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Forbes
6 days ago
- Business
- Forbes
Should We Standardize Non-GAAP Reporting?
There is a weak case at best for standardizing non-financial KPIs such as same store sales. Leave the rest of the existing regulation as is. Standardizing Regulators have long struggled with whether and how to standardize non-GAAP reporting. The SEC, via Regulation G and additional rules in 2016, put in common-sense rules on non-GAAP numbers requiring firms to reconcile the non-GAAP number to the GAAP number. In addition, the SEC requires that: (i) the firm cannot present misleading non-GAAP numbers, defined mostly as excluding normal, recurring, cash operating expenses necessary to operate a firm's business; (ii) the firm cannot present inconsistent non-GAAP measure across periods; (ii) the non-GAAP measure cannot exclude gains; and (iv) non-GAAP numbers should clearly label the adjustment. The policy question is whether we should go beyond this? The FASB has a proposal asking whether they need to do something about standardizing financial KPIs. One hypothesis would be that non-GAAP numbers are not all useless or fudged in that the exclusions and inclusions signal information (however costly). There is a fair amount of academic research supporting this perspective. Some complain that GAAP has become excessively restrictive, and we need to give firms leeway to communicate the idiosyncratic aspects of the business model via non-GAAP numbers. The opposing camp would argue that these adjustments to GAAP numbers are opportunistic, and the policy maker must protect the uninformed investors from such opportunism. So, what should the policy maker do? The reality, I suspect, lies somewhere in the middle. Some exclusions potentially make business sense. One-time items, say a litigation settlement, potentially mess with an analyst's projection of continuing performance. As long as that exclusion is disclosed, I can live with that exclusion. However, excluding depreciation, interest expense and taxes, which are normal business expenses, personally make little business sense to me. I often joke in class with my students, 'imagine a world where the student does not pay interest on student loans, does not pay NYC city, NY state and federal taxes, and pays no rent (loosely the capacity cost or DA in EBITDA). Of course, you are rich after these exclusions.' I suggest a mid-way compromise: (i) leave non-GAAP numbers as is, as long as the firm reconciles the non-GAAP number to the GAAP number and follows the SEC's earlier guidance on consistency; (ii) if there is no comparable GAAP number, such as same store sales or the number of subscribers and customers, there may be some value to standardizing what same store sales might look like, for instance, in the retail industry. Consider same store sales disclosure for Home Depot in the 10-K of 2024 and compare that to Lowes, its closest competitor. Home Depot reports something called, 'comparable sales,' defined as: 'Comparable Sales. Comparable sales is a measure that highlights the performance of our existing locations and websites by measuring the change in net sales for a period over the comparable prior period of equivalent length. Comparable sales includes sales at all locations, physical and online, open greater than 52 weeks (including remodels and relocations) and excludes closed stores. Retail stores become comparable on the Monday following their 52 week of operation. Acquisitions are typically included in comparable sales after they have been owned for more than 52 weeks. Our comparable sales results for fiscal 2024 exclude the 53rd week and compare weeks 1 through 52 in fiscal 2024 to the 52-week period reported for fiscal 2023. The method of calculating comparable sales varies across the retail industry. As a result, our method of calculating comparable sales may not be the same as similarly titled measures reported by other companies. Total comparable sales decreased 1.8% in fiscal 2024, reflecting a 1.0% decrease in comparable customer transactions and a 0.9% decrease in comparable average ticket compared to fiscal 2023.' Lowes reports, in its annual report for 2024, 'A comparable location is defined as a retail location that has been open longer than 13 months. A location that is identified for relocation is no longer considered comparable in the month of its relocation. The relocated location must then remain open longer than 13 months to be considered comparable. A location we have decided to close is no longer considered comparable as of the beginning of the month in which we announce its closing. Operating locations which are sold are included in comparable sales until the date of sale. Comparable sales include online sales, which positively impacted comparable sales in fiscal 2024, fiscal 2023, and fiscal 2022 by approximately 50 basis points, 25 basis points, and 45 basis points, respectively. The comparable sales calculation for fiscal 2022 