Aspiration Reports Fourth Quarter and Full Year 2021 Results|||

– Fourth Quarter 2021 Acquirement of $38.5 Million, Increased 600%+ Year-Over-Yr –

– Generated Gross Profit of $31.7 Million in the 4th Quarter, Representing a 977% Year-Over-Year Increase –

– Full Year 2021 Revenue of $100.6 Million Compared to $14.vii 1000000 for 2020, a 584% Twelvemonth-Over-Year Increment

– Total Year 2021 Gross Profit of $79.four One thousand thousand Compared to $5.7 Million for 2020

LOS ANGELES–(Concern WIRE)–$IPVF–Aspiration Partners, Inc. (“Aspiration” or the “Company”), a global leader in Sustainability as a Service solutions for consumers and enterprises, today reported financial results for the fourth quarter ended Dec 31, 2021. On August eighteen, 2021, Aspiration and InterPrivate III Financial Partners Inc. (NYSE: IPVF) (“InterPrivate 3”), a publicly-traded special purpose acquisition company, entered into a definitive merger agreement that volition result in Aspiration becoming a publicly listed visitor. Upon closing of the transaction, the visitor will exist named Aspiration, Inc., and merchandise under the new ticker symbol “ASP.”


Our results for the fourth quarter and full year of 2021 demonstrate Aspiration’southward key role at the forefront of driving the sustainability revolution,” stated Andrei Cherny, Chief Executive Officer and Co-Founder of Aspiration. “
Aspiration’southward strong, ongoing growth in revenues and gross profits reinforces the power of our differentiated concern model that enables individuals and enterprises to embed climate change-fighting actions into everyday life and operations. At Aspiration, our business and our sustainable affect grow manus in mitt. In 2021, Aspiration customers funded the planting of over 45 million copse along with meaning climate bear on.”

4th Quarter 2021 Financial Highlights (Unaudited)

Financial Overview

Three Months Ended December 31,

Twelve Months Ended December 31,

$ in Millions

2021

2020

% Change

2021

2020

% Alter

Revenue

$38.5

$v.5

604%

$100.6

$fourteen.seven

584%

Gross Profit

$31.vii

$2.ix

977%

$79.4

$5.seven

1,286%

Adjusted EBITDA1

($41.9)

($24.4)

NM

($120.4)

($60.6)

NM

  • Total revenues were $38.5 million, upwardly 604% from $5.5 million in the fourth quarter of 2020, and upwardly 41% compared to $27.3 million in the prior quarter driven by growth in funded accounts and Sustainability Services.
  • From a mix perspective, 27% of total revenues were generated from Consumer Finance, xiv% from Consumer Sustainability Services, with the remaining 60% from Enterprise Sustainability Services.
  • Gross turn a profit was $31.vii million, up 977% from $2.9 meg in the quaternary quarter of 2020, and upwardly 47% from $21.v 1000000 in the prior quarter. The gross margin expanded to 82% from 54% for the twelvemonth-ago quarter reflecting enhanced scale and ongoing operating leverage.
  • Advertising expense totaled $41.0 1000000, up from $12.4 meg in the prior-year quarter, reflecting ongoing initiatives to expand members and funded accounts across products.

i
Adjusted EBITDA is not a mensurate divers under generally accepted bookkeeping principles in the United States (“GAAP”). We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, too as provides a useful mensurate for period-to-flow comparisons of our business organization performance. For farther information nigh how nosotros calculate Adjusted EBITDA, see “Non-GAAP Financial Measures” beneath. Note: 2021 financials are unaudited and are subject field to change.

Total Year 2021 Financial Highlights (Unaudited)

  • Total revenues were $100.6 million, upwardly 584% from $14.7 one thousand thousand in 2020, driven past an increase in total funded accounts and introduction of new products including Enterprise Sustainability services.
  • Overall, 29% of total revenues were generated from the Consumer Financial Services segment, 14% from Consumer Sustainability Services and the remaining 56% from Enterprise Sustainability Services.
  • Gross profit was $79.iv 1000000, translating into a 79% margin, versus $five.vii million, representing a 39% margin, for 2020. Margin expansion was primarily driven by the introduction of new products and efficiencies gained in the existing product lines.
  • Adjusted EBITDA before marketing expense totaled $2.0 1000000 compared to a loss of $38.5 million in 2020.
  • Marketing expenditure increased from $22.1 one thousand thousand in 2020 to $122.4 million in 2021 driving strong growth in total members and funded accounts.
  • Adjusted EBITDA was ($120.4) 1000000 compared to ($60.6) million in 2020. The increase in losses was driven by growth in marketing expenditure too as investments in resource.

