Do we need "adjusted" EBITDA?

Adjusted EBITDA aims to exclude non-recurring expenses from EBITDA. After all, it is reassuring to see a nice positive adjusted EBITDA number before the less-than-positive EBITDA on your Income Statement.
But don't let this metric blind you when looking at your next valuable acquisition. If there is a significant difference between adjusted and actual EBITDA, then the business you are looking at really has other expenses “below the line” that matter. You need to ask yourself why this ‘new’ metric is being used in the first place.

Here's a real-life example:
A bank I worked in made a big tech bet ($30 million+), assuming a certain tech expenditure was a one-time expense, which would have put us in a position to “play in the big leagues.” In today's environment, this would have been excluded from adjusted EBITDA. Turns out, this tech spend was going to recur forever to keep them in the big leagues. Thus, the division was sold off.

So, my opinion is to ignore adjusted EBITDA in your company valuations. Remember that below the line expenses are there for a reason, and you’ll have to pay for them at the end of the day.