medium · Private Equity value-creation

A Quality of Earnings (QoE) report for TargetCo shows GAAP EBITDA of $50M. The report identifies $4M in pro-forma synergies from a recent acquisition, 2M in one-time restructuring charges, and $1M in excess rent paid to the founder's real estate entity.

What is the Adjusted EBITDA?

  1. $53M
  2. $57M
  3. $50M
  4. $43M

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