January 2021 - Seeking Alpha
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January 2021 Confidential – For Discussion & General Information Purposes Only
Disclaimer
General
• The information provided in this presentation pertaining to PARTS iD, Inc. (“PARTS iD," the "Company," “we,” “us” or “our”), its business assets, strategy and operations is for general
informational purposes only and is not a formal offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction
and its content is not prescribed by securities laws. Information contained in this presentation should not be relied upon as advice to buy or sell or hold such securities or as an offer to
sell such securities. This presentation does not take into account nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or
financial situation of any person. While the information in this presentation is believed to be accurate and reliable as of its respective dates, PARTS iD and its agents, advisors, directors,
officers, employees and shareholders make no representation or warranties, expressed or implied, as to the accuracy of such information and PARTS iD expressly disclaims any and all
liability that may be based on such information or errors or omissions thereof. PARTS iD reserves the right to amend or replace the information contained herein, in part or entirely, at
any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof.
• The information contained in this presentation is intended only for the persons to whom it is transmitted for the purposes of evaluating the Company. The information contained in this
presentation supersedes any prior presentation or conversation concerning the Company. Any information, representations or statements not contained herein shall not be relied upon
for any purpose.
• Neither we nor any of our representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this
presentation by you or any of your representatives or for omissions from the information in this presentation. Additionally, the Company undertakes no obligation to comment on the
expectations of, or statements made by, third parties in respect of the matters discussed in this presentation.
2
Disclaimer
Forward Looking Statements and Financial Projections
• Certain information in this presentation and oral statements made in any meeting are forward-looking and relate to PARTS iD and its anticipated financial position, business strategy, events and
courses of action. Words or phrases such as "anticipate," "objective," "may," "will," "might," "should," "could," "can," "intend," "expect," "believe," "estimate," "predict," "potential," "plan," "is
designed to" or similar expressions suggest future outcomes. Forward-looking statements and financial projections include, among other things, statements about: our expectations regarding our
expenses, sales and operations; our future customer concentration; our anticipated cash needs; our estimates regarding our capital requirements; our need for additional financing; our ability to
anticipate the future needs of our customers; our plans for future products and enhancements of existing products; our future growth strategy and growth rate; our future intellectual property; and
our anticipated trends and challenges in the markets in which we operate. Forward-looking statements and financial projections are based on the opinions and estimates of management at the
date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the
forward-looking statements and financial projections. Although we believe that the expectations reflected in the forward-looking statements and financial projections are reasonable, there can be
no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements and there is no representation that the actual
results achieved will be the same, in whole or in part, as those set out in the forward-looking statements and financial projections.
• By their nature, forward-looking statements and financial projections involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the
possibility that the predictions, forecasts, projections and other forward-looking information will not occur, which may cause the Company's actual performance and financial results in future
periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements and financial projections. Important factors
that could cause actual results to differ materially from expectations include, but are not limited to: the impacts of the COVID-19 pandemic on the Company’s business, financial condition and
results of operations, and that of its suppliers, customers and other business partners; the course of the COVID-19 pandemic and its impact on economic, business and market conditions;
general business, economic and capital market conditions; the heavily regulated industry in which the Company carries on business; current or future laws or regulations and new interpretations
of existing laws or regulations; legal and regulatory requirements; market conditions and the demand and pricing for our products; our relationships with our customers, developers and business
partners; our ability to successfully define, design and release new products in a timely manner that meet our customers' needs; our ability to attract, retain and motivate qualified personnel;
competition; technology failures; failure of counterparties to perform their contractual obligations; systems, networks, telecommunications or service disruptions or failures or cyber-attack; ability
to obtain additional financing on reasonable terms or at all; our ability to manage risks inherent in foreign operations; litigation costs and outcomes; our ability to successfully maintain and
enforce our intellectual property rights and defend third party claims of infringement of their intellectual property rights; our ability to manage foreign exchange risk and working capital; and our
ability to manage our growth. Readers are cautioned that this list of factors should not be construed as exhaustive. Further information on factors and risks that could cause actual results to differ
from any forward-looking statements are contained in the Company’s filings with the Securities and Exchange Commission, which are available at www.sec.gov.
