We need to evaluate two gates independently based only on the transcript. Gate 1: Is there a positive, current development that management presents as genuinely going well, and in Q&A, analysts get more concrete operating detail than in prepared remarks? The development must be real and current, additive across multiple exchanges, substantive. Gate 2: Is the primary engine of that development something the company itself created and controls, not external environment? If external, NO. Let's read the transcript. Prepared remarks: Leroy talks about Zero Harm, safety. Then financial results. RUPS: sales increased due to acquisitions, increased volumes in commercial crosstie market, but lower profitability in Australian utility, lower Class 1 volumes due to lack of dry inventory. However, overall crossties procured and treated matched prior year for first time since Q2 2016. That's a positive trend. PC: negative due to lumber volatility, raw material costs, supply disruptions. CM&C: higher sales prices, but lower volumes in China due to production curtailment by major customer. Also naphthalene unit completed, now fully online. Then strategic opportunities $25-40M annualized. In Q&A, analysts ask about various things. Let's see if any positive development gets more detail. First question: about major Chinese customer outage. Leroy explains it's a contractual issue, they are holding off until resolution. That's not a positive development; it's a problem. Second question: about timing of three issues: dry tie availability, lumber price volatility, China customer idling. Leroy gives details on each. For dry ties, he says they are already seeing improvement, inventory building, fourth quarter will see uptick. That's a positive development? But is it "current" and "going well"? He says "we're already starting to see trends and actual results of more product coming up for treatment." That's a positive current development. But does the Q&A produce more concrete operating detail than prepared remarks? Prepared remarks said "lack of dry crosstie inventory prevented us from quite getting back to prior year treating levels" and "overall volumes matched prior year for first time." In Q&A, Leroy adds that they are seeing improvement, inventory building, fourth quarter uptick.
Koppers Holdings Inc.
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 management refer to a prior call or prior quarter's commentary when answering?
- Does the word "dividend" appear?
- Is the word "invest" or "investment" used more than twice?
28 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
Q4 2025 · 500 checks
Every answer is below. Open any check to see what its YES or NO means.
NO Does an executive answer a question by describing a process rather than an outcome?
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 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.”
NO Does an analyst ask a question spanning more than five sentences?
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 multiple sub-questions (three or more)?
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 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.”
NO Does any analyst preface a question by summarizing the company's stated 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 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.”
NO Is the word "scale" or "scaling" used as a verb?
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 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.”
NO Does anyone say "the environment" when describing market conditions?
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" 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 begin an answer with "Great question," "Thanks," or "Appreciate"?
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 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.
NO Does any speaker 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.”
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.
NO Does anyone use the phrase "on a comparable basis" or "adjusted for"?
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 "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.
NO Does any speaker say "operator" aloud 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 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.”
YES Does the call end without any closing statement from the CEO?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
YES Does anyone describe a negotiation currently in progress?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
YES Does the word "aggressive" or "aggressively" appear at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does an analyst's question include a compliment followed by "but"?
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 use the word "sequential" or "sequentially" 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 speaker say "with that" 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 "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.”
NO Does the speaker describe a strategy as "disciplined" without describing any trade-off?
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 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.”
NO Does management use the word "strong" 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 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.
NO Does management use the word "confident" or "confidence" 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 phrase "record" appear 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 "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.”
NO Does any speaker say "we're excited about" or "we're pleased with"?
The model did not find enough evidence in the earnings transcript to confirm this exact condition. NO means “not detected,” not necessarily “disproved.”
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.”
YES Does management mention a specific number of stores, locations, or markets?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does anyone say "thank you" more than five times 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.”
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.”
NO Does at least one analyst ask a question about 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 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.”
NO Does any analyst ask a question beginning with "just" (e.g., "just 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 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.”
NO Does the CFO answer at least one question without the CEO speaking first?
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 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.”
NO Does the phrase "color" appear (e.g., "add some color") 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 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.”
NO Does any question contain the word "why"?
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 "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.”
NO Does any executive begin an answer by restating the analyst's 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 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.”
NO Does the CEO answer the first analyst question 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 the word "obviously" appear 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 transcript contain the word "margin" 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 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.
