Adjusted EBITDA
EBITDA from which the company has removed items it considers untypical: write-offs, one-off costs, revaluation effects and sometimes share-based pay.
How to read the number
The measure is entirely defined by its list of adjustments, disclosed in the release; without that list the figure is not comparable with anyone else's.
When the metric lies
There is no single methodology: one company excludes share-based pay, another does not. Adjustments almost always remove costs and almost never remove income.
Also known as: underlying ebitda