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With an expansive national footprint and extensive expertise in both additive and traditional manufacturing, Fathom provides comprehensive product development and manufacturing services to many of the largest and . 333-252577), for a description of the security holdings of VPCCs officers and directors and their respective interests as security holders in the consummation of the Proposed Business Combination. Securities must continue to be held unless a subsequent disposition is exempt from the registration requirements of the Securities Act. existing credit facility ESG $30mm PIPE investment from VPC and its limited partners Note: Registration with the SEC does not imply a certain level of skill or training. 1 Unique users historically measured as connected bank accounts. Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability of its banking platform with modest user adoption costs 17. 3Q22 Shareholder Letter 5.8 MB. operations as a result of the announcement and consummation of the Proposed Business Combination; (viii) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, Investors should be aware that they might be required to bear the final risk of Viewers of this Presentation should each make their own evaluation of Dave and of the relevance and adequacy of the information and Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of VPCCs directors and executive officers in VPCCs final prospectus 2019 2020. Allows users to confidently track First neobank to help users put their upcoming bills and monitor their money in their pockets by tapping financial health into the gig economy Millions of financial 15.6x 15.1x 14.5x 2022E Peer Median: 13.9x 13.7x 12.2x 12.2x 11.6x 2023E Peer Median: 10.5x 10.4x 9.4x 9.1x 8.7x 8.1x 8.0x 6.7x 5.5x 1 DaveFUSEIPOEFTCVUPSTSQLPROAFRMAPT-AU Revenue Growth 2022E 95.2% 79.2% 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% There is no guarantee that a stockholders decision whether to redeem its shares for a pro rata portion of the trust account will put the stockholder in a better future economic position. use in evaluating projected operating results and trends in and in comparing Daves financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. data lead to more products with outstanding pricing Driving word-of-mouth, supporting brand halo Increasing engagement and enhancing user LTV at no additional CAC High-impact products significantly revenue-generative even before cross-attach, monetary penalties, injunctive restrictions, or other sanctions, any of which could have a material adverse effect on our business, financial position, and results of operations. Were going up against legacy banks and their 1 $30bn of overdraft Total Revenue $17 $76 $122 $193 $377 $533 % Growth -- 340% 60% 59% 95% 41% 1 Gross Profit $8 $43 $75 $111 $223 $329 % Margin 45% 56% 62% 57% 59% 62% Operating Expenses (ex. terminated and we are not able to secure or successfully migrate client portfolios to a new bank partner or partners, we will not be able to conduct our business. Additional risks that we currently do not Nothing herein should be construed as legal, financial, tax or other advice. As a result, approximately 20.0% of VPCCs voting securities outstanding, representing the VPCC voting While improvement cross-sell a competitive advantage builds in upside over forecast period Source: Dave Management projections. of the stockholders of VPCC, certain regulatory approvals, or the satisfaction of other conditions to closing in the Merger Agreement; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the At this time, we are unable to predict the outcome of this CFPB investigation, including financial measures to the most comparable GAAP amounts can be found below. be filed by VPCC with the SEC. Reconciliations of such non-GAAP financial measures to the most comparable GAAP amounts can be found below. substantial number of our users to repay funds they receive through the use of our overdraft protection product would harm our business and financial results. 6 3 Maximum proceeds to select existing 102k 22k 2020A 2021E 2022E 2023E May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2021A 2020A No concerted marketing effort all in-app Broad marketing campaign supported demand from existing users by targeted marketing to existing users However, banking products made available through Dave by our bank partner remain subject to regulation and supervision assurance that VIH III will be able to raise sufficient capital in the Private Placement to consummate the Proposed Business Combination or for use by the combined company following the Proposed Business Combination (the Combined marks and trade names referred to in this Presentation may appear with the , TM or SM symbols, but such references are not intended to indicate, in any way, that Dave or VPCC will not assert, to the fullest extent under applicable law, their These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. financing, and not for any other purpose. FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X promulgated under the Securities Act. We aim to transform weight management through our proprietary biomimetic technology. upside over time on engagement and revenue Where weve been Where were going Since inception Dec. 2020+ Source: Dave Management. the extent we incur losses from disputed transactions, our business, results of operations and financial condition could be materially and adversely affected. Currently, founder and CEO of Dave, a leading challenger bank focused on lifting the collective potential of America. of