Calcbench is one of the first companies to fully harness the power of the new, government mandated data standard called XBRL. This gives the company an unprecedented direct line into the SEC's corporate financial data repository. Users can process and store all XBRL filings in a uniquely structured, cloud based data universe, use advanced computing techniques to identify and correct errors, and increase comparability between companies.
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Jun 14, 2022
Drew Angerer/Getty Images News Bristol-Myers Squibb (NYSE: BMY ) reported $10B worth of an adjustment as amortization of intangible in 2021, leading the S&P 500 as companies increasingly look to cushion their financials to exclude billions of dollars’ worth of items, MarketWatch reported citing financial data provider Calcbench. Based on a sample of 2021 earnings releases of 123 companies that were randomly selected from the S&P 500, Calcbench said that amortization of intangibles was the single biggest category of adjustments that made up half of all adjustments. While Broadcom ( AVGO ) and Johnson & Johnson ( JNJ ) topped the sample with $5.8B and $5.3B worth of adjustments for amortization of intangibles, respectively, Bristol-Myers ( BMY ), which was not part of the group, led all S&P 500 components, according to Calcbench. That expanded drugmaker’s 2021 non-GAAP per-share earnings to $7.51 while GAAP earnings remained at $3.12. Bristol-Myers ( BMY ) recorded the biggest adjustment of $9B in 2020 study too. Calcbench sample indicated a $460M average increase in non-GAAP net income compared to GAAP net income per company, representing about 14% of GAAP net income. “Should GAAP accounting rules change and not require the amortization of intangibles? Should they just be tested annually like goodwill? Maybe this change should be only for the pharmaceutical industry?” the report questioned. Despite a 2016 crackdown of Securities and Exchange Commission to rein in the proliferation of non-GAAP numbers, a large number of S&P 500 constituents resumed the practice during the pandemic, according to the report. “These findings question the informative value of as-reported GAAP Net income and raise questions about companies’ motivations in reporting Adjusted Net Income,” the researchers added.
Calcbench Frequently Asked Questions (FAQ)
Where is Calcbench's headquarters?
Calcbench's headquarters is located at 750 3rd Ave, New York.
What is Calcbench's latest funding round?
Calcbench's latest funding round is Unattributed.
How much did Calcbench raise?
Calcbench raised a total of $500K.
Who are Calcbench's competitors?
Competitors of Calcbench include AlphaSense and 4 more.
What products does Calcbench offer?
Calcbench's products include Company Detail and 4 more.
Who are Calcbench's customers?
Customers of Calcbench include SEC.
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