Non-GAAP Financial Measures

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Executive Summary

The heightened focus centers on whether companies’ use of nongenerally accepted accounting principles (non-GAAP) financial measures might mislead investors with what the U.S. Securities and Exchange Commission (SEC) considers dubious benchmarks not compliant with all aspects of non-GAAP measure regulations. SEC’s latest guidance published in May 2016, Compliance and Disclosure Interpretations (C&DI), provides views on adjustments the SEC believes could lead to distorted non-GAAP presentations and insight into what might constitute improper use of these measures.

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