Table:
|  |  |  | Year ended March 31, |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2019 | 2018 | 2017 | 2016 | 2015 |
|  |  |  | (in thousands, except (Loss)/Earnings per share) |  |  |
| Selected Statement of Income Data |  |  |  |  |  |
| Revenue | $270,126 | $261,253 | $252,994 | $274,428 | $284,175 |
| Cost of sales | (155,396) | (134,708) | (164,240) | (172,764) | (155,777) |
| Gross profit | 114,730 | 126,545 | 88,754 | 101,664 | 128,398 |
| Administrative costs | (87,134) | (68,029) | (63,309) | (64,019) | (49,546) |
| Operating profit before exceptional item | 27,596 | 58,516 | 25,445 | 37,645 | 78,852 |
| Impairment loss | (423,335) | — | — | — | — |
| Operating profit/(loss) | (395,739) | 58,516 | 25,445 | 37,645 | 78,852 |
| Net finance costs | (7,674) | (17,813) | (17,156) | (8,010) | (5,861) |
| Other gains/(losses), net | 288 | (41,321) | 14,205 | (3,636) | (10,483) |
| Profit/(loss) before tax | (403,125) | (618) | 22,494 | 25,999 | 62,508 |
| Income tax | (7,328) | (9,127) | (11,039) | (12,711) | (13,178) |
| Profit/(loss) for the year (1) | $(410,453) | $(9,745) | $11,455 | $13,288 | $49,330 |
| (Loss)/Earnings per share (cents) |  |  |  |  |  |
| Basic (loss)/earnings per share | (599.5) | (36.3) | 6.4 | 6.6 | 74.3 |
| Diluted (loss)/earnings per share | (599.5) | (36.3) | 5.1 | 5.2 | 72.4 |
| Weighted average number of ordinary shares |  |  |  |  |  |
| Basic | 70,707 | 62,151 | 59,410 | 57,732 | 54,278 |
| Diluted | 72,170 | 63,482 | 60,943 | 59,036 | 54,969 |
| Other non-GAAP measures |  |  |  |  |  |
| Gross Revenue (2) | $304,593 | $268,069 | $252,994 | $274,428 | $284,175 |
| EBITDA (3) | $(393,188) | $20,186 | $42,548 | $36,294 | $70,066 |
| Adjusted EBITDA (3) | $103,845 | $82,955 | $55,664 | $70,852 | $101,150 |
| Gross Adjusted EBITDA (3) | $234,000 | $198,240 | $190,980 | $199,155 | $218,404 |
Paragraphs:
A. Selected Financial Data The table set forth below presents our selected historical consolidated financial data for the periods and at the dates indicated. The selected historical consolidated statements of income data for each of the three years ended March 31, 2019, 2018, and 2017 and the selected statements of financial position data as of March 31, 2019 and 2018 have been derived from and should be read in conjunction with “Part I — Item 5.
Operating and Financial Review and Prospects” and our consolidated financial statements included elsewhere in this Annual Report on Form 20-F. The selected historical consolidated statements of income data for each of the two years ended March 31, 2016 and 2015 and the selected historical statements of financial position data as of March 31, 2017, 2016, and 2015 have been derived from audited consolidated financial statements not included in this Annual Report on Form 20-F.
(1) References to “net income” in this document correspond to “profit/(loss) for the period” or “profit/(loss) for the year” line items in our consolidated financial statement appearing elsewhere in this document. (2) Gross Revenue is defined as reported revenue adjusted in respect of significant financing component that arises on account of normal credit terms provided to catalogue customers.
(3) We use EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA as supplemental financial measures. EBITDA is defined by us as net income before interest expense, income tax expense and depreciation and amortization (excluding amortization of capitalized film content and debt issuance costs).
Adjusted EBITDA is defined as EBITDA adjusted for (gain)/impairment of available-for-sale financial assets, profit/loss on held for trading liabilities (including profit/loss on derivative financial instruments), transactions costs relating to equity transactions, share based payments, Loss / (Gain) on sale of property and equipment, Loss on de-recognition of financial assets measured at amortized cost, net,
Credit impairment loss, net, Loss on financial liability (convertible notes) measured at fair value through profit and loss, Loss on deconsolidation of a subsidiary and exceptional items such as impairment of goodwill, trademark, film & content rights and content advances.
Gross Adjusted EBITDA is defined as Adjusted EBITDA adjusted for amortization of intangible films and content rights. EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA as used and defined by us, may not be comparable to similarly-titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP.
EBITDA Adjusted EBITDA and Gross Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA provide no information regarding a Company’s capital structure, borrowings, interest costs, capital expenditures and working capital movement or tax position.
Question:
What is the definition of EBITDA as per the company?
Answer: EBITDA is defined by us as net income before interest expense, income tax expense and depreciation and amortization (excluding amortization of capitalized film content and debt issuance costs).