references/best-practices.md
# Best Practices, Examples, and Quality Guidelines
This document provides examples, tips for success, common mistakes to avoid, and comprehensive quality checklists.
## Example Headlines
### Good Earnings Update Headlines:
- "Nike Q2 FY24: DTC Strength Offsets Wholesale Weakness - Maintaining OW, PT $95"
- "Tesla Q3'24: Cybertruck Ramp Ahead of Plan - Raising Estimates, PT to $285"
- "LVMH Q4'24: Fashion & Leather Resilient, Wines Weak - In-Line, Reiterating Buy"
- "Apple Q1 FY24: Services Beat, iPhone Miss - Mixed Quarter, Lowering PT to $185"
### Bad Headlines (Avoid):
- "Nike Quarterly Update" (too generic, no takeaway)
- "Company Reports Earnings" (states obvious, no analysis)
- "Q3 Results Analysis" (no company name, no view)
## Tips for Success
1. **Speed matters**: Published 24-48hrs post-earnings, not days later
2. **Lead with conclusion**: Beat or miss? Up or down estimates?
3. **Quantify everything**: "Strong" means nothing, "$150M beat on $1.2B revenue" is clear
4. **Focus on drivers**: Don't just say "revenue beat", explain WHY
5. **Show the work**: Old estimates → New estimates with reasons
6. **Update price target if material**: If estimates change >5%, usually PT changes too
7. **Acknowledge the call**: Reference management commentary, don't just analyze the press release
8. **Compare to peers**: If similar companies reported, note relative performance
9. **Be concise**: This is NOT a comprehensive report, stay focused on quarterly results
10. **Chart the trends**: Quarterly progression charts are most valuable
## Common Mistakes to Avoid
❌ **Too comprehensive**: Don't write an initiation-length report for quarterly results
❌ **Missing beat/miss**: Lead with whether results beat or missed expectations
❌ **Not updating estimates**: Must provide updated forward estimates
❌ **Vague language**: "Strong performance" without quantification
❌ **Ignoring guidance**: If company guides, analyze it thoroughly
❌ **Too slow**: Publishing 5+ days after earnings loses relevance
❌ **Rehashing basics**: Don't spend 3 pages explaining what the company does
❌ **Missing price target update**: If estimates changed materially, PT should too
❌ **No investment impact**: Must connect results to thesis and rating
❌ **Missing citations**: Every number needs a source with clickable hyperlinks
❌ **Plain text URLs**: All URLs must be formatted as clickable hyperlinks
## Comprehensive Quality Control Checklist
Before delivering earnings update, verify all items below:
### Content & Analysis Checklist
**Beat/Miss Analysis:**
- [ ] Beat/miss analysis leads the report
- [ ] Specific variances quantified (e.g., "beat by $120M or 3%")
- [ ] Explanation of WHY results differed from expectations
- [ ] Analysis of each key metric (revenue, EPS, margins, etc.)
**Metrics & Performance:**
- [ ] All key metrics discussed with YoY comparisons
- [ ] QoQ comparisons included where relevant
- [ ] Segment/geographic/product breakdowns provided
- [ ] Operating metrics analyzed (customers, ARPU, units, etc.)
**Guidance & Estimates:**
- [ ] Guidance changes analyzed and quantified (if provided)
- [ ] If no guidance, this is explicitly noted
- [ ] Updated estimates provided for current year
- [ ] Updated estimates provided for next year
- [ ] Old vs. new estimates clearly shown
- [ ] Explanation of what changed and why
**Valuation & Rating:**
- [ ] Price target updated (if warranted by results)
- [ ] If PT unchanged, explicitly maintained
- [ ] Valuation methodology explained
- [ ] Rating confirmed or changed with clear rationale
- [ ] Investment thesis assessed and updated if needed
### Format & Length Checklist
**Overall Structure:**
- [ ] Report is 8-12 pages (not shorter, not longer)
- [ ] Page 1 has earnings summary format
- [ ] Page 1 has "EARNINGS UPDATE" in title (NOT "Initiating Coverage")
- [ ] Event-driven title (e.g., "Strong Q3 Results...")
**Tables:**
- [ ] 1-3 summary tables included (NOT comprehensive tables)
- [ ] All tables have clear column headers
- [ ] All tables have header row shading
- [ ] All tables have source lines at bottom
- [ ] Estimates table shows old vs. new with change column
**Charts:**
- [ ] 8-12 charts embedded throughout document
- [ ] All charts have "Figure X - [Title]" caption above
- [ ] All charts have "Source: [Source]" line below
- [ ] Charts focus on quarterly trends
- [ ] Charts highlight changes (beat/miss, revisions)
- [ ] Charts use professional styling
### Citations & Sources Checklist ⭐⭐⭐ MANDATORY
**Figure & Table Citations:**
- [ ] Every figure has specific source with document name and date
- [ ] Every table has specific source with document reference
- [ ] Source citations include page numbers or slide numbers where applicable
**Beat/Miss Citations:**
- [ ] Beat/miss analysis cites consensus source (Bloomberg, FactSet, etc.)
- [ ] Consensus source includes "as of" date (pre-earnings close)
- [ ] Company reported results cited to earnings release or 10-Q
**Guidance Citations:**
- [ ] Current guidance cited to earnings call transcript or release
- [ ] Prior guidance cited to previous quarter's materials
- [ ] Both current and prior guidance sources hyperlinked
**Statistics & Metrics:**
- [ ] Key statistics have footnotes with sources
- [ ] Footnotes reference specific documents and page/slide numbers
- [ ] Management quotes cite speaker name and source document
**Hyperlinks:** ⭐⭐⭐ CRITICAL
- [ ] ALL URLs are CLICKABLE HYPERLINKS (not plain text)
- [ ] Hyperlinks formatted with meaningful display text
- [ ] Blue, underlined hyperlink formatting in Word document
- [ ] Hyperlinks tested and working (Ctrl+Click opens correct page)
- [ ] All SEC filings hyperlinked to EDGAR viewer
- [ ] All earnings materials hyperlinked (release, transcript, presentation)
- [ ] Prior quarter materials hyperlinked for comparison
- [ ] No raw URLs displayed anywhere in document
**Sources Section:**
- [ ] "Sources & References" section included at end of report
- [ ] Section lists all earnings materials with dates
- [ ] All materials have clickable hyperlinks
- [ ] Consensus data sources listed (even if no link for subscription data)
- [ ] Prior period references included
### Accuracy Checklist
**Numerical Accuracy:**
- [ ] Numbers match company's reported results exactly
- [ ] Math checks out in all calculations
- [ ] Estimate changes calculated correctly
- [ ] Valuation math is accurate
- [ ] Charts match text descriptions
**Factual Accuracy:**
- [ ] No typos in ticker symbol
- [ ] No typos in company name
- [ ] Dates are current and accurate
- [ ] Quarter/year references are correct
- [ ] Year notation correct (A for actual, E for estimate)
### Timeliness Checklist
**Publication Timing:**
- [ ] Report published within 24-48 hours of earnings release
- [ ] If later than 48 hours, acknowledged as "delayed reaction"
- [ ] ✅ **VERIFIED all data is from LATEST quarter by searching for recent earnings**
- [ ] ✅ **Did NOT rely on knowledge cutoff - actively searched for current data**
- [ ] Consensus estimates are pre-earnings (not post-earnings)
- [ ] No outdated information included
- [ ] Earnings release date is within last 1-3 months (not 6+ months old)
### Writing Style Checklist
**Clarity & Directness:**
- [ ] Lead with numbers ("Revenue grew 15% to $1.2B" not "Strong revenue")
- [ ] Use "vs." not "versus"
- [ ] Be direct and concise throughout
- [ ] Focus on what's NEW (not rehashing company basics)
- [ ] Avoid vague language ("strong performance" without quantification)
**Professional Standards:**
- [ ] Institutional tone maintained
- [ ] Consistent terminology throughout
- [ ] No informal language
- [ ] Proper financial notation
## Pre-Delivery Final Check
Run through this quick final check before sending report to user:
### 5-Minute Final Review:
1. **Page 1**: Rating clear? Price target updated? Key takeaways compelling?
