All of the following are reasons why EBITDA is an important metric when performing a comparable companies analysis EXCEPT:

I. It represents a more accurate look at a company's operating cash flow

II$.$ It is free from differences resulting from capital structure

III. It represents the profit after all of a company's expenses have been netted out

IV$.$ It is free from differences in tax expenses

It represents a more accurate look at a company's operating cash flow

It is free from differences resulting from capital structure

It represents the profit after all of a company's expenses have been netted out

It is free from differences in tax expenses