Northern Star Investment Corp II
Northern Star Investment Corp II — SPAC Merger (May 2021)
50 slides from Northern Star Investment Corp II's SPAC merger presentation, May 14, 2021
Slide 1: Analyst Day Presentation
Css Analyst Day Presentation elas May 2021
Slide 2: Disclaimer (1/3)
aN Disclaimer (1/3)
Slide 3: Disclaimer (2/3)
aN Disclaimer (2/3)
Slide 4: Disclaimer (3/3)
aN Disclaimer (3/3)
Slide 5: Video
Video Click here to play
Slide 6: Introductions
Css Introductions
Slide 7: Overview of NSTB
Overview of NSTB Investment Thesis Apex's differentiated technology solutions | Chairwoman of the Board and CEO | BARK: "E8857 @ace Snapine. SONOS Klormo, <itiian "BOLD ROB ine Unique combination of growth and profital ‘ Large, high quality client base and significant momentum Jonathan J. Favorable
Slide 8: Today's Speakers
ZL \ Today’s Speakers ; ) YY r Matt Hulsizer Bill Capuzzi Tricia Rothschild Dustin Kirkland ‘Apex Board Member CEO and Apex Board Member President Chief Product Officer Chris Springer Josh Gray Connor Coughlin Chief Financial Officer Chief Technology Officer General Manager, FinTech
Slide 9: Apex: The FinTech for FinTechs
Css Apex: The FinTech for FinTechs
Slide 10: Mission
“N MISSION We are the FinTech for FinTechs VISION The trusted technology that drives disruption and innovation in the financial services industry PURPOSE Investing made easy STASH Is powored by Apex
Slide 11: Investing Done Right Our Clients Handle
Investing Done Right Our Clients Handle Empowers Efficient & ‘Seamless Tax aa saseue cS a pi sasaise Reporting cml sasause Settle Trades and Safekeep Customer Assets 254800
Slide 12: The Trusted Platform For Disruptors and Innovators
ZL \ The Trusted Platform For Disruptors and Innovators cee APEX rr ®bumped ‘ORION DINMES. Se Webull SoFi 8 Kay oe wsocorane == STASH wrt. On Bevvesne O ast : penhiees A Ally inves Sockets swnnicrace trader investoud erent Fi Titan ° vd sfockeue 2 Fa Fusion Wbambu OPTIONS» ba Albert CHIMERA Marstone
Slide 13: Our Clients Love Us
ZL \ Our Clients Love Us ‘ws Webull Teck “Apex Clearing has been Webuls partner since our launch and can unequivocally Say, that i twere not for Apex’ suppor, technology, and personnel, no one would have ever heard of Webul No other clearing firm has both the capacity and most imporantly, technology
Slide 14: Outstanding Momentum and Performance
ZL \ Outstanding Momentum and Performance Clients Acquired" Customer Accounts (millions) 4 mi increas in 12024 144 $19 billion Increase in AUC®) in Q1 2021, bringing total to $97 billion 3 29 2 as 235 million Trades in Qt 2021. 1 Trades in FY 2020: | 451 million 2018 2019" 2020 Qt 2021 2018 2019 202
Slide 15: Why We're Different
ZL \ Why We’re Different Legacy custodians serving both B2B and B2C clients remain largely manual... APEX JN | Tooling & Services neon comprehensive, agnostic, full-stack platform Trading Clearing & Custody ..and struggle with conflicts of interest
Slide 16: A Team Comprised of Technologists & Innovators
ZL \ A Team Comprised of Technologists & Innovators Dustin Kirkland David Budworth Josh Gray Chief Product Officer ( Chief Architect ‘hier Technology Officer EM canenicat’ PEAKS spark cloan. fa % ators W szschun TY” Google Russell Okoth Lucille Mayor Brooke Cowan Chief Information Security Officer V
Slide 17: Apex Highlights
ZL \ Apex Highlights Next-Gen B2B Platfor ? Fast, Reliable, Capable 40 Seconds to Account Opening ON 4siimm Trades processed in FY 2020 Powering and Enabling Disruptors @ Bringing Financial Services to scien ev 2020 fai ‘4mm Customers Accounts as of March 31, 2021 Wy Robust Scale and Growth Highly P
Slide 18: Trends Driving Our Market
“aN Trends Driving Our Market
Slide 19: Powerful Secular Tailwinds
ZL \ Powerful Secular Tailwinds Democratization of Investing Increased Interest from Non-Financial Services / Consumers Digital Data Innovation Leverage Data and Insights \Z /N\N ts iil Convergence of Financial Services One-Stop-Shop Across Financial Services Digitalization of Investment Management
