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After the books closed

After the books closed: the quarter's biggest news happened too late to be in the numbers

Calls Tested
497
Answered YES
13
Hit Rate
2.6%
rare by design

Great Elm Capital Corporation (GECC) — this company's answers

NO on the Q3 2018 call 2018-11-13 B
The model's full reasoning — Q3 2018 call → NO我们根据提供的财报电话会议记录,判断管理层是否报告了最重要的积极进展发生在报告期很晚或结束后不久,以至于所呈现的结果几乎没有包含这些进展的影响,并且管理层自己指出了这一时间点。 在记录中,管理层讨论了多个投资和变现。特别关注Avanti Communications Group,这是最大的投资组合持仓。管理层提到:“在过去的六个月里,随着Kyle Whitehill加入公司担任新CEO,公司取得了许多积极进展。”然后列举了三个新合同:6月与Viasat的合同,8月与COMSAT的合同,以及9月与一家主要卫星公司的合同。这些合同是在第三季度(截至9月30日)内或接近季度末签署的。特别是9月的合同是在季度末签署的。管理层说:“随着这些合同的成功签订,我们预计Avanti未来将实现显著的收入增长。”这表明这些合同是重要的,但管理层没有明确说这些合同对第三季度业绩没有影响,因为第三季度已经结束。然而,管理层在讨论这些合同时,是在描述公司的发展方向,而不是第三季度的业绩。此外,管理层在讨论Avanti时,没有直接说“这些合同发生在季度末,因此第三季度业绩没有反映它们”,但隐含了这一点,因为合同是在第三季度内签署的,但可能对收入的影响在之后。然而,问题要求的是“最重要的积极进展”是否发生在报告期很晚或结束后不久,并且管理层自己指出了时间点。这里,合同签署时间在6月、8月、9月,其中9月是季度末。但管理层没有明确说“这些合同发生在季度末,所以第三季度业绩没有反映”,而是说“随着这些合同的成功签订,我们预计未来将实现显著的收入增长”。这暗示了未来影响,但并没有明确说第三季度业绩没有包含这些影响。此外,还有其他积极进展,如投资变现等,但那些是分散在季度内的。 再仔细看,管理层在讨论Avanti时,说“在过去的六个月里”,这包括第三季度和之前。合同签署时间:6月(第二季度末)、8月(第三季度)、9月(第三季度末)。所以,9月的合同确实是在季度末。但管理层没有强调“在季度末”或“在最后几周”,而是笼统地说“在过去的六个月里”。此外,管理层没有说这些合同对第三季度业绩没有影响,因为第三季度业绩已经包含了一些合同的影响?实际上,合同签署后,收入可能从签署后开始,但第三季度只包括9月的一部分?但管理层没有具体说明。 问题要求:管理层是否报告了最重要的积极进展发生在报告期很晚或结束后不久,以至于结果几乎没有包含它们,并且管理层自己指出了时间点?这里,管理层提到了合同签署,但没有明确说“这些合同发生在季度末,所以第三季度业绩没有反映它们”。管理层只是说“随着这些合同的成功签订,我们预计未来将实现显著的收入增长”,这暗示了未来影响,但没有明确说第三季度业绩没有包含。此外,管理层在讨论其他投资变现时,也没有强调时间点。 另外,管理层在讨论Avanti时,说“尽管电信行业销售周期长,Kyle已经签署了三份大型潜在高利润长期新合同。”这强调了合同的重要性,但时间点没有特别强调。而且,这些合同是在第三季度内签署的,所以第三季度业绩可能部分反映了?但收入确认可能滞后。 再考虑整个电话会议,管理层没有明确说“这些积极进展发生在季度末,所以我们的业绩没有反映它们”。他们只是描述了这些进展,并说预计未来增长。这不符合“管理层自己指出时间点”的要求。 此外,问题要求“最重要的积极进展”,这里Avanti的合同可能是最重要的,但管理层没有说它们发生在报告期很晚或结束后不久。实际上,合同签署时间跨度从6月到9月,其中9月是季度末,但管理层没有特别强调“在最后几周”或“在季度末之后”。而且,没有提到任何在季度结束后发生的具体事件。 因此,我认为答案应为NO。

