Earnings Call
公司在报告期间总结其性能的电话会议或网络广播
收益电话是一个电话会议或网络广播，公司在报告期间总结了其绩效。这是任何人都可以了解一个的机会上市公司的定量和定性元素。
These calls are also an opportunity to ask questions and hear upper management discuss the company's performance. Typically, a call will包括首席执行官,CFO和投资者关系主管。
These calls can provide valuable insight into what the future looks like for the company. However, it's important to remember that the past does not always resemble the future.
These teleconferences can have significant impacts on the performance of the stock as well. A noticeable change in the stock price is not uncommon following the release of the company's financials.
The term "earnings call" comes from a company reporting its earnings and the platform where the discussion of results occurs on a call.
These calls, on average, occur nearly every three months and are open to the public. This includes shareholders, reporters, analysts, and any other individual. As a result, everyone is learning about this information simultaneously, ensuring no one has an advantage.
What is an Earnings Call?
The call is typically held over telephone or webcast but is sometimes held in-person and accompanied by a live broadcast.
An official press release is issued about an hour before the call. However, the press release will sometimes be issued after the market closes, and the call will follow the next morning.
This earnings report summarizes the key points of a company'sfinancial performancein the reporting period. In addition, this document highlights key financial metrics and commentary from upper management that will be discussed in the call.
This is a valuable document to review before the call because it will allow you to follow the discussion better.
Examples of earnings reports in the United States areSECforms10-Q and 10-K.
In addition to providing an analysis of past performance, management will discuss the company's future outlook. It is important to do yourdue diligence and not盲目遵循管理的建议。
TheSecurities and Exchange Commission(SEC) requires earnings statements that disclose financial information forall public companies。
Companies must release three financial reports in the first three fiscal quarters of the year, summarizing each quarter, and then a fourth, summarizing the entire year, at the end of the fourth quarter.
重要性
These calls are one of the primary resources investors and analysts use in the基本分析of a company. In addition, the information provided in the call and the earnings report can give analysts and investors a good idea of how to trade the stock.
Quantitative information provided in the report enables analysts to update their forecasts and earnings estimates. These reports can give basic insight into whether the company is performing to your liking for casual investors.
意识到公司收入电话的日期至关重要，因为投资者经常计划其交易来围绕电话的日期旋转。这是因为投资者经常通过出售或购买更多股票来对公司的业绩做出反应，这会影响股票价格。
These calls inform the public of quantitative performance, such as the company's profitability. Additionally, management will provide insight into qualitative elements such as their plan to grow the company for the future.
Advantages
- Provides information for fundamental analysis of the company
- Guides investors' decisions on trading
- Opportunity for the public to ask questions to management
Disadvantages
- 菌株正常业务运营是因为准备电话需要大量的公司时间和资源。manbetx3.0手机客户端
- The Q&A section could produce unfavorable results if asked about topics management does not want to confront, damaging their image.
Structure
The announcement about an upcoming call is usually released weeks in advance. The information for accessing the call will be included in the announcement.
可以在公司的投资者关系网站上找到该呼叫的信息。在此网站上，您还可以输入电子邮件地址，以通知即将到来的电话。
The call has three elements: a safe harbor statement, an overview of financial results, and a Q&A session.
An abundance of such call examples can be listened to or read on websites such asThe Motley FoolandMarketBeat。此外，某些公司还将在其网站上提供通话的成绩单。
如果您不能参加现场电话，那么以后阅读笔录通常很有价值，以帮助您对公司的评估。
每个部分的示例将在NVIDIA Q1 2023（05/25/2022）的链接中提供收益呼叫笔录。
1.安全港声明
This statement always occurs at the beginning of the call. This is delivered by a representative from the company, often the head of investor relations. It serves as a disclaimer about some of the comments executives will make. This specifically concerns:
- Statements about the future
- Future revenue
- Future margins
- 未来收入
- 未来费用
- 整体业务前景
该声明可作为诉讼的法律保护，因为没有公司知道将来会发生关于收入或公司成功的情况。因此，SEC也需要此警告。
This statement is generally consistent with most companies as it contains legal content that applies to all public companies.
The harbor statement emphasizes that there is risk in investing and that the company only makes future projections based on what they know. In reality, the future is uncertain.
The speaker will likely refer you totheir 10-Q,10-K, and8-Kfilings.
可以阅读NVIDIA港口陈述的一个例子here。
2. Overview of financial results
The discussion of financial results is often led by C-level executives such as the CEO and CFO. However, other executives may also have a role in the call.
