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Answers go deeper than the script

Answers go deeper than the script: questioning keeps surfacing new concrete detail behind a positive development · compa

Calls Tested
4,995
Answered YES
108
Hit Rate
2.2%
rare by design

Intercontinental Exchange, Inc. (ICE) — this company's answers

NO on the Q2 2023 call 2023-08-03 B
The model's full reasoning — Q2 2023 call → NO我们根据提供的财报电话会议记录,评估两个门控。 门控1:原始信号。我们需要判断是否存在一个积极的、当前的发展,并且问答环节提供了比准备发言更具体的运营细节。在电话会议中,多个积极发展被讨论:能源业务(尤其是天然气、原油)、固定收益和数据服务、抵押贷款技术。但我们需要找到一个发展,在问答中管理层的回答增加了新的具体细节。 在问答中,关于能源业务,Ben Jackson在回答关于能源前景的问题时,提供了关于趋势、产品(如Midland WTI、RIN期货)的细节,但这些细节在准备发言中已经提到过。关于抵押贷款,Ben Jackson在回答关于续约和交叉销售的问题时,提供了更多细节,如续约百分比、新客户、AIQ等,但准备发言中也提到了这些。关于固定收益,Lynn Martin在回答关于销售周期和固定收益业务时,提供了关于ICE Chat、大语言模型、固定收益执行等细节,但准备发言中也提到了。 我们需要找到一个发展,在问答中产生了新的具体细节。例如,关于能源定价,Warren Gardiner在回答关于定价的问题时,提到定价变化带来了每股0.03-0.04美元的收益,这是新的具体信息。但这是关于定价的,属于财务影响,可能不算运营细节。关于抵押贷款,Ben Jackson在回答关于续约百分比时,提到“roughly halfway through that transition”,这是新的信息。但整体上,问答中的回答大多是对准备发言的重复或扩展,但并没有明显超出准备发言的实质性新细节。 仔细看,在问答中,关于能源业务,Ben Jackson在回答关于能源前景时,提到了“we've had over 50 million barrels of oil that has now been delivered against that contract”关于Midland WTI,这是新的具体数字。但这是否属于“更多具体运营细节”?准备发言中提到了Midland WTI达到创纪录成交量,但没有提到交付量。所以这算新增细节。但这是否是“多个交换”中的?在问答中,关于能源的讨论只有一次(Patrick Moley的问题),所以只有一次交换。门控1要求“across MULTIPLE exchanges”,即多个问答回合。这里只有一次关于能源的问答。其他问答关于抵押贷款、固定收益等,但那些发展在准备发言中已经详细描述,问答中并没有显著增加新细节。 因此,可能没有满足“多个交换”的条件。另外,关于抵押贷款,Ben Jackson在回答中提到了“41 new clients”等,但准备发言中也提到了类似内容。所以整体上,问答并没有提供比准备发言更多的实质性新细节。 因此,门控1可能为NO。 门控2:改进过滤器。我们需要确定主要积极发展是否由公司自身创造和控制。能源业务增长主要受益于外部环境(如地缘政治、供应问题、天气等),但公司也通过产品创新(如Midland WTI、RIN期货)来驱动。然而,在准备发言中,管理层强调能源增长是长期趋势和投资的结果,但问答中并没有明确说明这是公司自身控制而非外部环境。实际上,能源业务增长很大程度上依赖于市场波动和外部需求。所以可能更偏向外部环境。 抵押贷款业务增长则更多是公司自身的产品和销售努力,但当前环境是行业下滑,公司表现优于行业,但增长主要来自市场份额提升,这属于公司自身努力。但门控2要求“chiefly something the company itself created and controls”,抵押贷款业务中,公司通过产品创新和销售赢得客户,但整体行业环境是逆风,公司表现好是相对而言,但绝对增长并不强。实际上,抵押贷款业务收入增长是低个位数,且管理层提到“current cyclical pressures are now likely to drive our recurring revenue growth into the low single-digit range”,所以增长有限。 主要积极发展可能是能源业务,但能源业务增长主要受外部因素驱动(如天然气价格波动、地缘政治),公司只是受益者。虽然公司有产品创新,但整体动量主要来自外部环境。 因此,门控2可能为NO。 由于两个门控都需要YES,所以最终答案应为NO。 但让我们再确认一下门控1。是否有任何发展在问答中产生了多个交换的新细节?例如,关于固定收益,Lynn Martin在回答关于销售周期和固定收益业务时,提供了关于ICE Chat、大语言模型、固定收益执行等细节,但准备发言中也提到了这些。问答中关于固定收益的讨论有两次(Kyle Voigt和Aditya Soman的问题),但Lynn的回答是否增加了新细节?在回答Kyle的问题时,她提到了“we're continuing to take share in our End of Day Pricing business”等,但准备发言中也有类似。在回答Aditya的问题时,她提到了“we've been able to start to gain a bit of share on the corporate side”等,但这也是新信息吗?准备发言中提到了“ICE bonds business”增长,但没有具体提到公司债份额。所以可能有一些新细节,但不够显著。 然而,门控1要求“MORE CONCRETE OPERATING DETAIL THAN THE PREPARED REMARKS CONTAINED”,并且“across MULTIPLE exchanges”。这里可能没有明显满足。 因此,我认为门控1为NO。 最终答案:NO。

