Definition of EBITDAEBITDA Earnings before interest, tax, depreciation and amortisation. This is the operating profit before depreciation of tangible fixed assets and amortisation of intangible assets is deducted. Both depreciation and amortisation are notional accounting expenses and have no cash effect, so EBITDA is often used as a proxy for cash flow. If a company is not profitable (i.e. EBIT is negative), it may still be generating cash (i.e. be EBITDA positive). EBITDA is used widely for comparing internationally, when depreciation and amortisation policies vary.
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