Afterpay Valuation, page-1742

Yes that's exactly the definition of gross profit. In other words it's before "receivables impairment expense" (credit losses), "employment expenses" and "operating expenses". In other words it excludes everything except the direct associated sale cost which for afterpay is mainly payment processing fees. If you care only about gross profit then Uber has been wildly profitable for years despite burning billions in cash the entire time.

And I've got no problem with them using EBITDA (although the fact depreciation, amortisation and net interest costs were ~10% of revenue in the last mid year update it seems a generous measure). But they have made an EBITDA loss for the last 2 years. So we can't use that as a measure of profitability. So to pretend they're profitable they come up with their own definition for adjusted EBITDA which excludes a whole bunch of other expenses.