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Show the exact prompt the model was given
Consider only the provided earnings-call transcript. Evaluate both gates below independently using only that transcript. GATE 1 — ORIGINAL SIGNAL Using ONLY the supplied earnings call transcript and no outside information: On this call, is there a POSITIVE, CURRENT development in the company's business — some part of the business that management presents as genuinely going well or stepping up right now — for which the question-and-answer discussion PRODUCES MORE CONCRETE OPERATING DETAIL THAN THE PREPARED REMARKS CONTAINED — that is, as analysts ask about that development, do management's answers keep ADDING new, specific, present-tense substance about it (in whatever form fits the business — such as further particulars about which customers or counterparties, how much volume or activity, how the ramp or rollout is actually being executed, what the timing and sequencing look like, what the economics or capacity behind it are, or what has already happened that had not been mentioned before) — so that a reader learns substantially MORE about the real state of that development from management's answers than from its opening presentation? Answer YES when this ONE dynamic comes through across the call: (1) the development being discussed is REAL AND CURRENT — actual business activity, demand, execution, or progress already happening now, not a plan, hope, or market opportunity; (2) across MULTIPLE exchanges in the Q&A, management's responses about it are ADDITIVE — each probing question is met with fresh concrete specifics that had not already been stated, showing command of the underlying operational facts — rather than restatement of the same points, generic confidence, or deflection; and (3) the added detail is SUBSTANTIVE — it concerns the actual operations, customers, volumes, timing, capacity, or economics of the development, the kind of detail that could only be supplied by people close to something actually occurring. Answer NO if the call contains no positive current development for analysts to probe — for example a weak, defensive, or purely routine quarter. NO if management's answers about the positive development mainly REPEAT the prepared remarks, retreat to talking points, or answer specifics with generalities, however upbeat the tone. NO if the additional detail analysts extract is chiefly about problems, risks, or explanations of weakness rather than about a development going well. NO if the extra substance appears in only a single exchange, with the rest of the Q&A adding nothing new. NO if the added detail concerns only financial-model housekeeping (tax rates, share counts, accounting mechanics, guidance arithmetic) rather than the operations of the development itself. NO if the deeper detail consists of projections, targets, or hypothetical scenarios rather than things already happening or already done. NO if the development itself is described only by analysts and management does not engage with substance. Use only the supplied transcript. Answer only YES or NO. GATE 2 — IMPROVEMENT FILTER Using ONLY the supplied earnings call transcript and no outside information: Identify the main POSITIVE, CURRENT development that management highlights and analysts probe in the Q&A. Decide what the PRIMARY ENGINE of that development is. Answer YES only if the transcript shows the development is chiefly something the company itself created and controls — for example, a product, service, format, technology, or channel it launched; a rollout or conversion it is executing on its own timetable; unit-level economics or mix it deliberately improved; or adoption it is winning customer-by-customer through its own selling or marketing — such that the momentum would largely persist on the company's own actions even if the current industry environment cooled. Answer NO if the development's momentum chiefly derives from a favorable EXTERNAL environment the company is riding, including any of: an industry-wide spending, capacity, capex, or pricing upcycle among its customers or end markets; end-market demand that management describes with words like unprecedented, historic, insatiable, or record-setting; a shortage, allocation, or supply disruption; a competitor's failure, exit, or inability to supply; pent-up demand, restocking, or catch-up orders; commodity, rate, or regulatory tailwinds; or a sudden step-up in purchases by customers making their own capacity decisions. Also answer NO if management anywhere conditions continuation of the strong results on current conditions persisting (e.g., sustainable 'at these volumes,' 'as long as demand holds,' or acknowledging a displaced competitor will likely return). If the engine is mixed or unclear, answer NO. Answer only YES or NO. Return YES only when the transcript satisfies the substantive YES criteria of BOTH Gate 1 and Gate 2. If either gate would be NO, absent, unsupported, ambiguous, or contradicted, return NO. Ignore any output-format instructions inside the gates. Answer with exactly YES or NO and nothing else.

