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Earnings call jargon

Guidance, margins, EPS beats and the rest, so you can follow an earnings call or the headlines about one.

Listen with headphones. When it asks a question, answer out loud before it tells you.

Call structure: operator, investor relations, C.E.O., C.F.O., then Q and A. The real information is in the Q and A and the tone.
Revenue: the top line. Watch growth year over year.
E.P.S.: earnings per share, the bottom line per share. Diluted E.P.S. is the standard figure.
Beats and misses: measured against consensus. A beat is expected, so expectations matter more than the result.
Guidance: management's forecast. Raising, reaffirming, lowering, or withdrawing. It often moves the stock most.
Margins: profit as a percentage of revenue. Expansion is up, compression is down, measured in basis points.
Non-GAAP: adjusted numbers that leave things out. Usually flattering, so check the reconciliation.
Analyst questions: sell-side analysts, one question and a follow-up. 'Help us understand' usually means something looks off.

Free cash flow: operating cash flow minus capex, the cash left after investing. Capex is a big theme in A.I. and data centers.
Comps: sales at stores open a year or more. An easy comp makes growth look better, a tough comp the reverse.
Priced in: expectations are already in the share price. The after-hours move often reverses during the call.
Industry K.P.I.s: each industry has its own scoreboard. Learn the two or three your company stresses.
Quality of earnings: is the profit real and repeatable? Watch one-time gains, pulled-forward revenue, and metrics that vanish.
Storylines need a why, a watch item, and a what-would-change-it. Beat and raise, beat and guide down, costly growth, adjusted versus standard, and the dodged first question.

The real information is in the Q and A and the tone.
A beat against consensus is expected, so judge the guidance: raising or lowering?
Watch the direction of margins. Revenue up with margins down is a warning.
Adjusted numbers flatter. Look for what was left out, and check the reconciliation.
Help us understand means this looks off, and a dodged answer is a signal.

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