Unqualified it almost always means earnings (profits).
that is really not the case in software, people commonly go between EV/S and EV/FCF for high growth names. also earnings could mean: GAAP earnings, non-GAAP earnings, ebitda, ebita, FCF, FCF ex share based comp.
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that is really not the case in software, people commonly go between EV/S and EV/FCF for high growth names. also earnings could mean: GAAP earnings, non-GAAP earnings, ebitda, ebita, FCF, FCF ex share based comp.