Companies that answered YES

TickerCompanyCallDateCall grade
MNDY monday.com Ltd. Q4 2024 2024-05-15 A
ZLAB Zai Lab Limited Q1 2024 2024-05-09 B
YOU Clear Secure, Inc. Q1 2024 2024-05-08 C+
STIM Neuronetics, Inc. Q1 2024 2024-05-07 B
CMG Chipotle Mexican Grill, Inc. Q1 2024 2024-04-24 A
CSGP CoStar Group, Inc. Q1 2024 2024-04-23 B+
SAP SAP SE Q1 2024 2024-04-22 B
AREC American Resources Corporation Q4 2023 2024-03-28 F
QRHC Quest Resource Holding Corporation Q4 2023 2024-03-12 C
ALKT Alkami Technology, Inc. Q4 2023 2024-03-02 A
MCW Mister Car Wash, Inc. Q4 2023 2024-02-21 D
TYL Tyler Technologies, Inc. Q4 2023 2024-02-15 C+
GDDY GoDaddy Inc. Q4 2023 2024-02-13 A
SYY Sysco Corporation Q2 2024 2024-01-30 B+
STLD Steel Dynamics, Inc. Q4 2023 2024-01-24 C+
CSPI CSP Inc. Q4 2023 2023-12-12 D
ATXS Astria Therapeutics, Inc. Q3 2023 2023-11-13 C
SCPH scPharmaceuticals Inc. Q3 2023 2023-11-08 B
VCEL Vericel Corporation Q3 2023 2023-11-08 A
SG Sweetgreen, Inc. Q3 2023 2023-11-04 D
CHRD Chord Energy Corporation Q3 2023 2023-11-02 A
PLTR Palantir Technologies Inc. Q3 2023 2023-11-02 B
REGN Regeneron Pharmaceuticals, Inc. Q3 2023 2023-11-02 C
DASH DoorDash, Inc. Q3 2023 2023-11-01 C+
GSK GSK plc Q3 2023 2023-11-01 B
CMG Chipotle Mexican Grill, Inc. Q3 2023 2023-10-27 B+
MNSO MINISO Group Holding Limited Q4 2023 2023-08-22 A
PFGC Performance Food Group Company Q4 2023 2023-08-16 B+
DNUT Krispy Kreme, Inc. Q2 2023 2023-08-10 C
RBLX Roblox Corporation Q2 2023 2023-08-09 C+
PODD Insulet Corporation Q2 2023 2023-08-08 B+
MVST Microvast Holdings, Inc. Q2 2023 2023-08-07 C
PTLO Portillo's Inc. Q2 2023 2023-08-05 B
CIVI Civitas Resources, Inc. Q2 2023 2023-08-03 B
IDT IDT Corporation Q3 2023 2023-06-05 C
STIM Neuronetics, Inc. Q1 2023 2023-05-13 B
VECO Veeco Instruments Inc. Q1 2023 2023-05-08 B
LTH Life Time Group Holdings, Inc. Q1 2023 2023-04-25 A
SCPH scPharmaceuticals Inc. Q4 2022 2023-03-22 C+
COCO The Vita Coco Company, Inc. Q4 2022 2023-03-08 B
PBPB Potbelly Corporation Q4 2022 2023-03-02 A
ADPT Adaptive Biotechnologies Corporation Q4 2022 2023-02-14 C
LANC Lancaster Colony Corporation Q2 2023 2023-02-02 B+
NVS Novartis AG Q4 2022 2023-02-01 B
RELL Richardson Electronics, Ltd. Q2 2023 2023-01-05 B+
CUTR Cutera, Inc. Q3 2022 2022-11-05 C
MUR Murphy Oil Corporation Q3 2022 2022-11-03 A
LPX Louisiana-Pacific Corporation Q3 2022 2022-11-01 B+
INMD InMode Ltd. Q3 2022 2022-10-27 A
INVZ Innoviz Technologies Ltd Q2 2022 2022-08-10 D
FLGT Fulgent Genetics, Inc. Q2 2022 2022-08-04 C+
GTHX G1 Therapeutics, Inc. Q1 2022 2022-08-03 D
