March 1, 20210Comments

Write-Downs Understate True Profits & Other Findings from the Real Earnings Season

We found unusual items in the filings of Dropbox Inc. (DBX) and several other companies during the first week of The Real Earnings Season.

by Matt Shuler

February 25, 20210Comments

Bio-Rad’s Non-Operating Income Overstates GAAP Net Income

Non-operating income not only overstates GAAP net income but could negatively impact the firm’s ability to obtain additional financing.

by Kyle Guske II

February 22, 20210Comments

The Real Earnings Season Starts Now: Time to Read Filings & Footnotes

The only way to overcome the flaws in GAAP net income is through rigorous analysis of company filings, especially the footnotes and MD&A.

by Kyle Guske II

February 19, 20210Comments

Where’s Disney’s “Other Income”?

We noticed something missing from The Walt Disney Company’s (DIS) income statement in its fiscal 1Q21 10-Q: “Other Income.”

by Matt Shuler

February 18, 20210Comments

MicroStrategy’s Outsized Bitcoin Holdings Distort Earnings

Similar to what we saw with Tesla’s recent Bitcoin purchase, MicroStrategy’s Bitcoin assets can be tools for earnings management.

by Kyle Guske II

February 11, 20210Comments

Tesla’s Bitcoin Gamble Used to Manipulate Earnings

This report highlights Tesla’s chosen accounting treatment of its recent purchase of $1.5 billion in Bitcoin and how it will impact GAAP net income.

by Matt Shuler

January 21, 20210Comments

Non-Operating Income Distorts Earnings

Unusual non-operating items resulted in GAAP net income materially misrepresenting this firm’s true profits.

by Alex Sword

September 17, 20200Comments

Kitchen-Sink Effect In the Spotlight

A specific company example of how our cutting-edge technology sees through accounting tricks and provides our clients with a cleaner and more comprehensive measure of core earnings.

by Kyle Guske II

April 9, 20200Comments

The Importance of Reading Footnotes – Filing Season 2020 Recap

See material, critical details we uncover in the footnotes to measure earnings better.

by Kyle Guske II

March 17, 20200Comments

Restructuring Charges Understate This Firm’s True Profits

Last week, analysts parsed 406 filings and collected 39,443 data points. In total, they made 6,642 accounting adjustments with a dollar value of $1.6 trillion.

by Matt Shuler

March 10, 20200Comments

This Industrials Firm’s Acquisition Has Not Created Shareholder Value

Last week, analysts parsed 501 filings and collected 55,615 data points. In total, they made 9,915 accounting adjustments with a dollar value of $2.9 trillion.

by Matt Shuler

March 4, 20200Comments

Special Charges Distorting Profitability Are Today’s Filing Season Find

Since February 27, 2020, our analysts parsed 364 filings and collected 41,596 data points. In total, they made 8,550 forensic accounting adjustments with a dollar value of $3.7 trillion.

by Matt Shuler

March 3, 20200Comments

Hidden Unusual Expenses Overstate This Firm’s Losses

Last week, analysts parsed 475 filings and collected 55,687 data points. In total, they made 11,756 accounting adjustments with a dollar value of $7.7 trillion.

by Kyle Guske II

February 28, 20200Comments

Abnormal Tax Rates Are Today’s Filing Season Find

Since February 22, 2020, our analysts parsed 242 filings and collected 28,620 data points. In total, they made 6,058 forensic accounting adjustments with a dollar value of $5.0 trillion.

by Matt Shuler

February 25, 20200Comments

Hidden Expenses Overstate This Firm’s Profit Decline

Last week, analysts parsed 303 filings and collected 34,774 data points. In total, they made 6,193 accounting adjustments with a dollar value of $4.3 trillion.

by Matt Shuler

February 21, 20200Comments

The Real Earnings Season Starts Now: Time to Read the Footnotes

Quarterly earnings season may be winding down, but the real earnings season – annual 10-K filing season – is ramping up.

by Kyle Guske II

March 19, 20190Comments

This 2018 IPO Is Starting to Look Like a Bargain

Last week, analysts parsed 232 10-K filings and collected 21,224 data points. In total, they made 4,371 accounting adjustments with a dollar value of $972 billion.

by Sam McBride

March 13, 20190Comments

Is This Rock Bottom for Newell?

Last week, analysts parsed 421 10-K filings and collected 38,931 data points. In total, they made 7,881 accounting adjustments with a dollar value of $1.9 trillion.

by Sam McBride

March 8, 20190Comments

Unreported Expenses Are Today’s Filing Season Find

From yesterday's research, our analysts parsed 72 10-K filings and collected 4,768 data points. In total, they made 1,165 forensic accounting adjustments with a dollar value of $552 billion.

by Sam McBride

March 7, 20190Comments

An Unusual Tax Benefit Is Today’s Filing Season Find

From yesterday's research, our analysts parsed 29 10-K filings and collected 2,178 data points. In total, they made 491 forensic accounting adjustments with a dollar value of $137 billion.

by Sam McBride

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