We need to evaluate two gates based only on the transcript. Gate 1: Is there a positive, current development that management presents as going well, and in Q&A, analysts' questions produce more concrete operating detail than prepared remarks? We need to see if management adds new specifics in Q&A. Gate 2: Is the primary engine of that development something the company itself created and controls, not external tailwinds? Let's read the transcript. Prepared remarks: Suzanne highlights strong order growth, new products (VitalHold, Tomo C, Helix, Cenos), service revenue growth, installed base growth. She mentions Q2 orders $94M, 19% growth, book-to-bill 1.8. Tomo C in China: first quarter since regulatory approval, 44% order growth in China. Service revenue up 8%. Installed base up 6%. EIMEA strong, APAC orders up 42% but revenue down due to timing. Japan positive order growth but FX impact. Americas sequential order growth 72%. Also mentions margin expansion, service margin improved 160 bps. Ali gives financial details: product orders $94M, book-to-bill 1.8, revenue $107M, service revenue $56M up 8%, product revenue down 19% due to 6 fewer units, backlog $492M, gross margin 33.4% vs 37.4% prior year, operating expenses down, adjusted EBITDA $2M vs $8.5M, guidance reiterated. Now Q&A: First question from Marie Thibault: asks about guidance, big second half, what gives confidence, inputs from geographies. Suzanne answers: Tomo C, VitalHold, Japan seasonality, China margin deferrals, restructuring benefits. She mentions Tomo C orders, VitalHold introduction, Japan strong Q4. She also mentions waiting on treatment planning system approval, expected end of March or April/May. That's a specific detail about timing. Second question from Brooks O'Neil: asks about response to Tomo C in China, and any response outside China. Suzanne says pleased with first quarter since approval, pent-up demand, China JV leadership team visiting, confident. Then asks about India, she says Helix shown at India conference, good response, waiting for regulatory approval. Then Brooks asks about competitive takeaways in Japan and other markets, specifically US. Suzanne says Japan leads in competitive takeaways, Americas focused on trade-in/trade-up, had some competitive takeaways, every sale is competitive.
Accuray Incorporated
The call grade, management's tone measured against 177,437 other calls, what changed since the quarter before, and every one of the 500 checks.
This is the current report. Unlock its call read, expected move size, and all 500 answers.
- Are the CEO's prepared remarks longer than the CFO's, judged by speaker turns on the transcript page?
- Does an analyst ask a question starting with "just"?
- Does any question explicitly reference the company's prior guidance or outlook?
- Does an analyst ask a question spanning more than five sentences?
30 markers, measured against 177,437 calls
Language counted straight from the transcript, behaviour read by the 500 checks, tone above. The band is the middle half of every call we have graded; a flag means this call sits outside it.
All 500 AI checks
Q3 2026 · 500 checks
Every answer is below. Open any check to see what its YES or NO means.
YES Does an executive answer a question by describing a process rather than an outcome?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Is there a question the executive answers with a question back to the analyst?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone compare the company to an unnamed "competitor" or "peer" rather than naming it?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use "historically" or "traditionally" while defending a current practice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is a departure, transition, or role change mentioned only in passing without a thank-you or tribute?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone reference a private conversation ("as I told...", "as we discussed offline")?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the transcript contain the phrase "next question" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does an analyst ask a question spanning more than five sentences?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any analyst ask a question containing multiple sub-questions (three or more)?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the CEO answer a question personally after another executive initially responds?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any speaker use the phrase "if you look at" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any analyst preface a question by summarizing the company's stated results?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any speaker use the word "obviously" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone say "guidance" in the same sentence as a specific number?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst say "congrats" or "congratulations" to management?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Is the word "scale" or "scaling" used as a verb?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an analyst ask a question beginning with a number ("two questions", "three quick ones")?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst say "thank you" before asking their question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst name two or more executives when asking their question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "outperform," "outperformance," or "beat" appear?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone say "the environment" when describing market conditions?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any executive use the word "momentum" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does an executive begin an answer with "Great question," "Thanks," or "Appreciate"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the CFO use the phrase "adjusted" or "non-GAAP" at least three times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any speaker say "thank you" more than three times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any speaker say "with that" as a transition phrase?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does anyone use the phrase "on a comparable basis" or "adjusted for"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any speaker say "moving to" or "turning to" when changing topics?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any speaker say "over to you" or "I'll turn it over"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any speaker say "operator" aloud during the call?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone repeat the same stock phrase three or more times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the phrase "as you know" to introduce a claim?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any speaker apologize without attaching a fix to the apology?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the call end without any closing statement from the CEO?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is there a request to move the call along or to the last question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive answer a question with another question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive mention the weather?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone describe a negotiation currently in progress?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive describe a competitor with anything resembling respect?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the operator announce more than ten questioners in the Q&A?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the phrase "kind of" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any question include the word "color"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the CEO deliver the opening remarks rather than the CFO or IR head?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone say "if I may" or "if you don't mind"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any executive's first sentence include the word "revenue"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an analyst use the word "clarification" or "clarify" in a question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any question contain the phrase "color on" or "some color"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the operator use the phrase "our final question" before closing?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone say "let me" at least three times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "aggressive" or "aggressively" appear at least once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an analyst ask a question referencing "the puts and takes"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the phrase "to be clear"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does an analyst's question include a compliment followed by "but"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the CFO use the word "sequential" or "sequentially" at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any speaker say "with that" at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone say "for the benefit of" or "just to remind" when restating context?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the phrase "early days"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "journey" appear?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the speaker describe a strategy as "disciplined" without describing any trade-off?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Is there an apology offered to a specific analyst by name?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the phrase "to be honest" or "frankly"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone promise to "follow up" or "take that offline" and fail to commit to when?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone on the call interrupt a colleague mid-sentence?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does someone use a personal anecdote rather than a metric to justify confidence?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "question" appear in the operator's speech more than three times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "growth" appear at least ten times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the phrase "a couple of"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an analyst ask about capital allocation or buybacks?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does management use the word "strong" at least three times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an executive use the phrase "we're seeing" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "opportunity" appear at least three times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does management use the word "confident" or "confidence" at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the phrase "record" appear at least twice in the transcript?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "team" appear at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does management promise to follow up or take a question offline?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any speaker say "we're excited about" or "we're pleased with"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Do two or more analysts from the same firm ask questions?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the phrase "moving forward" or "go forward"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does management mention a specific number of stores, locations, or markets?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the word "folks"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone say "thank you" more than five times in total?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does an executive use the phrase "we believe"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the operator use the phrase "next question" at least three times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst mention a specific percentage figure in their question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "quarter" appear in at least ten questions or answers during the Q&A?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does at least one analyst ask a question about margins or costs?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the CEO answer the majority of analyst questions personally?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst ask a question phrased as "Can you talk about" or "Can you speak to"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the CFO speak during the Q&A portion at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any question reference a specific quarter (e.g., "fourth quarter") by name?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the operator interrupt the Q&A to announce time is limited or that this will be the last question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any analyst ask a question beginning with "just" (e.g., "just curious")?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any analyst ask about a specific dollar amount or number stated in the prepared remarks?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any question begin with the words "can you" or "could you"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any executive use the phrase "if you look at" during the Q&A?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the CFO answer at least one question without the CEO speaking first?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any analyst ask a question containing an explicit comparison to a competitor company?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the phrase "moving on" or "next question" come from the operator?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an analyst ask about capital allocation (capex, buybacks, M&A, or dividends) in one question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the phrase "color" appear (e.g., "add some color") in the transcript?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the word "guidance" appear at least five times in the transcript?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any question contain the word "why"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any speaker say "I think" at least three times within a single answer?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any executive begin an answer by restating the analyst's name?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any executive's answer exceed 300 words in the transcript?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the CEO answer the first analyst question personally?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "obviously" appear in the transcript?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the transcript contain the word "margin" more than ten times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an executive begin an answer with "So" as the first word?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the phrase "if I may" or "if I could" appear?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any executive say "let me" at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any question contain the word "specifically"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does management use the word "momentum" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does management mention "margin" or "margins" in prepared remarks?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Is the word "definitely" used by any speaker?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "seasonality" appear?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the word "robust" to describe demand, growth, or the pipeline?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone use the word "leverage" as a verb at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any executive use the word "team" when referring to employees?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any executive say "that said" or "having said that" to introduce a caveat?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an analyst's question include the phrase "going forward"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive say "great question" at any point?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone say "we remain confident" or "we are confident"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any executive say "thank you" immediately after finishing an answer?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does an executive cite a specific dollar figure greater than one billion?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any analyst's question contain the word "curious"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an analyst reference a specific prior quarter by name (e.g., "last quarter")?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any speaker say "obviously" two or more times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst ask a follow-up in the same turn after their first answer?