Tpg Inc. · NASDAQ:TPG
Tpg — EVBox Group — SPAC Merger (December 2020)
61 slides from Tpg's SPAC merger presentation, December 2020
Slide 1: EVBox Group Investor Presentation
EVBox Group Investor Presentation December 2020
Slide 2: Important Information
Important Information Use of Projections This presentation contains financial forecasts prepared by TPG Pace Beneficial Finance Corp. (“TPG Pace”) with respect to certain financial metrics of EV Charged B.V., a Dutch private limited liability company (besloten vennootschap met beperkte aansprakelijk
Slide 3: Important Information (Continued)
Important Information (Continued) Use of Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, including EBITDA and adjusted gross margin. EBITDA is calculated as Revenue less cost of goods sold, and operating expenses. Adjusted gross margin is calculated as gross profi
Slide 4: Important Information (Continued)
Important Information (Continued) Important Information For Investors and Stockholders This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed business combination, Dutch
Slide 5: Transaction Summary
Transaction Summary Sponsored Public Listing NYSE: TPGY NYSE: EVB Transaction Overview • TPG Pace Group raised $350 million through the IPO of a special purpose acquisition company (“SPAC”), TPG Pace Beneficial Finance(“Pace Beneficial” or “TPGY”), in October 2020. Concurrent with the IPO, TPGY secu
Slide 6: TPG Pace Introduction
TPG Pace Introduction History of Supporting High-Growth Track Record of Helping Private Companies Impact Investing is a Core Focus Companies Transition to the Public Markets ▪ October 2020, we raised TPG Pace Beneficial ▪ TPG has a long-history of supporting and investing ▪ TPG has taken 55 companie
Slide 7: TPG Pace Observations
TPG Pace Observations Electric Vehicles are the next Industrial Revolution The EV Ecosystem is Highly Complex • Electric vehicle ownership is set to expand rapidly over the next decade as • The EV Charging Ecosystem is complex and rapidly evolving as a highly transportation is decarbonized sophistic
Slide 8: Investment Highlights
Investment Highlights ▪ Leading provider of charging solutions with a proven track record of executing growth Market Leader ▪ Founded in the Netherlands, the leading country in EV charging With a Defensible ▪ 190,000 charge ports delivered to date, the most of any company Moat Annual Revenue ▪ Inter
Slide 9: EVBox Group CEO's Vision
EVBox Group CEO’s Vision “ We empower forward-thinking businesses and drivers to build a sustainable future where everyday transport is electric and emission-free, by providing flexible and ” scalable electric vehicle charging solutions Kristof Vereenooghe Chief Executive Officer EVBox Group 9 TPG P
Slide 10: EVBox Group at a Glance
EVBox Group at a Glance Organizational Structure European Market Leader Leading European Market Share1 AC & DC Hardware Enterprise and Embedded Software Software Platform AC Public DC Public Charging Charging 25% 35% With 190,000 charge ports delivered over the past 10 years, EVBox has established i
Slide 11: Integrated Charging Platform
Integrated Charging Platform Platform solutions allows for bundling of Charging Software, Hardware, and Services EVBox AC & DC Smart Everon Enterprise EVBox / Everon Charging Stations Charging Management Software Support & Services With end-to-end solutions, EVBox Group offers a platform-based appro
Slide 12: EVBox Group Products and Solutions
EVBox Group Products and Solutions CUSTOM CORPORATE & FLEET SOLUTIONS Branded Charging management White-label mobile app API capabilities to integrate Professional services for Charging Stations platform for business drivers into parking, fleet, and training, site • Utilities energy applications man
Slide 13: Platform Model Drives Substantial Recurring Revenue