Contempo Business Developments

  • December 2021
    – Aspiration secured $315 million of incremental equity financings from funds managed by Oaktree Majuscule Management, L.P., a leading global alternative investment management firm, and investment affiliates of businessman and investor Steve Ballmer. The financing included $250 million in proceeds from the issuance of not-convertible perpetual preferred stock, paying an 8% dividend and redeemable by investors afterward 9 years, $50 one thousand thousand of investment in the form of mandatorily convertible pre-merger securities of Aspiration purchased at a SPAC equivalent price of $eleven per share and $15 one thousand thousand of investment in the form of an IPVF mutual stock PIPE priced at $11 per share closing concurrently with the concern combination.
  • December 2021
    – Aspiration announced a multi-twelvemonth partnership setting the phase for Athletes Unlimited to run the start U.Due south.-based carbon neutral professional sports league.
  • January 2022
    – Aspiration announced the acquisition of Carbon Insights, a leader in climate tech whose proprietary algorithm translates spending behavior and transactions into carbon footprints. Carbon Insights’ technology will be integrated into Aspiration’southward existing offerings, with the transaction solidifying Aspiration equally a leading carbon scoring applied science solution on the marketplace with a competitive set of ESG and carbon transactional tracking capabilities.
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Financial Outlook

The post-obit table summarizes Aspiration’due south anticipated financial outlook for the full year 2022 menses:

$ in Millions

2022

Acquirement

$250

Adjusted EBITDA (not-GAAP)i

$(98)

Revenue Growth vs. 2020

150%

Non-GAAP Financial Measures

This press release discusses Adjusted EBITDA which is a measure that is not prepared and presented in accordance with GAAP. We define Adjusted EBITDA as cyberspace income (loss), adapted to exclude (i) interest expenses relating to credit facilities and convertible notes, (ii) provision for (do good from) income taxes, (iii) depreciation and acquittal and (iv) stock-based compensation expense. The presentation of this financial information is non intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We believe that the use of Adapted EBITDA provides useful data to investors and others in understanding and evaluating Aspiration’due south results of operations, as well as providing a useful measure for period-to-flow comparisons of Aspiration’s business organization functioning. Adjusted EBITDA should non exist considered a substitute for or superior to financial information presented in accordance with GAAP and may exist unlike from similarly titled non-GAAP measures used by other companies. The following tabular array presents a reconciliation of internet income (loss), the about directly comparable GAAP measure out, to Adjusted EBITDA.

Reconciliation of Net Income (Loss) to Adjusted EBITDAane

(in millions):

(unaudited)

Iii Months Concluded

Dec 31,

Twelve Months Ended

December 31,

2021

2020

2021

2020

Internet income (loss)

$(45.8)

$(27.1)

$(208.3)

$(66.0)

Add:

Interest expense

1.4

0.2

viii.7

0.nine

Provision for (benefit from) income taxes

Depreciation and amortization

1.ix

0.viii

4.8

2.8

EBITDA (non-GAAP)

$(42.5)

$(26.2)

$(194.8)

$(62.3)

Share-based bounty

0.7

2.1

43.one

2.9

Other (income) expense

(0.2)

(0.3)

31.three

(i.2)

Adapted EBITDA (non-GAAP)

$(41.9)

$(24.4)

$(120.four)

$(60.6)

i
Adapted EBITDA is not a mensurate defined under generally accepted bookkeeping principles in the U.s.a. (“GAAP”). We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as provides a useful measure out for catamenia-to-period comparisons of our business organization functioning. For further information most how nosotros calculate Adjusted EBITDA, see “Non-GAAP Financial Measures” beneath.

