Seeking Alpha Autor Hendrik Alex übt meines Erachtens zu Recht Kritik an der Buchführung von Plug Power.
Mit der Einführung von adjusted revenue und anderer "adjusted" metrics geht die Vergleichbarkeit der Zahlen zu vorherigen Quartalen verloren.
Hier ein Auszug aus der Kritik:
In recent quarters, management has made some complex and extensive changes to both its accounting treatments as well as its public disclosures which make it increasingly difficult for investors and analysts to assess the true underlying performance of the company's business.
Even sell-side analysts closely following the company seem confused as apparently the majority of them has refused to adopt the company's recent move to an "adjusted" revenue calculation and instead decided to stay with their respective models and accordingly moved down top-line estimates considerably.
seekingalpha.com/article/3998760-plug-power-q2-key-takeaways
www.sec.gov/Archives/edgar/data/1093691/...g-20160630x10q.htm
Weil ich mit diesen adjusted metrics auch nicht so Recht etwas anfangen konnte, habe ich mal bei investopedia gegoogelt, was eigentlich dahinter steckt:
BREAKING DOWN 'Adjusted Gross Income - AGI'
Adjusted gross income (AGI) is a modification of gross income in the United States tax code. Gross income is simply the sum of everything an individual earns in a year. AGI factors a number of deductions from one's gross income to reach the figure for which an individual's income taxes will be calculated, and is generally more useful than gross income for individual tax activities. The deductions which modify gross income to adjusted gross income are all above the line, which means that they are taken into account before tax exemptions for military service, dependent status, etc.
Read more: Adjusted Gross Income (AGI) Definition | Investopedia www.investopedia.com/terms/a/agi.asp#ixzz4H2mgo14v
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zu gut Deutsch:
das zu versteuernde Einkommen ist etwas anderes als das in der Bilanz und der GuV ausgewiesene Ergebnis. Um das zu verdeutlichen gibt es das sog. EBITDA:
What is 'EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization'
EBITDA stands for earnings before interest, taxes, depreciation and amortization. EBITDA is one indicator of a company's financial performance and is used as a proxy for the earning potential of a business, although doing so has its drawbacks. Further, EBITDA strips out the cost of debt capital and its tax effects by adding back interest and taxes to earnings.
Read more: EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization Definition | Investopedia www.investopedia.com/terms/e/ebitda.asp#ixzz4H2nmB3in
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EBITDA stands for earnings before interest, taxes, depreciation and amortization. EBITDA is one indicator of a company's financial performance and is used as a proxy for the earning potential of a business, although doing so has its drawbacks. Further, EBITDA strips out the cost of debt capital and its tax effects by adding back interest and taxes to earnings.
Read more: EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization Definition | Investopedia www.investopedia.com/terms/e/ebitda.asp#ixzz4H2ohV44T
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Ich kann Hendrik Alex daher nur Recht geben, wenn man aus der normalen doppelten Buchführung eine doppelt gemoppelte Buchführung macht, dann stehen Bilanzwahrheit und Bilanzklarheit auf dem Spiel.
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