Welcome to today's conference call announcing the business combination of Revolution Acceleration Acquisition Corp and Berkshire Grey, Inc. Joining us on this call are John Delaney, Chief Executive Officer of Revolution Acceleration Acquisition Corp, and Tom Wagner, Founder and Chief Executive Officer of Berkshire Grey. We would first like to remind everyone that this call contains forward-looking statements including, but not limited to, Revolution Acceleration Acquisition Corp and Berkshire Grey's expectations or predictions of financial and business performance and conditions, competitive and industry outlook, and the timing and completion of the transaction. Forward-looking statements are inherently subject to risk, uncertainties, and assumption, and they are not guarantees of performance. We encourage you to read the press release issued today, the accompanying presentation, and Revolution Acceleration Acquisition Corp's public filings with the SEC for a discussion of the risks that can affect the transaction, Revolution Acceleration Acquisition Corp and Berkshire Grey's businesses, and the outlook of the combined company. Revolution Acceleration Acquisition Corp and Berkshire Grey are under no obligation and expressly disclaim any obligation to update, alter, or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. This conference call is for informational purposes only and shall not constitute an offer to buy any securities or a solicitation of any vote in any jurisdiction pursuant to the proposed business combination or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. With that, I'll turn the call over to John Delaney. Thank you. My partners, Steve Case and I, are thrilled to have identified Berkshire Grey for our inaugural SPAC. Berkshire Grey provides AI-enabled integrated robotic solutions for the supply chain, and it is, in our opinion, a company extraordinarily well-positioned for the future. We look forward to partnering with Vinod Khosla, Peter Barris of NEA, and other Berkshire Grey shareholders, all of whom are retaining 100% of their ownership in helping to build Berkshire Grey. When Steve and I partnered to form Revolution Acceleration Acquisition Corp, our thesis was to acquire a company that is positioned to benefit from the acceleration of certain important trends in our economy. Berkshire Grey is a perfect fit. There may be no trend that is accelerating more than the transition to the digital economy. As we all know, e-commerce is exploding, and consumer expectations are changing, creating a strategic imperative to automate the supply chain across the retail, grocery, and package sectors. We believe Berkshire Grey's AI-enabled robotic solutions, which offer businesses a holistic integrated approach to warehouse automation, are industry-leading offerings for companies seeking to automate their supply chains. This is why we think Berkshire Grey is a singular category-defining company and an extraordinarily compelling investment. We have spent a significant amount of time getting to know Berkshire Grey, including extensive diligence of the company, the competition, and direct discussions with current Berkshire Grey customers. Based on this, we believe the company is on the threshold of extraordinary growth, which can be accelerated meaningfully with the infusion of capital this combination will provide. Our work has led us to several specific conclusions about Berkshire Grey that we wanted to share with you today. First, we believe their technology is best in class, particularly their picking technology and AI-enabled software. Quite simply, what their robots can do is amazing. Second, we see Berkshire Grey as a category creator because it integrates proprietary AI, software, and hardware into fully integrated and full-spectrum solutions. This was confirmed by Berkshire Grey customers who made it clear to us, and this is an important point, that in their view, other robotics companies do not offer the fully integrated solutions delivered by Berkshire Grey. Third, we believe the market opportunity here is huge. We estimate the TAM is more than $280 billion, with only an estimated 5% of warehouse operations automated today. Fourth, Berkshire Grey is, in our opinion, a terrific growth story for the next five years as the company is projecting nearly 100% per year compounded annual revenue growth. Fifth, Berkshire Grey can enable companies to effectively address what we call the Amazon effect. Consumers today want a wide array of choice at the lowest price with free shipping and immediate delivery. Right now, Amazon is generally viewed as significantly ahead of other companies in terms of automation and robotics, but Berkshire Grey, whose technology is better than Amazon's, in our opinion, will enable its clients to meet Amazon-driven consumer expectations. Sixth, Berkshire Grey is already doing business with a number of blue-chip clients, companies that will have significant ongoing and growing needs for automation solutions, which is a testament to its ability to deliver tangible and measurable results. Berkshire Grey already has a strong pipeline into the enormous potential market I mentioned a moment ago. Finally, Berkshire Grey is very well managed with a terrific and visionary founder in Tom Wagner, a very deep bench of industry experts and robotics engineers, and leading investors like Vinod Khosla, Peter Barris at NEA, and others who, as I mentioned earlier, are retaining all of their shares in this transaction. We are delighted that the investors who anchored our successful PIPE will be joining that distinguished group. In sum, we believe Berkshire Grey will be a very big and important company benefiting from what we think is perhaps the most powerful tailwind in our economy: the explosive growth in e-commerce driven by changing and persistent consumer expectations. We could not be more excited to bring this unique and extraordinarily well-positioned company to the public markets through our Revolution Acceleration Acquisition Corp SPAC. Now I'll hand it over to Tom. Thank you, John. At Berkshire Grey, we use AI-enabled robotics to automate tasks in e-commerce, retail, grocery, and package handling logistics. This is critical today because these industries are under enormous pressure to scale to meet ever-increasing consumer expectations where the right goods need to be at the right places at the right times to