Interpreting Non-GAAP Reports

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Interpreting Non-GAAP Reports

40 Lessons
2h 56m
84,412 Students

Learn how to interpret non-GAAP disclosures and model their impact on historical results, forecasts and valuation. This course on interpreting non-GAAP reports is designed for investment bankers as well as equity research and credit analysts.

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Why You Should Take This Course

GAAP-based financial statements are increasingly becoming less relevant than "unofficial" non-GAAP/IFRS metrics.
Here, we walk through the challenges and lesser-understood nuances of accurately normalizing historical results and forecasts.
We discuss the mechanics and concepts required to correctly adjust operating and valuation models as well as common pitfalls associated with tax adjustments, share count adjustments and forecasting non-GAAP items in financial models.

This course is used to train new hires at:

Who is This Program For?

This course is designed for professionals and those pursing a career in the following finance careers:

Investment Banking
Buy-Side Equity Research
Sell-Side Equity Research
Private Equity
Credit Research
FP&A and Corporate Finance

Course Highlights

Taught by Bankers

Our instructors are former I-bankers who give lessons real-world context by connecting it to their experience on the desk.

Used on the Street

This is the same comprehensive course our corporate clients use to prepare their analysts and associates.

1.5x, 2x Video Speed

Save loads of time by bumping up playback speed to breeze through lessons at your own pace.

Instructor Support

Have a question on course content? Communicate directly with instructors by asking questions throughout the course.

Course Samples

Non-IFRS disclosures in practice

Normalizing for SBC, exercise II

Forecasting EBITDA

Course TOC

Chapter 1: Introduction to non-GAAP items

1. Non-GAAP course welcome 1:18

2. Course Downloads Files

3. Why Non-GAAP? 3:18

4. What Non-GAAP disclosures look like 3:39

5. Why firms are motivated to show Non-GAAP 1:23

6. Prevalence of non-GAAP disclosures 4:32

7. Regulatory oversight of non-GAAP 1:52

8. Two broad types of non-GAAP items 0:36

Chapter 2: Nonrecurring items

9. Nonrecurring items under GAAP 3:59

10. Unusual or infrequent items under GAAP 3:52

11. Non-GAAP nonrecurring items 3:51

12. Normalizing GAAP financials 7:25

13. Normalizing GAAP financials, II 3:35

14. Non-GAAP impact on valuation 2:57

15. Too many non-recurring items? 2:33

16. Nonrecurring items disclosures in practice 2:45

17. Income statement classification 3:01

Chapter 3: Noncash items — Stock based compensation

18. Introduction to non-cash items 2:25

19. Argument for & against adding back SBC 7:39

20. Stock based compensation (SBC) review Reading

21. Normalizing for SBC, exercise I 5:03

22. SBC disclosures in practice 4:20

23. Normalizing for SBC, exercise II 7:40

24. Amortization of capitalized SBC 2:40

Chapter 4: Noncash items — Intangible asset amortization

25. Noncash items overview 5:12

26. Acquired intangibles exercise 3:38

Chapter 5: Historical EBITDA

27. Introduction to EBITDA 5:29

28. EBITDA and Adjusted EBITDA exercises 5:40

29. Determining Athena's historical EBITDA 6:57

Chapter 6: Forecasting EBITDA

30. Forecasting EBITDA 2:19

31. ATHN bottom up EBITDA, exercise I 7:02

32. The problem with the bottom up approach 2:57

33. ATHN bottom up EBITDA exercise II 4:50

34. ATHN EBITDA solution walk through 14:52

35. Top down EBITDA forecasting 7:51

Chapter 7: Other non-GAAP topics

36. Non-IFRS disclosures in practice 10:18

37. Non-GAAP issues in a 3-statement model 6:44

38. Non-GAAP diluted share count 11:09

39. Non-GAAP Items Conclusion 0:25

Non-GAAP Reports Review

40. Non-GAAP Reports Review Quiz

Prerequisites

The program assumes a basic introductory knowledge of accounting (e.g. interaction of balance sheet, cash flow, and income statement) and proficiency in Excel. Students with no prior background in Accounting should enroll in the Accounting Crash Course. Students with limited experience using Excel should enroll in the Excel Crash Course.

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