Monday, May 20, 2019
Research Paper: Capex Spending

Thursday, May 16, 2019
Psst: Got Any Weed?

Wednesday, May 15, 2019
Open Letter: SEC Proposed Rule for BDCs

Friday, May 10, 2019
General Motors and Workhorse

Monday, May 6, 2019
How to Find Earnings Release Data

Tuesday, April 23, 2019
Following Restructuring Costs Over Time

Monday, April 22, 2019
Capex Spending: More Than You Might Think

Saturday, April 13, 2019
When AWS Takes Over the World

Thursday, April 11, 2019
Data Trends in Focus: Restructuring Costs

Sunday, April 7, 2019
How One Customer Crushed It With Calcbench

Thursday, April 4, 2019
TJX Shows Complexity of Leasing Costs Reporting

Tuesday, April 2, 2019
CEO Pay Ratios: Some 2018 Thoughts

Wednesday, March 27, 2019
Corporate Spending: Where It Goes, 2017 vs. 2018

Monday, March 25, 2019
Health Insurers: A Bit Winded?

Friday, March 22, 2019
Our New Master Class Video

Thursday, March 21, 2019
Tech Data’s Goodwill Adjustment

Tuesday, March 19, 2019
There’s Taxes, and There’s Taxes

Saturday, March 16, 2019
Adventures in Tax Cuts and Net Income

Monday, March 11, 2019
Big Moves in Goodwill, Intangible Value

Friday, March 8, 2019
CVS, Goodwill, and Enterprise Value

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Calcbench is known for delivering detailed numbers and text from the primary financial statements and footnotes section of annual and quarterly filings.

However, over the last year we’ve expanded our focus. Last fall we added text from earnings press releases (8-K) and proxy statements (Def-14A) to our interactive disclosure viewer.

And last week, we are pleased to say, we added other parts of the annual and quarterly filings, beyond the standard statements and footnotes. These include the Management’s Discussion and Analysis, the Business Description, Risk Factors, and more.

In the near future we hope to also bring you some of the important numbers from these new areas as well. (But in the meantime we’ve made it easy for you to quickly extract numbers on your own into Excel).

Let’s take a deeper look at one of these sections, the MD&A.

In every 10-K or 10-Q, companies need to report a whole checklist of information that is strictly defined by the SEC and FASB. However, in one place they can use their own words and metrics to explain their results and describe what is happening at the company. This is the Management’s Discussion and Analysis of Financial Condition and Results of Operations.

From a numbers standpoint, here you’ll find a variety of company specific performance metrics, like ‘comparable store’ sales changes, subscriber ‘churn’, order backlog, customer acquisition costs and ‘ARPU, detailed geographic breakouts, and results by product line. The important thing to remember about these numbers is they are not strictly defined, so their definitions and usage will vary from company to company.

A great way to learn about a new company is to go back a few years and look at this section, and how it changes over time. How have things changed? Does management stick to its story year after year? Do they deliver the results they promise, or do they make excuses?

You may have heard recently (on this blog, or in the news) discussion over ‘Non-GAAP financial measures’, like ‘Adjusted Net-income’. Outside of the company’s earnings press releases, the MD&A is the other likely place you will find these measures used. (And if they are, you should also find the required reconciliation to their GAAP counterparts). These measures are used by management to try to explain their core business trends by excluding certain items. But investors and regulators accuse some companies of using them to sugar coat their results

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