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any analyst ask about a specific geographic region or market?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any analyst ask a question that includes the phrase "long term" or "long-term"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "margin" or "margins" appear at least five times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "opportunity" or "opportunities" appear at least three times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an executive say "we'll come back to that" or defer an answer to a follow-up?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone say "thank you" three or more times in the Q&A section?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the CFO use the phrase "free cash flow" at least once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any executive use the word "momentum"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the CEO mention at least one specific customer segment by name (e.g., "enterprise")?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the phrase "take your question" or "take the question" appear?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst introduce themselves by name before asking their first question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone say "including" at least three times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does management reference "the macro environment" or "macroeconomic" at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any executive reference "our team" or "the team" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the operator announce more than one analyst from the same firm?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any prepared remark mention "headwinds" or "tailwinds"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any speaker say "with that, I'll turn it over"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the CFO use the phrase "capital allocation"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive decline to answer, citing that something will come later or is not disclosed?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does an analyst ask a two-part question containing the word "but"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone ask a follow-up question in the same turn after their first question is answered?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone answer "yes" or "no" as the first word of a response?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone say "thank you" at least ten times in the transcript?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive use the phrase "if you look at" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst begin their question with "Hi" or "Hello" as a greeting?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone say "we are excited about" without naming a number?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an analyst reference a peer company's results or valuation?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any speaker use the phrase "just to clarify" or "just to be clear"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does management use the word "headwind" or "headwinds"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any speaker use the word "tailwind" or "tailwinds"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any speaker use the word "momentum"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "investments" appear in the context of margins or costs?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone mention "FX" or "foreign exchange"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "efficiency" or "productivity" appear at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an analyst thank the executives or congratulate them before asking a question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does an executive say "great question" or "thanks for the question"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does an executive say "as we said last quarter" or reference a prior call?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the phrase "going forward" appear at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does management use the word "levers" when discussing actions?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does management thank analysts by name at any point after a question?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone say "we'll take that offline" or offer to follow up after the call?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does management use the word "committed" regarding a target?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the CEO's prepared remarks mention "macro" or "macroeconomic"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the phrase "the vast majority"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "temporary" or "transitory" appear?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is an analyst's question answered with "great question" or similar?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is there a questioner from an investment bank other than the first three analysts who ask questions?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst ask a question that includes a reference to a specific dollar figure?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone say "thank you" at least ten times across the call?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the phrase "thank you for taking my question" or "thanks for taking my question" appear?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst's first sentence contain a compliment or thanks before asking their question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the CFO present in both the prepared remarks and the Q&A portion of the call?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the CEO personally deliver the closing remarks of the call?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the CEO's prepared remarks contain the word "team" at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any speaker use the phrase "moving on" or "with that" to transition between topics?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the phrase "in terms of" appear at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO First-person singular ("I believe," "I think") used more by the CFO than the CEO.
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO A single question receives answers from two different executives.
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO A hedge word ("maybe," "sort of") appears inside a direct quantitative claim.
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any speaker use the word "obviously"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "guidance" appear in both prepared remarks and the Q&A section?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any executive defer a question to another executive by name?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Someone uses the word "honestly," "frankly," or "to be clear."
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone use the word "ecosystem" or "platform" without a number attached?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the transcript contain the word "certainly" three or more times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone begin an answer by restating or paraphrasing the analyst's name?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an analyst reference a competitor by name during their question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does a speaker say "let me" at least twice in the transcript?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO The transcript contains an apology unrelated to financial results.
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO The word "challenge" is spoken more often than "opportunity."
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "seasonality" or "seasonal" appear?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO The phrase "as you know" appears at least twice.
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any speaker use the word "challenge" or "challenges" at least three times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone mention "weather" as a factor affecting results?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does an executive say "thank you" to the analyst before answering a question?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any speaker say "great question" or similar praise of a question?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO The final question is answered noticeably shorter than the opening ones.
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone say "we remain" followed by a verb (e.g., "we remain committed")?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an executive cite a conversation with a customer that has no verifiable specificity (unnamed, undated, unquantified)?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the transcript contain a sentence that begins with "What I would say is"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any question mention a specific percentage or dollar figure?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the CEO personally answer more questions than any other executive?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the operator say "our final question" or similar?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "opportunity" or "opportunities" appear at least five times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "clearly" appear at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "leverage" appear as a verb at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any analyst's first name get used by an executive when thanking them?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the operator announce more than five questioners?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Are there more than ten analyst questions in total?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the operator use the phrase "our next question comes from" more than three times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Are the CEO's prepared remarks longer than the CFO's, judged by speaker turns on the transcript page?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does management say "we are not going to comment on" or equivalent refusal language?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Executive corrects an analyst's premise.
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the CFO's prepared section exceed the CEO's in number of paragraphs?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the CEO personally answer more than half of the analyst questions?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst mention the word "margin" in their first question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Executive uses the word "excited" more than twice.
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any analyst ask a multi-part question containing three or more distinct questions?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "guidance" appear at least three times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any analyst ask a two-part question signaled by "and also" or "and secondly"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an analyst begin with a compliment, such as "great quarter" or "congrats"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive say "we said" when recalling prior statements?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst begin their turn with "thanks" or "thank you"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "headwind" or "tailwind" appear at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the word "synergies" appear?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst address a question to two or more executives by name?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "capital" appear at least five times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any executive say "we feel" rather than "we believe" or "we think"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "capital" appear in at least three different speakers' turns?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does an executive use the phrase "over time" at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does an executive say "as I mentioned" or "as we said" at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the CEO open the call before any analyst questions by mentioning the macro environment?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does anyone say "we are pleased" or "we're excited"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does anyone use the word "leverage" (financial or metaphorical)?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an analyst thank management before asking their question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is the word "automation" or "productivity" used at least once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "uncertainty" or "uncertainties" appear at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the phrase "year over year" appear at least three times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does management use the word "leverage" or "leveraging" at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Currency headwinds mentioned unprompted.
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is the phrase "a number of" used at least once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the phrase "best-in-class" or "industry-leading"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "momentum" appear at least twice in prepared remarks?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Is the phrase "on a constant currency basis" or similar currency adjustment used?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an analyst's question include the phrase "just to clarify"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the phrase "the team" appear at least twice in management remarks?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any speaker say "so clearly" or "quite frankly"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does management use the phrase "we believe" at least three times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Speaker says "we don't guide" on anything.
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the CFO use the word "quarter" at least ten times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any speaker say "thank you" more than five times in total?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "macro" or "macroeconomic" appear at least twice in the call?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the transcript contain the word "typically" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive state they will "come back to" a question or follow up later?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does management thank analysts for their questions at any point during Q&A?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Speaker admits being surprised by anything.
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any speaker use the phrase "going forward"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does management use the phrase "going forward" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone say "stability" or "stable" when describing demand?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Word "normal" used about demand.
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive say "stay tuned" or "more to come"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does management describe a cost program, restructuring, or efficiency initiative by a proper name?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the CFO's prepared section mention interest expense by name or figure?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "volatility" appear?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Executive mentions a hobby or personal anecdote.
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "pipeline" appear without a dollar figure attached?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the phrase "the macro" or "macro environment" appear?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the phrase "our team" appear at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive say "great question" or "good question" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any speaker say "we remain" followed by an adjective?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does management thank analysts by name when responding?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Is the word "flexibility" or "flexible" used at least once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone say "takeaway," "take out," or "take rate"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Analyst compliments the team before asking a question.
