executive report Data Mining WITH XBRL AND OTHER SOURCES

Transcription

1 executive report Data Mining XBRL WITH AND OTHER SOURCES

2 Table of Contents Executive Summary 2 Featured Tools 3 XBRL Consistency Suite (XBRL US) SEC Analyzer (LogixData) Contexxia (EZ-XBRL) Benchmarking & Analysis Tool (Calcbench) XBRLAnalyst for EXCEL (FinDynamics, Inc.) 9W Search/Ask 9W (9W) Lyticas Analytics Platform & Lyticas Prism (Apurba) I-Metrix (EDGAROnline -RR Donnelley) XBRL Data in Use (XBRL US) Conclusion 34 About the Author 35 About Financial Executives Research Foundation, Inc. 35 1

3 Executive Summary There are many tools to foster implementation of analytics using extensible Business Reporting Language ( XBRL ). This report identifies several solutions that are being offered, along with an illustration of the functionality, outputs and links to receive further information. Please note, FERF does not endorse any solutions and the purpose of this report is strictly informational. Product Company Users can Link to site XBRL Consistency Suite* XBRL US Access to an XBRL database of all SEC XBRL submissions to see extensions created and concepts used by peers, as well as extract data for financial analysis. SEC Analyzer* LogixData Target and export to Excel relevant SEC Comments and Responses in a threaded format, SEC disclosure precedence and language, analyze financials with 12 year history translated to XBRL, and assess companies liability on XBRL prior to submission. Contexxia* EZ-XBRL Analyzes SEC filings using as-reported XBRL data for investment analysis and stock research. Provides semantic text comparisons, numerical analysis, and events analysis. Benchmarking & Analysis Tool* Calcbench Examine entire industries and sectors, create peer groups, compare on standardized data points, financial ratios, and self-defined metrics, export and save work for further analysis, and collaborate with working groups. Further gives easy access to disclosure data for a group or a single company. XBRLAnalyst for EXCEL * FinDynamics, Inc. Excel Add-in for analyzing XBRL data from 10-K, 10-Q, and other filings, building financial models and benchmarking reports in Excel with financial KPIs and automatically updating Excel files with live XBRL data 9W Search/Ask 9W* 9W Search on company information (U.S. & ADRs), people, stock quotes, financials, footnote data and more. search/pages/cs uite.aspx data.com/v4/req uest-for-demo/ exxia.com bench.com/ cs.com/ earch.com/ Lyticas Analytics Platform & Lyticas Prism * I-Metrix* Apurba EDGAROnline (RR Donnelley) Create customized KPIs from open source platform, visualize XBRL data, identify relationship of data appearing in taxonomy trees and instance files, visual results through charts and other visual aids, accessible on ipad application. Access XBRL data through a web interface and Excel add-in for data downloads, simple and complex modeling, financial analysis, and company screening and research. XBRL Data in Use* XBRL US An XBRL US tool that is freely available and which demonstrates the power of interactive data by providing access to all US public registrants normalizing the XBRL public data by key assertion. *Please note by selecting control and clicking on the product name you will be taken to section within the document. batech.com/busi ness_analytics.ht ml gr.com/financi al.aspx?conten tid=41 esearch/pages/ data.htm 2

4 XBRL Consistency Suite by XBRL US features a Consistency Check that runs over 14,000 rules against a Company's XBRL Instance before company s SEC submission, Taxonomy View & Compare that allows a proficient and effective transition of a Company's extension taxonomy from one version of the US GAAP taxonomy to the next, and a Company Filing Analysis tool. The Company Filing Analysis tool provides access to an XBRL database of all SEC XBRL submissions and provides the ability to see extensions created and concepts used by peers, as well as pulling financial data for analysis. This database is updated within minutes of posting to the SEC website. The specific information desired can be extracted from the database by filtering on a company, filing, concept, value metadata, or any combination thereof. Advanced Filters By using these advanced filters, the user can select companies to compare, either by adding company name manually, or by industry, using the Standard Industrial Classification (SIC) code. Also, user can select all companies within the SIC code to compare. 3

5 Once a filter is set, the user can view the Values Reported by Filing, which provides all values reported for that filter (e.g., in a filing) whether tagged with US GAAP taxonomy or extension elements. Throughout the tool, the results can be downloaded into excel and further analyzed User can also search for specific topics using a Boolean format (AND, OR, etc.). Additional features allow review of peers, research what extensions were created and the context of those extensions. 4

6 Additional features allow review of peers, research what extensions were created and the context of those extensions. To learn about further capabilities or to schedule a demonstration of XBRL Consitency Suite, please contact 5