2. **Numbers**: Do reported results match company's press release exactly?
3. **Citations**: Spot check 3-4 figures/tables - all have sources with clickable hyperlinks?
4. **Estimates**: Old vs. new clearly shown? Changes explained?
5. **Charts**: All 8-12 embedded? All numbered and captioned?
6. **Length**: Is it 8-12 pages (not 6, not 15)?
7. **Hyperlinks**: Test 3-4 hyperlinks - do they work with Ctrl+Click?
8. **Timeliness**: Is this being published within 48 hours of earnings?
If all items check out, the report is ready for delivery.
## Summary Delivery Format
When delivering the completed report to the user, provide this summary:
```
[Company] Q[X] [Year] Earnings Update Complete
Results: [BEAT / INLINE / MISS]
- Revenue: $X.XB ([beat/missed] by $XXM or X%)
- EPS: $X.XX ([beat/missed] by $X.XX)
Key Takeaways:
■ [Takeaway 1]
■ [Takeaway 2]
■ [Takeaway 3]
Updated Estimates:
- FY[Year]E Revenue: $XX.XB (prior: $XX.XB, [+/-]X%)
- FY[Year]E EPS: $X.XX (prior: $X.XX, [+/-]X%)
Rating: [MAINTAINED / RAISED / LOWERED] [RATING]
Price Target: $XXX (prior: $XXX) - [+/-]XX% upside
Deliverables:
✓ 8-12 page earnings update report (DOCX)
✓ 8-12 embedded charts
✓ Updated estimates with old/new comparison
✓ Complete sources section with clickable hyperlinks
✓ [Optional: Updated XLS financial model]
File: [Company]_Q[X]_[Year]_Earnings_Update.docx
```
references/report-structure.md
# Report Structure and Templates
This document provides complete page-by-page templates and formatting requirements for the earnings update DOCX report.
## Complete Report Structure
**REPORT STRUCTURE:**
---
## PAGE 1: EARNINGS SUMMARY
**Top Section - Header:**
```
[COMPANY NAME] ([TICKER])
[QUARTER] [YEAR] EARNINGS UPDATE
[Current Date]
Rating: [MAINTAIN/RAISE/LOWER] [RATING]
Price (as of [date]): $XX.XX
Price Target: [OLD → NEW if changed, or MAINTAIN $XXX]
```
**Top Section - Quick Summary Box:**
```
EARNINGS SUMMARY
─────────────────────────────────────────────────
Q[X] [YEAR] RESULTS: [BEAT / INLINE / MISS]
Reported Est Variance
Revenue $X,XXX $X,XXX +$XXX (+X%)
EPS (Adj) $X.XX $X.XX +$X.XX (+X%)
Key Takeaways:
■ [Takeaway 1 - one sentence]
■ [Takeaway 2 - one sentence]
■ [Takeaway 3 - one sentence]
```
**Main Content - Investment Impact (3-4 bullets):**
Use ■ character with **bold headers** and paragraph-length explanations:
```
■ **Results beat on strong [segment/geography/product], maintaining positive momentum**
Q[X] revenue of $X.XB exceeded our $X.XB estimate by X% and consensus by X%,
driven primarily by [specific driver]. [Segment] revenue grew X% YoY (vs. our
X% estimate), while [segment] grew X% (vs. X% estimate). Management highlighted
[specific products/initiatives] as key growth drivers and maintained confident
tone on outlook. The beat demonstrates [thesis point], reinforcing our positive
view.
■ **Margins expanded XXbps YoY despite [headwind], showcasing operational leverage**
[Detailed margin analysis paragraph...]
■ **Guidance raised / maintained / lowered - implies [interpretation]**
[Detailed guidance analysis paragraph...]
■ **Maintaining [RATING] with [raised/unchanged] $XXX price target**
[Investment conclusion paragraph...]
```
**Bottom Section - Updated Estimates Table:**
```
UPDATED FINANCIAL ESTIMATES
─────────────────────────────────────────────────────────────────
FY2024E (OLD) FY2024E (NEW) Change FY2025E (NEW)
Revenue ($M) XX,XXX XX,XXX +X% XX,XXX
Revenue Growth (%) X.X% X.X% +XXbps X.X%
Gross Margin (%) XX.X% XX.X% +XXbps XX.X%
EBITDA ($M) X,XXX X,XXX +X% X,XXX
EBITDA Margin (%) XX.X% XX.X% +XXbps XX.X%
EPS (Adjusted) ($) X.XX X.XX +X% X.XX
P/E (x) XX.Xx XX.Xx -X% XX.Xx
Note: "E" = Estimate. Old estimates from [prior report date].
Source: Company data, [Firm Name] estimates.
