WM Technology, Inc. · OTC:MAPS
WM Technology — Q3 2022 Earnings Presentation
13 slides from WM Technology's earnings presentation, Nov 7, 2022
Slide 1: WM Technology Q3 FY22 Quarterly Results
technology = WM Technology, Inc. Q3 FY22 Quarterly Results November 7, 2022
Slide 2: Disclaimer
Disclaimer This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to WM Technology, Inc. ("WM’, the “Company”, “we”, “us”, “our’) and for no other purpose. References in this presentation to the “10
Slide 3: Financial Results
Financial Results m Q3 FY22 Revenue of $51 million (-1% year-over-year decline) — Key Operating and Financial Metrics — Avg. Monthly Paying Clients: 5,576, +25% y-o-y — Avg. Monthly Revenue per Paying Client: $3,019, -21% y-o-y = Q3FY22 Gross Profit of $46 million — 92% implied Gross Margin rate m Q
Slide 4: Q3 2022 P&L Summary
Q3 2022 P&L Summary Q3 FY22 YTD FY22 ($M) P&L Avs. PY P&L Avs. PY Total Revenue $51 (1%) $166 +20% Gross Profit 46 (5%) 154 +16% Margin Rate 92% 93% Adj. Sales & Marketing “? (16) 433% (54) +66% Adj. Product Development (11) +81% (34) 452% Adj. G&A (29) +44% (77) +54% Total Adj. OPEX ($56) +46% ($16
Slide 5: Quarterly Revenue Trends
Quarterly Revenue Trends Quarterly Revenue ($M) $57.5 $58.3 $46.9 $50.9 sa soe : i - Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 YoY Growth” +58% +55% +46% +39% +40% +24% (1%) QoQ Growth” +5% +14% +8% +6% +6% +1% (13%) ings Release issued on Nov 7, 2022, nd filed with the SEC for additio
Slide 6: Selected Key Operating and Financial Metrics by Quarter
Selected Key Operating and Financial Metrics by Quarter Average Monthly Paying Clients 5,537 5,576 5,026 47 , 4,221 48ag — : a 7 7 a Qt 2021 Q2 2021 Q3 2021 Q4 2021 Qi 2022 Q2 2022 Q3 2022 Average Monthly Revenue per Paying Client $3,817 $3,789 $3,810 $3,503 $3,706 $3,509 L L L [ | / Q12021 Q2 2021
Slide 7: Revenue Breakdown
Revenue Breakdown Q3 FY22 YTD FY22 ($M) P&L Avs. PY P&L Avs. PY Weedmaps for Business and other SaaS subscriptions ” $12 +12% $38 +26% Featured and deal listings 2) 35 (5%) 117 +17% Subtotal $47 (1%) $155 419% Other ad solutions ©) 3 (1%) 11 +26% Total Revenues $51 (1%) $166 +20% See our Q3 122 8-K
Slide 8: Summary Balance Sheet and Cash Flow
Summary Balance Sheet and Cash Flow Balance Sheet Cash Flows ($M) 31-Dec-21 30-Sep-22 ($M) YTD Sep-22 CASH FLOWS FROM OPERATING ACTIVITIES Cash & Cash Equivalents $68 $34 Net Loss (22) Other Current Assets 3 28 Depreciation & Amortization 9 Total Current Assets $99 $62 FV of Warrant Liability (21) S
Slide 9: Guidance
Guidance MA Based on current business trends and conditions, the outlook for Q4 and FY22 is as follows: m Revenue — Second Half Revenue will decline closer to the wide-end of our guidance range for the Second Half, or down in the mid-single digit percentage area m= Adjusted EBITDA — Q4 Adj. EBITDA w
Slide 10: Basic and Fully Diluted Share Count
Basic and Fully Diluted Share Count Ownership Calculation Percentage 10-Q Reference Non-controlling interests ownership as of September 30, 2022 39.9% Note 11 Controlling interests ownership as of September 30, 2022 60.1% Common Shares as of September 30, 2022 Shares 10-Q Reference Common Stock Clas
Slide 11: Share Classes
Share Classes Controlling Interest Non-Controlling Interest Non-Controlling Interest lelateleteteiateteleteteiateteieneteiete . : \ i i 1 Class A Common Stock Class A Unit : Vested Class P Units \ Holders i 1 1 1 © 90,372,205 shares 'O ' © 14,534,582 Units ' 1 ‘ 1 f , T 60.1% 37.3% 2.6%) voting and
Slide 12: Non-GAAP Reconciliations: Reported Net Income (Loss) to Adj. EBITDA
Non-GAAP Reconciliations: Reported Net Income (Loss) to A . EBITDA $M Q3FY22 YTDFY22 Commentary Reported Net Income ($10.5) ($21.8) EBITDA Adjustments: _ . ee FASB guidance requires fair value accounting on warrant liabilities. Change in FV of Warrant Liability (6.6) (20.6) This represents the mark-
Slide 13: Non-GAAP Reconciliations: Reported OPEX to Adj. OPEX
Non-GAAP Reconciliations: Reported OPEX to Adj. OPEX Sales & Marketing Product Development General & Administrative ($M) Q3 FY22 YTD FY22 Q3 FY22 YTD FY22 Q3 FY22 YTD FY22 GAAP $18 $62 $12 $38 $33 $92 Stock-Based Compensation (1) (5) (1) (4) 0.4 (8.4) M&A Transaction Costs - - - - - (0.3) Transactio