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 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 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 for chart specifications.

Phase 4: Report Creation (2-3 hours)

Create 8-12 page DOCX report with specific structure.

See 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 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)

---

Referenced Files

The following files are referenced in this skill and included for context.

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.

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/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