Phantom menace strikes again Any forensic accountants out there?
Included in SG&A this qtr is $2.465 million of phantom stock expense but no cash was paid out. It was all due to a change in the fair value of the plan. Why does this non-cash item not appear as an add back on the cash flow statement? Why isn’t this non-cash item included in the calc. for adjusted ebitda like other stock compensation is?
| Qtr ending | SG&A | Phantom exp | adj ebitda (reported) |
| Mar 21 | 14,509 | 2,465 | 5,468 |
| Dec 20 | 12,274 | 185 | 9,458 |
| Sept 20 | 13,550 | 459 | 7,720 |
| Jun 20 | 16,428 | 4,308 | 16,287 |
| Mar 20 | 10,577 | (697) | 7,869 |
| Dec19 | 10,174 | 428 | 5,569 |
| Sep19 | 10,231 | 1,054 | 4,883 |