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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 · broad

Calls Tested
1,941
Answered YES
54
Hit Rate
2.8%
rare by design

The Walt Disney Company (DIS) — this company's answers

NO on the Q3 2016 call 2016-08-09 C
The model's full reasoning — Q3 2016 call → NO我们根据提供的财报电话会议记录评估两个门。门1:是否有积极当前发展,且问答提供了比准备发言更具体的运营细节。门2:该发展是否基于广泛而细分的需求基础。 门1:管理层强调的积极当前发展包括:上海迪士尼度假区开业成功、工作室业绩创纪录、BAM Tech投资、与AT&T DirecTV的OTT协议等。在问答中,分析师询问了上海迪士尼的访客情况、消费、酒店入住率等,管理层提供了具体细节,如访客来自中国各地、停留时间比预期长、酒店入住率95-96%等。这些细节在准备发言中未详细提及,问答中确实增加了具体运营信息。因此门1可能为是。 门2:上海迪士尼的访客基础是广泛的,来自中国各地,不是依赖单一客户。但该发展是单一项目(一个主题公园),虽然访客众多,但本质上是一个地点。然而,需求基础是众多独立游客,不是少数大客户。但门2要求“广泛而细分的需求基础”,即许多独立客户,且增长来自广泛采用。上海迪士尼的访客是众多独立个体,符合。但注意,该发展是单一项目,但需求基础是游客,不是集中。然而,门2还要求“增量增长来自扩大采用或使用”,上海迪士尼是新建项目,其增长来自访客数量,是广泛的。但问题在于,该发展是否依赖单一大型项目?门2说“如果发展集中在少数大客户、OEM或渠道合作伙伴;单一大型合同、项目、租约或与一个对手方的推广;或基于项目奖励”则答案为否。上海迪士尼是一个单一项目,但它是公司自己的项目,不是与外部对手方的合同。门2的“集中”指的是需求方集中,而不是供给方。上海迪士尼的访客是分散的,所以需求基础广泛。但该发展本身是单一地点,但需求是分散的。我认为门2可能为是,因为访客是众多独立个体。 然而,门2还要求“如果问答讨论不断回到特定主要客户或合作伙伴”则否。这里没有。所以门2可能为是。 但注意,门1要求“问答产生比准备发言更具体的运营细节”。对于上海迪士尼,准备发言中提到了“超过100万游客”、“酒店入住率95%”等,但问答中增加了“访客来自中国各地”、“停留时间比预期长”、“人均消费在食品饮料方面强劲”等。这些是新增的。所以门1为是。 但门1还要求“多个交流”中管理层的回答是增量的。关于上海迪士尼,只有一个问题(Tim Nollen的问题)涉及,但该问题中管理层提供了多个细节。门1说“如果额外实质只出现在单一交流中,其余问答没有新增”则否。这里只有一个关于上海迪士尼的问答,但其他问答涉及BAM Tech、OTT等。但门1要求“该发展”的问答。上海迪士尼是积极发展,但只有一个问答。然而,门1说“跨多个交流”但可能允许一个交流中有多个细节?门1说“跨多个交流”但实际是“across MULTIPLE exchanges”,即多个问答回合。这里只有一个回合。但门1也允许“如果额外实质只出现在单一交流中”则否。所以可能门1为否,因为只有一个问答回合。 但还有其他积极发展,如BAM Tech,但那是投资,不是当前业务发展。工作室业绩是当前,但问答中关于工作室的细节不多。实际上,问答中关于上海迪士尼的细节是新增的,但只有一个回合。门1要求“跨多个交流”但可能一个交流中多个细节也算?门1说“across MULTIPLE exchanges in the Q&A, management's responses about it are ADDITIVE”意味着多个问答回合。这里只有一个。所以门1可能为否。 但门1也考虑其他发展,如ESPN的OTT服务,但那是计划。所以我认为门1可能为否,因为上海迪士尼只有一个问答回合。 然而,门1的说明:“Answer YES when this ONE dynamic comes through across the call: (1) the development being discussed is REAL AND CURRENT... (2) across MULTIPLE exchanges in the Q&A, management's responses about it are ADDITIVE...

