In our recent Client Alert, we discuss the updates made to the Non-GAAP Financial Measures Compliance and Disclosure Interpretations issued by the staff (Staff) of the Division of Corporation Finance of the U.S. Securities and Exchange on December 13, 2022. The updates, including additional commentary and examples in existing non-GAAP C&DIs, as well as new non-GAAP C&DIs, reflect the Staff’s continued focus on non-GAAP financial measures and codify positions the Staff has taken in speeches and in the comment letter process.