was calculated using sales for a comparable 52-week period.' Even for two very similar, closely tracked peers such as Home Depot and Lowe's, there are subtle differences in comparability in the 'comparable' sales numbers: One of the challenges of standardizing non-financial KPIs is that these KPIs are likely to differ depending on the industries using them. Retail uses same store sales. Streaming services and cable companies report number of subscribers. Airlines use available seat miles. Does the rule maker want to get into the business of regulating KPIs by industry? Standardization can cause new problems Trevor Harris, emeritus professor at Columbia Business School, my colleague worries, 'standardization of non-GAAP numbers is going to cause more issues. I think part of the general problem is that people want everything in a summary statistic which cannot really work, and we assume all investors use the measures being reported. So, part of the answer is to put some of the responsibility back on investors instead of adding more regulation which will never cover everything. When I created economically consistent measures in Model Ware at Morgan Stanley, there were many cases where I had to arbitrate and provide consistency. No regulation can deal with all the idiosyncrasies in complex companies. Another dimension of this is why is comparability a holy grail? Lowes and Home Depot are more similar, but not homogenous. If people cannot adjust for 52 versus 53 weeks, why add more burden on the companies if they don't operate that way?' An ex-standard setter, who wished to stay anonymous, points out another important wrinkle - the constant pressure from industry to adopt income-increasing metrics or rules that make companies look good: 'If I was in charge of the FASB, I might think twice about taking on such a project. An example was earnings per share. It was the first GAAP metric and at one time was viewed as critical to investment decision making. Because many believed it was critical to investment decision making, the gaming of the standard became a popular sport. So much so, that the FASB was constantly trying to issue guidance to address the most recent scheme to boost EPS. The literature became voluminous and complex. A former FASB Chairman told me that he believed the EPS standard was one of the FASB's biggest mistakes and that in his view the FASB should not set standards for how to compute metrics used by investors.' In sum, there is a weak case at best for some kind of standardization of non-financial KPIs. On balance, I suggest we leave Regulation G and the SEC's 2016 rules as is. In my view, these rules strike a reasonable balance between giving firms discretion to tell their story without giving investors information to detect managerial opportunism.
The Guardian
08-06-2025
- Business
- The Guardian
US attacks on science and research a ‘great gift' to China on artificial intelligence, former OpenAI board member says
The US administration's targeting of academic research and international students is a 'great gift' to China in the race to compete on artificial intelligence, former OpenAI board member Helen Toner has said. The director of strategy at Georgetown's Center for Security and Emerging Technology (CSET) joined the board of OpenAI in 2021 after a career studying AI and the relationship between the United States and China. Toner, a 33-year-old University of Melbourne graduate, was on the board for two years until a falling out with founder Sam Altman in 2023. Altman was fired by the board over claims that he was not 'consistently candid' in his communications and the board did not have confidence in Altman's ability to lead. The chaotic months that followed saw Altman fired and then re-hired with three members of the board, including Toner, ousted instead. They will soon also be the subject of a planned film, with the director of Challengers and Call Me By Your Name, Luca Guadagnino, reportedly in talks to direct. The saga, according to Time magazine – which named her one of the Top 100 most influential people on AI in 2024 – resulted in the Australian having 'the ear of policymakers around the world trying to regulate AI'. At CSET, Toner has a team of 60 people working on AI research for white papers or briefing policymakers focused on the use of AI in the military, workforce, biosecurity and cybersecurity sectors. 'A lot of my work focuses on some combination of AI, safety and security issues, the Chinese AI ecosystem and also what gets called frontier AI,' Toner said. Toner said the United States is concerned about losing the AI race to China and while US chip export controls make it harder for China to get compute power to compete with the US, the country was still making a 'serious push' on AI, as highlighted by the surprise success of Chinese generative AI model DeepSeek earlier this year. The Trump administration's attacks on research and bans on international students are a 'gift' to China in the AI race with the US, Toner said. 