Simultaneous Interpretation for Earnings Presentations

Why earnings presentations call for simultaneous interpretation

The earnings presentation is the moment when a listed company reports to the market. In a few dozen minutes, management sets out revenue, margins, debt, investments and outlook, and then answers analysts' questions. When part of that audience is in New York, London or Toronto, language stops being a detail and becomes part of governance: all investors need to receive the same information, at the same time and with the same precision.

Consecutive interpretation does not solve this case, because it doubles the duration of the call and breaks the rhythm of the Q&A. Simultaneous keeps the event's timing, preserves the executive's tone and lets the foreign analyst follow the speech in real time, including the numbers cited in passing, which are often what the market most wants to hear.

That is why lingo works in this format with an interpreter who knows financial vocabulary in both languages and who has been through capital markets engagements, such as XP's IPO on NASDAQ and the board meetings of private equity funds. In earnings presentations, getting a number or a qualifier wrong, such as “about” or “at least”, can make the headlines.

How the technical flow of an earnings call works

Most earnings presentations take place by webcast or videoconference. In those cases, we use remote interpretation (RSI): the interpreter works from a remote booth and the interpretation audio enters as an additional language channel on the platform, whether Zoom, Teams, Webex or the webcast solution the company already uses. The analyst who prefers to listen in English selects the channel and follows the CEO's or CFO's speech with no noticeable delay.

The channel is configured and tested about 30 minutes before the start, with the platform host and the Investor Relations contact. In that test we check three points: whether the interpreter hears the executives' speech with good quality, whether the interpretation channel reaches the participants, and whether there is a separate audio path for the analysts' questions, so that the back and forth (PT→EN and EN→PT) works without overlap.

When the presentation also takes place in person, for example at an event with analysts at the company's headquarters or in an auditorium, the format is hybrid: UHF receivers for those in the room and a language channel on the platform for those connected. Both deliveries come from the same interpreter, which keeps the terminology consistent between the two audiences.

Preparation: what lingo asks of the Investor Relations team

The more material the interpreter receives, the more precise the result. We ask, as far in advance as the calendar allows, for the earnings release, the quarter's presentation (deck), the financial statements or the ITR/DFP when they are already available for internal use, the planned script for the executives' remarks and the transcripts of the latest calls.

With that, we build a company-specific glossary: names of segments, brands, proprietary indicators, internal acronyms and the way the company usually translates each term in its English-language documents. If IR already publishes the release in both languages, we adopt exactly its terminology, because the analyst will compare what they heard with what they read.

For companies with recurring calls, the glossary accumulates quarter after quarter. In each cycle, the interpreter already arrives knowing the company's vocabulary, each spokesperson's style and the questions analysts tend to repeat.

The analyst Q&A: where interpretation is most demanded

The prepared-remarks portion is the most predictable, since the text usually exists before the call. The Q&A is where interpretation is truly tested. Analysts ask quick questions, sometimes with more than one question embedded, using colloquial English, abbreviations and references to previous quarters. The executive answers in Portuguese, often citing figures from memory.

The interpreter has to follow this exchange in both directions, without asking for the question to be repeated and without simplifying the answer. A resource that helps a great deal is to agree with IR that the moderator identifies each analyst by name and institution before the question: this gives the interpreter a few seconds to get oriented.

When a question involves an indicator the company does not disclose, the executive's answer is usually careful. In those cases the interpreter keeps exactly the degree of caution of the original speech, without adding certainty or removing caveats.

Confidentiality and undisclosed information

Before earnings are released, the numbers are sensitive information. That is why work with lingo is covered by an NDA valid for 5 years, and the material received for preparation is used only for the engagement. We ask for the material in advance precisely so the interpreter can study without rushing.

Alex Barros does not accept competing engagements on the same deal, and this rule also applies to earnings calls.

Lead time and urgent hiring

Earnings release dates are set months ahead by the corporate calendar, but the decision to hire interpretation often comes late, when IR realizes there will be foreign analysts on the call. For the remote format, the standard lead time is 48 hours. When necessary, we operate with 24 hours' notice.

The quote comes in 60 seconds via WhatsApp or the online calculator and includes interpreter, equipment (if in person), technical operator and logistics, with no hidden items. The quote amount is the final amount on the invoice.

A real case of quarterly calls

Interpreting earnings calls is routine for listed companies with international investors. A documented example is the case of Zamp, owner of the Burger King and Popeyes brands in Brazil, whose quarterly conference calls have simultaneous translation into English. The case shows both the value of a recurring engagement and the importance of a well-coordinated schedule between company and interpreter.

Read the full Zamp / Burger King Brasil case.

Capital markets vocabulary: the pairs that cause the most doubt

Some terms appear in almost every earnings presentation and deserve attention. “Guidance” is usually kept in English in Portuguese speech, but in a formal release it becomes “projections” or “performance estimate”. “Run-rate” can be “annualized execution rate” or be kept in English, according to the company's habit. “Headwinds” and “tailwinds” are common metaphors, rendered as “adverse factors” and “favorable factors”.

Indicators such as adjusted EBITDA, operating cash generation, leverage (net debt/EBITDA), ROIC and capex demand absolute fidelity to the criterion the company uses: “adjusted” must be said whenever the executive says it. At retail companies, “same-store sales” corresponds to “comparable-store sales”; at technology companies, ARR and churn are usually kept in English.

Finally, the caveats: “we expect”, “we continue to see”, “subject to market conditions” carry legal weight in investor relations material. The interpreter keeps every qualifier.