RE:RE:No Sedar Filingsjdsd0517 wrote: Can't have an opinion on results until we get financial statements. However, a few things are unusual:
- conference call during trading hours. For credible companies, calls are usually before or after trading, not during
- results sent hours in advance of conference call. Results are usually provided right before the call so that management can "manage" the interpretation
- why does the release on PRNewswire say "RESTATED" in the table?
- why add back "Revenue precluded from recognition under IFRS 15" to get to adjusted EBITDA? Either revenue is recognizable or not. It is highly unusual to make revenue based adjustments to get to an adjusted EBITDA number. Judging by the comparables in the table, not even WELL has done that before
- I understand why management would remove acquisition based amortization from cost of sales, but are they removing ALL depreciation and amortization to get to adjusted gross profit? What about amortization on equipment used to service revenue?
That's after 120 seconds looking at the numbers. I have NOT read any of the management commentary because i believe in the Dr. Gregory House rule as applied to management of public companies: "Everybody lies, or at least spins like crazy."
1. This is not true at all. A minority of companies do their conference calls outside of business hours. Out of the 40ish stocks I invest in, I believe that less than 5 do their conference calls outside of business hours. I'll give Algonquin and Altagas as exemples of companies that report during business hours which aren't small caps.
2. Grasping at straws?
3. Conspiracy theory territory.
4. Probably revenue that is recognized in US GAAP measures by one of their US company but not IFRS. Either way, if they are in Adjusted Ebitda now, they won't be later. You could send them a question if you want to know why they single out those revenues and think they should be added to their Adjusted Ebitda numbers.
5. In general, adjusted gross profit would only incorporate direct costs for providing the service. Unless the amortization of the equipment is use-based, then the equipment amortization shouldn't be in adjusted gross profit.
Imo, only #4 is somewhat interesting, but would mostly result in timing differences (as in, revenue would show up in a different quarter). If costs related to the revenue is included in the quarter's, then it would make sense to include that revenue in the same quarter for reporting.