Platform Model Drives Substantial Recurring Revenue Illustrative Example of Single Business Charging Station: Region: Europe Software Subscription: Yes Assurance Services: Yes Usage Fee: Yes Charge Ports: 2 Power Output: 22 kW 55-60% Charge Type: Level 2 AC Recurring revenue grows over time with the
Slide 14: Our Platform Network Effect
Our Platform Network Effect Increased charging volume strengthens EVBox’s 2 million Easy access to large roaming network attracts more asset importance, enabling EV drivers can access owners negotiation of better terms owners’ stations Charging Station EVBox Platform sales accelerate 150K 72K Accele
Slide 15: Diversified Customer Base
Diversified Customer Base Fleets, Parking & Transport Charging Enablers & Distributors Workplace & Hospitality Utilities & Municipalities Fuel & Charging Service Providers Automotive EVBox Group is the charging solution partner of choice to a broad array of customers around the world TPG PACE BENEFI
Slide 16: EVBox is Poised to Capture the Inflection Point in EV Demand
EVBox is Poised to Capture the Inflection Point in EV Demand Investing for growth ▪ Streamlined manufacturing and assembly ▪ Partnership with top-tier manufacturers for AC products ▪ In-house facilities in Europe and Illinois for DC products ▪ 650+ employees globally ▪ 75+ hardware engineers ▪ 175+
Slide 17: The Leadership Team
The Leadership Team Kristof Vereenooghe Rob Blasman Hugo Pereira Madelein Smit Chief Executive Officer Chief Financial Officer Chief Growth Officer Chief Information Officer EVBox Group EVBox Group EVBox Group EVBox Group Peter Van Praet Rob van Straten Arjan van Rooijen Joeri Kamp Chief Operating O
Slide 18: The Market
The Market TPG PACE BENEFICIAL FINANCE CORP. 18
Slide 19: The Shift to Electric Vehicles is Rapidly Accelerating
The Shift to Electric Vehicles is Rapidly Accelerating “Volkswagen says last generation of “UK set to ban sale of new petrol and “California to Ban Sales of New Gas- combustion engines to be launched diesel cars from 2030” Powered Cars Starting in 2035” in 2026” - December 2018 - November 2020 - Sep
Slide 20: Rapid Electric Vehicle Growth
Rapid Electric Vehicle Growth Annual European EV Sales Needed to Meet Total Expected Cumulative EV Sales EU’s ‘25-’30 CO2 Emission Reduction Targets Thousands of Electric Vehicles1 Thousands of EVs Sold Per Year2 CAGR % BEV+PHEV fleet need to achieve 12,552 (20-25) proposed 60% CO2 reduction 14,820
Slide 21: European Policy Tailwinds
European Policy Tailwinds Electric Vehicle Car Incentives Electric Vehicle Charging Port Incentives National BEV Incentives in Place1 European State EV Infrastructure Incentive Plans € ✓ 12,000 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 9,000 6,000 5,687 5,000 5,000 5,000 4,000 4,000 50% 40% €900 50% 3,384 cost cost subsidy
Slide 22: European EV Charging Ecosystem
European EV Charging Ecosystem EVBOX GROUP VALUE PROPOSITION Better access Clearing transactions Enabling businesses to for drivers between stakeholders monetize their sites EV DRIVER ROAMING BUSINESS CHARGING SITE USER TRANSACTION CLEARING CHARGING SITE OWNER • Drivers sign up with a • Ensures driv
Slide 23: EV Charging Value Chain
EV Charging Value Chain Hardware Operation Software Platform Mobility Service Energy Mgmt. Asset ownership1 Support EVBox Group Product Offerings Assets Owners ▪ AC and DC hardware ▪ Charging port ▪ Charging station data ▪ Charging services ▪ Load mgmt. and ▪ Ownership of charging management (CPO) m
Slide 24: 2030 Value Pools
Large European and American Total Addressable Market One-time revenues Recurring revenues Hardware Operation Software Platform Mobility service Energy mgmt. Asset ownership Addressed Today by EVBox Group Support Asset Owners 2030 Value pools1 HW + Technical Commercial Fulfillment Operation MSP2 Ener
Slide 25: Competitive Positioning
