The late Charlie Munger, one of the greatest investors of all time, famously said during the 2003 Berkshire Hathaway annual meeting, "Every time you [see] EBITDA just substitute the phrase bulls**t earnings".
I would love for you to parse through NU Holdings 2023 Year End Financials to come up with "cash flow" using your methodology. Firstly they do not report "Adjusted EBITDA" so have to do a lot of footwork to arrive at that figure, PP&E is easy, but for Corporate Interest they report "Interest Paid" but does one just assume that is "Corporate Interest"... I see $1,030,530 Net Operating Income Less 82,904 (Interest Paid) then less 20,243 for PP&E for a net cash flow of $943,383 [but I'm using Net Operating Income instead of "Adjusted EBITDA".... probably close enough.
I would love for you to parse through NU Holdings 2023 Year End Financials to come up with "cash flow" using your methodology. Firstly they do not report "Adjusted EBITDA" so have to do a lot of footwork to arrive at that figure, PP&E is easy, but for Corporate Interest they report "Interest Paid" but does one just assume that is "Corporate Interest"... I see $1,030,530 Net Operating Income Less 82,904 (Interest Paid) then less 20,243 for PP&E for a net cash flow of $943,383 [but I'm using Net Operating Income instead of "Adjusted EBITDA".... probably close enough.