Symbotic Inc. · NASDAQ:SYM
Symbotic — SPAC Merger (December 2021)
46 slides from Symbotic's SPAC merger presentation, Dec 13, 2021
Slide 1: Exhibit 99.2
Exhibit 99.2
Slide 2: Disclaimers
Disclaimers ote: et ‘arontaton " ogetner itn te information and data contineg herein, “Presentation” for informational purposes oni to sell, o to buy, any ‘urities, Nor shall there be any sale of 5 Tn any states or jorsdiet station oF auaiticaion ‘under the 8 my such ise ily to ssi interested puries
Slide 3: Disclaimers
Disclaimers Tet 2 Crain erin i rived fom varius intra nd entra! sures, Th data ices mary assutions and ita: haar, hare canbe no guarste 8 the acuracy or bty of such aston an you are autined ot Bane undvewaim tothe dat, Fura, no representation or waranty @ made ost the rnsonablnest of he sesmotions m
Slide 4: Transaction Overview
Transaction Overview BUSINESS OBJECTIVE§ To transform the supply chain with A.I. enabled technologies that increase agility and reduce resource consumption TRANSACTION STRUCTURE§ Business combination of Symbotic with SVF Investment Corp. 3 § $725MM gross proceeds, consisting of $320MM cash in trust,
Slide 5: SoftBank + Symbotic
SoftBank + Symbotic Yanni Pipilis SVF INVESTMENT CORP. 3 MANAGING PARTNER, SOFTBANK INVESTMENT OVISE! be Vikas J. Parekh MANAGING PARTNER SOFTBANK INVESTMENT ADVISERS. Rick Cohen CHAIRMAN & CEO Bill Boyd CHIEF STRATEGY OFFICER Tom Ernst CHIEF FINANCIAL OFFICER = SoftBank $'3mbo
Slide 6: SVF Investment Corp.
SVF Investment Corp. 3 SVF INVESTMENT CORP. 3 OVERVIEW SVF Investment Corp. 3 is sponsored by SoftBank Investment Advisers (“SBIA"). Through SoftBank Vision Fund 1 and 2, SBIA has invested $100+ billion in many of the world’s leading technology compani SOFTBANK'’S LEADING CAPABILITIES O1 Led by Masa
Slide 7: Automation Drives Transformation
Automation Drives Transformation \ S‘smbotic” SUPPLY CHAIN a aa neatucare (INTUTTIVE) | \ sooty RETAIL \ surcicat’ UNSTRUCTURED TRANSPORTATION | Y 7 >» (Pe) DATA MANAGEMENT ne
Slide 8: SVF3's Assessment
SVF3’s Assessment... \ EXCEPTIONAL TEAM Ambitious management team; experienced in technology and / are RK ly chain; well-positioned su ; well oT. pew J SUSTAINED, A.|. POWERED DISRUPTOR PROFITABLE GROWTH abled autonomous robots Strong value proposition aramaticaly i improve supply chain with increas
Slide 9: First Principles of the $1T+ Supply Chain
First Principles of the $1T+ Supply Chain ATOMIZE, BUFFER, MOVE QUANTITY MISMATCH TIMING MISMATCH LOCATION RESOURCE MISMATCH INTENSIVE PROBLEMS. ‘N g nnn fen Sombotic p ery ms ATOMIZE MANUFACTURERS PALLETS & CASES BUFFER SES & ITEMS 1 r MOVE Ey EEIBE [re ~% SOLUTIONS ATOMIZE T BUFFER TO ALIGN QUANTI
Slide 10: Manually Operated Distribution
Manually Operated Distribution LIMITATIONS: High operating cost, multiple touches, high damage rate, inaccuracy, injuries ce: DHL (2016)
Slide 11: Mechanized Distribution
Mechanized Distribution LIMITATIONS: Numerous single points of failure, high maintenance costs, limited savings
Slide 12: Existential Threats
EXISTENTIAL THREATS LABOR PRESSURES EVOLVING OMNI-CHANNEL STRATEGIES SKU PROLIFERATION ADDRESSED BY SYMBOTIC’S A.|. POWERED AUTOMATION
Slide 13: Experienced, Founder-Led Team
Experienced, Founder-Led Team Bick a Bill Boyd fom Ernst @= Mike D Dramal Pennell Arn ren Wee pnesioeNT GHEE INFORMATION ee paesioent aoe OES baobucr staateor ice brooue ENGREERING eo : FD oe ‘oie tex @ — & a x zg 3 . a i : . ~~ g Rollin Fo Chuck Kar ‘odd Krasnow vikas J. Parekl Merline Saintil Mich
Slide 14: Reinvent the warehouse | Reimagine the supply chain
t 1 al} Hl { Reinvent the warehouse | Reimagine the supply chain® = botic .
