IntermediateMAD Academy0:44Fundamentals

The Company's Own Scoreboard

Non-GAAP earnings are defined by the company reporting them, which makes the reconciliation the most important table in the release.

0:44 · 6 scenes

This lesson is part of a MAD Academy plan.

What the Lesson Covers

  1. 0:00GAAP numbers follow rules. Non-GAAP numbers follow the company.
  2. 0:05The difference. One is a standard everyone follows. The other is whatever management excluded.
  3. 0:14The usual exclusions. Restructuring, acquisition costs and stock compensation. The last one is contentious.
  4. 0:23The word to watch. A one-off that appears in five straight years is not a one-off.
  5. 0:31Where to check. Regulators require a reconciliation table. It is in the earnings release.
  6. 0:39Read the reconciliation, not the headline.
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Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
The Company's Own Scoreboard — MAD Academy Training Video · MadStockAlerts