Skillsoft Corp. · NYSE:SKIL
Skillsoft — Churchill Capital Corp II — SPAC Merger (February 2021)
76 slides from Skillsoft's SPAC merger presentation, Feb 24, 2021
Slide 1: Analyst Day Presentation February 2021
ANALYST DAY PRESENTATION February 2021
Slide 2: Disclaimer
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A DISCLAIMER IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT This communication is being made in respect of the proposed merger transaction involving Churchill II and Skillsoft. Churchill II has filed a registration
Slide 3: Today's Speakers
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A TODAY ’ S MICHAEL KLEIN Chief Executive Officer JEFF TARR Incoming Chief Executive Officer MARK ONISK Chief Content Officer APRATIM P URA K AYA S T H A Chief Technology Officer PATRICK MANZO Chief Revenue Officer MICHEL
Slide 4: Agenda
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A A G ENDA 4 01 Introduction Michael Klein 02 Strategy Jeff Tarr 03 Content Mark Onisk 04 Platform Apratim Purakayastha 05 Go - to - Market Patrick Manzo & Michelle Boockoff - Bajdek 06 Finance Jeff Tarr 07 Q&A
Slide 5: Introduction
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A INTRODUCTION 5
Slide 6: Overview: Churchill Capital
Introduction S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A OVERVIEW CHURCHILL CAPITAL A unique model, the first GP team focused purely on public equity vehicles Creating value by leveraging the active engagement of high performing Fortune 500 CEOs A pioneer in public equity vehicle
Slide 7: Creating the New Skillsoft
Introduction S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A CREATING THE NEW SKILLSOFT 7 Notes: 1 Based on acquisition values and FYE 1/31/2023E financials. LFCF assumes ~70% conversion. 2 PIPE subject to certain conditions; $400M second step investment by Prosus subject to CFIUS ap
Slide 8: Value Creation Opportunity for Investors
Introduction S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A VALUE CREATION OPPORTUNITY FOR INVESTORS 8 BUSINESS PLAN SUPPORTS SIGNIFICANT ADJ. EBITDA GROWTH (Adj. EBITDA; $ in M) CY 2020 CY 2021 CY 2022 $158 - $163 $ 1 5 5 - $ 1 7 5 $ 1 8 0 - $ 22 0 Adj. Gross Revenue $686 - $691 $6
Slide 9: Introduction to Prosus Group
Introduction S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A 9 A global consumer internet group and one of the largest technology investors in the world. • Early investor in global tech leaders, including Tencent and Delivery Hero Building leading companies in high growth sectors. •
Slide 10: A Strong Foundation to Build From
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A POWERFUL ‘AT SCALE’ FOUNDATION SIGNIFICANT PROGRESS AND IMPROVEMENTS • Industry leading content library • Strong technology platform • Large enterprise customer base • Recurring revenue stream • Restructured the balance
Slide 11: Jeff Tarr to Lead the New Skillsoft
Introduction S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A (IHS’s Revenue Over Tenure; $ in millions) $476 $1075 2 0 0 5 A 2 0 1 0 A (DigitalGlobe’s revenue over tenure; $ in millions) $340 $900 2 0 11 A 2 0 1 7 A BOARD EXPERIENCE EXECUTION EXPERIENCE JEFF TARR TO LEAD THE NEW SKIL
Slide 12: Strategy
Introduction Strategy C onte nt Platform Go - To - Market Fi nance Q&A STRATEGY 12
Slide 13: The New Skillsoft
