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Interpreting Non-GAAP Reports

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Interpreting Non-GAAP Reports

  •   40 Lessons
  •   2h 56m
  •   86,443 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.

$79 Add to Cart   Training a Team?
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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.

Sample133

Course TOC

1. Non-GAAP course welcome Video, 1:18
2. Course Downloads Files
3. Why Non-GAAP? Video, 3:18
4. What Non-GAAP disclosures look like Video, 3:39
5. Why firms are motivated to show Non-GAAP Video, 1:23
6. Prevalence of non-GAAP disclosures Video, 4:32
7. Regulatory oversight of non-GAAP Video, 1:52
8. Two broad types of non-GAAP items Video, 0:36
9. Nonrecurring items under GAAP Video, 3:59
10. Unusual or infrequent items under GAAP Video, 3:52
11. Non-GAAP nonrecurring items Video, 3:51
12. Normalizing GAAP financials Video, 7:25
13. Normalizing GAAP financials, II Video, 3:35
14. Non-GAAP impact on valuation Video, 2:57
15. Too many non-recurring items? Video, 2:33
16. Nonrecurring items disclosures in practice Video, 2:45
17. Income statement classification Video, 3:01
18. Introduction to non-cash items Video, 2:25
19. Argument for & against adding back SBC Video, 7:39
20. Stock based compensation (SBC) review Reading
21. Normalizing for SBC, exercise I Video, 5:03
22. SBC disclosures in practice Video, 4:20
23. Normalizing for SBC, exercise II Video, 7:40
24. Amortization of capitalized SBC Video, 2:40
25. Noncash items overview Video, 5:12
26. Acquired intangibles exercise Video, 3:38
27. Introduction to EBITDA Video, 5:29
28. EBITDA and Adjusted EBITDA exercises Video, 5:40
29. Determining Athena's historical EBITDA Video, 6:57
30. Forecasting EBITDA Video, 2:19
31. ATHN bottom up EBITDA, exercise I Video, 7:02
32. The problem with the bottom up approach Video, 2:57
33. ATHN bottom up EBITDA exercise II Video, 4:50
34. ATHN EBITDA solution walk through Video, 14:52
35. Top down EBITDA forecasting Video, 7:51
36. Non-IFRS disclosures in practice Video, 10:18
37. Non-GAAP issues in a 3-statement model Video, 6:44
38. Non-GAAP diluted share count Video, 11:09
39. Non-GAAP Items Conclusion Video, 0:25
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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Earn CPE Credits with WSP Online Courses

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