“The idea that depreciation doesn’t matter? … You have to replace the trucks all the time. It’s a real cost. As Warren says, it’s the worst cost, because you pay it way in advance, and get the benefit way later,”
Makes me question -
Do Airlines companies add back depreciation to their NI?
Do REITs add back depreciation to their NI/FCF?
Do Factories add back depreciation of their PP&E back to their NI?
Food for thought, before using EBITDA in your valuations.