{"kind":"Skill","metadata":{"namespace":"community","name":"earnings-analysis","version":"0.1.0"},"spec":{"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.","files":{"SKILL.md":"---\nname: earnings-analysis\ndescription: 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.\n---\n\n# Equity Research Earnings Update\n\nCreate professional **EARNINGS UPDATE REPORTS** analyzing quarterly results for companies already under coverage, following institutional standards (JPMorgan, Goldman Sachs, Morgan Stanley format).\n\n**Key Characteristics:**\n- **Length**: 8-12 pages\n- **Word Count**: 3,000-5,000 words\n- **Tables**: 1-3 summary tables (NOT comprehensive)\n- **Figures**: 8-12 charts\n- **Turnaround**: 1-2 days (within 24-48 hours of earnings)\n- **Audience**: Clients already familiar with the company\n- **Focus**: What's NEW - beat/miss, updated estimates, thesis impact\n- **Font**: Times New Roman throughout (unless user specifies otherwise)\n\n## When to Use\n\nUse when the user requests:\n- \"Create an earnings update for [Company] Q3 2024\"\n- \"Analyze [Company]'s quarterly results\"\n- \"Post-earnings report for [Company]\"\n- \"Q1/Q2/Q3/Q4 update for [Company]\"\n\n**Do NOT use if:**\n- User requests \"initiation report\" → Use different skill\n- User requests \"flash note\" or \"quick take\" → Different format\n- Company is not already covered → Need initiation first\n\n## Critical Requirements\n\n### 1. Speed \u0026 Timeliness\n- Publish within 24-48 hours of earnings release\n- Focus on NEW information only\n- Don't rehash company background extensively\n\n### 2. Beat/Miss Analysis\n- Lead with whether company beat or missed estimates\n- Quantify variances (e.g., \"Revenue beat by $120M or 3%\")\n- Explain WHY results differed from expectations\n\n### 3. Summary Format\n- Keep tables to 1-3 (summary only, not comprehensive)\n- No full P\u0026L/Cash Flow/Balance Sheet (just key metrics)\n- Assume reader has seen initiation report\n\n### 4. Citations \u0026 Source Attribution ⭐⭐⭐ MANDATORY\n\n**CRITICAL**: Properly cite all data with SPECIFIC sources and CLICKABLE HYPERLINKS.\n\n**Include specific citations WITH CLICKABLE LINKS in every figure and table:**\n\n```\nSource: Q3 2024 10-Q filed November 8, 2024; Company earnings release\n        [Hyperlink \"10-Q\" to: https://www.sec.gov/cgi-bin/viewer?accession=...]\n        [Hyperlink \"earnings release\" to: https://investor.company.com/news/q3-2024]\n```\n\n**HOW HYPERLINKS SHOULD APPEAR IN WORD:**\n- Document names appear as blue, underlined clickable links\n- Reader can Ctrl+Click to open source directly\n- Not plain text URLs - formatted hyperlinks with display text\n\n**REQUIRED SOURCES LIST:**\n\nCite in every earnings update:\n- ✅ Earnings release (with date and URL)\n- ✅ 10-Q filing (with filing date and EDGAR link)\n- ✅ Earnings call transcript (with date)\n- ✅ Investor presentation/supplemental materials (if available)\n- ✅ Consensus estimates source (Bloomberg/FactSet/etc. with date)\n- ✅ Prior guidance (from previous quarter's materials)\n\n**REFERENCE SECTION WITH CLICKABLE HYPERLINKS:**\n\nInclude \"Sources\" section at end of report:\n\n```\nSOURCES \u0026 REFERENCES\n\nEarnings Materials (Q3 2024):\n• Earnings Release (November 7, 2024)\n  [Hyperlink entire line to: https://investor.company.com/news/q3-2024-earnings]\n\n• Form 10-Q (Filed November 8, 2024)\n  [Hyperlink to: https://www.sec.gov/cgi-bin/viewer?accession=...]\n\n• Earnings Call Transcript (November 7, 2024)\n  [Hyperlink to: https://seekingalpha.com/article/...]\n\n• Investor Presentation (November 7, 2024)\n  [Hyperlink to: https://investor.company.com/presentations/q3-2024.pdf]\n```\n\n**VERIFICATION CHECKLIST:**\n- [ ] Every figure has source with specific document and date\n- [ ] Every table has source with document reference\n- [ ] Beat/miss analysis cites consensus source with date\n- [ ] Guidance changes cite current and prior guidance sources\n- [ ] Key statistics have footnotes\n- [ ] Sources section lists all materials with URLs\n- [ ] ALL URLs are CLICKABLE HYPERLINKS (not plain text)\n- [ ] All SEC filings hyperlinked to EDGAR viewer\n\n### 5. Updated Estimates\n- Update forward estimates based on results\n- Show old vs. new estimates clearly\n- Explain what changed and why\n\n## High-Level Workflow\n\nThe earnings update process follows 5 phases:\n\n### Phase 1: Data Collection (30-60 minutes)\n\n**🚨🚨🚨 CRITICAL: TRAINING DATA IS OUTDATED 🚨🚨🚨**\n\n**BEFORE STARTING - COMPLETE THESE 4 STEPS IN ORDER:**\n1. **CHECK TODAY'S DATE** - Write down the current date\n2. **SEARCH FOR LATEST** - Use web search: \"[Company] latest earnings results\"\n3. **VERIFY THE DATE** - Confirm earnings release is within last 3 months\n4. **CHECK TRANSCRIPT DATE** - Verify transcript date matches release date\n\n**COMMON MISTAKE**: Using outdated earnings calls from training data instead of searching for the latest.\n\n**REQUIREMENTS:**\n- ✅ Search for latest earnings - do NOT rely on training data\n- ✅ Write down today's date and the release date found\n- ✅ Verify release date is within 3 months of today\n- ✅ Verify transcript date matches release date\n- ✅ If dates don't match or are old (\u003e3 months), search again\n\n**See [references/workflow.md](references/workflow.md)** for detailed search procedures and verification steps.\n\n### Phase 2: Analysis (2-3 hours)\n- Beat/miss analysis for each key metric\n- Segment/geographic/product breakdown\n- Margin and guidance analysis\n- Update financial model and estimates\n\n**See [references/workflow.md](references/workflow.md)** for detailed analysis framework.\n\n### Phase 3: Chart Generation (1-2 hours)\nCreate 8-12 charts focusing on quarterly trends and what's new:\n- Quarterly revenue progression\n- Quarterly EPS progression\n- Quarterly margin trends\n- Revenue by segment/geography\n- Key operating metrics\n- Beat/miss summary\n- Estimate revisions\n- Valuation charts\n\n**See [references/workflow.md](references/workflow.md)** for chart specifications.\n\n### Phase 4: Report Creation (2-3 hours)\nCreate 8-12 page DOCX report with specific structure.\n\n**See [references/report-structure.md](references/report-structure.md)** for complete page-by-page templates and formatting requirements.