```
---
## PAGES 2-3: DETAILED RESULTS ANALYSIS
Break down results by:
### Revenue Analysis (1 page)
- Total revenue beat/miss explanation
- Segment/geographic/product breakdown
- YoY and sequential trends
- Comparison to guidance (if provided)
**Table: Quarterly Revenue Progression**
```
Q[X-3] Q[X-2] Q[X-1] Q[X] YoY Chg QoQ Chg
Total Revenue ($M) X,XXX X,XXX X,XXX X,XXX +X% +X%
[Segment A] ($M) XXX XXX XXX XXX +X% +X%
[Segment B] ($M) XXX XXX XXX XXX +X% +X%
[Segment C] ($M) XXX XXX XXX XXX +X% +X%
Note: Q[X] = [Quarter] [Year]
Source: Company reports, [Firm Name] analysis
```
### Profitability Analysis (1 page)
- Gross margin analysis (drivers, trends)
- Operating margin analysis
- Below-the-line items (interest, tax, etc.)
- EPS reconciliation (adjusted vs. GAAP)
**Table: Margin Analysis**
```
Q[X-3] Q[X-2] Q[X-1] Q[X] YoY Chg
Gross Margin (%) XX.X% XX.X% XX.X% XX.X% +XXbps
Operating Margin (%) XX.X% XX.X% XX.X% XX.X% +XXbps
Net Margin (%) XX.X% XX.X% XX.X% XX.X% +XXbps
Key Drivers:
+ [Positive driver 1]
+ [Positive driver 2]
- [Negative driver 1]
- [Negative driver 2]
```
**Embed 2-3 charts on these pages:**
- Chart 1: Quarterly revenue progression
- Chart 2: Quarterly EPS progression
- Chart 3: Margin trends
---
## PAGES 4-5: KEY METRICS & GUIDANCE
### Business Metrics (1 page)
- Customer count, ARPU, units, store count, etc.
- Whatever metrics company emphasizes
- Comparison to expectations
- Trends and outlook
**Table: Key Operating Metrics**
```
Q[X-3] Q[X-2] Q[X-1] Q[X] YoY Chg Our Est Var
[Metric 1] XXX XXX XXX XXX +X% XXX +X%
[Metric 2] XXX XXX XXX XXX +X% XXX +X%
[Metric 3] XXX XXX XXX XXX +X% XXX +X%
Source: Company reports
```
### Guidance & Outlook (1 page)
- What guidance was provided (if any)
- Comparison to prior guidance
- Comparison to Street estimates
- Our assessment of achievability
- Key assumptions
**If guidance provided:**
```
MANAGEMENT GUIDANCE vs. ESTIMATES
─────────────────────────────────────────────────────────────────
New Guidance Old Guidance Change Street
FY2024E Revenue $XX-XXB $XX-XXB Raised $XX.XB
FY2024E EPS $X.XX-X.XX $X.XX-X.XX Raised $X.XX
Our Take: [Brief assessment of guidance]
```
**Embed 2-3 charts:**
- Chart 4: Key metrics trends
- Chart 5: Guidance vs. Street comparison
- Chart 6: Revenue by segment/geography
---
## PAGES 6-7: UPDATED INVESTMENT THESIS
### Thesis Impact Assessment (1-2 pages)
For each key thesis pillar, assess impact of results:
```
■ **Thesis Pillar 1: [Original thesis statement]**
Status: [STRENGTHENED / UNCHANGED / WEAKENED]
Q[X] results [supported / challenged] this thesis pillar because [specific
evidence from results]. [Detailed analysis of 150-200 words explaining how
results impact this specific thesis element.]
■ **Thesis Pillar 2: [Original thesis statement]**
[Similar analysis]
■ **Thesis Pillar 3: [Original thesis statement]**
[Similar analysis]
```
### Risks Update (0.5 pages)
- Any new risks identified?
- Have existing risks been mitigated or worsened?
- Brief assessment
**Embed 1-2 charts:**
- Chart 7: Valuation vs. historical
- Chart 8: Estimate revision comparison
---
## PAGES 8-10: VALUATION & ESTIMATES
### Updated Valuation (1-2 pages)
**DCF Update:**
```
Updated DCF inputs based on Q[X] results:
- Revenue growth FY24E: X.X% → X.X% (raised/lowered)
- EBIT margin FY24E: XX.X% → XX.X%
- Terminal growth: X.X% (unchanged)
- WACC: X.X% (unchanged)
Updated DCF fair value: $XXX (prior: $XXX)
```
**Comparable Companies:**
```
[Company] trades at XX.Xx NTM P/E vs. peer median of XX.Xx (-X% discount).
Given [rationale], we believe [premium/discount/inline] valuation is warranted.
```
**Price Target Methodology:**
```
Our $XXX price target (prior: $XXX) is based on:
- XX% DCF
- XX% NTM P/E of XX.Xx (vs. peers at XX.Xx)
- XX% EV/EBITDA
Implied upside: +XX% from current price of $XXX
```
### Updated Estimates Detail
Provide updated estimates for at least current year and next year:
```
DETAILED ESTIMATE UPDATES
─────────────────────────────────────────────────────────────────
FY2024E FY2025E
Old New Change New Estimate
Revenue ($B) XX.X XX.X +X.X% XX.X
[Segment A] XX.X XX.X +X.X% XX.X
[Segment B] XX.X XX.X +X.X% XX.X
Gross Profit ($B) XX.X XX.X +X.X% XX.X
Gross Margin (%) XX.X% XX.X% +XXbps XX.X%
EBITDA ($B) X.X X.X +X.X% X.X
EBITDA Margin (%) XX.X% XX.X% +XXbps XX.X%
Operating Income X.X X.X +X.X% X.X
Op Margin (%) XX.X% XX.X% +XXbps XX.X%
Net Income ($B) X.X X.X +X.X% X.X
EPS - Adjusted ($) X.XX X.XX +X.X% X.XX
EPS - GAAP ($) X.XX X.XX +X.X% X.XX
P/E (x) XX.Xx XX.Xx XX.Xx
EV/EBITDA (x) XX.Xx XX.Xx XX.Xx
Source: [Firm Name] estimates
```
**Embed 1-2 charts:**
- Chart 9: P/E or EV/EBITDA bands
- Chart 10: Price target walk (old → new)
---
## PAGES 11-12: APPENDIX (Optional)
### Detailed Quarterly Models (if space allows)
- Income statement detail
- Cash flow highlights
- Balance sheet highlights
### Call Transcript Highlights (optional)
- Key Q&A excerpts
- Notable management quotes
### Peer Comparison (if peers have reported)
- How results compare to competitors
- Market share implications
**Embed final charts:**
- Chart 11: Peer comparison
- Chart 12: Additional supporting charts
---
## FORMATTING REQUIREMENTS
### 1. Page 1 Requirements
- Clear rating (MAINTAIN OUTPERFORM, RAISE TO BUY, etc.)
