Documentos de Académico
Documentos de Profesional
Documentos de Cultura
FY2017
December 5, 2017
Executive Summary
Hamilton Place Strategies analyzed quarterly earnings call transcripts of U.S.
public companies to identify key issues influencing the business communitys
decision making. For this report, we analyzed earnings call transcripts from the
fourth quarter of fiscal year 2016 to the third quarter of fiscal year 2017.
Key Findings:
The number of earnings calls mentioning President Trump declined 81 percent
between January and late November.
Mentions of tax reform have increased by 137 percent since last quarter.
Not surprisingly, healthcare reform saw the largest decrease in policy mentions.
Mentions of company culture inclusive of corporate social responsibility,
diversity, and harassment have increased 32 percent year-over-year in 2017.
Mentions of cybersecurity were mostly found in IT sector calls (62 percent of
2017 calls mentioning cybersecurity topics came from the IT sector). Other
sectors did experience an uptick in cybersecurity mentions from 2016 except for
healthcare.
Amazon was mentioned on almost eight percent of all earnings calls so far in
2017, outstripping Google in second place with four percent.
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Agenda
16%
14% 14%
1,225
11% 10%
911 10%
751
496
20
15
24%
10
14%
5 10% 11%
8% 8%
5% 4%
0
Q4 2016 Q1 2017 Q2 2017 Q3 2017
144
81 The percentage drop in
150 calls mentioning President
Trump by name from January
100 to November
64
50
23 27 Materials The sector with
the largest percentage of calls
0
Q4 Q1 Q2 Q3 mentioning the Trump
2016 2017 2017 2017 Administration in Q3 2017 (10
percent of sector calls)
Topics Associated With Q3 Trump Mentions
Tax
Economic Issues
Iran
Zero The number of times
Fed Chair Pick Trump was mentioned this
International Trade quarter in Consumer Staples
Opioid Epidemic
Commission and Telecom sector calls
Source: Bloomberg Terminal, HPS 5
GOVERNMENT AND POLICY SECTOR BREAKDOWN
Q1 2017 Q4 2016
Mentions No Mentions Mentions No Mentions
Utilities 48% 52% 77 Utilities 75% 25% 75
Financials 35% 65% 433 Industrial 55% 45% 402
Real Estate 33% 67% 182 Financials 53% 47% 425
Industrial 28% 72% 431 Real Estate 50% 50% 181
Healthcare 25% 75% 521 Materials 45% 55% 139
Immigration
Reform 2% 3% 2% 1%
0
2013 2014 2015 2016 2017
680
Industrials
130
120
110
100
90
80
70 Financials
60 Consumer Discretionary
50
40
Real Estate Telecommunications Services
30
Health Care Materials
20
Utilities
10 Energy Consumer Staples
0
0% 1% 2% 3% 4% 5% 6% 7% 24% 25%
Share Of Sector Mentioning Cybersecurity In 2017
Source: Bloomberg Terminal, HPS 10
SPECIAL TOPICS HURRICANES
3,217 3,117
2,956 3,021
208
1,484
71
577 620
481
0
Q4 2016 Q1 2017 Q2 2017 Q3 2017 Harvey Irma Maria Jose
Source: Bloomberg Terminal, HPS Search terms: "diversity and inclusion" (and iterations thereof), "corporate social
12
*Mentions through Nov. 26, 2017 responsibility," "best place(s) to work," "company culture," and "harassment"
SPECIAL TOPICS TECH'S BIG FIVE
1,400
1,300
Number Of Calls Mentioning Company
1,200
1,100
1,000
900
800
700
600
500
400
300
200
100
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*
Source: Bloomberg Terminal, HPS
*2017 is annualized as of December 1st, 2017 13
SPECIAL TOPICS ANDROID VERSUS IOS
Consumer
73 Discretionary
18 Financials
Methodology
Our analysis examined earnings call transcripts to determine the quantity
of earnings calls mentioning key topics and sub-topics. The transcripts we
examined roughly corresponded to a given quarter. To conduct our
analysis, we:
Reviewed roughly 3,000 earnings call transcripts of U.S. domiciled
companies per quarter.
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).
Earnings calls analyzed for Q4 2016 were held between January 1,
2017 February 28, 2017 (2,956 total calls).
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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).