make our world flow. These expectations follow from having an ever more connected world and are linked to the cell phone in your pocket and the proverbial Amazon effect. COVID-19 has only increased the pressures and the need for transformation. The transformation I'm speaking of pertains to supply chain operations, operations that fill e-commerce orders, get goods to retail locations and groceries, and operations that move and sort packages. Please note that today e-commerce operations include shipping goods to stores. This is what enables order online, be delivered to, buy store, and other incarnations of that concept. Today, these supply chain operations are often highly manual and not well-supported with technology. Just as the demands of consumers and businesses have changed, so too must the underlying supply chain. More performance, more speed, more precision are some of the concepts, but these must happen in a cost-effective fashion in order to remain competitive. To enable our connected high-speed world today, companies must help their human workers with new automation that enables them to process even more. We help by providing that transformative technology and transformative solutions. At Berkshire Grey, we create AI-enabled robotic systems that handle individual items, whether picking a USB adapter to fill an e-commerce order, or picking a can of Pringles to fill a grocery order, or even sorting a package that's on its way to your door, and combine these skills with robotic movement to manage items, manage inventory, and organize shipments. A technologist might call it robotic picking and robotic mobility of different forms combined with system-level orchestration, meaning layers of software that reason about what work should be done, when, by what robot to optimize the overall system, and really more importantly than the subsystems. And make no mistake, the subsystems are technically advanced and have patents issued against hardware and special proprietary algorithms. It's the fact that we combine them to create holistic performance solutions for our customers. We do this through complex software that means we hit overall performance metrics like throughput for a system that consists of several of these underlying technologies. For example, multiple picking robots orchestrated with each other and multiple movement robots. This enables us to offer our customers solutions that generate return on investment. I want to emphasize that while we're a technology company, we work very hard to understand our customers and to provide them with technological solutions that meet their needs. We've walked the floors of distribution centers, backs of stores, package handling facilities, and so forth. We've unloaded trucks in the summer heat and handled goods in the winter cold to learn from our customers and understand their world. These are experiences that we cherish and that drive our business. We are only at the start of our commercial journey but have notable momentum with $114 million in orders to date and a backlog of $70 million. While these numbers are important, I believe there are more important numbers, including the TAM, which we estimate to be $280 billion annually, as John noted. The reason I care about that large number is it tells you there's room to build a tremendous business here, and that's just with the technologies we have today. Rest assured, we're constantly working to develop new technologies. Another number I think is important is the two to three-year ROI that our systems can produce as it demonstrates how we quantify the value associated with the technologies. I can quote rates and so forth of the technologies, but value to customer with a solution that generates ROI is critical and ultimately the measure of what drives the business. Finally, another figure I want to highlight is the $1.7 billion potential revenue in the pipeline, which is up approximately 17 times over the last 15 months as a result of our go-to-market efforts. The reason I care about those numbers is they align the TAM with timing and, of course, our technology and our abilities as a company. I'd also like to comment on the team at Berkshire Grey. Across the company, we have more than 1,000 years of experience in robotics and an extremely large number of highly skilled individuals who hail from notable centers of excellence. These folks bring their skills and energy to bear on technologies and products for our customers with an admirable level of dedication, integrity, hard work, and service. As a company, we're thoughtful and energized by creating and focusing technologies for our customers and by using technology to make the world a better place. This brings us to today. This partnership with Revolution is a fantastic next step in our evolution. We started in 2013 and were in stealth mode until December of 2018 when an article was written for Bloomberg Businessweek about how we were helping others to compete with Amazon. We were in stealth mode for that period because we were quietly building our technological advantage and learning from our customers in ways that shaped our systems and ultimately shaped our solutions. I'll refer you back to my comment about value and ROI. We seek to deliver quantifiable and tangible value to customers and approach our work from that perspective. To close, when it comes to Revolution, Berkshire Grey, and our combined entity, I would leave you with a few Ts. One of the Ts is TAM. The TAM is tremendous and growing. At an estimated $280 billion annually, we believe there's a lot of room here to build a strong business, and we are continuously working on new technologies that should expand our TAM. Team, I mentioned them. The Berkshire Grey team are special people across the board. Technology, and by that, I mean AI-enabled robotic systems that pick items, move items, and where software coordinates flows to deliver optimized results. Transformative, we make transformative solutions that enable customers to meet current and increasing consumer expectations and competitive pressures. And lastly, of course, timing. The time is right for Berkshire Grey, but even more importantly, I believe the time is right for our customers. We anticipate being very busy over the coming months and years, helping them to compete and win. We look forward to this most of all. Thank you.
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