Getaround, Inc. · OTC:GETR
Getaround — SPAC Merger (May 2022)
61 slides from Getaround's SPAC merger presentation, May 11, 2022
Slide 1: Getaround
Getaround
Slide 2: Disclaimer
All content in this file is confidential. DISCLAIMER This presentation (together with oral statements made in connection herewith, 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 pote
Slide 3: No Offer or Solicitation; Forward-Looking Statements
NO OFFER OR SOLICITATION This Presentation relates to the potential financing of a portion of the Proposed Business Combination through a private placement of InterPrivate’s Class A common stock. This Presentation shall not constitute a “solicitation” as defined in Section 14 of the Securities Excha
Slide 4: InterPrivate overview
InterPrivate overview A leading SPAC platform Ahmed Fattouh Brian Q. Pham Alan Pinto Chairman & CEO Executive VP Executive VP $259m IPO 1/5th Founder, InterPrivate Partner, InterPrivate Partner, InterPrivate Proceeds Warrant 25+ years in private equity and M&A 10+ years experience as tech investor,
Slide 5: Getaround investment highlights
Getaround investment highlights Top 2 player globally in peer-to-peer carsharing -Operates in 950 cities across 8 countries, with 1.6m guests renting 66k cars from hosts Large total addressable market enabled by digital model -Serviceable addressable market of $155B Differentiated tech of connected
Slide 6: Getaround Intro
Getaround Intro 210719 from Getaround
Slide 7: Our mission is to solve the 95% problem
Our mission is to solve the 95% problem Cars are wastefully parked 95% of each day1 But accessing a car you don’t own is hard, offline, analog Introducing our digital carsharing marketplace 1. “Going My Way? The Evolution of Shared Ride and Pooling Services”, Berkeley Transportation Sustainability R
Slide 8: Getaround is a leading global and digital carsharing marketplace
Getaround is a leading global and digital carsharing marketplace HOSTS Earn income by sharing cars 66k active cars $370M host earnings GUESTS Get instant access to cars nearby 1.6m unique guests 5.7m trips completed 950+ active cities in 8 countries Powered by the Getaround Connect® Cloud 66K active
Slide 9: 100% digital carsharing experience
100% digital carsharing experience Removes transactional friction points Reserve instantly and Share and earn digitally go — from anywhere — no in-person interaction
Slide 10: A decade of innovation and growth
A decade of innovation and growth U.S. suburban and tier 2 city expansion 2021 Profitability 2020 demonstrated in Europe1 EU expansion and 2019 Drivy acquisition 2018 integration Toyota investment and partnership U.S. expansion to 2017 other tier 1 cities Expanded 2015 to Chicago Getaround 2013 Conn
Slide 11: Strong growth in GBV through COVID-19
Strong growth in GBV through COVID-19 59% growth in COVID-19 $167M $136M $105M $18M $26M 2017 2018 2019 2020 2021 GBV = GROSS BOOKING VALUE1 Gross Booking Value (GBV, non-GAAP) is total receipts billed through the platform, including amounts collected on behalf of hosts — see Appendix for GAAP recon
Slide 12: Pioneered the digital carsharing transformation
Pioneered the digital carsharing transformation Analog Human-intensive manual operations Offline and disjointed processes Challenging transition to digital Digital Fully digital, frictionless user experience Data rich, focused on optimization Digitally native from the outset Company estimate of serv
Slide 13: Expanded addressable market via more use cases and geo coverage
Expanded addressable market via more use cases and geo coverage Chart is for illustrative purposes only and represents Getaround’s view of the addressable market for the various business models depicted High booking intent across all population densities Atlanta, GA New York, NY 2.2k ppl per mi² 31k
Slide 14: The Getaround Connect Cloud Platform
The Getaround Connect® Cloud Platform Getaround apps Rideshare & mobility partners Optimized for digital DEMAND and contactless digital marketplace Data Machine learning Software Connect® Cloud Platform Vertically integrated tech stack powers digital, connected experience on Getaround Connect® IoT d
Slide 15: Uniquely able to digitize 1.2B legacy cars
Uniquely able to digitize 1.2B legacy cars Patented IoT technology enables any car to connect to our Getaround Cloud™ Powers our digital experience - Contactless pick-up and return - Bluetooth and remote unlock - Anti-theft and security features Real-time vehicle data capture - Mileage & fuel - Sens
