Anne Crotteau, Manager, Investor Relations, Travere Terapeu- tics, Inc., says, “I see value in sharing the full transcript because investors who are newer to the story could gain some insight by seeing and hearing what analysts are asking. With that said, we did a thorough quality check of the transcript and then worked with the transcript team at our provider before posting it, and that review was very time consuming. I think posting the company’s version of the prepared remarks as soon as the call is over, like Deborah Hancock did, is a fantastic idea, even if only as a place- holder until the full transcript has been checked and corrected.” “We did an ADA accessibility audit of our websites and one
of the recommendations that came out of that process was to include a transcript for important audio or video content to make it easier to access this content,” says Linsley Carruth, Vice President, Investor Relations, T. Rowe Price Group, Inc. “So we are including a transcript for the earnings calls that gets posted about one day after the call. “Logistically, our call vendor provides a transcript. Ten we
review it against the audio recording to ensure accuracy before posting. I give the vendor the prepared remarks scripts, so that part is typically accurate but there tends to be some terms or names in the Q&A that get picked up wrong in the initial transcript draft.”
NIRI Fellow Neal Goldner, Vice President of Investor Relations, Marriott Vacations Worldwide Corp., adds, “We post the tran- script on our website. I want investors to come to our website first for information about our company, and the transcript is an important piece of information.”
Sean Donahue, a Partner at Paul Hastings LLP and Chair of the firm’s Public Company Advisory practice, adds, “From a securi- ties law perspective, there is likely no additional liability created by posting the earnings call transcript on a company’s website, and it may ultimately be a good idea from an investor relations perspective. It also allows companies to ensure the accuracy of the transcript and avoid the risk that anything posted by an external third party may include errors. Te misstatement of just one word has the potential to change the message, so quality control of the content is important.”
Shannon Potter, Senior Vice President, Programs at NIRI, also posted a chart (shown on this page) from theNIRI 2023 Earnings Process Practices Report that shows what type of supplemental material about earnings is posted by companies and how long the material remains online. IR
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