'Certainly it's a great gift to [China] the way that the US is currently attacking scientific research, and foreign talent – which is a huge proportion of the USA workforce – is immigrants, many of them coming from China,' she said. Sign up for Guardian Australia's breaking news email 'That is a big … boon to China in terms of competing with the US.' The AI boom has led to claims and concerns about a job wipeout caused by companies using AI to replace work that had otherwise been done by humans. Dario Amodei, the CEO of Anthropic, the company behind the generative AI model Claude, told Axios last week that AI could reduce entry-level white-collar jobs by 50% and result in 20% unemployment in the next five years. Toner said Amodei 'often says things that seem directionally right to me, but in terms of … timeline and numbers often seem quite aggressive' but added that disruption in the jobs market had already started to show. 'The kind of things that [language model-based AI] can do best at the moment … if you can give them a bite-size task – not a really long term project, but something that you might not need ages and ages to do and something where you still need human review,' she said. 'That's a lot of the sort of work that you give to interns or new grads in white-collar industries.' Experts have suggested companies that invested heavily in AI are now being pressed to show the results of that investment. Toner said while the real-world use of AI can generate a lot of value, it is less clear what business models and which players will benefit from that value. Dominant uses might be a mix of different AI services plugged into existing applications – like phone keyboards that can now transcribe voices – as well as stand-alone chatbots, but it's 'up in the air' which type of AI would actually dominate, she said. Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion Turner said the push for profitability was less risky than the overall race to be first in AI advancements. 'It means that these companies are all making it up as they go along and figuring out as they go how to make trade-offs between getting products out the door, doing extra testing, putting in extra guardrails, putting in measures that are supposed to make the model more safe but also make it more annoying to use,' she said. 'They're figuring that all out on the fly, and … they're making those decisions while under pressure to go as fast as they can.' Turrner said she was worried about the idea of 'gradual disempowerment to AI' – 'meaning a world where we just gradually hand over more control over different parts of society and the economy and government to AI systems, and then realise a bit too late that it's not going the way that we wanted, but we can't really turn back'. She is most optimistic about AI's use in improving science and drug discovery and for self-driving services like Waymo in reducing fatalities on the roads. 'With AI, you never want to be looking for making the AI perfect, you want it to be better than the alternative. And when it comes to cars, the alternative is thousands of people dying per year. 'If you can improve on that, that's amazing. You're saving many, many people.' Toner joked that her friends had been sending her options on who might play her in the film. 'Any of the names that friends of mine have thrown my way are all these incredibly beautiful actresses,' she said. 'So I'll take any of those, whoever they choose.'
Forbes
03-06-2025
- Business
- Forbes
3 Tips To Communicate The Value Of Your Patented Invention
What is the purpose of patenting an invention? Is it a legal formality akin to paperwork? A box to check? No. Intellectual property is a tool to transform a new idea into a product or a service by attracting investment and forming critical partnerships. When approached correctly, it is one of the most powerful tools an inventor can have. Sometimes, a patent is used to commercialize a new product right away. But other times, especially in academic research, it means protecting foundational knowledge that may take years, even decades, to reach real-world impact. Patents help enable commercialization when the time is right and preserve the right to innovate over the long term. Here's the catch. For a patent to do its job, the value of the invention must be clearly communicated. You can't just file a patent and post a description on a website and hope the phone rings. This is especially true for universities, whose inventions are typically complex and technical. Whether the go-to-market strategy is to license the technology, raise funding, or form a startup, articulating what makes the invention useful requires as much clarity as the research behind it. That's why inventors and IP professionals alike must embrace speaking in plain language, connecting with broader audiences, and demonstrating real-world relevance. In her role as Executive Director of the Office of Research Commercialization