Normalizing
When you are building a standalone model do you normalize within the statements (ie reduce say COGS for some restructuring charge) or keep a separate section for it?
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two ways of doing it, depending on the shop, depending on the detail; personally, I've seen both.
Any adjustments that can be readily attributed to line-items are directly adjusted and "normalized" for non-recurring, non-ordinary business expenses and reflected in this manner historically. (usually an excel file is provided showing the adjustments)
The second is to flow down to normal EBITDA with the extraordinary charges baked-in and then stick in the adjustments to get to "adjusted EBITDA"...
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