WM Technology, Inc. · OTC:MAPS
WM Technology — Q4 2022 Earnings Presentation
12 slides from WM Technology's earnings presentation, Mar 16, 2023
Slide 1: WM Technology Q4 and Full Year 2022 Results
technology = WM Technology, Inc. Q4 and Full Year 2022 Results March 16, 2023
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 fer to
Slide 3: Financial Results
Financial Results Fourth Quarter 2022 — Revenue of $49 million as compared to $54 million in the fourth quarter of 2021 (“prior year period”) — Gross Profit of $46 million (93% implied Gross Margin as compared to 96% in the prior year period) — Net Loss” of $61 million as compared to net income of $
Slide 4: Q4 and FY22 P&L Summary
Q4 and FY22 P&L Summary Q4 FY22 FY22 ($M) P&L Avs. PY P&L Avs. PY Total Revenue $49 (9%) $216 412% Gross Profit 46 (12%) 200 +8% Margin Rate 93% 93% Adj. Sales & Marketing “” (15) (14%) (69) +38% Adj. Product Development ® (9) +11% (43) +41% Adj. G&A © (20) (11%) (96) 434% Total Adj. OPEX“) ($44) (9
Slide 5: Quarterly Revenue Trends
Quarterly Revenue Trends Quarterly Revenue ($M) g509 $54.2 $57.5 $58.3 $005 $46.9 . . $49.3 : - Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 YoY Growth” +58% +55% +46% +39% +40% +24% (1%) (9%) QoQ Growth” +5% +14% +8% +6% +6% +1% (13%) (2%) Note: See our FY 202 (0-K issued on Mar
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 5,689 5,026 47 4,221 4,444 - : 7 L 7 a Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Average Monthly Revenue per Paying Client $3,817 $3,789 $3,810 $3,505 ee $3,509 L L a a a L 7 Q120
Slide 7: Revenue Breakdown
Revenue Breakdown Q4 FY22 Fy22 ($M) P&L Avs. PY P&L Avs. PY Weedmaps for Business and other SaaS subscriptions ” $13 42% $51 419% Featured and deal listings 2) 33 (15%) 150 +8% Subtotal $45 (11%) $200 +11% Other ad solutions ©) 4 27% 15 +26% Total Revenues $49 (9%) $216 412% Note: See our FY 2022 10
Slide 8: Summary Balance Sheet and Cash Flow
Summary Balance Sheet and Cash Flow Balance Sheet Cash Flows ($M) 31-Dec-21 31-Dec-22 ($M) 31-Dec-22 CASH FLOWS FROM OPERATING ACTIVITIES Cash & Cash Equivalents $68 $29 Net Loss (83) Other Current Assets 3 26 Depreciation & Amortization "1 Total Current Assets $99 $55 FV of Warrant Liability (25) C
Slide 9: Basic and Fully Diluted Share Count
Basic and Fully Diluted Share Count Ownership Calculation Percentage 10-K Reference Non-controlling interests ownership as of December 31, 2022 38.6% F-30 Controlling interests ownership as of December 31, 2022 61.4% Common Shares as of December 31, 2022 Shares 10-K Reference Common Stock Class A (v
Slide 10: Share Classes
Share Classes Controlling Interest Non-Controlling Interest Class A Unit Class A Ci Stock jass ommon Stoc! Holders © 92,062,468 shares 61.4% 37.0% voting interest voting and - economic interest Non-Controlling Interest Vested Class P Units © 14,746,464 Units 1.500) voting and economic interest | fo}
Slide 11: Non-GAAP Reconciliations: Reported Net Income (Loss) to Adj. EBITDA
Non-GAAP Reconciliations: Reported Net Income (Loss) to Adj. EBITDA $M Q4 FY22 FY22 Commentary Reported Net Income ($61) ($83) EBITDA Adjustments: FASB guidance requires fair value accounting on warrant liabilities. ~ Change in FV of Warrant Liability (6) (28) This represents the mark-to-market adju
Slide 12: Non-GAAP Reconciliations: Reported OPEX to Adj. OPEX
Non-GAAP Reconciliations: Reported OPEX to Adj. OPEX Sales & Marketing Product Development General & Administrative Total OPEX ($M) Q4 FY22 FY22 Qa FY22 FY22 Qa FY22 FY22 Q4 FY22 FY22 eateenes acim eo $21 $83 $12 $51 $33 $125 $66 $258 Stock-Based Compensation (2) (6) (1) (8) (3) (12) (6) (23) M&A Tr