7 SECAnalyzer by LogixData: Single platform tool that has four modules; catalog, disclosure, compliance and XBRL, which are navigable using the radio buttons at the top of the screen. The Catalog module allows a search by Filing Date, Company - which expands further to filter by Filer Status, SIC Code, NAICS, Location and Other, CIK/Ticker, and Form Group. Results Advanced Filters Results of search can be ed, saved, exported to PDF, Microsoft Word or Excel. An alert can also be established for results by selecting the target from the menu. The Disclosure module further searches cataloged items and allows users to search by Keyword, Data Range, Company criteria, and Form Group criteria. From the Form Group, Form type, Notes, Exhibits, Contract, Risk Factors, etc., can be selected. Results Advanced Filters 6

8 Results are summarized and listed by company and documents. Within this tab, the tool also allows users to compare entire filings, sections of filings, paragraphs of exhibits retrieved using Compare Docs function. These results can be saved, ed, exported, into PDF, work or Excel. Alerts can also be established for 10 non-event alerts. The Company Exhibit Portal ( ) can be used to retrieve all exhibits ever filed by the company. In addition, trend charts can also be viewed by using expanded capabilities. 7

9 The Compliance module provides SEC Comment letters and responses. The module also further searches cataloged items and allows user to search by Keyword, Date Range, Company Criteria and Form Group criteria. This module contains an added Literature feature that allows search by Accounting Standards Codification (ASC), Accounting Standards Update (ASU) or precodification standard. Advanced Filters Results Compiled results will include both SEC letters, and a ompany s responses to those letters. Users will also be able to trend results in order to identify which industries experience the most comments in the particular area searched. 8

10 The XBRL Solutions module assists users to research financials from a history of over 12 years of financials translated in XBRL, research XBRL tags and attributes along with testing for a Company s liability (accuracy of translation to XBRL) in their current submissions. Search criteria for this module includes, Company (industry can be selected), Label search (for example, gross profit ) and XBRL tag. Results will provide labels, XBRL Tags, and Abstract Tags. The tool also provides 12 Year financial history and deconsolidation of consolidated amountsexample Sales (derived from MD&A and footnotes). To learn about further capabilities or to schedule a demonstration of SEC Analyzer, please contact: 9

11 Contexxia by Ez-XBRL enables true transparency into public company filings. It allows users to find changes of information through three views in financial statements and reports using semantic comparisons. It also facilitates data extraction for further use, and enables sharing with peers. Users begin by selecting a company filing from the main screen or dashboard which contains updated regulatory filings. The shading of the line surrounding each filing indicates the amount of changes in a filing in comparison to the previous. The darker the green border, the more substantial the changes. After selecting a company from the dashboard or using the search bar on the top right to find a particular company, Contexxia will present this filing with a semantic comparison of the previous filing. These differences are highlighted at the top of the filing using an indication bar known as the Document Index Ribbon. The darker the green line, the more changes have been made, and inverse on the lighter lines. 10

12 Hovering over the ribbon automatically navigates to the specific location the mouse is pointing to. In addition, the left hand bar visually indicates the amount of changes in each section in coparison to the prior filing. Clicking on a paragraph provides additional options for the user including sharing via social networks, bookmarking and commenting for creating private notes. Create privates notes Social Network Sharing 11

13 Contexxia also allows users to view changes to filings on an event time line. If an event is selected, changes incorporated in the filing are presented in summary on the right hand side of the screen, darker changes again indicating more sematic changes from prior period. Contexxia also consolidates the XBRL data associated with a filing to visually present the details within the filing. Associated facts in financial statements and footnotes and their corresponding XBRL data is available for research. Changes in numerical facts are represented in a visual view similar to the Events view shown above. The underlying XBRL data is leveraged for period-over-period comparisons of numerical fact changes as well as for comparing a company s financials with its peers within an industry or within a user-selected cohort of companies. To learn about further capabilities or to schedule a demonstration of Contexxia please contact: 12

14 Benchmarking & Analysis Tool by Calcbench provides access to normalized XBRL information either on a stand-alone company financial statement basis or using a comparison view. A comparison view can be created by either accessing an industry or sector, or suggested peer group for a company. Groups can be customized by adding or eliminating companies. Results will appear with four standard columns, or matrix. This matrix can be adjusted in many ways, for example, users can either add columns of calcualtions, change time periods, delete columns, sorting by assending or decending, filter for above or below a certain value or eliminating companies with zero or negatives balances. From the matrix screen, the user can also include pre-defined ratios into the matrix. By using the dropdown menu located at the center of the screen, users can select from over 100 standardized data points and ratios which will be added to the view. The source of the selected metric or ratio can be viewed by double clicking on the amount. 13