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A THE NEW SKILLSOFT 01 An attractive market opportunity without a clear leader 02 Building a global leader from a strong foundation 03 A powerful platform for further M&A 04 An attractive investment opportunity 13
Slide 14: An Attractive Market Opportunity
I ntrod u cti on Strategy C onte nt Platform Go - To - Market Fi nance Q&A AN ATTRACTIVE MARKET OPPORTUNITY LARGE MARKET GROWING MARKET STRONG SECULAR GROWTH DRIVERS • Growing skills gap globally • Shift from insourced to outsourced training • Shift from classroom to digital training • Acceleration
Slide 15: Major Customer Segments Remain Highly Underpenetrated
I ntrod u cti on Strategy C onte nt Platform Go - To - Market Fi nance Q&A MAJOR CUSTOMER SEGMENTS REMAIN HIGHLY UNDERPENETRATED 15 ROBUST HEADROOM AVAILABLE ACROSS CUSTOMER SEGMENTS WITHIN THE U.S. Total Addressable Market represents value of the market in which new Skillsoft participates, includin
Slide 16: Fragmented Market Space Without a Clear Leader
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A FRAGMENTED MARKET SPACE WITHOUT A CLEAR LEADER SKILLSOFT IS THE LARGEST PLAYER FOCUSED PRIMARILY ON THE ENTERPRISE NO OTHER CORPORATE DIGITAL LEARNING BUSINESS WITH >$500M OF REVENUE New $500M REVENUE 16
Slide 17: Our Ambition
Int r od u c t ion Strategy C o n t e nt Platfo r m Go - To - Market Fin a n ce Q &A OUR AMBITION WE HELP COMPANIES CREATE A FUTURE - FIT WORKFORCE, SKILLED AND READY FOR THE JOBS OF TOMORROW 17
Slide 18: A New and Inspiring Direction That Builds on Our Strengths
I ntrod u cti on Strategy C onte nt Platform Go - To - Market Fi nance Q&A A NEW AND INSPIRING DIRECTION THAT BUILDS ON OUR STRENGTHS WHERE WE PLAY We upskill the global workforce across three core segments… (Leadership & Business Skills, Compliance and Technology & Development) …by providing engagi
Slide 19: Where We Play: Three Customer Segments
I ntrod u cti on Strategy C onte nt Platform Go - To - Market Fi nance Q&A 19 WHERE WE PLAY: UPSKILLING THE GLOBAL WORKFORCE ACROSS THREE CUSTOMER SEGMENTS LEADERSHIP & BUSINESS SKILLS TECHNOLOGY & DEVELOPMENT COMPLIANCE # 1 G L OBAL L EA D ER CUSTOMER VALUE PROP O S I T I O N Enable leaders and org
Slide 20: Where We Play: Leadership & Business Skills
I ntrod u cti on Strategy C onte nt Platform Go - To - Market Fi nance Q&A WHERE WE PLAY: LEADERSHIP & BUSINESS SKILLS OFFER A STRATEGIC HOOK INTO THE ENTERPRISE AGENDA Notes: 1 Professional eLearning includes company purchased, self - paced online learning solutions; Total Addressable Market (TAM)
Slide 21: Where We Play: Technology & Development
I ntrod u cti on Strategy C onte nt Platform Go - To - Market Fi nance Q&A WHERE WE PLAY: TECHNOLOGY & DEVELOPMENT IS A TOP PRIORITY FOR OUR CUSTOMERS Notes: 1 Professional eLearning includes company purchased, self - paced online learning solutions; Total Addressable Market (TAM) includes current s
Slide 22: Where We Play: Compliance
I ntrod u cti on Strategy C onte nt Platform Go - To - Market Fi nance Q&A 22 Notes: 1 Professional eLearning includes company purchased, self - paced online learning solutions; Total Addressable Market (TAM) includes current spend and whitespace opportunity. 2 Share of market spend in the U.S. base
Slide 23: How We Win: Content Breadth of Our Offering
