Pandemic spawns new reporting term ‘ebitdac’ to flatter books

Why the pandemic has some companies being a little too creative with reporting their results. "The add-back was 'not ideal', said Rob Jones, senior credit analyst at Insight Investment, an asset manager. He said such adjustments went beyond the usual tweaks that companies made to polish their numbers. 'These are lost earnings you're adding back, as opposed to potential earnings added on.'" Nikou Asgari analyses in the Financial Times.