Management Discussion and Analysis (MD&A)

Management Discussion and Analysis (MD&A) is a section in a company's financial reports where management explains the company's financial performance and strategies. It provides insights into the financial statements, discussing trends, risks, and future outlook. MD&A helps investors and stakeholders understand not just the numbers, but the reasons behind them, the company’s operational challenges, and its growth plans. This narrative complements the raw data, allowing for a clearer picture of the company's overall health and direction, aiding informed decision-making for investors and analysts.