Slide 20: Generational Wealth Transfer
ZL \ Generational Wealth Transfer Greatest Silent Baby Generation Generation Boomers ~41% Custody of non-retirement taxable brokerage accounts under age 45") — ey In assets expected +9mm ~75% to transfer over the Apex customers between age | Apex accounts opened in next 25 years 18-40 as of March 31
Slide 21: Significant and Expanding TAM
ZL \ Significant and Expanding TAM NE Ts / Alter! Mitives > 3 ~$28tn Private Company Shale us us Apex us Global Asset Assets under Online Advice Online Brokerage Traditional Advisory Opportunity Custody Assets Assets: Assets soc Magnets Ten y
Slide 22: Innovative Platform Solutions
“aN Innovative Platform Solutions
Slide 23: A Comprehensive Offering On A Single Platform
ZL \ A Comprehensive Offering On A Single Platform 4 ACCOUNT TYPES: MODERN CLIENT EXPERIENCES Individual Zero-commission models on Notional and fractional trading Solf-directed or advisory models Retirement uv Portfolio margin al Stock lending Trust and E Rebalancing Institutional Loyalty investing
Slide 24: Delivered Through World Class Technology
Delivered Through World Class Technology APEX se APEX meee ‘cc ls a eT Messaging Came | eae | Gee) seo;0g pnoio aumjonasesjuy Fractions Instant Cash Baskets Protocols, ACATS Cost Basis stant Cs Robalancer Corporate Fees ‘Actions == & Credits Mutual Funds Comms Hundreds of Clients, Tex Risk AML. sy §
Slide 25: Embedded Crypto Trading
ZL \ Embedded Crypto Trading Our API Enables $598mm+t 1.6mm+ traded as of March 31, 2021 | accounts opened as of March 31, 20210 + Seamless brokerage + crypto solution + Full customization B Vv @ B BTC ETH Tc BCH + 2417 Access ®@® 2 oO + Fractional and notional trading ZCash Stellar Dogecoin
Slide 26: We Solve Problems Our Competitors Can't
ZL \ We Solve Problems Our Competitors Can’t © 100% agnostic, 828 model a Conflictod business models with compete, clear and straightforward pricing a Pricing wah complex hidden, and high ping fe) more iE Limited account types, sometimes 24+ hour account opening and + days to funding Full stack - ba
Slide 27: Client Case Studies
ZL \ Client FinTech helping employees earn more FinTech redefining real estate investing Solf-directed brokerage providing modern investing Pre-launch self-directed brokerage Digital forward advisor Client Case Studies Problem Help customers maximize their employee stock purchase plans Access to rea
Slide 28: Record of Innovation
ZL \ Record of Innovation 2020: Enters broader re Advisory space Launches brokerage and crypto trading solution 2016: ° Launches API based rebalancing solution e ° 2021: 2014: Introduces automated , Launches Launch NFTS digital ACATS : gota, APexExtend expected summer Launches fractional trading 201
Slide 29: Active R&D Will Drive Continued Innovation
ZL \ Active R&D Will Drive Continued Innovation O~ Expanded traditional =< advisory products CS 24/7 trading mC) Loyalty investing 24
Slide 30: Set Up to Power the Convergence of Financial Services
ZL \ Set Up to Power the Convergence of Financial Services @ Advisory @ Robo . © Self-Directed Trading Crypto & . Enabling a new age of 4 »> financial services Payments with next generation solutions e a) oe International Insurance Banking 25
Slide 31: We Grow With Our Clients
“aN We Grow With Our Clients As our clients grow, we adapt with new services and products ‘Their growth is our growth ~ our sts are strongly aligned (Our dynamic APIs and team client (front to back) Attract cl ara toour powerful, comprehensive tech stack that accompanies ‘our diverse product offerin
Slide 32: “aN
“aN
Slide 33: Natural Flywheel Accelerates Advantage
Z Sy Natural Flywheel Accelerates Advantage
Slide 34: Deep Competitive Moat
ZL \ Deep Competitive Moat Cost Structure Advantage High Barriers to Entry Deep Domain Knowledge and Regulatory Expertise High Switching Cost Network Effect
Slide 35: Multiple Levers for Accelerating Growth
