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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

Zhihu Inc. (ZH) — this company's answers

NO on the Q3 2021 call 2021-11-22 D
The model's full reasoning — Q3 2021 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发展发生在报告期后期或之后,以至于报告结果几乎没有包含这些影响,并且管理层自己指出了这一时间点。 分析内容: - 管理层在电话会议中提到了许多积极发展,但需要找出是否有具体事件发生在季度末或之后,且管理层明确表示这些事件对报告结果影响很小或没有影响,并认为这些事件对当前和未来很重要。 - 在电话会议中,管理层提到了“joint creation”功能在10月推出(第四季度),以及“top 100 list”在10月底发布,这些都在第三季度之后。但管理层是否明确表示这些事件对第三季度结果没有影响,并强调其重要性? - 另外,管理层提到“In October, we launched a new feature named joint creation”,以及“We released our 2021 Zhihu top 100 list at the end of October.” 这些是具体事件,发生在第三季度结束后。但管理层是否说这些事件对第三季度结果没有贡献,并认为它们是重要的? - 在回答关于视频和内容的问题时,管理层提到“we have since improved popularity of high quality videos”等,但未明确说这些是后期事件。 - 关于第四季度指引,管理层给出了收入预期,但未明确说第三季度结果未包含某些后期事件。 - 需要寻找管理层明确表示“late in the quarter”或“since quarter-end”等措辞,并指出这些事件是重要的。 在电话会议中,管理层提到“In October, we launched a new feature named joint creation”和“We released our 2021 Zhihu top 100 list at the end of October.” 这些是具体事件,但管理层没有明确说这些事件对第三季度结果没有影响,也没有说这些事件是“最重要的积极发展”。此外,管理层在讨论第三季度业绩时,提到了许多增长,但未强调这些后期事件是报告结果未包含的。 另外,管理层在回答关于视频的问题时,提到“we have since improved popularity of high quality videos”等,但未明确时间点。 因此,没有发现管理层明确表示“最重要的积极发展发生在报告期后期或之后,以至于结果几乎没有包含其影响”的情况。管理层只是提到了这些事件,但未将其与报告结果对比,也未强调其重要性。 所以答案应为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.