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A 23 HOW WE WIN: CONTENT BREADTH OF OUR OFFERING WILL DRIVE GROWTH • The breadth of our offering is the #1 reason we win with customers • Supports learners with a unified platform, consistent pedagogy and more complete le
Slide 24: How We Win: Content Enables Compelling Learning Journeys
I ntrod u cti on Strategy C onte nt Platform Go - To - Market Fi nance Q&A 24 HOW WE WIN: CONTENT OUR CONTENT ENABLES COMPELLING LEARNING JOURNEYS A COMPLETE LEARNING SOLUTION WITH A PROVEN LEARNING MODEL DELIVERING REAL - WORLD RESULTS Skillsoft has conducted neuroscience research with MIT to ensur
Slide 25: How We Win: Platform, Percipio
I ntrod u cti on Strategy C onte nt Platform Go - To - Market Fi nance Q&A HOW WE WIN: PLATFORM PERCIPIO PLATFORM DELIVERS ENGAGING EXPERIENCES 4 x MORE LEARNING HOURS 1 ~ 100 % PERCIPIO COHORT DOLLAR RETENTION RATE THE PERCIPIO PLATFORM WHY CUSTOMERS CHOOSE PERCIPIO UP TO 29 PT INCREASE IN DOLLAR R
Slide 26: How We Win: Go-To-Market, Unrivaled Enterprise Sales Capability
I ntrod u cti on Strategy C onte nt Platform Go - To - Market Fi nance Q&A ~ 70 % OF FORTUNE 1000 1 ~ 45 M LEARNERS WORLDWIDE 2 160 + COUNTRIES WORLDWIDE 3 ~ 600 COMBINED SALES TEAM ~ 98 % REVENUE FROM BUSINESS CUSTOMERS 4 HOW WE WIN: GO - TO - MARKET AN UNRIVALED ENTERPRISE SALES CAPABILITY 26 Note
Slide 27: A Powerful Platform for Further M&A
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A 27 A POWERFUL PLATFORM FOR FURTHER M&A CONTENT Complete full range of learner needs in our prioritized content areas PLATFORM Enhance our capabilities to drive learner engagement GO TO MARKET Extend our reach into new c
Slide 28: A Unique Opportunity for Shareholder Value Creation
I ntrod u cti on Strategy C onte nt Platform Go - To - Market Fi nance Q&A A UNIQUE OPPORTUNITY FOR SHAREHOLDER VALUE CREATION AT TRA CTI VE BUSINESS MODEL • Enterprise subscriptions • High operating leverage • Low capital intensity • Strong free cash flow conversion BUSINESS AT AN INFLECTION POINT
Slide 29: Recap: What Are We Building?
I ntrod u cti on Strategy C onte nt Platform Go - To - Market Fi nance Q&A RECAP: WHAT ARE WE BUILDING? WHERE WE PLAY We upskill the global workforce across three core segments… (Leadership & Business Skills, Compliance and Technology & Development) …by providing engaging digital learning & developm
Slide 30: Content
I ntrod u cti on Strategy Content Platform Go - To - Market Fi nance Q&A CONTENT 30
Slide 31: Packages of Best of Breed Content
I ntrod u cti on S t r a te g y Content Platform Go - To - Market Fi nance Q&A STRONG FOUNDATION OPPORTUNITIES FOR GROWTH 1 A comprehensive learning solution 1 Refresh and enrich our core 2 With a proven learning model 2 Add immersive experiences 3 Delivering real world results 3 Extend into new cus
Slide 32: A Comprehensive Learning Solution With a Proven Learning Model
I ntrod u cti on S t r a te g y Content Platform Go - To - Market Fi nance Q&A A COMPREHENSIVE LEARNING SOLUTION, WITH A PROVEN LEARNING MODEL THAT DELIVERS REAL - WORLD RESULTS A COMPLETE LEARNING SOLUTION WITH A PROVEN LEARNING MODEL DELIVERING REAL - WORLD RESULTS Skillsoft has conducted neurosci
Slide 33: One of the Largest Core Libraries in the Industry
I ntrod u cti on S t r a te g y Content Platform Go - To - Market Fi nance Q&A ONE OF THE LARGEST CORE LIBRARIES IN THE INDUSTRY 33 No other training company is competitive across all these customer segme n t s C ons i s t e n t l y recognized as a leader in each of the customer seg me n t s we serv
