This chapter explores the complexities of EBITDA calculations, particularly focusing on adbacks and their impact on financial metrics, leverage ratios, and covenant agreements. Using case studies like Xcela and WeWork, the discussion highlights the interplay between reported and adjusted EBITDA figures and how these metrics can significantly affect a company's perceived financial health. Additionally, the chapter examines the implications of restructuring costs and cash flow dynamics, emphasizing the importance of accurate financial reporting for investors and stakeholders.