Competitive Positioning Complete CPO & MSP offering ✓ ✓ ✓ ✓ HW-agnostic software ✓ Software White-label & Multi-tenant platform ✓ Smart Charging Capabilities ✓ ✓ ✓ ✓ Pan-European Billing Solution (Leasing) ✓ ✓ Complete AC lineup ✓ ✓ ✓ ✓ Hardware Fast charging (DC) lineup ✓ ✓ ✓ Ultr
Slide 26: EVBox's European Leadership Position Enables Global Expansion
EVBox’s European Leadership Position Enables Global Expansion ▪ Europe is an extremely fragmented and Cumulative Charging Ports Delivered complex market with every European Nordics 10,000 Member State having country specific Primary hardware and software requirements 24 2 Languages Rest of Europe 21
Slide 27: North America Represents an Attractive Expansion Market
North America Represents an Attractive Expansion Market Charging stations Demand for open architecture Dedicated sales & Utility-driven rebates and specificially designed for the charging platform is rising in marketing and dedicated opportunities on state level; American market the US market, EVBox
Slide 28: Charging Solutions
Charging Solutions TPG PACE BENEFICIAL FINANCE CORP. 28
Slide 29: Evolution of EV Charging Solutions To Date
Evolution of EV Charging Solutions To Date ▪ Complexity and degree of embedded intelligence is Ultra-fast increasing on a hardware, firmware and software level Charging ▪ Sophisticated solutions offer increased scope for differentiation and margin accretion + Smart L2 Charging Enterprise Level Softw
Slide 30: Evolution of EV Charging Solutions – Illustrative Hospitality Case Study
Evolution of EV Charging Solutions – Illustrative Hospitality Case Study $0.30/ $0.10/ $0.30/ FREE kWh kWh kWh Stage 1: Trial Stage 2: Adopt and Manage Stage 3: Expansion Stage 4: Customization Hotel buys and installs charging Hotel buys and installs smart charging Hotel offers differentiated pricin
Slide 31: EVBox Smart Charging Stations
EVBox Smart Charging Stations RESIDENTIAL (AC) COMMERCIAL (AC) FLEET / PUBLIC (DC) EVBox EVBox EVBox EVBox EVBox EVBox EVBox Elvi BusinessLine PublicLine Iqon Troniq 50 Troniq 100 Ultroniq Home Workplace Retail and Commercial and Car fleets Commercial Bus Fuel Highway / hospitality street parking Fl
Slide 32: EVBox Embedded Software Technology
EVBox Embedded Software Technology Regular Charging (AC) Platform Fast Charging (DC) Platform ▪ Our next-generation AC platform allows for car communication, vehicle-to-grid and ▪ Our next-generation DC modular platform significantly decreases maintenance and cloud-enabled services upgrade spend and
Slide 33: Everon Platform Approach
Everon Platform Approach 90% Platform-as-a-service attachment rate API-first Large businesses can self-serve in 20201 Exposing reach set of public APIs; fully themselves in the platform – operate compliant with open-source protocols and manage multiple customers and including OCPP and OCPI – critica
Slide 34: Everon Enterprise Applications (1/3)
Everon Enterprise Applications (1/3) Business portal The Business Portal is an enterprise application within Everon platform that allows site owners (e.g. fleets, parking operators, public charging networks) to: 1. Monitor their charging network status 2. Optimize their charging operation 3. Improve
Slide 35: Everon Enterprise Applications (2/3)
Everon Enterprise Applications (2/3) White-label mobile app The white-label mobile app application allows businesses to share their charging network with drivers and publish their branded app in the Apple and Google store. With this drivers can: 1. Easily find stations and charge your EV. 2. See the
Slide 36: Everon Enterprise Applications (3/3)
Everon Enterprise Applications (3/3) Charging Service Provider admin portal The admin portal is a critical element for charging providers to be able to handle all their charging network, business customers and drivers. With this application, Charging Service Providers can: 1. Manage their network 2.
