Which statement best describes non-operating items in relation to EBITDA?

Which statement best describes non-operating items in relation to EBITDA?

• A. Non-operating items arise from core operations.
• B. Non-operating items are included in EBITDA.
• C. Non-operating items never affect valuation.
• D. Non-operating items are outside core operations and are typically excluded from EBITDA to reflect ongoing performance.

Answer: (D)