In its April 2003 report, the Morgan Stanley team computed EBITDA as “Adjusted Operating Income plus Depreciation Addback.” The adjustment in question is to “Re- ported Operating Income.” The report explained the adjustment as follows: “eBay in- cludes unusual items such as amortization of stock compensation in operating expenses and then adjusts these with ‘add back charges.’ Adjusted operating income removes these items from operating expenses and treats them directly as ‘below-the-line’ unusual items.” That is, the adjustment moves line items from their position as components of reported operating income further down in the income statement. As a result, the value of EBITDA used in the report is higher than it would have been had reported operating income been used instead. Discuss the relevance of the approach taken in the report.