Valeant – the new poster child for impermissible non- GAAP reporting. Last week the SEC informed Valeant Pharmaceuticals that their use of certain non-GAAP financial measures was “potentially misleading.” The company strips out acquisition-related costs from many traditional measures, despite having...
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We recently spent two days taking in management interviews and presentations at an Industrials investment conference in New York. With a few exceptions, the message was the same: “Business is tough, we’re de-leveraging, and M&A remains an important part of...
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What’s the big deal about Brexit from a US investor perspective? Probably not much, if FactSet’s analysis on revenue exposure is correct. No sector has more than 6.5% of its revenues exposed to the UK. US total exports to the...
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The SEC is removing the gap between non-GAAP and GAAP. This week they issued new guidance that non-GAAP measures can only be used if compared with GAAP measures – and on equal footing. Guidance includes not putting the non-GAAP measure before...
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New York & Chicago – Clermont Partners, a strategic financial communications advisory firm, recently conducted a survey of 100 U.S. based institutional investors in European equities representing more than $30 billion in assets under management. The results clearly show that...
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As if a tough quarterly earnings season isn’t enough, CEOs now have more reason to worry about delivering on growth targets, as the days of easy deals and inorganic growth paths seem to be ending. 1. $200 billion of deals...
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