YES Is the word "definitely" used by any speaker?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does anyone use the word "leverage" as a verb 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 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.
NO Does any executive say "that said" or "having said that" to introduce a caveat?
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'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.”
NO Does anyone say "we remain confident" or "we are confident"?
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 "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.”
NO Does an executive cite a specific dollar figure greater than one billion?
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 "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.”
NO Does any analyst ask about a specific geographic region or market?
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 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.”
NO Does anyone say "thank you" three or more times 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.”
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.”
YES Does the CEO mention at least one specific customer segment by name (e.g., "enterprise")?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does anyone say "including" 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 management reference "the macro environment" or "macroeconomic" 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 any executive reference "our team" or "the team" at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does any prepared remark mention "headwinds" 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.”
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.
YES Does the CFO use the phrase "capital allocation"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does an analyst ask a two-part question containing the word "but"?
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 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.”
NO Does anyone say "we are excited about" without naming 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 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.”
NO Does management use the word "headwind" or "headwinds"?
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 "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.”
NO Does the word "efficiency" or "productivity" 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 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.”
NO Does an executive say "great question" or "thanks for the 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 "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.”
NO Does management thank analysts by name at any point after 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 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.”
NO Does the CFO present in both the prepared remarks and the Q&A portion of 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 CEO personally deliver the closing remarks of 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.”
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.
NO Does the phrase "in terms of" 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 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.”
NO Does any speaker use the word "obviously"?
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 both prepared remarks and 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.”
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.”
NO Does anyone begin an answer by restating or paraphrasing the analyst's 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 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.”
NO Does a speaker say "let me" 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.”
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.”
NO Does an executive say "thank you" to the analyst before 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.”
NO Does any speaker say "great question" or similar praise of 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 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.
YES Does an executive cite a conversation with a customer that has no verifiable specificity (unnamed, undated, unquantified)?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does the word "leverage" appear as a verb 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's first name get used by an executive when thanking them?
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 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.”
NO Executive uses the word "excited" 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.”
NO Does any analyst ask a multi-part question containing three or more distinct 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 the word "guidance" 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.”
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.”
NO Does the word "headwind" or "tailwind" 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 "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.”
YES Does the word "capital" appear at least five times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does an executive use the phrase "over time" 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 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.
NO Does the CEO open the call before any analyst questions by mentioning the 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 Does anyone say "we are pleased" or "we're excited"?
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" (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.”
YES Is the word "automation" or "productivity" used at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
YES Is the phrase "a number of" used 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 "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.”
NO Is the phrase "on a constant currency basis" or similar currency adjustment used?
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'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.”
YES Does the phrase "the team" appear at least twice in management remarks?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does the CFO use the word "quarter" 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 any speaker say "thank you" more than five times 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 word "macro" or "macroeconomic" appear at least twice in 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 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.”
NO Does management thank analysts for their questions at any point during 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 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.”
NO Does the word "volatility" 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 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.
NO Does management thank analysts by name when responding?
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 "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.”
NO Does any analyst reference the CEO or CFO by first 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 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.
NO Does an analyst ask a question starting with "just"?
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 "headwind" or "headwinds" 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 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.”
YES Does an executive cite a conversation with a customer, partner, or employee as evidence?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does any question explicitly reference the company's prior guidance or outlook?
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 "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.”
NO Does anyone say "excited" or "pleased" 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.”
NO Does the word "guidance" appear in the prepared remarks (not just 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 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.”
NO Does the word "macro" or "macroeconomic" appear 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 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.”
NO Does the CEO mention their own tenure or years of experience 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 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.”
NO Is the CFO the speaker for at least one analyst 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 "guidance" appear 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're excited" or "we are excited"?
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 "dividend" appear?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Is the word "invest" or "investment" used more than twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.
NO Does anyone describe cutting discretionary spending like travel or hiring?
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 "year over year" appear?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
YES Does the word "liquidity" appear at least once?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
YES Does anyone mention selling assets, real estate, or equipment to raise cash?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
YES Is the word "capacity" mentioned?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does management thank analysts 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 anyone reference borrowing from a bank or drawing on a credit facility?
