This post was contributed by Mary Conway of Conway Communications.
As we move through the public company quarterly reporting season, many processes that ensure accurate, timely, and effective disclosure are being challenged by the coronavirus pandemic. While there is no universal COVID-19 reporting playbook, we suggest companies consider carefully the recommendations offered in the SEC’s recent statement on quarterly reporting and focus more on the go-forward period than the historical record. Your goal as a communications executive is to ensure your company emerges from this time with both its business and credibility intact.
We advise companies to be concise rather than verbose; be candid and share insights specific to your business. Remember, investors are flying blind, so even if your visibility is lower than usual, it’s better than what external parties have.
First and foremost, be sure to provide clear guidance on your organization’s plans and any significant changes ahead. Many companies are planning to provide (or already have offered) a COVID-19 update. They’re also considering withdrawing annual and/or quarterly guidance, pre-announcing quarterly results, updating credit facilities, and/or sharing cost control measures. For those companies, much of the quarter’s news is already out, and the bigger decisions reflect how to position their ongoing business.
Reporting should also include:
The impact of COVID-19 has transformed the entire business landscape for many organizations, completely changing processes that have long been in place. This shift will likely bring about some new reporting best practices you’ll need to keep in mind as you you prepare your quarterly earnings:
It’s also worth noting that not everything is about COVID-19, so don’t contort yourself to hone into that narrative.
COVID-19 has also created new challenges for organizations across the board, and that will certainly include your reporting process. Getting ahead of these new hurdles will be key in overcoming them:
During this time, companies can demonstrate foresight, planning, and agile implementation. If you need help, let us know. We can step in and manage the many important details. Note too, as one of the few IR firms that’s not retainer-based, Conway Communications brings our high value, flexible approach to support your efforts.
About Mary Conway
Mary T. Conway, principal of Conway Communications, founded the firm in 1998 following wide-ranging experience as a consultant and in-house practitioner. Ms. Conway brings more than 25 years of diversified investor relations and strategic communications capabilities to the challenges organizations face in communicating effectively with important stakeholders.