Bridger Aerospace Group Holdings, Inc. · NASDAQ:BAER
Bridger Aerospace — SPAC Merger (August 2022)
46 slides from Bridger Aerospace's SPAC merger presentation, Aug 8, 2022
Slide 1: Bridger Aerospace Investor Presentation August 2022
Exhibit 99.2 Bridger Aerospace Investor Presentation August 2022
Slide 2: Important Disclaimers: Basis of Presentation
Important Disclaimers Basis of Presentation This 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 Bridger Aerospace Group Holdings,
Slide 3: Important Disclaimers: Forward Looking Statements
Important Disclaimers Forward Looking Statements Certain statements included in this Presentation are not historical facts but are forward-looking statements, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-lookin
Slide 4: Important Disclaimers: Trademarks
Important Disclaimers Trademarks Jack Creek and Bridger own or have rights to various trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This Presentation also contains trademarks, service marks, trade names and copyrights of thir
Slide 5: Important Information for Investors and Stockholders
Important Disclaimers Important Information for Investors and Stockholders The Potential Business Combination will be submitted to shareholders of Jack Creek for their consideration and approval at a special meeting of shareholders. Jack Creek and Bridger will prepare a registration statement on For
Slide 6: Table of Contents
Table of Contents Executive Summary 7 The Bridger Solution 16 Growing Market and Demand 23 Financial Overview 28 34 Transaction Details and Benchmarking 6
Slide 7: Executive Summary
piel @ | A\EROSPACE B SEM AIM Executive Summary
Slide 8: Bridger Aerospace at-a-Glance
Bridger Aerospace at-a-Glance (1) Business Description Financial Profile ($ in Millions) 60% § Bridger Aerospace (“Bridger Aerospace”, “Bridger” or the 52% “Company”) provides full-spectrum aerial firefighting solutions $106 to Federal and State government agencies 27% $75 § Founded in 2014, Bridger
Slide 9: Bridger's Critical Mission
Bridger’s Critical Mission Bridger’s Mission is to Fight Wildfires that Cause Hundreds of Billions of Dollars of Economic Damage and Emit Hundreds of Millions of Metric Tons of CO into the 2 Mitigate economic Minimize Directly attack CO Atmosphere 2 loss as wildfire environmental harm emissions to c
Slide 10: Entrepreneurial Management Team With a Track Record of Success
Entrepreneurial Management Team With a Track Record of Success Bridger is Led by an Experienced Executive Team with a Track Record of Tim Sheehy Darren Wilkins McAndrew Rudisil James Muchmore Successfully Chief Executive Officer Chief Operating Officer Chief Investment Officer Chief Legal Officer De
Slide 11: Jack Creek and JCIC Management Team at-a-Glance
Jack Creek Investment Corp. Jack Creek and JCIC Management Team at-a-Glance n JCIC, a special purpose acquisition company (“SPAC”), n Proven track record of creating value in public and private (1) holds ~$345 million cash in trust markets across numerous industries n Robust history of entrepreneurs
Slide 12: A Uniquely Qualified Leadership Team that is Aligned with Shareholders Post-Merger
A Uniquely Qualified Leadership Team that is Aligned with Shareholders Post-Merger (1) Board of Directors n Jack Creek, founded on August n Bridger’s management team has Jeffrey Kelter 31, 2020, has ~$345 million an extensive track-record of Chairman and Director (2) cash in trust leading and growin
Slide 13: Why Bridger is Going Public
Why Bridger is Going Public Enhance public support and awareness of Bridger, particularly in a market without a significant number of public-ready, fundamentally-driven ESG businesses Provide public currency for strategic growth As a Public Company, Bridger Expects to Enhance its Profile and Rapidly
Slide 14: Business Combination Overview
Business Combination Overview n Business combination between Bridger and JCIC, a publicly listed SPAC with ~$345 million cash in Transaction trust Structure n No PIPE is required to close the transaction n Transaction is expected to close in Q4 2022 (1)(3) (2) n Pro-forma enterprise value of $869 mi
Slide 15: Investment Highlights
Investment Highlights Full Service, COCO Wildfire Fighting Platform Utilizing Leading, Purpose-Built Technology Rapidly Expanding Market Due to Increased Wildfire Season Length, Geographic Breadth and Severity Sustainability Practices: Directly and Quantifiably Combating Major Sources of CO Emission
Slide 16: The Bridger Solution
BR RAIperag The Bridger Solution
Slide 17: Bridger's Platform is Designed to Solve a Growing and Evolving Problem
