Slide 1: Investor Presentation December 2020
Investor Presentation December 2020 Exhibit 99.2
Slide 2: Disclaimers
Disclaimers About this Presentation This investor presentation (this “Presentation”) does not constitute (i) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination between Ouster, Inc. (“Ouster”) and Colonnade Acquisition
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This Presentation also includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) including, but not limited to, EBITDA and certain ratios and other metrics derived therefrom. Ouster defines EBITDA is defined as
Slide 4: Transaction overview
(1) Based on Ouster capital structure as of November 30, 2020. Pro forma net cash calculated as Ouster’s net cash balance of $14 million as of November 30, 2020 and transaction proceeds of approximately $265 million (assuming no redemptions by Colonnade shareholders). Transaction overview Overview F
Slide 5: Ouster Investment Thesis
TAM estimate sources: McKinsey and Company. Automotive software and electronics 2030; Ouster internal estimates. Financial information based on Ouster projections. Colonnade Acquisition Corporation Overview Ouster Investment Thesis Experienced Management Team CLA is a publicly traded SPAC, which clo
Slide 6: Experienced management team
Cyrille Jacquemet GENERAL MANAGER, EMEA 15+ years of business development experience growing companies in the US and EMEA. Trained optical engineer, with a background in laser manufacturer business development France Anteleme SR. DIRECTOR QUALITY AND RELIABILITY 20+ years of experience in product ve
Slide 7: Ouster invents Digital Lidar
Ouster invents Digital Lidar First digital lidar point cloud First-gen custom digital chip OS1-64 launched, first shipments PARTNERS INVESTORS 128 channel sensors ship First foundational patents granted First bookings, $1M in backlog 450+ customers across 50 countries Positive gross margin 2015 2016
Slide 8: We build the eyes of autonomy
AUTOMOTIVE INDUSTRIAL SMART INFRASTRUCTURE ROBOTICS 29M 68M 18M 9M U.S. lidar unit potential We build the eyes of autonomy ‘30E US estimates only; various sources and Ouster internal estimates
Slide 9: We build digital lidar
‘30E US estimates only; various sources and Ouster internal estimates We build digital lidar U.S. lidar unit potential 29M 68M 18M 9M AUTOMOTIVE INDUSTRIAL SMART INFRASTRUCTURE ROBOTICS
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Slide 11: Unified hardware, diversity through software
UNIFIED HARDWARE, DIVERSITY THROUGH SOFTWARE Robust developer ecosystem and tailored SW drive superior solutions for unique needs of our markets Leveraging differentiated HW/SW to move from privileged supplier position into direct OEM partnerships The low-cost, ubiquitous digital lidar provider MULT
Slide 12: Digital technology rapidly replaces analog
Digital technology rapidly replaces analog with Moore’s Law price-performance superiority ANALOG DIGITAL The jump from analog to digital transforms industries LIMITED USE CASES EXPANDED, UBIQUITOUS USE CASES Camera Lidar Industrial Robotics Smart Infra Auto 7B Units 2020E 300M Units 2030E 30M Units
Slide 13: The shift to digital drives a step-change reduction in costs
The shift to digital drives a step-change reduction in costs ANALOG LIDAR DIGITAL LIDAR 2. VCSEL LASER ARRAY 1. DIGITAL RECEIVER SoC • Proprietary single photon counting (SPAD) architecture and processing • Replaces 100s of analog detector components with single chip • Full custom high efficiency ve
Slide 14: COGS materially lower than competitors
COGS today are materially lower than competitors and expected to drop ~30% annually with projected volume ...driving visible cost leadership today and in the future. COGS based on real quotes for products in mass production today… …and $100 lidar by 2030E Analog 128-channel lidar Digital 128-channel
Slide 15: CMOS chipsets align lidar performance with Moore's Law
Ouster’s CMOS chipsets align lidar performance with Moore’s Law Digital lidar outpaces others even before they reach market OS0 OS1 OS2 ES2 PRODUCT PORTFOLIO Performance Range x Resolution Time 905nm analog lidar* Digital Lidar *Includes Mechanical, MEMS and FMCW approaches 130nm L.1 L.2 L.3 40nm XX
Slide 16: Lidar-camera convergence and patent suite
LIDAR-CAMERA CONVERGENCE Combined active and passive sensing technologies DATA PROCESSING CIRCUITS In-silicon digital signal processing Backed by a comprehensive suite of patented technology Broad international coverage in 17 countries 29 Patents granted 100+ Applications pending worldwide 20+ Diffe
Slide 17: One common architecture
ONE COMMON ARCHITECTURE MECHANICAL TRUE SOLID-STATE OS0 OS1 OS2 30 30 15 75+ unique configurations ➔ Economies of scale and lowered costs shared across products ➔ Simplified and scalable supply chain ➔ Hardware enhancements and R&D shared across all products TWO FLEXIBLE PLATFORMS ➔ High performing
Slide 18: Flexible architecture opens applications across industries
Wide-view digital lidar Long-range digital lidar *Logos shown represent target customer ecosystem. True solid-state digital lidar Supported by integrated software Object classification Object tracking Localization & mapping Feature extraction Industrial Smart Infrastructure Robotics Automotive Flexi