- Updated price target prominently displayed
- Summary table with old/new estimates
- 3-4 paragraph-length bullets with ■ character
### 2. All Tables Requirements
- Source line at bottom
- Clear column headers
- Shading for header rows
### 3. All Charts Requirements
- "Figure X - [Title]" caption above
- "Source: [Source]" line below
- Professional styling
### 4. Year Notation
- Use A for actual (Q3'24A)
- Use E for estimate (Q4'24E)
### 5. Writing Style
- Lead with numbers ("Revenue grew 15% to $1.2B" not "Strong revenue growth")
- Use "vs." not "versus"
- Be direct and concise
- Focus on what's NEW
### 6. Hyperlink Requirements ⭐⭐⭐
- ALL URLs must be clickable hyperlinks in Word
- Blue, underlined text that opens on Ctrl+Click
- Display text meaningful (not raw URL)
- Every source citation should have clickable link where applicable
- No plain text URLs - always format as hyperlinks
## Citation Examples for Specific Content
### For Beat/Miss Analysis:
```
Revenue of $2.45B beat consensus of $2.39B by $60M (2.5%)¹
¹ Bloomberg consensus as of market close November 6, 2024; Company earnings release November 7, 2024
[Hyperlink "earnings release" to: https://investor.company.com/news/q3-2024-earnings]
```
### For Guidance:
```
Management raised FY2024 revenue guidance to $9.8-10.0B from prior $9.5-9.7B²
² Q3 2024 Earnings Call, November 7, 2024, CFO prepared remarks
[Hyperlink "Earnings Call" to: https://seekingalpha.com/article/...]
Prior guidance from Q2 earnings call August 8, 2024
[Hyperlink "Q2 earnings call" to August transcript]
```
### For Key Metrics:
```
Enterprise customers grew 23% YoY to 845, with net revenue retention at 128%³
³ Q3 2024 10-Q, page 23
[Hyperlink "10-Q" to: https://www.sec.gov/cgi-bin/viewer?accession=...]
Q3 2024 Investor Presentation slide 8
[Hyperlink "Investor Presentation" to PDF]
```
references/workflow.md
# Detailed Workflow for Earnings Updates
This document provides detailed step-by-step instructions for each phase of the earnings update process.
## ⚠️⚠️⚠️ CRITICAL WARNING: ALWAYS USE THE LATEST EARNINGS DATA ⚠️⚠️⚠️
**STOP AND READ THIS FIRST:**
Training data is OUTDATED. Actively search for and retrieve the MOST RECENT earnings materials. Using outdated earnings data is the #1 mistake in earnings analysis.
**BEFORE STARTING:**
1. **CHECK TODAY'S DATE** - Write down the current date
2. **SEARCH FOR LATEST** - Use web search to find the most recent earnings
3. **VERIFY THE DATE** - Confirm the earnings release is within the last 3 months
4. **IF OLDER THAN 3 MONTHS** - Wrong quarter obtained, search again
## Phase 1: Earnings Data Collection (30-60 minutes)
### Step 1: Identify the Latest Earnings Period
**CRITICAL**: ALWAYS SEARCH FOR THE LATEST EARNINGS - DO NOT RELY ON KNOWLEDGE CUTOFF.
**CRITICAL**: NEVER USE EARNINGS DATA FROM TRAINING - IT IS OUTDATED.
**Step 1a: Search for Latest Earnings Release**
**🚨 ACTIVELY SEARCH - training data is outdated. 🚨**
**MANDATORY STEP 1: CHECK TODAY'S DATE**
- **Write down today's date explicitly**: [Month] [Day], [Year]
- **Use this to verify** that any earnings found are within 3 months
- **Example**: "Today is October 29, 2024"
**MANDATORY STEP 2: SEARCH FOR "LATEST EARNINGS"**
- **Use web search** with queries like:
- `[Company name] latest earnings results`
- `[Company name] most recent quarterly earnings`
- `[Ticker symbol] earnings latest quarter`
- **OR search company investor relations site**:
- Go to `investor.[company].com` or `[company].com/investors`
- Navigate to "Press Releases", "News", or "Earnings" section
- **Sort by date to find MOST RECENT release**
- Look for keywords: "earnings", "results", "financial results", "quarterly results"
**MANDATORY STEP 3: VERIFY THE RELEASE DATE**
- **Look at the date of the earnings release found**
- **Calculate**: Is this date within the last 3 months from today?
- **If YES** → Proceed to next step
- **If NO (older than 3 months)** → 🚨 WRONG QUARTER - Search again for more recent
**❌ COMMON MISTAKES TO AVOID:**
- ❌ Using earnings data from training without searching
- ❌ Assuming "Q3 2024" is latest based on expectations
- ❌ Grabbing the first earnings release found without checking the date
- ❌ Not comparing the release date to today's date
- ❌ Proceeding when the release is 4+ months old
**✅ CORRECT APPROACH:**
- ✅ Check today's date first
- ✅ Search explicitly for "latest" or "most recent"
- ✅ Read the actual release date on the materials
- ✅ Confirm release date is within 3 months of today
- ✅ If unsure, search again with different terms
**MANDATORY STEP 4: IDENTIFY THE QUARTER**
- **Read the title/headline** to identify the quarter (Q1, Q2, Q3, Q4 or fiscal quarter)
- **Read the release date** on the document itself
- **Verify both the quarter name AND the date are recent**
3. **Alternative search methods if IR site is unclear:**
- Web search: `[Company name] latest earnings results`
- Web search: `[Company name] most recent quarterly earnings`
- Web search: `[Ticker symbol] earnings latest quarter`
- SEC EDGAR: Search for company and look at most recent 10-Q or 10-K filing date
**Example searches that find latest data:**
- "Nike latest earnings results" → Returns most recent quarter reported
- "AAPL most recent quarterly earnings" → Shows latest Apple earnings
- "Tesla Q3 2024 earnings" → Results confirm Q3 2024 exists
**Step 1b: Understand Company's Fiscal Calendar**
After identifying the latest quarter from search, understand the company's fiscal year to interpret it correctly:
**Common fiscal year patterns:**
- **Calendar year (CY)**: Q1=Jan-Mar, Q2=Apr-Jun, Q3=Jul-Sep, Q4=Oct-Dec
- **Nike fiscal**: Q1=Jun-Aug, Q2=Sep-Nov, Q3=Dec-Feb, Q4=Mar-May (May fiscal year-end)
- **Apple fiscal**: Q1=Oct-Dec, Q2=Jan-Mar, Q3=Apr-Jun, Q4=Jul-Sep (September fiscal year-end)
- **Walmart fiscal**: Q1=Feb-Apr, Q2=May-Jul, Q3=Aug-Oct, Q4=Nov-Jan (January fiscal year-end)
Many companies state their fiscal year in the earnings release header. Search `[company] fiscal year calendar` if needed.
