Financial Reporting
Carvana Chief Financial Officer Mark Jenkins responded to short-seller allegations on Wednesday's earnings call, emphasizing that all related-party transactions have been fully disclosed and that the report is '100% inaccurate.' Earlier, Gotham City Research released a report claiming Carvana's reliance on related-party transactions exceeded what was disclosed and questioned significant omissions in its loan securitization disclosures.
Online travel group Booking Holdings disclosed on its fourth-quarter 2025 earnings call that by integrating generative AI into customer service operations, customer service cost per booking decreased about 10% year-over-year, while total bookings grew about 10% in the same period. CFO Ewout Steenbergen called the results "encouraging."
YETI Holdings announced on Thursday that Scott Bomar, a senior financial executive at Home Depot, will succeed Mike McMullen as Chief Financial Officer, effective February 23. Bomar brings over two decades of financial leadership experience at Home Depot and will also serve as the company's Treasurer and Chief Accounting Officer. In its earnings report released the same day, YETI posted a 7% year-over-year increase in net sales for the fourth quarter of fiscal 2025, reaching nearly $584 million, with international net sales growing by 25%.
Cryptocurrency exchange Gemini Space Station announced on Tuesday, just months after its listing, that its CFO, COO, and CLO have departed, and appointed interim successors. The company is also facing challenges such as a sharp drop in stock price, layoffs, and business contraction.
Kyndryl disclosed on Tuesday a material weakness in its internal control over financial reporting, involving disclosure practices and specific cash management practices. The company has filed its delayed 10-Q and developed a remediation plan led by interim CFO Harsh Chugh and interim controller Bhavna Doegar.
The Wisconsin Senate passed SB732 on Wednesday by unanimous voice vote, establishing a third pathway to CPA licensure in the state: holding a bachelor's degree, two years of experience, and passing the exam qualifies for certification, without the 150-credit requirement. The state House had passed the companion bill the previous day. The bill takes effect immediately upon signing by Governor Tony Evers, expected in March or April. Nationwide, approximately 26 states have implemented CPA pathway reforms, with another 19 states advancing related legislation.
Mike Schor, Deloitte's US internal audit market leader, recently said in an interview with CFO Dive that internal audit should abandon the outdated image of 'fault-finding' or 'saying no,' fostering open dialogue and collaboration with the CFO and key functional departments while maintaining independence and objectivity. He emphasized that modern internal audit must go beyond 'compliance for compliance's sake,' proactively anticipating risks and becoming a driver of enterprise change. Against the backdrop of accelerating AI adoption, internal audit must enhance its skills and secure an 'observer seat' in the enterprise AI governance committee to enable cross-departmental coordination and provide forward-looking insights.
Macrina Kgil, who has experience as a CFO at five companies, is focusing on another potential financial role change this year: stablecoin accounting standards. She hopes FASB will classify stablecoins as cash or cash equivalents rather than intangible assets. Kgil's tenure at Figure gives her a close-up view of related accounting standard changes, as the company merged last year with Figure Markets, which launched the SEC-registered interest-bearing transferable stablecoin $YLDS.
Enterprise technology provider Kyndryl announced on Monday that CFO David Wyshner and General Counsel Edward Sebold have stepped down effective immediately, appointing Harsh Chugh as interim finance chief, among other changes. The company also disclosed that its 10-Q report for the quarter ended December 31 will be delayed due to an audit committee review of cash management practices. Kyndryl expects to disclose a material weakness in internal controls over financial reporting in that report, but CEO Martin Schroeter stated that financial statements will not be restated and reaffirmed the 2028 financial targets.
Alphabet's finance team is deploying AI agents to handle invoices and reconciliation. CFO Anat Ashkenazi stated on the Q4 call that about half of the company's internal code is generated by AI. Gartner expects that by 2028, 30% of enterprise software will include agentic AI, but CFOs need to be wary of hype and data risks.