EBITDA

“Our data shows one percentage of growth in the public markets is equivalent to three percentages of EBITDA.”

“I mean, we actually, all the growth we're doing plus minus EBITDA profitable. Some months we lose a little bit money. Some months we make a little bit money”

“We probably on an EBITDA basis, I think we're over a seven billion dollar run rate, and we generate somewhere around 75% cash off the EBITDA dollar.”

“You see a lot of these middle market private equity firms do that. They roll up these small companies. They're doing five, 10, twenty million dollars EBITDA each, and they bat, they just buy a bunch of them, and now they're up to a hundred million or two hundr…”

“The stock has plummeted over the last six months as a part of that search, and it's trading at four times EBITDA on a forward curve where no one believes what I'm telling you to be the case, even though we think modeling the facts gets you to a much higher gas…”

“That's actually, this year will be even the better profitable year. We're looking at, I don't know, 30% perhaps of 30% plus EBITDA, right? And 35, 40% growth.”

“2025, we were at about EBITDA was about 24, 22, 23 or 24. We haven't really fully closed the books yet, but there was a free cash flow of about 1.5 last year.”

“We started the advisory practice in January of 24. And I think we did thirty six million in EBITDA year one, just on that one unit.”

“When I started the company, if you had given me, if you had said P and L EBITDA, all those, you know, financial terms, I wouldn't even know what that meant.”

“See, I mean, it depends upon, I mean, if you just look at mankind, our EBITDA is always in between 25, 26%. Intentionally. Because we just want to grow faster. We spend more. We can increase it.”

“90, 92 and about sixty million of consolidated EBITDA from the segments. From all the companies.”

“We focus now on sort of, you know, half a million to five million of EBITDA businesses.”

“You could build a quote venture style portfolio, I think around the 200 K kind of EBITDA company. That sort of size of profile. That's not what we're trying to do. We're trying to have real consistency, predictable financials.”

“At the same time, interestingly, we went out with seven hundred million dollars of EBITDA in 21. We did a billion dollars plus of EBITDA in 22, so like fast growth, executing on the business, yet public market investors were telling us business is terrible”

“Size and scale, we have found that the credit markets are far deeper Cheaper, more flexible, less covenant-laden, and friendlier to consolidations that are, let's call it, 15 to twenty million of EBITDA in size and scope versus something that's five. What does…”

“The most basic fundamental concept in lending is the turns of EBITDA to total debt value that you can borrow. So for instance, if a company is doing four million dollars with EBITDA, you can probably get loan between two times to four times of the total EBITDA…”

“If you don't have earnings or EBITDA, there is no floor in a lot of these things.”

“Some of the companies in the rollup will hit a hundred million of EBITDA and they're like less than two years old.”

“A dominant platform will always be worth more than six times EBITDA.”

“People didn't have his deep investment chops back then because at a time you could buy an asset for eight times EBITDA. You could lever it six. The LBO math did most of the work for you in terms of return.”

“In terms of valuations, they vary depending on the buyer, but I've seen between like two to four X EBITDA, I would say EBITDA be just essentially profit.”

“We're trading on, not trading, we don't trade, but we're valued on over 20 times EBITDA, those company restaurants. Go into that. So the profitability that comes into all of it gets on that, that higher multiple. That's why we have the twenty billion plus valu…”

“EBITDA is the mother of all disastrous measures.”

“If making acquisitions is part of my business model, there are no longer one-time costs.”

“That's the main criteria I look at when I look at a company, is purchase price, and secondly, Can we double the profit in three to five years? And most of my main acquisitions, I've done that.”

“Our view on sort of EBITDA is there's some industries where it makes sense, but in most industries, depreciation and amortization is real, and so if you focus on that, I think you sometimes give yourself false confidence in terms of what the business really lo…”

“We almost went from like minus hundred percent EBITDA in the last two years to now minus nine percent EBITDA in the last quarter that we have.”

“In beauty personal care, there is a, there is the moment of transition is when you become profitable. When you start going from four times revenue, five times revenue to 40 times forward EBITDA.”

“The big problem that a lot of agencies have is at the end of the year, they're making five percent EBITDA, three percent EBITDA, seven percent EBITDA. Like, they're very hard businesses to run because, you know, people aren't utilized.”

“One area where I'm not great is I'm really bad at understanding financials. So sometimes people around the company, they'll try to tell me, Like, hey, do you, have you been paying attention to our revenue numbers? Have you been paying attention to our costs? H…”

“There was a time, probably in the early nineties, where people stopped talking about EBIT multiples, earnings before interest in taxes, and started talking about EBITDA multiples, heading in depreciation and amortization. I think they hoped nobody would notice…”

“Buyout firms routinely paying 20 plus times EBITDA for quality businesses, but businesses that probably should not trade at that high valuation. Doing that in a world where interest rates were zero, and there was a lot of money being pumped into the economy by…”

“30 years ago, you didn't really need to do that. When you're paying Five or six times EBTA for an asset. You could put some leverage on it, and as long as the asset did pretty well, you could cash out and make a lot of money. Now that the average multiple is 1…”

“We'll be cashflow positive in July of this year. And we'll be at positive EBITDA, which is important for us to go to the next phase, which we see as a series A.”