• The forward-looking statements and financial projections contained in this presentation are expressly qualified by this cautionary statement. Except as required by law, we undertake no
obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on forward-looking statements or financial projections.
Prospective investors should not construe the contents of this presentation as legal, tax, investment or other advice. All prospective investors should make their own inquiries and
consult their own advisors as to legal, tax, investment, and related matters concerning an investment in the securities of the Company.
3
Agenda
I. Business Overview and Key Investment Highlights
II. Growth Strategies
III.Financial Overview
IV. Appendix
4
Business Overview and Key Investment Highlights
PARTS iD Investment Highlights
Tech-enabled digital commerce platform focused on transforming complex parts industries
1 Surging eCommerce adoption
2 Custom built tech-stack for a complex, multidimensional fitment industry
3 Capital efficient model
4 Experienced management team & global footprint
6
1. Surging eCommerce Adoption
PARTS iD’s platform is optimally positioned to take advantage of a growing market opportunity
Large Addressable US Automotive Acceleration in US Automotive Aftermarket
Aftermarket Opportunity eCommerce Sales(3)
($ in billions) ($ in billions)
“Core” US Enthusiast Overall US Automotive
Automotive Aftermarket(1) Aftermarket(2) CAGR
11.2%
YoY
$ 404 Growth $ 22
30.0%
$ 16
$ 12
$ 46
2019 2019 2019 2020E 2023E
Incremental Immediate $3.7B Canadian
eCommerce Market Opportunity (3)
Aftermarket product complexity creates unique challenges – platforms that have differentiated technology,
product data and consumer engagement are best suited to meet the complex requirements of the
aftermarket and will experience outsized growth
(1) SEMA; reflects 2019 market data. | (2) Auto Care Association; reflects 2019 market data for the U.S. Motor Vehicle Aftermarket. | (3) Hedges & Company.
7
1. Surging eCommerce Adoption
Additional Vertical Expansion Increases TAM by an Additional $100B
$100B+ Additional Enthusiast Market
Massive Automotive Market Opportunity
Opportunity (3)
$2B RV Camper
$404B
Overall U.S. Automotive Aftermarket (1)
$5B Motorcycle
$46B
Specialty Automotive $6B Boating
Equipment Market (U.S.) (2)
$25B
Accessory & Appearance $6B Powersports
Products (2)
$11B $13B Tools
Performance Products (2)
$11B $18B Semi Truck
Wheels,
Tires, and
Suspension (2)
$72B Outdoor/Recreation
PARTS iD Core Market PARTS iD Aggregate Automotive Opportunity
(1) Auto Care Association; reflects 2019 market data for the U.S. Motor Vehicle Aftermarket. | (2) SEMA; reflects 2019 market data. | (3) Outdoor Industry Association, IBIS World, Global Market
Insights, Technavio, Freedonia.
82. Custom Built Tech-Stack for a Complex, Multidimensional Fitment Industry
Aftermarket Fitment is a Complex Problem
• Fitment makes buying car parts
and accessories challenging
(UX)
UX Customer • Fitment demands extensive CS
Support training in order to be effective
• Shipping costs and the added
risk of return shipping due to
fitment hinders purchase
confidence
• Limited product assortments
(breadth and depth) due to
Shipping Catalog fitment causes consumer
frustration
& Returns Coverage
92. Custom Built Tech-Stack for a Complex, Multidimensional Fitment Industry
(2)
Traditional eCommerce Platform(1)
Digital Catalog
Un-curated vendor datasets result in ✓ Purpose-built data architecture & UX
transactional error ✓ 17M+ SKUs powered by Big Data
✓ AI powered product recommendations
Content /
Shopping
Poor consumer engagement decreases ✓ 400+ in-house produced videos (DIY & reviews)