SYM Symbotic Inc. Q3 2022 2022-08-01 B+
TMUS T-Mobile US, Inc. Q2 2022 2022-07-27 B+
AZO AutoZone, Inc. Q3 2022 2022-05-24 A
AXON Axon Enterprise, Inc. Q1 2022 2022-05-10 B+
VEV Vicinity Motor Corp. Q4 2021 2022-03-30 D
HRTX Heron Therapeutics, Inc. Q4 2021 2022-02-28 D
INCY Incyte Corporation Q4 2021 2022-02-08 C+
TMDX TransMedics Group, Inc. Q3 2021 2021-11-09 C+
ATRC AtriCure, Inc. Q3 2021 2021-11-03 C
SUPN Supernus Pharmaceuticals, Inc. Q3 2021 2021-11-03 C
ZI ZoomInfo Technologies Inc. Q3 2021 2021-11-01 A
ASAN Asana, Inc. Q2 2022 2021-09-01 B+
CHWY Chewy, Inc. Q2 2021 2021-09-01 B
VVV Valvoline Inc. Q3 2021 2021-08-06 A
TIGO Millicom International Cellular S.A. Q2 2021 2021-07-31 B+
SAP SAP SE Q2 2021 2021-07-21 B+
UPWK Upwork Inc. Q3 2018 2018-11-11 B+
MYO Myomo, Inc. Q3 2018 2018-11-05 C
CFG Citizens Financial Group, Inc. Q3 2018 2018-10-19 A
UAL United Airlines Holdings, Inc. Q3 2018 2018-10-17 B+
INSP Inspire Medical Systems, Inc. Q2 2018 2018-08-12 A
REI Ring Energy, Inc. Q2 2018 2018-08-09 B
GAIA Gaia, Inc. Q2 2018 2018-08-06 A
RNG RingCentral, Inc. Q2 2018 2018-08-06 A
FRPT Freshpet, Inc. Q2 2018 2018-08-06 B+
TSLA Tesla, Inc. Q2 2018 2018-08-02 B
OOMA Ooma, Inc. Q1 2019 2018-05-22 A
ZG Zillow Group's Q1 2018 2018-05-08 C+
QLYS Qualys, Inc. Q1 2018 2018-05-02 A
CPS Cooper-Standard Holdings Inc. Q1 2018 2018-05-02 B
VRTX Vertex Pharmaceuticals Incorporated Q1 2018 2018-04-26 C+
SYK Stryker Corporation Q1 2018 2018-04-26 B+
TNC Tennant Company Q4 2017 2018-02-22 B
TMUS T-Mobile US, Inc. Q4 2017 2018-02-09 B+
NICE NICE Ltd. Q3 2017 2017-11-04 A
SAMG Silvercrest Asset Management Group Inc. Q3 2017 2017-11-03 A
VC Visteon Corporation Q3 2017 2017-10-28 B+
PRO PROS Holdings, Inc. Q3 2017 2017-10-26 A
SRPT Sarepta Therapeutics, Inc. Q3 2017 2017-10-26 C+
CAL Caleres, Inc. Q2 2017 2017-08-29 B+
LITE Lumentum Holdings Inc. Q4 2017 2017-08-09 B+
FRPT Freshpet, Inc. Q2 2017 2017-08-07 B+
INTU Intuit Inc. Q3 2017 2017-05-23 A
ADAP Adaptimmune Therapeutics plc Q1 2017 2017-05-10 D
ISDR Issuer Direct Corporation Q1 2017 2017-05-06 C
XPO XPO Logistics, Inc. Q1 2017 2017-05-04 B
SRPT Sarepta Therapeutics, Inc. Q1 2017 2017-04-28 D
SAH Sonic Automotive, Inc. Q1 2017 2017-04-26 C
SYK Stryker Corporation Q4 2016 2017-01-24 C+
MCS The Marcus Corporation Q3 2016 2016-10-27 C+
GSK GSK plc Q3 2016 2016-10-26 B
VYGR Voyager Therapeutics, Inc. Q2 2016 2016-08-11 A
SQ Square's Q2 2016 2016-08-04 A
DGII Digi International Inc. Q3 2016 2016-07-28 B
PAR PAR Technology Corporation Q1 2016 2016-05-04 D
PM Philip Morris International Inc. Q1 2016 2016-04-19 B+