Slide 34: Supporting a Continuum of Learning Needs
I ntrod u cti on S t r a te g y Content Platform Go - To - Market Fi nance Q&A SUPPORTING A CONTINUUM OF LEARNING NEEDS MI CROL E ARNING: BOOKS, SUMMARIES, ARTICLES COURSES, BOOKS, A U DI OB OO KS, LIVE EVENTS PRACTICE LABS, TEST PREP, BOOTCAMPS CURATED ASPIRE JOU R NE Y S, CHANNELS MI CROL E ARNING
Slide 35: Our Original Content Provides a Unique Advantage
I ntrod u cti on S t r a te g y Content Platform Go - To - Market Fi nance Q&A OUR ORIGINAL CONTENT PROVIDES A UNIQUE ADVANTAGE 35 SKILLSOFT ORIGINAL CONTENT 30 % OF OFFERING 90 % OF CONSUMPTION 35 % OF ACTIVE COURSES PUBLISHED IN THE LAST 18 MONTHS $ 26M ANNUAL INVESTMENT IN CONTENT LIBRARY Source:
Slide 36: Leveraged M&A to Enhance Our Tech Offering
I ntrod u cti on S t r a te g y Content Platform Go - To - Market Fi nance Q&A LEVERAGED M&A TO ENHANCE OUR TECH OFFERING COMBINED CATALOG WILL FEATURE ~28,000 HOURS OF LEARNING… …INCLUDING MORE THAN 170 IT CERTIFICATIONS FROM LEADING BRANDS Cloud & Data & AI Virtualization 36 App Dev IT & Security
Slide 37: Enterprises Value Our Proven Learning Model
I ntrod u cti on S t r a te g y Content Platform Go - To - Market Fi nance Q&A ENTERPRISES VALUE OUR PROVEN LEARNING MODEL SCIENCE - DRIVEN LEARNING MODELS… …WITH A CONSISTENT EXPERIENCE • Standard navigation controls • Integrated quizzes and assessment • Supporting learning assets, job aids and res
Slide 38: Customers Seek Solutions That Deliver Real Results
I ntrod u cti on S t r a te g y Content Platform Go - To - Market Fi nance Q&A 80 % APPLICATION RATE of new skills on - the - job in less than 6 weeks 54 % RELEVANCE to their role in the workplace 19 % GAINS experienced in skills critical to their job 14 % improvement in productivity 73 % of leaders
Slide 39: Our Content Priorities Going Forward
I ntrod u cti on S t r a te g y Content Platform Go - To - Market Fi nance Q&A OUR CONTENT PRIORITIES GOING FORWARD 39 # 1 # 2 # 3 REFRESH AND ENRICH OUR CORE ADD IMMERSIVE EXPERIENCES EXTEND INTO NEW CUSTOMER SEGMENTS • Refresh cinematic - quality of our core content • Expand catalog with leading p
Slide 40: Platform
I ntrod u cti on S t r a te g y Content Platform Go - To - Market Fi nance Q&A PLATFORM 40
Slide 41: Skillsoft Percipio by the Numbers
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A $75M Invested since platform launch in 2017 2,500 Companies live on the platform 100K Daily active users 9M Badges issued 4X Increase in learning hours relative to legacy Skillport platform SKILLSOFT PERCIPIO BY THE NUM
Slide 42: A Modern Technology Platform That Delivers Engaging Learner Experiences
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A A MODERN TECHNOLOGY PLATFORM THAT DELIVERS ENGAGING LEARNER EXPERIENCES 42 STRONG FOUNDATION OPPORTUNITIES FOR GROWTH 1 A deeply engaging platform for learners 1 Complete integrations and features required for migration
Slide 43: An Engaging Platform for Learners
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A • AI - driven personalization • Recognition / social badging • Learning in the flow of work • Motivation and goals • Mobile and voice AN ENGAGING PLATFORM FOR LEARNERS 43
Slide 44: Supporting Enterprise Needs of Management, Security and Analytics
