TMO—Agree re the impropriety excluding restructuring/rebalancing costs from non-GAAP EPS for a “roll-up” company whose continued restructuring is an integral part of the business model.
This doesn’t necessarily mean that I wouldn’t own the stock, but it does mean that I wouldn’t rely on non-GAAP EPS for valuation purposes.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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