In its latest 10-Q, Asana (ASAN), a work management platform, disclosed that it discounts operating leases by 9.5%. This rate is significantly higher than Asana’s work management and software peers, which report the following discount rates in their most recent filings:

-Atlassian: 2.91%
-Intuit: 2.3%
-Workday: 1.81%
-Paycom: 3.3%
-ADP: 2.1%

Using an inflated discount rate hide’s a firm’s true liabilities from investors.

Asana has $382 million in future operating lease obligations. The present value of those obligations, according to Asana, is $214.2 million. If we use the blended average discount rate for Asana’s peer group— 2.48%— we calculate a lease liability of $322.5 million. It means Asana is understating the present value of its lease liabilities by approximately $108.3 million, or 28.3% of its future operating lease obligations and 13.6% of total liabilities.

Asana’s 9.5% discount rate is up from 3.4% the prior year, or 179.4%.