and Partnerships at UNC Charlotte, Laura Peter exemplifies this awareness. The former USPTO Deputy Director proactively communicates the value of intellectual property arising from the university in creative ways, from hosting public events and creating awards to encouraging researchers to think about commercial applications of their work. Laura Peter, Executive Director of Research Commercialization and Partnerships at UNC Charlotte Winners of the 2025 UNC Charlotte inaugural Invention of the Year awards. Notably, in April Peter hosted UNC Charlotte's inaugural Invention of the Year Awards. Held shortly after the university achieved R1 status, the evening honored faculty, students, and staff whose patented technologies are solving pressing problems, from wireless energy transfer and liver preservation to advanced 3D printing methods. Designed to showcase the university's growing innovation ecosystem, more than two dozen judges, mostly from industry, helped select the award winners. There was a lot to celebrate: UNC Charlotte now ranks fifth in the nation for new patent filings per research dollar and third for creating new startup companies per research dollar. In just five years, patent filings have accelerated by 200 percent. By recognizing the people behind the patents and placing their work in the public spotlight, the event invited deeper collaboration with industry and affirmed IP as a living, public-facing asset. It was also effective in raising awareness: One attendee confessed that they had 'no idea' this kind of research was taking place at the university. It's rare to see inventors publicly celebrated for their contributions. This public-facing perspective is critical, especially now, when federal funding for university research is being closely scrutinized. One graduate of UNC Charlotte has already proven what's possible when a groundbreaking innovation and effective communication go hand in hand. Dr. Jennifer Pagán didn't just develop a breakthrough water disinfection technology using UV-C LED light as a Ph.D. student in electrical engineering, she turned her invention into a thriving global business. With the help of UNC Charlotte's technology transfer office, she patented and licensed her technology to a local company working from the campus incubator. She went on to co-found AquiSense Technologies, whose UV-C disinfection systems are now used everywhere from Antarctica to the International Space Station. Her journey as an innovator benefitted from the support of federal funding, including SBIR grants. With Peter's encouragement, Pagán has begun telling her story to national audiences. She was recently featured in a "From Campus to Commerce" video by the National Academy of Inventors and selected as one of the Bayh-Dole Coalition's "2025 Faces of American Innovation." Her journey underscores the reality that a patent is not the finish line, it's the starting gate. From writing claims to finding use cases, every step of commercialization depends on communicating the value of the innovation to funders, partners, and end users. Drawing on decades in industry, government, and now academia, Peter offers this advice to inventors hoping to take their ideas to market. 1. Speak plainly. Technical brilliance means little if others can't understand it. Rarely are the benefits of an invention obvious to a non-expert. 'Inventors often don't know how to talk about their invention in a relatable way,' Peter says. Whether she is translating the technical expert language into legal language for a patent or into more common parlance for potential investors, she thinks of her role as an intellectual property attorney as a translator. Remember, whether you're pitching to investors or potential licensees, clarity is key. Don't make the mistake of assuming that the benefit of your invention is obvious. Challenge yourself to capture the benefit of your invention in the shortest phrase possible. 2. Explore more use cases. Peter frequently challenges inventors on campus to consider commercial applications by asking: "What else can it be used for?" That kind of thinking — which is then reflected in the patent claims themselves — is vital for commercialization. 3. Tell the story. Communicating the value of what you've invented is not limited to the invention. The people, context, and potential outcomes matter. Stories are more memorable and persuasive than technical details. Capture the evolution of your invention — with photos, anecdotes, and milestones — to build a story others can easily follow later on. Whether you're tinkering in a garage or conducting federally funded research, the challenge is the same: A patent only creates value when people understand what makes your invention matter. As Laura Peter's work at UNC Charlotte shows, when inventors combine strategic IP with clear storytelling, their ideas don't just get protected — they get adopted, funded, and scaled. That's how inventions leave the lab and start changing lives.
