Ryan,
Your analysis is correct. The use of non-GAAP to "highlight" an earnings beat rivals the Tech Bubble, where it was often referred to as pro forma earnings. My view is as the GAAP numbers have continued to decline corporations and the media have relied on non-GAAP to pretty up declining fundamentals. Not only does GAAP have a rules based components, the CEO and CFO sign off that the numbers are accurate under penalty of imprisonment, which is not the case with non-GAAP.
The problem of using non-GAAP exclusion of stock based compensation is obvious. Special items is interesting as some corporations use a more conservative approach. Microsoft has moved to more aggressive accounting which forva time benefitted the stock price because it reinforced the story of growth. Similar to using stock buybacks to juice the numbers. There is just a limit to how far or long it can go.
The media and analysts have become lazy and for the most part complicit in promoting the myth of "better than expected." One must admit to the inconvenient truth that their paychecks are linked to the direction of the market. In this business, the choice to be more conservative in your investments is a decision to take a pay cut.
I good place to educate yourself, if you have not done so yet, pull up a quarterly report. A good place to start would be the TSLA 8-K. Another would be Service Now (NOW). Here are two companies that are spending gobs of money to "generate" growth, and investors are giving them a pass on accountability. This is not an indictment of the respective businesses, just of the investment.
If you wish further information on GAAP versus non-GAAP make a Google search, add the name Mary Jo White the Chair of the SEC.
Igy