\n\n**High-level structure:**\n- Page 1: Earnings summary with rating and price target\n- Pages 2-3: Detailed results analysis\n- Pages 4-5: Key metrics \u0026 guidance\n- Pages 6-7: Updated investment thesis\n- Pages 8-10: Valuation \u0026 estimates\n- Pages 11-12: Appendix (optional)\n\n### Phase 5: Quality Check \u0026 Delivery (30 minutes)\nVerify content, formatting, accuracy, and timeliness before delivery.\n\n**See [references/best-practices.md](references/best-practices.md)** for quality checklist and common mistakes to avoid.\n\n## Output Specification\n\n**Primary Deliverable**: DOCX report (8-12 pages)\n**File Name**: `[Company]_Q[Quarter]_[Year]_Earnings_Update.docx`\n**Example**: `Nike_Q2_FY24_Earnings_Update.docx`\n\n**Contents:**\n- Page 1: Summary with rating, price target, key takeaways\n- Pages 2-3: Detailed results analysis\n- Pages 4-5: Key metrics and guidance\n- Pages 6-7: Updated thesis assessment\n- Pages 8-10: Valuation and estimates\n- Pages 11-12: Appendix (optional)\n- 8-12 embedded charts\n- 1-3 summary tables\n- Complete sources section with clickable hyperlinks\n\n**Optional Deliverable**: XLS model update (optional for earnings updates)\n\n## Key Differences from Initiation Report\n\n| Aspect | Earnings Update | Initiation Report |\n|--------|----------------|-------------------|\n| **Length** | 8-12 pages | 30-50 pages |\n| **Words** | 3,000-5,000 | 10,000-15,000 |\n| **Tables** | 1-3 summary | 12-20 comprehensive |\n| **Figures** | 8-12 | 25-35 |\n| **Turnaround** | 1-2 days | 3-6 weeks |\n| **Scope** | Quarterly results | Complete company |\n| **Focus** | What's NEW | Everything |\n| **Company Background** | Brief mention | 6-10 pages |\n| **XLS Model** | Optional | Required |\n\n## Resources\n\n### references/workflow.md\nDetailed Phase 1-5 instructions with step-by-step procedures for data collection, analysis, chart generation, and report creation.\n\n### references/report-structure.md\nComplete page-by-page templates, table formats, and formatting requirements for the DOCX report.\n\n### references/best-practices.md\nExamples of good/bad headlines, tips for success, common mistakes to avoid, and comprehensive quality checklist.\n\n## Dependencies\n\n**Required:**\n- Python (matplotlib, pandas, seaborn) for chart generation\n- DOCX skill for report creation\n\n**Optional:**\n- XLS skill for model updates (not required for earnings updates)\n","references/best-practices.md":"# Best Practices, Examples, and Quality Guidelines\n\nThis document provides examples, tips for success, common mistakes to avoid, and comprehensive quality checklists.\n\n## Example Headlines\n\n### Good Earnings Update Headlines:\n- \"Nike Q2 FY24: DTC Strength Offsets Wholesale Weakness - Maintaining OW, PT $95\"\n- \"Tesla Q3'24: Cybertruck Ramp Ahead of Plan - Raising Estimates, PT to $285\"\n- \"LVMH Q4'24: Fashion \u0026 Leather Resilient, Wines Weak - In-Line, Reiterating Buy\"\n- \"Apple Q1 FY24: Services Beat, iPhone Miss - Mixed Quarter, Lowering PT to $185\"\n\n### Bad Headlines (Avoid):\n- \"Nike Quarterly Update\" (too generic, no takeaway)\n- \"Company Reports Earnings\" (states obvious, no analysis)\n- \"Q3 Results Analysis\" (no company name, no view)\n\n## Tips for Success\n\n1. **Speed matters**: Published 24-48hrs post-earnings, not days later\n\n2. **Lead with conclusion**: Beat or miss? Up or down estimates?\n\n3. **Quantify everything**: \"Strong\" means nothing, \"$150M beat on $1.2B revenue\" is clear\n\n4. **Focus on drivers**: Don't just say \"revenue beat\", explain WHY\n\n5. **Show the work**: Old estimates → New estimates with reasons\n\n6. **Update price target if material**: If estimates change \u003e5%, usually PT changes too\n\n7. **Acknowledge the call**: Reference management commentary, don't just analyze the press release\n\n8. **Compare to peers**: If similar companies reported, note relative performance\n\n9. **Be concise**: This is NOT a comprehensive report, stay focused on quarterly results\n\n10. **Chart the trends**: Quarterly progression charts are most valuable\n\n## Common Mistakes to Avoid\n\n❌ **Too comprehensive**: Don't write an initiation-length report for quarterly results\n\n❌ **Missing beat/miss**: Lead with whether results beat or missed expectations\n\n❌ **Not updating estimates**: Must provide updated forward estimates\n\n❌ **Vague language**: \"Strong performance\" without quantification\n\n❌ **Ignoring guidance**: If company guides, analyze it thoroughly\n\n❌ **Too slow**: Publishing 5+ days after earnings loses relevance\n\n❌ **Rehashing basics**: Don't spend 3 pages explaining what the company does\n\n❌ **Missing price target update**: If estimates changed materially, PT should too\n\n❌ **No investment impact**: Must connect results to thesis and rating\n\n❌ **Missing citations**: Every number needs a source with clickable hyperlinks\n\n❌ **Plain text URLs**: All URLs must be formatted as clickable hyperlinks\n\n## Comprehensive Quality Control Checklist\n\nBefore delivering earnings update, verify all items below:\n\n### Content \u0026 Analysis Checklist\n\n**Beat/Miss Analysis:**\n- [ ] Beat/miss analysis leads the report\n- [ ] Specific variances quantified (e.g., \"beat by $120M or 3%\")\n- [ ] Explanation of WHY results differed from expectations\n- [ ] Analysis of each key metric (revenue, EPS, margins, etc.)\n\n**Metrics \u0026 Performance:**\n- [ ] All key metrics discussed with YoY comparisons\n- [ ] QoQ comparisons included where relevant\n- [ ] Segment/geographic/product breakdowns provided\n- [ ] Operating metrics analyzed (customers, ARPU, units, etc.)\n\n**Guidance \u0026 Estimates:**\n- [ ] Guidance changes analyzed and quantified (if provided)\n- [ ] If no guidance, this is explicitly noted\n- [ ] Updated estimates provided for current year\n- [ ] Updated estimates provided for next year\n- [ ] Old vs. new estimates clearly shown\n- [ ] Explanation of what changed and why\n\n**Valuation \u0026 Rating:**\n- [ ] Price target updated (if warranted by results)\n- [ ] If PT unchanged, explicitly maintained\n- [ ] Valuation methodology explained\n- [ ] Rating confirmed or changed with clear rationale\n- [ ] Investment thesis assessed and updated if needed\n\n### Format \u0026 Length Checklist\n\n**Overall Structure:**\n- [ ] Report is 8-12 pages (not shorter, not longer)\n- [ ] Page 1 has earnings summary format\n- [ ] Page 1 has \"EARNINGS UPDATE\" in title (NOT \"Initiating Coverage\")\n- [ ] Event-driven title (e.g., \"Strong Q3 Results...