“Now the valuations are sub four times EBITDA.”

“It's not like they just say, Hey, you're five X a beta. It's ultimately the strength of your contracts, the strength of your client list when you're acquiring an agency and those things factor into it. And then it's, you know, just taking a turn on that, that …”

“We don't invest in, in companies that haven't broken even and can't demonstrate a clear path to growing that profitable side of the business, but we look for kind of 10 to 20% EBITDA margins on these companies as well, and to complement some level of growth”

“You see a lot of these middle market private equity firms do that. They roll up these small companies. They're doing five, 10, twenty million dollars EBITDA each, and they bat, they just buy a bunch of them, and now they're up to a hundred million or two hundr…”

“Good CEOs create high EBITDA multiples. High EBITDA multiples create sloppy CEOs. Bad CEOs create low EBITDA multiples, and low EBITDA multiples create opportunities for good CEOs.”

“A lot of times founders think it's not possible and give that company to a PE person. And I guarantee you they're going to have 20% EBITDA, maybe 30% EBITDA in a couple of years. It can be done.”

“Warner said in the past he's not a believer in EBITDA, but we are. We think it's the cash that the business generates that, and so we're always saying, well, what's the multiple on EBITDA, and so we know what cash is coming, because You can usually cut back on…”

“The problem is when you want three things equally, you usually get none. So there are generally in any business at any point in time tends to be some order of priority.”

“If we have a clear playbook about what we could do with an add-on, we think we can increase the EBITDA of this add-on by 50 to a hundred percent in the first 12 to 18 months because we've done the heavy lifting on all the elements of that playbook for that ind…”

“There's a lot of private equity firms who go around and they basically do this math. They say, okay, a platform company trades at 15 times EBITDA and I can buy the add-ons at nine, so I'm gonna make money. It's fine. Lots of people do that. That exists in our …”

“I would say 10% is good, ah, is a rule of thumb, minimum. 20% is where I would really put the target at, and 30% is if you think that there are going to be some rough economic times in the next couple quarters, boost yourself up to 30% EBITDA to protect yourse…”

“Pre twenty-twenty-two, you're at five million EBITDA, you can sell for 15 to 20, if, like, your agency's really good 15 to 20 X. And so, that's like a hundred million dollar business, if you wanted to sell.”

“And then by March 31st, we actually had our first net EBITDA profitable month. So we hit profitability a year ahead.”

“Now, if you're talking about oil companies, or steel mills, or heavy capital intensive businesses, it's not a good map, because the D that you're subtracting out to sort of talk about the earnings power, Not only is that D real and shouldn't be subtracted out,…”

“Where we are active buyers of businesses, sellers of businesses have been conditioned to use that phrase. So if you come in and try to academically explain the limitations or what adjustments you need to make, they're gonna sell that business to somebody else.…”

“So you buy a founder led business, you professionalize it, you buy it at like six to eight times EBITDA. You put on like maybe three turns of debt, maybe three to four, depends on the business, but you professionalize it, you grow it, say it had five million E…”

“The basic bank debt was very plain vanilla. There were no warrants. It was purely a multiple of EBITDA, typically. Two to three times depending.”

“What we've said to the market, we've got to be pretty consistent with that on your podcast as well. Is, is that will be cashflow and EBITDA profitable in 20, 25.”

“You got a big truck company and Take the depreciation out of the trucks, out of the earnings. You're ever lying about the earnings.”

“Well, I've never liked John Malone's extreme manipulations. I don't want to be known as the great manipulator like John Malone is. He paid less income taxes than anybody.”

“But for business at the scale that I was at good luck. Kind of trying to go run a traditional sell process for that. I think typically in the business that we're in, if we were to go out to market to sell this business, this is like a business I would be doing…”

“Consulting companies sell at three or one X revenue, maybe three or five X EBITDA.”

“We're rolling out this new I call it a coinfluence bonus program. It's a profit sharing program tied to us hitting twenty million dollars in EBITDA. Which is a little bit more than one and a half million dollars a month. And when we pay out, we hit this goal, …”

“Unacademy in the last 12 months, the way we have focused on EBITDA, I think very few venture funded companies have. And this month will be the first month where we are cash flow positive.”

“When you look at the valuation of the business, they are currently trading at 70 times The next 12 months EBITDA.”

“Not all private equity, but a lot of private equity is buying In favor businesses at higher multiples because you think you can operate it better, or you think EBITDA is going to continue to grow, or sometimes it's just a financing arbitrage as to how you do t…”