Our Analysis of Common Non-Gaap Measures
In our "Regulation G/Non-Gaap Measures Portal," we have added a new "Analysis of Common Non-Gaap Measures." Among other matters, this analysis covers 13 common non-gaap measures, complete with links to sample disclosures. These common measures include:
- Earnings Before Interest and Taxes ("EBIT")
- Earnings Before Interest, Depreciation and Amortization ("EBITDA")
- Earnings Before Interest, Taxes, Depreciation, Amortization and Rent ("EBITDAR")
- Economic Value Added ("EVA")
- Free Cash Flow ("FCF")
- Funds from Operations ("FFO")
- Net Asset Value ("NAV")
- Net Operating Income ("NOI")
- Net Operating Profit After Tax ("NOPAT")
- Operating Cash Flow ("OCF")
- Operating Earnings
- Operating Profit
- Standard & Poor's Core Earnings
ABA Spring Meeting Notes on M&A
At the ABA Spring Meeting in Seattle a week ago, new Office of Mergers & Acquisitions Chief Brian Breheny made these observations:
- SEC considering amendments to “best price rule” - Rule 14d-10(a)(2) - to remedy differing approaches by courts
- Staff considering expanding application of position re: “lock ups” in merger transactions to other situations, including restructurings
- on October 27, 2003, the SEC settled enforcement proceeding for violation of “going private” rules in SEC v. Wilkerson
- On April 1, the Second Circuit overturned a district court in this order and issued an injunction against Highland Capital in connection with MONY/AXA merger – sending photocopies of management’s proxy card to shareholders does constitute the furnishing of a “form of revocation” and is not an exempt solicitation