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any speaker use "we're" where "we are" could substitute, more than twenty times overall?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any analyst reference the CEO or CFO by first name?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone say "obviously" at least three times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the word "pipeline" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone say "moving on" or "let me turn it over" during prepared remarks?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does an analyst ask a question starting with "just"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does anyone say "headwind" or "headwinds" more than once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an analyst use the phrase "to clarify"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any executive use the phrase "year over year" at least three times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive cite a conversation with a customer, partner, or employee as evidence?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any question go to a named executive other than the CEO or CFO?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive say "to be clear" or "let me be clear"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone mention a competitor by name without being prompted?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is there a question that management declines to answer directly, citing timing or disclosure constraints?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any question explicitly reference the company's prior guidance or outlook?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any speaker say "next question" or does the operator use the word "final" before the last question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "invest" or "investment" appear at least five times in the transcript?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the CFO handle a strategic question instead of a financial one?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an analyst flatter management within their first sentence of speaking?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an analyst ask two questions when told to ask only one?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the phrase "underlying" to modify a business metric?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone say "excited" or "pleased" at least twice in the transcript?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "guidance" appear in the prepared remarks (not just Q&A)?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Is the word "margin" used with a number attached (e.g., "400 basis points")?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the transcript contain the word "record" preceding a noun (e.g., "record margin")?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive answer a question by citing a competitor's actions?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "macro" or "macroeconomic" appear in the transcript?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the word "challenges" appear more than once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the CEO begin an answer with "look" or "listen"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "inflation" appear anywhere in the transcript?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is there a pause or silence acknowledged on the call ("I think we lost you")?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive name a specific competitor during the call?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "challenges" appear at least three times in the transcript?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone say "we don't break that out" in response to a question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone describe a metric as "noisy" or "lumpy"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive mention a specific number of percentage points when discussing market share?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does a speaker correct a figure they themselves just stated?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the CEO refer to a competitor by name rather than "competition" or "peers"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the CEO mention their own tenure or years of experience unprompted?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone use the phrase "the team" when taking ownership would be natural?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone blame weather, holidays, or calendar quirks unprompted?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone cite a personal anecdote involving a customer conversation?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the phrase "a little bit"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Is the CFO the speaker for at least one analyst question?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "guidance" appear in the transcript?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does anyone say "we're excited" or "we are excited"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the word "dividend" appear?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is the word "invest" or "investment" used more than twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "invest" or "investment" appear at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone cite a percentage of revenue from a specific segment?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "challenge" or "challenging" appear at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does anyone describe cutting discretionary spending like travel or hiring?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the phrase "year over year" appear?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the word "liquidity" appear at least once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the transcript mention refinancing, maturity dates, or debt coming due?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone mention selling assets, real estate, or equipment to raise cash?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone reference "the macro" or "macro environment"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is the word "capacity" mentioned?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone use the phrase "our customers" rather than naming a customer?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the transcript include a question about interest expense or debt service?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the phrase "working capital" appear in a context other than a seasonality excuse?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does management thank analysts at any point?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does anyone reference borrowing from a bank or drawing on a credit facility?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the word "cost" appear in the first ten sentences of prepared remarks?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does an executive say "we remain confident" or similar?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone mention covenants, amendments to loan documents, or lender conversations?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone say "with that" or "that said" to pivot?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does an executive open their first answer by thanking the analyst?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any analyst's question include the word "capex" or "cash flow"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "headline" or "headwinds" appear at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "core" appear at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an analyst's turn contain the word "congratulations"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst ask a question containing "how" and also "why"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any executive say "as we mentioned" or "as I mentioned" at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Are there more than eight analyst questioners?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst's question include a percentage figure?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst's question contain the word "guidance"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the CFO's prepared remarks exceed 1,000 words?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any speaker say "if you look at"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the CEO personally answer the first question?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any speaker use the phrase "tailwind" or "tailwinds"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does management use the phrase "balance sheet" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the CEO make closing remarks after the Q&A ends?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any speaker say "structurally" or "secular"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the operator say "our next question" two or more times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the final questioner get an explicit closing acknowledgment from the operator ("last question" or similar)?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does management use the phrase "business as usual" or "as expected" at least once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an analyst preface a question with "quick" or "quickly"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive state a specific numeric percentage when answering a question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does anyone say "in terms of" at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Is there a question that clearly annoyed the executive, visible in the reply's abruptness?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "guidance" appear in the Q&A section?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "strong" appear more than five times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the phrase "thank you" appear more than ten times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an analyst ask a question containing the word "margin"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does management use the word "guidance" at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the phrase "thank you" appear at least ten times anywhere in the transcript?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does an executive begin an answer by restating the analyst's name?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any analyst ask about capital allocation or share repurchases?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "challenge" or "challenging" appear at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "opportunity" or "opportunities" appear more than three times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Is there a villain—market conditions, regulation, currency—that behaves consistently across the call?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "challenging" appear?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the word "certainly" appear at least once in management's answers?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst ask a personal, warm, or congratulatory question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the phrase "capital" appear at least five times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does an analyst ask a question the prepared remarks already answered?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "quarter" appear at least twenty times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any single analyst ask more than two questions during the whole call?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the phrase "on a year-over-year basis" or "year over year" appear at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Is the word "headwinds" or "tailwinds" used?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "margin" appear at least three times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Is the word "confidence" or "confident" spoken by any executive?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone use the phrase "call it" or "let's call it" before an estimate?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the phrase "going forward" appear?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone say "coming back" or "circling back" to take a follow-up?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "inflation" appear at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any executive say "we believe" at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does management use the phrase "going forward"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the word "robust"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any speaker use the phrase "if you will" or "so to speak"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any speaker say "appreciate" at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone use the phrase "at the end of the day"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone tell a self-contained anecdote with a beginning, middle, and end?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any executive use the phrase "our team"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the transcript contain a silence, pause, or "we'll come back to that" that never resolves?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone describe a customer, employee, or competitor as a named character with a motive?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any executive say "we're pleased" or "I'm pleased"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is there a moment of modesty—someone crediting luck or timing?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the phrase "on a year-over-year basis"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Is the word "excited" or "exciting" used by management at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any speaker say "just" five or more times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any question begin with "Can you" or "Could you"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "quick" or "quickly" appear in three or more analyst questions?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does an analyst ask for guidance on a metric management did not offer unprompted?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Is there a question about capital allocation (buybacks, M&A, debt, or dividends)?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst use the word "clarify" or "clarification"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "obviously" appear at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does management refer to a prior call or prior quarter's commentary when answering?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone use the word "actually" at least three times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any executive begin an answer with "Look," or "So,"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "challenging" or "challenges" appear at least three times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the operator run out of queued questions and close early?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any analyst apologize or preface with "sorry" before asking?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Is the word "excited" used by the CEO more than the word "confident"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any speaker use the phrase "the right" before a noun ("the right team," "the right decisions")?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "guidance" appear more than five times in the transcript?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "tailwind" or "headwind" appear?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any analyst's question begin with a compliment or congratulation?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an analyst apologize before or during their question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Are there more questions about revenue than about costs?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "challenging" appear at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any speaker use the phrase "on a" four or more times total (e.g., "on a constant currency basis")?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any executive answer begin with "Sure" or "Yes" followed by a comma?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone say "from a ... perspective" (e.g., "from a margin perspective")?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive say "we're not going to" in response to a question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does management decline to answer by citing a future event ("we'll address that in..." or "at our upcoming...")?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "quarter" appear at least 20 times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Is there a mention of "FX," "currency," or "foreign exchange"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any executive say "that's right" or "that's correct" to an analyst?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "leverage" appear at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Is the word "leverage" used at least three times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does management use the word "headwinds" at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any speaker say "great question" or thank the analyst before answering?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone attribute results to "the team" rather than to strategy?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any speaker say "going forward"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any analyst begin their question with "congratulations"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does an analyst thank management at the end of their turn?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does anyone describe the future with "We believe" more than "We expect"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does a speaker say "normal" or "normalized" about conditions that predate any disruption mentioned?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is the word "momentum" used without a stated metric attached to it?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "macro" appear at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does management use the word "solid" at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Is there an analogy to a machine, engine, or flywheel?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Is the word "visibility" used at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Is the phrase "base case" or "scenario" used at least once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does anyone say "we take that seriously" or "we're very focused on"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is the phrase "to your point" or "as you mentioned" used at least once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the operator say "thank you" more than three times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does management mention a specific competitor by name?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does management say "the team" at least twice?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "fundamentally" appear at least once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the phrase "ahead of" precede any mention of guidance or expectations?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does management use the phrase "on a year-over-year basis"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any single speaker say "right?" as a tag question at least once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does management use the phrase "on a consistent basis" or "consistently"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does a speaker begin a sentence with "To be honest" or "To be clear"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does management use the phrase "strategic" at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any speaker describe a business unit as "healthy"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any speaker use the word "fundamentals"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "resilient" or "resilience" appear?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the operator mention a queue or "next question" more than three times?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any analyst ask a follow-up after their initial answer ("follow-up", "second one", "just one more")?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does any analyst ask a question containing the word "why"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone say "if you look at" before citing a number?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the phrase "last question" or "final question" appear?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "clearly" appear anywhere in the transcript?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the CEO speak first among named executives in the Q&A?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "headwind" or "headwinds" appear at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the CFO mention a specific percentage greater than ten?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the phrase "going forward" appear at least once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does the word "team" appear at least three times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "confident" appear in any executive's remarks?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does an analyst thank management at the start or end of their turn?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does the CEO use the word "incredibly" at any point?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any executive use the word "team" to refer to company personnel?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does anyone say "to your point" when answering a question?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any executive say "with that" to transition between speakers or topics?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "transformation" or "transformational" appear?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any speaker say "moving on" or "next question" themselves?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
YES Does any speaker use the word "hedging" or say "to hedge"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does any analyst identify themselves with a two-part introduction (name and firm)?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does the word "talent" appear at least once?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is the word "capacity" used more often about factories than about people?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does an executive confess to having too much of something physical somewhere?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Is a supplier or vendor mentioned by name at any point?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
NO Does any executive blame weather, season, or geography for a shipment or delivery issue?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
Archived AI reasoning
Earlier Artul research experiments on ARAY calls. Open a question to read the model's original reasoning.
