The Zomato offer document has adjusted EBITDA as a supplemental financial measure. Earnings before interest, tax, depreciation and amortisation (EBITDA) is calculated by deducting expenses from operating income, excluding financing and depreciation costs. At times companies adjust this calculation, to yield what they believe is a more accurate picture of performance. These could be one-off expenses, certain volatile items of expenditure or even non-cash expenses such as provisions. Unsurprisingly, the adjusted figure is usually higher than the reported one. While not uncommon practice, investors are better off giving more weightage to unadjusted EBITDA calculated as per standard accounting practices.