For small caps, the presentation part of the call should be no more than 15 minutes with 15 minutes for Q&A. Hit key numbers, highlight milestones and clearly explain anything that might be ambiguous. Then open up the lines for questions. After all questions have been answered, take a cue from the large caps and before you thank them, share your sentiment about the upcoming year.

Earnings calls transcripts can provide key insights about forward earnings and revenue guidance that isn’t present in company filings. Listening for key details help investors put the business in context—for better or worse.