NO Answers go deeper than the script: questioning keeps surfacing new concrete detail behind a positive development — compa
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to evaluate two gates based on the transcript. Gate 1: Is there a positive current development that management presents as going well, and in Q&A, analysts get more concrete operating detail than in prepared remarks? The development must be real and current, with multiple exchanges adding fresh specifics. Gate 2: Is the primary engine of that development something the company itself created and controls, not external tailwinds? Let's analyze the transcript. Prepared remarks highlight several positive things: strong Q4 revenue growth, record shipments, service growth, new products like VitalHold, Tomo C, partnerships with GE, etc. But we need to see if in Q&A, analysts probe a specific positive development and get more detail. Looking at Q&A: First question from Josh Jennings: asks about sales funnel and drivers of new order growth. Suzanne responds about new product innovations, GE partnership, etc. But does she give more concrete detail than prepared? She mentions VitalHold 510(k) approval, expects positive impact on orders. Not much new specifics. Second question from Young Li: about macro environment, customer financial health, peer headwinds. Suzanne talks about supply chain, procedures, hypofractionation, emerging markets. Not really a specific positive development. Third question from Marie Thibault: about FX and adjusted EBITDA guide. Ali gives numbers, but that's financial housekeeping. Fourth question from Aaron Wukmir: about supply chain challenges. Ali talks about whack-a-mole, inventory build. Not a positive development. Fifth question from Neil Chatterji: about top line guidance, China, Tomo C, partnerships. Suzanne gives some detail on assumptions: VitalHold approval in Japan by ASTRO, China growth, etc. But is this more concrete than prepared? She mentions specific timing and regional expectations. However, is this a "positive current development" that is being probed? The development could be the new product introductions like Tomo C and VitalHold. But in Q&A, do we get more operating detail? She says "we expect VitalHold to get shown an approval, hopefully, by ASTRO" - that's a projection. She talks about assumptions built into revenue range. That's more about guidance arithmetic.
We need answer only YES or NO based on both gates. Need evaluate transcript. We need decide if both gates satisfied. Gate 1: Is there positive current development with Q&A adding more concrete operating detail than prepared remarks? We need identify positive current development. Likely China quota announcement? But management explicitly said not giving details on call, and prepared remarks mention announcement. Q&A asks about China, management gives some color but careful not specific? Need see if additive detail. Also Radixact orders? Prepared remarks already gave details. Q&A maybe ASTRO/Volo? Need evaluate. Gate 2: If main positive current development is China? That is external regulatory tailwind - answer NO. If main positive development is Radixact product momentum driven by company's own product innovation? Could be yes. But need see if Q&A adds substance. Let's parse transcript. Prepared remarks: Gross orders $61.4M up 10%, Radixact orders more than doubled, ~25 system orders, new vaults half, competitive replacements ~40%, etc. Strong EMEA, Asia, Japan. China announcement last night about quotas. Strategic restructuring. Radixact motion tracking 510(k) submitted, first installation by end fiscal year. CyberKnife VOLO optimizer reduces treatment time by 50%, planning by 90%. Prostate data. Then Shig financial details. Q&A: Brooks asks about China numbers consistent? Josh says yes, consistent, pleased but no details. Brooks asks about adaptive radiotherapy differences, high-level capabilities. Josh discusses balance, imaging, etc. Not specific. Anthony asks China crosswalk: Josh says historically Type A licenses 37 issued, 34-37 to Accuray, but not assume that win rate. Bullish. Then lag time. Then asks VOLO, Josh explains VOLO reduces planning 90%, delivery 50%, prostate sub 15 minutes. That's somewhat detail but mostly already in prepared remarks? Prepared remarks already said 50% and 90%. Q&A adds "prostate sub 15 minutes, maybe 12 to 15 minutes" - added specifics. Also he says feedback, M6, MLC. That's additive? Maybe a little. Amit/Phil asks China Type A/B lines, product decisions; Josh explains Type A higher-end, Type B value segment, Tier 1, private sector. Then asks breakeven price point; Josh says north of $2.5-3 million? That's added detail. Then FX questions. Brandon asks cost savings areas and reconciliation. Shig explains.
NO The replacement wave is already arriving: a compelled, large-scale retirement of the installed world is feeding this com
Original model output from the research archive. It may be verbose or include the model's working notes.
We need answer only YES or NO. Need evaluate transcript. Need determine if management describes large installed stock reaching end of life at scale, replacement compelled, wave arriving and mostly ahead, current business from it. Let's parse. Transcript: Accuray radiation therapy systems (CyberKnife, TomoTherapy, Radixact, Onrad). Management discusses replacement sales to CyberKnife existing customer base due to MLC availability. "replacement sales to the CyberKnife existing customer base as the result of MLC availability." Also "Americas region... relatively flat in dollars... primarily due to both product mix and more replacement sales to the CyberKnife existing customer base as the result of MLC availability." "replacement of the company's own install base" in Q&A. "guidance for next year on replacements is fairly consistent with percentages we just witnessed in 2016, ranging anywhere from 10% to 20% on a quarterly basis." "replacement sales strategy... retaining bunkers at high rate." "we are still winning more bunkers that we're giving up." "existing customer base" replacing old CyberKnife with new MLC-equipped CyberKnife. Is this a large installed stock reaching end of life at scale? They mention "replacement sales" but not necessarily end of useful life at scale. They say "more replacement sales to the CyberKnife existing customer base as the result of MLC availability." MLC availability is new product feature, not old stock end-of-life. Replacement is discretionary upgrade? They don't describe compelled retirement wave. They don't describe aging-out unusually large. They mention "age outs" in orders context: "net orders... reflected expected age outs of $11.9 million and three cancellations." Age outs are orders that age out of backlog, not installed base retirement. Need be careful. Question asks: "does management describe that a LARGE INSTALLED STOCK ... is now reaching the END of its useful, permitted, economic, or supported life AT SCALE, so that it must be replaced... AND that this replacement has ALREADY STARTED PRODUCING REAL BUSINESS FOR THIS COMPANY, while most of the retiring stock is still out there waiting to be replaced?" Need answer YES only if management's own words convey one coherent situation. Let's examine all relevant statements. - "greater than 50% of TomoTherapy orders were in single and dual vault settings" not retirement.
NO Sold before it exists: the company is already taking committed orders or reservations for output it cannot yet produce
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management describes counterparties having already committed to take output/product/capacity/service that the company is not yet able to deliver. The key is: commitments are real and already made, and the ability to supply does not yet fully exist, with the gap being closed now. Also, the commitments are large relative to current business. Let's examine the transcript. Management discusses orders, backlog, and new products like Radixact and Onrad. For Radixact, they say they are installing and monitoring in multiple initial reference sites in the U.S. and Europe. They will move to full commercial launch by second half of fiscal year. They have installed the first system. They are monitoring performance. They have not yet fully launched commercially. But do they have commitments from customers for Radixact? They mention "initial reference sites" - these are likely sites that have committed to purchase/install the system. They say "we're installing and monitoring the Radixact System in multiple initial reference sites" - that implies those sites have committed to take the system. However, the system is not yet fully commercially launched, but they are installing it. So the company is delivering to those sites. The question is whether they have commitments for output that they cannot yet deliver. They are installing the first systems, so they are delivering. They are not yet able to supply at scale? They are ramping up. But the commitments are for the initial reference sites, which are being installed now. So they are able to deliver to those sites. The gap is that they haven't fully launched, but they are delivering to the reference sites. So the commitments are being fulfilled. The question asks: "COUNTERPARTIES HAVE ALREADY COMMITTED TO TAKE OUTPUT, PRODUCT, CAPACITY, OR SERVICE THAT THE COMPANY IS NOT YET ABLE TO DELIVER" - meaning the company has sold something it cannot yet deliver. For Radixact, they are delivering to reference sites, so they are able to deliver. They are not yet able to deliver to a broader market because they haven't launched, but they haven't taken orders for that broader market yet. They say "We will move to full commercial launch by the second half of this fiscal year." So they haven't taken orders for full commercial launch yet. The reference sites are the only commitments, and they are being delivered.
