GigCapital4 Merges With BigBear.ai

And that's about to begin.

Yeah.

Hello, and welcome to the gate capital for in Big Bear that AI business combination announcement conference call. There is a presentation that was publicly filed with the FCC and that will accompany today's discussion.

Presentation will also be for you.

Okay capital force and pick their dot ai's websites. Please refer to it as a guide for today's call.

<unk> capital for plans to file with the S E C and mail to its stockholders a proxy statement.

And any information about the transactions investors are urged to read the proxy statement carefully when it is available.

Proxy statement will contain important information about the business combination between gate capital for and Big bird that AI and related matters and.

Investors and gate capital for stockholders will be able to obtain a free copy of the proxy statement through the website maintained by the S E C and D.

Www Dot and C C dot Gov.

Copies of the proxy statement may be obtained free of charge from gate capital for by directing a request to Brad Wakeman, Vice President and Chief Financial Officer Gaye Capital for Inc..1 7 and 3.1 and Sito drive suite 200, Palo Alto, California 9430.

3 or by telephone and 650 to 767040. Please know that parties may discuss forward looking statements within the meaning of the safe Harbor provisions of the federal security laws, including the private Securities Litigation Reform Act of 1994.

Right.

Forward looking statements include among other things future results of operations capacity production and demand levels.

And for looking statements are made based on the party's expectations and beliefs concerning future events and therefore.

A number of risks and uncertainties.

And he's caution that forward looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward looking statements.

Potential risks and uncertainties that could cause actual results to differ materially.

From those expressed or implied by forward looking statements are discussed in the form 8-K with gate capital for filed on June 4th 'twenty 'twenty..1 what is the S E C.

All forward looking statements are based on information available to get capital for and or Big bird that AI as of the date hereof and speak only as of the date hereof.

<unk> assumes no obligation to update any forward looking statements to reflect events or circumstances. After the date hereof, except as required by law.

I would now like to turn on our conference over to you and talk to Raluca D. New Gate capital Global founding manager partner and.

C E O S gig capital for who will begin on slide 4 you may begin.

Thank you so much.

Good morning to all and thank you for taking time to join me and got to hear about the combination of gigabit on floor and being very high.

And to me the Doctor I'll look at Avino and I'm. The CEO of GE Capital's bore I'm joined on today's call by being bare Die Chief Executive Officer, and Dr. Radio Brothers, Chief Financial Officer, Josh Kinley, and Chief Technology Officer, and Brian Fucci.

We are pleased to announce capital force planned business combination would be Barry I, which has and imply pro forma enterprise value for the combined company of approximately 1.57 billion.

We are excited to be partnering with big Barry I, a leading AI and then powered big data and analytics provider and not only transform data into actionable insights, but also provides action oriented workloads for critical decision, making and real time.

We do expect this combination to close during Q3 'twenty 'twenty 1.

Both the cashless seized and the new public currency available as a result on the action will allow being there and I can feel it commercial growth project.

And that sales and marketing function investing in research and development to accelerate and your product offering and finally inorganic growth through accretive M&A.

Upon completion of the transaction and be very I is expected to pay down and 100% of its existing debt of $110 million and have a broker and at least 326 million and cash to execute on its growth plans.

Moving to the next slide he kept on 4 raised 359 million and February 'twenty 'twenty, 1 and the fourth private and public equity fund or special purpose acquisition company and they get covered on global family of technology and spoke with spot.

There are a group of 50 and Silicon Valley based technology entrepreneurs and executives all know hustle courageous and many years of experience and the TMT businesses globally.

Our mission is to team with bright ambitious entrepreneurs to bring their fast growing company to the public market and provide ongoing support to thrive and public company.

We do this by employing governmental investing playbook and we commit to doing so.

And then 2.5 years long term partnership with a company following the completion of a business combination.

And Barry I provide and then 2 and data analytics platform operationalized and artificial intelligence and machine learning and get scale delivering information superiority and decision support from customers and defense intelligence and commercial sectors.

We carefully evaluated and the large number of companies for a potential business combination.

Based on our business, but our national execution and go to market cleaning criteria Big Barry I stood out meeting all of our engagement criteria. These.