Slide 19: Unlocking diversified end markets as they scale
Annualized growth estimates over the 2020-25E period shown. TAM estimate sources: McKinsey and Company. Automotive software and electronics 2030; Ouster internal estimates. Unit demand estimates from government data and internal estimates. Industry participants and expected gross margin based on Ous
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Slide 21: Highly diversified revenue base across markets
Highly diversified revenue base across markets Industrial Smart Infra Robotics APPLICATIONS ➔ Proactive driver safety ➔ Mining autonomy ➔ Agriculture autonomy ➔ Construction autonomy ➔ Port automation APPLICATIONS ➔ Pedestrian safety ➔ Traffic analytics ➔ People counting ➔ Smart tolling ➔ Intrusion
Slide 22: Customer funnel and sales opportunity
210 existing 35+ Pilot Evaluation Production 115+ Benchtop Evaluation 9+ ~25% CONVERSION RATE ~65% CONVERSION RATE 15+ 100% CONVERSION RATE Pre- Production 50+ production wins projected 2020-25E SALES OPPORTUNITY IN CUSTOMER FUNNEL Customer forecasts expected to anchor revenue projections through 20
Slide 23: Ouster well-positioned relative to lidar peers
Virtually unlimited software-defined customization Unmatched technology Scalability via customization Clear cost advantages vs. Less efficient exotic semiconductor process Dependent upon future end market ramp One common architecture with two flexible platforms High performing mechanical and true so
Slide 24: Financial Overview
Financial Overview
Slide 25: Accelerating sales growth across diversified end markets
REVENUE ($M) SENSOR UNIT SALES (000s) Accelerating sales growth across diversified end markets 143% CAGR Auto expected to account for ~15% of 2020-25E revenue BLENDED ASP & COGS/UNIT ($) 218% CAGR Note: refers to advanced driver assistance systems. COMMENTARY Diversified revenue base Established cus
Slide 26: $10B+ cumulative 2020-25E sales opportunity
$10B+ cumulative 2020-25E sales opportunity including new customers We expect our current customers to anchor projections. New customers expected to 3x our ‘25E opportunity. 2020-25E SALES OPPORTUNITY AND CURRENT REVENUE PROJECTIONS Current customers drive bottoms-up revenue visibility HIGHLIGHTS ➔4
Slide 27: Flexible architecture expected to drive strong margins and cash flow
Note: CM refers to contract manufacturer. (1) EBITDA is defined as operating income plus depreciation and amortization expenses, and EBITDA margin is defined as EBITDA divided by total revenue. (2) EBITDA less capex conversion is defined as EBITDA less capex divided by EBITDA. EBITDA ($M) (1) GROSS
Slide 28: Transaction Overview
Transaction Overview
Slide 29: Pro forma ownership, valuation and sources & uses
Pro Forma Ownership at Close (2) PF Valuation ($M, except per share data) (2)(4) Sources & Uses ($M) (1)(2) Pro forma equity ownership Uses of Consideration Seller Rollover $1,500 Cash to Balance Sheet 265 Estimated Fees & Expenses 35 Total Uses $1,800 Pro Forma Shares Outstanding (M) 185.0 Share Pr
Slide 30: Operational benchmarking
Operational benchmarking Sources: Factset and company filings / presentations as of December 7, 2020. (1) Innoviz figures from Investor Presentation, released on December 11, 2020. (2) Mobileye financials dated to pre-announcement unaffected date of March 10, 2017.
Slide 31: Valuation benchmarking
Sources: Factset and company filings / presentations as of December 7, 2020. (1) Innoviz multiples based on market close as of December 11, 2020. (2) Xilinx Enterprise Value based on unaffected share price for AMD acquisition; Enterprise Value as of October 8, 2020. (3) Mobileye reflects trading pri
Slide 32: Transaction represents attractive discount to peers
Transaction represents attractive discount to peers EV / REVENUE EV / EBITDA Sources: Factset and company filings / presentations as of December 7, 2020. Note: EBITDA multiples are based on Ouster’s peer group of 37.0x CY2021E. Implied Future Enterprise Value calculated off of EBITDA peer multiples
Slide 33: Proceeds expected to help drive rapid scale
TO DRIVE… Proceeds expected to help drive rapid scale Rapid deployment of end market customizations Improved customer stickiness through deep bench of analytic capabilities Accelerated R&D further widens technological moats EXPECTED USE OF PROCEEDS Build-out worldwide sales and marketing effort Dedi
Slide 34: Appendix
Appendix
Slide 35: Technology that powers a cleaner, safer world
Technology that powers a cleaner, safer world Enabling ESG solutions for customers across industries ➔Enabling safe, energy efficient vehicles, machinery and robotics across end markets ➔Reduction in global carbon emissions through automation helps curb climate change (1) ➔Safer cities and improved
Slide 36: And delivers on privacy protection
And delivers on privacy protection ➔“Privacy by design” ➔AkiraKan deploying digital lidar sensors for vehicle and pedestrian traffic flow monitoring in APAC cities ➔Ouster selected due to customizable software enabling “privacy safe” sensor, producing no PII and protecting from facial recognition te
Slide 37: Thank you.
Thank you.