What version is released after the first cut that reflects the director's vision?

The version that is released after the first cut and reflects the director's vision is the Director’s Cut. This version is significant because it represents the director's artistic intent and includes the creative decisions made after initial editing. It may incorporate additional scenes, alternative takes, and adjustments that align more closely with how the director envisioned the story being told.

The Director's Cut often comes after the Rough Cut, which is the initial assembly of footage and might not yet reflect the director's complete vision. In contrast, the Final Cut is typically the last version approved for distribution, which may incorporate feedback from producers and test audiences. The Screening Cut is a version intended for test screenings, focusing on audience feedback rather than the director’s creative choices. Thus, the Director's Cut stands out for its emphasis on the director's personal vision and artistic direction.