15 Also from the matrix view, users can view tagging used by companies for a particular number. In addition, users can trace the source of the tagged information to the related disclosures from the company s filed financial statements. Information from the matrix can be exported into excel for further analysis by using the export to spreadsheet option located at the top of the screen. By using the icon, a user can access an analytics page in which all of the companies accounts and ratios are compared to the peer group. The distribution of the amounts or ratios can be graphed with the highlighted company appearing in yellow. 14

16 Calcbench also has the capability to compile disclosures for a particular period, either as a stand alone basis or for all companies in an SIC Code. Using a drop down option or key word search will allow users to further filter disclosures to specific requirements. To learn about further capabilities, such as a function that would show errors or inconsistencies detected in before filing XBRL, or to schedule a demonstration of Calcbench please contact [email protected]. 15

17 XBRLAnalyst for EXCEL by FinDynamics, Inc. is an Excel Add-In software which allows users to access and analyze XBRL data directly in Excel. Users must subscribe to XBRLAnalyst on and download the Excel Add-In (32 or 64 bit depending on Office version). XBRLAnalyst will add a new ribbon and new built-in Excel functions to access the financial data. Once installed, the user must connect to the database to begin retrieving information. XBRLAnalyst offers two approaches to working with the data: I. Standard reports building and data viewing tools accessible from the Ribbon. The ribbon bar contains six different options for performing Financial Analysis, as well as three tools to assist the user in working with XBRL data. In addition, Edit My Definitions tool allows the user to add, import and share within the company custom financial concepts and ratios for the analysis. II. New built-in Excel functions such as XBRLFact that allow populating individual cells or array of cells with financial data from the reports. Approach I. 1.) Compare Companies, Update Comps Table, Historical Data allows the user to compare company s financial facts for a particular time period either by selecting a ticker or CIK code, searching the company name or selecting from the SIC code. 1 2.) From the financial facts tab, users can select from over 70 facts to retrieve with major categories of; general information, income statement, balance sheet, cash flow, fundamental measures, profitability ratios, and user defined financial concepts ) Users can select from three formats that the final result will appear. Upon clicking finish, data will populate in Excel. 16

18 After the tool has retrieved results from Compare Companies report, the time period can be quickly changed to other time periods using Update Comps Table. By using Historical Data, multiple years can be selected to extrapolate the information in a side by side manner for a particular company or group of companies. This can be applied to the existing data, or to build a new report. XBRLAnalyst allows the user to view statements of a particular company. After selecting a company, a list of that company s filings and statements within the filings will appear for selection. Once selection has been made, the Document view will display the sections selected. This can be exported into Excel for further perusal or by selecting View on Edgar, automatically be directed to SEC Edgar filing website for a crosscheck. Also, by clicking Show XBRL tags, information of tagging will appear for the particular financial statement instance. The user will also be able to retrieve the actual value, financial and dimensional context of the selected tag, including textblock tags. 17

19 Users are also able to View Footnotes to a particular financial statement by selecting a company, filing, and particular note (notes can also be searched using the search box). The footnote result can be extracted to Excel. Approach II. Another feature of XBRLAnalyst is the use of built-in functions in custom templates to perform analytics. The website provides several Excel examples that can be downloaded and used as the starting point for leveraging the built-in function XBRLFact. 18

20 The template will repopulate once ticker, year and period are changed. To create customized reports, the same XBRLFact formula can be used. The formula will appear after selecting, and XBRL Analyst. To learn about further capabilities or to schedule a demonstrations of XBRLAnalyst, please contact 19

21 9W Search by 9W allows users to access data about a company from a single platform. Users can access Company Information, view key members of the Organization (more than 5), obtain real-time stock quotes, financial information, model scenarios and footnotes. To begin the user must first add at least one company to the Dashboard and can add up to three at one time. Once a company (or companies) is selected, the tool is used to view data organized by topic. For example, the Company Information section provides a thumbnail with elements derived from company filings. Most of the elements are relatively static except for market capitalization which changes daily. Other elements change when information is updated, usually in a 10K or in the event of an announced change. 20

22 Users can also get information on the key People of the organization, such as management and boards of directors, those charged with governance. This is a real time feed from the company s website and contains more information than the normal proxy statement. Stock Quotes are updated frequently throughout the day and provide the current pricing report and the daily stock quote for companies selected on Dashboard. These are comparative format. 21

