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The Ultimate Free Skate: Writing the 10K Letter

The Ultimate Free Skate: Writing the 10K Letter. Kevin M. Brett J410 May 21, 2013. SEC Disclosure Rules. Annual Report to Shareholders (10K) Quarterly Earnings Reports (10Q) Major Unplanned Announcements (8K) Upside / Downside Guidance Variations Mergers and Acquisitions

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The Ultimate Free Skate: Writing the 10K Letter

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  1. The Ultimate Free Skate:Writing the 10K Letter Kevin M. Brett J410 May 21, 2013

  2. 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)

  3. 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

  4. Stock Prices Are A… • Leading or a… • Trailing Indicator?

  5. Wisdom from “Mad Money” “I don’t care about a stock’s past, only its future,” Jim Cramer, CNBC ‘Mad Money’

  6. 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?

  7. 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

  8. 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?

  9. Who Cares? 10K Key Audiences • Buy Side, Sell Side, Retail Shareholders/Investors • Employees • Customers • Suppliers • Partners/Distributors • Competitors • Regulators • Plaintiff’s Bar

  10. 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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