**Step 1c: MANDATORY VERIFICATION - Verify Latest Data Obtained**
🛑 **STOP - DO NOT PROCEED until verifying ALL of these:**
- [ ] ✅ **Today's date written down**: [Month] [Day], [Year]
- [ ] ✅ **Actively searched** using "latest earnings" or "most recent earnings"
- [ ] ✅ **Earnings release date found**: [Month] [Day], [Year]
- [ ] ✅ **Verified release is within 3 months of today** (do the math!)
- [ ] ✅ **Did NOT assume** the quarter based on today's date alone
- [ ] ✅ **Can see the actual press release** confirming the quarter/period
- [ ] ✅ **Opened and read** the actual earnings materials (not just assumed they exist)
**🚨 RED FLAGS - If ANY of these are true, WRONG quarter obtained:**
- 🚨 Release date is more than 90 days old
- 🚨 Relying on expectations rather than what was FOUND by searching
- 🚨 Have not actually SEEN a press release or filing confirming this quarter exists
- 🚨 Used data from training without searching
- 🚨 Cannot state the exact release date
- 🚨 Release date found is from 2023 or earlier (when today is 2024+)
**IF ANY RED FLAGS PRESENT**: STOP and search again. Do not proceed with outdated data.
**Step 1c: Handle Naming Variations**
Companies use different terminology - recognize these patterns:
**Quarter terminology:**
- "Q1 2024", "Q1 FY24", "First Quarter 2024", "1Q24"
- "Third Quarter Fiscal 2024", "Q3 FY2024", "3Q FY24"
**Earnings release titles:**
- "[Company] Reports Q3 2024 Results"
- "[Company] Announces Third Quarter Fiscal 2024 Financial Results"
- "[Company] Q3 Revenue Grew 15% Year-over-Year"
**SEC filing searches:**
- Company name may differ from common name (e.g., "Meta Platforms, Inc." vs "Facebook")
- Search by ticker symbol to find filings reliably
- Look for most recent 10-Q (quarterly) or 10-K (annual if Q4)
### Step 2: Gather Earnings Materials
After SEARCHING FOR and confirming the latest quarter, collect the following:
**⚠️ IMPORTANT: SEARCH for and ACCESS actual documents - do not rely on training data.**
**Primary Materials (REQUIRED):**
- **Earnings press release** - Usually on company investor relations site under "Press Releases" or "News"
- Navigate to IR site and find the actual press release
- Search patterns: "[Company name] latest earnings", "[Company name] Q[X] [Year] earnings results"
- Look for PDF or HTML version
- **Verify the date matches what was found in Step 1** (should be within last 1-3 months)
- **Read the actual document** to confirm the quarter and get reported numbers
- **10-Q or 10-K filing** - On SEC EDGAR (sec.gov/edgar/searchedgar/companysearch.html)
- Search by ticker symbol
- For quarters 1-3: Look for most recent 10-Q
- For Q4: Look for 10-K (annual report)
- Note: May be filed 1-5 days after earnings release
- Direct link format: `https://www.sec.gov/cgi-bin/viewer?accession=[accession-number]`
- **Earnings call transcript** - 🚨 **VERIFY THE DATE ON THE TRANSCRIPT** 🚨
- **Search for**: "[Company] latest earnings call transcript" or "[Company] Q[X] [Year] earnings call transcript"
- **Sources**:
- Company IR site (some post transcripts directly)
- Seeking Alpha: Search "[Company] [latest quarter] earnings call transcript"
- AlphaStreet, Motley Fool (alternative sources)
- **CRITICAL DATE CHECK**:
- ✅ **Before using ANY transcript, verify the date on the transcript itself**
- ✅ **The transcript date MUST match the earnings release date from Step 1**
- ✅ **If transcript says "Q2 2023" but release was "Q3 2024", WRONG transcript obtained**
- 🚨 **Common mistake**: Grabbing an old transcript without checking the date
- If transcript not yet available, listen to webcast replay or note to wait for transcript
**Supplemental Materials (if available):**
- **Investor presentation/slides** - Often posted on IR site alongside press release
- Usually titled "Q[X] [Year] Earnings Presentation" or "Investor Presentation"
- PDF format with slides management presented during earnings call
- **Supplemental data file** - Some companies provide Excel files with detailed metrics
- Look for "Supplemental Financial Information" or "Investor Data Sheet"
**Reference Materials (for comparison):**
- **Prior quarter results** - For QoQ comparison
- From prior quarter's earnings release (90 days ago)
- **Prior year same quarter** - For YoY comparison
- From same quarter last year (4 quarters ago)
- **Prior estimates** - If this company was previously covered
- From last earnings update or initiation report
- Check what was estimated for this quarter's metrics
- **Consensus estimates** - From Bloomberg, FactSet, Refinitiv, or Yahoo Finance
- CRITICAL: Use estimates from BEFORE earnings release
- Look for "as of [date before earnings]" to ensure pre-announcement consensus
- Needed for beat/miss analysis
**🛑 MANDATORY VERIFICATION before proceeding to Step 3:**
**DATES - Verify ALL dates match:**
- [ ] ✅ **Today's date written down**: _______________
- [ ] ✅ **Earnings release date**: _______________ (MUST be within 3 months of today)
- [ ] ✅ **Earnings call transcript date**: _______________ (MUST match release date ±1 day)
- [ ] ✅ **10-Q/10-K filing date**: _______________ (MUST be same quarter as release)
- [ ] ✅ **ALL materials show SAME quarter** (e.g., all say "Q3 2024", not mixed quarters)
**SEARCH & ACCESS - Verify active search completed:**
- [ ] ✅ **SEARCHED** for "latest earnings" (not assumed based on current date)
- [ ] ✅ **ACCESSED** actual earnings press release and read it
- [ ] ✅ **OPENED** actual earnings call transcript and verified date
- [ ] ✅ **CONFIRMED** this is the MOST RECENT quarter by checking dates
- [ ] ✅ Have full financial results (revenue, EPS, margins, etc.) from actual release
- [ ] ✅ Have pre-earnings consensus estimates with source date
**🚨 RED FLAGS - STOP if ANY of these are true:**
- 🚨 Did NOT actually search for or access the earnings materials
- 🚨 Working from memory or training data instead of current documents
- 🚨 The earnings release date is more than 90 days old
- 🚨 Cannot state the EXACT DATE of the earnings release
- 🚨 The transcript date does NOT match the release date
- 🚨 Materials show different quarters (e.g., release says Q3 but transcript says Q2)
- 🚨 Grabbed the first result without verifying the date
### Step 3: Extract Key Metrics
Create a structured summary:
```
REPORTED RESULTS vs. ESTIMATES:
─────────────────────────────────────────────────
Reported Our Est Consensus Beat/(Miss)
Revenue $X,XXX $X,XXX $X,XXX $XX (X%)
Gross Margin XX.X% XX.X% XX.X% XXbps
EBITDA $XXX $XXX $XXX $XX (X%)
Operating Profit $XXX $XXX $XXX $XX (X%)
EPS (Adjusted) $X.XX $X.XX $X.XX $X.XX
EPS (GAAP) $X.XX $X.XX $X.XX $X.XX
KEY BUSINESS METRICS:
─────────────────────────────────────────────────
[Metric 1] XXX XXX XXX +X% YoY
[Metric 2] XXX XXX XXX +X% YoY
[Metric 3] XXX XXX XXX +X% YoY
```
### Step 4: Identify Key Themes from Call
Listen to or read earnings call transcript and note:
- Management's tone (confident, cautious, defensive?)
