When Adam Neumann ’s WeWork (fuelled by Softbank’s Masayoshi Son ) tried and failed to go public in 2019, there was one made-up financial metric that became iconic among bankers and accountants: community-adjusted EBITDA .
This was where WeWork not only excluded interest, taxes, depreciation and amortisation from earnings as is broadly accepted, but also a swag of other expenses like marketing, development and design costs.
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