conversion
Experience ✓ 100s of articles & guides
✓ 8 verticals
Breadth of
Offering
Limited SKU and brand availability ✓ 1,000+ product lines
✓ 5,000 brands
✓ Largely inventory-efficient model
Customer
Service &
Highly capital-intensive fulfillment ✓ 2,500 supplier shipment locations
networks
Fulfillment ✓ SME customer service teams
Limited ability to service complex ✓ Successfully added 7 new verticals on Platform
Scalability product portfolios in complementary ✓ Only 28 days to on-board a product category
market segments ✓ SKU count more than tripled in 5 years
(1) Representative Traditional eCommerce Platforms include Amazon, Canadian Tire, Ebay, JC Whitney, JEGS, Rock Auto, CarParts.com, Walmart. | (2) Company provided information
102. Custom Built Tech-Stack for a Complex, Multidimensional Fitment Industry
The Proof: Rewarding Shopper Search Experience and Accurate Item Matching
23.5M 17M+ 5K 96%
Avg. Monthly SKUs Powered Active Brands Fill Rate (1)
Sessions (1) with AI (6)
67 7.3M ~5% 35%
Net Promoter Customers (3) Return Rate (4) Repeat
Score (2) Customer
Revenue (5)
Source: Company-provided information. | (1) January – July 2020 across all verticals. | (2) PARTS iD NPS calculated by the Company. | (3) Represents customers 2011-2019. | (4) January –
June 2020 across all verticals | (5) % of 2019 revenue from customers who had made a prior purchase between 2011-2019; also includes repeat business from new customers in 2019 itself, in
instances where new customers made multiple purchases in the year. | (6) Number of SKUs as of August 2020.
112. Custom Built Tech-Stack for a Complex, Multidimensional Fitment Industry
Comparable Revenue & Growth
PARTS iD CarParts.com
▪ Proprietary technology & data ▪ Traditional eCommerce retailer
Profile
▪ GM% 2020 1H: 21% (limited fulfillment costs) ▪ GM% 2020 1H: 34% (excludes ~9% fulfillment costs (1))
Overview
▪ Inventory-efficient model ($1M in PL) ▪ Private label inventory model ($65M as of June)
Business
▪ Limited risk of inventory obsolescence ▪ Up to 4% of obsolete inventory can be expected
Overview
▪2. Custom Built Tech-Stack for a Complex, Multidimensional Fitment Industry
$100M+ All Development
13.8B+
US Equivalent Invested in Managed through
Catalog Data Points
Platform Development(1) PARTS iD
Core Expertise
Data Cataloging Digital Marketing
Proprietary development tools, multi-stage quality Offer products to the most relevant audience
assurance, and real customer feedback to build segments by defining the trends that matter and
optimal data integrity implementing cutting-edge advertising tactics
Web Development
eCommerce
Continuously enhancing and optimizing
Experienced in creating efficient eCommerce
platforms to keep up with leading innovations
solutions, Onyx’s experts are focused on increasing
and deliver a superior user experience
ROI and customer satisfaction
Technology Development Design / UX
The Onyx team develops and implements new Maximizing customer satisfaction and loyalty through
tools and techniques to create high-value ease of use & refined design
market solutions
Content Development Order Fulfillment
Ever-expanding inventory of engaging content that Effective, cutting-edge business strategies to fulfill
delivers value to customers at each stage of the customer needs & deliver the finest products as
buyer’s journey quickly as possible
Automation Contact Centers
Leveraging partially- and fully-automated Onyx provides seamless omnichannel customer
processes, Onyx is always looking for support at every interaction
efficiencies
Source: Company-provided information. | (1) Equivalent calculated based off an estimated 4x-5x pay-rate arbitrage; midpoint assumed.
