Leo Holdings Corp II — SPAC Merger (February 2023)
35 slides from Leo Holdings Corp II's SPAC merger presentation, Feb 3, 2023
Slide 1: A New World View Investor Presentation
A NEW WORLD VIEW INVESTOR PRESENTATION FEBRUARY 2023 Exhibit 99.1
Slide 2: Disclaimers (1/2)
DISCLAIMERS (1/2) This presentation and any accompanying oral presentation (this “Presentation”) is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between World View Enterpris
Slide 3: Disclaimers (2/2)
| DISCLAIMERS (2/2) Use of Data The data contained herein is derived from various internal and external sources. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein.
Slide 4: Risk Factors (1/2)
RISK FACTORS (1/2) Risks Related to World View’s Business, Industry and Economic Condition We have incurred significant losses since inception, we expect to incur losses in the future and we may not be able to achieve or maintain profitability We have a limited history of operating at our current sc
Slide 5: Risk Factors (2/2)
| RISK FACTORS (2/2) Risks Related to World View’s Legal and Regulatory Matters We are subject to a wide variety of extensive and evolving government laws and regulations relating to various aspects of our business, including with respect to our stratospheric balloon flight system operations, employ
Slide 6: Table of Contents
01 02 03 04 05 EXECUTIVE SUMMARY REMOTE SENSING MARKET OPPORTUNITY WORLD VIEW BUSINESS OVERVIEW TRANSACTION SUMMARY APPENDIX | TABLE OF CONTENTS
Slide 7: Executive Summary
EXECUTIVE SUMMARY |
Slide 8: Stratospheric Exploration
| Source: https://worldview.box.com/s/rt1abhhfg31rt96d3qqwmih6h8rmx35l (password: WVStrat0craft!2023) STRATOSPHERIC EXPLORATION
Slide 9: New Perspectives
NEW PERSPECTIVES High-resolution data sets collected and station keeping from the stratosphere Actual footage from World View Stratocraft WE EXIST TO INSPIRE, CREATE AND EXPLORE NEW PERSPECTIVES FOR A RADICALLY IMPROVED FUTURE RADICALLY IMPROVED FUTURE Imagery and data delivered to better inform cus
Slide 10: Filling a Critical Gap in the Remote Sensing Ecosystem
FILLING A CRITICAL GAP IN THE REMOTE SENSING ECOSYSTEM RESOLUTION 5x higher resolution than traditional satellite imagery STATION KEEPING Demonstrated ability to maintain 40km radius for 10 days DURATION Demonstrated ability to provide 45 days of continuous flight CONFIGURABILITY Patented system tha
Slide 11: 115+ Stratospheric Flight Operations
115+ STRATOSPHERIC FLIGHT OPERATIONS More than 115 completed stratospheric flight operations 1, including flights with 4,700kg and 10,000kg payloads DEMONSTRATED RECORD OF ACCOMPLISHMENTS IN THE STRATOSPHERIC BALLOONING INDUSTRY | VETTED AND TRUSTED STRATOSPHERIC OPERATOR Select current and past cus
Slide 12: Business Combination Overview
| BUSINESS COMBINATION OVERVIEW TRANSACTION STRUCTURE Business combination between World View and Leo Holdings Corp. II (NYSE: LHC), a publicly listed SPAC with ~$47 million cash in trust1 World View conducts stratospheric flight operations to provide high-quality remote sensing information for dome
Slide 13: Supported by Industry Advisors
| SUPPORTED BY INDUSTRY ADVISORS Leo and World View have partnered with New Vista Capital (“New Vista”) to leverage its industrial and technical expertise 1 New Vista is a group of aerospace and defense industry experts and executives led by Dennis Muilenburg DISTINCTLY QUALIFIED LEADERSHIP TEAM Leo
Slide 14: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Established, post-revenue company with strong national security, research and commercial strategic partnerships and memorandums of understanding (“MOUs”) in place 1 Projected near-term revenue visibility and strong potential growth track Demonstrated technology capable of d
Slide 15: World View Remote Sensing
WORLD VIEW REMOTE SENSING Differentiated stratospheric capabilities that are core to a large and growing market – combination of resolution, persistence, full motion video and multi-payload capacity, at an attractive price point – and complementary to the existing remote sensing infrastructure DEMAN
Slide 16: Board, Leadership and Execution Team
BOARD OF DIRECTORS 2 EXECUTIVE LEADERSHIP TEAM CORE EXECUTION TEAM NEXT-GENERATION CAPABILITIES 1 Ryan Hartman also serves on the Board of Directors 2 Pro forma for the transaction and with two additional directors to be named by Leo and one additional director to be named by World View | Adrian Gre
Slide 17: Remote Sensing Market Opportunity
REMOTE SENSING MARKET OPPORTUNITY |
Slide 18: Remote Sensing Opportunity
REMOTE SENSING OPPORTUNITY Disruptive information gathering platform: dedicated tasking for high-quality imaging for commercial and government customers World-class team experienced in evolving from platform to data services business Mature, robust, scalable infrastructure Large addressable market o
Slide 19: World View Fills a Key Gap in the Remote Sensing Market
