Research

Valens Research – UAFRS vs As Reported Weekly Highlights – October 2, 2019

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
Commvault Systems, Inc. (CVLT)
Stock Option Expense Distortion

CrossAmerica Partners LP (CAPL)
Operating Lease Distortion

Penumbra, Inc. (PEN)
R&D Expense Distortion