Q&A WITH NIRI MEMBERS
In this continuing column where we feature questions and answers from NIRI members, we highlight the question below that NIRI Fellow Julie Dewey, IRC, Chief Communications & IR Officer at Treace Medical Concepts, Inc. recently posted on the NIRI eGroups discussion forum.
Posting Earnings Call Transcripts on IR Websites
Question: I want to get a sense of how common it is for earnings call transcripts to be posted on a company’s IR website. Any thoughts on this? Any reasons why it shouldn’t be posted?
Several NIRI members responded with advice. Rob Munnings, Partner with Veridian Strategic Partners, says,
“I think it’s a great idea to do so. It makes your materials and
message more accessible to the investment community because people can access everything all in one place, rather than having to jump between programs to find transcripts, presentations, call recordings, or any other materials.”
Friederike Edelmann, Vice President, Investor Relations & Cor- porate Sustainability at Central Garden & Pet Company, adds, “We get the transcript from S&P, but they are also available from other platforms like FactSet, and simply post that to our IR website to make it easier for everyone to access our materials all in one place. I don’t see any downside to posting it.”
A few members noted the importance of fact-checking the tran- script with careful proofreading, since transcripts often include errors introduced during the transcription process from the audio recording. Tis is a best practice even if a company is not post- ing the transcript on their own website, since transcripts often appear on S&P, FactSet, Bloomberg, Seeking Alpha, and similar websites and mistakes appearing in those public forums may need to be corrected.
4 2 SPRING 2 0 24 ■ IR UPDAT E “Maintaining version control of transcripts can pose challenges,
particularly when attempting to correct inaccuracies,” explains Samantha Senna, IRC.. “External vendors may not always accept proposed changes, potentially leading to discrepancies between the transcript on the company website and other platforms. From my experience, discrepancies tend to be minor, as significant errors typically prompt companies to engage vendors for corrections. “Nevertheless, if acquiring transcripts isn’t prohibitively expensive and version control issues can be managed, I would recommend adding them to the website. Unlike webcast replays, which typically have a limited shelf life of 12 months, transcripts provide investors with timeless access to crucial information.”
NIRI Fellow Deborah Hancock, former Senior Vice President, Investor Relations at Hasbro, Inc., notes, “We published manage- ment’s prepared remarks immediately after the call ended, but not the transcript. Te transcript would require a thorough review of the content to ensure it was accurately captured. Given resources and time constraints we did not have time to do that. If you are comfortable with the accuracy and your legal team is okay with publishing it, then I do think it is a valuable tool for investors.”
niri.org/ irupdate
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