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1
Agenda
67%
23% 20%
16%
30%
16%
14% 14%
11% 10% 10%
1.3%
Q4 2017 30%
0.6%
0.9%
Q3 2017 10%
0.4%
0.7%
Q2 2017 11%
0.6%
2.0%
Q1 2017 16%
0.8%
4.9%
Q4 2016 31%
1.7%
0% 5% 10% 15% 20% 25% 30% 35% 0% 5% 10% 15% 20% 25% 30% 35%
6
GOVERNMENT AND POLICY– ADMINISTRATION AND CONGRESS
Administration Congress
+93% Key Takeaways
700
• Mentions of the Trump
600 Administration did not
increase in Q4 '17, even
Number Of Earnings Calls
as mentions of Congress
500
did.
0 5 10 15 20 25 30 35 40 45 50 55 60 65 70
Congress 28%
Financial Regulation 7%
Administration 5%
Trade 5% In the first half of the year, company
Infrastructure 3 earnings calls mentioned Congress
and the Administration more often than
Healthcare 1% any one policy area, but tax reform
skyrocketed in Q4.
Immigration Reform 0.1%
8
Agenda
179
131
42
31 29
Note: Categories are not mutually exclusive. 452 total S&P 500 earnings calls reported at time of analysis. 11
S&P 500 ANALYSIS – RETURNS TO SHAREHOLDERS & INVESTMENT
157
55
50
70% 23%
The majority of Consumer Staples Nearly a quarter of Financials companies
companies mentioned investment due to tax discussed employee wage increases or
reform, more than any other sector in the bonuses, more than any other sector in the
S&P 500 S&P 500
1 in 2 11 firms
On an industry level, retail companies led on
Runner-up: Half of the Health Care sector
mentions of general employee benefits - 11
mentioned investment due to tax reform
out of 24, or 46 percent, discussed them
"We anticipate using a portion of the "First, the savings will translate to
corporate tax reform benefits for incremental enhanced compensation and benefits for
investment spending… in the areas of our most important asset, our employees.
technology modernization efforts, consumer Through increased funding in our annual
facing digital technologies and product wage and bonus pools, paying for high
development capabilities." - Anthem Inc. performance and rewarding results." - FIS 14
S&P 500 ANALYSIS – RETURNS TO SHAREHOLDERS BREAKDOWN
131
18
33
50
30
Total Returns To Only Buybacks Only Dividends Both Buybacks General Mentions*
Shareholders & Dividends
*Companies that mentioned returning tax reform windfall to shareholders without specifying how. 15
Agenda
Methodology
Our analysis examined earnings call transcripts to determine the quantity
of calls discussing key topics and sub-topics. The transcripts we
examined roughly correspond to a given quarter. To conduct our analysis,
we:
• Reviewed roughly 2,500 earnings call transcripts of U.S. domiciled
companies per quarter.
– Earnings calls analyzed for Q4 2017 were held between January 1,
2017 – February 28, 2017 (2,473 total calls).
– Earnings calls analyzed for Q3 2017 were held between October 1,
2017 – November 26, 2017 (3,021 total calls).
– Earnings calls analyzed for Q2 2017 were held between July 1, 2017
– August 23, 2017 (3,117 total calls).
– Earnings calls analyzed for Q1 2017 were held between April 1, 2017
– May 31, 2017 (3,217 total calls).
17
Glossary
• Energy Sector: The Energy Sector comprises companies engaged in exploration & production,
refining & marketing, and storage & transportation of oil & gas and coal & consumable fuels. It also
includes companies that offer oil & gas equipment and services.
• Materials Sector: The Materials Sector includes companies that manufacture chemicals,
construction materials, glass, paper, forest products and related packaging products, and metals,
minerals and mining companies, including producers of steel.
• Industrials Sector: The Industrials Sector includes manufacturers and distributors of capital goods
such as aerospace & defense, building products, electrical equipment and machinery and
companies that offer construction & engineering services. It also includes providers of commercial &
professional services including printing, environmental and facilities services, office services &
supplies, security & alarm services, human resource & employment services, research & consulting
services. It also includes companies that provide transportation services.
• Consumer Discretionary Sector: The Consumer Discretionary Sector encompasses those
businesses that tend to be the most sensitive to economic cycles. Its manufacturing segment
includes automotive, household durable goods, leisure equipment and textiles & apparel. The
services segment includes hotels, restaurants and other leisure facilities, media production and
services, and consumer retailing and services.
• Consumer Staples Sector: The Consumer Staples Sector comprises companies whose
businesses are less sensitive to economic cycles. It includes manufacturers and distributors of food,
beverages and tobacco and producers of non-durable household goods and personal products. It
also includes food & drug retailing companies as well as hypermarkets and consumer super centers.
• Health Care Sector: The Health Care Sector includes health care providers & services, companies
that manufacture and distribute health care equipment & supplies, and health care technology
companies. It also includes companies involved in the research, development, production and
marketing of pharmaceuticals and biotechnology products.
• Financials Sector: The Financials Sector contains companies involved in banking, thrifts & mortgage
finance, specialized finance, consumer finance, asset management and custody banks, investment
banking and brokerage and insurance. It also includes Financial Exchanges & Data and Mortgage
REITs.
• Information Technology Sector: The Information Technology Sector comprises companies that offer
software and information technology services, manufacturers and distributors of technology hardware
& equipment such as communications equipment, cellular phones, computers & peripherals, electronic
equipment and related instruments, and semiconductors.
• Telecommunication Services Sector: The Telecommunication Services Sector contains companies
that provide communications services primarily through a fixed-line, cellular or wireless, high
bandwidth and/or fiber optic cable network.
• Utilities Sector: The Utilities Sector comprises utility companies such as electric, gas and water
utilities. It also includes independent power producers & energy traders and companies that engage in
generation and distribution of electricity using renewable sources.
• Real Estate Sector: The Real Estate Sector contains companies engaged in real estate development
and operation. It also includes companies offering real estate related services and Equity Real Estate
Investment Trusts (REITs).