After the books closed: the quarter's biggest news happened too late to be in the numbers
The model's full reasoning — Q1 2018 call → NOWe need to determine if management reports that the most important positive developments happened so late in the period or after it ended that the results contain little or none of their effect, with management marking the timing. Let's review the transcript. The call is for Q1 2018. The period ended March 31, 2018. The call is on May 9, 2018. Management discusses various developments. Key points: Eilif says "Having just completed our large enrollment intake and closed the first quarter, I am very pleased to report that 2018 is off to a strong start." The enrollment cycle runs through April. So the intake period extends beyond the quarter. They report new enrollments increasing 5% for the period that runs through April. So the results for the quarter (Q1) may not include the full intake, but they are reporting on the intake that runs through April. However, they are giving guidance and results. But the question is about positive developments that happened late in the period or after it ended, and management says the results contain little or none of their effect. Let's look for such statements. They mention asset sales: "During the quarter and through the month of April, we closed the previously announced asset sales for institutions in Italy, Cyprus, China, Morocco and Germany, and we expect Malaysia to close shortly." So some closed in Q1, some in April. But these are divestitures, not positive developments that drive growth. They are part of the plan. They mention "More recently, we announced the additional asset sale of University of St. Augustine" - that's a divestiture, not a positive development for growth. They mention "We also recently received approval to open a new veterinary school in Monterrey, Mexico. And in Honduras, we welcomed the first cohort of students into our technical vocational nursing program" - these are expansions, but are they late-breaking? They say "recently" but not specifically late in the period or after. They are not described as having little effect on the reported results. They mention Chile: "The constitutional court has determined that for-profit institutions, like Laureate, will continue to be permitted to control universities in Chile." This is a positive regulatory development.
| Ticker | Company | Call | Date | Call 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+ |
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...