I investigate two discretionary reporting strategies used by managers to highlight core performance – non-GAAP disclosure and classification shifting. Non-GAAP disclosures represent managers’ voluntary disclosure of GAAP earnings that exclude certain non-recurring or non-cash expenses. Classification shifting is a reporting strategy that represents managers’ recognition of certain core expenses as special items. I document that managers tend to use non-GAAP disclosures and classification shifting as a joint reporting strategy, especially when external monitoring from institutional investors and financial analysts is high. In addition, firms engaging in both reporting strategies exhibit more persistent earnings, help analysts form less disperse and more accurate expectations and show higher earnings response coefficient both around the earnings announcement and during the quarter. Collectively, the findings suggest that managers use both strategies jointly as an informative signal of performance rather than as an opportunistic strategy to overstate core performance.