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Microsoft's 2026 Annual Report: What's going on with all the accounting changes?
Microsoft's latest disclosures are a little more but still not enough to fully explain its relationship with OpenAI, its capital expenditures, and its…
Aug 4
•
Olga Usvyatsky
and
Francine McKenna
6
2
July 2026
Tesla's Investment in SpaceX: The $1 Billion Accounting Choice
Tesla and Alphabet both profited from SpaceX. Their financial statements tell different stories.
Jul 26
•
Olga Usvyatsky
9
4
SEC Compensation Recovery Rule: Restatements and Related Clawbacks, Quarterly Update # 6
A quarterly review of compliance trends, SEC comment letters, and the complexities of recovery analysis
Jul 22
•
Olga Usvyatsky
3
2
Post-mortem: The SEC's pre-IPO comment letters to SpaceX
Can investors infer the likely focus of the SEC’s confidential review before the comment letters become public? Yes! Yes they can!
Jul 17
•
Olga Usvyatsky
and
Francine McKenna
4
3
Long SEC Reviews Quarterly Update # 8
Long SEC reviews reflect ongoing regulatory concerns over a company’s financial disclosures or accounting practices, signaling potential risks or…
Jul 14
•
Olga Usvyatsky
3
1
Between Headlines and Numbers: AI’s Unanswered Questions
OpenAI’s uncertain IPO timeline, the turning tide of tokenmaxxing, the SEC’s questions about Oracle’s soaring capex, and different CAM approaches for…
Jul 8
•
Olga Usvyatsky
2
3
June 2026
Free Cash Flow Under the Microscope
Evidence from 238 non-GAAP cash flow metrics and 562 reconciling adjustments reveals where S&P 500 companies diverge in their free cash flow…
Jun 25
•
Olga Usvyatsky
6
7
3
Recent SEC Comment Letters Point to Continued Accounting Scrutiny
Recent restatements and ICFR revisions attributed to comment letters suggest that SEC scrutiny continues even as public comment-letter activity remains…
Jun 13
•
Olga Usvyatsky
1
2
Tax Valuation Allowances: Identifying the Next Releases — and the Next Multi-Billion Dollar Charges
Using SEC filings to identify companies that may face significant future tax-related earnings swings.
Jun 9
•
Olga Usvyatsky
3
1
The price of pre-IPO info leakage: Issuer and media obligations
We dig in on the SpaceX pre-public filing info "leaks". There are legal, ethical, and practical reasons why investors should be wary of "open secrets…
Jun 1
•
Olga Usvyatsky
and
Francine McKenna
4
7
3
May 2026
Our analysis of the SpaceX draft to public prospectus
SEC comment letters are confidential until after the IPO, but changes made by SpaceX base don the SEC's review may provide insights into the SEC's…
May 27
•
Olga Usvyatsky
and
Francine McKenna
6
2
Super Micro's working capital is under pressure, on top of all its other troubles
Super Micro was struggling to stay listed, fend off short-sellers, satisfy auditors and investigate itself. But now its working capital is under…
May 18
•
Olga Usvyatsky
and
Francine McKenna
7
2
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