In Practise Forensics
Surfacing the accounting concerns and leading indicators of trouble in this filing.
Jay D. Martin retired as CFO, effective July 27, 2026. The reason cited was "decided to retire as an officer and employee of the Company; will serve in a consulting capacity as an employee advisor until August 31, 2026". A permanent successor was named at the same time.
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Reported finance charges revenue grew 22% from 2023 to 2025 while $1.246B in credit losses on forecast changes flowed below the line.
Recurring inventory write-off is excluded from adjusted EBITDA while non-cash FX gain is kept.
Scrapped inventory is classified as restructuring rather than COGS, and outside non-GAAP metrics
Emmanuel Babeau was terminated as CFO, effective August 1, 2026. The reason cited was "Replaced by Massimo Andolina as Group Chief Financial Officer; separation constitutes a unilateral termination under his Employment Agreement, entitling him to post-employment payments and benefits associated with a termination without cause; will serve as Strategic Advisor through March 31, 2027 to assist with
Masimo Acquisition closed June 10, 2026 at $9.8B; $4,960M (50% of FV) goodwill recorded preliminarily
New $70 million goodwill impairment charge on Publishing & Advertising reporting unit recorded