Slide 15: Fully autonomous mobility
Fully autonomous mobility Granular atomization + Digitized buffering RAID-based architecture System Architecture Multilayer buffering structure : robot Inbound cells ~400 5-10 Proprietary All. Complete in PTE autonomous EV logic autonomy & modularity A typical system has... erm mobile robots outboun
Slide 16: A.I.-Powered System Improves with Time
A.l.-Powered System Improves with Time @ Autonomous EV mobile robots | a . O-0- . Integrated Coordination | al Optimized Case Location | | Cee, Order Processing of Bot Traffic, Lifts & Cells Pallet Building Planner Product Type & Dimensions, Real-Time Data & Replan Software Code Life & Inventory Dat
Slide 17: Fully integrated case and item system and buffer
is fully integrated col em 19 & buffer pracieah pallet building functionality fully automated fulfillment botX ° Tuy tote capabity eliminates ick decant pr Brecich is significant item er. cost reduction Case & item buffering Plug-n-Play Omni-channel Case atomizing Mini bots Outbound cells Pallet ato
Slide 18: Deep Competitive Moat
Deep Competitive Moat riety software ube pallets Intelligent autonomous ot nabling case id ent from lifts to storage as well as selection and delivery to utbound buffers Dataas of September 25,2021 ound @ 450+ Patent Filings architecture 276 Issued Patents Patented depalletizing tool and connected s
Slide 19: Symbotic's Competitive Positioning
Symbotic’s Competitive Positioning <" botic ® Distribution Centers | Fulfillment/Micro-Fulfillment Centers Conveyor/Crane/Shuttle | cman Hogeywel KNAPP | SsISCHAFER VANDERLANDE swisslog Poor SKU flexibility High cost / Single failure points Inflexible architecture Limited retrofit Limited throughput
Slide 20: Validated by Industry Leaders
Validated by Industry Leaders C&S Wholesale Grocers Albertsons Companies Largest U.S. World’s 3 largest wholesale supermarket 2 grocery distributor! chain by revenue’ our initial adopter 2 live DCs, next system ordered key development partner industry best throughput more sites under consideration 6
Slide 21: Why Walmart Partners with Symbotic
Why Walmart Partners with Symbotic Symbotic is innovative, nimble, and willing to iterate to continuously improve its solutions Symbotic’s intelligent symbotic increases agility y y automated pi and saves tesources 4 can septinize pallet buds on. the The technology from Symbotic does things differen
Slide 22: Unit of Sale
UNIT OF SALE ONE SYSTEM “MODULE! (ESTIMATES BASED ON CUSTOMER CASE STUDIES) customer pays $50 for system Tangible Benefits Powerful ROI oo $ inventory reduction 30-60% footprint reduction dramatically lower 5-9x outbound efficiency operating cost improvement Saves 99,9999% Exceptional $10MM per year
Slide 23: Strategically Addressed Markets
Strategically Addressed Markets hal VP z, ra : L VERTICALS. al @ Seure: SO Aesory (Ani 202, 1 Waimart soit evenly $125BN SAM-1! $238BN SAM-2! $373BN SAM-3
Slide 24: Long-Term Growth Strategy
Long-Term Growth Strategy MULTIPLE VECTORS FOR POTENTIAL GROWTH Symboticis currently in discussions C&S ALBERTSONS, WALMART custom ae aa ea ver GROCERY MERCHANDISE Ad. ais xc wy Net APPAREL cPG HOME IMPROVEMENT AUTO PARTS ENG ct ne te
Slide 25: Financial Highlights
Financial Highlights red backlog!
