bc0e6d7f_ue_Investing__Timeless_Reading__Description
[Title] Leases, Debt and Value [Download] Download pdf fileOperating lease converterIndustry averages [Description] 
When leases are categorized as operating leases, the expenses associated with them are treated as operating expenses and leases become as source of off-balance sheet debt (and assets). As the debate about this practice become heated, we look at the consequences of this practice for widely used measures of profitability and financial leverage as well as inputs into valuation models.
Value Investing: Timeless Reading
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