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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

Black Hills Corporation (BKH) — this company's answers

NO on the Q4 2022 call 2023-02-08 D
The model's full reasoning — Q4 2022 call → NO我们根据提供的财报电话会议记录来判断。问题问的是:管理层是否报告了最重要的积极发展发生在报告期很晚或刚结束后,以至于当前结果几乎没有包含其影响,并且管理层自己指出了这一时间点。 浏览记录:管理层提到了几个积极发展,比如Wyoming Electric的结算批准、Colorado Clean Energy Plan的听证会、South Dakota的IRP、Ready Wyoming输电线路建设等。但需要看是否有具体事件发生在期末或之后,并且管理层强调这些事件对结果影响很小。 在Linn Evans的发言中,他提到“我们成功抵消了2022年大部分宏观经济快速转变的影响,但天然气价格和利率上升带来的成本增加正在影响我们对2023和2024年的预期。”然后他谈到2022年的成就,包括运营、监管等。在Slide 7,他提到“我们推进了战略”,包括Colorado Clean Energy Plan的听证会(上周),South Dakota的IRP,Ready Wyoming等。但这些都是计划或进行中的,不是已经完成并产生收入的事件。 在Q&A中,有分析师问及增长前景,管理层提到了一些机会,但都是未来的。没有明确说某个具体事件发生在期末或之后,并且管理层说结果没有反映它。 检查是否有“late in the quarter”或“since quarter-end”之类的表述。在Rich Kinzley的发言中,他提到第四季度业绩,但没提具体事件。在Kimberly Nooney的发言中,她提到“我们经历了波动且更高的天然气现货价格和基差差异,在年底”,这导致了营运资本增加,但这是负面因素。 管理层提到“我们的第一个区块链客户在夏延,即将投入服务”,但这是“即将”,不是已经发生。还有“我们预计在2023年发行两次债券”,这是未来。 所以,没有发现管理层明确说某个积极事件发生在期末或之后,并且结果没有反映它。相反,管理层更多是在解释为什么2023年指引下调,因为成本上升。积极发展都是计划中的,不是已经实现的。 因此,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.