Slide 26: Projected Revenue ($MM)
Projected Revenue ($MM) 86% FY20-25E REVENUE CAGR $2BN+ $1,448 $433 $2 $92 = FY2020A FY2021E FY2022E FY2023E FY2024E FY2025E 26E + REVENUE BACKLOG a a of September 25, ‘As of Se 2021 Source: Symbtic minagement forecast FY: Last Saturday of September fiscal year end,
Slide 27: Sample Contract Summary
Sample Contract Summary Contracts typically consist of three major components: a 1. The Symbotic system (capital asset purchase) 2. Annual software subscription and support Gal (required to use the system: 3. System operation services and parts nplementation (and related pread over 6-12 months ‘e su
Slide 28: Strong Gross Margin Expansion
Strong Gross Margin Expansion — FY2021E FY2022E FY2023E FY2024E FY2025E i | Profit ($M) [il = Total Gross Margin Source: Symbotie management forecast FY: Last Saturday of September fiscal yearend,
Slide 29: Operating Leverage and FCF Generation
Operating Leverage and FCF Generation Adjusted EBITDA’ $486 $38) $(99) FY2021 -FY2022E —«»FY2023E-—«~FY2024E © —~FY2025E TE Acisted esiota Adjusted BIOTA Margin ‘pected to reach -25% Adj. EBITDA ale ic ext margins while continuing to scal Symbs Source: Symibotic management forecast. Fy: Last Saturda
Slide 30: FY2021 Unaudited Actuals vs Plan
FY2021 Un Aaud ctua itled Plan $ Variance % Variance REVENUE $240-$250 $211 $29-$39 14% - 18% Year over Year Growth % 161%-172% 129% GROSS PROFIT $6-$10 $4 $2-$6 50% - 150% % of Revenue 3%-4% 2% ADJUSTED OPERATING EXPENSES $105 $103 $2 2% ADJUSTED EBITDA ($99)-($95) ($99) $0-$4 0% - 4% NET INCOME ($
Slide 31: Detailed Transaction Overview
Detailed Transaction Overview ($ in millions, except per-share figures) KEY TRANSACTION TERMS ILLUSTRATIVE PRO FORMA VALUATION § Post-money enterprise value of $4,752MM POST-MONEY ENTERPRISE VALUE $4,752 (+) Pro Forma Net Cash 705 § $200MM FPA from SoftBank 1 PRO FORMA FULLY DILUTED EQUITY VALUE $5,
Slide 32: Symbotic's Technology is Paradigm-Shifting
Symbotic’s Technology is Paradigm-Shifting Some technologies disrupt entire Others serve as commerce- Others automate manual processes industries, and " using Al enabling S have substantial technology TAMs platforms NETFLIX INTUITIVE symbotic combines all [Ui]Path DD DOORDASH three Tests 7.™ PELOTON
Slide 33: Paradigm-Shifting Technologies
Paradigm-Shifting Technologies Valuation Upside as Symbotic’s Technologies Shift the Paradigm [ellpath 2a Automation / Industrial & Software a Y shopify cirbnb ~=s.= petoron NETFLIX ZOOM INTUITIVE Av fom at °° Industria TANSYS | 2 ptc workday. AVEVA Manhattan KEYENCE h. ZEBRA Y Transformational tech
Slide 34: Symbotic growth vs. peers
87 % 67 % 29 % 23 % 19 % 9 % 10 % Symbotic ('21-'23) Symbotic ('21-'25) TSLA ABNB PTON NFLX PATH 38 % 33 % 31 % 26 % 25 % 14 % 12 % 35 % 28 % 27 % 24 % 21 % 12 % 8 %
Slide 35: $11.0 $5.3 $3.2 $2.5 $1.7 $1.6 $1.5 $1.2 $1.0 $0.9 $0.9 $0.7 $0.6 $0.5
