"But like so many other companies in these golden times, Coupons.com simply told investors to exclude about $13 million of normal everyday expenses and, abracadabra, it claims to be profitable on a nonstandard, cockamamie "adjusted Ebitda" basis. It's all part of the show."
My impression is that Groupon made up their own mumbo jumbo financial metrics, but that adjusted EBITDA is a pretty standard financial metric.
adjusted EBITDA is a pretty standard financial metric
No... EBITDA is already "adjusted earnings". Adjusted EBITDA is "Adjusted, Adjusted" earnings. Or more correctedly <opportunistically> Adjusted Earnings.
EBITDA is already opportunistically adjusted, it's just that people more or less agree which "bad" numbers get excluded.
I understand the argument though. EBITDA is somewhat closer to $income - $cost. Whereas actual earnings involve tax, tax loopholes, exchange rates, and loads of other crap.
My impression is that Groupon made up their own mumbo jumbo financial metrics, but that adjusted EBITDA is a pretty standard financial metric.