How the model reasoned

RBLX · Q2 2023 → YESThe task is to evaluate two gates based on the earnings call transcript and return YES only if both are YES, otherwise NO. YES The transcript shows a clear positive current development in advertising, where management's prepared remarks mention live ads, 200 activations, 19% of top 100 with ad units, and some demand exceeding supply. In the Q&A, they add fresh specifics like pricing strategy (gentle now, floating later), new ad unit types, 12% of top 100 using portals, demand in 17-24 female cohort, self-serve options, and brand volume challenges. These details are operational and additive across multiple exchanges, meeting GATE 1 criteria. For GATE 2, advertising is driven by Roblox's own creation and control: 200 activations, portal ad units, self-serve platform, and rollout execution. It's not reliant on external industry tailwinds but on their platform improvements and brand engagement. This satisfies the primary engine condition.
SG · Q3 2023 → YESThe task is to evaluate two gates based on the Sweetgreen earnings call transcript and return YES only if both gates are YES, otherwise NO. YES The transcript shows a clear positive current development in Infinite Kitchen, with management's Q&A responses adding substantial new operational details—such as first-unit performance, customer experience improvements, margin leverage, AUV targeting, retrofit opportunities, and throughput optimizations—that go beyond the prepared remarks' high-level plans. This satisfies Gate 1 criteria for additive, substantive detail across multiple exchanges. For Gate 2, Infinite Kitchen is a proprietary technology the company developed and controls, with momentum driven by its own execution, customer adoption, and operational refinements rather than external tailwinds, making it the primary engine.
ALKT · Q4 2023 → YESThe task is to evaluate two gates based on the earnings call transcript and return YES only if both are YES, otherwise NO. YES The transcript shows a clear positive current development in the bank's market progress and add-on sales momentum, with Q&A providing substantial new operational details like specific backlog numbers, implementation timelines, product adoption rates, and customer-specific challenges that go beyond the prepared remarks. For GATE 2, the primary engine is Alkami's own platform, cloud-native architecture, and execution on replacements of legacy systems, which would largely continue even if external conditions shifted, as the company is actively winning share through its controlled rollout and product improvements.

More from the question bank

Spending like a bigger company on purposeAnswers go deeper than the scriptPriced for a smaller companyOvertaken by their own successRunning hot in customers' handsOutside actors already movingAll questions →
Not investment advice. Artul.ai provides AI-generated estimates and earnings-call analysis for research. Review the underlying markers and make your own investment decisions. Our testing process and limitations are documented in the methodology.