BearCaution

DOS Jehoshaphat Research is Short Amdocs Ltd. (DOX)

VIEW Jehoshaphat Research is Short View, Inc. (VIEW)

AHCO Jehoshaphat Research is Short AdaptHealth Corp. (AHCO)

MXL Jehoshaphat Research is Short MaxLinear Inc. (MXL)

BWXT Jehoshaphat Research is Short BWX Technologies, Inc. (BWXT)

ARMC Jehoshaphat Research is Short Ameresco (AMRC)

HASI Jehoshaphat Research is short Hannon Armstrong (HASI)

ARRY Jehoshaphat Research is Short Array Technologies (ARRY)

669.HK Jehoshaphat Research is Short Techtronic Industries Ltd. (669 HK)

We’re short the securities of Techtronic (669 HK, or “TTI”), a power tools company that’s been inflating its profits dramatically for over a decade with manipulative accounting. A broad “toolbox” of accounting games has enabled TTI to engineer a profit margin trendline so perfect, it does not otherwise exist on Earth. Of every single public company over $1bn revenue in the entire world, TTI is the only one whose gross margin has gone up every half-year, sequentially, for ten years straight

PGNY Jehoshaphat Research is Short Progyny (PGNY)

We are short shares of Progyny (PGNY), a company we believe is deceiving the investor community via its financial reporting practices. These practices rely on complex accounting that PGNY appears to have been exploiting for years. We believe that PGNY recently has taken its aggression to a brazen level by secretively changing important accounting policies that materially inflate profits. We calculate that PGNY is actually unprofitable, but masks this problem with accounting games.