NO Demand has broadened across independent fronts: growth is now coming from several distinct, currently-producing sources
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management describes current growth being carried by several distinct, independent sources at the same time, each already producing real current business, and that this breadth is recent or building, with several fronts still having most of their contribution ahead. The answer must be based only on the transcript. Let's analyze the transcript. Management discusses various products: CyberKnife, TomoTherapy, Radixact, Onrad. They mention orders, revenue, etc. They also discuss geographies: EIMEA, Americas, Asia-Pacific, Japan. They discuss customer types: single/dual vault settings, multi-system orders, replacement sales. They discuss growth drivers. Key points: - Q4 gross orders record $95.4M, up 12% YoY. Drivers: CyberKnife acceleration, TomoTherapy strong, including NHS multi-system order. Also mention no large domestic multi-system order but expect individual orders in FY17. - They mention Radixact platform: FDA approval, initial reference sites, first installed, full commercial launch by second half of FY17. So Radixact is not yet producing significant revenue/orders? They say "multiple Radixact Systems will be able to use..." but it's in early installation. They say "We will move to full commercial launch by the second half of this fiscal year." So Radixact is not yet a current source of revenue/orders; it's a future source. - Onrad: received CFDA approval, but "we expect that all of the order activity for this product will occur in the second half of fiscal year 2017, with initial orders likely sometime in fiscal Q3." So Onrad is also not yet producing current business; it's a future source. - They mention "sustaining engineering projects" that will benefit later in FY17 and FY18. - They discuss market growth drivers: global need for radiotherapy, underutilization, cost effectiveness. These are long-term catalysts, not current. So the current growth (fiscal 2016) is driven by CyberKnife and TomoTherapy. They also mention regional performance: EIMEA strong, Americas up in units but flat dollars, APAC and Japan down. So the current growth is from CyberKnife and TomoTherapy, and geographically EIMEA and Americas. But are these distinct independent sources? CyberKnife and TomoTherapy are two different products. They also mention replacement sales vs new sales. But the question asks for at least three genuinely different engines.
NO First tranche delivered, larger tranches en route: the same engine that just produced has visibly more already scheduled
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management describes one identifiable engine of new business with both: (1) a first tranche actually landed in the just-reported period (Q4 FY2016), and (2) larger tranches already in motion behind it, with remainder larger than what's been recognized, and management treats delivering remainder as execution/timing. Let's scan the transcript for potential engines. Key candidates: - Radixact platform: received FDA approval, installing at multiple initial reference sites in U.S. and Europe. First system installed. Full commercial launch by second half of fiscal year. So first tranche: first system installed. Larger tranches: multiple reference sites, then full commercial launch. But is the remainder "already in motion"? The reference sites are being installed, but full commercial launch is later. Management says "We will move to full commercial launch by the second half of this fiscal year." That's a plan, not yet secured. The reference sites are in motion, but the larger commercial launch is not yet committed. Also, the first tranche is just one system installed, and the rest are reference sites. Is that a "larger tranche already in motion"? Possibly, but the full commercial launch is not yet secured; it's a plan. Also, the reference sites are part of the same engine? Yes, but the remainder is not necessarily larger than what's been recognized? The first system installed is one, but there are multiple reference sites. However, the full commercial launch is not yet committed. So likely NO. - Onrad in China: received CFDA approval earlier this month. Expected order activity in second half of fiscal 2017, initial orders likely in fiscal Q3. So no orders yet, no first tranche landed. So NO. - NHS multi-system order: seven-unit order for National Health Service in Q4. That's a first tranche? Actually, that's a single order for seven units. But is there a larger tranche behind it? The order itself is the entire order. No mention of further tranches. So not an engine with larger tranches. - Multi-system order in U.S. that was expected but not closed: management says customer will place several individual orders in fiscal 2017, first already gone into backlog in Q1 of new fiscal year. So that's a first tranche? Actually, the first of these systems has already gone into backlog in Q1 of new fiscal year (which is after the reported period).
NO Proven engine, fuel already in the tank: a working growth driver plus already-held means to multiply it
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management describes both (1) a proven, already-producing growth engine that is still small relative to its room, and (2) the means to multiply it are already in the company's hands, as one connected present-tense story. Let's analyze the transcript. The call discusses fiscal 2016 results and fiscal 2017 guidance. Key points: - Record fourth quarter gross orders, backlog growth to $406M. - Product portfolio: CyberKnife, TomoTherapy, Radixact, Onrad. - Radixact: new platform, received FDA approval, installing at reference sites, full commercial launch in second half of fiscal 2017. So Radixact is not yet a proven growth engine; it's in early installation, not yet generating significant orders. It's a plan/launch, not proven. - Onrad: received CFDA approval for China, but orders expected in second half of fiscal 2017, initial orders likely in Q3. So also not yet proven. - TomoTherapy: strong orders, particularly single/dual vault settings. They mention that TomoTherapy is increasingly being placed outside multi-bunker academic settings, which represents continued expansion of selling opportunity. This could be a growth engine? But is it described as "still small relative to its room"? They say "greater than 50% of TomoTherapy orders were in single and dual vault settings, demonstrating the market's increasing recognition... TomoTherapy Systems are increasingly being placed outside of multi-bunker academic settings, which represents continued expansion of the selling opportunity we have with TomoTherapy." That suggests they are expanding into a new segment, but is it described as a proven engine with small capture? They don't quantify how much of the opportunity they've captured. They just say it's expanding. Also, they mention pricing pressures in that segment. It's not clearly a "proven, already-producing growth engine" with a specific "room" that is small relative to what it can reach. They don't say "we've only captured X% of the single/dual vault market." So it's more of a trend. - CyberKnife: strong orders, MLC-equipped, replacement sales. They mention replacement sales are 10-20% of orders. That's a growth engine? But they don't say it's small relative to its room. They say they are winning more bunkers than giving up, but no quantification of room. - The overall business: they talk about market growth, but that's generic.
NO Still getting better as they speak: strength that has continued or built past the reported period, tied to named live dr
Original model output from the research archive. It may be verbose or include the model's working notes.
We need answer YES/NO. Need analyze transcript. Question: Does management convey positive momentum has continued or strengthened beyond period being reported (fiscal Q4 2016 ended June 30, 2016, call Aug 17, 2016) AND tie to named already-live driver? Need both. Transcript: Josh Levine says "subsequent to end of fiscal fourth quarter, we retired $37M convertible debt" not business activity. Also "first of these systems has already gone into backlog in Q1 of new fiscal year" referring to domestic multi-system order that expected close in Q3 but customer now expects several individual orders in fiscal 2017, first already gone into backlog in Q1. That is actual activity after period-end: first of these systems already in backlog in Q1. Driver? Named? It's a domestic multi-system order/customer? They say "The customer for that order has informed us that they now expect to place several individual orders in fiscal 2017 versus one large one, and in fact, the first of these systems has already gone into backlog in Q1 of the new fiscal year." That is a named? Not named customer but specific existing order/customer. Is that a live driver? It is actual order already in backlog. Also Radixact: "first of these systems has been installed" during Q1/early Q2. That is activity after period-end. But is that strength continuing? They are installing reference sites. Also Onrad approval but orders later. Need see if management conveys business momentum continued/strengthened beyond period. They mention "first of these systems has already gone into backlog in Q1" and "first Radixact installed." Also "we will move to full commercial launch by second half." But is that continuing strength? They say "fiscal 2017 will be growth year, although much growth second half." They don't explicitly say orders strong since quarter ended except first system backlog. Also "we are continuing to demonstrate meaningful progress" etc. Need determine if answer YES. Question asks: "On this call, does management convey that the business's positive momentum HAS CONTINUED OR STRENGTHENED BEYOND THE PERIOD BEING REPORTED — that the improvement did not stop when the quarter closed, but is still running at the time management is speaking — AND does management tie that continuing strength to at least one NAMED, ALREADY-LIVE driver of the business rather than to hopes about conditions?" Need parse.
