Shearman & Sterling LLP
Issue link: https://digital.shearman.com/i/1494417
Non-GAAP Financial Metrics Financial Statements – The Basic Requirements 40 • According to the SEC Staff, the definition of non-GAAP financial measure is intended to capture all measures that have the effect of depicting either: • A measure of performance that is different from that presented in the financial statement or • A measure of liquidity that is different from cash flow used in/provided by operations • Examples: EBIT; EBITDA; Adjusted EBITDA; like for like; free cash flow; operating and statistical measures