Processing new filings and updating our models quickly is of utmost importance to New Constructs and our clients. This document explains the process New Constructs follows when loading new filings, processing those filings, updating our models with new financial data, validating that the data and model are correct, and publishing those results to clients.

1. 1. 1. A company files a new annual or quarterly filing with the SEC (day 0)
      2. We receive the filing from SEC’s daily feed file on the evening of it’s filing date (day 0)
      3. Our Robo-Analyst technology processes the filing and collects data from the financial statements, management discussion and analysis (MD&A) and footnotes (day 0)
      4. An expert human analyst reviews the data collected by the Robo-Analyst and makes changes as needed (day 1)
      5. The Robo-Analyst runs hundreds of data validations to identify common and uncommon errors (day 1)
      6. Another expert human analyst reviews any red flags thrown by the data validations, reviews the completed financial model results, and approves the filing for publication (day 1)
      7. The updated filings, data and model are published to clients around midnight, making the data available well before trading begins the following morning (day 1)

Data from new filings is normally available to clients within 48 hours of being filed with the SEC. Situations occur that delay the process, including:

1. 1. 1. The SEC delays posting of its daily filing feed file for any reason.
      2. We encounter problems accessing and loading non-SEC filings (for international companies only), including delayed posting of filings to corporate websites, poorly formatted or corrupted PDF filings or other problems.
      3. Holidays or corporate events make our expert human analysts unavailable to validate new data and models.
         1. New Constructs traditionally took an extended corporate holiday around Christmas and New Years. In 2022 we’re changing this practice to ensure that filings are processed during this time.
      4. Weekends - during annual and quarterly filing seasons we process new filings 7 days a week. During periods with fewer new filings, our expert analysts do not validate new data and models on weekends.

Strict internal process controls are an important driver of providing the best fundamental data in the world. We leverage technology and financial expertise to meet this high standard. The following internal processes and controls help ensure our data is correct is the best: 

1. 1. 1. Data validations - We employ hundreds of automated data validations to identify potential errors and ensure that our data is correct. Expert human analysts review every failed validation triggered during the processing of filings to ensure that we have the best possible data for our clients.
      2. Review & Quality Assurance Process - Our human experts review the Robo-Analyst’s work and the results of the financial models we build based on our own data. We also have research analysts who use our data and models to write Long Idea and Dangers Zone reports on stocks, ETFs and mutual funds. Human expertise, enhanced by technology, produces the best data.
      3. Data Quality Team - We have a dedicated Data Quality Team whose only goal is ensuring the accuracy and integrity of our data and models.
      4. Missing Filings - We have a dedicated Filing Processing Team that ensures we have up-to-date filings for every company we cover.