- Key topics emphasized (product launches, geographic trends, competition)
- Questions from analysts (what are investors concerned about?)
- Guidance provided (raised, lowered, maintained, introduced?)
- Any surprises or unexpected commentary
## Phase 2: Analysis (2-3 hours)
### Step 5: Beat/Miss Analysis
For EACH key metric that beat or missed, explain:
**If BEAT:**
- What drove the outperformance?
- Was it one-time or sustainable?
- Did management guide higher going forward?
- How does this impact our thesis?
**If MISS:**
- What went wrong?
- Was it company-specific or industry-wide?
- Is management taking corrective action?
- How does this impact our thesis?
**Example Format:**
```
■ **Revenue Beat by 3% Driven by Strong DTC Performance**
Revenue of $13.5B exceeded our estimate of $13.1B by $400M (3%) and consensus
of $13.2B by $300M (2%). The outperformance was driven primarily by Direct-to-
Consumer channels, which grew 18% YoY (vs. our 12% estimate), offsetting
weaker-than-expected wholesale (-5% vs. flat estimate). Management cited strong
digital demand and successful product launches (Pegasus 40 running shoe, new
Jordan colorways) as key drivers. DTC now represents 42% of total revenue vs.
38% a year ago, demonstrating successful channel shift strategy.
```
### Step 6: Segment/Geographic/Product Analysis
Analyze performance by:
- Business segment (if multi-segment company)
- Geography (North America, Europe, China, etc.)
- Product category
- Channel (retail, wholesale, e-commerce)
Identify:
- What outperformed expectations?
- What underperformed?
- Trends vs. prior quarters
- Management commentary on outlook for each area
### Step 7: Margin Analysis
Analyze profitability:
- Gross margin: up or down? why?
- Operating margin: up or down? why?
- Key drivers (pricing, mix, costs, leverage)
- Outlook going forward
### Step 8: Guidance Analysis
If company provided guidance:
- Compare new guidance to prior guidance
- Compare to internal estimates and Street estimates
- Assess credibility (does company have track record of sandbagging? beating?)
- Identify key assumptions behind guidance
If company did NOT provide guidance:
- Note this explicitly
- Provide independent outlook based on results and commentary
### Step 9: Update Financial Model
Update estimates for:
- Current year (remaining quarters)
- Next year
- Potentially year after
**Show clearly:**
```
UPDATED ESTIMATES:
─────────────────────────────────────────────────
Old Est New Est Change Reason
FY2024E Revenue $XX.XB $XX.XB +X.X% [Brief reason]
FY2024E EBITDA $X.XB $X.XB +X.X% [Brief reason]
FY2024E EPS $X.XX $X.XX +X.X% [Brief reason]
FY2025E Revenue $XX.XB $XX.XB +X.X% [Brief reason]
FY2025E EBITDA $X.XB $X.XB +X.X% [Brief reason]
FY2025E EPS $X.XX $X.XX +X.X% [Brief reason]
```
### Step 10: Update Valuation & Price Target
Based on updated estimates:
- Recalculate DCF (use updated cash flows)
- Update comparable company multiples (if peer group has reported)
- Determine new fair value
- Decide if price target changes
**Price Target Decision:**
- If estimates changed significantly (>5%) → Usually change price target
- If estimates changed marginally (<5%) → May maintain price target
- If thesis strengthened/weakened → May change even without estimate change
### Step 11: Assess Rating Impact
Decide whether to change rating:
- If results significantly better than expected + guidance raised → Consider upgrade
- If results significantly worse + guidance cut → Consider downgrade
- If inline or mixed → Usually maintain rating
**Consider:**
- Stock reaction (up/down/flat?)
- Valuation (expensive/cheap relative to new estimates?)
- Risk/reward (asymmetry shifted?)
## Phase 3: Chart Generation (1-2 hours)
### Step 12: Generate 8-12 Charts
Create charts focusing on QUARTERLY TRENDS and WHAT'S NEW.
**REQUIRED CHARTS (8-12 total):**
1. **Quarterly Revenue Progression** (Bar chart)
- Last 8-12 quarters
- Show beat/miss vs. estimates each quarter
- Highlight current quarter
2. **Quarterly EPS Progression** (Bar chart)
- Last 8-12 quarters
- Show beat/miss vs. estimates
- Adjusted and GAAP
3. **Quarterly Margin Trend** (Line chart)
- Gross margin, EBIT margin, net margin
- Last 8-12 quarters
- Show trajectory
4. **Revenue by Segment/Geography** (Stacked bar OR table)
- Current quarter vs. YoY
- Growth rates by segment
5. **Key Operating Metrics** (Multi-line chart)
- Customer count, ARPU, units sold, etc. (whatever is relevant)
- Last 8-12 quarters
6. **Beat/Miss Summary** (Waterfall or table)
- Show components of beat/miss
- What drove variance from estimates
7. **Estimate Revision Chart** (Before/after comparison)
- Old FY estimates vs. new FY estimates
- Bar chart showing change
8. **Valuation Chart** (P/E or EV/EBITDA multiple)
- Historical multiple range
- Current multiple
- Fair value multiple
**OPTIONAL CHARTS (if space allows):**
- Peer comparison (if peers have reported)
- Guidance vs. Street comparison
- Cash flow metrics
- Balance sheet highlights (if notable)
**Chart Style Guidelines:**
- Focus on TRENDS (quarterly progression)
- Highlight CHANGES (beat/miss, estimate revisions)
- Keep simple and clear (this is a fast-turnaround report)
## Phase 4: Report Creation (2-3 hours)
### Step 13: Create DOCX Report
Use DOCX skill to create 8-12 page report.
