Democratization of Financial and Business Reporting Data 8 th XBRL International Conference Seattle - November 4, 2003 Presented by: Susan Strausberg CEO & President – EDGAR Online, Inc susan@edgar-online. com
Today’s Agenda 1 About the SEC EDGAR System 2 About EDGAR Online 3 Drivers for companies to provide financial information in an open standard 4 Future Trends 5 Conclusion
About the EDGAR System “Electronic Data Gathering, Analysis, and Retrieval” Retrieval Ø Purpose: To facilitate the filing and review of mandated public company disclosures Ø 12 years from inception to completion Ø May 1996 ALL US public companies required to file the majority of their disclosures electronically Ø Public website provides access to EDGAR data Ø Sarbanes-Oxley Act of 2002 accelerates time frame and types of disclosures to be filed electronically
Financial Information Life Cycle Capital Raising Periodic & Event Reporting Ownership (compliance) IPO’s -1 S Secondaries SBS-2 S -3 Annuals/Quarterlies 10 -K, 10 -Q, 8 -K Def-14 A Institutional + Mutual Fund Holdings 13 F, N 30 -D Insider Trades 144 3, 4, 5
The Scope § § § § 12, 000 public companies 2, 200 institutions 8, 000 mutual funds 60, 000 insiders 2+ million documents 10, 000 new documents/day 1, 000 pages/day
Common SEC Filings Filing Category Filings Included in Category Form Types Annual Reports* 10 -K, 10 -KSB (Small Business) Quarterly Reports* 10 -Q, 6 -K, 10 QSB (Small Business) IPO Filings* S-1, SB-2, F-1 (Foreign) 424 B Insider Trading* 3, 4, 5, 144 Ownership* 13 -F, 13 -G, 13 D Mergers & Acquisition* S-4, 14 D-1 14 D-9 Secondary Stock Offerings* S-2, F-2, S-3, F-3 Mutual Fund Filings* N-1 A, N 30 D, 497 Proxies and Information Statements* DEF-14 A Special Events - (Reg FD) 8 -K, 10 -C, 6 -K * Contain financial reports and other extractable financial data
Today’s Agenda 1 About the SEC EDGAR System 2 About EDGAR Online 3 Drivers for companies to provide financial information in an open standard 4 Future Trends 5 Conclusion
EDGAR Online Corporate Overview The trusted Internet source of timely and cost-effective business, financial and competitive information contained in SEC filings Ø Founded 1995, IPO in 1999 Ø NASDAQ: EDGR Ø Offices: Ø Headquarters: Norwalk, CT Ø Corporate Sales Office: New York, NY Ø Technology Center: Rockville, MD Ø Ø Over 200 distribution channels and over one million registered users Major Markets: financial services, accounting, legal, corporate Revenue ’ 99 $2 M $16 M in 2002, Gross Margins > 80% Founding Member XBRL Consortium
EDGAR Online Timeline 1995 -1996 • Subscriptions • Internet delivery • Real Time • Alerts • Displayed in ASCII 1997 • Data Extraction • Strategic relationships 1998 1999 • Full text • APIs searching • Displays in Excel, RTF, HTML 2000 -2003 • Professional services • Customized data • FDIC/XBRL
Again - The Scope § § § § 12, 000 public companies 2, 200 institutions 8, 000 mutual funds 60, 000 insiders 2+ million documents 10, 000 new documents/day 1, 000 pages/day
Technology Enabled Content SEC Data Mining Technology Internet Delivery
Extracted Financial Data
EDGAR Online People Research tool that mines SEC filings and extracts proper names found within those documents. Useful in performing due diligence and prospecting.
Users and the Information They Seek Users SEC Information Financial Executives Accounting research, credit risk review, benchmarking, compensation, M&A activities Corporate Finance Company research, shareholder agreements, M&A details, joint venture and investor agreements, leads/ financing requirements Lawyers Corporate legal proceeding, judgments, risk factors Accountants Financials Analysts Trend analysis, company research, benchmarking Compliance Officers Financials, benchmarking; legal proceedings
Today’s Agenda 1 About the SEC EDGAR System 2 About EDGAR Online 3 Drivers for companies to provide financial information in an open standard 4 Future Trends 5 Conclusion
Future Electronic Disclosures Ø Ø Other Federal and State Regulatory Agencies: e. g. FDIC Continued International Expansion : Ø SEDAR (Canada) Ø EDINET (Japan) Ø PRV (Sweden) Enhanced Filings – Technology and Processes Ø Insider File Direct (Forms 4, 5) Ø Multimedia XBRL Ø Real Time Data Products Ø Analytical Software
Today’s Agenda 1 About the SEC EDGAR System 2 About EDGAR Online 3 Drivers for companies to provide financial information in an open standard 4 5 Conclusion Future Trends
Future Trends Data Publishing, Analysis and Reporting Traditional Enterprise-centric Data Provider Audience One-click information consumer Power user that takes training, (or online reader that tackles HTML tables or PDFs) Type of Data Delivered Self-serve, on-demand, within interactive (OLAP) analysis and personalized reporting functionality Preconfigured reports with static charts and graphs Type of Data Delivery Distributed widely across the Internet (Web Services) Proprietary systems and internal enterprise systems/intranets Data Volume Million-record files published online from inexpensive Web servers Terabytes protected by complex and expensive mainframes Scope of Usage Anyone with a browser and connection to the Internet Select enterprise elites
Drivers for companies to provide financial information in an open standard : Ø Reducing the cost of and time to distribute information Ø Communicating with previously unidentified consumers of information Ø Supplementing traditional disclosure practices Ø Increasing the amount and type of data disclosed Ø Improving access to potential investors for small companies. Ø New regulations
Today’s Agenda 1 About the SEC EDGAR System 2 About EDGAR Online 3 Drivers for companies to provide financial information in an open standard 4 5 Conclusion Future Trends
Conclusion Susan Strausberg CEO & President – EDGAR Online, Inc (e) susan@edgar-online. com
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