Dear Professor - we are not working out how to model general...

Dear Professor - we are not working out how to model general motors 

these are brand new / frontier industries, and IMO all the matters is establshing brand and distribution - the best measure that really matters is sales. dollars, month by month, quarter by quarter. 

and actualy at this stage in the industry it may make perfect sense to spend more to land grab as much as possible - so high expenses may be a good measure not a bad one as you are thinking ?

and yes market cap to sales is probably the best measure worth thinking about because you need to know what you are paying for that land you have grabbed - and clearly EXL is very cheap land compared to Charloettes web

Sep quater sales wil be out by end of Oct nd lets hope EXL has spent enugh to keep generating outstanding sales gorwth - in a couple of years when the industry has settled down you can get to use all your ebitda formulas on business efficiency and feel great about your degree and get your napkin into full beast mode - but right now they are not worth the napkin you are writing them on

The ONLY thing that matters now is can your dumb ass governmnet pass the Farm Act - if you can work out how to model that we would greatly appreciate as othewise all we see is a bunch of old white folk getting paid to by their corporate sponsors and motivated by their own greed and lust for power