First, the high level: Square recorded revenue of about $560 million in the first half of the year, a 51 percent increase over the first half of 2014. For the same period, losses were about flat year over year at about $78 million. That doesn’t look great. But the profit-or-loss metric that investors and analysts will look at more closely is adjusted Ebitda, or its profit minus a few standard items like taxes and depreciation. To get to this metric, Square is also stripping out all the revenue and transaction costs associated with its Starbucks partnership*,

http://recode.net/2015/10/14/squares-ipo-filing-its-complicated/