\")\n\n**Tables:**\n- [ ] 1-3 summary tables included (NOT comprehensive tables)\n- [ ] All tables have clear column headers\n- [ ] All tables have header row shading\n- [ ] All tables have source lines at bottom\n- [ ] Estimates table shows old vs. new with change column\n\n**Charts:**\n- [ ] 8-12 charts embedded throughout document\n- [ ] All charts have \"Figure X - [Title]\" caption above\n- [ ] All charts have \"Source: [Source]\" line below\n- [ ] Charts focus on quarterly trends\n- [ ] Charts highlight changes (beat/miss, revisions)\n- [ ] Charts use professional styling\n\n### Citations \u0026 Sources Checklist ⭐⭐⭐ MANDATORY\n\n**Figure \u0026 Table Citations:**\n- [ ] Every figure has specific source with document name and date\n- [ ] Every table has specific source with document reference\n- [ ] Source citations include page numbers or slide numbers where applicable\n\n**Beat/Miss Citations:**\n- [ ] Beat/miss analysis cites consensus source (Bloomberg, FactSet, etc.)\n- [ ] Consensus source includes \"as of\" date (pre-earnings close)\n- [ ] Company reported results cited to earnings release or 10-Q\n\n**Guidance Citations:**\n- [ ] Current guidance cited to earnings call transcript or release\n- [ ] Prior guidance cited to previous quarter's materials\n- [ ] Both current and prior guidance sources hyperlinked\n\n**Statistics \u0026 Metrics:**\n- [ ] Key statistics have footnotes with sources\n- [ ] Footnotes reference specific documents and page/slide numbers\n- [ ] Management quotes cite speaker name and source document\n\n**Hyperlinks:** ⭐⭐⭐ CRITICAL\n- [ ] ALL URLs are CLICKABLE HYPERLINKS (not plain text)\n- [ ] Hyperlinks formatted with meaningful display text\n- [ ] Blue, underlined hyperlink formatting in Word document\n- [ ] Hyperlinks tested and working (Ctrl+Click opens correct page)\n- [ ] All SEC filings hyperlinked to EDGAR viewer\n- [ ] All earnings materials hyperlinked (release, transcript, presentation)\n- [ ] Prior quarter materials hyperlinked for comparison\n- [ ] No raw URLs displayed anywhere in document\n\n**Sources Section:**\n- [ ] \"Sources \u0026 References\" section included at end of report\n- [ ] Section lists all earnings materials with dates\n- [ ] All materials have clickable hyperlinks\n- [ ] Consensus data sources listed (even if no link for subscription data)\n- [ ] Prior period references included\n\n### Accuracy Checklist\n\n**Numerical Accuracy:**\n- [ ] Numbers match company's reported results exactly\n- [ ] Math checks out in all calculations\n- [ ] Estimate changes calculated correctly\n- [ ] Valuation math is accurate\n- [ ] Charts match text descriptions\n\n**Factual Accuracy:**\n- [ ] No typos in ticker symbol\n- [ ] No typos in company name\n- [ ] Dates are current and accurate\n- [ ] Quarter/year references are correct\n- [ ] Year notation correct (A for actual, E for estimate)\n\n### Timeliness Checklist\n\n**Publication Timing:**\n- [ ] Report published within 24-48 hours of earnings release\n- [ ] If later than 48 hours, acknowledged as \"delayed reaction\"\n- [ ] ✅ **VERIFIED all data is from LATEST quarter by searching for recent earnings**\n- [ ] ✅ **Did NOT rely on knowledge cutoff - actively searched for current data**\n- [ ] Consensus estimates are pre-earnings (not post-earnings)\n- [ ] No outdated information included\n- [ ] Earnings release date is within last 1-3 months (not 6+ months old)\n\n### Writing Style Checklist\n\n**Clarity \u0026 Directness:**\n- [ ] Lead with numbers (\"Revenue grew 15% to $1.2B\" not \"Strong revenue\")\n- [ ] Use \"vs.\" not \"versus\"\n- [ ] Be direct and concise throughout\n- [ ] Focus on what's NEW (not rehashing company basics)\n- [ ] Avoid vague language (\"strong performance\" without quantification)\n\n**Professional Standards:**\n- [ ] Institutional tone maintained\n- [ ] Consistent terminology throughout\n- [ ] No informal language\n- [ ] Proper financial notation\n\n## Pre-Delivery Final Check\n\nRun through this quick final check before sending report to user:\n\n### 5-Minute Final Review:\n1. **Page 1**: Rating clear? Price target updated? Key takeaways compelling?\n2. **Numbers**: Do reported results match company's press release exactly?\n3. **Citations**: Spot check 3-4 figures/tables - all have sources with clickable hyperlinks?\n4. **Estimates**: Old vs. new clearly shown? Changes explained?\n5. **Charts**: All 8-12 embedded? All numbered and captioned?\n6. **Length**: Is it 8-12 pages (not 6, not 15)?\n7. **Hyperlinks**: Test 3-4 hyperlinks - do they work with Ctrl+Click?\n8. **Timeliness**: Is this being published within 48 hours of earnings?\n\nIf all items check out, the report is ready for delivery.\n\n## Summary Delivery Format\n\nWhen delivering the completed report to the user, provide this summary:\n\n```\n[Company] Q[X] [Year] Earnings Update Complete\n\nResults: [BEAT / INLINE / MISS]\n- Revenue: $X.XB ([beat/missed] by $XXM or X%)\n- EPS: $X.XX ([beat/missed] by $X.XX)\n\nKey Takeaways:\n■ [Takeaway 1]\n■ [Takeaway 2]\n■ [Takeaway 3]\n\nUpdated Estimates:\n- FY[Year]E Revenue: $XX.XB (prior: $XX.XB, [+/-]X%)\n- FY[Year]E EPS: $X.XX (prior: $X.XX, [+/-]X%)\n\nRating: [MAINTAINED / RAISED / LOWERED] [RATING]\nPrice Target: $XXX (prior: $XXX) - [+/-]XX% upside\n\nDeliverables:\n✓ 8-12 page earnings update report (DOCX)\n✓ 8-12 embedded charts\n✓ Updated estimates with old/new comparison\n✓ Complete sources section with clickable hyperlinks\n✓ [Optional: Updated XLS financial model]\n\nFile: [Company]_Q[X]_[Year]_Earnings_Update.docx\n```\n","references/report-structure.md":"# Report Structure and Templates\n\nThis document provides complete page-by-page templates and formatting requirements for the earnings update DOCX report.\n\n## Complete Report Structure\n\n**REPORT STRUCTURE:**\n\n---\n\n## PAGE 1: EARNINGS SUMMARY\n\n**Top Section - Header:**\n```\n[COMPANY NAME] ([TICKER])\n[QUARTER] [YEAR] EARNINGS UPDATE\n\n[Current Date]\n\nRating: [MAINTAIN/RAISE/LOWER] [RATING]\nPrice (as of [date]): $XX.XX\nPrice Target: [OLD → NEW if changed, or MAINTAIN $XXX]\n```\n\n**Top Section - Quick Summary Box:**\n```\nEARNINGS SUMMARY\n─────────────────────────────────────────────────\nQ[X] [YEAR] RESULTS: [BEAT / INLINE / MISS]\n\n                Reported    Est      Variance\nRevenue         $X,XXX      $X,XXX   +$XXX (+X%)\nEPS (Adj)       $X.XX       $X.XX    +$X.XX (+X%)\n\nKey Takeaways:\n■ [Takeaway 1 - one sentence]\n■ [Takeaway 2 - one sentence]\n■ [Takeaway 3 - one sentence]\n```\n\n**Main Content - Investment Impact (3-4 bullets):**\n\nUse ■ character with **bold headers** and paragraph-length explanations:\n\n```\n■ **Results beat on strong [segment/geography/product], maintaining positive momentum**\n\nQ[X] revenue of $X.XB exceeded our $X.XB estimate by X% and consensus by X%,\ndriven primarily by [specific driver]. [Segment] revenue grew X% YoY (vs. our\nX% estimate), while [segment] grew X% (vs. X% estimate). Management highlighted\n[specific products/initiatives] as key growth drivers and maintained confident\ntone on outlook. The beat demonstrates [thesis point], reinforcing our positive\nview.