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DewDiligence

01/30/14 3:57 PM

#173461 RE: jbog #173459

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.