Multiple Levers for Accelerating Growth Increase client base and channel partners Geographic expansion Drive organic client Pursue accretiv highly complementary ‘and synergistic Expand our business and TAM into international markets growth, particularly in the traditional lth advisor landscape
Slide 36: Comprehensive Go-to-Market Strategy
Comprehensive Go-to-Market Strategy Direct Sales Solutions & Sales Engineering APEX Onboarding ) FRANKLIN TEMPLETON ORION Bewvesrner investcloud PFusionl@ tradier Marstone Vbombu Kevin
Slide 37: Platform for M&A
ZL \ Platform for M&A uonesBoyul jeans, Data ‘Aggregation Digital Brokerage and WealthTech Flexible User Experience Reporting and Back-office TODAY Digital Brokerage WealthTech Crypto Horizontal Integration Banking Lending 3
Slide 38: Financial
“aN Financial
Slide 39: Financial Highlights
ZL \ Financial Highlights ‘Tremendous Operating Leverage Strong Cash Flow Growth 2
Slide 40: How We Generate Revenue
ZL \ How We Generate Revenue FY 2020 Adj. Net Revenue"? Deserition Koy Drivers Transactional Recurring % of Total® et itorest Debitanderedtintoret on clint Credit and debit balances, assets , 85mm Not int balance, faly pad margin sacri Incusioy for stock loan and e - lending, and stock borrowed from
Slide 41: Strong KPI Momentum
ZL \ Strong KPI Momentum Clients Acquired'”) Customer Accounts Average Revenue per Account (in mitions) 6 ae 144 mee = (01 2021 zie 2018 (1 2021 20182018 (01 2021 Customer Credits Customer Debits (Sin milions) (Sin milions) $1521 $10,500 Se os one $1,138 “al am : 27 $970 (01 2021 a | 2020 at02 20182
Slide 42: Stellar Q1 2021 Performance
ZL \ Stellar Q1 2021 Performance Q1 2021 Performance + 01.2021 Adj Net Revenue grew 122%, increasing from ~$46mm in 2020 to ~$102mm + 01-2021 Adj, EBITDA grew 262%, increasing from ~$13mm in 2020 to ~$46mm + These positive resuts are further reflected insignificant improvement in KPls, including cus
Slide 43: Financial Performance
“aN Financial Performance Adj. Net Revenue) Adj. EBITDA®) (Sin mitions) (Sin mitions) 2019A 202082021 © 2022E (2028. 209A 202082021 ©» 2022E 2023 % Growth % Margin a
Slide 44: Q&A
“aN Q&A
Slide 45: Appendix
“aN Appendix
Slide 46: Financial Model
ZL \ Financial Model ve (ta Sem) 20198, 2020 2021€ ome ome ‘Commissions sst $98 si20 S184 sive Nt interest income 6 9 10 108 139 (ther Fees and Services 1“ 28 35 “6 sr Omer income 8 2 « 6 ” ‘Adjusted Net Revenue! $136 $235 sot $375 ss Execution, Clearing And Brokerage Fees $15 24 S48 $61 ser Employe
Slide 47: Balance Sheet
ZL \ Balance Sheet ante nena esem) arm _ Tien caieeaoa eos cakes oe tenes ses ca Seweaatermeginy rope = SS pal ot soneeecianensesven 4s | comwmnserncm os avin panera ‘Secucies Purchased Under Agreements to Resel, Segregated ao Customers soa77 eye Ae | An prreaeini hacen wie van H pn at vairenins ue
Slide 48: Non-GAAP Reconciliations - Adj. Net Revenue
Non-GAAP Reconc ations - Adj. Net Revenue (Smm) FY 2020 (Smm) 01 2021 Total Net Revenues $359 ‘Total Net Revenues $146 Reimbursable Fees (133) Reimbursable Fees (8) Other Non-Operating Income 1 Other Non-Operating Income © Interest Expense On Debt 8 Interest Expense On Debt 3 ‘Adjusted Net Rever ‘Ad
Slide 49: Non-GAAP Reconciliations - Adj. EBITDA and Adj. Operating Margin
ZL \ Non-GAAP Reconci tions - Adj. EBITDA and Adj. Operating Margin (Smm) Fy 2020 (smm) 1 2024 Net Income $50 Net Income $36 Income Tax Expense 23 Income Tax Expense “4 Interest Expense on Debt 8 Interest Expense on Debt 3 Depreciation and Amortization 2 Depreciation and Amortization ° Other Income/
Slide 50: Yahoo Finance Interview with CEO Bill Capuzzi
Exhibit 99.2 Filed under Rule 425 under the Securities Act of 1933, as amended and deemed filed under Rule 14a-12 of the Securities Exchange Act of 1934, as amended Filing by: Northern Star Investment Corp. II Subject Company: Northern Star Investment Corp. II File No. 333-255120 The following is an
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