Reconciliation of Net Income (Loss) to Adjusted EBITDAi
Reconciliation

(in millions):

Twelve Months Ended

December 31,

2022

Net income (loss)

$(144)

Add:

Involvement expense

vi

Provision for (benefit from) income taxes

Depreciation and amortization

21

EBITDA (non-GAAP)

$(117)

Share-based compensation

6

Other (income) expense

12

Adapted EBITDA (not-GAAP)

$(98)

1
Adapted EBITDA is not a mensurate defined under mostly accepted accounting principles in the United States (“GAAP”). We believe Adjusted EBITDA provides useful data to investors and others in understanding and evaluating our results of operations, as well every bit provides a useful measure for menses-to-period comparisons of our business organisation performance. For further data about how we summate Adapted EBITDA, see “Not-GAAP Fiscal Measures” below.

About Aspiration Partners, Inc.

Aspiration is a leading platform to help people and businesses put automated sustainable bear upon into their easily and integrate it into their daily lives. Aspiration has earned the trust of its more than than 6 million members by helping them spend, save, shop, and invest to both “Exercise Well” and “Do good.” Aspiration Partners, Inc. is a certified B Corp. For more information, visit Aspiration.com or Aspiration.com/business organisation.

About InterPrivate Iii Fiscal Partners Inc.

InterPrivate Three Financial Partners Inc., led by Chairman & CEO Ahmed Fattouh, President Nicholaos Krenteras, and Vice Chairman Sunil Kappagoda, is a blank check visitor whose business purpose is to issue a business combination with one or more businesses in the fiscal services or fintech sectors. InterPrivate 3’s Lath of Directors includes globally recognized financial services leaders including: former BankOne Chairman, John McCoy; former Lucent and Verifone Chairman, Rich McGinn; Pine Beck founder and former Warburg Pincus Vice Chairman, Howard Newman; and fintech investor Gordy Holterman.

Additional Information and Where to Find It

In connection with the proposed transaction (the “Proposed Transaction”) involving InterPrivate 3 Financial Partners Inc. (“InterPrivate III”) and Aspiration Partners, Inc. (“Aspiration”), InterPrivate Iii has filed a registration statement on February 14, 2022, which included a preliminary proxy statement/prospectus, with the SEC. The proxy statement/prospectus will be sent to stockholders of InterPrivate III. This press release is not a substitute for the proxy statement/prospectus. INVESTORS AND SECURITY HOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND Whatsoever OTHER RELEVANT DOCUMENTS THAT HAVE BEEN FILED OR WILL Exist FILED WITH THE SEC, As well As ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY Will CONTAIN IMPORTANT Information ABOUT ASPIRATION, INTERPRIVATE III, THE PROPOSED TRANSACTION AND RELATED MATTERS. The documents filed or that will be filed with the SEC relating to the Proposed Transaction (when they are available) tin be obtained gratuitous of charge from the SEC’s website at world wide web.sec.gov. These documents (when they are available) can also exist obtained free of charge from InterPrivate Three upon written request at InterPrivate III Fiscal Partners Inc., 1350 Avenue of the Americas, 2d Flooring, New York, NY 10019.

No Offer or Solicitation

This advice is for informational purposes only and is not intended to and shall non institute a proxy statement or the solicitation of a proxy, consent or authorisation with respect to whatsoever securities in respect of the Proposed Transaction and shall not constitute an offering to sell or the solicitation of an offering to buy or subscribe for any securities or a solicitation of any vote of approving, nor shall in that location be any auction, issuance or transfer of securities in any jurisdiction in which such offering, solicitation or auction would be unlawful prior to registration or qualification under the securities laws of whatsoever such jurisdiction.

Participants in Solicitation

This communication is non a solicitation of a proxy from whatsoever investor or security holder. However, InterPrivate III, Aspiration, and certain of their directors and executive officers may exist accounted to exist participants in the solicitation of proxies in connexion with the Proposed Transaction under the rules of the SEC. Information about InterPrivate Three’s directors and executive officers and their ownership of InterPrivate Three’s securities is set forth in the registration statement described above. Additional information regarding the participants will too be included in the definitive proxy argument/prospectus, when it becomes available.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains “forwards-looking statements” within the meaning of the Individual Securities Litigation Reform Human activity of 1995. Such statements include, but are non limited to, statements virtually time to come financial and operating results, including the information under the heading “Financial Outlook,” our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified past words such as “will likely outcome,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “project,” “outlook” or words of similar significant. These forward-looking statements include, but are not limited to, statements regarding Aspiration’s manufacture and market place sizes, future opportunities for InterPrivate III, Aspiration and the combined visitor, InterPrivate Iii’s and Aspiration’s estimated hereafter results and the Proposed Transaction, including the implied equity value, the expected transaction and buying construction and the likelihood and power of the parties to successfully complete the Proposed Transaction. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business organization, economical and competitive uncertainties and contingencies, many of which are hard to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results predictable in these forrard-looking statements.

