In October 2016, Calcbench was delighted to attend a panel discussion at the Corporate Reporting Users Forum (CRUF), held in New York at the offices of Morgan Stanley.

At that meeting, a particularly noteworthy item was brought up by Simon Flannery of Morgan Stanley: he said it would be great if “firms filed their 10-Q within a day or two” of publishing their earnings releases.

That’s a good idea, we thought. So we examined the publishing behavior of firms around the quarter end, the Form 8-K earnings press release, and the publishing of the 10-Q. You can read that work in our blog post from that time.

Now we offer an update to that analysis here.

What We Found

We examined filings from January 2017 through April 30, 2018. The numbers of filings examined are in the table below:

10-Q Filings 10-K Filings 2017 11,511 3,482 2018 705 3,015

For annual reports, we listed the average number of days from period end to earnings press release as (you guessed it) Days to 8-K. The next column is the same measurement for period end to annual report filing. It implies, on average, a roughly 10 to 11-day lag time in both 2017 and 2018.

Days to 8K Days to 10K 2017 50.9 61.7 2018 51.5 61.9

In the quarterly report analysis you see a roughly 3 to 4-day delay.

Days to 8K Days to 10Q 2017 32.3 36.0 2018 33.6 37.0

Next we looked at SEC filer categories to get a more precise view of the data. As would be expected, larger firms (which typically have larger financial reporting teams and practices) are faster than the average firm. Large filers usually go about 45 days from the end of their fiscal year to the 8-K earnings release; and another 12 days after that until the 10-K is public — for a total of 57 days from end of fiscal year to 10-K filed.

The 10-Q filing times follow a similar pattern: 30 days from quarter end until 8-K, and then another four days until the 10-Q is released.

10-Ks Submitted in 2017

Days to 8K Days to 10K Large Accelerated Filer 45.5 57.3 Accelerated Filer 54 63.9 Non-Accelerated Filer 53.6 63.6 Smaller Reporting Company 57.6 68.3 S&P 500 Firms 34.7 50.4 2017 Average 50.9 61.7

10-Ks Submitted in 2018

Days to 8K Days to 10K Large Accelerated Filer 40.1 53.3 Accelerated Filer 51.4 62.8 Non-Accelerated Filer 55.3 62.5 Smaller Reporting Company 66.5 75.4 S&P 500 Firms 35.5 51.1 2018 Average 51.5 61.9

10-Qs Submitted in 2017

Days to 8K Days to 10Q Large Accelerated Filer 30.1 34 Accelerated Filer 32.3 36.2 Non-Accelerated Filer 33.9 37 Smaller Reporting Company 34.5 38.7 S&P 500 Firms 27.1 31.7 2017 Average 32.3 36

10-Qs Submitted in 2018*

Days to 8K Days to 10Q Large Accelerated Filer 28.6 32.6 Accelerated Filer 35.6 38.3 Non-Accelerated Filer 38.9 41.5 Smaller Reporting Company 37.7 41.3 S&P 500 Firms 33.6 37 2018 Average 33.6 37

* 2018 quarterly filings are currently a small sample size.

Given the data above, we compiled a list of “Fast S&P500 Filers” — those firms that filed earnings releases within 30 calendar days of their fiscal year-end date and their 10-Ks within 15 days after that. (Both 2018 and 2017 filings are in the list.)

Fast 10-K Filers

NVIDIA 2018 CSX CORP. 2018 UNITEDHEALTH GROUP INC. 2018 KINDER MORGAN 2018 FASTENAL CO. 2018 SCHLUMBERGER LTD. 2018 KANSAS CITY SOUTHERN 2018 NETFLIX 2018 HALLIBURTON 2018 KIMBERLY-CLARK 2018 COMCAST 2018 FORD MOTOR CO. 2018 UNITED RENTALS 2018 UNITED TECHNOLOGIES CORP. 2018 NORFOLK SOUTHERN 2018 GENERAL DYNAMICS 2018 WHIRLPOOL 2018 3M CO. 2018 NORTHROP GRUMMAN 2018 BIOGEN 2018 INTUITIVE SURGICAL INC. 2018 CELGENE CORP. 2018 SOUTHWEST AIRLINES CO. 2018 UNION PACIFIC 2018 GALLAGHER ARTHUR J & CO 2018 HONEYWELL INTERNATIONAL 2018 NORDSTROM 2018 SALESFORCE.COM 2018 PRINCIPAL FINANCIAL GROUP 2018 ALEXANDRIA REAL ESTATE EQUITIES 2018 LOCKHEED MARTINP 2018 NVIDIA 2017 DELTA AIR LINES 2017 UNITEDHEALTH GROUP 2017 NETFLIX 2017 KINDER MORGAN 2017 CISCO SYSTEMS 2017 FASTENAL CO. 2017 UNION PACIFIC 2017 SCHLUMBERGER LTD. 2017 KANSAS CITY SOUTHERN 2017 MICROSOFT 2017 ORACLE 2017 INTUIT 2017 HALLIBURTON 2017 KIMBERLY-CLARK 2017 LOCKHEED MARTIN 2017 CORNING 2017 ANALOG DEVICES 2017 STRYKER COR.P 2017 INTUITIVE SURGICAL 2017 EBAY 2017 XILINX 2017 SEAGATE TECHNOLOGY 2017 ILLINOIS TOOL WORKS 2017 UNITED RENTALS 2017 UNITED TECHNOLOGIES CORP. 2017 F5 NETWORKS 2017 BOEING 2017 NORFOLK SOUTHERN CORP. 2017 FORD MOTOR CO. 2017 COMCAST 2017 ARTHUR J. GALLAGHER & CO 2017 CELGENE CORP. 2017 ROBERT HALF INTERNATIONAL 2017 SOUTHWEST AIRLINES 2017 PAYPAL HOLDINGS 2017 DOVER CORP./td> 2017 NORTHROP GRUMMAN 2017 T ROWE PRICE GROUP 2017 FRANKLIN RESOURCES 2017 PULTE GROUP 2017 BIOGEN 2017 ALPHABET INC. (GOOGLE) 2017 WHIRLPOOL CORP. 2017 KLA TENCOR CORP. 2017 AUTOMATIC DATA PROCESSING 2017 GENERAL DYNAMICS 2017 HONEYWELL INTERNATIONAL 2017 PROCTER & GAMBLEo 2017 SALESFORCE.COM 2017 SYNOPSYS 2017


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