23 Financials provide various combinations of financial information, which range from account balances to ratios that can be viewed as either quarterly or annual results, for current year or historical five years, with quarterly or annual information. These are over 120 financial data facts and ratios that can be selected, retrieved, compared and ultimately exported into Excel. In addition, the tool provides a definition for each ratio or fact that has the possibility to retrieve by simply rolling over the term. Financials Financial Statements provides a view of financial statements for the past three years in a comparative view for Balance sheet, Income Statement, and Cash Flow for companies selected in Dashboard. Finally, Financials also provides Current Pricing Data which covers 52 week high and low, price percentage change for various periods and other key pricing information. 22

24 Scenarios further categorizes and adds addition key facts and ratios into related topics such as: cash positions, competitive intelligence scenarios, financial outlook scenario, mergers and acquisitions, operations, solvency and SWOT(Strengths, Weaknesses, Opportunities and Threats Analysis), comparative information. Footnotes allow users to retrieve all footnotes from the latest filings. Users can either search all footnotes, or extract specific notes related to Acquisition, Debt, Pension, Segment, or Tax. The latest filing information will be retrieved, as either a note or detailed note with required tabular format. To learn about further capabilities or to schedule a demonstrations of 9W Search, Registration form for 9W Basic is located at 23

25 9W search also has a mobile tool called Ask 9W. Ask 9W presents a Q &A interface that lets the users ask questions and receive answers about a specific company at a current point in time. After inserting ticker symbol and question, and submitting, results will appear. Answers can be shared by simply clicking icons on page. Questions can be answered by using the following keywords: By typing in a keyword into the Question box, questions will begin to appear from a drop down menu. ASK 9W is available to download for free as a web app onto a phone, tablet or laptop. The URL is 24

26 Lyticas Analytic Platform & Lyticas Prism Platform by Apurba Technologies allows users to establish key performance indicators (KPIs) to model and compare company data. Lytica is split between two cloud based platforms, a data modeler layer (Lyticas Analytics Platform or LytAP) and presentation data (Lyticas Prism). Lyticas Analytic Platform: From the Company Manager tab, users are able to add, or delete companies that are of interest. This will predefine what will be analyzed in Lyticas Prism Platform. Add a new company Update company Delete company From the Instance Modeler tab, user can update all instances for a selected company. Add new instance information Instance Viewer Delete Instance 25

27 By selecting the instance viewer icon, a synchronized instance element will be retrieved. This view provides a comparison to the financial statements, instance element with units, context, and taxonomy element tree. Tagging Used The KPI Manager tab is the modeling area. Within this tab users can select how they would like to view the data. At the top, user can select whether the KPI will be public or private, and select company name and quarter. The next step would be to begin modeling using the Taxonomy Element Tree folders and subfolders, and dragging and dropping. Equations can be created using symbols. Equations can then be validated and saved. Search symbol to the Editor Search and Drag elements to Editor 26

28 All equations will create a portfolio. User can use more than 30 ratios to view as a group. Lyticas Prism Platform: The Lyticas Prism Platform is the viewer portion tool that can be either used from an ipad 1 or web browser 2. This platform presents company information selected, and KPIs designed in the Lyticas Analytical Platform. The platform begins at a higher level, and gradually granulizes the data by selecting the main financial area. By selecting the Financials selection, all Financial KPIs created will be presented with a value. Quarters can also be changed from this view. User also has the option to graph, or chart all information, using various graphing options. 1 Lyticas Prism is available as a native ios app in Apple s App Store: 2 Lyticas Prism is also available as an HTML5 based browser application that runs virtually on any platform or device - ipad, iphone, PC, Mac, Linux - on any OS. 27

29 ` After selecting a graph, users change the comparison view by either adding a company or delete a company. To learn about further capabilities or to schedule a demonstration of Lyticas Analytics and Prism Platform, please contact 28

30 I-Metrix by EDGAROnline (RR Donnelley) can be accessed from the EdgarOnline subscription website. The web based tool allows users to perform modeling and financial analysis and company research using a Screener and Excel add-in for data downloads. The Screener view combines XBRL data with other data sets (such as market data). By navigating to the Advanced Screener tab, users can create a screen by selecting criteria from the list of tags (either US GAAP or custom extensions; with associated Member tags) and repeat as necessary for multiple criteria by time period. The Advanced Screener allows the user to create a range of formulas, from simple ratios to complex range-based functions. Results will be displayed within the screen or can be exported to Excel. Criterion can be saved, opened, or shared. If alerts are selected, an will be sent to users indicating that a company from the screened results has been deleted (as it no longer meets the requested criteria) or other companies may be added based on it meeting the criteria. 29

