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(Read past earnings reviews here: Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021)
This post marks the fifth exchange earnings season I’ve covered since launching this newsletter. I’ve spilled an extreme amount of digital ink talking about how this industry has performed each quarter, highlighting the trends I think are worth noting & sharing my thoughts on each stock every three months. While this keeps my knowledge sharp & up-to-date, I don’t think repeated long-form posts re-hashing the same trends & opinions over and over again is very valuable or worth your time. How can I communicate the important updates each earnings season brings without writing a novel & repeating myself too much in the process?
After some thought I think the below format strikes the right balance. At the bottom of this post I’ve attached a PDF with my personal notes gathered while reading each company’s earnings materials & conference call transcripts. I’ve compiled a review of each company’s financials, key quarterly highlights & a condensed summary of analyst questions & how management responded. Consume these notes in as much or as little depth as you like - if you’re interested in only one or two stocks in particular, feel free to skip to those specific names; if you prefer a deeper dive, the material is there for you to read as you see fit.
I’ll spend the rest of this post reviewing the top industry takeaways I gathered across each call & the stocks I’m most focused on going forward. Let’s dive in: