Thanks, I’m no accountant either and was hoping someone would post what you just did.
No problem. My company had a “valuation allowance release” in the last quarter as well. We also adjusted it out on non-GAAP earnings. It’s not all that uncommon. The accounting rules have gotten so whacky that it’s hard to keep track. Our “adjusted” earnings (or non-GAAP) are meant to show investors what the underlying business is actually doing and not get bogged down in esoteric accounting rules that don’t impact actual cash performance.