Ann: September Business Update, page-8

Ultimately if they have not already done, someone will eventually spot value in the underlying business here - which is why the company publishes EBITDA and EBTDA results as well as net profit. Any potential suitor may be able to strip out the same costs below of equity compensation (which I think reflects senior management remuneration) and interest, and take control of the Sezzle bnpl model using their own capital, then apply to their own client base etc etc. All just imo. With that in mind you could say the underlying business is worth: the adjusted ebitda result, X 4 quarters, X an earnings multiple. You can imagine which sort of entity out there might benefit from some kind of partnership or transaction with Sezzle.