How would you analyze the EBITDA bridge of a multi-segment target with significant one-time items, and which line items do you focus on?

Build the bridge from reported EBITDA to adjusted, by segment, walking through defined steps: separate organic from acquisitive growth, strip genuine one-offs (restructuring, litigation, deal costs), reverse non-recurring gains, normalize owner/related-party items to market, and split price/volume/mix. Doing it by segment matters because a flat group EBITDA can hide one segment declining while another is propped up by a one-time benefit. Focus line items: revenue quality (recurring vs project/one-off, customer concentration), gross margin trend by segment, the recurring nature of 'restructuring' charges (recurring ones belong in EBITDA), capitalized vs expensed costs, and any management run-rate add-backs — which I'd ring-fence and challenge for evidence. Each adjustment goes both ways and must tie to source, because the multiple is applied to this number.