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Why EBITDA Doesn’t Spell Cash Flow But What Does
Specific Areas Covered in Session:
- Definition of EBITDA
- Origins of EBITDA—its relationship to traditional cash flow (TCF)
- Problems with TCF, EBITDA, and adjusted EBITDA
- SEC crackdown on EBITDA and adjusted EBITDA
- Alternatives to EBITDA—Operating Cash Flow, Net Cash after Operation, Net Cash Income, Cash after Debt Amortization, and Free Cash Flow
- Case Study to show why EBITDA should be replaced by more accurate cash flow measures
Overview of the webinar
EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) is a popular measure of cash flow, but it is not accurate, and bankers and investors who rely on it as a reliable indicator of repayment ability will be deeply disappointed.
This session will explain why EBITDA does not measure cash flow and what more accurate measures are available.
Who should attend?
Credit analysts and credit approvers, commercial bankers and their managers, chief credit officers, loan review officers, senior lender, commercial underwriters, loan committee members, bank directors, executive management
Why should you attend?
Learning objectives include:
- Learn how to calculate EBITDA
- Understand its weaknesses, especially why it does not calculate cash flow correctly
- Learn how to employ alternative cash flow measures that accurately determine repayment ability
Faculty - Mr.Dev Strischek
A frequent speaker, instructor, advisor and writer on credit risk and commercial banking topics and issues, Martin J. "Dev" Strischek is principal of Devon Risk Advisory Group based near Atlanta, Georgia. Dev advises, trains, and develops for financial organizations risk management solutions and recommendations on a range of issues and topics, e.g., credit risk management, credit culture, credit policy, credit and lending training, etc. Dev is also a member of the Financial Accounting Standards Board’s (FASB’s) Private Company Council (PCC). PCC’s purpose is to evaluate and recommend to FASB revisions to current and proposed generally accepted accounting principles (GAAP) that are more appropriate for privately held firms. He also serves as the PCC’s representative to FASB’s Credit Losses Transition Resource Group supporting the new current expected credit loss (CECL) standard. Dev is the former SVP and senior credit policy officer at SunTrust Bank, Atlanta. He was responsible for developing, implementing, and administering credit policies for SunTrust’s wholesale lines of business--commercial, commercial real estate, corporate investment banking, capital markets, business banking and private wealth management.