\n\n■ **Margins expanded XXbps YoY despite [headwind], showcasing operational leverage**\n\n[Detailed margin analysis paragraph...]\n\n■ **Guidance raised / maintained / lowered - implies [interpretation]**\n\n[Detailed guidance analysis paragraph...]\n\n■ **Maintaining [RATING] with [raised/unchanged] $XXX price target**\n\n[Investment conclusion paragraph...]\n```\n\n**Bottom Section - Updated Estimates Table:**\n\n```\nUPDATED FINANCIAL ESTIMATES\n─────────────────────────────────────────────────────────────────\n                     FY2024E (OLD)  FY2024E (NEW)  Change  FY2025E (NEW)\nRevenue ($M)         XX,XXX         XX,XXX         +X%     XX,XXX\nRevenue Growth (%)   X.X%           X.X%           +XXbps  X.X%\nGross Margin (%)     XX.X%          XX.X%          +XXbps  XX.X%\nEBITDA ($M)          X,XXX          X,XXX          +X%     X,XXX\nEBITDA Margin (%)    XX.X%          XX.X%          +XXbps  XX.X%\nEPS (Adjusted) ($)   X.XX           X.XX           +X%     X.XX\nP/E (x)              XX.Xx          XX.Xx          -X%     XX.Xx\n\nNote: \"E\" = Estimate. Old estimates from [prior report date].\nSource: Company data, [Firm Name] estimates.\n```\n\n---\n\n## PAGES 2-3: DETAILED RESULTS ANALYSIS\n\nBreak down results by:\n\n### Revenue Analysis (1 page)\n- Total revenue beat/miss explanation\n- Segment/geographic/product breakdown\n- YoY and sequential trends\n- Comparison to guidance (if provided)\n\n**Table: Quarterly Revenue Progression**\n```\n                        Q[X-3]  Q[X-2]  Q[X-1]  Q[X]    YoY Chg  QoQ Chg\nTotal Revenue ($M)      X,XXX   X,XXX   X,XXX   X,XXX   +X%      +X%\n  [Segment A] ($M)      XXX     XXX     XXX     XXX     +X%      +X%\n  [Segment B] ($M)      XXX     XXX     XXX     XXX     +X%      +X%\n  [Segment C] ($M)      XXX     XXX     XXX     XXX     +X%      +X%\n\nNote: Q[X] = [Quarter] [Year]\nSource: Company reports, [Firm Name] analysis\n```\n\n### Profitability Analysis (1 page)\n- Gross margin analysis (drivers, trends)\n- Operating margin analysis\n- Below-the-line items (interest, tax, etc.)\n- EPS reconciliation (adjusted vs. GAAP)\n\n**Table: Margin Analysis**\n```\n                        Q[X-3]  Q[X-2]  Q[X-1]  Q[X]    YoY Chg\nGross Margin (%)        XX.X%   XX.X%   XX.X%   XX.X%   +XXbps\nOperating Margin (%)    XX.X%   XX.X%   XX.X%   XX.X%   +XXbps\nNet Margin (%)          XX.X%   XX.X%   XX.X%   XX.X%   +XXbps\n\nKey Drivers:\n+ [Positive driver 1]\n+ [Positive driver 2]\n- [Negative driver 1]\n- [Negative driver 2]\n```\n\n**Embed 2-3 charts on these pages:**\n- Chart 1: Quarterly revenue progression\n- Chart 2: Quarterly EPS progression\n- Chart 3: Margin trends\n\n---\n\n## PAGES 4-5: KEY METRICS \u0026 GUIDANCE\n\n### Business Metrics (1 page)\n- Customer count, ARPU, units, store count, etc.\n- Whatever metrics company emphasizes\n- Comparison to expectations\n- Trends and outlook\n\n**Table: Key Operating Metrics**\n```\n                        Q[X-3]  Q[X-2]  Q[X-1]  Q[X]    YoY Chg  Our Est  Var\n[Metric 1]              XXX     XXX     XXX     XXX     +X%      XXX      +X%\n[Metric 2]              XXX     XXX     XXX     XXX     +X%      XXX      +X%\n[Metric 3]              XXX     XXX     XXX     XXX     +X%      XXX      +X%\n\nSource: Company reports\n```\n\n### Guidance \u0026 Outlook (1 page)\n- What guidance was provided (if any)\n- Comparison to prior guidance\n- Comparison to Street estimates\n- Our assessment of achievability\n- Key assumptions\n\n**If guidance provided:**\n```\nMANAGEMENT GUIDANCE vs. ESTIMATES\n─────────────────────────────────────────────────────────────────\n                     New Guidance    Old Guidance    Change    Street\nFY2024E Revenue      $XX-XXB         $XX-XXB         Raised    $XX.XB\nFY2024E EPS          $X.XX-X.XX      $X.XX-X.XX      Raised    $X.XX\n\nOur Take: [Brief assessment of guidance]\n```\n\n**Embed 2-3 charts:**\n- Chart 4: Key metrics trends\n- Chart 5: Guidance vs. Street comparison\n- Chart 6: Revenue by segment/geography\n\n---\n\n## PAGES 6-7: UPDATED INVESTMENT THESIS\n\n### Thesis Impact Assessment (1-2 pages)\n\nFor each key thesis pillar, assess impact of results:\n\n```\n■ **Thesis Pillar 1: [Original thesis statement]**\n\nStatus: [STRENGTHENED / UNCHANGED / WEAKENED]\n\nQ[X] results [supported / challenged] this thesis pillar because [specific\nevidence from results]. [Detailed analysis of 150-200 words explaining how\nresults impact this specific thesis element.]\n\n■ **Thesis Pillar 2: [Original thesis statement]**\n\n[Similar analysis]\n\n■ **Thesis Pillar 3: [Original thesis statement]**\n\n[Similar analysis]\n```\n\n### Risks Update (0.5 pages)\n- Any new risks identified?\n- Have existing risks been mitigated or worsened?\n- Brief assessment\n\n**Embed 1-2 charts:**\n- Chart 7: Valuation vs. historical\n- Chart 8: Estimate revision comparison\n\n---\n\n## PAGES 8-10: VALUATION \u0026 ESTIMATES\n\n### Updated Valuation (1-2 pages)\n\n**DCF Update:**\n```\nUpdated DCF inputs based on Q[X] results:\n- Revenue growth FY24E: X.X% → X.X% (raised/lowered)\n- EBIT margin FY24E: XX.X% → XX.X%\n- Terminal growth: X.X% (unchanged)\n- WACC: X.X% (unchanged)\n\nUpdated DCF fair value: $XXX (prior: $XXX)\n```\n\n**Comparable Companies:**\n```\n[Company] trades at XX.Xx NTM P/E vs. peer median of XX.Xx (-X% discount).\nGiven [rationale], we believe [premium/discount/inline] valuation is warranted.