Yahoo
02-06-2025
- Business
- Yahoo
Clarivate and CAPES Expand Landmark Partnership to Power Research and Innovation Across Brazil
New five-year agreement delivers critical academic and life sciences insights into more than 400 institutions, broadening access and driving national research excellence LONDON, June 2, 2025 /CNW/ -- Clarivate Plc (NYSE:CLVT), a leading global provider of transformative intelligence, today announced the renewal of its multi-year partnership with CAPES (Coordenação de Aperfeiçoamento de Pessoal de Nível Superior), significantly expanding access to trusted Academia & Government and Life Sciences & Healthcare data across over 400 Brazilian institutions. As compared to the previous contract, the agreement increases institutional coverage by 57%, extending the reach of high-quality research tools to universities and research centers across Brazil — from major metropolitan areas to the country's most remote regions. As a key agency under Brazil's Ministry of Education, CAPES plays a vital role in advancing postgraduate education, supporting high-level training, and fostering international scientific collaboration. A long-standing partner to CAPES, Clarivate began its collaboration with the agency in 2001, when the Web of Science became one of the first databases integrated into the CAPES Portal. This new agreement builds on that legacy, delivering enhanced access to solutions including Web of Science, Journal Citation Reports, Cortellis Drug Discovery Intelligence and Derwent Innovation Index. By bringing together world-class data and insights from academic research and the life sciences and healthcare sectors, the agreement empowers researchers and practitioners at all levels — including scholars, policy advisors, biomedical scientists and healthcare professionals — to conduct innovative research, develop new treatments, improve patient care, and inform policy decisions. It provides broad access to critical information, advancing evidence-based discovery, education and decision-making across disciplines. Matti Shem Tov, Chief Executive Officer, Clarivate, said: "This expanded partnership with CAPES is a powerful example of how strategic collaboration can accelerate research and innovation on a national scale. Brazil has made remarkable progress in advancing scientific excellence and global collaboration. We're proud to support this momentum by providing trusted data, insights, and technology to researchers across the country — from early discovery through impact assessment. Our shared commitment to expanding access and fostering innovation will continue to shape the future of research in Brazil and beyond." Denise Pires de Carvalho, President, CAPES, said: "Brazil is experiencing a moment of growing scientific output beyond its major urban centers, with resources now being distributed in a more equitable and democratic way to boost productivity across all regions. This collaboration with Clarivate enables us to better understand the scientific production profile of Brazilian institutions and supports more informed investment decisions to reduce regional disparities, which remains a significant national challenge. Many researchers in the North, Northeast and Center-West have limited access to the resources needed to give visibility to their work and expanding that access can make a meaningful difference." The renewed partnership reflects a shared commitment to democratizing access to critical scientific information and enabling data-driven research excellence. Through Web of Science, Journal Citation Reports, and Derwent Innovation Index, academic institutions and government agencies gain deeper visibility into global research trends, publication impact, and innovation pathways — supporting policy development, institutional benchmarking, and scholarly advancement. Complementing these capabilities, expanded access to Cortellis Drug Discovery Intelligence equips Brazil's life sciences community — including postgraduate students, faculty, and biomedical researchers — with comprehensive insights across biology, pharmacology, and chemistry. From disease understanding and drug interactions to clinical studies and intellectual property, users can more efficiently navigate the full R&D lifecycle and accelerate decision-making in high-impact research areas. By significantly expanding access to trusted research and innovation tools, this agreement supports CAPES' mission to reduce regional disparities and foster inclusive academic excellence. Institutions from across Brazil — from leading urban universities to those in underserved and remote regions — can now leverage high-quality data to strengthen postgraduate programs, accelerate innovation, and elevate the global visibility of Brazilian research. Clarivate values its collaboration with CAPES on this initiative to help shape a more connected, informed and future-ready research ecosystem across Brazil, and stands as a resource for academic consortia worldwide seeking to expand access to trusted research, data and insights. To learn more about this partnership and the solutions now available to CAPES institutions, visit here. Notes to editors According to the most recent Institute for Scientific Information G20 research and innovation scorecard: Around 40% of Brazilian research output is internationally collaborative, with many strong bilateral partnerships with the United States. It also participates in larger collaborations involving the U.S., the U.K., Spain, Germany, and France. Compared with other internationally collaborative output, these partnerships are producing papers with above average impact. Its research output shows a strong focus on Sustainable Development Goals (SDGs) Zero Hunger (SDG 2) and Life on Land (SDG 15), with impact for both around 0.7 to 0.8 times the world average. More broadly, Brazilian