Curious for those in the industry - when you're building a model to evaluate a public co. as a buyout candidate, is it a best practice to use the GAAP figures as reported or are you using what's presented as non-GAAP per the 8-k / other source? Are you allowing for certain adjustments on a case-by-case basis? Is this dependent on firm preferences or is this up to the discretion of the associate? Adjustments for FX fluctations or other adjustments made for comparability always seemed a bit nebulous to me so just curious about how this is approached in practice.
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