Customers Bancorp, Inc · NYSE:CUBI
Customers Bancorp — SPAC Merger (November 2020)
15 slides from Customers Bancorp's SPAC merger presentation, Nov 10, 2020
Slide 1: Q3 2020 Update
Q3 2020 Update • Q3 pro forma core revenue of $18.2mm, represents 19.5% YoY growth Q3 Financial Overview • Q3 pro forma core EBITDA of $3.6mm • YTD pro forma core EBITDA of $2.0mm • Q3 End of Period (EOP) serviced deposits rise to $944mm, represents 42% YoY growth • Q3 Card Spend of $741mm, represen
Slide 2: Where Does BankMobile Technologies Stand Today?
Where Does BankMobile Technologies Stand Today? Delivering Full-Featured Digital Banking Platform to Large Scale Non-Bank Partners One of America’s Largest Digital Expert in B2B2C Banking… …Award Winning Banking Technology, Banking Platforms… Focused on Banking Services for Millennials & Middle Inco
Slide 3: BankMobile Evolving into a Premier Brand
BankMobile Evolving into a Premier Brand . Megalith Financial Acquisition Corp (NYSE: MFAC) has entered into a definitive agreement to acquire BankMobile Transaction Structure (1) Technologies . This transaction is subject to customary regulatory approvals . Transaction valued at an implied post-mon
Slide 4: Transaction Background
Transaction Background Why is BankMobile Technologies (“BMT”) Being Divested? Why is BMT Positioned as an Independent Company? 1 Customers Bank (“CUBI”) is divesting BMT 2 Transaction Related 3 Independent Platform Better Positioned Reasons for Divestment BMT - A standalone company Benefits to the p
Slide 5: Highly Attractive Business Model
7 Highly Attractive Business Model Income Statement – Historical & Forecasted Revenue Breakout by Major Categories Historical & Projected Income Statement 2019 Pro Forma Core (1) 2020E 2021E 2022E Interchange and MasterCard incentive income based Pro Forma Core Revenues ($mm) $61.3 $66.9 $104.0 $144
Slide 6: Demonstrating Strong Performance Across Key Metrics
Demonstrating Strong Performance Across Key Metrics Key Performance Indicators – Metrics of Company Success Card Spend Q3 Card Spend YTD EoP Serviced Deposits Organic Deposits YTD Higher Ed Account Interchange Retention Rate YTD 24% 16% 42% 32% 1% 13% $944mm $741mm $2.1bn $1.4bn 98.5% 79bps 99.7% $1
Slide 7: Income Statement – Historical & Forecasted
Income Statement – Pro Forma Core Historical & Forecasted 2019 Pro Forma Core (1) 2020E 2021E 2022E Pro Forma Core Revenues ($mm) $61.3 $66.9 $104.0 $144.4 Less: Pro Forma Core OpEx (Excl. Deprec. & Amort.) ($mm) 63.6 63.0 82.6 94.1 Pro Forma Core EBITDA ($mm)(2) ($2.2) $3.8 $21.5 $50.3 Less: Intere
Slide 8: Financial Summary
Financial Summary Pro Forma Core Financial Metrics ($ in millions) 2019 Q3 2020 Q3 YoY Chg % 2019Q3 YTD 2020Q3YTD YoY Chg % Commentary Interchange and card revenue $6.7 $7.4 11% $21.8 $20.1 (8%) • Interchange and card revenues declined, despite significant Deposit servicing fees 4.0 5.7 43% 12.4 15.
Slide 9: FY 2020 Update: COVID Impact of Updated Financials
FY 2020 Update COVID Impact of Updated Financials Revenue Growth Returned to Expected Levels After Pandemic Related Slowdown in Early 2020 2020 projections were established at the start of the year. Expectations have been revised based on actual year-to-date experience and updated expectations for t
Slide 10: Investment Thesis
Investment Thesis Unique Opportunity to Invest in a Premier Brand Positioned for Significant Growth Recognized Rapid Market Best-in-Class Positioned For Strong Market Leader Expansion Digital Bank Significant Growth Financial Profile Among the Largest Sophisticated Planned 2021 Launch ~$66.9M Digita
Slide 11: Proposed Capitalization and Ownership
Proposed Capitalization and Ownership Proposed Sources & Uses Analysis Capitalization at Closing Proposed Sources ($mm) Share Price $10.38 CUBI Rollover Equity (1) $54.7 Total Shares Outstanding 11.3 PIPE Proceeds 20.0 Pre-Closing Cash on B/S at MFAC 33.2 BMT Pro Forma Equity Value $117.2 Net Debt a
Slide 12: Proposed Transaction Structure
Proposed Transaction Structure MFAC Sponsor MFAC Public CUBI Public Members PIPE Investors Shareholders Shareholders (1) MFAC Sponsor and Investors contribute capital to single PIPE investment; MFAC Sponsor relinquishes “Class B” shares MFAC Public shareholders have the option to: (a) continue to ow
Slide 13: Reconciliation to Financials
Reconciliation to Pro Forma Core Financials 2019 Preliminary Financials 2020 Preliminary Financials Pro Forma Core Adjustments Quarterly Financials YTD Full Year Quarterly Financials YTD ($ shown in 000s) Q1' 19 Q2' 19 Q3' 19 Q4' 19 Q3' 19 2019 Q1' 20 Q2' 20 Q3' 20 Q3' 20 Revenues and expenses have
Slide 14: Reconciliation to Non-GAAP Financial Measures
Reconciliation to Non-GAAP Financial Measures ($ shown in millions) 2019 Pro Forma Core (1) 2020E 2021E 2022E Pro Forma Core Pre-Tax Income ($12.1) ($9.3) $6.2 $33.3 Addback of Interest Expense(2) 0.5 1.4 0.6 0.3 Addback of Depreciation & Amortization 9.3 11.7 14.7 16.7 Pro Forma Core EBITDA ($2.2)
Slide 15: Reconciliation to Non-GAAP Financial Measures (Continued)
Reconciliation to Non-GAAP Financial Measures (Continued) 2020E BankMobile Estimated Debt at Closing $40.0 Trust Cash Allocated for Debt Paydown (1) (11.6) Pro Forma Estimated Debt at Closing $28.4 Beginning BankMobile Cash $10.3 Less: BankMobile Excess Cash Used in Cash Consideration (2) (5.3) Plus