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 "cost" appear in the first ten sentences of prepared remarks?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an executive say "we remain confident" 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 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.
NO Does an executive open their first answer by thanking 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 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.”
NO Does the word "headline" or "headwinds" 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 word "core" 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 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.”
NO Does any executive say "as we mentioned" or "as I mentioned" 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 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.”
NO Does the CEO personally answer the 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.”
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.”
NO Does the CEO make closing remarks after the Q&A ends?
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 "structurally" or "secular"?
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 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.”
NO Does anyone say "in terms 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 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.”
NO Does the word "strong" appear more than 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 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.”
NO Does management use the word "guidance" 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 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.”
NO Does an executive begin an answer by restating the analyst's 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 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.”
YES Does the word "opportunity" or "opportunities" appear more than three times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
YES Does the phrase "capital" appear at least five times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Does an analyst ask a question the prepared remarks already 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 the word "quarter" appear at least twenty 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 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.”
NO Does the phrase "on a year-over-year basis" or "year over year" 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 Is the word "headwinds" or "tailwinds" used?
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" appear at least three times?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
NO Is the word "confidence" or "confident" spoken by any 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 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.”
NO Does any speaker say "appreciate" 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 "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.”
YES Does any executive use the phrase "our team"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
YES Does any executive say "we're pleased" or "I'm pleased"?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Is the word "excited" or "exciting" used by management 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 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.”
NO Does an analyst ask for guidance on a metric management did not offer 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 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.”
YES Does management refer to a prior call or prior quarter's commentary when answering?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does the operator run out of queued questions and close early?
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 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.”
NO Is the word "excited" used by the CEO more than the word "confident"?
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 "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.”
NO Does the word "tailwind" or "headwind" 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 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.”
NO Does any speaker use the phrase "on a" four or more times total (e.g., "on a constant currency 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 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.”
NO Does the word "quarter" appear at least 20 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 Is there a mention of "FX," "currency," 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.”
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.
NO Is the word "leverage" used 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 management use the word "headwinds" 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 speaker say "great question" or thank the analyst before answering?
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 attribute results to "the team" rather than to strategy?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does an analyst thank management at the end of their turn?
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 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.
YES Does a speaker say "normal" or "normalized" about conditions that predate any disruption mentioned?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does the word "macro" 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 "solid" 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 there an analogy to a machine, engine, or flywheel?
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 "visibility" 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 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.”
YES Does management say "the team" at least twice?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
NO Does the phrase "ahead of" precede any mention of guidance or expectations?
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 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.”
NO Does management use the phrase "strategic" 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 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.”
NO Does the word "resilient" or "resilience" 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 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.”
NO Does any analyst ask a follow-up after their initial answer ("follow-up", "second one", "just one more")?
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 the word "why"?
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 "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.”
NO Does the CEO speak first among named executives 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 the word "headwind" or "headwinds" 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 CFO mention a specific percentage greater than ten?
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 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.
NO Does the word "confident" appear in any executive's 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 an analyst thank management at the start or end of their turn?
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 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.
YES Does any speaker say "moving on" or "next question" themselves?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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.”
YES Is the word "capacity" used more often about factories than about people?
The model found enough evidence in the earnings transcript to mark this exact condition as present.
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 KOP 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.