LEO Satellite GEO Satellite AREA OF INTEREST Stratollite® UAV / Drone WORLD VIEW FILLS A KEY GAP IN THE REMOTE SENSING MARKET High-resolution LEO satellites can provide daily imaging of areas of interest (generally one image per day) Some operators offer 30cm to 50cm imaging more frequently than one
Slide 20: Remote Sensing Estimated Market Opportunity
$2.5B Agriculture Large and growing market for the space imaging and analytics continuum driven by continued demand for data and analytics, increasing use cases and advancements in technology World View supplements existing technologies and enhances the space imaging and analytics continuum REMOTE S
Slide 21: World View Business Overview
WORLD VIEW BUSINESS OVERVIEW |
Slide 22: Anticipated Remote Sensing Business Model
Potential Customers: industries and consumers of remote sensing products in finite areas and snapshot-in-time or area of interest Delivery Approach: pre-defined flight paths where accumulated demand exists; imagery gathered and processed in “edge” ground terminal Pricing: price per image to be deter
Slide 23: A Single Architecture Designed for a Variety of Use Cases
A SINGLE ARCHITECTURE Analytics-Based Actions Imagery Raw + Meta Data IOIOIOIOIOIOI DESIGNED FOR A VARIETY OF POTENTIAL USE CASES | Smart Cities Mining Industry Maritime Surveillance Border & Immigration Control Electric Utilities Oil & Gas Construction Communications Ports & Waterways Wild-Fire Mon
Slide 24: Use Case Examples
POWER LINE MONITORING Monitoring very long distances of transmission lines using EO and dual-band IR (short-wave and mid-wave) to provide: Line sag measurement Foliage encroachment monitoring Hot spot alerting Construction / maintenance monitoring MINE MONITORING NATIONAL SECURITY Monitoring open pi
Slide 25: Business to Be Scaled by Adding Markets and Driving Penetration
90% 25% 55% MARKET PENETRATION MARKET EXPANSION - ACCESS TO ADDITIONAL MARKETS 2022 1 2027 6 2026 5 2025 4 2024 3 2023 2 BUSINESS TO BE SCALED BY ADDING MARKETS AND DRIVING PENETRATION Go-to- Market Efforts Focused on Maximizing Market Share Maturity of Locations & Market Penetration Expansion to Ne
Slide 26: Agreements and MOUs with Strategic Partners
PARTNER KEY DETAILS 5-year strategic agreement with annual minimum flight purchase 1 Joint approach for customer engagement / product offerings (several already in work) Teaming agreement for co-development of products / services On-contract for U.K. MoD flight Combined product offering and solution
Slide 27: Forecast Assumptions and Annual Revenue
FORECAST ASSUMPTIONS ANNUAL REVENUE 1 Remote sensing revenue includes both dedicated flight revenue and subscription revenue Dedicated flight revenue includes both domestic and international customers across federal civilian, defense and counterterrorism agencies and commercial customers Includes fo
Slide 28: World View Technology & Intellectual Property
WORLD VIEW TECHNOLOGY & INTELLECTUAL PROPERTY Patent-protected system design, dynamic navigation control and landing sequence create barriers to entry BARRIERS TO ENTRY | All-inclusive patents for both remote sensing and space tourism missions ALL-INCLUSIVE PATENTS Proven stratospheric balloon techn
Slide 29: World View Is a Premier Remote Sensing Company
WORLD VIEW IS A PREMIER REMOTE SENSING COMPANY | Large and growing remote sensing market opportunity Proven and demonstrated technology with 115+ completed stratospheric flight operations 1 Patent-protected technologies and processes, providing attractive barriers to entry Projected near-term revenu
Slide 30: Transaction Summary
TRANSACTION SUMMARY |
Slide 31: Detailed Transaction Overview
| DETAILED TRANSACTION OVERVIEW SOURCES Cash in Trust 1 $47 Target PIPE Proceeds 75 Existing World View Shareholders Equity Rollover 234 Total Sources $356 USES Existing World View Shareholders Equity Rollover $234 Repayment of Existing World View Debt1 7 Estimated Fees & Expenses 25 Cash to Balance
Slide 32: Illustrative Comparable Companies Key Metrics
10% 13% 20% 23% 25% 20% 41% | ILLUSTRATIVE COMPARABLE COMPANIES KEY METRICS REVENUE CAGR AND ADJ. EBITDA MARGIN TOTAL ENTERPRISE VALUE / CY2025E ADJ. EBITDA 2 CY2025E Adj. EBITDA Margin CY2023E – CY2025E Revenue CAGR Median: 20% 1 Source: Management estimates, Wall Street research and FactSet as of
Slide 33: Appendix
Appendix |
Slide 34: Future Applications for World View Technology
FUTURE APPLICATIONS FOR WORLD VIEW TECHNOLOGY ANALYTICS EXPANSION Apply World View’s analytics capabilities to the broader geospatial market Execute analytics for unique World View use cases using alternative imagery sources (UAVs, satellites, other stratospheric solutions) Develop and deploy additi
Slide 35: Leo Holdings Corp. II
| LEO HOLDINGS CORP. II LHC, a special purpose acquisition company (“SPAC”), holds ~$47 million cash in trust 1 and was founded by senior members of, and advisors to, Lion Capital Lyndon Lea and Robert Darwent (founders of Lion Capital), have worked alongside Ed Forst in developing a distinctive and