![]() ![]() A pro forma condensed combined balance sheet is not presented because the Acquisition is already reflected in the Company's historical consolidated balance sheet as of June 30, 2021. The following unaudited pro forma condensed combined statement of operations of and Divvy for the year ended Jcombines the historical consolidated statements of operations of for the year ended June 30, 2021, which includes Divvy from the period post Acquisition, Jto June 30, 2021, with the historical consolidated statements of operations of Divvy for the period from Jto June 1, 2021, giving effect to the Acquisition as if it had been completed on July 1, 2020, the first day of fiscal year 2021. The acquisition was completed on J(the 'Acquisition Date'), pursuant to the Merger Agreement, with the Company acquiring all of the outstanding equity interests of Divvy in exchange for cash and stock consideration (the 'Acquisition'). ('Divvy') entered into an Agreement and Plan of Merger (the 'Merger Agreement'), under which would combine with Divvy through a business combination and as a result Divvy would be a direct wholly-owned subsidiary of. ![]() I suspect more later than the previous one, but we’ll need to find out more data when the bill shows the DV results after the deal closes A few quarters away from that information.UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION This is a software-level multiple that means the company has either incredibly strong gross margins, or had to pay a multiple-premium to buy today’s company’s future growth. Divvy has sold at about 25x its current revenue rate. It also lets us know that the company did no more than $4 million or so in March 2020 revenue. Still having its most recent Q1 month generate a three-figure growth rate is good. So, we can’t be sure that its full Q1 2021 growth was over the 100% mark. “>100% revenue growth YoY,” again calculated by leaning on the company’s March results.That puts Divvy’s March, 2021 revenues at around $8.3 million. “~$100 million annualized revenue,” calculated using the company’s March results multiplied by 12.Again, this is a March number annualized. “~$4 billion annualized TPV,” or total payment volume.The numbers below come from on the deal, which you can read here.So, this afternoon, let’s unpack the deal to get a better idea of the value of competitors with huge exits and DV-rich financing. This not only allows us to better understand the quality of the Unicorn when exiting, but also its competitors, against which we now have a set of metrics to carry. Luckily for us, has released a deck that provides a variety of financial metrics related to DV purchases. Better-than-expected results and news of the acquisition combined to increase the value of by more than 13% in the after-hours trading session. The company’s per-share deficit widened further to $0.07, with a combined loss of $0.02 per share also exceeding expectations. Million $54.63 million dollars above expectations included $0.02 million in revenue. According to, the transaction includes $625 million in cash the rest of the consideration will come in the form of stock at DV’s new parent firm.īill.com also reported its quarterly results today: $59.7 in Q1. The total purchase price of about $2.5 billion is above the company’s post-money value of about $1.6 billion, which DV set for its $165 million fund in January 2021. As expected, is buying DV, starting to manage Utah-based corporate spending that competes with Brex, Ramp and Airbase. ![]()
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