Bridger’s Platform is Designed to Solve a Growing and Evolving Problem Wildfire Risks are …Yet There is Inadequate Scale, Bridger Aerospace Provides a Increasing… Response and Coordination Full-Fledged, Modern Solution n Deploy highly efficient aerial firefighting assets Company A Company B Company
Slide 18: Bridger's Scooper Fleet Provides Unique Firefighting Capabilities
Bridger’s Scooper Fleet Provides Unique Firefighting Capabilities n The CL-415EAF is an amphibious aerial firefighting aircraft outfitted with upgraded avionics and high-powered turbine engines n Unique aeronautical design enables tight maneuvering at low altitudes and airspeeds, allowing for high-p
Slide 19: Bridger Deploys a Multi-Layered Fleet of Highly Capable Aircraft
Bridger Deploys a Multi-Layered Fleet of Highly Capable Aircraft (1) 2022E Fleet Size Suppression n Viking Air CL-415EAF Super Scooper, an upgrade of the original CL-415 n Using local water, the Super Scooper can drop 50k gallons before refueling 6 n Highly capable and cost-efficient aircraft Bridge
Slide 20: Bridger Delivers More Complete and Effective Fire Suppression Capabilities
Bridger Delivers More Complete and Effective Fire Suppression Capabilities Illustrative Perimeter (1) Solution Provider Multiple Layers of Aircraft Single Airframe Models Fleet Type Bridger Offers 6-10 Fleet Size > 20 and Scaling Differentiated 1,000+ Drop Altitude 100 Solutions to Combat (Feet) the
Slide 21: Extensive US Footprint Serving Mission Critical Geographies
Extensive US Footprint Serving Mission Critical Geographies Long-Term Contracts With Federal Federal Agencies Expected to Represent and State Firefighting Agencies ~75%+ of Revenue in FY2022E Forward Federal State & Local 2021A Revenue by End Customer 6% Bridger Maintains 18% a 100% Renewal Rate on
Slide 22: FireTrac: Next-Gen Wildfire Data, Surveillance and Reporting Platform
FireTrac: Next-Gen Wildfire Data, Surveillance and Reporting Platform Data Technology n Combine Bridger’s proprietary in-flight imaging capabilities with n Near real-time interface to inform users of potential wildfire published governmental data impacts n Consolidated information, imagery and data
Slide 23: Growing Market and Demand
Growing Market and Demand
Slide 24: Rising and Evolving Wildfire Risks Threaten Communities
Rising and Evolving Wildfire Risks Threaten Communities More Severe Wildfire Season Wildland-Urban Interface Changes in Temperatures and Precipitation Levels Insufficient Firefighting Capacity Lack of Real-Time Insights Are Increasing the Magnitude of Wildfires and Adding Weeks to Destructive Fire S
Slide 25: As WUI Areas Expand, the Scale of Damages from Wildfires is Expected to Increase
As WUI Areas Expand, the Scale of Damages from Wildfires is Expected to Increase Residential Growth in Fire-Prone, …Has Resulted in a Higher Number Wildland-Urban Interface Areas… of Acres Burned per Fire Total Acres Burned in California by the Growth Rate of Homes in the WUI by County (1990 – 2010)
Slide 26: Large Market With Strong Demand for Air-Based Suppression Technologies
Large Market With Strong Demand for Air-Based Suppression Technologies Aerial Suppression Spend Represented ~45% … and the Market is Anticipated to Continue to (1) of the $14 Billion Firefighting Market in 2021 … Expand as Wildfires Rage Across Europe and the US Air-Based Suppression Greece Faces Di
Slide 27: Wildfires Present a Significant and Growing Environmental Hazard
Wildfires Present a Significant and Growing Environmental Hazard Increased Wildfires, CO Levels and Temperatures Annual Wildfire CO Emissions are Among the 2 2 Are Part of a Vicious Cycle Most Harmful Pollutants > 110 Million Metric tons of CO released by California 2 wildfires in 2020 is equivalent
Slide 28: Financial Overview
inl © | A\EROSPACE Financial Overview
Slide 29: A Longer Active Fire Season is Extending Operators' Flight Hours
A Longer Active Fire Season is Extending Operators’ Flight Hours Climate Change has Elongated the Active Fire Season Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Maintenance, Training & Active Fire Season Maintenance FAA re-certification period (each CL-415EAF has the ability to fly 450 hours dur
Slide 30: Favorable Contract Mechanics and Terms
Favorable Contract Mechanics and Terms A B Standby Days Flight Hours § Bridger estimates total standby days in the § Bridger estimates a run-rate amount of projection period flight hours based on past performance and standby days § 2021 figures represent 60% of a normal season due to aircraft delive
Slide 31: Attractive Aircraft Unit Economics Drive Margins with Fleet Expansion
