Bread Crumbs Research Profile picture
Aug 14, 2019 24 tweets 18 min read Read on X
1/n Thread on adjusted earnings metrics (inspired by @NoonSixCap). Intended to find the most ridiculous non-GAAP adjustments for EBITDA and EPS
@NoonSixCap 5/n Community Adjusted EBITDA #Wework Image
@NoonSixCap 6/n "Non-US GAAP Total Company Adjusted EBITDA from continuing operations" @UpslopeCapital Image
@NoonSixCap @UpslopeCapital 7/n "How to transform $80m loss into $484m profit" Image
@NoonSixCap @UpslopeCapital 8/n Brinks . Thanks to @winsteadscap for this one Image
@NoonSixCap @UpslopeCapital @winsteadscap 9/n A bit of history: Adjusted EPS for Valeant docs.hedgeye.com/HE_VRX_JUL2014… Image
@NoonSixCap @UpslopeCapital @winsteadscap 10/n This management deserves respect. Nobody calculates EBITDA like this nowadays Image
@NoonSixCap @UpslopeCapital @winsteadscap 11/n Non-GAAP operating profit for Image
@NoonSixCap @UpslopeCapital @winsteadscap 12/n "Budget-based EBITDA" Catalent Image
@NoonSixCap @UpslopeCapital @winsteadscap 13/n Hain Celestial Adjusted EBITDA. Creepy. Image
@NoonSixCap @UpslopeCapital @winsteadscap 14/n This is gross. Adjusted operating income for Splunk Image
@NoonSixCap @UpslopeCapital @winsteadscap 15/n Delivery Hero Adjusted EBITDA is a JOKE! Image
@NoonSixCap @UpslopeCapital @winsteadscap 16/n Hello Fresh - these holding fees are highly suspicious Image
@NoonSixCap @UpslopeCapital @winsteadscap 17/n Perrigo Adjusted EPS - amortization expense related to acquired intangible assets reminded me of VRX - requires further investigation h/t @FullySynergized Image
@NoonSixCap @UpslopeCapital @winsteadscap @FullySynergized 18/n TeamViewer "Cash EBITDA" ETR: h/t @afterwt Image
21/n Image
22/n Image
23/n (mostly SBC) Image
24/n 2019 is hilarious Image

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More from @breadcrumbsre

Jun 11
Random thoughts on $calm - the largest egg producer in the US
The largest and the lowest cost egg producer in the US. Historically the stock delivered impressive returns but has not worked for the past decade Image
CALM has market cap of 2.8bn with net cash balance of $700m and no debt
Read 21 tweets
Dec 18, 2022
Similar to people, companies also have chronological age and psychological age and they are not necessarily the same.
Psychological age is determined not by how is is the company, but by its openness to new ideas, by willingness to take risks and to learn.
So it’s possible for a 100 year old company to still be psychologically young (having entrepreneurial people running it)
Read 6 tweets
Dec 10, 2022
On indexing/passive bubble in late 90s
FAANGM etc?
Read 5 tweets
Nov 29, 2022
Measuring corporate culture (1/n)
2/n
3/n
Read 6 tweets
Oct 4, 2022
Sometimes I find management compensation policies that are certifiably crazy (a short thread)
here is 2017 compensation policy for Marc Bitzer, CEO of $WHR (since Oct 2017) - policy has not changed since then Image
this policy heavily incentivizes profitability - EBIT, FCF, EPS and ROIC
Read 6 tweets
Oct 4, 2022
The high quality bank
Read 5 tweets

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