**Earnings Call Transcripts Guide**

**Intro**
Earnings call transcripts are available through multiple financial data providers. You should only pull transcript data **when the user explicitly tells you to**. This guide covers accessing transcripts through FactSet, Refinitiv/LSEG, Bloomberg, S&P Capital IQ, and other providers. Transcripts contain management discussion, Q&A sections, and forward-looking guidance.

**IMPORTANT:** When working with earnings call transcripts:
1. Verify the transcript date matches the intended earnings period.
2. Distinguish between prepared remarks (management discussion) and Q&A sections.
3. Pay attention to guidance updates vs. historical commentary.
4. Cross-reference quantitative guidance with actual financial data.

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**Transcript Providers Overview**

| Provider | Coverage | Excel Integration | Format |
|----------|----------|-------------------|--------|
| FactSet | Global, extensive | Yes (via API) | Text, XML |
| Refinitiv/LSEG | Global | Limited | PDF, Word, Text |
| Bloomberg | Global | Limited | Terminal only |
| S&P Capital IQ | Extensive | Yes (via WRDS) | Text |
| Finnhub | Wide coverage | API | JSON |
| AlphaSense | AI-enhanced | Search/Export | Text, AI summaries |

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## PART 1: FACTSET TRANSCRIPTS

**1. Accessing Transcripts in FactSet**

**Via FactSet Workstation:**
1. Search for company ticker
2. Navigate to Events & Transcripts
3. Select earnings call date
4. View or export transcript

**Via FactSet Excel:**
Transcripts are accessed through the Events and Transcripts API for programmatic access.

**Event Types Covered:**
| Event Type | Description |
|------------|-------------|
| Earnings Calls | Quarterly/annual earnings |
| Conference Presentations | Investor conferences |
| Analyst/Investor Meetings | One-on-one meetings |
| Guidance Calls | Guidance-specific calls |
| Sales Calls | Revenue-focused updates |
| Special Situations | M&A, restructuring, etc. |

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**2. FactSet Transcript Structure**

**Document Sections:**
| Section | Description |
|---------|-------------|
| Header | Company, date, participants |
| Operator Introduction | Call logistics |
| Management Discussion | Prepared remarks |
| Q&A Session | Analyst questions and answers |
| Closing | Call conclusion |

**Participant Identification:**
- Company Executives (CEO, CFO, IR)
- Analysts (name, firm)
- Operator/Moderator

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**3. FactSet Transcript Intelligence**

**AI-Powered Features:**
| Feature | Description |
|---------|-------------|
| AI Summaries | Key takeaways generated automatically |
| High/Low Highlights | Most important positive/negative points |
| Guidance Updates | Management guidance changes |
| Key Themes | Major topics discussed |
| Sentiment Analysis | Tone of call sections |

**Transcript Assistant:**
- Conversational AI chatbot for transcript analysis
- Ask questions about specific calls
- Compare guidance across periods
- Extract specific metrics mentioned

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**4. FactSet Data Feed (For NLP/Analysis)**

**XML Structure:**
Transcripts available in machine-readable XML format for:
- Sentiment analysis
- Natural language processing
- Trend extraction
- Automated alerts

**Sections for Analysis:**
| Section | Use Case |
|---------|----------|
| Management Discussion | Prepared sentiment |
| Q&A | Unscripted responses |
| Guidance | Forward estimates |

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## PART 2: REFINITIV/LSEG TRANSCRIPTS

**1. Accessing in LSEG Workspace**

**Via ADVEV Function:**
1. Type ADVEV in search bar
2. Select company
3. Navigate to Earnings & Corporate
4. Select transcript from events list

**Export Options:**
| Format | Description |
|--------|-------------|
| PDF | Formatted document |
| Word | Editable document |
| Plain Text | Raw text file |

**Additional Content:**
- PowerPoint presentations
- Audio files (when available)
- Sentiment summaries

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**2. Refinitiv Transcript Fields**

**Event Details:**
| Field | Description |
|-------|-------------|
| EventID | Unique event identifier |
| CompanyName | Company name |
| Ticker | Trading symbol |
| EventDate | Date of call |
| EventType | Earnings, guidance, etc. |
| FiscalPeriod | Q1, Q2, Q3, Q4, FY |
| FiscalYear | Fiscal year |

**Participants:**
| Field | Description |
|-------|-------------|
| SpeakerName | Name of speaker |
| SpeakerTitle | Executive title |
| SpeakerAffiliation | Company/firm |
| SpeakerType | Management, Analyst |

---

**3. Refinitiv Earnings Briefs**

Pre-formatted summaries including:
- Key financials discussed
- Guidance updates
- Notable Q&A points
- Stock reaction summary

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## PART 3: BLOOMBERG TRANSCRIPTS

**1. Accessing on Terminal**

**Via EVT Function:**
1. Load security: [TICKER] <EQUITY>
2. Type EVT <GO>
3. View calendar of corporate events
4. Select earnings call
5. Access transcript (if available)

**Alternative Access:**
- Type CALL <GO> for recent calls
- Check for audio and transcript availability

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**2. Bloomberg Transcript Data**