These include and advanced product suite underpinned by the multiple intelligence from the agencies are repeatedly reach out to the company for some of their most complex challenges.

If leading big data and analytic platform powered by next generation AI and then technology.

Not only transform data into actionable insights, but also provide action oriented and workflows for critical decision, making and real time.

And as 1 of the very few companies that connects multiple parts of them, they're so there'd be men and service continuum through and advanced AI capabilities.

It has a best in class management team with a world class academic and industrial and degree deep network of relationships and the defense and intelligence communities and then entrepreneur yesterday to the discipline of execution to be deployed and building their dream.

With that I'm going to turn it over to Dr. Read Your brothers, the CEO, Barry I do dive deeper into the business.

Especially.

Exciting time for big Barry on and we're thrilled to be embarking on the next chapter of our growth will do careful force a partner on.

I'll start by telling you about my background.

Career and technology and Mike.

And Marty and optical communications from there on how much you like and laboratory and consistent group leader and our communications and optical communications as well.

And as Jordan on where and networks and threes your wireless startup, which was acquired by Texas instruments and then.

And the vast communications group and Grateful laboratory before joined Barbara, but we will deliver on.

Their cultures, and then went to work from here your system towards a technical director and technical Fellow Protocol, Florida interview Davita Deputy Assistant Secretary of Defense for research and oversight and the department of defense and the entire science and technology budget.

And from golf and a warehouse prominent dear Josh the under Secretary to lead charts technology from that department cause leaving to you just on the principle of groups or advise commercial technology companies on doing business with the government. The CTO of territory 7 billion dollar defense contractor and in June of last year, our joint Big Bear on yard CEO.

And our 5 patents from the vision and committee of sponsored research from our true.

And were stellar and Georgetown University and wish.

On her with a wash and 100 award for being 1 of the most unfortunate leaders and the government market was also recently awarded with the C O the year for government contracting on them.

Maryland.

Awesome.

Now turning to slide 7.

And the battleground of complex data.

Battle Royale are expanding rapidly and in fact, according to IDC the amount of data.

Data created over the next 3 years, we more than a day to create over the past 30.

Total was 4 decisions, who can make the best decision and fastest.

Spreads all sectors, whether its national security defense applications or those of the commercial business environment. This is the world and big bear and the world and data and accomplish atmosphere of information.

And this world our suite of software products with proven success and critical national security environments, where decisions can be life and death when they are on.

And we do it across multiple industries to dominate their worlds favorite.

Favorite Storm Asia, consisting of 2 aspects first there's no on your world, having knowledge and understanding of your complex and sometimes chaotic information environment, we'll do that with our data ingestion and enrichment engender and exploratory analytics and <unk>.

And the shaping of your world, where our unique anticipatory intelligence and interaction sweeps, allowing you to predict the future environment may look like and results and potential of course of actions on that future state.

<unk> enables you to dominate the decision space firepower on you to know and to ship your world.

The world is going and digital transformation, we're at a point, where we can apply AI tools and enterprise scale, but acquiring these technology and scale requires more than just algorithm development cause 1999, big barrier has mastered and working with sparse and dirty data hybrid cloud integration and AI driven exploratory analytics and.

Tori intelligence and develop long lasting relationships and Nash security and defense partners and we're a powerful force among the data analytics infrastructure peer set for a number of reasons, we've a modular offering and enables customers to optimize decision by adjusting and mining disparate data and deliver AI powered advice and insights.

First of all Mark is expected to grow to about 1.9 billion and 2024, driven by a proliferation of data and connected devices.

Artificial intelligence machine learning market is projected to grow at a CAGR of about 40% over the next 5 years to reach the $10 billion by 2020.6.

We were put on land and expand strategy.

And a growing customer relationships with new products and solutions, we have and establish and profitable defense customer base with long lasting engagements. We are a multinational use cases and apply to our commercial sector opportunity, Brazil, driven by the growing need for tracking capabilities and predictive tools.

We have a positive and accelerating revenue gross margin EBITDA and free cash flow.

Our culture, and our revenue projections by a robust 500 million dollar contracts and backlog and 100% Recompete win rate.

And the transaction was price with significant upside potential.

We are trusted by our customers.

And in critical applications and complex real time environment.

The rush in force and Crimea, 1 month before anyone else.

