ABSTRACT We provide the first evidence after Regulation G on firms’ non-GAAP EPS denominator choices and whether they are informative or opportunistic. From 2013 to 2019, 17 percent of annual non-GAAP EPS numbers use denominators different from that of GAAP diluted EPS, which makes denominator adjustments among the most prevalent individual types of non-GAAP adjustments. For firms reporting GAAP and non-GAAP profits or GAAP losses and non-GAAP profits, we provide evidence consistent with denominator adjustments increasing non-GAAP EPS informativeness. Our evidence also suggests that opportunism in denominator choices is concentrated in firms reporting GAAP losses and non-GAAP profits and failing to adjust the denominator. Such nonadjustment is inconsistent with SEC requirements to report non-GAAP EPS “on a diluted basis” because the EPS denominator for a GAAP loss excludes dilutive claims. Although the SEC largely overlooks such firms, they are more likely, on average, to report non-GAAP EPS that analysts consider inflated. JEL Classifications: M40; M41; M48.

中文翻译：

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非 GAAP EPS 分母选择


摘要我们在 G 条例之后提供了关于公司的非 GAAP EPS 分母选择以及它们是否具有信息性或机会性的第一个证据。从 2013 年到 2019 年，17% 的年度非 GAAP 每股收益数据使用的分母与 GAAP 稀释每股收益不同，这使得分母调整成为最普遍的非 GAAP 调整类型之一。对于报告 GAAP 和非 GAAP 利润或 GAAP 亏损和非 GAAP 利润的公司，我们提供与增加非 GAAP 每股收益信息量的分母调整一致的证据。我们的证据还表明，分母选择中的机会主义集中于报告 GAAP 亏损和非 GAAP 利润但未能调整分母的公司。这种不调整不符合 SEC 报告“稀释基础上”非 GAAP 每股收益的要求，因为 GAAP 损失的每股收益分母不包括稀释索赔。尽管美国证券交易委员会在很大程度上忽视了这些公司，但平均而言，它们更有可能报告分析师认为夸大的非公认会计准则每股收益。 JEL 分类：M40； M41； M48。