Slide 16: Working with OEMs on the future of the connected car
Working with OEMs on the future of the connected car Accelerating supply growth via native OEM software integrations A history of inventive partnerships with OEMS EU 2018 2019 2020 2021 Strategic POC Signed pilot Signed pilot investment & integration agreement w/ agreement POC w/ Toyota with Tesla l
Slide 17: Using advanced data science to drive improvement across the business
Using advanced data science to drive improvement across the business Dynamic Fraud Marketplace Smart pricing intelligence optimization automation Booking FUEL & TOLL Verify identities signals MILEAGE BILLING Utility Risk pricing pricing Block abusers TOW & IMPACT CUSTOMER SERVICE Optimized on trip F
Slide 18: Growing and densifying existing markets with adjacent expansion
Growing and densifying existing markets with adjacent expansion Boston, MA Miami, FL Chicago, IL Active area Expansion area Map illustrates active and planned operating areas in select markets as of 6/1/21 Pie chart represents % of total population in already active metros vs population in planned n
Slide 19: Who we serve
Who we serve The The Powerhost Utility Guest “I manage my fleet “I do not have access to a business on Getaround” car, and need one frequently to live and work” 55m entrepreneurs 46m people Car Renter supply demand The The Individual Host Lifestyle Guest “I share my car when “I chose to live car-fre
Slide 20: Increasing usage drives higher customer LTVs
Increasing usage drives higher customer LTVs 2x usage increase since 2018 Driven by repeat guests Cohort guest spend increasing YoY Monthly hours booked per guest Average monthly guest GBV Average cumulative GBV per guest 55 Spring Fall $800 New 16% 50 $700 45 $600 2018 40 $500 2019 2020 Returning $
Slide 21: Accelerating adoption by entrepreneurs who become Powerhosts
Accelerating adoption by entrepreneurs who become Powerhosts FUELING GROWTH OF EXAMPLES OF OUR POWERHOSTS CONNECTED CAR NETWORK Kisean Smith 71% of GBV from Powerhosts1 26-year-old Getaround Powerhost from Atlanta A Powerhost for two years 11 cars on the platform Generating ~$5,000/mo (after expense
Slide 22: Acquiring hosts and building an ecosystem for growth
Acquiring hosts and building an ecosystem for growth PLAYBOOK FOR LOCAL ENGAGEMENT & SUPPORT Targeted 1 2 3 marketing outreach Partner with local Negotiate win-win Promote with municipalities parking deals local press Dedicated account management Investing in community partnerships to help hosts gro
Slide 23: Powerhosts scale and add more cars organically
Powerhosts scale and add more cars organically Powerhost organic flywheel Host adds cars based on demand Car achieves First guests optimal discover revenue yield new cars Establishes Word-of-mouth / returning virality increases guest base local demand Powerhosts expand 8x over 18 months Cohort GBV r
Slide 24: Enabling hosts through data and technology
Enabling hosts through data and technology Enhances pricing No rental counter Detect & automate Track exceptions & Tools for managing and revenue yield ops required billable events react in real-time vehicle fleets Predictive demand-engine High-velocity transactions Trip event detection ML Real-time
Slide 25: Scalable partner distribution channels
Scalable partner distribution channels Acquiring guests through partners that access Getaround’s connected car network TYPICAL PARTNERS Rideshare Hospitality Travel API Food delivery Package Getaround delivery digital marketplace Proven ability to develop national partnerships UBER DRIVER APP 1 2 3
Slide 26: A differentiated business and foundation for continued leadership
A differentiated business and foundation for continued leadership Global network Asset-light model 100% digital experience OEM & mobility integration High frequency use case Entrepreneur ecosystem Asset-light + digital enable competitive advantage: 1 Preferred user experience 2 Significantly larger
Slide 27: We help reduce congestion & pollution
We help reduce congestion & pollution FEWER CARS ON THE ROAD ~10 cars off the road = for each shared car REDUCED CARBON EMISSIONS GHG reduction 34—41% per household CO2 eliminated for 100B lbs 1M Getaround cars Data from Transportation & Sustainability Research Center at UC Berkeley —S. Shaheen, N.