And you took and fuel smartly and Libya.

And 1 of our price was used by U S Central command and shape, our Iranian engagement strategy and general predictions on the result of various courses of action.

Fundamentally we provide predictive analytics on whatever data has been adjusted and we'll now take these products and apply them to commercial applications, such as maritime shipping energy and other sectors, which closely not technical needs.

A quick snapshot on big barrier.

We've been and operation for 21 years and.

Estimated FY 'twenty to total revenue of 277 million, which equates to 63% net revenue growth with plus and 500 million and contracted backlog before and 4 and 5 billion and near term pipeline opportunities.

Our software products and grid and 100000 users and a 6 million predictions per day were 300000 models trained per year.

Our total earlier, how the volume of data is expanding but that's only part of the story.

The sort of day to velocity on the speed at which date is currently created.

From the current trend of lower orbit satellite constellations and Internet of things and 5 G and this will amplify exponentially right.

And in particular will significantly increase the variety of data and everything is becoming a computer and every computer is being connected.

And this leads to a free cyber vulnerabilities and the proliferation of cyber threats and the need for the convergence of cyber and analytics to develop next generation tools.

There could be a true price to pay for organizations that don't leverage yeah, and even though our India and high value and software products and technologies. So from raw data into knowledge to support mission critical decision, making.

We have 3 product suites, which Brian will detail shortly.

Starting on the top left Big Bears a fire hose and massive data and content to know your world. This first suite as a foundation to ingest data show rates and Richard.

On multiple categories and data, including media pose a real time details about locations and sharing information from many sources consistent and easy to work with.

Second we employ on machinery and massive scale to drive actual insights from data and artificial intelligence and machine learning workflows traditionally humans performance work and big barrier.

And our products understand data at rates that would take and with hundreds of years to achieve.

We performed specialized task quite classification, so, perhaps tagging and maritime at that low.

Recognizing a particular type of object and so tiger or producing forecast the Westport is the tanker headache.

And finally, our interest from intelligence suite is used to help and you just understand and in Iraq, and with the knowledge and our models and predictive analytics and visualization.

It uses transform their it and knowledge for understanding change detection and location optimization and <unk>.

Course of action and pack.

Our channel opportunity today is 72 billion, increasing to 109 billion and 'twenty 'twenty 4 and the global AI and I know Mark is projected to grow from 58 billion in 2020..1 is there any tender into 2020.6 there's a significant opportunity for us.

Our growth path starts with organic growth from our current product and solution base and continues with expansion of our product suite is driven by our R&D investments and strategic acquisitions.

This growth will accelerate because he was on deep customer knowledge and connection with standard of adjacent markets and deliver solutions for business intelligence and analytics and artificial intelligence data management and full spectrum cyber security.

And usually our connections and insights and the energy sector to expand our presence there and the near term, we're expanding our footprint of the shipping industry we'll.

And we'll see media on the next opportunity for them and a health care and our financial insurance verticals.

Now, let's talk about our people on.

Driven by the need to make a difference and impact and driven and getting meaningful returns from my time.

Okay, and the big very odd because its a unique environment that meets all of those needs are.

Our customers on and I Trust us and they depend on us on.

Team is made up of women and men and we're committed to finding the best possible project solutions people know, where the only way to truly innovate and.

And not just an event does that have a deep understanding of our customers' needs.

And we were family like learning environment, and that's why even this competitive market, we have greater than 90% retention rate and Ah ha.

The percentage of employees with secret level or higher and U S government security levels and significant barrier to entry.

Our whole leadership team is thrilled and quite frankly honor to lead such a team.

I'll turn the call to Brian.

Thank you Rajeev, Hi, I'm, Brian Frenchie, the CTO and Big Bird I started my career on the Solaris team at Sun Microsystems before I served as an officer and the army. There I had a unique career launched by using borrowed equipment from Sun to modernize theater level Communications, which gave me a springboard into the inky tell funded startup community and <unk> being.

The venture arm of the CIA and their funding and and Deca technologies allow me to build some of industry's first large scale distributed analytics capabilities before we exited in 2012 to Oracle after that I dug deeper into the defense community building open source exploitation tools and wound up and managing and keto investments and.

Predictive analytics.