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A • Configurability around multiple audiences/domains • Compliance integration • Assignments & assessments • Reporting & dashboard • Security & data privacy • Enterprise branding 44 SUPPORTING ENTERPRISE NEEDS OF MANAGEME
Slide 45: Capability to Integrate Seamlessly With the Enterprise Ecosystem
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A CAPABILITY TO INTEGRATE SEAMLESSLY WITH THE ENTERPRISE ECOSYSTEM CUSTOM CONTENT SUPPORTED WITHIN PLATFORM Upload package(s) Upload single file(s) External link CONTENT FROM FREE AND PAID PROVIDERS LEARNING MANAGEMENT SY
Slide 46: Percipio Capabilities and Integrations
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A PERCIPIO CAPABILITIES AND I N T E GRA T IO N S A BEST OF BREED PLATFORM E X A MPL E S CORE BUSINESS DRIVER CORE CAPABILITIES LMS • Regulatory Compliance • Mission critical learning • Complex curriculums • High - volume
Slide 47: Our Platform Priorities Going Forward
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A OUR PLATFORM PRIORITIES GOING FORWARD 47 # 1 # 2 # 3 COMPLETE INTEGRATIONS AND FEATURES REQUIRED FOR MIGRATIONS ENRICH AND ENHANCE SKILLS GROWTH CAPABILITIES ENABLE RAPID INNOVATION AND EXPANSION INTO NEW CUSTOMER SEGME
Slide 48: Go-To-Market
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A GO - TO - MARKET 48
Slide 49: A World-Class Go-To-Market Capability
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A A WORLD - CLASS GO - TO - MARKET CAPABILITY 49 STRONG FOUNDATION OPPORTUNITIES FOR GROWTH 1 Delivering a highly differentiated proposition… 1 Complete migration to Percipio 2 …to a large and varied customer base… 2 Upse
Slide 50: Where We Play: Three Customer Segments
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A WHERE WE PLAY: UPSKILLING THE GLOBAL WORKFORCE ACROSS THREE CUSTOMER SEGMENTS LEADERSHIP & BUSINESS SKILLS TECHNOLOGY & DEVELOPMENT COMPLIANCE # 1 G L OBAL L EA D ER CUSTOMER VALUE PROP O S I T I O N Enable leaders and
Slide 51: Unrivaled Customer Base
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A ~ 70 % OF FORTUNE 1000 1 ~ 45 M LEARNERS WORLDWIDE 2 160 + COUNTRIES WORLDWIDE 3 ~ 98 % REVENUE FROM BUSINESS CUSTOMERS 4 UNRIVALED CUSTOMER BASE 51 Notes: 1 Based on customers who have purchased training from Skillsoft
Slide 52: World-Class Sales Team and Coordinated GTM
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A GLOBAL COV E RAGE SMB – E N T E RPR ISE GOVERNMENT & COMMERCIAL DED I CATED ‘LINE OF BUSINESS’ SELLERS DEDICATED ACQ UIS I T I ON TEAM 52 WORLD - CLASS SALES TEAM AND COORDINATED GTM 600 PERSON COMBINED SALES TEAM COVER
Slide 53: A Unique Opportunity and Ability to Cross-Sell
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A 53 A UNIQUE OPPORTUNITY AND ABILITY TO CROSS - SELL Note: 1 Covers Q4FY2017 through Q4FY2021E. CROSS - SELL: Growing share of customers buying 2 - 3 products RETENTION: 22 percentage point higher dollar retention rate a
Slide 54: A Powerful Growth Engine: New Customer Acquisition Model
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A A POWERFUL GROWTH ENGINE 54 NEW CUSTOMER ACQU ISITION MODEL BRAND Serve as the trusted partner for enterprises as they build the workforce of the future. ACQUISITION SALES MODEL Utilize a dedicated salesforce that speak
Slide 55: Finance
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Finance Q&A FINANCE 55
