Non-GAAP Earnings
Also called: adjusted earnings, adjusted EBITDA, pro forma earnings
Non-GAAP earnings are management's adjusted profit figure, excluding items they consider non-recurring or non-cash — restructuring, impairments, stock compensation. Some adjustments are legitimate; excluding stock-based compensation is not, since it's a real cost paid in shares. The test is whether the same 'one-off' appears every year, and whether the gap to reported earnings is widening over time.