The user wants me to evaluate the earnings call transcript against two gates. **Gate 1 — Original Signal:** The question is whether there's a positive, current development in the company's business that management presents as genuinely going well, and whether the Q&A produces more concrete operating detail than the prepared remarks contained. Let me identify the positive developments in the call: 1. CM&C business - strong results, 7th consecutive quarter of margin growth, favorable market trends 2. The new naphthalene unit at Stickney - completed construction, in commissioning phase 3. The major box store converting to their patented technology (microprobe) 4. The MA Energy acquisition and sustainability discussions Let me look at what the Q&A actually probes: The Q&A questions were about: 1. Class 1 crosstie volumes and the treated tie program transition 2. Covering pitch volumes decline 3. The intermediate chemical (copper-based) 4. M&A pricing environment 5. Margin levels 6. Stickney testing and Follansbee timing 7. Copper input costs and pricing flexibility 8. PC expansion capacity 9. China coal-tar pitch pricing situation 10. Commercial market vs Class 1 Let me check if any of these Q&A exchanges produce MORE concrete operating detail than the prepared remarks about a POSITIVE, CURRENT development. The main positive developments: - CM&C strong performance (but the Q&A doesn't really probe this with new detail - the questions about China pitch pricing were deflected) - Stickney naphthalene unit (the Q&A about this was about timing of Follansbee shutdown, which is more about future plans) - The box store conversion to microprobe (mentioned in prepared remarks, not probed in Q&A) Looking at the Q&A more carefully: 1. First question about Class 1 crosstie volumes - Leroy explains the treated tie model transition, but this is explaining a business model change, not adding new positive operating detail. 2. Second question about covering pitch volumes - Leroy explains the decline is due to China maintenance turnaround and raw material constraints. This is explaining weakness, not a positive development. 3. Third question about the intermediate chemical - confirms it's copper-based. Not really adding new positive detail. 4. M&A pricing environment - general discussion, not about a specific positive development. 5.
NO Betting on one customer's ramp: the company's near-term future rides on a counterparty's schedule, not its own selling
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management's account of the company's near-term trajectory is chiefly explained by the plans/schedule/build-out of one or a few large outside parties, with the company's volume governed by that party's clock, and that ramp is large and mostly ahead. Let's analyze the transcript. Key points: - CM&C business: strong results due to market trends, cost structure. China business: large customer (needle-co customer) had a maintenance turnaround in Q2, so little product supplied. They expect to resume supplying within two weeks and for the rest of the year. Pricing will determine profitability. Also, they have a disagreement with largest customer in China about pricing, but they continue discussions. They have not recognized incremental revenue. So the China customer's schedule (maintenance turnaround) affected Q2, and they expect to resume. But is that a ramp? It's more of a temporary shutdown and restart. The company's volume is governed by that customer's maintenance schedule? But that's a short-term blip, not a large ramp ahead. Also, they mention that the customer and supplier are starting back up. But the overall CM&C outlook is strong due to market conditions, not solely that customer. - RUPS: They mention transitioning a major customer to a treated-type program. That transition affected volumes. They say "now that we've fully transitioned our major customer to the treated type sales program." So that transition is complete. They expect back half improvement due to commercial market heating up. That's not a ramp from an outside party's schedule; it's a completed transition. - PC: They mention a major box store (likely Home Depot or Lowe's) decided to convert their ground contact treated wood program to Koppers' patented technology. The transition is planned to occur late this fall. It will have little effect on 2018 but should provide a boost heading into 2019. That is a specific large customer's program that will ramp up. The company's volume will be governed by that customer's rollout. Is that a large ramp? They say "should provide a nice boost heading into 2019." But they don't quantify. Also, they mention a sizable new international account they've been working on landing, but that's not yet established. - Also, they mention new naphthalene unit at Stickney, which is their own capacity expansion, not an outside party's schedule.
NO Mid-period crossings: the quarter's story is things that started during it and are still completing
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if the call describes real business activity that crossed from not-happening to happening partway through the period, and management makes clear that the climb is incomplete, so reported numbers lag the current run rate. Check the transcript for such language. Leroy Ball mentions several things: acquisition integrations, new naphthalene unit at Stickney, PC capacity expansion, new customer conversion (box store to microprobe), international account possibly. But we need to see if any of these BEGAN during or around the quarter and are already transacting, and if management says the period captured partial slice and remaining climb is from that started activity. The naphthalene unit: "construction ... has been completed and we're currently in the commissioning phase. Testing started in July ... final testing expected by end of Q3. We should be fully functioning by early in the fourth quarter." That's not yet transacting; it's still ahead. So not. The PC capacity: "we've been working over the past 18 months to add additional capacity and deep bottleneck existing capacity so that we'd become self-sufficient but we're not there yet and likely won't be until sometime in the first half of 2019." Also not yet. The box store conversion: "Our major box store has recently made the decision to convert their ground contact treated wood program from a soluble copper based product to our patented technology microprobe. The transition is planned to occur late this fall and while it will have little effect on the balance of 2018, it should provide a nice boost heading into 2019." That's planned, not yet started. International account: "by the next earnings call we believe that we'll be able to talk about a sizable new international account that we've been working on landing." Not started. What about acquisitions? MA Energy and Utility and Industrial products were acquired earlier in 2018. They are contributing. Leroy Ball says: "In the first half results we had essentially only one quarter's worth of results from acquisitions with over $4 million of diligence integration strategy related expenses and virtually no benefit from synergies." That indicates acquisitions started contributing during the period, but is there a sense of a climb? The acquisitions were completed? The transcript says "recent acquisitions" and they contributed to sales and EBITDA.