Slide 56: Attractive Financial Profile
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A ATTRACTIVE FINANCIAL PROFILE 56 # 1 NEW SKILLSOFT POSITIONED FOR PROFITABLE GROWTH # 2 HIGH LEVEL OF SUBSCRIPTION REVENUE WITH STRONG REVENUE PREDICTABILITY # 3 OPERATING LEVERAGE SUPPORTS FUTURE MARGIN EXPANSION # 4 HI
Slide 57: Positioned for Growth: Percipio Migration
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Finance Q&A POSITIONED FOR GROWTH: PERCIPIO MIGRATION SUPPORTS IMPROVED REVENUE RETENTION AND MORE NEW BUSINESS Note: Dual Deployment (DD) reflects customers who are paying for Percipio and Skillport platforms. Percipio reflects cus
Slide 58: Positioned for Growth: Global Knowledge Has Stabilized
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Finance Q&A 58 POSITIONED FOR GROWTH: GLOBAL KNOWLEDGE HAS STABILIZED WITH IMPROVED PRODUCT MIX Notes: 1 Information shown reflects FYE January 31st financials (e.g., FYE 1/31/21E shown for CY2020E). 2 Order intake represents contra
Slide 59: Business Tracking Above Prior Estimates
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Finance Q&A 59 BUSINESS TRACKING ABOVE PRIOR ESTIMATES Note: 1 CY2020E reflects preliminary estimates, which are subject to change. CY2020E reflects 1/31/21E financials for Skillsoft and 12/31/20E for Global Knowledge. CY2020E 1 ($M
Slide 60: New Skillsoft Positioned for Growth
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Finance Q&A 60 NEW SKILLSOFT POSITIONED FOR GROWTH Note: Product level view of Order Intake / Revenue for Skillsoft Content and SumTotal. Reconciliation of non - GAAP financial measures provided in appendix. 1 CY2019A reflects 1/31/
Slide 61: High Subscription Revenue With Strong Predictability
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Finance Q&A 61 HIGH SUBSCRIPTION REVENUE WITH STRONG PREDICTABILITY Subscription Revenue Non - subscription Revenue Notes: 1 CY2020E reflects preliminary estimates, which are subject to change - 1/31/21E financials for Skillsoft and
Slide 62: Operating Leverage and High Cash Flow Conversion
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Finance Q&A 62 OPERATING LEVERAGE AND HIGH CASH FLOW CONVERSION PROVIDE FINANCIAL FLEXIBILITY AND SUPPORT REINVESTMENT ILLUSTRATIVE CY2022E FREE CASH FLOW BRIDGE ($M; Cash Flow items shown as % of Adj. EBITDA) • High cash conversion
Slide 63: Attractive Capital Structure and Partner Support
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Finance Q&A ATTRACTIVE CAPITAL STRUCTURE AND PARTNER SUPPORT PROVIDE STRATEGIC FLEXIBILITY N o t e s: 1 Reflects FYE 1/31/23E Adj. EBITDA midpoint. 2 Pro forma for Churchill transactions with Skillsoft and Global Knowledge; assumes
Slide 64: Illustrative Timeline to Close
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A ILLUSTRATIVE TIMELINE TO CLOSE EVENT S - 4 EFFECTIVE DATE AND PROXY MAILING STOCKHOLDER REDEMPTION DATE STOCKHOLDER APPROVAL AND TRANSACTION CLOSE EXPECTED DATE APRIL MAY MAY Note: For illustrative purposes only; timing
Slide 65: Q&A
I ntrod u cti on S t r a te g y C onte nt Platform Go - To - Market Fi nance Q&A Q&A 65
Slide 66: Appendix
APPENDIX skill
Slide 67: Financial Overview
FINANCIAL OVERVIEW ($M) Note: CY2020E reflects preliminary estimates, which are subject to change. CY2020E decline primarily due to decline in classroom revenue at Global Knowledge as a result of COVID - 19, customer churn from Skillsoft legacy platform, and other impacts mainly attributable to COVI
