Jumping the SPAC | No Mercy / No Malice

πŸ‘‰ Go to Jumping the SPAC | No Mercy / No Malice

This writeup of Aspiration just delivers crazy after crazy.

Smearing more vaseline on the lens of the actual business fundamentals, Aspiration turns to creative accounting. Specifically, it leans heavily on a profitability measure called EBITDAM. EBITDA is the familiar β€œearnings before interest, taxes, depreciation, and amortization.” It’s a measure of how profitable a company’s core operations are before the vagaries of capital structure, tax strategy, and accounting charges. EBITDAM excludes all those things … and then also excludes marketing spend.

The comparisons to WeWork are interesting, but of course WeWork was at an entirely different scale.

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