See [report-structure.md](report-structure.md) for complete page-by-page templates and formatting requirements.
**Key Steps:**
1. Create Page 1 with earnings summary and quick takeaways
2. Add detailed results analysis (Pages 2-3)
3. Include key metrics and guidance (Pages 4-5)
4. Update investment thesis (Pages 6-7)
5. Provide valuation and estimates (Pages 8-10)
6. Add appendix if needed (Pages 11-12)
7. Embed all 8-12 charts throughout
8. Add 1-3 summary tables
9. Include complete sources section with clickable hyperlinks
### Step 14: Optional - Update XLS Model
If a full financial model exists for this company (from initiation), update it with:
- Actual Q[X] results
- Revised estimates for future quarters
- Updated valuation
**Note**: For earnings updates, a full XLS file is OPTIONAL (not required like in initiation reports). The DOCX report is the primary deliverable.
If creating XLS, include:
- Quarterly model tab
- Updated annual projections
- Revised DCF
- Updated comps analysis
## Phase 5: Quality Check & Delivery (30 minutes)
### Step 15: Quality Checklist
Before publishing, verify:
**Content:**
- [ ] Beat/miss clearly stated and quantified
- [ ] Key drivers explained (not just "strong performance")
- [ ] Updated estimates provided (old vs. new shown)
- [ ] Price target updated or explicitly maintained
- [ ] Rating confirmed or changed with rationale
- [ ] Guidance analyzed (if provided)
- [ ] Thesis impact assessed
**Formatting:**
- [ ] Page 1 has summary box and key bullets
- [ ] All tables have source lines
- [ ] All figures numbered and captioned
- [ ] Estimates table shows old vs. new
- [ ] 8-12 charts embedded throughout
- [ ] Report is 8-12 pages (not too long, not too short)
**Accuracy:**
- [ ] Numbers match company's reported results exactly
- [ ] Math checks out (estimates, valuation)
- [ ] No typos in ticker, company name, numbers
- [ ] Charts match text descriptions
- [ ] Date is current
**Citations:** ⭐ MANDATORY
- [ ] Every figure has specific source with document and date
- [ ] Every table has specific source with document reference
- [ ] Beat/miss analysis cites consensus source with date
- [ ] Guidance changes cite current and prior guidance sources
- [ ] Key statistics have footnotes with specific page/slide references
- [ ] Sources section lists all materials with URLs
- [ ] ALL URLs are CLICKABLE HYPERLINKS (not plain text)
- [ ] Hyperlinks tested and working (Ctrl+Click opens correct page)
- [ ] All SEC filings hyperlinked to EDGAR viewer
- [ ] All earnings materials hyperlinked (release, transcript, presentation)
- [ ] Prior guidance hyperlinked to prior quarter's materials
- [ ] No raw URLs displayed - all formatted as clickable links
- [ ] Earnings call quotes cite specific speaker and approximate timestamp
**Timeliness:**
- [ ] Report published within 24-48 hours of earnings release
- [ ] All data is from LATEST quarter
- [ ] Consensus estimates are pre-earnings (not post-earnings)
### Step 16: Deliver Report
Provide user with:
1. **DOCX file**: `[Company]_Q[X]_[Year]_Earnings_Update.docx`
2. **Chart files**: All PNG/JPG charts (for reference)
3. **Optional XLS**: Updated financial model if maintained
**Brief summary for user:**
```
[Company] Q[X] [Year] Earnings Update Complete
Results: [BEAT / INLINE / MISS]
- Revenue: $X.XB ([beat/missed] by $XXM or X%)
- EPS: $X.XX ([beat/missed] by $X.XX)
Key Takeaways:
■ [Takeaway 1]
■ [Takeaway 2]
■ [Takeaway 3]
Updated Estimates:
- FY[Year]E Revenue: $XX.XB (prior: $XX.XB, [+/-]X%)
- FY[Year]E EPS: $X.XX (prior: $X.XX, [+/-]X%)
Rating: [MAINTAINED / RAISED / LOWERED] [RATING]
Price Target: $XXX (prior: $XXX) - [+/-]XX% upside
Deliverable: 8-12 page earnings update report with updated estimates and valuation.
```
SKILL.md
---
name: earnings-analysis
description: Create professional equity research earnings update reports (8-12 pages, 3,000-5,000 words) analyzing quarterly results for companies already under coverage. Fast-turnaround format focusing on beat/miss analysis, key metrics, updated estimates, and revised thesis. Includes 1-3 summary tables and 8-12 charts. Use when user requests "earnings update", "quarterly update", "earnings analysis", "Q1/Q2/Q3/Q4 results", or post-earnings report.
---
# Equity Research Earnings Update
Create professional **EARNINGS UPDATE REPORTS** analyzing quarterly results for companies already under coverage, following institutional standards (JPMorgan, Goldman Sachs, Morgan Stanley format).
**Key Characteristics:**
- **Length**: 8-12 pages
- **Word Count**: 3,000-5,000 words
- **Tables**: 1-3 summary tables (NOT comprehensive)
- **Figures**: 8-12 charts
- **Turnaround**: 1-2 days (within 24-48 hours of earnings)
- **Audience**: Clients already familiar with the company
- **Focus**: What's NEW - beat/miss, updated estimates, thesis impact
- **Font**: Times New Roman throughout (unless user specifies otherwise)
## When to Use
Use when the user requests:
- "Create an earnings update for [Company] Q3 2024"
- "Analyze [Company]'s quarterly results"
- "Post-earnings report for [Company]"
- "Q1/Q2/Q3/Q4 update for [Company]"
**Do NOT use if:**
- User requests "initiation report" → Use different skill
- User requests "flash note" or "quick take" → Different format
- Company is not already covered → Need initiation first
## Critical Requirements
### 1. Speed & Timeliness
- Publish within 24-48 hours of earnings release
- Focus on NEW information only
- Don't rehash company background extensively
### 2. Beat/Miss Analysis
- Lead with whether company beat or missed estimates
- Quantify variances (e.g., "Revenue beat by $120M or 3%")
- Explain WHY results differed from expectations
### 3. Summary Format
- Keep tables to 1-3 (summary only, not comprehensive)
- No full P&L/Cash Flow/Balance Sheet (just key metrics)
- Assume reader has seen initiation report
### 4. Citations & Source Attribution ⭐⭐⭐ MANDATORY
**CRITICAL**: Properly cite all data with SPECIFIC sources and CLICKABLE HYPERLINKS.
**Include specific citations WITH CLICKABLE LINKS in every figure and table:**
```
Source: Q3 2024 10-Q filed November 8, 2024; Company earnings release
[Hyperlink "10-Q" to: https://www.sec.gov/cgi-bin/viewer?accession=...]
