EX-99.(C)(XV) 19 tm2524150d3_ex99-cxv.htm EXHIBIT 99.(C)(XV)
Exhibit (c)(xv)
 
 

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Highly Confidential Project JetSpeed Indications of Value August 2025 This presentation is summary in nature and nothing in this presentation should be considered an opinion or valuation

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Highly Confidential Indications of Value Source: Company Filings, Factset, LSEG, Bloomberg and Broker Research. 1. Potential stock consideration treated as cash equivalent. Valuation Methodology Reference Price Per Share Assumptions Selected Trading Comps: • 5.0x – 9.0x CY25E Lease and SBC Adj. EBITDA of $312mm per Tango Case Selected Precedent Transactions: • 6.0x – 10.0x CY25E Lease and SBC Adj. EBITDA of $312mm per Tango Case Discounted Cash Flow: • 6.0x – 8.0x LTM terminal EBITDA multiple • 8.0% - 10.0% WACC • PubCo savings of $15mm per year Unaffected Analyst Target Price: • Based on 11 estimates, consensus of $3.81 US$millions, except per share values in US$ 1 Per Share Prem. / (D) Midpoint to Unaffect. Comparable Companies CY2025E EBITDA $2.20 (97%) - 45% Precedent Transactions CY2025E EBITDA $3.25 (61%) - 80% Discounted Cash Flow No PubCo Savings $3.50 (24%) - 64% 100% PubCo Savings $3.82 (15%) - 77% Other Benchmarks Unaffected Analyst Target Price n/a 1% - 103% Unaffected 52W Trading Range n/a (26%) - 128% Tango Case $0.10 $1.15 $2.24 $2.52 $3.00 $2.20 $4.30 $5.34 $4.87 $5.23 $6.00 $6.76 Unaffected Price (Jun 11): $2.96 Revised Offer: $4.25(1) Current Trading (Aug 21): $3.82

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Highly Confidential 2025E Revenue Mix 2025E Forecast Sensitized Base Assumption Sensitivity Increment DCF Midpoint per Share Tango Case (100% PubCo Savings) $3.82 ($2.52 - $5.23) Tango CX Revenue Growth(1) 14% 9.9% (24A – 25E) -3.5% (25E – 30E CAGR) +/- 1.0% External CX Revenue Growth(1) 33% -5.3% (24A – 25E) -1.9% (25E – 30E CAGR) +/- 1.0% Tango Non-CX Revenue Growth(1) 12% 14.2% (24A – 25E) 3.0% (25E – 30E CAGR) +/- 1.0% External Non-CX Revenue Growth(1) 41% 10.0% (24A – 25E) 13.5% (25E – 30E CAGR) +/- 1.0% EBITDA Margin % (excl. Lease & SBC Cost) n/a 14.9% (25E) 15.0% (26E – 30E Avg.) +/- 0.25% Annual Pre-Tax Cost Savings n/a n/a $15mm +/- $10mm WACC n/a n/a 9.0% (8.0% - 10.0%) -/+ 0.50% LTM Terminal EBITDA Multiple n/a n/a 7.0x (6.0x – 8.0x) +/- 0.25x DCF Sensitivities US$millions, except per share values in US$ 2 1. Assumes constant EBITDA Margin % (excl. Lease & SBC Cost). ($0.05) ($0.12) ($0.05) ($0.25) ($0.20) ($0.21) ($0.19) ($0.24) $0.05 $0.12 $0.05 $0.26 $0.20 $0.21 $0.20 $0.24

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