I'm trying to figure out revenues by country for a few public companies -- to get a sense of how much US / No US exposure there is.. any thoughts on how to go about this quickly?
thanks!
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If you have FactSet or Bloomberg, for certain companies this information will be easily available.
Alternatively, just open up the 10-k and ctrl+F for the word "segment" or "country" - companies will often (but not always) include a table summarizing operating data for each major reporting segment. Sometimes the segments will be split by country, other times by business unit, sometimes companies will break out both.
Thanks...do you know where in Bloomberg I can find this?
I just ask my analyst or bankers to pull stuff for me so am a bit rusty nowadays... but I believe the function was "FA" (for Financial Analysis) - others can correct me if I'm wrong. But for example try typing in "AAPL Equity FA" and it should pull up the interface where you can browse through the available financial data.
You can also open up the Bloomberg add-in within Excel, and somewhere in the tool bar there is a list of templates. Some of these templates allow you to easily pull data from the FA and other functions, so you could easily generate a table with 20 companies and compare metrics across them.
This works. I'd definitely check 10-k and investor presentations first though. While bloomberg and factset can be helpful, they are often not 100% accurate, so we always start with company filings and IP's first from my experience. Depends on how reliant you are on the numbers being accurate.
I've become convinced that these metrics should be taken as directional orders of magnitude and nothing more, and Bloomberg data does the job just fine. I don't think an analyst does the job any more accurately because of the intricacies of financial statements that are missed 99% of the time.
I'll give you an example: some companies have foreign subsidiaries that house their foreign operations. The reporting company consolidates the financials for the foreign sub, so you see gross (100%) numbers. However, often times there is a local investor participating for 20% or something of that foreign sub. This minority interest gets consolidated at book value on the balance sheet, but it may not show up at all in the segment reporting (and often times when it does, it's consolidated with other items into a intercompany eliminations line so you don't know which segment to adjust). An experienced analyst/associate can take the time to understand this and treat it properly after digging through a few notes on the financial statements. But to get it right can double or triple the time it takes to generate the comps, and chances are it's just not worth the trouble given the 20 other things you have to do that night.
As an associate or VP, it is extremely impractical to check over this type of detail in the work, unless it's live M&A and your analyst is modeling the transaction or putting together a comps table that will be used in a fairness opinion, etc. For a standard comps table in a pitchbook though, these types of small oversights in accounting detail (and there are dozens more possibilities) don't get noticed, which that means the table isn't that important. If the table isn't that important, then just use Bloomberg and blame them if something is fucked up. Everybody goes home happy that way.
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