What is the difference between pro forma and run rate adjustments?

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There’s a lot of overlap between the two - but I’d say:
- run rate = illustrating effects of something fully opening / fully closing / being fully integrated (think store openings/store closings/illustrate the effects of an acquisition having been on book for longer historically)

- pro-forms = similar, but not just related to openings/closings. You’re illustrating the effects of anything... e.g., as if COVID hadn’t happened. Maybe as if a planned change in business had happened. Presenting business on a standalone basis post-transaction.

Definitely some blur between the two. A run rate adjustment is always a pro forma adjustment. But a pro forma adjustment isn’t always a run rate adjustment.

helpfullike

This is very helpful. Thank you!!

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