$11.0 $5.3 $3.2 $2.5 $1.7 $1.6 $1.5 $1.2 $1.0 $0.9 $0.9 $0.7 $0.6 $0.5 $0.6 $0.5 $0.3 $0.3 $0.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 5.3 x 1.8 x 0.8 x 0.8 x 0.7 x 0.7 x 0.6 x 0.5 x 0.5 x 0.5 x 0.4 x 0.4 x 0.3 x 0.2 x 0.2 x 0.1 x 0.1 x 0.0 x 0.0 x 0.0 x 0.0 x 0.0 x 0.0 x 0.0 x 0.0 x 0.0 x
Slide 36: 15.1 x 13.0 x 12.8 x 10.6 x 6.2 x 4.8 x 2.1 x
15.1 x 13.0 x 12.8 x 10.6 x 6.2 x 4.8 x 2.1 x 108.5 x 51.9 x 38.2 x 37.8 x 28.9 x 22.0 x 8.6 x 122.6 x 59.9 x 51.8 x 44.3 x 30.0 x 24.3 x 8.9 x
Slide 37: Highly visible growth profile underpinned by $5B+ contracted pipeline
Highly visible growth profile underpinned by $5B+ contracted pipeline with large, blue-chip customers
Slide 38: Appendix
Appendix ! —
Slide 39: Implied Future EV and Transaction Value
Implied Future EV Implied Discounted EV Transaction Value $ 23,959 $ 16,638 $ 13,310 $ 4,752 $9,243 ▪ ▪ ▪
Slide 40: Peer growth and margin benchmarks
Median: 23% Median: 9% Median: 10% 87% 67% 34 % 59% 32 % 30 % 24 % 23 % 23 % 19 % 18 % 14 % 15 % 13 % 13 % 14 % 12 % 12 % 10 % 10 % 9 % 9 % 9 % 9 % 7 % 5 % 4 % Symbotic ('21-'23) Symbotic ('21-'25) SHOP PATH TSLA DASH ABNB PTON WDAY ZM NFLX ISRG AUTO KEY CGNX ROK HEXA TRMB AME ZBRA AVV BSY DSG PTC A
Slide 41: Peer valuation multiples
Median: 11.9x Median: 6.2x Median: 12.8x 22.3 x 22.7 x 19.1 x 16.5 x 15.8 x 15.7 x 14.2 x 13.7 x 13.0 x 13.0 x 12.8 x 12.5 x 10.1 x 10.6 x 9.6 x 8.5 x 7.4 x 7.5 x 6.9 x 7.1 x 5.5 x 5.4 x 5.3 x 4.8 x 5.1 x 2.1 x 2.2 x Symbotic '23 Symbotic '25 SHOP ISRG PATH TSLA ABNB WDAY ZM DASH NFLX PTON AUTO KEY
Slide 42: Financial Summary
Financial Summary ($ in millions) ry2020n _Fv2ozie —=«F 20226 ~—=«Y2023E ~—=«rYa0RAE~—=va028e NTE on = aa ae OTT a aa oe a a aT a on oD on aaa ED ea 5 a a or «sm10) ($135) ($80) $43 $225 $437,
Slide 43: Returns Summary
Returns Summary STOCK PRICE $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 ILLUSTRATIVE PRO FORMA VALUE ($MM) SPAC Public Shareholders $ 192 $ 256 $ 320 $ 384 $ 448 $ 512 $ 576 $ 640 1 SPAC Sponsor 155 207 258 329 407 465 523 581 Other PIPE Investors 33 44 55 66 77 88 99 110 2 Walmart Basic S
Slide 44: Risk Factors
Risk Factors ‘on our business, results of operations. The risks and uncertainties described below are not the only ones w hat rth not material, our operations at we currently Believe are fect oF new customers, our business, financial Condition and results of operations will be adversely affected We
Slide 45: Risk Factors
Risk Factors Risks Related to Symbotic’s Business, Operations and Industry (continued) . it ‘operations. . software, affected fromtime to tine by affect our business, in harm to our _ i logy, evolving industry stondards and chonging business needs, reauivements or preferences our products may become
Slide 46: Public Management Presentation Transcript
▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ Exhibit 99.3 See Important Disclaimers at the bottom of this document. Public Management Presentation Transcript Jack Antsey – Goldman Slide: Transaction Overview Hi, I’m Jack Anstey, Vice President at Goldman Sachs’ Technology Investment Banking Group. On b