Uniform Accounting Spotlight

Zillow’s EPS was really $0.08 last year, it wasn’t -$1.48

Match actually has only grown around 5-7% a year the past 3 years, not grown over 20% a year in that time

NVR’s real returns have risen from 24% to 38% the last few years, they have not stayed around 17%-19% levels

AerCap’s P/E is really 21x, not 8x

RH actually has returns of 18%, not 10%…

Peloton’s EPS was really $0.32 last year, it wasn’t -$0.52

Philip Morris actually has shrunk 3 of the past 4 years, not grown over 5% a year in 3 of the past 4 years

Gartner’s real returns have stayed around 100% the last few years, they have not dropped from 10% to 4%

Ciena’s P/E is really 32x, not 16x

Costco actually has returns of 16%, not 8%…

DocuSign’s EPS was really $0.19 last year, it wasn’t -$1.18

RE/MAX actually has grown over 50% a year in 2 of the past 3 years, not modestly growing

Forrester Research’s real returns have stayed flat at 20% the last few years, they have not dropped from

Global Payments’ P/E is really 38x, not 24x

Perficient actually has returns of 47%, not 6%…

Wix.com’s EPS was really $1.44 last year, it wasn’t -$1.71

KB Homes was actually reinvesting in its business the last two years at 5%+ a year, not shrinking it

Rapid7’s real returns have stayed negative the last 2 years, they have flipped from -4% to 5%, a significant inflection

Walgreens Boots’s P/E is really 17x, not 8x, and not in line with CVS’s, it is 50% higher

Hilton actually has returns of 89%, not 7%…