2019 - EBITDA Doesnt Spell Cash Flow and What Does - SHRM & HRCI Accredited

OVERVIEW
Reliance on EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) as a measure of cash flow is misplaced because it presumes that borrowers will pay lenders before paying their taxes, expanding their working capital assets and fixed assets to support sales growth, among other things. Bankers and investors who rely on it as a reliable indicator of repayment ability will overestimate available cash flow and underestimate the risk of default.
LEARNING OBJECTIVES
Definition of EBITDA
Earnings before Interest, Taxes, Depreciation & Amortization
Origins of EBITDA
Problems with EBITDA
Weaknesses of EBITDA-based covenants
Alternatives to EBITDA
Cash flow from Operations (CFO) per FASB 95, now ACS 230
Free cash flow (FCF)
WHY SHOULD YOU ATTEND
EBITDA 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 WILL BENEFIT?
Commercial lenders
Credit Risk Managers
Chief Credit Officers
Senior Lenders
Senior Lending Officer
Bank Director
Chief Executive Officer
President
SPEAKER
A frequent speaker, instructor, advisor, and writer on credit risk and commercial banking topics and issues, Martin J. "Dev" Strischek 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.
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