And I was introduced the fundamental AI advances, which big bear is using to differentiate itself from our competitors Big Bear gave me the opportunity to turn those advances into real products and I'm excited to see our journey accelerating.

We provide the technology for you to know and shape. Your world, we have operationalized breakthroughs in machine learning and let you see around corners and high stress complex real world situations. We offered 3 AI powered products, which work together as often as they stand alone to provide.

Customers with everything they need to achieve clarity and decision dominance and complex environments.

<unk> keeps tabs on your own world in real time, conflating, you're crazy amounts of activity ingested from hundreds of disparate sources into orderly easy to consume dossiers, describing events locations entities and other categories.

Orient uses predictive analytics to mine for actionable insights hidden and data reading between the lines to understand what data is telling you about your world.

A low code and massively scalable and intelligent workflow engine that makes our specialized algorithms easy to apply and the real world.

Dominate harnesses the universe of possibilities or machine learning is continuously modeling. So you can zoom in on specific situations letting us provide AI powered device and relevant insights to optimize decisions.

So every big bear project that shares a common events driven server list architecture, which we may soon by making every processing step a reusable module easier steps like make a forecast or find objects and and image. All of these modules are API wrapped legos and our tool box and we snapped them together.

And different combinations composing our products and solutions. This can pose ability gives us 3 big advantages over our competition first week and create new solutions very quickly like being able to integrate new customer data and less than 4 weeks for logistics customer.

Second we can make the most of other technologies, our customers are already using simply by connecting them to our API.

And finally, the impact of innovation is multiplicative because every module or Lego we improve impacts every workflow that uses it.

Each of our products has real secret sauce that differentiates and as well.

<unk> I'm sure you know the Internet services personalize the day to day expose from advertisements to new suites that isn't putting you in control with objective data we use the trade craft, we have perfected with our defense customers to not let our sources high to data and we're doing this globally launching more than 600 and.

And events and 200 countries every day.

Orient brings you the best prediction algorithms for real world needs at scale, including data cleansing enrichment with computer vision or natural language processing and inflation and forecasting.

Our tensor completion machine learning really does set us apart with its ability to use contextual reasoning to improve forecasts and dirty data situations for example, and consider all of the domains, which would be relevant when forecasting turnaround time and of course, you need vessel telemetry, whether construction schedules labor sentiments.

All of these things are informative on.

Average sensor completion learns how all these perspectives relates to support turnaround time, but unlike other message. It also learn how they relate to each other.

That way is 1 of the perspectives is periodically missing or erroneous tensor completion can use its extra knowledge, there's still gives good predictions.

Dominic brings you directly to the insights relevant to your question exactly when you need them and provides real advice about courses of action.

You Express your goals and a simple visual way and dominate responds at the speed of thoughts to help you explore your world and optimize for your outcomes.

This is 1 place our tensor completion is mandatory seeing around corners and uncertain situations is exactly what our methods do and no 1 else can offer this.

Our technology is transformative anywhere customers are making decisions on complex or incomplete data whether in defense or commercial arenas. For example, our location intelligence solution helps customers understand the physical world They operate and for our defense customers. This helps ensure the security of critical infrastructure and under.

Standard where adversaries are operating but you replace the word adversary with competitor and you have our initial commercial energy market use cases.

Shipping manager can we use the tool to see forecasts about delays of transportation hubs and suggestions on how to avoid the maritime and media intelligence are likewise applicable true defense and commercial markets by going to market and commercial with what we have already built and proven with our defense customers we've hit the <unk>.

And running and our ongoing product investments are quickly, adding new insights to these markets and opening others for testing and the strength of our platform, which has obvious applications and finance as we predict commodity and equity prices and response to events. Our tensor completion machine learning is very well suited for risk detection, which has immediate logistic.

And insurance applications. There really is no limits to the number of end markets, which can benefit from our predictive analytics.

The success of our vertical solutions can be seen and what we provide to 1 of our intelligence customers. They can't hire enough analysts to keep pace with the fire hose of data that keeps growing as the world becomes more networked with with proliferating sensors, we applied AI to automate portions of their analysis and its performance.

So well that recently, we were recognized by and award from their director.

