July 2, 2018

Valens Research – UAFRS vs As Reported Weekly Highlights – June 27, 2018

Each week, Valens focuses on several companies that were analyzed in the prior week, where material distortions caused by as-reported GAAP accounting need to be corrected to understand a company’s economic fundamentals.

Company Specific Highlights & Insights

Morningstar, Inc. (MORN)
Stock Option Expense Distortion

Spectrum Brands Holdings, Inc. (SPB)
Goodwill Distortion

Activision Blizzard, Inc. (ATVI)
R&D Expense Distortion

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