Slide 28: Led by a seasoned team of mobility operators and entrepreneurs
Led by a seasoned team of mobility operators and entrepreneurs Sam Zaid Laura Onopchenko Elliot Kroo Simon Baldeyrou Sy Fahimi Founder & CEO CFO Founder & CTO COO EU COO NA Jeff Russakow Tom Alderman Ivana Savicevic Spencer Jackson Karim Bousta Global Exec Director VP Finance VP Accounting General C
Slide 29: In the early stages of long-term growth
In the early stages of long-term growth Data monetization Execute on proven growth playbook Services for hosts Enhance monetization Pricing enhancements Upside from OEM and Uber integrations Local development Upside from rebound in travel Capture demand Marketing investments Open new markets Add Sca
Slide 30: Financial Summary
Financial Summary
Slide 31: Financial highlights
Financial highlights Rapid growth before and through COVID-19 Leading take rates and trip margin Strong economics with accelerating cohorts Investing in continued market leadership Best-in-class take rate (NMV to GBV ratio) 48% 37% 18% 13% >2x higher revenue yield than car rental (revenue per day) $
Slide 32: Bolstered fundamentals and industry-leading growth during COVID-19
Bolstered fundamentals and industry-leading growth during COVID-19 STRONG NMV GROWTH DESPITE SIGNIFICANT REDUCTION IN OPERATIONAL FOCUS ON DRIVING A CHALLENGING ENVIRONMENT DIRECT MARKETING SPEND IMPROVED MARGIN PROFILE 125% 96% -34pps Increase in NMV Reduction in spend Reduction in support costs $6
Slide 33: Demonstrated path to city profitability at ~50% EBITDA
Demonstrated path to city profitability at ~50% EBITDA EXAMPLE MARKET AT SCALE PROFITABILITY OF TOP 20 GENERATES EBITDA OF ~50% MARKETS (RANKED BY GBV) 40% GBV Marketing $31.7M 20% $26.4M 0% 0% $18.7M EBITDA -20% -40% Adjusted -60% $2.5M -80% $1.4M $0.3M 9 1 9 1 20 1 20 20 2 20 1 20 20 2 20 20 Adjus
Slide 34: Accelerating guest spend and lifetime value
Accelerating guest spend and lifetime value Guest GBV (5y) Trip Contribution Margin $1,700 $1,500 $1,300 Trip frequency $1,100 Revenue yield $900 Trip margin $700 2018 2019 2020 2021 2022E 2026E Estimated 5y Guest GBV Forecasted 5y GBV GBV, CAC, and marketing data shown is for North America—illustra
Slide 35: >100% earnings retention for Powerhosts
>100% earnings retention for Powerhosts — and multiplying quickly Earnings Retention by Powerhost Cohort Cohort Y1 Y2 Y3 Y4 Y5 2016 100% 331% 360% 556% 500%1 2017 100% 396% 592% 463%1 2018 100% 1,261% 943%1 2019 100% 256%1 2020 100%1 1. Represents periods impacted by COVID-19 Data shown is for North
Slide 36: 30% guest revenue retention after years with 5+ year customer lifetime
30% guest revenue retention after 5 years with 5+ year customer lifetime NMV Retention by Guest Cohort Y1 Y2 Y3 Y4 Y5 2016 100% 50% 36% 33% 30%1 2017 100% 45% 35% 34%1 2018 100% 43% 35%1 2019 100% 37%1 2020 100%1 1. Represents periods impacted by COVID-19 Data shown is for North America—illustrative
Slide 37: Clear operating leverage and path to long-term margin profile
Clear operating leverage and path to long-term margin profile OVERHEAD COSTS / NMV 121% -101pps 85% 44% 29% 24% 20% 2021 2022E 2023E 2024E 2025E 2026E 2026E Gross Margin 94% / NMV Trip Contrib. Margin 67% / NMV Adjusted EBITDA 11% / NMV Overhead Costs includes all fixed non-marketing expenses, and p
Slide 38: Fully funded plan with rapid growth to >$1B NMV
Fully funded plan with rapid growth to >$1B NMV NET MARKETPLACE VALUE ($M) 74% CAGR FY 21 – FY 26 17 9 1 18 1 20 2 3E 4E 5E 6E 0 0 22E 2 2 2 2 2 2 20 20 20 0 0 0 0 0 2 2 2 2 2 ADJUSTED EBITDA ($M) $140M expected to fully fund to profitability from closing $1 9 1 1 20 2 22E 2 3E 4E 2 5E 6E 20 20 2 2
Slide 39: Transaction
Transaction
Slide 40: Peer set of marketplace innovators
Peer set of marketplace innovators Leading Global & Digital Carsharing Market Asset-light digital carsharing marketplace Rapid scaling bolstered by efficient network expansion strategy and organic flywheel Integrations w/ OEMs & mobility partners High Growth Marketplaces Asset light, two-sided marke
Slide 41: Operational benchmarking
Operational benchmarking CY2021E – CY2023E Revenue CAGR Median: 23.9% CY2023E Gross Margin Median: 74.2% Source: CapIQ IBES and company materials. Market data as of 1/28/22, Getaround revenue CAGR and Gross Margin based on Net Marketplace Value (NMV)
Slide 42: Valuation benchmarking
Valuation benchmarking TEV / CY2023E Revenue Median: 4.8X TEV / CY2023E Growth Adjusted Revenue Median: 0.19x Source: Wall Street Research, CapIQ Market data Market data as of 1/28/22, Getaround revenue multiples represent CY2023E Net Marketplace Value (NMV) CY2023E EV / Revenue multiple adjusted by
Slide 43: Getaround
@ Getround
Slide 44: Appendix
Appendix
Slide 45: Getaround financial forecast