**Available Information:**
| Data | Description |
|------|-------------|
| Transcript Text | Full call transcript |
| Audio | Call recording (when available) |
| Event Calendar | Upcoming calls |
| Historical | Past call archive |

**Note:** Bloomberg transcripts are primarily accessed via terminal interface, not Excel formulas.

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## PART 4: S&P CAPITAL IQ TRANSCRIPTS

**1. Accessing Transcripts**

**Via CapIQ Platform:**
1. Search for company
2. Navigate to Events tab
3. Select transcript from list
4. View or export

**Via WRDS (Academic):**
S&P Capital IQ Transcripts available through Wharton Research Data Services for academic users.

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**2. CapIQ Transcript Features**

**Document Sections:**
- Header information
- Corporate participants
- Conference call participants
- Prepared remarks
- Q&A section

**Export Options:**
- PDF download
- Text export
- Research integration

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## PART 5: OTHER PROVIDERS

**1. Finnhub API**

**Free API Access:**
| Endpoint | Description |
|----------|-------------|
| /stock/transcripts | List of transcripts |
| /stock/transcripts/{id} | Full transcript text |

**Data Available:**
- Company identifier
- Quarter/Year
- Full transcript text
- Speaker identification

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**2. Factiva**

**Search Syntax:**
rst=FNDW and hd=[company name]
→ Returns transcripts from VIQ FD Disclosure

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**3. AlphaSense**

**AI-Enhanced Features:**
- Semantic search across transcripts
- AI-generated summaries
- Keyword tracking
- Sentiment analysis
- Cross-transcript comparison

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## PART 6: KEY TRANSCRIPT SECTIONS

**1. Management Discussion (Prepared Remarks)**

Typically includes:
| Topic | Description |
|-------|-------------|
| Financial Highlights | Revenue, EPS, margins |
| Segment Performance | Business unit results |
| Strategic Updates | New initiatives, products |
| Outlook | Forward guidance |
| Capital Allocation | Dividends, buybacks, M&A |

---

**2. Q&A Section**

Key areas analysts probe:
| Topic | Common Questions |
|-------|------------------|
| Guidance | Breakdown, assumptions, confidence |
| Margins | Drivers, sustainability, trends |
| Competition | Market share, pricing pressure |
| M&A | Pipeline, integration, targets |
| Capital | Priorities, leverage, returns |
| Macro | Economic assumptions, FX, rates |

---

**3. Guidance Tracking**

**Types of Guidance:**
| Type | Description |
|------|-------------|
| Revenue | Top-line expectations |
| EPS | Earnings per share |
| EBITDA | Operating profitability |
| Margins | Gross, operating, net |
| CapEx | Capital expenditure plans |
| FCF | Free cash flow |

**Guidance Modifiers:**
| Modifier | Meaning |
|----------|---------|
| Raised | Increased from prior |
| Lowered | Decreased from prior |
| Maintained | Unchanged |
| Initiated | New guidance |
| Withdrawn | Guidance suspended |
| Range | High/low bounds |
| Mid-point | Center of range |

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## PART 7: EXCEL INTEGRATION

**1. Manual Export Workflow**

1. Access transcript via provider platform
2. Export to PDF, Word, or text
3. Copy relevant sections to Excel
4. Parse data manually or with formulas

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**2. API-Based Extraction (FactSet)**

For programmatic access, use FactSet Events and Transcripts API:
- Returns JSON/XML data
- Can feed into Excel via Power Query
- Enables automated monitoring

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**3. Key Fields to Extract**

| Field | Use Case |
|-------|----------|
| Call Date | Chronological tracking |
| Revenue Guidance | Model updates |
| EPS Guidance | Valuation inputs |
| Key Metrics | Company-specific KPIs |
| Management Quotes | Qualitative analysis |
| Analyst Questions | Concern identification |

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## PART 8: BEST PRACTICES

**1. When Using Transcripts**

- Verify fiscal period matches (Q1 earnings vs Q1 guidance)
- Distinguish between GAAP and non-GAAP mentions
- Track guidance changes quarter-over-quarter
- Note analyst sentiment in Q&A tone
- Cross-reference with SEC filings for accuracy

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**2. Limitations**

- Transcripts may have minor transcription errors
- Non-GAAP reconciliations often in slides, not transcript
- International calls may have translation issues
- Timing: Transcripts available hours after call
- Some smaller companies may not have coverage

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**Final Checklist:**
- Which provider has coverage for this company?
- What fiscal period am I researching?
- Do I need the full transcript or just summary/guidance?
- Am I tracking prepared remarks or Q&A insights?
- Have I verified guidance against actual financial filings?
- Do I need historical transcripts for trend analysis?

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**Additional Resources:**
- FactSet: factset.com/marketplace/catalog/product/transcript-intelligence
- Refinitiv: Use ADVEV function in LSEG Workspace
- Bloomberg: EVT <GO> on terminal
- Finnhub: finnhub.io/docs/api/earnings-call-transcripts-api
- WRDS: wrds-www.wharton.upenn.edu (S&P CapIQ Transcripts)
