Because the operations of public (SEC registered) investment companies and nonpublic investment partnerships are similar (they both invest in securities to generate dividend income, interest income, and realized or unrealized gains), AcSEC concluded that investment partnerships' statements of operations
should be presented in conformity with the Guide as required by paragraph 12 above.
As included within the Research and development expenses line item in the Consolidated Statements of Operations, and within the Selling, general and administrative expenses line item in the Consolidated Statements of Operations.
As included within the Interest expense line item in the Consolidated Statements of Operations.
Unaudited Consolidated Statements of Operations
, Balance Sheets, Statements of Cash Flows, Segment Information and Supplemental Data follow.
Prior to the adoption of the New Revenue Accounting Standard, the Company reported revenue related to Name Your Own Price travel reservation services on a "gross" basis with associated travel supplier costs recorded as cost of revenues, and gross profit in its consolidated statements of operations
. Upon adoption of the New Revenue Accounting Standard, NYOP revenue and associated travel supplier costs will be presented on a "net" basis in revenues.
Adjusted net income, which excludes the impact of these items as described in the statements of operations included below, for the first quarter of 2016 was $9.2 million, or $0.16 per basic and diluted share compared to $6.4 million, or $0.14 per basic and diluted share in the first quarter of 2015.
For the first quarter of 2016, adjusted earnings before interest, income taxes, depreciation, depletion, and amortization, as described in the statements of operations included below ("Adjusted EBITDA"), was $92.5 million, a decrease of 9% from the prior year quarter as the impact of lower commodity prices more than offset the impact of higher production volumes.
A reconciliation of GAAP net income to non-GAAP net income is included on the attached Consolidated Statements of Operations
For fiscal year 2015, non-GAAP net income was $480.3 million ($6.62 per diluted share) versus $413.0 million ($5.43 per diluted share) in fiscal year 2014.A reconciliation of GAAP net income to non-GAAP net income is included on the attached Consolidated Statements of Operations
according to model: statements of operations
, beginning no.