Earnings Before Interest, Taxes, Depreciation, and Amortization — the most widely used profitability metric in IB. Serves as a proxy for pre-tax, pre-financing operating cash generation by stripping out capital-structure decisions (interest), tax jurisdictions, and non-cash D&A. EBITDA = Revenue - COGS - OpEx + Other Income (when recurring/operational). Non-GAAP — must be computed from reported figures; ``Adjusted EBITDA'' addbacks (SBC, integration costs, management fees, run-rate cost savings) should be scrutinized for consistency across the comp set.