In addition to factors previously disclosed or that volition be disclosed in InterPrivate Iii’s reports filed with the SEC and those identified elsewhere in this advice, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the frontward-looking statements: (1) inability to consummate the Proposed Transaction or, if InterPrivate Iii does not complete the Proposed Transaction, any other business combination; (2) the disability to complete the Proposed Transaction due to the failure to encounter the closing conditions to the Proposed Transaction, including the inability to obtain approval of InterPrivate Three’s stockholders, the disability to consummate the contemplated PIPE financing, the failure to achieve the minimum amount of greenbacks available following any redemptions by InterPrivate Iii stockholders, the failure to run into the NYSE listing standards in connection with the consummation of the Proposed Transaction, or the occurrence of any result, modify or other circumstances that could requite rise to the termination of the definitive agreement; (3) costs related to the Proposed Transaction; (4) a delay or failure to realize the expected benefits from the Proposed Transaction; (5) risks related to disruption of direction fourth dimension from ongoing business operations due to the Proposed Transaction; (half-dozen) the impact of the ongoing COVID-xix pandemic; (7) the take chances that Aspiration may not be able to execute its growth strategies or achieve and maintain profitability; (eight) the uncertainty of Aspiration’s projected financial information; (9) changes regarding the development of the sustainability industry, the markets that Aspiration targets, customer demand and the power of Aspiration to maintain and heighten its brand; (10) changes in the highly competitive market in which Aspiration competes, including with respect to its competitive landscape, rapid technological modify or regulatory changes; (11) uncertainties surrounding Aspiration’s expansion of products and service offerings; (12) the ability of Aspiration to maintain strategic relationships and execute on strategic transactions; (13) extensive governmental regulation and scrutiny applicative to Aspiration and its subsidiaries, including as a result of certain of its subsidiaries being subject to SEC and FINRA rules and internet majuscule requirements; (14) the ability of Aspiration to adhere to legal requirements with respect to the protection of personal data and privacy laws; (15) cybersecurity risks, data loss and other breaches of Aspiration’s network security and the disclosure of personal data; (sixteen) the risk of regulatory lawsuits or proceedings relating to Aspiration’s products or services; (17) the take a chance that Aspiration is unable to secure or protect its intellectual property; (xviii) the limited experience of Aspiration’southward management in operating a public company; (19) underlying assumptions and information with respect to Aspiration’s key performance indicators and other business concern metrics that may exist (or may be perceived to be) inaccurate; (20) the risk that Aspiration may not be able to develop and maintain effective internal controls; (21) the outcome of whatever legal proceedings that may exist instituted against InterPrivate III, Aspiration or any of their respective directors or officers post-obit the proclamation of the Proposed Transaction; and (22) the failure to realize predictable pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions and purchase price and other adjustments.

Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forwards-looking statements and the assumptions on which those forwards-looking statements are based. In that location tin be no assurance that the data contained herein is reflective of time to come performance to any degree. You are cautioned non to identify undue reliance on forwards-looking statements every bit a predictor of future performance every bit projected fiscal information and other data are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our command. All information fix forth herein speaks only as of the date hereof in the case of information nearly InterPrivate III and Aspiration or the engagement of such data in the case of information from persons other than InterPrivate Three or Aspiration, and nosotros disclaim any intention or obligation to update any forwards-looking statements as a result of developments occurring after the date of this advice. Forecasts and estimates regarding Aspiration’s industry and end markets are based on sources nosotros believe to be reliable, nevertheless there can be no balls these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reverberate actual results.

Contacts

Source: https://www.dailyhostnews.com/aspiration-reports-fourth-quarter-and-full-year-2021-results

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