research output has a strong focus on the Life Sciences, while its output in Medicine has impact around 1.1 times the world average. Around 40% of output is published in open access (OA) journals, with their Humanities and Languages output 2.4 times more likely to be published in an OA journal than the G20 average. About ClarivateClarivate is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit About Fundação Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) Fundação Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) is a consortium dedicated to expanding and strengthening postgraduate studies in Brazil. It ensures the quality of academic programs while fostering the development of highly qualified professionals in research, teaching, and other strategic scientific fields. Media contacts: Clarivate Rebecca KrahenbuhlSenior Manager, External Communications – Academia & Governmentnewsroom@ Catherine DanielDirector, External Communications – Life Sciences & Healthcarenewsroom@ CAPESJoão Mendes Communications View original content to download multimedia: SOURCE Clarivate Plc View original content to download multimedia:
Coin Geek
29-05-2025
- Science
- Coin Geek
BSV for decentralized academic research repositories
Getting your Trinity Audio player ready... The academic research ecosystem faces significant challenges, from paywalled journals to plagiarism and data manipulation. BSV, with its scalable blockchain, low-cost transactions, and immutable data storage, offers a revolutionary platform for decentralized academic research repositories. By enabling secure, transparent storage of papers, datasets, and peer reviews, BSV addresses issues of access, integrity, and fairness in academia. This article explores how BSV can transform research infrastructure, focusing on niche applications like timestamping, open-access micropayments, and sensitive data management. The crisis in academic research Academic publishing is plagued by inefficiencies. Major publishers charge exorbitant fees for journal access, limiting knowledge dissemination, while researchers often receive no compensation for their work. Plagiarism and data falsification undermine credibility, as seen in high-profile retractions in medical research. Centralized repositories like Elsevier or PubMed control access, creating barriers for independent scholars. Not only should research be free, but it should also be verifiable. Blockchain technology can address these issues by providing immutable, accessible repositories, but most blockchains lack the scalability for large datasets or frequent transactions. BSV's high throughput and affordability make it an ideal platform for academic research, enabling a transparent, equitable ecosystem. BSV's technical fit for research repositories BSV's blockchain is built for data-intensive applications. Its unbounded block size supports 1,000,000 transactions per second (TPS), allowing repositories to store vast datasets, from genomic sequences to social science surveys. Transaction fees below $0.00011 make recording metadata, peer reviews, or citations cost-effective. BSV's immutable ledger ensures that research records—papers, datasets, or timestamps—cannot be altered, providing a verifiable audit trail. BSV's timestamping functionality is particularly valuable. Researchers can timestamp papers or datasets to prove originality, preventing plagiarism or priority disputes. Smart contracts can automate peer review workflows, ensuring transparency in reviewer feedback. Data integrity and research trust should go hand in hand. Niche applications: Transforming research BSV's capabilities enable niche academic use cases. Open-access publishing can be funded through micropayments, with readers paying $0.01 to access a paper, directly compensating authors. This disrupts paywalled journals, making research accessible to scholars in developing countries. BSV's data storage allows repositories to host large datasets, such as clinical trial results, with embedded metadata ensuring proper attribution. In sensitive fields like medical research, BSV's immutability protects against data manipulation. For example, a clinical trial dataset could be timestamped and hashed on-chain, allowing regulators to verify integrity. Peer reviews, often opaque, can be recorded transparently, with reviewers incentivized via micropayments. BSV also supports collaborative research, enabling global teams to share data securely without centralized gatekeepers. The future: A decentralized research ecosystem BSV's potential to transform academic research is gaining attention. Projects are exploring blockchain-based repositories, while the BSV Association (BSVA) promotes adoption in scientific communities. As open-access initiatives grow—over 50% of papers are now freely available—BSV's scalable infrastructure could become a standard for research repositories. Challenges include adoption by traditional institutions and ensuring user-friendly interfaces. However, BSV's regulation-friendly design and growing ecosystem position it for success. By fostering transparency and accessibility, BSV could democratize knowledge production. Conclusion BSV's scalable blockchain, low fees, and immutable data storage make it a powerful platform for decentralized academic research repositories. Its ability to timestamp papers, fund open access, and secure sensitive datasets addresses critical challenges in academia. BSV's niche applications promise to transform research infrastructure from plagiarism prevention to transparent peer reviews. As the demand for open, trustworthy science grows, BSV stands poised to redefine how knowledge is shared and preserved, proving blockchain can revolutionize academia. Watch: sCrypt Hackathon students realize there's more to blockchain title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