31 The Excel Add-in tool adds a new tab to the existing Excel ribbon. The Add-In has three main options; 1) create financial models to download specific items that will automatically update when new information on the company is filed 2) Download all data for a chosen period of a company or group of competitors 3) Utilize Pre-Canned Financial Templates/Models for Peer Analysis and Company Valuation. The Sheet Properties, Fundamental Data and Market Data are bulk download options. Users can select what information to view, financial statements with respective footnotes, and market data. 30

32 Function Builder allows users to build custom templates using formulas. Information can be refreshed dynamically as new filings are submitted by the company, or by the user changing the ticker symbol/date. The Model Library are preset templates that users can select to pre-populate excel schedules for various categories and models. Each model has a brief description of model. 31

33 Results will be downloaded into Excel. To learn about further capabilities or to schedule a demonstration of I-Metrix, please contact 32

34 XBRL Data in Use by XBRL US allows users to take advantage of a free tool that provides a visual demonstration of XBRL capabilities. By selecting from drop down menus provided, users can access selected information by division and industry type for a specific period. The chart will give total amount by division, as well as by industry. This information is downloadable into Excel for further analysis, sorting, etc. To demo this product, please go to 33

35 Conclusion: In his closing statement at the 2013 National XBRL Conference, R. Harold Hal Schroeder, Board Member, Financial Accounting Standards Board (FASB) addressed the dissention of senior financial executives and investors regarding the purpose and benefits of XBRL by stating: It is in your best interest..and in this day of Big Data where humankind has created another 15 exabytes of data since I took this stage, I can only say that the relevance and usefulness of financial statements rest in making our place in this digital world. 3 With approximately 10,000 US Public Companies reporting over 54 million facts in XBRL format, it behooves senior financial executives to embrace this structured information in the age of big data. Even though XBRL s benefits may not seem evident at the present time, data mining tools are making the analytical process easier. Whether for internal use or external use, tagging is powerful. Most tools featured in this report have free extended use trials, or are free to certain capabilities. As this report is not all inclusive, it does provide different capabilities, such as an Excel based tool, cloud platform based tool, a mobile device tool, and others. We welcome you to try all tools featured in this report, and encourage you to provide us with feedback

36 About the Author Leena Roselli is Senior Manager, Research at Financial Executives Research Foundation, Inc. (FERF). She received her Master s of Business Administration degree from the Saint Peter s University. Prior to joining FERF, Leena held technical accounting research positions in the pharmaceutical, insurance and retail industries. She can be reached at [email protected] or About Financial Executives Research Foundation, Inc. Financial Executives Research Foundation is the non-profit 501(c)(3) research affiliate of Financial Executives International (FEI). FERF researchers identify key financial issues and develop impartial, timely research reports for FEI members and non-members alike, in a variety of publication formats. FERF relies primarily on voluntary tax-deductible contributions from corporations and individuals. Questions about FERF can be directed to [email protected]. The views set forth in this publication are those of the author and do not necessarily represent those of the FERF Board as a whole, individual trustees, employees, or the members of the Advisory Committee. FERF shall be held harmless against any claims, demands, suits, damages, injuries, costs, or expenses of any kind or nature whatsoever except such liabilities as may result solely from misconduct or improper performance by the Foundation or any of its representatives. FERF publications can be ordered by logging onto Copyright 2013 by Financial Executives Research Foundation, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means without written permission from the publisher. International Standard Book Number Printed in the United States of America First Printing Authorization to photocopy items for internal or personal use, or the internal or personal use of specific clients, is granted by Financial Executives Research Foundation, Inc. provided that an appropriate fee is paid to Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA Fee inquiries can be directed to Copyright Clearance Center at (978) For further information, please check Copyright Clearance Center online at 35

37 FINANCIAL EXECUTIVES RESEARCH FOUNDATION, INC. would like to acknowledge and thank the following companies for their longstanding support and generosity PLATINUM MAJOR GIFT $50,000 + Exxon Mobil Corporation Microsoft Corporation GOLD PRESIDENT S CIRCLE $10,000 - $14,999 Cisco Systems, Inc. Cummins Inc. Dow Chemical Company General Electric Co SILVER PRESIDENT S CIRCLE $5,000 - $9,999 Apple, Inc. The Boeing Company Comcast Corporation Corning Incorporated Credit Suisse AG Dell, Inc. Duke Energy Corp. E. I. du Pont de Nemours & Company Eli Lilly and Company GM Foundation Halliburton Company The Hershey Company IBM Corporation Johnson & Johnson Lockheed Martin, Inc. McDonald s Corporation Medtronic, Inc. Motorola Solutions, Inc. PepsiCo, Inc. Pfizer Inc. Procter & Gamble Co. Sony Corporation of America Tenneco Tyco International Mgmnt Co. Wal-Mart Stores, Inc. Wells Fargo & Company 36