\n```\n\n**Price Target Methodology:**\n```\nOur $XXX price target (prior: $XXX) is based on:\n- XX% DCF\n- XX% NTM P/E of XX.Xx (vs. peers at XX.Xx)\n- XX% EV/EBITDA\n\nImplied upside: +XX% from current price of $XXX\n```\n\n### Updated Estimates Detail\n\nProvide updated estimates for at least current year and next year:\n\n```\nDETAILED ESTIMATE UPDATES\n─────────────────────────────────────────────────────────────────\n                            FY2024E                 FY2025E\n                     Old      New      Change    New Estimate\nRevenue ($B)         XX.X     XX.X     +X.X%     XX.X\n  [Segment A]        XX.X     XX.X     +X.X%     XX.X\n  [Segment B]        XX.X     XX.X     +X.X%     XX.X\n\nGross Profit ($B)    XX.X     XX.X     +X.X%     XX.X\nGross Margin (%)     XX.X%    XX.X%    +XXbps    XX.X%\n\nEBITDA ($B)          X.X      X.X      +X.X%     X.X\nEBITDA Margin (%)    XX.X%    XX.X%    +XXbps    XX.X%\n\nOperating Income     X.X      X.X      +X.X%     X.X\nOp Margin (%)        XX.X%    XX.X%    +XXbps    XX.X%\n\nNet Income ($B)      X.X      X.X      +X.X%     X.X\nEPS - Adjusted ($)   X.XX     X.XX     +X.X%     X.XX\nEPS - GAAP ($)       X.XX     X.XX     +X.X%     X.XX\n\nP/E (x)              XX.Xx    XX.Xx              XX.Xx\nEV/EBITDA (x)        XX.Xx    XX.Xx              XX.Xx\n\nSource: [Firm Name] estimates\n```\n\n**Embed 1-2 charts:**\n- Chart 9: P/E or EV/EBITDA bands\n- Chart 10: Price target walk (old → new)\n\n---\n\n## PAGES 11-12: APPENDIX (Optional)\n\n### Detailed Quarterly Models (if space allows)\n- Income statement detail\n- Cash flow highlights\n- Balance sheet highlights\n\n### Call Transcript Highlights (optional)\n- Key Q\u0026A excerpts\n- Notable management quotes\n\n### Peer Comparison (if peers have reported)\n- How results compare to competitors\n- Market share implications\n\n**Embed final charts:**\n- Chart 11: Peer comparison\n- Chart 12: Additional supporting charts\n\n---\n\n## FORMATTING REQUIREMENTS\n\n### 1. Page 1 Requirements\n- Clear rating (MAINTAIN OUTPERFORM, RAISE TO BUY, etc.)\n- Updated price target prominently displayed\n- Summary table with old/new estimates\n- 3-4 paragraph-length bullets with ■ character\n\n### 2. All Tables Requirements\n- Source line at bottom\n- Clear column headers\n- Shading for header rows\n\n### 3. All Charts Requirements\n- \"Figure X - [Title]\" caption above\n- \"Source: [Source]\" line below\n- Professional styling\n\n### 4. Year Notation\n- Use A for actual (Q3'24A)\n- Use E for estimate (Q4'24E)\n\n### 5. Writing Style\n- Lead with numbers (\"Revenue grew 15% to $1.2B\" not \"Strong revenue growth\")\n- Use \"vs.\" not \"versus\"\n- Be direct and concise\n- Focus on what's NEW\n\n### 6. Hyperlink Requirements ⭐⭐⭐\n- ALL URLs must be clickable hyperlinks in Word\n- Blue, underlined text that opens on Ctrl+Click\n- Display text meaningful (not raw URL)\n- Every source citation should have clickable link where applicable\n- No plain text URLs - always format as hyperlinks\n\n## Citation Examples for Specific Content\n\n### For Beat/Miss Analysis:\n```\nRevenue of $2.45B beat consensus of $2.39B by $60M (2.5%)¹\n\n¹ Bloomberg consensus as of market close November 6, 2024; Company earnings release November 7, 2024\n  [Hyperlink \"earnings release\" to: https://investor.company.com/news/q3-2024-earnings]\n```\n\n### For Guidance:\n```\nManagement raised FY2024 revenue guidance to $9.8-10.0B from prior $9.5-9.7B²\n\n² Q3 2024 Earnings Call, November 7, 2024, CFO prepared remarks\n  [Hyperlink \"Earnings Call\" to: https://seekingalpha.com/article/...]\n  Prior guidance from Q2 earnings call August 8, 2024\n  [Hyperlink \"Q2 earnings call\" to August transcript]\n```\n\n### For Key Metrics:\n```\nEnterprise customers grew 23% YoY to 845, with net revenue retention at 128%³\n\n³ Q3 2024 10-Q, page 23\n  [Hyperlink \"10-Q\" to: https://www.sec.gov/cgi-bin/viewer?accession=...]\n  Q3 2024 Investor Presentation slide 8\n  [Hyperlink \"Investor Presentation\" to PDF]\n```\n","references/workflow.md":"# Detailed Workflow for Earnings Updates\n\nThis document provides detailed step-by-step instructions for each phase of the earnings update process.\n\n## ⚠️⚠️⚠️ CRITICAL WARNING: ALWAYS USE THE LATEST EARNINGS DATA ⚠️⚠️⚠️\n\n**STOP AND READ THIS FIRST:**\n\nTraining data is OUTDATED. Actively search for and retrieve the MOST RECENT earnings materials. Using outdated earnings data is the #1 mistake in earnings analysis.\n\n**BEFORE STARTING:**\n1. **CHECK TODAY'S DATE** - Write down the current date\n2. **SEARCH FOR LATEST** - Use web search to find the most recent earnings\n3. **VERIFY THE DATE** - Confirm the earnings release is within the last 3 months\n4. **IF OLDER THAN 3 MONTHS** - Wrong quarter obtained, search again\n\n## Phase 1: Earnings Data Collection (30-60 minutes)\n\n### Step 1: Identify the Latest Earnings Period\n\n**CRITICAL**: ALWAYS SEARCH FOR THE LATEST EARNINGS - DO NOT RELY ON KNOWLEDGE CUTOFF.\n**CRITICAL**: NEVER USE EARNINGS DATA FROM TRAINING - IT IS OUTDATED.\n\n**Step 1a: Search for Latest Earnings Release**\n\n**🚨 ACTIVELY SEARCH - training data is outdated. 🚨**\n\n**MANDATORY STEP 1: CHECK TODAY'S DATE**\n- **Write down today's date explicitly**: [Month] [Day], [Year]\n- **Use this to verify** that any earnings found are within 3 months\n- **Example**: \"Today is October 29, 2024\"\n\n**MANDATORY STEP 2: SEARCH FOR \"LATEST EARNINGS\"**\n- **Use web search** with queries like:\n  - `[Company name] latest earnings results`\n  - `[Company name] most recent quarterly earnings`\n  - `[Ticker symbol] earnings latest quarter`\n- **OR search company investor relations site**:\n  - Go to `investor.[company].com` or `[company].com/investors`\n  - Navigate to \"Press Releases\", \"News\", or \"Earnings\" section\n  - **Sort by date to find MOST RECENT release**\n  - Look for keywords: \"earnings\", \"results\", \"financial results\", \"quarterly results\"\n\n**MANDATORY STEP 3: VERIFY THE RELEASE DATE**\n- **Look at the date of the earnings release found**\n- **Calculate**: Is this date within the last 3 months from today?