Slide 37: Open Standards and Interoperability
Open Standards and Interoperability Commitment to Open Standards is a Core EVBox Tenet Sample Hardware Venders Compatible with Everon ▪ EVBox is committed to open standards for both hardware and software to ensure that we reach the broadest possible addressable market ▪ All EVBox hardware and softwa
Slide 38: Financial Summary
Financial Summary TPG PACE BENEFICIAL FINANCE CORP. 38
Slide 39: Exponential Shipment Growth
Exponential Shipment Growth… Cumulative Charge Ports Shipped 190,307 ~8x Growth 111,478 71,101 50,021 39,081 28,516 1 2015 2016 2017 2018 2019 2020 YTD 1. Cumulative Charge Ports shipped through October 2020 TPG PACE BENEFICIAL FINANCE CORP. 39
Slide 40: Creating Meaningful Environmental & Social Impact
…While Creating Meaningful Environmental & Social Impact Y Analytics’ Assessment of EVBox’s Material ESG Performance Factors2 Environmental Impact projected 2021-2025 Industry leader & advocate of zero-emission future Eco-focused product design Sustainable, responsibly- more than over sourced materi
Slide 41: Potential for Robust Growth as Revenue Diversifies
Potential for Robust Growth as Revenue Diversifies Charge Ports Shipped Revenue Type Revenue Geography Annual in ‘000s € Millions € Millions Hardware Software & Services Europe North America ~430 € 372 € 372 65% CAGR ~275 74% 74% CAGR CAGR € 225 € 225 ~135 € 120 € 120 ~95 € 70 € 70 2020 2021 2022 20
Slide 42: Consolidated Historical and Projected Gross Margin
Consolidated Historical and Projected Gross Margin Gross Margin Adjusted Gross Margin 1 50% 45% 40% 35% 38% 37% 34% 28% 28% 30% 32% 25% 24% 20% 23% 15% Gross margin impacted by one-off inventory write downs associated with 10% discontinued product lines in late 2019 and 2020 5% 0% 2018A 2019A 2020E
Slide 43: Consolidated Financial Projections
Consolidated Financial Projections € in Millions 2020 2021 2022 2023 Total Revenue €70 €120 €225 €372 % YoY Growth 72% 87% 65% Gross Profit €17 €38 €82 €140 Gross Margin % 24% 32% 37% 38% Total Operating Expenses (1) €118 €127 €138 Adjusted EBITDA (€80) (€45) €2 EBITDA Margin % (66%) (20%) 1% Capita
Slide 44: Scalable Operating Model
Scalable Operating Model Subsequent % of Revenue FY2021E FY2023E Growth Phase YoY Revenue Growth 72% 65% 50%+ Total Expected Cumulative EV Sales Millions of Electric Vehicles1 51 Gross Profit 32% 38% ~45% 40 3.4x 32 Operating Expenses 98% 37% ~20% 13x 25 19 15 EBITDA (66%) 1% ~25% 3.7x 11 9 7 4 5 Ca
Slide 45: Sources & Uses / Pro-Forma Valuation
Sources & Uses / Pro-Forma Valuation Sources & Uses Post-Transaction Ownership(1,3,4) Sponsor 7% Sources $MM €MM % PIPE Investors Engie Equity Rollover $607 €501 44% 16% SPAC Cash in Trust (1) $350 €289 25% Engie 44% Forward Purchase Agreements Cash Proceeds $100 €83 7% FPA PIPE Issuance Cash Procee
Slide 46: Defining EVBox's Comparables
Defining EVBox’s Comparables Electric Vehicle Software-Enabled Energy Technology Charging Hardware ▪ Leading North American EV ▪ Technology driven solutions in the ▪ Technology solution that includes Charging company clean energy sector mix of hardware and software ▪ Similar scale ▪ Software compone
Slide 47: EVBox is Competitively Differentiated in the EV Services Market
EVBox is Competitively Differentiated in the EV Services Market Current geographic mix Primarily Europe Primarily North America Interoperable software ✓ White-label and multi-tenant platform ✓ Ultra-fast charging (HPC) capabilities – up to 350 kW ✓ 2021E Revenue $145MM (€120MM) $198MM Revenue
Slide 48: Operational Benchmarking: Revenue Growth and Gross Margin
Operational Benchmarking EVBox Peer Group (CY2021E Figures) Revenue Growth 87% 72% 65% 61% 60% 46% 38% Median: 42% 19% 15% 2021E 2022E 2023E Chargepoint Enphase Solaredge Array PTON Roku 45% Gross Margin 42% 37% 38% 38% 31% 33% 32% Median: 36% 22% 2021E 2022E 2023E Charge Enphase Solaredge Array PTO
Slide 49: Valuation Benchmarking: EV / Revenue