133. Capital Efficient Model
Positioned for efficient growth and penetration into new geographies, product lines and verticals
Negative
Virtual Attractive
Working
Fulfillment Trade Cycle
Capital
• Highly scalable • Inventory-efficient • Low cost of funding
model ($1M in PL) current assets
• Low capital
requirement & reduced • Customers pay • Strong balance sheet
risk instantaneously via
credit card
• Geographical shipping
speed and cost • Attractive A/P terms
advantage (2,500
vendor shipping
points)
144. Experienced Management Team & Global Footprint
Antonino Ciappina Kailas Agrawal Ajay Roy Mark Atwater
Chief Executive Officer Chief Financial Officer Chief Operating Officer VP of Vendor Relations
• Digital commerce leader with • 40+ years of experience with • Operational Excellence • 40 years of experience in
over 17 years of experience a focus on achieving success Leader with over 17 years of vendor management and
in marketing, analytics, combining financial experience in sales, retail operations
business planning, strategies & operations to operations and logistics roles • Seasoned veteran of the
eCommerce operations and deliver business efficiency • Extensive background automotive aftermarket
technology and profitability focused on direct technology industry
• Served previously as the • Extensive experience in & execution-oriented • Served most recently as
Company’s Chief Marketing CRM/ERP integration and operations, business Operating Manager for F/X
Officer back-office management development, engineering Automotive
• Formerly Senior Director of • International experience and program management
eCommerce & Digital across multiple industries • Formerly GM of Global
Marketing at Foot Locker, • Significant M&A and Supply Chain & Operations
Inc. business integration track at Wayfair Inc.
record
Representative Previous Experience
154. Experienced Management Team & Global Footprint
Global team of resources directed and governed from CARiD’s New Jersey Headquarters
Europe (Ukraine) 800+ Resources
Across 5 Physical Locations
• Technology DevOps & IT
• Product Data Development & UX
NJ 120 Resources
Across 2 Primary Physical • Backoffice Operations
Locations • Call Center Ops
• Management
• Governance
• Contact Center
• Training & Dev
• Creative Studio
Costa Rica 120+ Philippines 100 Resources
Resources Dedicated Contact Center
Dedicated Contact Center Operations Across 2 Physical
Operations Locations
PARTS iD has a global footprint to service global consumers, but
its focus has traditionally been in the US
• New Jersey Headquarters
Established Location & Resources
• Global Customer Experience Center
Exploring Strategic Relationships (Canada, China & India) • Cost Efficient & Effective International Development and
Exclusive Wheel & Tire Operations Support Teams
16Executing the Growth Strategy
Strategic Initiatives Drive Compelling Near- and Long-Term Growth
D.
C. Diversify Marketing Mix
Build on branding through
B. increased investment in digital
and traditionally untapped
Geographic Expansion
marketing channels in an effort to
A. Deploy Pricing
Increase total market opportunity unlock platform potential
Optimization Strategies via effective targeted expansion
in underserved geographies
Data driven price elasticity
Product Cultivation
testing drives volume growth and
Category expansion through margin improvement
cultivating other verticals, on
boarding brands, and growing
private label business
We Believe PARTS iD is Positioned to Capitalize on Organic Growth Opportunities
18A. Product Cultivation
Significant Opportunity Through Product Offering and Category Expansion
Onboard New Brands & Expand Private Label Cultivate Existing Products
Develop Existing Ones Business and Grow New Verticals
Proven transactional success for
brand partners and consumers BOAT / MARINE RECREATION
Established trust with vendors as a
differentiated brand builder
CAR RV / CAMPER
Leverage growing reputation as a
“one-stop-shop” for enthusiast
consumers ✓ Leverage customer data to identify
highly compelling products to import
and private label MOTORCYCLE SEMI TRUCK
Explore key relationships developed ✓ 100% growth delivered in 2020 on 11
with several of the largest dealership CARiD private label brands
groups to introduce OEM products ✓ Meaningful private label success
into the Onyx catalog, potential for achieved to date with minimal resource