\n- **If YES** → Proceed to next step\n- **If NO (older than 3 months)** → 🚨 WRONG QUARTER - Search again for more recent\n\n**❌ COMMON MISTAKES TO AVOID:**\n- ❌ Using earnings data from training without searching\n- ❌ Assuming \"Q3 2024\" is latest based on expectations\n- ❌ Grabbing the first earnings release found without checking the date\n- ❌ Not comparing the release date to today's date\n- ❌ Proceeding when the release is 4+ months old\n\n**✅ CORRECT APPROACH:**\n- ✅ Check today's date first\n- ✅ Search explicitly for \"latest\" or \"most recent\"\n- ✅ Read the actual release date on the materials\n- ✅ Confirm release date is within 3 months of today\n- ✅ If unsure, search again with different terms\n\n**MANDATORY STEP 4: IDENTIFY THE QUARTER**\n- **Read the title/headline** to identify the quarter (Q1, Q2, Q3, Q4 or fiscal quarter)\n- **Read the release date** on the document itself\n- **Verify both the quarter name AND the date are recent**\n\n3. **Alternative search methods if IR site is unclear:**\n   - Web search: `[Company name] latest earnings results`\n   - Web search: `[Company name] most recent quarterly earnings`\n   - Web search: `[Ticker symbol] earnings latest quarter`\n   - SEC EDGAR: Search for company and look at most recent 10-Q or 10-K filing date\n\n**Example searches that find latest data:**\n- \"Nike latest earnings results\" → Returns most recent quarter reported\n- \"AAPL most recent quarterly earnings\" → Shows latest Apple earnings\n- \"Tesla Q3 2024 earnings\" → Results confirm Q3 2024 exists\n\n**Step 1b: Understand Company's Fiscal Calendar**\n\nAfter identifying the latest quarter from search, understand the company's fiscal year to interpret it correctly:\n\n**Common fiscal year patterns:**\n- **Calendar year (CY)**: Q1=Jan-Mar, Q2=Apr-Jun, Q3=Jul-Sep, Q4=Oct-Dec\n- **Nike fiscal**: Q1=Jun-Aug, Q2=Sep-Nov, Q3=Dec-Feb, Q4=Mar-May (May fiscal year-end)\n- **Apple fiscal**: Q1=Oct-Dec, Q2=Jan-Mar, Q3=Apr-Jun, Q4=Jul-Sep (September fiscal year-end)\n- **Walmart fiscal**: Q1=Feb-Apr, Q2=May-Jul, Q3=Aug-Oct, Q4=Nov-Jan (January fiscal year-end)\n\nMany companies state their fiscal year in the earnings release header. Search `[company] fiscal year calendar` if needed.\n\n**Step 1c: MANDATORY VERIFICATION - Verify Latest Data Obtained**\n\n🛑 **STOP - DO NOT PROCEED until verifying ALL of these:**\n\n- [ ] ✅ **Today's date written down**: [Month] [Day], [Year]\n- [ ] ✅ **Actively searched** using \"latest earnings\" or \"most recent earnings\"\n- [ ] ✅ **Earnings release date found**: [Month] [Day], [Year]\n- [ ] ✅ **Verified release is within 3 months of today** (do the math!)\n- [ ] ✅ **Did NOT assume** the quarter based on today's date alone\n- [ ] ✅ **Can see the actual press release** confirming the quarter/period\n- [ ] ✅ **Opened and read** the actual earnings materials (not just assumed they exist)\n\n**🚨 RED FLAGS - If ANY of these are true, WRONG quarter obtained:**\n- 🚨 Release date is more than 90 days old\n- 🚨 Relying on expectations rather than what was FOUND by searching\n- 🚨 Have not actually SEEN a press release or filing confirming this quarter exists\n- 🚨 Used data from training without searching\n- 🚨 Cannot state the exact release date\n- 🚨 Release date found is from 2023 or earlier (when today is 2024+)\n\n**IF ANY RED FLAGS PRESENT**: STOP and search again. Do not proceed with outdated data.\n\n**Step 1c: Handle Naming Variations**\n\nCompanies use different terminology - recognize these patterns:\n\n**Quarter terminology:**\n- \"Q1 2024\", \"Q1 FY24\", \"First Quarter 2024\", \"1Q24\"\n- \"Third Quarter Fiscal 2024\", \"Q3 FY2024\", \"3Q FY24\"\n\n**Earnings release titles:**\n- \"[Company] Reports Q3 2024 Results\"\n- \"[Company] Announces Third Quarter Fiscal 2024 Financial Results\"\n- \"[Company] Q3 Revenue Grew 15% Year-over-Year\"\n\n**SEC filing searches:**\n- Company name may differ from common name (e.g., \"Meta Platforms, Inc.\" vs \"Facebook\")\n- Search by ticker symbol to find filings reliably\n- Look for most recent 10-Q (quarterly) or 10-K (annual if Q4)\n\n### Step 2: Gather Earnings Materials\n\nAfter SEARCHING FOR and confirming the latest quarter, collect the following:\n\n**⚠️ IMPORTANT: SEARCH for and ACCESS actual documents - do not rely on training data.**\n\n**Primary Materials (REQUIRED):**\n- **Earnings press release** - Usually on company investor relations site under \"Press Releases\" or \"News\"\n  - Navigate to IR site and find the actual press release\n  - Search patterns: \"[Company name] latest earnings\", \"[Company name] Q[X] [Year] earnings results\"\n  - Look for PDF or HTML version\n  - **Verify the date matches what was found in Step 1** (should be within last 1-3 months)\n  - **Read the actual document** to confirm the quarter and get reported numbers\n\n- **10-Q or 10-K filing** - On SEC EDGAR (sec.gov/edgar/searchedgar/companysearch.html)\n  - Search by ticker symbol\n  - For quarters 1-3: Look for most recent 10-Q\n  - For Q4: Look for 10-K (annual report)\n  - Note: May be filed 1-5 days after earnings release\n  - Direct link format: `https://www.sec.gov/cgi-bin/viewer?accession=[accession-number]`\n\n- **Earnings call transcript** - 🚨 **VERIFY THE DATE ON THE TRANSCRIPT** 🚨\n  - **Search for**: \"[Company] latest earnings call transcript\" or \"[Company] Q[X] [Year] earnings call transcript\"\n  - **Sources**:\n    - Company IR site (some post transcripts directly)\n    - Seeking Alpha: Search \"[Company] [latest quarter] earnings call transcript\"\n    - AlphaStreet, Motley Fool (alternative sources)\n  - **CRITICAL DATE CHECK**:\n    - ✅ **Before using ANY transcript, verify the date on the transcript itself**\n    - ✅ **The transcript date MUST match the earnings release date from Step 1**\n    - ✅ **If transcript says \"Q2 2023\" but release was \"Q3 2024\", WRONG transcript obtained**\n    - 🚨 **Common mistake**: Grabbing an old transcript without checking the date\n  - If transcript not yet available, listen to webcast replay or note to wait for transcript\n\n**Supplemental Materials (if available):**\n- **Investor presentation/slides** - Often posted on IR site alongside press release\n  - Usually titled \"Q[X] [Year] Earnings Presentation\" or \"Investor Presentation\"\n  - PDF format with slides management presented during earnings call\n\n- **Supplemental data file** - Some companies provide Excel files with detailed metrics\n  - Look for \"Supplemental Financial Information\" or \"Investor Data Sheet\"\n\n**Reference Materials (for comparison):**\n- **Prior quarter results** - For QoQ comparison\n  - From prior quarter's earnings release (90 days ago)\n\n- **Prior year same quarter** - For YoY comparison\n  - From same quarter last year (4 quarters ago)\n\n- **Prior estimates** - If this company was previously covered\n  - From last earnings update or initiation report\n  - Check what was estimated for this quarter's metrics\n\n- **Consensus estimates** - From Bloomberg, FactSet, Refinitiv, or