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Understanding Our Financial Data

Sentieo provides access to different sources of financial data:

  1. SEC filings and annual reports.  Financial data in tables can be extracted with Sentieo’s table extraction tools.
  2. Standardized data from Reuters Fundamentals.
  3. Analyst numbers (projected and historical) via I/B/E/S.

Analysts numbers have the most adjustments and differ from reported GAAP/IFRS numbers the most.  These numbers are the closest to how the analyst community views a stock.  However, analysts may differ in methodology and may may define financial terms differently.  For example, some analysts may project a tenth of the amortization expense than their peers due to different definitions of amortization.

Standardized data has relatively fewer adjustments.  Standardized data generally has adjustments for extraordinary and unusual expenses.  Normalizing for such one-off events makes the data more comparable when comparing one company to another.  Whenever reported numbers are restated, the restated numbers will be shown.

Actual data reported by a company can be extracted with our table extraction tools.  These numbers are inherently auditable and do not contain adjustments.  If you prefer such unadjusted numbers, please see our Document Search section for more information on our table extraction tools (e.g. Similar Tables).

Equity Data Terminal

Unless stated otherwise, the financial data in Equity Data Terminal (e.g. EDT →  Financial Model →  Annual Model) are analyst estimates via I/B/E/S or standardized data*.

In some cases such as EPS, we provide both reported GAAP/IFRS and adjusted numbers.

*The Statements section in EDT comes from XBRL data from EDGAR (official numbers reported by the company).  It does not contain any I/B/E/S numbers or standardized data.

Why historical numbers may not match reported numbers

I/B/E/S provides historical actual numbers from analysts.  These historical numbers may include adjustments that the majority of analysts make.  Therefore, they may not match reported GAAP/IFRS numbers.

If I/B/E/S does not provide historical actuals, the closest historical estimate will be shown in its place.  In EDT’s Annual Model, a subscript will indicate the number of contributing brokers.

Less Common Situations

Analyst estimates and multiple share classes

Suppose that a stock has A and B shares.

  • Some analysts will only contribute numbers for the A shares.
  • Some analysts will only contribute numbers for the B shares.
  • Some analysts will contribute numbers for both classes of shares.

An analyst might contribute a price target for the A shares but not the B shares.  This will typically cause analyst estimate data to be different for the A and B shares, even if other financial estimates for one share class should apply to the other.

I/B/E/S interim numbers don’t add up to the annual number

This can happen because some analysts contribute annual numbers but not interim numbers (or vice versa).  The subscript beneath each estimate will show the number of contributing analysts.  You may notice that there are more estimates for annual numbers than there are for interim numbers.

Timeliness

SEC filings:  These are processed automatically and should be on our platform within a few minutes.  Institutional Holders data from 13-F forms (EDT → Holders) may take several hours to process.

Standardized data:  It takes time for our data provider to parse the latest annual and interim filings, so this data may be delayed by a few to several days after financials are publicly-available.

I/B/E/S:  After a company releases information, it takes time for analysts to release reports with updated data and then for Thomson Reuters to parse that data.  Expect a lag between I/B/E/S data and a company’s latest guidance.

Where we get our data

The data in the Annual Model comes from Thomson Reuter’s I/B/E/S and Reuters Fundamentals.  See our FAQ for more information on all of our data providers.

Updated on August 1, 2017

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