Using EBITDA as a performance metric for company comparisons that take M&A into account
First written in FY2016. 11 of 20 entries say "Restated". Latest entry: 2026-05-15.
Recruit Holdings moved to the "Worse" side of this theme in 2026.
The whole theme swung hardest in 2025: 1 of 8 companies on the "Worse" side.
2 other companies' latest entry also says "Reframed".
- 2026-05-15ReframedEarnings
「From the fiscal year under review, we have changed the name of the adjusted EBITDA previously disclosed to EBITDA+S. The formula used to calculate EBITDA+S is the same as the formula previously used to calculate adjusted EBITDA.」
The name of the earnings metric was changed from adjusted EBITDA to EBITDA+S, while the calculation formula remained unchanged. - FY2026-H1ReframedAnnual report
「From the current interim period, the adjusted EBITDA previously disclosed has been renamed EBITDA+S. The formula for EBITDA+S is the same as that previously used for adjusted EBITDA.」
The former adjusted EBITDA was renamed EBITDA+S without changing its calculation formula. - FY2025RestatedAnnual report
「The company has established adjusted EBITDA as its principal management indicator and promotes the sharing of value with shareholders by linking executive compensation to the achievement level for adjusted EBITDA.」
The company has reaffirmed its policy of using adjusted EBITDA as its principal management indicator and linking executive compensation to its achievement level. - FY2024-Q1RestatedAnnual report
「Profit for reporting segments is adjusted EBITDA (operating profit + depreciation and amortisation excluding depreciation of right-of-use assets + share-based compensation expense ± other operating income and expenses).」
The company continues to use adjusted EBITDA, including share-based compensation expense among the adjustment items, as the profit measure for the 3 reporting segments: HR Technology, Matching & Solutions, and Staffing. - FY2023AdvancedAnnual report
「Profit for reporting segments was previously adjusted EBITDA (operating profit + depreciation and amortisation excluding depreciation of right-of-use assets ± other operating income and expenses), but from the current consolidated fiscal year the company changed the method of calculating reporting segment profit or loss and added share-based compensation expense to the adjustment items to indicate the cash-generating capacity of businesses with high global comparability.」
From the current consolidated fiscal year, the company applied the change to add share-based compensation expense to the adjustment items for adjusted EBITDA and recast the segment information for the previous consolidated fiscal year using the new calculation method. - FY2023-Q1AdvancedAnnual report
「Profit for reporting segments was previously adjusted EBITDA (operating profit + depreciation and amortisation excluding depreciation of right-of-use assets ± other operating income and expenses), but from the current first quarter the company changed the method of calculating reporting segment profit or loss and added share-based compensation expense to the adjustment items to indicate the cash-generating capacity of businesses with high global comparability.」
From the first quarter of the fiscal year ended March 2023, the company changed its policy to add share-based compensation expense to the adjustment items for reporting segment profit and adjusted EBITDA. - FY2022ReframedAnnual report
「For adjusted EBITDA, share-based compensation expense will be added to the adjustment items to indicate the cash-generating capacity of businesses with high global comparability.」
From the fiscal year ended March 2023, the company will add share-based compensation expense to the adjustment items for adjusted EBITDA and change its policy to remove amortisation of intangible assets arising from business combinations from the adjustment items for adjusted EPS. - FY2022-Q3RestatedAnnual report
「Profit for reporting segments is adjusted EBITDA (operating profit + depreciation and amortisation excluding depreciation of right-of-use assets ± other operating income and expenses).」
The company has reaffirmed its policy of using adjusted EBITDA as the profit measure for the 3 reporting segments: HR Technology, Media & Solutions, and Staffing. - FY2021RestatedAnnual report
「Profit for reporting segments is adjusted EBITDA (operating profit + depreciation and amortisation excluding depreciation of right-of-use assets ± other operating income and expenses).」
The company continues to use adjusted EBITDA as the profit measure for the 3 reporting segments. - FY2020-Q2AdvancedAnnual report
「Accordingly, taking into account comparability with the management indicators used to date, the company changed its management indicator from EBITDA to adjusted EBITDA excluding the main effects of IFRS 16 from the fiscal year ended March 2020.」
To maintain comparability with prior years after the adoption of IFRS 16, the company continues to use adjusted EBITDA as both its management indicator and reporting segment profit measure. - FY2020-Q1AdvancedAnnual report
「The Group has applied IFRS 16 Leases (hereinafter, “IFRS 16”) since the first quarter of the fiscal year ended March 2020 and, accordingly, has changed its management indicator from EBITDA (Note 4) to adjusted EBITDA excluding the main effects of IFRS 16.」
The company changed its management indicator from EBITDA to adjusted EBITDA from the first quarter of the fiscal year ended March 2020. It also changed the method of calculating reporting segment profit to adjusted EBITDA. - FY2019ReframedAnnual report
「Accordingly, taking into account comparability with the management indicators used to date, the company changed its management indicator from EBITDA to adjusted EBITDA excluding the main effects of IFRS 16 from the fiscal year ended March 2020.」
While continuing to use the existing EBITDA measure for reporting segment profit, the company indicated its policy of changing the Group-wide management indicator to adjusted EBITDA excluding the effects of IFRS 16. - FY2019-Q3RestatedAnnual report
「Profit for reporting segments is EBITDA (operating profit + depreciation and amortisation ± other operating income and expenses).」
The company has reaffirmed its policy of using EBITDA as the profit measure for the 3 reporting segments. - FY2018-Q3RestatedAnnual report
「Profit for reporting segments is EBITDA (operating profit − other operating income + other operating expenses + depreciation and amortisation).」
The company has reaffirmed its policy of using EBITDA as the profit measure for the 3 reporting segments. - FY2018-Q2RestatedAnnual report
「Profit for reporting segments is EBITDA (operating profit − other operating income + other operating expenses + depreciation and amortisation).」
The company has reaffirmed its policy of using EBITDA as the profit measure for the 3 reporting segments. - FY2017RestatedAnnual report
「As the Group actively seeks to strengthen and expand its business base through M&A and other means, it has adopted EBITDA as a performance measure that enables company comparisons without being affected by differences among the accounting standards of different countries.」
The company has reiterated its policy of using EBITDA as a performance measure to align with management that uses M&A. - FY2017-Q3RestatedAnnual report
「As the Group actively seeks to strengthen and expand its business base through M&A and other means, it has adopted EBITDA as a performance measure that enables company comparisons without being affected by differences among the accounting standards of different countries.」
The company has reaffirmed its policy of using EBITDA as a performance measure to align with management that prioritises M&A. - FY2017-Q2RestatedAnnual report
「As the Group actively seeks to strengthen and expand its business base through M&A and other means, it has adopted EBITDA as a performance measure that enables company comparisons without being affected by differences among the accounting standards of different countries.」
The company has reaffirmed its policy of using EBITDA as a performance measure to align with management that prioritises M&A. - FY2017-Q1RestatedAnnual report
「As the Group actively seeks to strengthen and expand its business base through M&A and other means, it has adopted EBITDA as a performance measure that enables company comparisons without being affected by differences among the accounting standards of different countries.」
The company has reaffirmed its policy of using EBITDA as a performance measure to align with management that prioritises M&A. - FY2016First statedAnnual report
「As the Group actively seeks to strengthen and expand its business base through M&A and other means, it has adopted EBITDA as a performance measure that enables company comparisons without being affected by differences among the accounting standards of different countries.」
The company has adopted EBITDA as a performance measure to align with its management policy of using M&A.