Yahoo Finance\n  - CRITICAL: Use estimates from BEFORE earnings release\n  - Look for \"as of [date before earnings]\" to ensure pre-announcement consensus\n  - Needed for beat/miss analysis\n\n**🛑 MANDATORY VERIFICATION before proceeding to Step 3:**\n\n**DATES - Verify ALL dates match:**\n- [ ] ✅ **Today's date written down**: _______________\n- [ ] ✅ **Earnings release date**: _______________ (MUST be within 3 months of today)\n- [ ] ✅ **Earnings call transcript date**: _______________ (MUST match release date ±1 day)\n- [ ] ✅ **10-Q/10-K filing date**: _______________ (MUST be same quarter as release)\n- [ ] ✅ **ALL materials show SAME quarter** (e.g., all say \"Q3 2024\", not mixed quarters)\n\n**SEARCH \u0026 ACCESS - Verify active search completed:**\n- [ ] ✅ **SEARCHED** for \"latest earnings\" (not assumed based on current date)\n- [ ] ✅ **ACCESSED** actual earnings press release and read it\n- [ ] ✅ **OPENED** actual earnings call transcript and verified date\n- [ ] ✅ **CONFIRMED** this is the MOST RECENT quarter by checking dates\n- [ ] ✅ Have full financial results (revenue, EPS, margins, etc.) from actual release\n- [ ] ✅ Have pre-earnings consensus estimates with source date\n\n**🚨 RED FLAGS - STOP if ANY of these are true:**\n- 🚨 Did NOT actually search for or access the earnings materials\n- 🚨 Working from memory or training data instead of current documents\n- 🚨 The earnings release date is more than 90 days old\n- 🚨 Cannot state the EXACT DATE of the earnings release\n- 🚨 The transcript date does NOT match the release date\n- 🚨 Materials show different quarters (e.g., release says Q3 but transcript says Q2)\n- 🚨 Grabbed the first result without verifying the date\n\n### Step 3: Extract Key Metrics\n\nCreate a structured summary:\n\n```\nREPORTED RESULTS vs. ESTIMATES:\n─────────────────────────────────────────────────\n                    Reported    Our Est    Consensus    Beat/(Miss)\nRevenue             $X,XXX      $X,XXX     $X,XXX       $XX (X%)\nGross Margin        XX.X%       XX.X%      XX.X%        XXbps\nEBITDA              $XXX        $XXX       $XXX         $XX (X%)\nOperating Profit    $XXX        $XXX       $XXX         $XX (X%)\nEPS (Adjusted)      $X.XX       $X.XX      $X.XX        $X.XX\nEPS (GAAP)          $X.XX       $X.XX      $X.XX        $X.XX\n\nKEY BUSINESS METRICS:\n─────────────────────────────────────────────────\n[Metric 1]          XXX         XXX        XXX          +X% YoY\n[Metric 2]          XXX         XXX        XXX          +X% YoY\n[Metric 3]          XXX         XXX        XXX          +X% YoY\n```\n\n### Step 4: Identify Key Themes from Call\n\nListen to or read earnings call transcript and note:\n- Management's tone (confident, cautious, defensive?)\n- Key topics emphasized (product launches, geographic trends, competition)\n- Questions from analysts (what are investors concerned about?)\n- Guidance provided (raised, lowered, maintained, introduced?)\n- Any surprises or unexpected commentary\n\n## Phase 2: Analysis (2-3 hours)\n\n### Step 5: Beat/Miss Analysis\n\nFor EACH key metric that beat or missed, explain:\n\n**If BEAT:**\n- What drove the outperformance?\n- Was it one-time or sustainable?\n- Did management guide higher going forward?\n- How does this impact our thesis?\n\n**If MISS:**\n- What went wrong?\n- Was it company-specific or industry-wide?\n- Is management taking corrective action?\n- How does this impact our thesis?\n\n**Example Format:**\n```\n■ **Revenue Beat by 3% Driven by Strong DTC Performance**\n\nRevenue of $13.5B exceeded our estimate of $13.1B by $400M (3%) and consensus\nof $13.2B by $300M (2%). The outperformance was driven primarily by Direct-to-\nConsumer channels, which grew 18% YoY (vs. our 12% estimate), offsetting\nweaker-than-expected wholesale (-5% vs. flat estimate). Management cited strong\ndigital demand and successful product launches (Pegasus 40 running shoe, new\nJordan colorways) as key drivers. DTC now represents 42% of total revenue vs.\n38% a year ago, demonstrating successful channel shift strategy.\n```\n\n### Step 6: Segment/Geographic/Product Analysis\n\nAnalyze performance by:\n- Business segment (if multi-segment company)\n- Geography (North America, Europe, China, etc.)\n- Product category\n- Channel (retail, wholesale, e-commerce)\n\nIdentify:\n- What outperformed expectations?\n- What underperformed?\n- Trends vs. prior quarters\n- Management commentary on outlook for each area\n\n### Step 7: Margin Analysis\n\nAnalyze profitability:\n- Gross margin: up or down? why?\n- Operating margin: up or down? why?\n- Key drivers (pricing, mix, costs, leverage)\n- Outlook going forward\n\n### Step 8: Guidance Analysis\n\nIf company provided guidance:\n- Compare new guidance to prior guidance\n- Compare to internal estimates and Street estimates\n- Assess credibility (does company have track record of sandbagging? beating?)\n- Identify key assumptions behind guidance\n\nIf company did NOT provide guidance:\n- Note this explicitly\n- Provide independent outlook based on results and commentary\n\n### Step 9: Update Financial Model\n\nUpdate estimates for:\n- Current year (remaining quarters)\n- Next year\n- Potentially year after\n\n**Show clearly:**\n```\nUPDATED ESTIMATES:\n─────────────────────────────────────────────────\n                        Old Est     New Est     Change      Reason\nFY2024E Revenue         $XX.XB      $XX.XB      +X.X%      [Brief reason]\nFY2024E EBITDA          $X.XB       $X.XB       +X.X%      [Brief reason]\nFY2024E EPS             $X.XX       $X.XX       +X.X%      [Brief reason]\n\nFY2025E Revenue         $XX.XB      $XX.XB      +X.X%      [Brief reason]\nFY2025E EBITDA          $X.XB       $X.XB       +X.X%      [Brief reason]\nFY2025E EPS             $X.XX       $X.XX       +X.X%      [Brief reason]\n```\n\n### Step 10: Update Valuation \u0026 Price Target\n\nBased on updated estimates:\n- Recalculate DCF (use updated cash flows)\n- Update comparable company multiples (if peer group has reported)\n- Determine new fair value\n- Decide if price target changes\n\n**Price Target Decision:**\n- If estimates changed significantly (\u003e5%) → Usually change price target\n- If estimates changed marginally (\u003c5%) → May maintain price target\n- If thesis strengthened/weakened → May change even without estimate change\n\n### Step 11: Assess Rating Impact\n\nDecide whether to change rating:\n- If results significantly better than expected + guidance raised → Consider upgrade\n- If results significantly worse + guidance cut → Consider downgrade\n- If inline or mixed → Usually maintain rating\n\n**Consider:**\n- Stock reaction (up/down/flat?)