What’s the difference between pro forma adjustments vs run-rate adjustments

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The pros use forma while the also rans use rate

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Run rate just means an assumed straight line/average figure. As such, run rates can be forward or backwards looking. Run rate adj. are pro forma adj. as it’s an assumed rate applied over the historical period.

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pro-forma = backward looking
run-rate = forward looking

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WTF no, a proforma adjustment can be projected forward

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Run rate = earnings consideration has occurred and hit the P&L, so easier to show impact & get credit.

PF = likely hasn’t hit P&L yet, frequently fluff to get the hockey stick

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