Pre-Depreciation Profit

See: EBITDA. It's Earnings. Before. Interest. Taxes. Depreciation and Amortization. You're just taking operating profit and adding back depreciation.

Odd calculation. Why would you do this? Well, what if all the depreciation in a given company happened because GAAP accounting law said that a tractor smelting factory's $100 million computer-controlled factory had to be depreciated in 10 years, and you thought the real "end" of the factor was more like 40 years away, so that it was being vastly over-or-too-fast-depreciated? And if "fair" depreciation were applied, what would then be the real pre-tax profits of the company?

That's why you'd add back the depreciation to the operating profits: to get to a more "cash flow centiric" view of its profitability.