[Hyperlink "earnings release" to: https://investor.company.com/news/q3-2024]
```
**HOW HYPERLINKS SHOULD APPEAR IN WORD:**
- Document names appear as blue, underlined clickable links
- Reader can Ctrl+Click to open source directly
- Not plain text URLs - formatted hyperlinks with display text
**REQUIRED SOURCES LIST:**
Cite in every earnings update:
- ✅ Earnings release (with date and URL)
- ✅ 10-Q filing (with filing date and EDGAR link)
- ✅ Earnings call transcript (with date)
- ✅ Investor presentation/supplemental materials (if available)
- ✅ Consensus estimates source (Bloomberg/FactSet/etc. with date)
- ✅ Prior guidance (from previous quarter's materials)
**REFERENCE SECTION WITH CLICKABLE HYPERLINKS:**
Include "Sources" section at end of report:
```
SOURCES & REFERENCES
Earnings Materials (Q3 2024):
• Earnings Release (November 7, 2024)
[Hyperlink entire line to: https://investor.company.com/news/q3-2024-earnings]
• Form 10-Q (Filed November 8, 2024)
[Hyperlink to: https://www.sec.gov/cgi-bin/viewer?accession=...]
• Earnings Call Transcript (November 7, 2024)
[Hyperlink to: https://seekingalpha.com/article/...]
• Investor Presentation (November 7, 2024)
[Hyperlink to: https://investor.company.com/presentations/q3-2024.pdf]
```
**VERIFICATION CHECKLIST:**
- [ ] Every figure has source with specific document and date
- [ ] Every table has source with document reference
- [ ] Beat/miss analysis cites consensus source with date
- [ ] Guidance changes cite current and prior guidance sources
- [ ] Key statistics have footnotes
- [ ] Sources section lists all materials with URLs
- [ ] ALL URLs are CLICKABLE HYPERLINKS (not plain text)
- [ ] All SEC filings hyperlinked to EDGAR viewer
### 5. Updated Estimates
- Update forward estimates based on results
- Show old vs. new estimates clearly
- Explain what changed and why
## High-Level Workflow
The earnings update process follows 5 phases:
### Phase 1: Data Collection (30-60 minutes)
**🚨🚨🚨 CRITICAL: TRAINING DATA IS OUTDATED 🚨🚨🚨**
**BEFORE STARTING - COMPLETE THESE 4 STEPS IN ORDER:**
1. **CHECK TODAY'S DATE** - Write down the current date
2. **SEARCH FOR LATEST** - Use web search: "[Company] latest earnings results"
3. **VERIFY THE DATE** - Confirm earnings release is within last 3 months
4. **CHECK TRANSCRIPT DATE** - Verify transcript date matches release date
**COMMON MISTAKE**: Using outdated earnings calls from training data instead of searching for the latest.
**REQUIREMENTS:**
- ✅ Search for latest earnings - do NOT rely on training data
- ✅ Write down today's date and the release date found
- ✅ Verify release date is within 3 months of today
- ✅ Verify transcript date matches release date
- ✅ If dates don't match or are old (>3 months), search again
**See [references/workflow.md](references/workflow.md)** for detailed search procedures and verification steps.
### Phase 2: Analysis (2-3 hours)
- Beat/miss analysis for each key metric
- Segment/geographic/product breakdown
- Margin and guidance analysis
- Update financial model and estimates
**See [references/workflow.md](references/workflow.md)** for detailed analysis framework.
### Phase 3: Chart Generation (1-2 hours)
Create 8-12 charts focusing on quarterly trends and what's new:
- Quarterly revenue progression
- Quarterly EPS progression
- Quarterly margin trends
- Revenue by segment/geography
- Key operating metrics
- Beat/miss summary
- Estimate revisions
- Valuation charts
**See [references/workflow.md](references/workflow.md)** for chart specifications.
### Phase 4: Report Creation (2-3 hours)
Create 8-12 page DOCX report with specific structure.
**See [references/report-structure.md](references/report-structure.md)** for complete page-by-page templates and formatting requirements.
**High-level structure:**
- Page 1: Earnings summary with rating and price target
- Pages 2-3: Detailed results analysis
- Pages 4-5: Key metrics & guidance
- Pages 6-7: Updated investment thesis
- Pages 8-10: Valuation & estimates
- Pages 11-12: Appendix (optional)
### Phase 5: Quality Check & Delivery (30 minutes)
Verify content, formatting, accuracy, and timeliness before delivery.
**See [references/best-practices.md](references/best-practices.md)** for quality checklist and common mistakes to avoid.
## Output Specification
**Primary Deliverable**: DOCX report (8-12 pages)
**File Name**: `[Company]_Q[Quarter]_[Year]_Earnings_Update.docx`
**Example**: `Nike_Q2_FY24_Earnings_Update.docx`
**Contents:**
- Page 1: Summary with rating, price target, key takeaways
- Pages 2-3: Detailed results analysis
- Pages 4-5: Key metrics and guidance
- Pages 6-7: Updated thesis assessment
- Pages 8-10: Valuation and estimates
- Pages 11-12: Appendix (optional)
- 8-12 embedded charts
- 1-3 summary tables
- Complete sources section with clickable hyperlinks
**Optional Deliverable**: XLS model update (optional for earnings updates)
## Key Differences from Initiation Report
| Aspect | Earnings Update | Initiation Report |
|--------|----------------|-------------------|
| **Length** | 8-12 pages | 30-50 pages |
| **Words** | 3,000-5,000 | 10,000-15,000 |
| **Tables** | 1-3 summary | 12-20 comprehensive |
| **Figures** | 8-12 | 25-35 |
| **Turnaround** | 1-2 days | 3-6 weeks |
| **Scope** | Quarterly results | Complete company |
| **Focus** | What's NEW | Everything |
| **Company Background** | Brief mention | 6-10 pages |
| **XLS Model** | Optional | Required |
## Resources
### references/workflow.md
Detailed Phase 1-5 instructions with step-by-step procedures for data collection, analysis, chart generation, and report creation.
### references/report-structure.md
Complete page-by-page templates, table formats, and formatting requirements for the DOCX report.
### references/best-practices.md
Examples of good/bad headlines, tips for success, common mistakes to avoid, and comprehensive quality checklist.
## Dependencies
**Required:**
- Python (matplotlib, pandas, seaborn) for chart generation
- DOCX skill for report creation
**Optional:**
- XLS skill for model updates (not required for earnings updates)