Non-GAAP Financial Measures: The Latest Developments

09/15/2016 12:00 p.m. - 01:00 p.m. EDT

Corporate Finance | Capital Markets, Banking + Financial Services, Financial Institutions + Financial Services, and Public Companies Counseling + Compliance

David M. Lynn and Scott Lesmes

Scott Lesmes and David M. Lynn


Trevor Starer
(212) 336-4310

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On May 17, 2016, the SEC Staff issued updated Compliance and Disclosure Interpretations on the use of non-GAAP financial measures. The updated SEC Staff interpretations were issued at a time of increasing focus on the calculation and presentation of non-GAAP financial measures. The Staff is now closely reviewing filings and investor communications to determine if issuers are complying with the applicable rules and interpretations. This teleconference will address the following considerations with regard to non-GAAP financial measures:

  • An overview of the applicable non-GAAP financial measure rules;
  • Equal or greater prominence issues;
  • Identifying liquidity versus performance measures;
  • Factoring in tax effects;
  • Presentations that could be seen as potentially misleading, including measures showing the acceleration of deferred revenue; and
  • Recent SEC Staff comments on non-GAAP measures.

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