Actually, I ran into this just the other day with Alibaba's earnings [1]. From their definitions: > Adjusted EBITDA represents net income before (i) interest a

Actually, I ran into this just the other day with Alibaba's earnings [1]. From their definitions: > Adjusted EBITDA represents net income before (i) interest and investment income, net, interest expense, other income or loss, net, income tax expenses and share of results of equity investees, (ii) certain non-cash expenses, consisting of share-based compensation expense, amortization, depreciation, operating lease cost relating to land use rights and impairment of goodwill, which we do not believe are reflective of our core operating performance during the periods presented. > Adjusted EBITA represents net income before (i) interest and investment income, net, interest expense, other income or loss, net, income tax expenses and share of results of equity investees, (ii) certain non-cash expenses, consisting of share-based compensation expense, amortization and impairment of goodwill, which we do not believe are reflective of our core operating performance during the periods presented. So yes, EBITDA - D! [1] https://www.alibabagroup.com/en/news/article?news=p200213 https://www.alibabagroup.com/en/news/article?news=p200213