Getaround financial forecast ($ in 000’s) 2021 2022E 2023E 2024E 2025E 2026E Gross Booking Value $167,421 $253,913 $492,701 $916,437 $1,583,723 $2,558,651 Net Marketplace Value $81,076 $121,884 $233,581 $447,130 $780,497 $1,289,358 Less: EU insurance share (18,010) (28,394) — — Net Revenue $63,067 $
Slide 46: Non-GAAP reconciliation
Non-GAAP reconciliation ($ in 000’s) 2021 2022 2023 2024 2025 2026 Net Revenue $63,067 $93,490 $233,581 $447,130 $780,497 $1,289,358 Plus: EU insurance share 18,010 28,394 0 0 0 0 Net Marketplace Value (NMV) $81,076 $121,884 $233,581 $447,130 $780,497 $1,289,358 Plus: owner earnings $77,240 $119,291
Slide 47: 22Q1E prelim results
22Q1E prelim results 20% GBV growth Feb to Mar $12.4M $10.3M $9.7M Jan Feb Mar GBV = GROSS BOOKING VALUE1 Gross Booking Value (GBV, non-GAAP) is total receipts billed through the platform, including amounts collected on behalf of hosts … accelerating momentum in both GBV & NMV 21% NMV growth Feb to
Slide 48: Risk factors & Disclosures
Risk factors & | Disclosures getoround
Slide 49: Risks Related to Our Operations
Risks Related to Our Operations The COVID-19 pandemic (“COVID-19”) and the impact of actions taken to mitigate COVID-19 have negatively impacted and will continue to negatively impact our business, financial condition, and results of operations. The effects of COVID-19 and other potential future pub
Slide 50: Risks Related to Our Operations (Cont'd)
Risks Related to Our Operations (Cont’d) The personal automobile insurance companies insuring the cars that hosts share on our platform may deny coverage for claims or decline to renew automobile insurance policies issued to hosts, based on incidents involving shared vehicles or carsharing procedure
Slide 51: Risks Related to Our Operations (Cont'd)
Risks Related to Our Operations (Cont’d) If we do not adequately protect our intellectual property and our data, our business, financial condition, and results of operations could be negatively impacted. In particular, we rely in part on patents to protect some of our technology. These patents may b
Slide 52: Regulatory Risks (Cont'd)
Regulatory Risks (Cont’d) The regulatory environment relating to sales or related taxes for businesses and platforms such as ours is complex, rapidly evolving and differs across local, state and national jurisdictions. Uncertainty in the application of taxes, including sales or related taxes, to our
Slide 53: Risks Related to InterPrivate II and the Business Combination
Risks Related to InterPrivate II and the Business Combination (Cont’d) We may be unable to complete the Business Combination if the stockholders of InterPrivate II do not approve the transaction or a significant number of InterPrivate II stockholders exercise their redemption rights, thereby reducin
Slide 54: Risks Related to InterPrivate II and the Business Combination (Cont'd)
Risks Related to InterPrivate II and the Business Combination (Cont’d) PubCo does not intend to pay cash dividends for the foreseeable future. PubCo may not meet the NYSE’s initial listing criteria, and even if it does, the NYSE may not continue to list PubCo’s securities on its exchange; which coul
Slide 55: Sponsor Promote Disclosure
Sponsor Promote Disclosure InterPrivate Acquisition Management II, LLC (the “Sponsor”) is managed by InterPrivate Capital LLC (“IPC”), a wholly owned subsidiary of InterPrivate LLC (“InterPrivate”). InterPrivate is a private investment firm founded by the SPAC’s Chairman and CEO, Ahmed Fattouh, whic
Slide 56: Getaround
getaround
Slide 57: Disclaimer
All content in this file is confidential. DISCLAIMER This presentation (together with oral statements made in connection herewith, 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 pote
Slide 58: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Some of the financial information and data contained in this Presentation, such as Gross Booking Value Net Marketplace Revenue, Trip Contribution Margin and adjusted EBITDA have not been prepared in accordance with United States generally accepted accounting principles (“
Slide 59: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This Presentation contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Proposed Business Combination between Getaround and InterPrivate, including statements regarding the benefits of the Proposed Business Combin
Slide 60: Transaction summary
Transaction summary in millions, except per share values Key transaction terms • Pro forma enterprise value of $900M • Pro forma net balance sheet cash assumes no redemptions, $50M equity1, $175M Mudrick convertible notes, $67M balance sheet cash, and $80M debt as of 12/31/21 • At closing, existing
Slide 61: Getaround
@Getaround