Valens Research - UAFRS vs As Reported Monthly Newsletter - 2019 01 29
Highlighted UAFRS vs As-Reported%u2122 Dislocations (Read more about the UAFRS framework here.)Beazer Homes USA, Inc. (BZH) %u2013 Cash Flow From Operations Distortion 2
Beazer%u2019s Uniform Cash from Ops was $171mn in 2018, not $30mn as-reported
Twitter, Inc. (TWTR) %u2013 Stock Option Expense Distortion et al 4
Twitter%u2019s Uniform Earnings are $422mn, not -$108mn as-reported
Wolverine World Wide, Inc. (WWW) %u2013 Operating Lease Distortion et al 5
Wolverine World Wide%u2019s Uniform Earnings are $191mn, not $0mn as-reported
NIC Inc. (EGOV) %u2013 Excess Cash Distortion et al 6
NIC%u2019s Uniform Net Assets are $77mn, not $296mn as-reported
Medtronic plc (MDT) %u2013 R&D Expense Distortion et al 7
Medtronic%u2019s Uniform ROA is 23%, not 5% as reported
The J.M. Smucker Company (SJM) %u2013 Goodwill Distortion et al 8
Smucker%u2019s Uniform Net Assets are$3.7bn, not $15.3bn as-reported
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Beazer Homes USA is engaged as a homebuilder. The company's homebuilding operations consist of the design, sale, and construction of single-family and multi-family homes. The company purchases land or obtains an option to purchase land, which, in either case, requires certain site improvements prior to home construction. When available in certain markets, the company also buys finished lots that are ready for home construction. The company has investments with land developers, other homebuilders and financial partners to acquire land positions, to manage its risk profile and to utilize its capital base. The company also acts as the general contractor for the construction of its new home communities.
Smucker (J.M.) manufactures and markets food and beverage products. The company's principal products are coffee, dog food, pet snacks, cat food, peanut butter, fruit spreads, frozen handheld products, shortening and oils, portion control products, juices and beverages, and flour and baking ingredients. The company has four reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, and U.S. Retail Pet Foods, and International and Away From Home. The U.S. retail market segments represent the sales of food and beverage products to consumers through retail outlets in North America. The International and Away From Home segment represents sales outside of the U.S. retail market segments.
NIC is a provider of digital government services that help governments use technology. The company operates through two channels: state enterprise businesses and its software and services businesses. In its state enterprise businesses, the company has contracts with state and local governments to designs, builds, and operates digital government services on an enterprise-wide basis on their behalf. In its software and services businesses, the company provides certain payment processing services, software development and digital government services, other than those provided on an enterprise-wide basis, to federal agencies, as well as state and local governments.
Twitter provides products and services for people, organizations, advertisers, developers and platform and data partners. The company's product, Twitter, is a global platform for public self-expression and conversation in real time. The company's mobile application, Periscope, lets anyone broadcast and watch video live with others. The company's products and services for advertisers include Promoted Products such as Promoted Tweets, Promoted Accounts, and Promoted Trends. The company's products for developers and data partners provide tools and public application programming interfaces to build applications and other products that utilize Twitter data and syndicate and distribute Twitter content across their properties.
Wolverine World Wide is a designer, marketer and licensor of a range of casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform shoes and boots. The company has two segments: Wolverine Michigan Group, consisting of Merrell? footwear and apparel, Cat? footwear, Wolverine? footwear and apparel, Chaco? footwear, Hush Puppies? footwear and apparel, Bates? uniform footwear, Harley-Davidson? footwear and Hytest? safety footwear; and Wolverine Boston Group, consisting of Sperry? footwear and apparel, Saucony? footwear and apparel, Keds? footwear and apparel, and the Kids footwear business.
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