Square Inc. is making a change to its accounting after receiving a comment letter from the Securities and Exchange Commission in a move that has implications for other U.S. companies.
In an FAQ on the change, the company explained that it started using the metric in November 2015, “to provide investors and analysts with useful metrics to measure the performance and growth of our ongoing recurring business and allow comparability to other businesses in the payment processing sector.”
Square’s use of adjusted revenue actually was one that the SEC might have allowed as it initially sought to “clearly and pro-actively prepare investors well in advance for the elimination of the impact of Starbucks revenue and expenses,” as MarketWatch reported. Square’s payment-processing agreement with Starbucks was about to expire in 2015, and the company knew that it would not be renewed.
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