It's pretty clear that what he means by "GAAP analysis" is "valuation based on GAAP revenue", as opposed to "valuation based on bullshit cooked revenue metrics"

It's pretty clear that what he means by "GAAP analysis" is "valuation based on GAAP revenue", as opposed to "valuation based on bullshit cooked revenue metrics", like the fanciful definitions that Groupon tried to convince everyone about.