NO Physical throughput records at the operating level, told in operating units
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management reports that physical/operational output has just reached the highest level in company history or a step above prior range, grounded in specific operating quantities, and indicates output expected to continue rising due to building drivers. The transcript is about Accuray, a medical device company. They produce radiation therapy systems (CyberKnife, TomoTherapy, Radixact, Onrad). Key metrics: gross orders, backlog, installations. Are these "physical output"? Gross orders are orders, not output. But "installed" systems? The question says "units produced, shipped, delivered, installed, processed, treated, transported, opened, served, or performed". So installations count. Did they report record instaallations? Let's read. They report record gross orders of $95.4 million for Q4, highest quarterly gross order performance in company history. That's orders, not output. They report backlog record $405.9 million. Backlog is committed work but not physical output. They talk about installations of Radixact systems? They say first system installed. Not record. They talk about "greater than 85% of CyberKnife orders...". No record of units installed. The "physical output" might be number of systems installed or shipments. Not mentioned as record. They mention "record fourth quarter order results" and "highest quarterly gross order performance" - that's financial/order value, not physical units. They also mention "gross orders increased 12% over prior year" but that's dollar value. They say "TomoTherapy orders were also strong" and "gross orders increasing 30% from prior year" - that's dollars. No specific unit counts. They mention "greater than 50% of TomoTherapy orders were in single and dual vault settings" - that's mix. No absolute levels. They mention "we eclipsed $400 million backlog" - that's financial. So no record of physical output like units installed. They also mention "we received 510(k) FDA approval for Radixact" and "multiple Radixact Systems will be able..." but not achieved output. The question asks: "has JUST REACHED THE HIGHEST LEVEL IN THE COMPANY'S OWN HISTORY OR A CLEAR STEP ABOVE ITS PRIOR OPERATING RANGE" - gross orders are not physical output, they are orders. The question specifically mentions "units produced, shipped, delivered, installed, processed, treated, transported, opened, served, or performed".
NO Priced-in pessimism meets a live rebuild: management is arguing against the market's verdict with work already done
Original model output from the research archive. It may be verbose or include the model's working notes.
We need answer YES/NO. Need evaluate based on transcript. Need determine if company operating from position of low external expectations and management argues with specific operating facts about things already done that business materially better than recent record. Let's parse transcript. Accuray Q4 2016 earnings call. They report record Q4 gross orders $95.4M, backlog record $406M, adjusted EBITDA $24.6M vs $11.8M prior year, positive cash flow first time, retired convertible debt. Revenue $398.8M up 5%, 6% constant currency. Gross margins up. They give FY17 guidance. This sounds like a company improving, not necessarily low expectations? But need see if low starting point visible. They mention "substantial reversal of losses recorded prior to fiscal 2014" and "first positive cash flow year in history" and "continued level of execution... sustainable profitability even as macro low growth." They are coming from losses, weak profitability, balance sheet repair. Analysts? Questions about pricing, Japan delays, competition. But management's tone is positive, record orders. Is this "low external expectations"? The company has history of losses, but now reporting record orders and profitability. The question asks: Is company clearly operating from a POSITION OF LOW EXTERNAL EXPECTATIONS — meaning management's own account makes plain that company has recently been performing poorly, shrinking, losing money, out of favor, or generally doubted — AND does management spend meaningful part of call arguing, with SPECIFIC OPERATING FACTS ABOUT THINGS ALREADY DONE, that business now running is materially better than one that produced recent record? Need answer YES when management's own words convey one coherent posture combining both as present-tense reality. Low starting point visible: They mention "substantial reversal of losses the company recorded prior to fiscal 2014" and "first positive cash flow year in history" implies prior poor performance. Also "we have now eclipsed $400 million backlog for first time" "record" etc. But is the company "recently been performing poorly, shrinking, losing money, out of favor, or generally doubted"? In fiscal 2016 they grew revenue 5%, adjusted EBITDA doubled, positive cash flow. So recent record is actually good. But low starting point is prior to fiscal 2014 losses. The call is about Q4 2016 results, which are strong.
NO Second source of growth quietly turning on: management is adding a new way to grow that does not require winning new dem
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management describes a new way to grow that does not depend on persuading new customers to buy, but rather draws on something already inside the company, and that it is already beginning to work in the current period. Let's analyze the transcript. The question asks: "On this call, does management describe that the company has recently GAINED A NEW WAY TO GROW THAT DOES NOT DEPEND ON PERSUADING NEW CUSTOMERS TO BUY — that is, management conveys that a meaningful part of the company's future growth can now come from something already inside its own walls or already in its control... AND does management describe this as ALREADY BEGINNING TO WORK in the current period rather than as a plan for later?" We need to look for any such description. The transcript discusses various growth drivers: new products like Radixact and Onrad, which are new products for new customers, so that's not it. Also, they talk about replacement sales of CyberKnife to existing customers. That could be a source of growth from existing installed base. But is that described as a new way to grow? They have been doing replacement sales for a while. The question is about a "recently gained" new way to grow that doesn't depend on persuading new customers. Replacement sales are selling to existing customers, but that's not necessarily new; they've been doing that. Also, they talk about expanding into single and dual vault settings, which is new market segments, so that's new customers. Let's read carefully. The management discusses several things: record orders, backlog growth, new products, etc. They also mention "we are also shifting resources to several key sustaining engineering projects that should benefit both our cost of goods sold as well as our service and products margins." That's cost reduction, not growth. They mention "the high level of customer satisfaction" and "installed base" but that's not a new way to grow. They mention "replacement sales" as a driver. For example, in the Q&A, Kevin says: "The biggest single factor there is in the Americas region. We're primarily dealing with the replacement market. And those replacement sales are sold at a lower average selling price than and a new system." That's about pricing, not a new growth source. Also, they talk about "multi-system orders" and "strategic accounts" but that's still winning new demand.
NO Selling into a wave of new capacity being built by others: management describes its customers' own build-out spending as
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management explains current momentum and near-term trajectory chiefly by pointing to a wave of new building/equipping/capacity-creation by other parties, that it's early and big, and that the company is already in it. Let's analyze the transcript. The question asks: "On this call, does management explain the company's current momentum and near-term trajectory chiefly by pointing to A WAVE OF NEW BUILDING, EQUIPPING, OR CAPACITY-CREATION BEING UNDERTAKEN BY OTHER PARTIES — its customers, its customers' customers, or institutions in its end markets — for which the company already supplies part of what those parties must buy, AND does management convey that this outside build-out is early or intensifying rather than mature, so that the business it will bring the company is mostly still ahead?" We need to see if management describes others building new capacity (like hospitals, clinics, etc.) that drives demand for their products. The transcript mentions things like: "Current estimates suggest globally 20,000 plus new [Indiscernible] will be needed over the next 20 years to ensure adequate global radiation therapy capacity" - that's about capacity creation. But is that the chief explanation? Also, they talk about their own new products (Radixact, Onrad), share gains, etc. They mention "macro market environment that is growing in the low to mid-single-digits." They talk about "expanding adoption of radiotherapy services in both emerging and developed markets." They mention "growing disease incidence projections" and "public health policies addressing cancer care." But is that a wave of building by others? They mention "20,000 plus new [Indiscernible] will be needed" - that's a future need, not current building. They also mention "construction delays" in Japan, but that's about their own installations. They talk about "customer installations and construction schedules" as a factor for revenue timing. But is that a wave? They don't describe a specific build-out that is already paying them. They talk about their own product launches and orders. They mention "multi-system orders" and "NHS supply chain" but that's just orders, not necessarily building new capacity. The question is about a wave of capacity creation by others. Management does mention "global radiation therapy capacity" but that's a future need, not current building.
NO New business is being written on visibly better terms than the company's own recent norm, and the mix shift has just beg
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management indicates that the economic terms of the newest business have stepped up meaningfully above the company's own recent norm, and that this improvement has only begun to flow into reported results. Let's analyze the transcript. The question is about whether the terms of new business (prices, rates, fees, contract sizes, profitability) have improved versus the company's own recent past, and that the reported results still mostly reflect old terms. From the transcript, management discusses gross orders, backlog, revenue, margins, etc. They mention record gross orders, but that's about volume, not necessarily terms. They discuss pricing dynamics: "we experience the similar levels of modest pricing pressures we saw in the third quarter" (Kevin Waters). That suggests pricing pressure, not improvement. They also mention that TomoTherapy sales increased 30% but with modest pricing pressures. So pricing is under pressure, not improving. They also discuss product gross margins: "product gross margins in the quarter increased 360 basis points over the prior year period to 46.8%, primarily driven by higher margin deals in EIMEA." That is a margin improvement, but is it a step-up in terms of new business? It's about mix of deals, not necessarily that new business terms are better. They say "higher margin deals in EIMEA" - that could be a one-time or regional mix, not a sustained improvement in pricing. Also, they mention that product and channel mix is the most significant factor in quarter-to-quarter fluctuations. So it's not a clear indication that the terms of new business have stepped up meaningfully. They also discuss service margins declining due to one-time costs. So overall, they don't indicate that new business terms are better. They mention pricing pressures, and they talk about cost reduction initiatives that will benefit later, but that's about costs, not pricing. The question asks about "economic terms of the company's newest business" - meaning the prices, rates, fees, contract sizes, durations, or profitability at which its most recent deals are being struck. Management does not say that these have improved. They say the opposite: modest pricing pressures. They also mention that they are making conscious decisions to compete in single/dual vault settings at modestly lower prices. So that's a step down, not up.