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Show the exact prompt the model was given
Using ONLY the supplied earnings call transcript and no outside information: On this call, does management report that the MOST IMPORTANT POSITIVE DEVELOPMENTS of the period happened SO LATE IN THE REPORTED PERIOD, OR SHORTLY AFTER IT ENDED, that the results being presented contain little or none of their effect — with management itself marking the timing? Answer YES when management's own words convey, in whatever form fits the business, ONE coherent situation with BOTH halves present: (1) LATE-BREAKING, CONCRETE POSITIVE EVENTS. Management points to specific favorable developments that actually occurred near the end of the reported period or in the weeks since it closed — real events, not hopes or pipeline. The events may take whatever form fits the industry: a contract, order, customer, or program signed or won late in the period or after quarter-end; a facility, location, product, or service that opened, launched, or shipped its first volumes in the final stretch or just afterward; an approval, certification, or qualification obtained late that has already begun converting into business; a large customer that went live, began ordering, or expanded right at the close or since; an acquisition or capability completed at or after period-end that is now operating. What matters is that management itself anchors the timing — saying in substance 'late in the quarter,' 'in the final weeks,' 'at the very end of the period,' 'since quarter-end,' 'subsequent to the close,' 'just after the period ended,' or equivalent — for events that are described as done or now happening, not merely expected. (2) MANAGEMENT TREATS THEM AS THE REAL STORY THE NUMBERS MISSED. Management conveys, directly or plainly in substance, that because of this timing the reported results reflect little or none of these developments — and treats them as consequential to where the company is now heading, for example by discussing how they will contribute in coming periods, how the company is now delivering or ramping them, or by contrasting the period's reported figures with the level of business the company is already doing as it exits. The late events should be presented as meaningful relative to the company's current size — capable of changing its trajectory — rather than as routine items in a long list. Answer NO if the period's positive developments are described as spread across the quarter in the ordinary way, with no emphasis on late or post-period timing. NO if the late-dated items are only letters of intent, negotiations, pipeline, expected signings, or events still contingent on approvals, financing, or decisions not yet made. NO if the late events are routine in scale for this company — the normal cadence of wins or openings it always reports — with no sense that they change its level of business. NO if management mentions timing only as an excuse for weak results without concrete late-arriving positives now in hand. NO if the post-period mention is a boilerplate subsequent-events disclosure that management does not connect to the company's trajectory. NO if the timing framing appears only in an analyst's question or model that management does not itself affirm. Use only the supplied transcript. Answer only YES or NO.

Companies that answered YES

TickerCompanyCallDateCall grade
ASM Avino Silver & Gold Mines Ltd. Q4 2023 2024-03-21 C+
KOPN Kopin Corporation Q4 2023 2024-03-14 C+
SCPH scPharmaceuticals Inc. Q3 2023 2023-11-08 B
NBTX Nanobiotix S.A. Q2 2023 2023-09-27 D
SWBI Smith & Wesson Brands, Inc. Q1 2023 2022-09-08 C+
YMM Full Truck Alliance Co. Ltd. Q2 2022 2022-08-25 C+
VNRX VolitionRx Limited Q1 2022 2022-05-12 F
OPK OPKO Health, Inc. Q1 2022 2022-05-09 D
BFIN BankFinancial Corporation Q1 2022 2022-05-06 A
RNW ReNew Energy Global Plc Q2 2022 2021-11-18 C
BFI BurgerFi International, Inc. Q3 2021 2021-11-12 C
LIND Lindblad Expeditions Holdings, Inc. Q2 2017 2017-08-06 C
PLAB Photronics, Inc. Q2 2017 2017-05-17 C+

How the model reasoned

OPK · Q1 2022 → YESThe question is: Does management report that the MOST IMPORTANT POSITIVE DEVELOPMENTS of the period happened SO LATE IN THE REPORTED PERIOD, OR SHORTLY AFTER IT ENDED, that the results being presented...YES The transcript shows management treating the ModeX acquisition (announced and closed on the call date, May 9) and the Sema4/GeneDx deal (closed April 29) as major positive developments that occurred after the Q1 period ended. These are framed as key steps toward unlocking value and are highlighted as the "exciting announcement" that changed the call format.
RNW · Q2 2022 → YESThe question is: Does management report that the MOST IMPORTANT POSITIVE DEVELOPMENTS of the period happened SO LATE IN THE REPORTED PERIOD, OR SHORTLY AFTER IT ENDED, that the results being presented...YES The transcript shows management explicitly marking the timing of key positive developments: 400 MW commissioned "since the end of the quarter" (bringing operating capacity to 7 GW today, with another 400 MW scheduled "over the next couple of weeks"), plus the completed Telangana acquisition adding 260 MW.
ASM · Q4 2023 → YESThe question is: Does management report that the MOST IMPORTANT POSITIVE DEVELOPMENTS of the period happened SO LATE IN THE REPORTED PERIOD, OR SHORTLY AFTER IT ENDED, that the results being presented...

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Not investment advice. Artul.ai publishes AI-generated earnings-call quality grades and expected-volatility estimates — never buy or sell recommendations. We tested over 1,600 predictive hypotheses against 165,000 transcripts; the honest result, including what failed, is documented in our methodology.