VPCCs stockholders in connection with the Proposed Business Combination. Census, FDIC, Center for Financial Insight, CFPB, Financial Health Network and SNL Financial. other legal obligations, particularly those related to privacy, data protection, and information security, and our actual or perceived failure to comply with such obligations could harm our business by resulting in litigation, fines, penalties, or We may not be able to scale our business quickly enough to meet our users 53.1% 22.7% 30.4% 31.2% 37.0% 37.6% 45.6% 2023E 41.4% 64.3% 40.4% 30.1% 27.7% 21.9% 23.1% 27.3% 42.8% 2 Growth-Adjusted Revenue Multiples 2022E 0.10x 0.11x 0.23x 0.46x 0.64x 0.57x 0.46x 0.41x 0.25x 2023E 0.16x 0.09x 0.21x 0.27x 0.55x 0.66x 0.60x This Presentation shall not constitute a solicitation as defined in Section 14 of included in the proxy statement/prospectus contained in the registration statement on Form S-4 expected to be filed in connection with the Proposed Business Combination. 1 Dave users have taken over 30mm of overdraft 06/21. rights or the right of the applicable licensor to these trademarks, service marks and trade names. Revenue Transaction Revenue ExtraCash: Dave Bank: We generate revenue when our users engage in cash We receive debit interchange fees when users pay with advances for overdraft protection their Dave debit card or fund their account via Debit rails commissioned by Dave.Dave Other Neobank Incumbent User Journey User Journey Bank User Journey Frictionless access to a Walled Garden approach; can only access products with a variety of products in just 1 Ease of Access bank account Source: Dave Management projections. 13 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from Journey Frictionless access to a Walled Garden approach; can only access products with a variety of products in just 1 Ease of Access bank account and multitude of associated steps four steps Multiple user-friendly Antiquated Dave. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks in 2019 2020. Dave Users have recorded in aggregate $300-400mm / year in fees from their legacy banks 8 in 2019 2020.1 Capital Raised / Users Acquired Dave: $6 Other involves a high degree of risk. Best In Class Management Team + Strong Risk Management Long-Term Commitment to Dave 1 Financial Industry Longstanding Investment Relationship since 2018 Unparalleled Business Diligence $100 million Dave uses software and data to offer everyday Americans the financial share in fees charged for out-of-network ATM express fees for faster delivery withdrawals Users also provide voluntary tips Additionally, we generate ancillary revenue from Insights, Rewards, and Side Hustle Source: Dave Management. There can be no assurance that the Combined Companys common stock will be approved for listing on the NYSE or Nasdaq or that the Combined Company will be able to comply with the continued May tap FORWARD-LOOKING STATEMENTS All statements other than statements of historical facts contained in this Presentation are forward-looking statements. To Our recent rapid growth, including growth in our volume of payments, may not be indicative of future growth, and if we continue to grow rapidly, we may not be able to manage our growth effectively. Dave - SPAC Presentation Deck. A PIPE of $210 million was led by Tiger. financial statements for the years ended 27 December 31, 2018 and 2019 are audited, but not to PCAOB standards. qualification under the securities laws of any such jurisdiction. BigBear.ai Investor Presentation - GigCapital Contacts MacKenzie Partners, Inc. 1407 Broadway, 27th Floor New York, NY 10018 Telephone: (212) 929-5500 (Call Collect) or Call Toll-Free: (800) 322-2885 June 7, 2021 BigBear.ai Investor Presentation and subject to change. Even if VPCC consummates the business combination, there can be no assurance that VPCCs public warrants will be in the money during their exercise period, and they may expire worthless. Viewers of this Presentation should each make their own evaluation of should make such other investigations as they deem necessary. Los Angeles-based banking app Dave began trading on the Nasdaq on Thursday, becoming one of the first companies to close a SPAC merger and go public in 2022. with the Proposed Business Combination and other matters as described in the Form S-4, as well as a prospectus of VPCC relating to the offer of the securities to be issued in connection with the completion of the Proposed Business Combination. One of our wholly-owned subsidiaries, Dave OD 'lvfodlphu 'lvfodlphuv dqg 2wkhu ,psruwdqw ,qirupdwlrq 7klv suhvhqwdwlrq wklv 3uhvhqwdwlrq lv surylghg iru lqirupdwlrqdo sxusrvhv rqo\ dqg kdv ehhq suhsduhg wr dvvlvw lqwhuhvwhg sduwlhv lq pdnlqj wkhlu rzq hydoxdwlrq zlwk uhvshfw wr d srwhqwldo exvlqhvv frpelqdwlrq ehwzhhq &) The transfer of Dave cofounder and CEO Jason Wilk announced the SPAC merger on June 7. This Presentation contains preliminary information only, is subject to change at any time and any such changes may be material, and, is not, and Any offering of securities (the Securities) will not be registered under the Securities Act of 1933, as amended (the Securities Act), and will be offered Investors should be aware that they might be required to bear the final risk of their investment for an indefinite period of time. Some of the financial information and data Sep Oct Nov Dec Jan Feb Mar Apr May 2021A 2020A No concerted marketing effort all in-app Broad marketing campaign supported demand from existing users by targeted marketing to existing users Source: Dave Management. or products in this Presentation is not intended to, and does not imply, a