EBITDA = earnings before interest, tax, depreciation and amortization. It is a proxy for cash flow, but not a perfect substitute, especially for capital intensive businesses. The preferable metric in my view is EBIT, which would take into account the capex requirements of the business, but you always have to be mindful of potential lumpiness of capital outlays which may not be perfectly reflected in D&A. Why does this matter, and who cares? I expect cash flows (sats flows) are going to become more important than they have been in recent history. Sounds business models with sustainable profitability will be the focus.