The executives present and discuss the company's financial performance over the given reporting period (quarter or year). Additionally, they will discuss future goals and upcoming milestones.
The discussion often begins with the driving factor behind their performance, like what sector is overperforming or what market is underperforming.
This will likely include quantitative statements such as total revenue, revenue growth,GAAP gross margin, non-GAAP gross margin,stock valuation并预期未来的收入。
Management may also share some risks and how they plan to confront them.
对于分析师而言，与普通投资者相比，这通常更重要，因为它可以获得技术。但是，了解公司在财政时期的收入增长以及未来的预期收入可能非常有价值。
An example of NVIDIA's financial results can be readhere。
3. Q&A session
Finally, the question and answer section is generally the longest portion of the call. Investors, analysts, and other participants can ask questions during this time. However, management has the right not to answer or defer certain questions. As a result, not everyone will be able to ask a question.
高管通常没有时间回答十个以上的问题，因此，著名公司的分析师可以优先提出问题。
呼叫必须持续不需要的时间，但通常持续不到一个小时。
During the call, analysts and other people hit a code on the conferencing system to enter themselves into the question queue.
Employees at the company and investor relations team members see the list and can adjust the queue.
The final queue is sent to the operator at the beginning of the Q&A section.
While the order of who can ask a question varies on the company, many firms will start the Q&A section off with an analyst who they expect to be bullish. Then, they will put the bearish analysts in the middle and finally finish it off with analysts they expect to be more positive.
Each company usually has preferences for determining who asks questions.
因此，除非您在著名的公司工作或是一位成熟的分析师，否则您不太可能会问一个问题。
An example of NVIDIA's financial results can be readhere。
Preparing for an earnings call as a shareholder
Researching the company and looking at previous earnings reports may be beneficial before joining the call to ensure you understand what is going on. However, this is not required.
从上季度的开始call transcript and financials can be beneficial to see if the company has made any changes. In addition, noting the Wall Street analyst共识estimates and how they have changed over time can be helpful.
在哪里可以找到此通话信息？
公司将发出有关计划何时预定的通知。如果您在线访问一家公司的投资者关系页面，则很可能会在某个地方放置电子邮件以获取这些更新。
例如，在NVIDIA的投资者关系站点的底部，如下：
Additionally,纳斯达克andYahoo Financekeep updated calendars of calls. Finally, if你cannot attend the call, most companies will post the audio recording and transcript of the call.
Most of the information discussed by the executives can be found in their earnings release and on SEC'sElectronic Data Gathering, Analysis, and Retrieval system (EDGAR)。
If there is a company you are thinking about investing in, it can be valuable to either join their upcoming earnings call or listen to the most recent fiscal quarter's call.
The calls are free to access and take less than an hour to listen to.
听什么？
While valuable information is abundant in the call, it does not offer the complete picture. Therefore, the goal for executives during these calls is to present the information in the best light possible.
尽管如果您不是分析师，可能很难问一个问题，但专业人士提出的问题通常是经过深思熟虑和全面的。
Some key elements to listen to in a call are:
- How the company has performed in relation to analysts' expectations
- The causes of the company's recent financial performance
- 变更或未来计划
- Significant challenges or risks that the company is facing
- How management responds to questions
Listening to how a company responds to changes in the globaleconomyand its adaptability can provide insight into whether it can withstand potential risks in the future.
How management answers questions can be a sign of the success of the company. For example, in a Tesla earnings call following a lackluster quarter, Elon Musk was defensive and slightly hostile when answering analysts' questions.
FAQs
Anearnings callhas no specified time limit but usually lasts less than an hour. The question and answer section is usually the longest portion of the call, so it depends on how many questions the operator takes.
SEC表格10-Qis a quarterly report, while the10-K是一个annual report。在财政年度的前三个季度，10-Qwill be released, and then the 10-K is issued in the fourth quarter.
The SEC requires certain information to be provided in these forms including quantitative financial results and qualitative discussion.
The management discussion and analysis (MD&A) section generally provides the most comprehensive analysis of the company's performance.
This section will explain the reasons for growth or loss in revenue. It will also contain an in-depth analysis of the company'sincome statement,balance sheet, andstatement of cash flows。
收入电话并不是法律要求的，因此公司没有法律义务持有。然而，public companies are requiredto release the details of他们的财务绩效。
Some companies do not have such calls at all and some companies will skip having them for a quarter.
无论如何，许多公司确实有这些电话，因为它们允许管理层在繁荣时期突出成功，并试图在不利时期平息恐惧。
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