next day fulfillment of key OEM investment - represents only a small
brands POWERSPORTS TOOLS
fraction of the total opportunity
✓ Untapped B2B wholesale opportunity
19B. Deploy Pricing Optimization Strategies
Consumer Price Elasticity Testing
Optimize price and volume
Elasticity testing will
to continue to enhance
reveal product pricing
Gross Margin Dollars per
opportunities
SKU
Improved Vendor Pricing Power
Increased growth and
Improved unit economics
efficiencies enable
drive pricing benefits for
enhanced per-unit costs
consumers
from vendors/suppliers
20C. Geographic Expansion
We believe PARTS iD’s tech enabled digital commerce platform success can
be replicated internationally, further expanding its market
Canadian marketing initiatives
and rollout of CARiD.ca are
expected to kickstart
penetration of Canadian
market
Automotive aftermarket
eCommerce market in
Canada estimated to reach
US$3.7 billion in 2020 (1)
PARTS iD intends to leverage its existing virtual warehouse infrastructure to begin
international expansion of CARiD in Canada in the coming years
Source: (1) Hedges & Company July 2020 Analysis
21D. Diversify Marketing Mix
MAINTAIN SEM INCREASE INCREASE MOTIVATE
DOMINANCE BRAND CUSTOMER LOYALTY
AWARENESS ENGAGEMENT
SEARCH ENGINE SOCIAL MEDIA & EMAIL, SMS & LOYALTY
MARKETING TV/VIDEO CHATBOTS PROGRAM
Over 75% of traffic & Leverage Social Media Combine customer and Inspire desired
60% of revenue is & TV/Video product data with CRM customer behaviors
efficiently acquired advertising to reach automation tools to deliver to profitably
highly targeted new highly personalized content increase CLV using
audiences and grow across high-ROI channels incentives and
brand awareness rewards
22Financial Overview
PARTS iD Net Revenue Summary
$401
$308
+39%E
$289 $288
$245 $218 +41%
+18% Flat
+32%
2017 2018 2019 2020E 9M Ending 9M Ending
09/30/19 A 09/30/20 A
Historical growth has been driven by: Future market share gains driven by:
2017: Focused SEO initiative • New strategic initiatives:
2018: Continuation of Increased traffic o OE & Repair Parts
o Diversified marketing
2019: Impacted by new Sales tax levy – Wayfair v. South o Pricing optimization
Dakota 2018 judgement
o Vendor and SKU cultivation
2020: Conversion up-serge, Covid-19 upside and
multiple initiatives (New verticals, OE & Repair • Expansion into new verticals
parts, Vendor cultivation)
• Geographic expansion
• Continued eCommerce adoption
24Supplemental Balance Sheet and Cash Flow Data
A Capital Efficient Model
CARiD CARiD
Balance
BalanceSheet Data
Sheet Data Statement of ofCash
Statement Flows
Cash flows Data Data
($($ininmillions)
millions) Year Ended
As of December 31, As 9ofMonths Ended
September 30, ($($ininmillions)
millions) Year Ended
As of December 31, As9ofMonths Ended
September 30,
12/31/2019
2019 09/30/2020
2020 12/31/2019
2019 09/30/2020
2020
ASSETS
Cash $13.6 $36.9 Net (Loss) Income ($0.7) $6.2
Accounts receivable 1.2 2.9 Depreciation 5.8 5.0
Inventory 3.4 4.7 Deferred Income Tax (0.1) 1.4
Other Current Assets 2.7 Changes in Working Capital (0.8) 16.3
Total Current Assets $20.9 $44.5 Net Cash from Operating Activities $4.3 $28.9
Net PP&E 11.0 11.2 Net Cash from Investing Activities (7.2) (5.2)
Other assets 0.8 0.5
Net Cash from Financing Activities (0.5) (0.4)
Total Assets $32.7 $56.1
Net Change in Cash -$3.4 $23.3
LIABILITIES AND EQUITY
Current liabilities $41.7 $61.0 Cash Beginning of Period 17.1 13.6
Non-Current Liabilities 0.02 1.1 Cash, End of Period $13.6 $36.9
Total liabilities $41.7 $62.1
Total shareholders' Equity (deficit) (9.0) (3.2)
Total liabilities & Equity $32.7 $59.0
Source: Company-provided financials.
25Thank You
Tech-enabled digital commerce platform focused on transforming complex parts industries
1 Surging eCommerce adoption
2 Custom built tech-stack for a complex, multidimensional fitment industry
3 Capital efficient model
4 Experienced management team & global footprint
26Appendix
Significant Momentum Expected in 2020 and Poised for Growth Post-COVID
Observations
2020 performance boosted by:
✓ Overall conversion rate improvement
✓ Growth in repairs & body parts, performance parts and accessories
✓ New store momentum
Quarterly Net Revenue
($ in millions)
YoY YoY
Growth: Growth:
46% 73% YoY
YoY $123 Growth:
Growth: $114 33%
1%
$93
$71 $78
$70 $71 $70
Q1'19A Q1'20A Q2'19A Q2'20A Q3'19A Q3'20E Q4'19A Q4'20E
Source: Company-provided financials and projections.
