Report
Valens Research

UAFRS vs As Reported Weekly Highlights - 2019 12 03

This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for AKS, CRM, RYN, EGHT, AAXN and AVYA.
Underlyings
8x8 Inc.

8x8 is a cloud provider of enterprise Software-as-a-Service communications solutions, that enable businesses of all sizes to communicate across voice, video meetings, chat and contact centers. From one proprietary cloud technology platform, customers have access to unified communications, team collaboration, video conferencing, contact center, data and analytics and other services. The 8x8 technology platform provides customers with primary technology integrations within their existing infrastructure. The company provides a variety of stand alone services and offerings including 8x8 Virtual Office; 8x8 Contact Center; 8x8 Meetings; 8x8 Team Messaging; and Script8? (Scripting Engine).

AK Steel Holding Corporation

AK Steel Holding is a producer of flat-rolled carbon, stainless and electrical steels products primarily for the automotive, infrastructure and manufacturing, and distributors and converters markets through its wholly-owned subsidiary, AK Steel Corporation. The company's other subsidiaries also provide customer solutions with carbon and stainless steel tubing products, solutions, tool design, hot- and cold-stamped steel components and assemblies. The company sells its carbon steel products mainly to customers in North America, and it sells its electrical and stainless steel products primarily in North America and Europe. The company also produces metallurgical coal through its AK Coal Resources, Inc. subsidiary.

Avaya Holdings

Avaya Holdings is a holding company. Through its subsidiaries, the company provides digital communications products, solutions and services. The company has two segments: Products and Solutions, which encompasses the company's unified communications and contact center platforms, applications and devices; and Services, which consists of three business areas: Global Support Services, Enterprise Cloud and Managed Services, and Professional Services. The company sells directly via its worldwide sales force and indirectly through its global network of channel partners, including distributors, service providers, dealers, value-added resellers, systems integrators and business partners that provide sales and services support.

Axon Enterprise Inc

Axon Enterprise is provider of law enforcement technology solutions. The company's operations are comprised of two reportable segments: TASER, which is focused on development, manufacture and sale of conducted energy weapons, also known as conducted energy devices, which the company sells under its brand name, TASER; and software and sensors, which is focused on-officer body (Axon Body and Flex) and in-car (Axon Fleet) cameras as well as cloud-based digital evidence management software (Evidence.com), as well as develops, manufactures and sells hardware and cloud-based software solutions that enable law enforcement to capture, store, manage, share and analyze video and other digital evidence.

Rayonier Inc.

Rayonier is a timberland real estate investment trust with assets located in the softwood timber growing regions in the United States and New Zealand. The company operates in five reportable business segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments include all activities related to the harvesting of timber in addition to lease and license activities, other non-timber activities and carbon credit sales. The company's Real Estate segment reflects all of its land or leasehold sales. The Trading segment reflects the log trading activities conducted by its New Zealand subsidiary.

Salesforce.com inc.

Salesforce.Com is engaged in customer relationship management technology. The company's Customer 360 is an integrated platform that unites sales, service, marketing, commerce, integration, analytics and more to give companies a single, shared view of their customers. Through its platform and other developer tools, the company also enables third parties to develop additional functionality and applications, or apps, that run on its platform, which are sold separately from or in conjunction with the company's service offerings. The company's cloud service offerings include sales cloud, service cloud, marketing and commerce cloud, and salesforce platform and other.

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Valens Research
Valens Research

In 2009, just as the dust was settling from the last major equity and credit market crises, we launched a boutique research firm with the intention of breaking Wall Street’s biases and broken incentives:

  • GAAP and IFRS have failed to provide rules for reliable financial statement reporting
  • Stock analyst recommendations are not grounded in disciplined financial analysis
  • Credit agencies have been set up to grossly fail in their responsibilities to investors and the public markets
  • Utter lack of willingness of major research firms to employ the the most advanced forensic analysis available

We sought to provide investors and company analysts with a source of information that changed all that.
Many years later, our business model remains because little has changed on Wall Street.

  • Corporate credit ratings remain years behind the fundamental underpinnings of company performance
  • Stock analysts continue to make recommendations with deeply inherent biases
  • Research firms have failed to break down the walls between credit, equity, and macroeconomic research
  • The governing accounting bodies have created more leeway for mis-estimates and mis-classifications as financials have become unwieldy and overwhelming

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