The customer is really also a great example of our land and expand go to market strategy, we started small and providing our observed data feed for events and customer saw how our data was always easier to use and our competition and subscribe to our infrastructure observations and added Orient to start tracking behaviors and detecting changes are.

She worked so fast that we outpaced the analysts by an order of magnitude and corrected errors and data that had grown stale dominate was next enabling analysts to stay aware of adversaries and understand interactions and the and and operating environments detecting activities of interest automatically we are now.

Only a credit and AI producing actionable testing 2 units and the field.

The commercial market is showing tremendous value within a month of engaging a large maritime logistics, operator, we surpassed their expectations and they accelerated their use of our fuller product line.

Net of intelligence is half of the current project focus so we monitor competitor fleets fleets and operations to help our customer outmaneuver the competition and capture more revenue.

We are also working to improve our customers' operations and drive efficiency by predicting optimal fleet lay downs, and and and better routing to reduce waste during trips.

So we're positioned to fill a gap in the market first we bring customers tremendous AI driven value on day, 1 with our vertical solutions and incrementally growing to support new use cases over time.

Barry I provides the compose the whole platform that makes the most of your existing technology investments. So that you can rapidly dominate your problems. This sets us apart from the markets other options certain competitors are rigid others and more flexible, but limited big bear fits between these ends of the spectrum with a comprehensive and interoperable.

The approach positioning us to capture significant value back.

Back to you're ready to talk us through our growth.

Thanks, Brian.

So you just heard about our technology and products now, let's talk about the many ways. We're leveraging these to achieve growth, but first and to execute on our existing backlog, which accounts for 83% and the estimated 2021 revenue.

Contracts you've already won.

Crude a recompete. Unfortunately, historically of a 100% win rate that total increases to 90%.

Going forward, our current backlog, including our recent recompete wish or verbally awarded gosh, almost 60% of 2020 revenue.

We've identified more than 90 near term opportunities with more than $4.5 billion.

We've also been concerned and our projections are.

We have an impressive 93% win rate on new business and 100% of Recompete were factored and lower percentage and we weigh our win probabilities and.

Given that the fact that we've grown historically on an approximately 30% clip without significant internal investment for coffee and our ability to expand into adjacent government markets and me.

And our projections.

As we aggressively fund research and development to develop new products will continue our expansion into commercial market, where we.

And maritime business ever see work and the other commercial sectors for sure have been gaining momentum.

On slide 23, you can see that within the government sector, we have opportunity fueled by digital modernization and the drive integrate artificial intelligence at scale, which is a priority for the department of defense.

Yes, and TV communities as well as federal civilian agencies.

Our recent wins, which include programs such as the MBS and the Army Orion for the joint staff and tell us for defense and intelligence represent 260 million and current backlog.

Contracts represent 83% of 2020, 1 and 47% of our projected 2022 revenues our near term pipeline of opportunities equates to about 16 times projected 2022 revenue.

Let's talk about our commercial go to market strategy, we're leveraging our existing technology to penetrate commercial markets through both direct sales and through channel partners and currently have 16 partners, including AWS, Microsoft elastic quit and island and Fireeye, we started with verticals most closer related to defense applications for example, maritime transportation and energy.

Structure by the end of 2020, 2 will expand and other areas, including health care finance and insurance.

We're extremely valuable partner for our current and future customers. This has enabled us to accelerate growth and our customer relationships hasn't released products and our Rev.

And on platform product growth and accelerating with each product created.

We have a proven land and expand strategy or irregular and land a single foothold and a customer and expand as they learn our full value.

And the door quicker with customers you offer a broader low end to end solutions.

The customer sees how powerful our solutions are horizontal component ability of our platform allows us to expand quickly inside their accounts.

And I can see from the slide for instance, where the arm and they told us from any customers, we quadrupled revenue and 7 and less than 5 years, respectively significantly expanding their user base from maritime logistics company with a 25000 to 2 million and revenue and less than a year.

And they signed up for our observed product further value immediately and decided to implement our oriented product.

Well not factor into our growth plan M&A has potential to strategically build our capabilities and allow us to further accelerate customer penetration, we have a track record for successful selecting and integrating M&A targets, we prioritize accretive M&A with companies that have a culture similar to ours, which helps on the integration process culture is really on.

