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No. of Recommendations: 19

I really think you should listen to Saul on this one.

The part that you highlighted in your quote about deferred revenue adjustments - I know you highlighted it to show that adjusted revenue is not just adjusting for pass-through revenue for third parties - is only a tiny fraction of the adjustment. You can see that from the way it‘s formulated: First they mention transaction based cost (that’s Third party pass-through; the vast majority of the adjustment), then comes bitcoin (a tiny adjustment compared to pass-through) and then comes the sentence you highlighted, which to me sounds like accounting jargon for a miniscule adjustment (I‘m not even sure what it means, are you?).

The point is, from an economical standpoint it makes no sense to look at total revenue, and no one following the stock seriously does so - regardless of some disclaimers the accounting or legal department might add to their statements (who cares for these things anyways? They have a totally different purpose than informing investors on what to look at).

Saul is trying to teach you a valuable lesson here which you should take to heart in my opinion: Look beyond the headline numbers and dig deeper to get a better understanding of your investments. It will improve your returns. It has improved mine.

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