SFX Entertainment (SFXE) touts in its first earnings release as a public company that the "revolution has begun," with the electronic music festival company growing its attendance by 40% pro-forma for its myriad acquisitions in the quarter. However, in my view, the press release stood out more for all of the (non-GAAP) EBITDA adjustments and caveats in the footnotes of its release, which were naturally rubber-stamped by the investment banks who took the company public and are drooling over a line of M&A advisory deals on the horizon given the company's roll-up strategy.
So first let's focus on these adjustments and then address the company more broadly:
The company reported $12.844 million in pro-forma EBITDA, although before...
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