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A financial measure defined as revenues less cost of goods sold and selling, general, and administrative expenses. In other words, operating and nonoperating profit before the deduction of interest and income taxes. Depreciation and amortization expenses are not included in the costs.

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Earnings before interest

taxes

depreciation

and amortization (EBITDA)

EBDITDA

earnings

before interest

before taxes

before depreciation

before amortization

amortization

operating profit

non-operating profit