形式10-k |Annual Reports Explained

帕特里克柯蒂斯

Reviewed by

帕特里克柯蒂斯 WSO Editorial Board

Expertise:Investment Banking | Private Equity

A Form 10-K是一份法律要求的报告,所有的公共公司必须归档Securities and Exchange Commission (SEC)within 60 days of a company's fiscal year end. This report provides a comprehensive rundown of a company's business operations, financial performance and audited financial statements. The form has much more detail and information then the annual report which a company sends to shareholders prior to annual meetings to elect directors.

这form contains pretty much everything about a company that an investor would want to know when making a decision to buy or sell shares of the stock, or for assessing the credit quality for investment in公司债券。这些文件可以自由访问,可以从公司的网站和SEC下载EDGARdatabase. Here is what EDGAR looks like when you search a company:

Apple-Edgar-Company-Search-10k-insue-eport

什么包含在10 k中

This report is very comprehensive and as such includes a lot of useful information. There are5 basic sections在the report:

  • Business- 本节提供了公司的主要操作概述。它包括产品和服务等主要收入来源manbetx 2.0下载
  • Business Risk Factors- This section outlines the risks associated with the operations of the company and can be current or future risks. These are also typically ranked in the order of importance
  • Selected Financial Data- This section lets the company highlight specific financial information about the company over the past 5 years. It typically presents a short-term view of financial performance.
  • 管理讨论与分析(MD&A) - 本节为公司管理提供了有机会在上次财政年度讨论和解释其表现,并进一步详细了解关键绩效驱动程序和对未来期望的指导
  • 审计财务报表- This section provides specifics on financial performance of the company in the current and prior fiscal years. A letter from the independent auditor is also included and certifies the accuracy of the information presented. The 3 core financial statements included in the report are the:

这se are the 5 primary sections of the form. The more information provided by a company's management in the report the better for investors as they can get a better understanding of the company and are able to make a more informed decision on whether or not to invest. The report also includes signed letters from the CEO and CFO of the company who've sworn under oath that the provided information is accurate.

10-K Examples and Annual Reports

为了了解这些报告的内容,下面是最近的10次上10次报告和年度报告的列表。官方链接到最近的第二份备案和联系其年度报告的链接:

Below is what the Balance Sheet looks like in the filing for Alphabet Inc.

alphabet-10k-chart-annual-report-stock-performance

Annual Report Differencesalphabet-10k-chart-annual-report-stock-performance

这两个文件都重叠在很多关键区域,但仍然存在显着差异。年度报告是一个更具视觉上诉的文件,股东很容易消化。如果您曾经看过年度报告,则立即注意到,使用大量的图片和图表随着时间的推移来读取大量图片和图表。

年度报告通常还包括:

  • 首席执行官的一封信,
  • 公司简要历史,
  • Major divisions, subsidiaries, and general operations
  • Detailed financial statements.

A stark difference between the 2 reports is the strict guidelines required by the SEC on how information is presented and organized, with no pictures or charts.

Here is a letter to shareholders from亚马逊首席执行官杰夫贝塞尔包含在公司的年度报告中

amazon-annual-report-letter-to-shareholders

Where to Find the Reports

这se reports are filed annually with the SEC and are public information. They can be found in many places with company's more often than not including a copy of their filing in the investor relations section of their website where you can also find the Annual Report. The SEC also has a database calledEDGAR您可以免费访问任何公共公司的文件。

Who Uses a 10K?

此表格是一个漫长而全面的文件。因此,它为很多利益相关者提供了信息。该清单包括投资者,就无论是购买或销售本公司的股票,并提供管理渠道,以更详细地解释结果。

投资者和分析师

这se documents contain some of the most detailed information about a company an investor or analyst could use, making it the first place they often go to understand a business's operations, its structure, and financial performance. It provides investors with current and historical information to help forecast future growth and value the company.

Management

这MD&A section of the report is useful for management as they are able to go beyond the numbers and provide explanations for their results and actions. For example, if a company issues bonds to raise capital, they can provide more insight on the proposed project and how it will provide value to the business.

申请Deadline

申请deadlines are dependent on the size of the company and itspublic float。SEC申请指南表示,在财政年度结束日期申请报告的情况下,公众浮动的公司有700亿美元或更长时间的公司。浮子7500万美元至7亿美元的公司有75天。浮子不到7500万美元的公司有90天。

sec-10k-filing-deadline

10K vs 10Q

这些都是类似的文件,因为他们是关于公开交易公司的国家报告。主要区别是报告的频率,10-Q每季度提交(因此Q)。这10-Q also doesnot require companies to have an auditor examine and verify the financial statements. The 10-Q form must be filed within 40 days of the fiscal quarter end. There are 3 quarterly reports filed and the results of the 4th quarter are included in the annual filing.

什么是8 k?

这form8-k不是a regularly filed document with the SEC. Instead the 8-K is reserved for major events for which company shareholders must be made aware. Events that require an 8-K filing include, but are not limited to:

  • 选择高管
  • 售货员
  • 出港
  • Changes in company control
  • Bankruptcy
  • Information about operations
  • Acquisitions

这8-k不是necessarily a bad filing, however it is filed as the information to be presented is expected to have a material effect on the operations of the business, either positive or negative. As such, investors must be aware of the events.

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帕特里克柯蒂斯是一个成员WSO Editorial Boardwhich helps ensure the accuracy of content across top articles on Wall Street Oasis. He has experience in investment banking at Rothschild and private equity at Tailwind Capital along with an MBA from the Wharton School of Business. He is also the founder and current CEO of Wall Street Oasis This content was originally created by memberWallStreetOasis.comand has evolved with the help of our mentors.