NO Old money out, new money in: the company is redirecting its own capital away from what it has always done and into a spe
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to answer YES or NO based on the transcript. The question asks whether management describes a redirection of the company's own capital and operating resources from historical uses to a newer effort, with all three conditions: destination identifiable and already funded at real scale, something visibly getting less, and management treats it as defining and says numbers still describe old allocation. Let's analyze the transcript. The company is Accuray, a radiation therapy equipment maker. They have products: CyberKnife, TomoTherapy, Onrad, Radixact. In the call, they discuss fiscal 2016 results and fiscal 2017 guidance. Key points: They mention record orders, backlog growth, etc. They talk about new products: Radixact platform (new generation) and Onrad (for China). They also mention shifting resources to sustaining engineering projects to benefit cost of goods sold. But the question is about a redirection of resources from one activity to another. Is there a clear statement that they are moving resources away from something to a newer effort? Let's look for evidence. Josh Levine says: "we are also shifting resources to several key sustaining engineering projects that should benefit both our cost of goods sold as well as our service and products margins." That is about cost reduction, not a new product line. They talk about Radixact as a new platform, but they are doing a measured rollout with reference sites. They are not yet fully commercial. They say "We will move to full commercial launch by the second half of this fiscal year." So it's early. They also talk about Onrad approval in China, but expect orders in second half. Is there any statement about reducing investment in legacy products? They mention that TomoTherapy is strong, CyberKnife is strong. They are not winding down anything. They talk about "shifting resources" but that is to sustaining engineering projects, not to a new product line. The question asks: "Is there a visible, already-executing redirection in which the company's incremental money, capacity, people, or attention is flowing INTO one identifiable newer effort and correspondingly AWAY FROM the activity that has historically consumed those resources?" The transcript does not clearly show that. They are investing in new products like Radixact and Onrad, but they are also continuing to invest in existing products.
NO The company's product is being consumed faster than customers planned, forcing early and larger reorders
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management describes customers using up, drawing down, or wearing through what the company sells faster than those customers themselves had planned, such that reorders, refills, replenishment, follow-on purchases, or expansion orders are arriving earlier or larger than the original purchase pattern implied, and does management present this consumption-driven pull as observed current behavior with the resulting business still building? Answer YES when management's own words convey, in whatever form fits the business, ONE coherent phenomenon with all three present: (1) CONSUMPTION OUTRUNNING THE CUSTOMER'S OWN PLAN: management describes end usage, utilization, throughput, wear, depletion, or run-rate on the customer side exceeding what those customers sized their original purchase for — capacity bought being filled sooner, supplies being exhausted faster, systems being used more intensively than the initial deployment assumed; (2) REORDER BEHAVIOR ALREADY VISIBLE: that faster consumption is already producing concrete purchasing action — earlier reorders, larger follow-ons, upsized renewals, expansion purchases, or customers returning ahead of schedule — described as actually happening in the recent period across more than an isolated account; and (3) STILL BUILDING: management conveys that this pull is continuing or intensifying rather than a spike, with the resulting order flow only partly in the reported results. We need to analyze the transcript. The company sells radiation therapy systems (CyberKnife, TomoTherapy, Radixact, Onrad). The question is about customers using up what they buy faster than planned, leading to reorders. In the transcript, management discusses orders, backlog, replacements, etc. They mention replacement sales for CyberKnife existing customer base due to MLC availability. They talk about multi-system orders. But do they describe customers consuming faster than planned? They talk about "replacement sales" to existing CyberKnife customers, but that is about upgrading to new generation with MLC, not necessarily about usage exceeding plan. They mention "customer satisfaction" and "installed base" but not about usage rates exceeding expectations. They talk about "single and dual vault settings" for TomoTherapy, but that's about market expansion. They mention "Radixact" placements and "Onrad" in China.
NO Small company already selling a lot to one hot market — management describes riding an outside spending wave far bigger
Original model output from the research archive. It may be verbose or include the model's working notes.
We need answer YES/NO. Need analyze transcript. Need determine if management describes large identifiable share current business tied to one specific external spending surge/build-out/adoption wave happening in customers' world now, scale/pace set by others, wave early/accelerating, company volumes expected climb well beyond current levels. Need use only transcript. Let's parse. Company Accuray radiation oncology systems. Call Q4 2016. Management discusses record orders, backlog, Radixact, Onrad China, NHS order, CyberKnife, TomoTherapy. Need identify named outside wave? They mention global estimates 20,000+ new [Indiscernible] needed over next 20 years to ensure adequate global radiation therapy capacity in face of growing disease incidence. Growing recognition radiation therapy underutilized, public health policies in low/middle-income markets likely drive expansion. Lancet Oncology Commission report showing cost effectiveness. But is this a specific external spending surge/build-out/adoption wave happening now? It's more broad market growth catalysts, future. They also mention "global market growth has been in low to mid-single-digit" and "evolving catalysts" future. Not current wave. They mention NHS supply chain in U.K. multisystem order largest in company history. That's a specific customer order, not a wave. They mention China Onrad approval, targeted value segment, expected orders second half fiscal 2017, initial orders Q3. That's future, not current material. They mention Radixact launch, future. Question asks: "large and identifiable share of company's CURRENT business is already tied to ONE specific external spending surge, build-out, or adoption wave happening in its customers' world right now — a wave whose scale and pace are set by parties OTHER than this company — and does management convey that this wave is still early or accelerating, so that company's own volumes from it expected to keep climbing well beyond current levels?" Need answer NO likely. Management describes broad demand, macro low-mid single digit, catalysts future. No specific external wave currently driving large share. They mention "replacement sales" of CyberKnife existing customer base due to MLC availability. That's internal product cycle, not external spending wave. They mention "single and dual vault settings" expansion of TomoTherapy, market recognition.
NO Running the company for a size the numbers don't show yet
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to answer YES or NO based on the transcript. The question asks: Does management convey that it is ALREADY RUNNING THE COMPANY FOR A MEANINGFULLY LARGER LEVEL OF BUSINESS THAN THE REPORTED RESULTS SHOW — with real commitments already executing and real demand already visible behind them? We need to check both halves: (1) commitments already executing sized beyond today's numbers, and (2) justification is business management can already see (real demand/orders etc.). Let's scan the transcript for evidence. Management talks about record orders, backlog, etc. But the question is about commitments already executing (spending, building, hiring, producing, stocking, scheduling) at a level matching a bigger business. Also demand already real. Look for phrases about inventory, production, hiring, etc. Kevin Waters mentions: "inventory is up approximately $10 million from June 2015 as increase in inventory reflects our investment to support higher manufacturing levels and to increase service inventory level to maximize customer satisfaction." That is a commitment: they are stocking inventory for higher manufacturing levels. That could be a commitment to support higher volumes. Also they mention "we are implementing several improvement processes to cost of goods sold. These initiatives will commence in fiscal 2017 with payback beginning in fiscal 2018." That is more about cost reduction, not necessarily scaling up. Also they mention "we are shifting resources to several key sustaining engineering projects" but that's not necessarily scaling. They talk about Radixact installations: "we're installing and monitoring the Radixact System in multiple initial reference sites in the U.S. and Europe. Those instillations should take place during the first quarter and early second quarter of fiscal 2017 and I can share that the first of these systems has been installed." That is a commitment to install new systems, but that's part of product launch, not necessarily a larger level of business than reported. They talk about Onrad approval and expected orders in second half. But the question is about running the company for a meaningfully larger level of business than reported results show. That means they are already spending, building, hiring, producing, stocking, scheduling at a level that matches a bigger business. The inventory increase is one example.
NO Analysts still asking about the old story while management keeps pointing to a new driver already producing
Original model output from the research archive. It may be verbose or include the model's working notes.