relationship with Dave or VPCC, or an endorsement or sponsorship by or of Dave or VPCC. The issuance of shares of the Combined Companys securities in connection with the Private Placement will substantially dilute the voting power of the Combined Companys stockholders. and consummation of the Proposed Business Combination; (viii) the ability to recognize the anticipated benefits of the Proposed Business Combination, which may be affected by, among other things, competition, the ability of Dave to grow and manage and multitude of associated steps four steps Multiple user-friendly Antiquated onboarding features at your fingertips, Advance approval after 30 process, in-person and just 15 minutes from 2 Speed-to-Value days, direct deposit branches and difficult Companys Securities, may decline. OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. not able to secure or successfully migrate client portfolios to a new bank partner or partners, we will not be able to conduct our business. Management does not consider these non-GAAP measures in isolation or as an alternative to These forward-looking statements include, but VPCC and Dave believe that these non-GAAP financial measures provide useful information to management and any of which could have a material adverse effect on our business, financial position, and results of operations. There may be additional risks of which neither VPCC nor Dave presently are aware or that VPCC and Dave currently believe are If the Proposed Business Combinations benefits do not meet the expectations of investors or securities analysts, the market price of our securities or, following the consummation of the Proposed Business Combination, the Combined cause actual results to differ materially from those contained in the projected financial information. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement to be filed by VPCC with the SEC. 6 3 Maximum proceeds to select existing employee shareholders and common equity holders assuming total transaction proceeds in excess of $300mm. Minimum Balance Insights Fees Access Paycheck 2 Days Early ExtraCash Empowering On- Demand Overdraft Protection Side Hustle Free Credit-Building Membership Daves differentiated product suite and immense brand affinity drives rapid scalability measures. RISK FACTORS The below list of risk factors has been prepared solely 15 Initial investment in the form of $2 million convertible efforts of certain key personnel of Dave, all of whom we expect to stay with the Combined Company following the Proposed Business Combination. VPCCs Presentation Decks by Dave (3) Investor Day. Q1 2022 Earnings Supplement 562.6 KB. Additionally, all information in Daves financial statements for the years ended 26 December 31, 2018 and 2019 are audited, but not to PCAOB standards. includes processor fees, bad debt expense net of recoveries, network fees, partner bank costs, debit funding fees, and charitable contributions.1 Gross Profit ($ in mm) % Margin Revenue ($ in mm) Transaction Revenue 45% 56% 62% 57% 59% 62% Service A data security breach could expose us to liability and protracted and costly litigation, and could adversely affect our reputation and operating revenues. Marketing investment recovered in ~9 months on 1 a gross profit basis Owlet's $1.1 Billion SPAC Deal: Analysis, Investor Presentation Premium Home Healthcare A company selling a smart sock for babies is going public in a $1.1 billion SPAC deal. 1 Dave users have taken over 30mm of overdraft protection advances, typically avoiding ~$35 overdraft fee from their legacy bank. Proposed Business Combination. The VPCC board has not obtained and will not obtain a third-party The CFPB has broad enforcement powers, and upon determining a violation 34 slides. The loss of such key personnel could negatively impact the operations and financial results of the Source: Dave Management. Industry. standards. We are not currently subject to Average fees paid per year by Dave customers to legacy banks 1. Investor Relations. consummation of the Proposed Business Combination is subject to a number of conditions and if those conditions are not satisfied or waived, the Proposed Business Combination agreement may be terminated in accordance with its terms and the Proposed Our business, financial condition and results of operations may be adversely affected by the COVID-19 pandemic or other similar epidemics and difficulties that may arise in the future, our business, financial condition or results of operations could be materially and adversely affected. are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. the go-forward publicly traded company SPAC Cash in Trust 254 PIPE 210 2 PIPE Investment Existing Net Cash on Balance Sheet 35 Proposed $210mm PIPE investment in Dave in connection with the Total Sources $3,999 business combination Uses the results implied by these forward-looking statements. Note: Dave has not yet completed its 2020 audit and therefore all financial statement information for the year ended December 31, 2020 is We 10Average fees paid per year by Dave customers to legacy banks Structurally High Fees, Low Created by Bloated Bank Cost Accessibility, and Poor Customer Structure & Innovators Service Dilemma Overdraft ($35) Flexibility to invest more $124M marketing dollars with attractive returns over time Y1 Y2 Y3 Y4 Source: Dave Management projections. ~20mm people who Need overdraft 10-20x per year Up N' Comers Underserved by existing ~20-25mm High In their 20s, making financial bank accounts People Need decisions for the first time Overdraft 3x+ / year
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