Valuation Benchmarking EVBox Peer Group 2021E EV / Revenue 2021E EV / Revenue 76.1x 17.6x 15.2x 8.2x 8.0x Median: 11.7x 6.7x 5.2x Charge Enphase Solaredge Array PTON Roku 2021E 2021E EV / Revenue EV / Rev 0.09x EV / Rev 1.65x 0.25x 0.42x 0.34x 1.13x 0.47x / Growth / Growth 2022E EV / Revenue 2022E E
Slide 50: Key Takeaways
Key Takeaways Established Industry Leading Platform with Best in Market Hardware and Software Accelerating Growth Driven by EV Sales and EV Charging Infrastructure Expansion Attractive and Highly Scalable Business Model Expected Path to Large Base of Recurring Revenue Compelling Valuation Powerful C
Slide 51: Appendix
Appendix TPG PACE BENEFICIAL FINANCE CORP. 51
Slide 52: FlashParking Case Study
FlashParking Case Study Integrated EV Charging Solution Connected with FlashParking Ecosystem 3-year agreement for an end-to-end charging solution, including: • Smart, regular and fast charging hardware, EVBox Iqon and EVBox Troniq, with the goal of rapidly equipping their network of parking facilit
Slide 53: Scania Case Study
Scania Case Study ENGIE & EVBox Group Joint-Approach Complete Charging Solution 4-year partnership agreement to accelerate the electrification of Scania’s buses and trucks • Reliable fast charging solution at the core of the demand, innovation and strong proven track record as key reasons for choice
Slide 54: The OEM Charging Solution Partner of Choice
The OEM Charging Solution Partner of Choice ▪ Growing trend of global automotive OEMs offering a EVBox Group Automotive Partners bundled internet-connected home charger with the purchase of Electric Vehicles – OEMs want to ensure they provide a quality home charging solution given its importance to
Slide 55: European Lease Car Market Enhances Demand
European Lease Car Market Enhances Demand Lease companies and suppliers of corporate car fleets, such as EVBox customers Arval and Alphabet, account for ~55% of European demand today, many of which have their own CO2 reduction targets1 C O R P O R AT E EMPLOYEE / EMPLOYEE / EMPLOYER EV FLEETS E V D
Slide 56: Engie is a Strategic Customer
Engie is a Strategic Customer Engie Revenue € Millions € 13.1 € 9.9 € 5.2 € 0.7 2017 2018 2019 LTM 3Q20 Engie has consistently grown revenue over the past 4 years Note: Historical financial metrics are shown on a Dutch GAAP basis. With respect to historical financials see page 2 “Historical Dutch GA
Slide 57: Historical Income Statement (Derived from Dutch GAAP Financial Statements)
Historical Income Statement (Derived from Dutch GAAP Financial Statements) Year Ended December 31, € in millions 2018 2019 Revenue €26.2 €60.1 Cost of Goods Sold 17.4 46.3 Gross Profit €8.8 €13.8 Gross Margin % 34% 23% Operating Expenses Personnel Expenses €15.8 €35.5 Depreciation and Amortization 3
Slide 58: Balance Sheet (Derived from Dutch GAAP Financial Statements)
Balance Sheet (Derived from Dutch GAAP Financial Statements) Year Ended December 31, € in millions 2018 2019 Assets Current Assets: Cash and cash equivalents €6.3 €44.7 Accounts receivable 8.0 28.3 Inventory 12.5 18.7 Prepaid expenses and other current assets 4.9 9.2 Total Current Assets €31.5 €100.
Slide 59: Summary Cash Flow Statement (Derived from Dutch GAAP Financial Statements)
Summary Cash Flow Statement (Derived from Dutch GAAP Financial Statements) Year Ended December 31, € in millions 2018 2019 Cash flows from operating activities Net loss (€17.1) (€38.8) Adjustments to reconcile net loss to net cash 3.3 8.4 Changes to operating assets and liabilities (6.6) (13.9) Net
Slide 60: Note on Historical Financial Statements
Note on Historical Financial Statements The historical financial numbers for EV Charged presented in this presentation, while audited under generally accepted accounting principles in the Netherlands (“Dutch GAAP”), are subject to revision based on the completion of a re-audit by an independent regi
Slide 61: Illustrative Fully Diluted Share Count
Illustrative Fully Diluted Share Count Illustrative Share Price Share count in millions $10.00 $11.00 $12.00 $13.00 $14.00 $15.00 $16.00 $17.00 $18.00 TPGY Public IPO Shares 35.0 35.0 35.0 35.0 35.0 35.0 35.0 35.0 35.0 TPGY Public Warrants (1, 2) – – 0.3 0.8 1.3 1.6 2.0 2.3 2.5 FPA Shares 11.0 11.0