We need answer YES/NO. Need analyze transcript. Need determine if clear mismatch between analysts' questions and management pointing to different identifiable part business already producing real results today. Need use only transcript. Let's parse. Company Accuray, radiation oncology systems. Analysts ask about: guidance, orders, Japan, pricing, margins, Radixact timing, Onrad, reimbursement, competition. Management talks about record Q4 gross orders, backlog, CyberKnife MLC, TomoTherapy, Radixact, Onrad, financials. Question asks: "is there a clear MISMATCH between what analysts keep asking about and what management keeps pointing to — where questions remain focused on an OLDER, ESTABLISHED concern or storyline about the company (such as a weak or declining legacy business, past losses or missteps, a macro or industry worry, or the core business everyone already knows), while management repeatedly redirects attention to a DIFFERENT, IDENTIFIABLE part of the business that it says is ALREADY producing real results today — and does management back that redirection with concrete, current evidence rather than hope?" Need answer YES when both halves: (1) analysts' questions center on familiar story/problems/core/risks, little attention to newer element; (2) management steers toward specific newer driver described as already generating real present-tense business, treats as more important. Need identify if such dynamic exists. Let's examine. Analysts' questions: - Anthony Petrone: guidance 2017, gross orders, Radixact, Onrad, underlying business. Then replacement opportunity, margins. - Steve: Japan, resourcing. - Brandon: revenue guidance, regional growth, Onrad distribution, competition. - Jason: North America unit volume vs flat revenue, pricing/mix, install base conversion, Radixact timing. - Suraj: unit pricing, competition, reimbursement. Management repeatedly points to record Q4 gross orders, backlog, CyberKnife MLC, TomoTherapy single/dual vault, NHS order, Radixact, Onrad. But are analysts focused on older established concern? Not really. They ask about guidance, Japan, pricing, Radixact, Onrad. Management's "newer driver" could be Radixact/Onrad? But management says Radixact not fully commercial until second half, Onrad orders in second half. Not already producing real results today? Radixact first installed, monitoring; not revenue.
NO Working harder than they are being paid for: management describes the company currently carrying more real business acti
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management describes the company as currently doing more actual work than its reported scale reflects. The question asks about a gap between current activity and reported results. Let's examine the transcript. Key points: Management discusses record orders, backlog, revenue, etc. But the question is about current workload exceeding reported scale. They mention Radixact installations, Onrad approval, etc. However, they also discuss that revenue is back-end loaded, with much of the work in progress not yet recognized. For example, they mention that large orders in Q4 will convert to revenue in the back half of 2017. They also mention Japan construction delays causing longer conversion times. They talk about inventory build-up to support higher manufacturing levels. They mention that they are investing in cost reduction initiatives with payback in 2018. They also mention that they are installing Radixact systems in multiple reference sites, with the first installed. They are monitoring performance. They also mention that they expect a linear progression with Q1 being low and Q4 high. Does management convey that the volume of real activity now moving through the business has run ahead of reported results? They do mention that revenue is back-end loaded, and that they have a large backlog. But is that "currently doing more actual work than reported scale reflects"? The question is about the present tense: "currently doing more actual work than its reported scale reflects." The transcript indicates that they have a record backlog, but backlog is not necessarily current work in progress. They also mention that they are installing Radixact systems, but that is a few systems. They also mention that they have increased inventory to support higher manufacturing levels. That suggests they are producing more than they are selling? But they also say they expect to end next year with same or less inventory. The key is whether management describes the organization as stretched or carrying a workload out of proportion to its reported size. They do not explicitly say that. They talk about strong orders, but they also say that revenue is within expectations. They mention that they are making one-time investments in 2017 that will benefit 2018. They also mention that they are shifting resources to sustaining engineering projects.
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ARAY call history
Open a quarter only when you want its detailed evidence.
F Q2 2026 · Very weak call · 2026-02-04Management lowered guidance against slowing demand and contracting margins. The delivery was unusually candid, rich in specifics.
C Q4 2025 · Caution · 2025-08-13Management held guidance steady against mixed demand signals and expanding margins. The delivery was unusually candid, rich in specifics.
View the 20 core call-quality checks
D Q3 2025 · Weak call · 2025-04-30Management held guidance steady against steady demand. The delivery was unusually candid, rich in specifics.
View the 20 core call-quality checks
B Q2 2025 · Solid call · 2025-02-05Management raised guidance against accelerating demand and expanding margins. The delivery was rich in specifics.
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B Q1 2025 · Solid call · 2024-11-06Management raised guidance against mixed demand signals and expanding margins. The delivery was rich in specifics.
View the 20 core call-quality checks
C+ Q4 2024 · Mixed call · 2024-08-14Management gave no formal guidance against mixed demand signals and contracting margins. The delivery was unusually candid, rich in specifics.
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D Q3 2024 · Weak call · 2024-05-01Management lowered guidance against mixed demand signals and contracting margins. The delivery was unusually candid, rich in specifics.
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View 33 earlier calls
| Call | Date | Grade | Guidance | Demand | Margins | Candor | Evasion |
|---|---|---|---|---|---|---|---|
| Q2 2024 | 2024-01-31 | C+ | maintained | accelerating | contracting | 7/9 | 1/9 |
| Q1 2024 | 2023-11-07 | C | maintained | mixed | expanding | 6/9 | 3/9 |
| Q2 2023 | 2023-08-09 | C+ | maintained | stable | contracting | 7/9 | 2/9 |
| Q3 2023 | 2023-04-26 | B | maintained | accelerating | contracting | 7/9 | 2/9 |
| Q2 2023 | 2023-02-01 | C+ | maintained | accelerating | expanding | 7/9 | 3/9 |
| Q1 2023 | 2022-11-02 | D | maintained | stable | contracting | 6/9 | 4/9 |
| Q4 2022 | 2022-08-10 | C+ | maintained | mixed | contracting | 7/9 | 2/9 |
| Q3 2022 | 2022-04-27 | C+ | maintained | stable | contracting | 7/9 | 3/9 |
| Q2 2022 | 2022-01-26 | C+ | raised | accelerating | contracting | 7/9 | 2/9 |
| Q1 2022 | 2021-11-03 | B+ | raised | accelerating | contracting | 7/9 | 1/9 |
| Q4 2021 | 2021-08-11 | C+ | maintained | accelerating | stable | 7/9 | 2/9 |
| Q3 2021 | 2021-04-27 | B | maintained | mixed | contracting | 7/9 | 2/9 |
| Q2 2021 | 2021-01-27 | C+ | maintained | mixed | expanding | 7/9 | 3/9 |
| Q1 2021 | 2020-10-29 | B | none | mixed | expanding | 7/9 | 2/9 |
| Q4 2020 | 2020-08-13 | D | none | mixed | expanding | 6/9 | 3/9 |
| Q3 2020 | 2020-04-28 | D | withdrawn | mixed | stable | 7/9 | 3/9 |
| Q2 2020 | 2020-01-28 | B+ | raised | accelerating | expanding | 7/9 | 3/9 |
| Q1 2020 | 2019-10-29 | C+ | maintained | accelerating | contracting | 7/9 | 3/9 |
| Q4 2019 | 2019-08-15 | C | lowered | mixed | contracting | 7/9 | 2/9 |
| Q3 2019 | 2019-04-23 | C+ | maintained | accelerating | expanding | 7/9 | 2/9 |
| Q2 2019 | 2019-01-22 | C | maintained | accelerating | contracting | 6/9 | 4/9 |
| Q1 2019 | 2018-10-31 | C | raised | accelerating | contracting | 6/9 | 5/9 |
| Q4 2018 | 2018-08-16 | C | maintained | mixed | expanding | 6/9 | 3/9 |
| Q3 2018 | 2018-04-30 | D | mixed | stable | contracting | 7/9 | 2/9 |
| Q2 2018 | 2018-01-23 | B | maintained | accelerating | expanding | 7/9 | 2/9 |
| Q1 2018 | 2017-10-24 | B | maintained | accelerating | expanding | 7/9 | 2/9 |
| Q4 2017 | 2017-08-22 | C+ | maintained | mixed | expanding | 7/9 | 2/9 |
| Q3 2017 | 2017-04-27 | D | lowered | accelerating | contracting | 8/9 | 4/9 |
| Q2 2017 | 2017-01-31 | C | maintained | accelerating | contracting | 7/9 | 3/9 |
| Q1 2017 | 2016-10-27 | C | maintained | mixed | contracting | 6/9 | 2/9 |
| Q4 2016 | 2016-08-17 | B | maintained | accelerating | expanding | 7/9 | 2/9 |
| Q3 2016 | 2016-04-26 | D | lowered | mixed | expanding | 7/9 | 4/9 |
| Q2 2016 | 2016-01-28 | C | maintained | stable | stable | 6/9 | 3/9 |