28Supplemental Income Statement Data
Future Margin Expansion Driven By:
• Opportunities to improve costs with vendors
• Pricing and shipping optimization
• Gradual expansion of private label
Source: Company-provided financials. |Note: (1) EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. For a reconciliation of non-GAAP financial measures
to their most directly comparable GAAP financial measures, to the extent available without unreasonable efforts, see slide 32. | (2) Adjusted EBITDA and Adjusted EBITDA Margin are shown pro
forma for estimated public company costs of $3.6MM per year. Actual public company costs, including D&O insurance, may have been lower than current estimates in prior years.
29Reconciliation of Non-GAAP Financial Measures
Non-GAAP Financial Measures
Certain of the financial information and data contained in this Presentation, such as EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, have not been prepared in accordance with United
States generally accepted accounting principles (“GAAP”). These non-GAAP financial measures are not GAAP measures of our financial results or liquidity and should not be considered as an
alternative to net income (loss) or net income (loss) margin as a measure of financial results, cash flows from operating activities as a measure of liquidity, or any other performance measure
derived in accordance with GAAP. The Company believes these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business
trends relating to the Company’s financial condition and results of operations. The Company’s management uses these non-GAAP measures for trend analyses and for budgeting and planning
purposes.
The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating historical and projected operating results and trends in
and in comparing the Company’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. However, the Company’s definition
of these non-GAAP financial measures is not necessarily comparable to other similarly titled captions of other companies due to different methods of calculation. Further, management does not
consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures
is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they
reflect the exercise of judgments by management about which items of expense and income are excluded or included in determining these non-GAAP financial measures. In order to
compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results. You should review the Company’s financial statements filed with the
SEC.
A reconciliation for the Company’s non-GAAP financial measures for interim and monthly periods through August 2020 or 2020E through 2022E non-GAAP financial measures to the most
directly comparable GAAP financial measures is not included in this Presentation, because, without unreasonable efforts, the Company is unable to predict with reasonable certainty the amount
or timing of non-GAAP adjustments that are used to calculate these Non-GAAP financial measures. You are cautioned not to place undue reliance on these non-GAAP financial measures.
Source: Company-provided financials. | Note: (1) Adjusted EBITDA and Adjusted EBITDA Margin shown pro forma for estimated public company costs of $3.6MM per year.
Actual public company costs, including D&O insurance, may have been lower than current estimates in prior years.
30Peer Benchmarking Comparison
2019A-2021E Revenue CAGR EV/2021E Revenue EV/2021E Adj. EBITDA
(1)
27.1% 0.7x 16.9x
(2)
23.5% 1.2x 25.1x
Auto Parts Retailers /
1.7% 1.3x 12.1x
Distribution (3)
eCommerce 33.1% 2.0x NM
(4)
86.1% 2.7x NM
55.5% 1.3x NM
41.7% 4.6x NM
36.3% 2.7x 21.9x
eCommerce
35.0% 3.2x NM
31.2% 2.3x NM
28.6% 1.4x 41.9x
19.9% 0.4x NM
14.1% 1.4x NM
9.8% 1.7x 17.1x
Source: Capital IQ, Wall Street research, company filings and Company-provided financials and projections. | Note: Market data as of 10/12/20; Multiples greater than 60.0x or less than 0.0x are
shown as "NM.” For reconciliation of PARTS iD non-GAAP financials to their most directly comparable GAAP financial measures to the extent available without unreasonable efforts, see slide 31.
| (1) PARTS iD EV based on expected implied enterprise value of $331.3 million. | (2) PRTS EV pro forma for 8/14/20 issuance of 4.9MM primary shares | (3) Auto Parts Retailers / Distribution
peers include: Advance Auto Parts, AutoZone, Genuine Parts, LKQ and O’Reilly Automotive. | (4) Vroom metrics shown comprised of eCommerce revenue only, excluding Texas Direct Auto.
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