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The Ultimate Free Skate:Writing the 10K Letter
Kevin M. Brett
J410
May 21, 2013
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SEC Disclosure Rules
• Annual Report to Shareholders (10K)• Quarterly Earnings Reports (10Q)• Major Unplanned Announcements (8K)
– Upside / Downside Guidance Variations– Mergers and Acquisitions– Restructurings
• Annual Meeting of Shareholders• Prospectus for Planned IPO (S1)
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10Q: The Short Program
• Required Elements• Top Line: Y/Y; Sequential• GM %: Expanding/Contracting• Bottom Line Earnings/(Loss)• EPS• GAAP precedence over Pro Forma• Quotes from CEO/CFO
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Stock Prices Are A…
• Leading or a…• Trailing Indicator?
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Wisdom from “Mad Money”
“I don’t care about a stock’s past, only its future,” Jim Cramer, CNBC ‘Mad Money’
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SEC Mandates the 10K
• Must be filed within 90 days of the completion of Q4/Fiscal Year
• Most 10Ks Include CEO Letter to Investors, Customers and Employees
• What is the Strategy for Success?• How Did We Do Last Year?• How Are We Going to Succeed Going Forward?
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10K: The Long Program
• Required Advocacy Document• Why AMZN, NKE, JWN, SBUX• Strategy, Strategy, Strategy• Quick Review of the Past• CSR? Contribution of Employees?• What the Future Holds? (No guarantees)• Thunderous Applause
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Concluded Fiscal Year Metrics
• Revenue expansion/percentage increase• Bottom line expansion/percentage increase• EPS Growth; Specific numbers and percentage• Cash: Did the company grow cash?• Stock buy backs and/or dividends?
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Who Cares? 10K Key Audiences
• Buy Side, Sell Side, Retail Shareholders/Investors
• Employees• Customers• Suppliers• Partners/Distributors• Competitors• Regulators• Plaintiff’s Bar
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Completing Your 10K Letter
• Hard copy, due Tuesday, May 28• Include CEO photo/company logo• Minimum two pages• 1.15 to 1.5 spacing• 11-12-point font• Indented paragraphs• Bar/pie chart or two?• Subheads/Bullets• 15 percent of final grade
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