\n- Valuation (expensive/cheap relative to new estimates?)\n- Risk/reward (asymmetry shifted?)\n\n## Phase 3: Chart Generation (1-2 hours)\n\n### Step 12: Generate 8-12 Charts\n\nCreate charts focusing on QUARTERLY TRENDS and WHAT'S NEW.\n\n**REQUIRED CHARTS (8-12 total):**\n\n1. **Quarterly Revenue Progression** (Bar chart)\n   - Last 8-12 quarters\n   - Show beat/miss vs. estimates each quarter\n   - Highlight current quarter\n\n2. **Quarterly EPS Progression** (Bar chart)\n   - Last 8-12 quarters\n   - Show beat/miss vs. estimates\n   - Adjusted and GAAP\n\n3. **Quarterly Margin Trend** (Line chart)\n   - Gross margin, EBIT margin, net margin\n   - Last 8-12 quarters\n   - Show trajectory\n\n4. **Revenue by Segment/Geography** (Stacked bar OR table)\n   - Current quarter vs. YoY\n   - Growth rates by segment\n\n5. **Key Operating Metrics** (Multi-line chart)\n   - Customer count, ARPU, units sold, etc. (whatever is relevant)\n   - Last 8-12 quarters\n\n6. **Beat/Miss Summary** (Waterfall or table)\n   - Show components of beat/miss\n   - What drove variance from estimates\n\n7. **Estimate Revision Chart** (Before/after comparison)\n   - Old FY estimates vs. new FY estimates\n   - Bar chart showing change\n\n8. **Valuation Chart** (P/E or EV/EBITDA multiple)\n   - Historical multiple range\n   - Current multiple\n   - Fair value multiple\n\n**OPTIONAL CHARTS (if space allows):**\n- Peer comparison (if peers have reported)\n- Guidance vs. Street comparison\n- Cash flow metrics\n- Balance sheet highlights (if notable)\n\n**Chart Style Guidelines:**\n- Focus on TRENDS (quarterly progression)\n- Highlight CHANGES (beat/miss, estimate revisions)\n- Keep simple and clear (this is a fast-turnaround report)\n\n## Phase 4: Report Creation (2-3 hours)\n\n### Step 13: Create DOCX Report\n\nUse DOCX skill to create 8-12 page report.\n\nSee [report-structure.md](report-structure.md) for complete page-by-page templates and formatting requirements.\n\n**Key Steps:**\n1. Create Page 1 with earnings summary and quick takeaways\n2. Add detailed results analysis (Pages 2-3)\n3. Include key metrics and guidance (Pages 4-5)\n4. Update investment thesis (Pages 6-7)\n5. Provide valuation and estimates (Pages 8-10)\n6. Add appendix if needed (Pages 11-12)\n7. Embed all 8-12 charts throughout\n8. Add 1-3 summary tables\n9. Include complete sources section with clickable hyperlinks\n\n### Step 14: Optional - Update XLS Model\n\nIf a full financial model exists for this company (from initiation), update it with:\n- Actual Q[X] results\n- Revised estimates for future quarters\n- Updated valuation\n\n**Note**: For earnings updates, a full XLS file is OPTIONAL (not required like in initiation reports). The DOCX report is the primary deliverable.\n\nIf creating XLS, include:\n- Quarterly model tab\n- Updated annual projections\n- Revised DCF\n- Updated comps analysis\n\n## Phase 5: Quality Check \u0026 Delivery (30 minutes)\n\n### Step 15: Quality Checklist\n\nBefore publishing, verify:\n\n**Content:**\n- [ ] Beat/miss clearly stated and quantified\n- [ ] Key drivers explained (not just \"strong performance\")\n- [ ] Updated estimates provided (old vs. new shown)\n- [ ] Price target updated or explicitly maintained\n- [ ] Rating confirmed or changed with rationale\n- [ ] Guidance analyzed (if provided)\n- [ ] Thesis impact assessed\n\n**Formatting:**\n- [ ] Page 1 has summary box and key bullets\n- [ ] All tables have source lines\n- [ ] All figures numbered and captioned\n- [ ] Estimates table shows old vs. new\n- [ ] 8-12 charts embedded throughout\n- [ ] Report is 8-12 pages (not too long, not too short)\n\n**Accuracy:**\n- [ ] Numbers match company's reported results exactly\n- [ ] Math checks out (estimates, valuation)\n- [ ] No typos in ticker, company name, numbers\n- [ ] Charts match text descriptions\n- [ ] Date is current\n\n**Citations:** ⭐ MANDATORY\n- [ ] Every figure has specific source with document and date\n- [ ] Every table has specific source with document reference\n- [ ] Beat/miss analysis cites consensus source with date\n- [ ] Guidance changes cite current and prior guidance sources\n- [ ] Key statistics have footnotes with specific page/slide references\n- [ ] Sources section lists all materials with URLs\n- [ ] ALL URLs are CLICKABLE HYPERLINKS (not plain text)\n- [ ] Hyperlinks tested and working (Ctrl+Click opens correct page)\n- [ ] All SEC filings hyperlinked to EDGAR viewer\n- [ ] All earnings materials hyperlinked (release, transcript, presentation)\n- [ ] Prior guidance hyperlinked to prior quarter's materials\n- [ ] No raw URLs displayed - all formatted as clickable links\n- [ ] Earnings call quotes cite specific speaker and approximate timestamp\n\n**Timeliness:**\n- [ ] Report published within 24-48 hours of earnings release\n- [ ] All data is from LATEST quarter\n- [ ] Consensus estimates are pre-earnings (not post-earnings)\n\n### Step 16: Deliver Report\n\nProvide user with:\n\n1. **DOCX file**: `[Company]_Q[X]_[Year]_Earnings_Update.docx`\n2. **Chart files**: All PNG/JPG charts (for reference)\n3. **Optional XLS**: Updated financial model if maintained\n\n**Brief summary for user:**\n```\n[Company] Q[X] [Year] Earnings Update Complete\n\nResults: [BEAT / INLINE / MISS]\n- Revenue: $X.XB ([beat/missed] by $XXM or X%)\n- EPS: $X.XX ([beat/missed] by $X.XX)\n\nKey Takeaways:\n■ [Takeaway 1]\n■ [Takeaway 2]\n■ [Takeaway 3]\n\nUpdated Estimates:\n- FY[Year]E Revenue: $XX.XB (prior: $XX.XB, [+/-]X%)\n- FY[Year]E EPS: $X.XX (prior: $X.XX, [+/-]X%)\n\nRating: [MAINTAINED / RAISED / LOWERED] [RATING]\nPrice Target: $XXX (prior: $XXX) - [+/-]XX% upside\n\nDeliverable: 8-12 page earnings update report with updated estimates and valuation.\n```\n"},"import":{"commit_sha":"9affc6e683bbaf66361058117027cf5a50bf1861","imported_at":"2026-05-18T20:09:40Z","license_text":"\n                                 Apache License\n                           Version 2.0, January 2004\n                        http://www.apache.org/licenses/\n\n   TERMS AND CONDITIONS FOR USE, REPRODUCTION, AND DISTRIBUTION\n\n   1. 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