And to US we are a team of mission motivated cleared and trust employers and when we looked at harvest that would fit well with us from a strategic financial and cultural perspective.

With that I'll turn the call to Josh to review our financials.

Hello, My name is Josh Kinley, and the Big Bear AI CFO.

On the prior co founder and CFO of PCI, which is now part of the Big Barry I family.

In terms of my background and I'm, a former military intelligence officer in the United States Army and after that at 20 plus years of experience and government contracting.

During that time I was the only non government employees supporting a senior acquisition executive for 1 of the major Intel agencies.

And oversee a multibillion dollar technology budget I was also the only non government employee assigned to an advisory panel to look at how the government Leverages technology and integrates it to meet its mission needs.

During that time I hosted every technical vendor coming and to sell their products to this agency and certainly gained an appreciation of the scale and complexity of the government's needs, but also and intense and knowledge of how technical firms sell their products since the government space.

Yeah.

So with that said, let me start by talking about Big Barry.

We are starting from and exceptionally strong financial foundation, and I'm, not just referring to the numbers, but the underlying people processes and infrastructure, which is critically important.

Mature integrated financial systems and processes with decades of operations.

We have years of audits without a single deficiency of weakness and we have and existing team already with public company experience. This is really underscored the financial performance of Big Barry I in terms of our growing revenue gross margin and cash flow.

So on a revenue big Berry has historically grown at a CAGR of 30% and that's really just a focus on a few key customers and a very modest sales and marketing spend.

In other words that 30% was driven by organic customer demand for our products and services.

And 40% CAGR reflects an acceleration through 2025, as a result of our investments and sales and marketing and penetration into additional markets.

The percentage of analytics and software sales mix.

<unk> is certainly impacting our gross margins as well this change towards software sales isn't a wholly new projections as much as it's a continuation of a multiyear trend a few years ago and less than 10% of our sales were from software analytics sales in 2020, it was north of 50%.

And software sales increase and it'll be north of 75% by 2020.5.

And this in turn is expanding our gross margins as you will see and a few slides.

And lastly on EBITDA and bear AI has always been EBIT positive and it's accelerated through 2020 and in fact, we ended 2020 north of 18%.

The 13% projection you see for 2020, 1 reflects our sales and marketing and R&D spends that Rajiv just spoke about and is really driving our expansion into new markets.

And by 2025, we'll see EBITDA rebound and it will be north of 20%.

So as I said previously more than 50% of our revenue and 2020 was from analytics and software sales up from 10% just a few years prior to that.

And the balance is coming from a service based contracts and our cyber and engineering sector.

So it's clear that we're in the midst of a significant change in terms of how our products are sold to both government and commercial customers and this will continue through 2025.

And cyber and engineering component, which is largely service and space won't disappear entirely.

And it's really shaped, our R&D and our innovation and our customer intimacy and.

But it will make up a much smaller component moving forward.

The increased growth here.

It's really just a simple projection of our historical growth rates for this sector, but it could easily exceed these projections.

And note that by 2025 were still very early and the move into the commercial markets with only about a third of our revenue coming from commercial sources and.

It means there is still considerable upside beyond 2025.

So I've hit on this already a significant portion of our historical revenue and his country government contracts, where they requested our data scientists and our software engineers to sit with them assess their needs design and develop technical solutions et cetera.

On the downside that labor component has historically impacted our gross margins on the plus side. However, it means that nearly all of our historical R&D spend was informed by and funded through these government contracts that means new government engagements have considerably higher gross margin due to the fact that a majority of the nonrecurring engineer.

And <unk> are the R&D expense has already been incurred and we.

We're focused on deploying now are fully mature software capabilities they require minimal tweaking for deployment.

So now that we've seen this change many of our software sales, even the government customers and are achieving gross margins north of 60%.

And while that's a great margin on the government side on the commercial side, we're seeing gross margins that can exceed 80% and getting up and 90%.

Yeah.

So putting that altogether.

And our analytics a.

Sales will constitute 88% of our gross margin by 2025, and the gross margin percentage will be over 70%.

So we've talked to revenue and gross margin the impact on the bottom line is evident even with considerable investments in R&D and sales and marketing over the next 5 years EBITDA will grow north of 20%.