Attractive Aircraft Unit Economics Drive Margins with Fleet Expansion (1) 2023E Average Total Cost of One-time investment to purchase $32 million New Scooper Delivered new Super Scooper Adj. EBITDA Bridger Has an High ROI per Super Scooper $10 million per Super Scooper Attractive ~Three-Year Payback
Slide 32: Multiple Efficiencies Driving Margin Improvement
Multiple Efficiencies Driving Margin Improvement n Bridger is at an inflection point where margins are expected to continue to increase due to high-capacity utilization, fleet ~60% Adj. expansion and the benefit of prior cost incurrence EBITDA Margin n The Bridger business creates a significant amou
Slide 33: Financial Overview
Financial Overview n Although Bridger’s Super Scooper fleet only comprises ($ In Millions) Pro Forma Val2021A uation 2022E 2023E ~30% of total fleet count, the CL-415EAF’s leading CL-415EAF $30.4 $64.5 $90.6 operating performance contributes to the majority of Air Attack 8.1 6.3 11.3 top-line sales
Slide 34: Transaction Details and Benchmarking
Transaction Details and Benchmarking
Slide 35: Detailed Transaction Overview
Detailed Transaction Overview Pro Forma Valuation Valuation and Capital Structure Pro-Forma Valuation (1)(2)(3)(7) n Fully diluted pro-forma enterprise value of $869 Pro Forma Shares 110.884 million, representing 13.7x CY2023E Adj. EBITDA of Assumed Share Price $10.00 $64 million Pro Forma Equity Va
Slide 36: Operational Benchmarking
Operational Benchmarking CY2023E Revenue Growth CY2023E Defense Electronics Median = 7% CY2023E Specialty Aviation Median = 11% 42% 12% 11% 11% 11% 8% 8% 5% 6% Bridger’s Projected 5% Revenue Growth and Margin Profile are Favorable Versus Peers CY2023E Adj. EBITDA Margin CY2023E Defense Electronics M
Slide 37: Valuation Benchmarking
Valuation Benchmarking Enterprise Value / CY2023E Adj. EBITDA CY2023E Defense Electronics Median = 15.6x CY2023E Specialty Aviation Median = 16.7x 32.8x Bridger’s Valuation is In-Line with 22.3x 18.9x Industry Peers 16.7x 16.0x 15.2x 13.7x 13.5x 11.8x 7.6x Source: CapIQ, Company Management, BAMSEC,
Slide 38: Appendix
Appendix
Slide 39: FireTrac Opportunity and Business Model
FireTrac Opportunity and Business Model Multi-Billion Dollar Global Data Opportunity Underserved Market of Addressable Subscribers Business Model & Illustrative Revenue Opportunity n 1/6 of US population is directly impacted by wildfiresn Annual subscription-based revenue model with user-friendly Fi
Slide 40: Pro-Forma Ownership Impact from Redemptions
Pro-Forma Ownership Impact from Redemptions Illustrative Redemptions 0% 25% 50% 75% Regardless of Final (1) Pro Forma Shares 110.884 102.259 93.634 84.069 Structure, the Transaction Share Price $10.00 $10.00 $10.00 $10.00 Requires No Pro Forma Equity Value $1,109 $1,023 $936 $841 Minimum Cash Less:
Slide 41: Net Income to Adjusted EBITDA Reconciliation
Net Income to Adjusted EBITDA Reconciliation 2021A Net Income to Adjusted EBITDA Reconciliation Year Ended December 31, 2021 Net Income / (Loss) ($6,540,797) Depreciation and Amortization 6,673,685 Interest Expenses 9,293,298 EBITDA $9,426,816 (1) Loss on Disposals 995,528 (2) Legal Fees 110,000 Adj
Slide 42: Risk Factors (1 of 5)
Risk Factors (1 of 5) All references to “Bridger,” the “Company,” “we,” “us” or “our” refer to the business of Bridger Aerospace Group Holdings, LLC and its consolidated subsidiaries. The risks presented below are certain of the general risks related to our business, industry and ownership structure
Slide 43: Risk Factors (2 of 5)
Risk Factors (2 of 5) Operations Risks (continued) § System failures, defects, errors, or vulnerabilities in our website, applications, backend systems, or other technology systems or those of third-party technology providers could harm our reputation and brand and adversely impact our business, fin
Slide 44: Risk Factors (3 of 5)
Risk Factors (3 of 5) Sales and Customer Risks (continued) § The U.S. government’s budget deficit and the national debt, as well as any inability of the U.S. government to complete its budget process for any government fiscal year and consequently having to shut down or operate on funding levels equ
Slide 45: Risk Factors (4 of 5)
Risk Factors (4 of 5) Financial and Capital Strategy Risks (continued) § We have a substantial amount of debt and servicing future interests or principal payments may impair our ability to operate our business or require us to change our business strategy to accommodate the repayment of our debt. Ou
Slide 46: Risk Factors (5 of 5)
Risk Factors (5 of 5) Transaction Risks § The process of taking a company public by means of a business combination with a special purpose acquisition company (“SPAC”) is different from taking a company public through an underwritten offering and may create risks for our unaffiliated investors. § Th