Thread by @breadcrumbsre

1/n Thread on adjusted earnings metrics (inspired by @NoonSixCap). Intended to find the most ridiculous non-GAAP adjustments for EBITDA and EPS

@NoonSixCap 2/n

@NoonSixCap 3/n

@NoonSixCap 4/n

@NoonSixCap 5/n Community Adjusted EBITDA #Wework

@NoonSixCap 6/n "Non-US GAAP Total Company Adjusted EBITDA from continuing operations" @UpslopeCapital

@NoonSixCap @UpslopeCapital 7/n "How to transform $80m loss into $484m profit"

@NoonSixCap @UpslopeCapital 8/n Brinks . Thanks to @winsteadscap for this one

@NoonSixCap @UpslopeCapital @winsteadscap 9/n A bit of history: Adjusted EPS for Valeant docs.hedgeye.com/HE_VRX_JUL2014…

@NoonSixCap @UpslopeCapital @winsteadscap 10/n This management deserves respect. Nobody calculates EBITDA like this nowadays

@NoonSixCap @UpslopeCapital @winsteadscap 11/n Non-GAAP operating profit for

@NoonSixCap @UpslopeCapital @winsteadscap 12/n "Budget-based EBITDA" Catalent

@NoonSixCap @UpslopeCapital @winsteadscap 13/n Hain Celestial Adjusted EBITDA. Creepy.

@NoonSixCap @UpslopeCapital @winsteadscap 14/n This is gross. Adjusted operating income for Splunk

@NoonSixCap @UpslopeCapital @winsteadscap 15/n Delivery Hero Adjusted EBITDA is a JOKE!

@NoonSixCap @UpslopeCapital @winsteadscap 16/n Hello Fresh - these holding fees are highly suspicious

@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

@NoonSixCap @UpslopeCapital @winsteadscap @FullySynergized 18/n TeamViewer "Cash EBITDA" ETR: h/t @afterwt

@NoonSixCap @UpslopeCapital @winsteadscap @FullySynergized @afterwt 19/n Uber h/t @WallStCynic

@NoonSixCap @UpslopeCapital @winsteadscap @FullySynergized @afterwt @WallStCynic 20/n Lyft

21/n

22/n

23/n (mostly SBC)

24/n 2019 is hilarious