EBITDA and adjusted EBITDA
EBITDA is earnings before interest, taxes, depreciation and amortisation, a rough measure of the profit a business makes from its operations. "Adjusted" EBITDA also leaves out further items the company chooses to exclude.
In practice
A company may report adjusted EBITDA of $50m while its net result is a loss, because share-based pay, restructuring costs or legal settlements were excluded. US rules treat such figures as non-GAAP measures that must be reconciled to net income.