Tuesday, December 12, 2017 at 12:00PM ET 

More than ever, active investors rely on non-GAAP metrics to make buy and sell decisions on stocks. While GAAP reporting has its place, investors are extrapolating this information and using non-GAAP, or their own put-and-take analysis, of company financials to assess performance. In addition, many investors are focusing on intangible assets and non-financial metrics.

Join our panel of experts to learn more about how you can raise the bar on the information you provide to the Street, and help them better evaluate your company.

A few topics that will be discussed:

  • Why non-GAAP is often preferred to GAAP
  • How companies present non-GAAP metrics can build – or erode – management credibility
  • What non-GAAP metrics are most valued
  • How to provide non-financial milestones that support your company’s growth plan
  • The debate over providing guidance

Date: Tuesday, December 12, 2017
Time: 12:00 – 1:00 ET


  • Baruch Lev, Professor of Accounting and Finance at New York University Stern School of Business
  • Christopher J. Marangi, GAMCO Investors
  • Elizabeth M. Lilly, Crocus Hill Partners


  • Elizabeth Saunders, Partner, Clermont Partners

For more information on non-GAAP reporting, please see More Active Investors Rely on Non-GAAP vs. GAAP Reporting in Analyzing Stocks.


Baruch Lev, Ph.D.

Baruch Lev is the Philip Bardes Professor of Accounting and Finance at New York University Stern School of Business. In his current positions, Professor Lev teaches courses in accounting, financial analysis and investor relations.

Professor Lev has been with NYU for 17 years. His primary research areas of interest include corporate governance; earnings management; financial accounting; financial statement analysis; intangible assets/intellectual capital; capital markets; and mergers and acquisitions. Professor Lev is the author of five books including Intangibles: Management, Measurement, and Reporting, and Financial Statement Analysis: A New Approach. His most recent book is: The End of Accounting and the Path Forward for Investors and Managers (2016). Lev has published over 100 research studies in the leading accounting, finance and economic journals. Professor Lev has received numerous awards and honorary doctorates.

Before joining NYU, Professor Lev held professorial positions at the University of Chicago, the Hebrew University of Jerusalem, Tel Aviv University, where he was dean of the business school, and University of California at Berkeley (jointly appointed by the business and law schools). Lev’s practical experience includes auditing and investment banking. He was also a partner in a consulting firm.

Professor Lev received his Bachelor of Accounting degree from Hebrew University, Jerusalem, his Master of Business Administration and his doctorate degrees from the University of Chicago.

Christopher J. Marangi

Mr. Marangi was named one of GAMCO Investors’ Co-Chief Investment Officers, Value, in August 2015. He serves as one of the Portfolio Managers of the Gabelli Value 25 Fund, the Gabelli Asset Fund, and the Gabelli ESG Fund, three open-ended mutual funds that invest in securities selling below their private market values. He has managed the Gabelli Media Mogul NextShares ETMF since inception in December 2016. He is also a member of the teams managing the Gabelli Global Multimedia Trust, the Gabelli Dividend & Income Trust, the Gabelli Equity Trust, the Gabelli Global Small & Mid Cap Value Trust, four closed-end funds, as well as institutional and private wealth separate accounts in the All Cap Value and Small Cap Value strategies.

Mr. Marangi has appeared on CNBC, Fox Business and Bloomberg television and radio numerous times and has been quoted extensively in publications including the Wall Street Journal, The New York Times, Barron’s, Newsday, Bloomberg, Variety and Broadcasting & Cable.

Mr. Marangi joined GAMCO in 2003 as a research analyst covering companies in the Cable, Satellite and Entertainment sectors. He began his career as an investment banking analyst with J. P. Morgan & Co and later joined private equity firm Wellspring Capital Management.

Mr. Marangi graduated magna cum laude and Phi Beta Kappa with a BA in Political Economy from Williams College and holds an MBA with honors from the Columbia Graduate School of Business.

Elizabeth M. Lilly

Elizabeth M. Lilly, Founder and President, launched Crocus Hill Partners in April 2017. From 2002-2017, Ms. Lilly was a Senior Vice President and Portfolio Manager at GAMCO Investors and was a portfolio manager of the $1.0 Billon Teton Westwood Mighty Mites Fund as well as being a member of the Value Portfolio Management Team. Ms. Lilly began her career at Goldman Sachs in 1985 in New York. In 1988, she joined Fund American Companies in Greenwich, CT, where she worked as an analyst under the tutelage of Bob Bruce and Warren Buffett learning the merits of Value Investing. In 1997, she co-founded the investment firm Woodland Partners, which focused on investing in small capitalization stocks. In 2002, Woodland Partners was acquired by GAMCO Investors.

Ms. Lilly received a BA in Economics from Hobart/William Smith College where she graduated with High Honors. She received her CFA designation in 1989.

Elizabeth Saunders

Elizabeth Saunders is a Partner of Clermont. She has served as senior counsel for business transformation assignments and has actively worked on initial public offerings, pre- and post-merger communications, CEO transitions, and restructurings for Fortune 500 Companies including the Coca-Cola Company, The Dow Chemical Company and Transocean.

Prior to Clermont, Ms. Saunders was the Americas Chairman of the Strategic Communications segment at FTI Consulting. The Strategic Communications segment she chaired was a global, financial and corporate communications firm. Earlier in her career, Ms. Saunders was a co-founder of Ashton Partners, one of the top-15 independent IR firms in the U.S. FTI Consulting acquired Ashton Partners in 2008.

Renowned for her expertise in the area of corporate governance, Ms. Saunders has published numerous articles; lectured throughout the U.S. on shareholder activism strategies; and been quoted in Board & Directors Magazine, The New York Times and Wall Street Journal. She was also named to the prestigious National Association of Corporate Director (NACD) “Directorship 100” and Crain’s Chicago Business “40 Under 40”; and has spoken to the NACD and Women Corporate Directors (WCD).

Ms. Saunders holds a law degree from DePaul University, with a concentration in Securities Law, and a BBA in Finance from the University of Notre Dame.