultants recognized over the applicable vesting period. This expense is a non-cash expense. We exclude this expense from our internal operating plans and measurement of financial performance (although we consider the dilutive impact to our shareholders when awarding stock-based compensation and value such awards accordingly). Tax on stock-based compensation is assessed at exercise, if applicable.\n2. Change in fair value of convertible preferred stock warrants and other warrants which are made of the public and private placement warrants as well as the sponsor locked-up shares, represents the change in fair value of liability-classified warrants as presented in our Consolidated Statements of Operations and Comprehensive Loss. This charge is a non-cash charge.\n3. Change in fair value of bifurcated derivative represents the change in fair value of embedded features within the Pre-Closing Bridge Notes that require bifurcation and are a separate unit of accounting. The bifurcated derivative is marked to market at each reporting date. This expense is a non-cash expense, and we believe that it does not correlate to the performance of our business during the periods presented.\n4. Interest on Pre-Closing Bridge Notes represents the amortization of the discount recognized upon issuance of the Pre-Closing Bridge Notes which is amortized into interest expense under the effective interest method over the term of the Pre-Closing Bridge Notes. This expense is a non-cash expense, and we believe that it does not correlate to the performance of our business during the periods presented.\n5. For the three months ended September 30, 2023, restructuring, impairment, and other expenses are comprised of $0.8 million employee related one-time termination benefits and net of a $(0.1) million gain on lease settlement. For the three months ended September 30, 2022, restructuring, impairment, and other expenses include $5.3 million employee related one-time termination benefits and $40.4 million impairments on the Company's assets, such as the loan commitment asset, right-of-use assets, and property and equipment. For the nine months ended September 30, 2023, restructuring, impairment, and other expenses are comprised of $5.3 million real estate restructuring loss, $4.8 million impairments on the Company's property and equipment, $2.3 million employee related one-time termination benefits, $0.4 million impairments on the Company's right-of-use asset and net of a $(1.1) million gain on lease settlement. For the nine months ended September 30, 2022, restructuring, impairment, and other expenses include $99.3 million employee related one-time termination benefits and $113.1 million impairments on the Company's assets, such as the loan commitment asset, right-of-use assets, and property and equipment.\n6. Depreciation and amortization represents the loss in value of fixed and intangible assets through depreciation and amortization, respectively. These expenses are non-cash expenses, and we believe that they do not correlate to the performance of our business during the periods presented.\n7. Interest and amortization on non-funding debt represents interest and amortization on a corporate line of credit as presented in our Consolidated Statements of Operations and Comprehensive Income (Loss). Interest and amortization on non-funding debt excludes interest income from mortgage loans held for sale and warehouse interest expense on warehouse facilities, which are both core to our operations and recorded in the \"total net revenues\" caption of our Consolidated Statements of Operations and Comprehensive Income (Loss).", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "76fb9ed9-b8d5-46dc-9349-6b48b0ae723e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.012, "w": 0.018, "x": 0.959, "y": 0.949 }, "kind": "source-note", "text": "16", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "57599c98-2cd9-455f-895a-213af3721f0f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.17, "w": 0.37, "x": 0.61, "y": 0.08 }, "kind": "table", "text": "Revenue excluding Cash Offer program revenue\nTotal net 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