And in terms of cash flow a big Barry I, it's always been cash flow positive 'twenty 'twenty, 1, we'll see 18 million of free cash flow, even after our significant investments.

And with our growing revenue change and sales mix and expanding gross margins will generate more than $100 million of free cash flow by 2020.5.

So and looking at our peer group.

Here you see.

Companies and our space.

And that are very similar many of them operating the same markets as us companies like talents here and see 3 I have a strong U S government presence and similar to big Barry I.

And these companies have disruptive technologies that are and the early adoption phase and both government and commercial markets.

And a lot of these companies are funding their growth with aggressive sales and marketing and R&D spend which in most cases means that there are low or no profit today.

So, let's look at how big Barry and comparisons its peer group.

On revenue and growth our historical CAGR already puts us in the middle of this peer group.

And our forward looking CAGR puts us above most companies and the space.

And on gross margin.

It changes we discussed to a revenue mix have our gross margins approaching 65%.

And our government exposure does pull this down a bit and the near term the growing commercial sales and pushes higher in the periods shown and beyond.

Okay.

Now on the EBITDA front Big Barry is projected EBITDA.

Or actually even our historical EBITDA puts us ahead of most peers, even after our sales and marketing and R&D spend.

And we've discussed with you.

And in terms of the rule of 40 comparison.

Barry is rapid growth and expanding EBITDA puts us ahead and nearly every company is shown here.

Okay.

So with all those metrics and mind you can see big very nice current valuation at 5.6 times. Our 'twenty 2 revenue is at a considerable discount to the relative valuations of our peer group.

These companies are largely valued at 14 times and 17 times their 22 revenue.

Okay.

So if I could wrap things up with a few final thoughts.

Sorry, I operates and 1 of the most exciting spaces and the market that's really in the early innings in terms of market adoption and opportunity.

And growth opportunity in front of us and 7 but it's even more exciting when you're coming at it from an exceptionally strong position.

These Barry I hasn't established known and profitable customer base already with long lasting engagement and 100% and customer retention and recompete win rate.

The vast majority of our near term revenue projections are already known in terms of backlog and Recompete.

And we have a disruptive 1 of a kind composed of a platform that can integrate into existing infrastructures and is adaptable to countless markets.

We have this unrivaled trying to capability, resulting and accelerating product adoption.

And lastly, we're doing this.

All with accelerating revenue gross margin EBITDA and free cash flow.

Given our strong positioning and current market valuations, we're confident that big Barry on it is postured for exceptional opportunity and continued growth moving forward.

I'll hand, it off to Luca to discuss net transaction details. Thank you.

Thank you and stated earlier upon completion of the S. E. T V. P. O. We expect to close during Q3 'twenty 'twenty 1 on the.

A pro forma basis that 157 billion enterprise valuation and represents 5.6 times at 2020.2 projected revenue of 277 million, which we believe is a very attractive pricing opportunity for such a pioneering data and analytic software company.

And the combination of convertible notes and tax receipts to deliver 326 million of cash and the company's balance sheet and clothing.

On the $10 million would be used to repay our previous debt and 75 million. We go to the owners a index partners, which has served as a key growth oriented business and financial partner and supporting the various companies that have been combined into the big day I platform.

And that combination has passed and my terms, where the pro forma combined company would be 72, 9% owned by the current owners and about 21, 1% and buy the stock shareholders and about 5.9% by the Geek cutback for sponsors and and insiders.

In conclusion, the combination of <unk> and because of that floor would bring on attractive and from Singapore and linking to the public market.

And the fascinating a commitment to support artificial intelligence and machine learning technology.

Proceed with your commercial growth project expense sales and marketing and fund research and development to accelerate product offering and in organic growth through accretive M&A.

In light of the expected enhanced financial performance of Big data, AI, which is which is profitable and being such a letter on enterprise. We believe that the proposed valuation and represent an incredibly attractive entry point with significant upside.

Indeed, the barrier that southern company has in place all the pillars of success and very solid financial results and a great investment opportunity and we hope to see and training golf and Jeremy. Thank you very much for listening to our presentation.

This does conclude today's program. Thank you for your participation you may disconnect at anytime.

Okay.

And.

Yeah.

Yeah.

Hmm.

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