BY ANNE CROTTEAU
I’ve managed the shift from individual analyst callbacks to group callbacks on earnings day at several companies and have received rave reviews from executive teams as well as sell-side analysts.
Executives appreciate the efficiency and the consistency of messaging, and analysts benefit from hearing each other’s questions and clarifying follow-ups.
It has not resulted in friction in my experience, although I have seen one analyst refuse to participate in group sessions. For that person, we continue to offer a one-on-one call if desired.
If an executive team isn’t keen on a single group call, which I’ve had happen, I split the analysts into 2-3 evenly sized groups and mix participants within those groups each quarter. Consider the time zones; schedule the East Coast analysts into the earliest group, followed by Midwest, then West Coast.
For a single group call, I’ve generally scheduled an hour, although we rarely take the full hour. For smaller groups, 30 minutes each is sufficient.
To manage this process, send an email to your covering analysts and their associates on the day you announce your earnings date informing them you are adopting this model, the time(s) of the meeting(s), which platform you’ll be using (i.e., Microsoft Teams, Zoom), and that you will follow up shortly with a calendar invitation.
If you’re able to use a tool that allows the analysts to sign up for a slot, great—do that. If not, assign slots and ask analysts to flag you if they need a different time.
Additional tips include:
- Let analysts know you’re trying this format and welcome their candid feedback at the end of the session, or they can follow up afterward with IR to share their feedback.
- Ask all participants in advance to be ready with cameras on to facilitate face-to-face communication, mute their microphones to limit audio interference, and display their name and firm.
- Use a “waiting room” function so sell-side analysts stay in a virtual lobby until your executives are ready to begin the call. If you can, the waiting room is a great way to share visual reminders with attendees to please have their cameras on, microphones muted, and their name and firm visible.
- Know your analysts’ phone numbers—both desk and mobile—because you may not want to admit someone to the call if you don’t recognize the phone number of those who opt to dial in. I’ve reached out to teams beforehand asking them to:
- Reconfirm any changes to their team members during the quarter.
- Ensure we have everyone’s current phone numbers so their admittance to the session isn’t delayed if they call in.
- Limit analysts to one question each and maybe one follow-on if it’s related, then move on to the next analyst. Analysts can rejoin the queue to ask additional questions—this ensures everyone gets at least one turn.
- Record the session so you can clarify answers later with analysts as needed. If recording isn’t an option, have someone note the questions and answers.
- Provide written instructions in advance explaining the process, such as executive opening remarks, analysts who want to ask questions will need to “raise their hand,” and IR will call on analysts when it’s their turn to come off mute and ask a question. Provide clear instructions on how to raise their hand whether they are logged in on the app, in a browser, or dialing in from a phone.
- At the end of the call, remind analysts they can send any additional questions to IR.
- Get a pulse check from your executive team after the call to see how they felt about the format.
Anne Crotteau is Corporate Access Manager and Engagement Program Lead at Solventum Corporation.