UAFRS vs As Reported Weekly Highlights - 2019 05 08
This week, Valens identified distortions and the corresponding adjustments to correct for those distortions for NTCT, PCTY, and BFAM.Bright Horizons Family Solutions is a provider of child care and early education, back-up care and educational advisory services. The company provides services under contracts with employers, who provide child care, as well as other dependent care solutions and educational advisory services. The company's service offerings include full-service center-based child care and early education, back-up care, and educational advisory services. The company operates child care and early education centers across a range of customer industries with the capacity to serve children and their families in the U.S., as well as in the U.K., the Netherlands, Canada and India.
NetScout Systems provides service assurance and security solutions that are used by customers to assure their digital business services against disruption. Using its Adaptive Service Intelligence technology, the company's solutions convert network traffic data, often referred to as wire data, into metadata, or smart data, the company's offerings can help customers identify and troubleshoot network and application performance issues, defend their networks from distributed denial of service attacks, and find and isolate network threats. The company's products are categorized as service assurance solutions for network and application performance, and business intelligence analytics and cybersecurity solutions.
Paylocity Holding is a cloud-based provider of payroll and human capital management software solutions for medium-sized organizations. The company's products include: Payroll, which enables clients to automate primary payroll processes and manage compliance in an environment of regulatory complexity; Core HR, which provides a set of HR capabilities enabling clients to manage HR data in a timely manner while impacting employee engagement and culture; Talent, which are designed to processes that attract and retain talent within an organization; and Workforce Management, which enables clients to collect data for employees, improve productivity and help organizations control labor costs.
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
The integrity of Valens Research is founded in our disciplined processes and analytics. No “star” analysts. No corporate advisory relationships. No-nonsense opinions and recommendations.
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