[clairity]

the conclusion that EBITDA == “bullshit earnings” is overblown, or a feint at worst.

EBITDA lets you look at the operational performance of a business in isolation. that is, before financial considerations, where lots of little levers like tax shifting & accelerated depreciation can cook the numbers too.

if you're skeptical about one number on an income statement, you might as well be skeptical of them all (and for most public businesses, you should be skeptical).

edit: should note that "adjusted" anything on a financial statement should tingle the spidey senses.