Slide 68: Historical Quarterly Financial Performance
HISTORICAL QUARTERLY FINANCIAL PERFORMANCE ($M) COMM ENT A R Y Q 1 A Q 4 E Skillsoft Order Intake: Content SumTotal $347 138 $39 32 $59 24 $74 28 $164 $334 40 124 Total Skillsoft Order Intake $485 $71 $82 $102 $203 $458 Global Knowledge Order Intake: Classroom and All Other $175 Virtual and On - Dem
Slide 69: Key Performance Metrics
KEY PERFORMANCE METRICS ($M) 69 Note: CY2020E reflects preliminary estimates, which are subject to change. 1 CY2019A reflects year ended 1/31/20A financials for Skillsoft and year ended 9/27/19A for Global Knowledge. 2 CY2020E reflects year ended 1/31/21E financials for Skillsoft and year ended 12/3
Slide 70: Transaction Summary
TRANSACTION SUMMARY ($M) PF EQUITY OWNERSHIP OWNERSHIP INC. REVESTED • The sponsor will agree to a portion of promote unvesting and revesting at $12.50 • Substantial value will be created for investors before Churchill’s sponsor receives all Founder shares DAY 1 OWNERSHIP 1 PROMOTE 1 Shareholders Sh
Slide 71: Summary of Shares Outstanding at Various Prices
SUMMARY OF SHARES OUTSTANDING AT VARIOUS PRICES (SHARES IN M) 71 Notes: Shares and warrants net for Treasury Stock Method (“TSM”). Excludes equity issued to management and advisors in connection with the consummation of the contemplated transaction, including equity issued under Churchill's manageme
Slide 72: Summary Unaudited Pro Forma Condensed Combined Financial Information (S-4)
SUMMARY UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION (S - 4) ($M) 72 Source: S - 4 * Amounts for the year ended December 31, 2019 combine the historical (1) audited financial statements of Churchill as of December 31, 2019 and for the period from April 11, 2019 (inception) through De
Slide 73: Reconciliation of Non-GAAP Financial Measures (S-4)
RECONCILIATION OF NON - GAAP FINANCIAL MEASURES (S - 4) ($M) 73 Source: S - 4 1 Calculation pursuant to credit agreement operative in those periods. 2 Reflects nine months ended 10/31/20A. 3 Reflects nine months ended 10/2/20A. Net income (loss) - GAAP ( $849 ) ( $26 ) ( $876 ) $2 , 72 5 ( $98 ) $2
Slide 74: Reconciliation of Non-GAAP Financial Measures (S-4) (Cont'd)
RECONCILIATION OF NON - GAAP FINANCIAL MEASURES (S - 4) ($M) (CONT’D) 74 Source: S - 4. 1 Calculation pursuant to credit agreement operative in those periods. Nine Months Ended 10/31/20 ( - ) Nine Months Ended 10/31/19 (+) FYE 1/31/20 = LTM (10/31/20) Global Know ledge (FYE 10/2/20) Combined LTM Net
Slide 75: SumTotal: A Comprehensive Learning and Talent Management System
SUMTOTAL: A COMPREHENSIVE LEARNING AND TALENT MANAGEMENT SYSTEM 75 LEADING PLATFORM COMPREHENSIVE SOLUTION TOP PRIORITIES • Supports every stage of the employee development lifecycle • Robust, highly configurable systems and best positioned to address large, complex, compliance - oriented use cases
Slide 76: Disclaimer
DISCLAIMER 76 IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT This communication is being made in respect of the proposed merger transaction involving Churchill II and Skillsoft. Churchill II has filed a registration statement on Form S - 4 with the SEC, which includes a proxy statement of Chu
Churchill Capital Corp II — SPAC Merger (February 2021) on 6ix