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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. Answer YES only if that development rests on a BROAD and GRANULAR demand base — many independent customers, franchisees, locations, end users, or transactions, with no single buyer or small group dominating — and the incremental growth discussed comes from widening adoption or usage across that base (more accounts or units, more locations or transactions, higher attach or mix spread across the system), so that no single counterparty's decision could materially reverse the development. Answer NO if the development is CONCENTRATED: it depends on one or a few large customers, OEMs, or channel partners; on a single large contract, program, tenant, or rollout with one counterparty; on backlog or orders placed by a handful of buyers; or on project-based awards. Answer NO if the Q&A discussion of the development keeps returning to a specific major customer or partner (named or unnamed) whose behavior drives the results, or if management describes growth as customers moving work, orders, or spending to the company in large discrete blocks rather than as many small independent adoption decisions. If breadth cannot be established from the transcript, 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
FTAI Fortress Transportation and Infrastructu Q2 2024 2024-07-24 A
FYBR Frontier Communications Parent, Inc. Q1 2024 2024-05-03 B
TOL Toll Brothers, Inc. Q1 2024 2024-02-21 A
GDDY GoDaddy Inc. Q4 2023 2024-02-13 A
ZWS Zurn Elkay Water Solutions Corporation Q4 2023 2024-02-07 B
TMUS T-Mobile US, Inc. Q4 2023 2024-01-25 B
VCEL Vericel Corporation Q3 2023 2023-11-08 A
WEAV Weave Communications, Inc. Q3 2023 2023-11-01 B+
MAC The Macerich Company Q3 2023 2023-10-31 D
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+
SURG SurgePays, Inc. Q2 2023 2023-08-12 D
EVLV Evolv Technologies Holdings, Inc. Q2 2023 2023-08-10 B+
TREX Trex Company, Inc. Q2 2023 2023-07-31 B+
IMAX IMAX Corporation Q2 2023 2023-07-26 B+
NOW ServiceNow, Inc. Q2 2023 2023-07-26 A
UTHR United Therapeutics Corporation Q1 2023 2023-05-03 B
BRX Brixmor Property Group Inc. Q1 2023 2023-05-02 A
MGM MGM Resorts International Q1 2023 2023-05-01 A
EDU New Oriental Education & Technology Grou Q3 2023 2023-04-19 B
PAYX Paychex, Inc. Q3 2023 2023-03-29 B
ADPT Adaptive Biotechnologies Corporation Q4 2022 2023-02-14 C
CUTR Cutera, Inc. Q3 2022 2022-11-05 C
INMD InMode Ltd. Q3 2022 2022-10-27 A
SHW The Sherwin-Williams Company Q2 2022 2022-07-27 D
BFIN BankFinancial Corporation Q1 2022 2022-05-06 A
ABNB Airbnb, Inc. Q1 2022 2022-05-03 A
FAT FAT Brands Inc. Q4 2021 2022-03-21 F
APLE Apple Hospitality REIT, Inc. Q4 2021 2022-02-23 A
DV DoubleVerify Holdings, Inc. Q3 2021 2021-11-11 B
ENV Envestnet, Inc. Q3 2021 2021-11-08 B+
AMH American Homes 4 Rent Q3 2021 2021-11-05 B+
BIGC BigCommerce Holdings, Inc. Q3 2021 2021-11-04 B+
SPSC SPS Commerce, Inc. Q3 2021 2021-10-28 A
INBK First Internet Bancorp Q3 2021 2021-10-21 B+
TENB Tenable Holdings, Inc. Q2 2021 2021-07-27 A
SNY Sanofi Q3 2018 2018-10-31 B+
GAIA Gaia, Inc. Q2 2018 2018-08-06 A
ORAN Orange SA Q2 2018 2018-07-26 B
MKC McCormick & Company, Incorporated Q2 2018 2018-06-28 C+
FOSL Fossil Group, Inc. Q1 2018 2018-05-08 C
VRTX Vertex Pharmaceuticals Incorporated Q1 2018 2018-04-26 C+
SNDR Schneider National, Inc. Q1 2018 2018-04-26 A
ROKU Roku, Inc. Q4 2017 2018-02-21 A
LIND Lindblad Expeditions Holdings, Inc. Q2 2017 2017-08-06 C
CCOI Cogent Communications Holdings, Inc. Q2 2017 2017-08-03 B
INTU Intuit Inc. Q3 2017 2017-05-23 A
SAH Sonic Automotive, Inc. Q1 2017 2017-04-26 C
FIVN Five9, Inc. Q4 2016 2017-02-17 A
SQ Square's Q2 2016 2016-08-04 A
SEM Select Medical Holdings Corporation Q1 2016 2016-05-06 C+
PLNT Planet Fitness, Inc. Q4 2015 2016-03-03 A
BECN Beacon Roofing Supply, Inc. Q1 2016 2016-02-05 B

How the model reasoned

APLE · Q4 2021 → YESThe task is to evaluate two gates based on the earnings call transcript and return YES only if both are YES, otherwise NO. Answer with exactly YES or NO. YES The transcript shows a clear positive current development in the company's hotel portfolio recovery, particularly around Q1 2022 demand trends and operational metrics. In prepared remarks, Justin Knight and Liz Perkins highlight overall RevPAR improvement, leisure strength, and business travel recovery, but without granular February specifics.
MKC · Q2 2018 → YESThe task is to evaluate two gates based on the earnings call transcript and return YES only if both are YES, otherwise NO. YES NO (Gate 2 fails because the Frank’s/French’s growth is repeatedly tied to specific large retailers, national accounts, and one major customer whose shelf-reset decisions and promotional activity are named or implied as key drivers; the transcript never establishes a broad, granular base of many independent counterparties whose small decisions are widening adoption.
GAIA · Q2 2018 → YESThe task is to evaluate two gates based on the earnings call transcript and return YES only if both are YES, otherwise NO. Answer with exactly YES or NO. YES The transcript shows a positive current development in organic subscriber growth and the member referral program. Prepared remarks note organic contributions over 40% and reduced marketing spend. Q&A provides additive details: specific referral mechanics (7-day free watch), ambassador program vs.

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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.