NO Room to run: management says the company can multiply inside demand it already holds, with no gate named
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management conveys that the company could become several times its current size without needing anything outside its control to change, and that this headroom is central. Let's analyze the transcript. The question asks: Does management describe a path to a much larger company through things already in hand (customers, capacity, etc.) and treat this as central? We need to look for statements about headroom, existing capacity, underpenetrated accounts, etc. In the transcript, management discusses various segments. For CM&C, they talk about strong markets, tight supply, pricing. They mention that they have streamlined capacity and are benefiting. But do they say they could be several times larger? Not really. They talk about market tailwinds, but not about headroom within their own footprint. For PC, they mention a new international account they are working on, but that's not yet landed. They mention a box store converting to their technology, but that's a future event. They also mention they are working on capacity to become self-sufficient in raw materials, but that's about cost, not growth. For RUPS, they talk about acquisitions and synergies, but not about being several times larger. The key is whether management frames the company as small relative to what it can already reach. I don't see that. They talk about strong demand, but not about underpenetrated existing customers or capacity that could carry far more volume. They mention "significant network synergies" from acquisitions, but that's about integration, not about being a multiple. They also mention "sizable new international account" that they hope to talk about next call, but that's not yet in hand. The question asks: "does management convey that the company could become several times its current size WITHOUT needing anything outside its control to change?" That would require describing headroom that is already owned. I don't see that. Management talks about market conditions, pricing, and cost savings, but not about a path to being several times larger based on existing assets. Thus, the answer is NO. We need to be careful: The question says "Answer YES when management's own words convey... ONE coherent posture with both halves present." Both halves: (1) headroom is real, specific, already owned; (2) management frames multiplication, not improvement. I don't see either.
NO Living hand-to-mouth on their own output: the company is currently consuming what it makes as fast as it makes 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 that the company's output is being consumed as fast as it becomes available, with no cushion, and that this is due to demand taking everything rather than deliberate reduction. Let's scan the transcript for relevant statements. Leroy Ball: "Higher global demand for carbon-based products in a tightened raw material supply has put upwards pressure on pricing while we continue to take cost out of our infrastructure." That's about demand and pricing, not necessarily about inventory. Later: "The question remains as to how long this sort of environment can continue and what our sustainable profitability would look like in this segment when things normalize. All indications that we're receiving is that we will continue to see the benefit from the various market tailwinds through at least a good portion of 2019, and maybe even longer." That's about market conditions. In CM&C: "The end markets for coal-tar products are strong, raw material supplies tight, and therefore the pricing environment for our products has never been stronger in my eight years with the Company." That's about pricing and raw material tightness, not about inventory of finished goods. In RUPS: "reduced availability of hardwoods in the commercial market due competing demands for the hardwoods in other markets." That's about input shortage. In PC: "unfavorable sales mix, higher raw material cost" etc. Look for any mention of inventory, stock, or output being consumed as fast as produced. The transcript mentions "higher inventory from holding additional untreated cross-ties" in cash flow section. That's actually an increase in inventory, not a depletion. Also "we have been seeing a recent trend of customers reducing or delaying their wood-treating activities due to their higher lumber cost." That suggests demand weakness. No statement about product being sold out or no inventory. The company seems to be selling but not necessarily with no cushion. The only mention of inventory is an increase. Thus, the answer is NO. The management does not convey that output is being consumed as fast as it becomes available. They talk about strong demand and tight raw materials, but not about their own finished goods inventory being depleted or everything being claimed immediately. They also mention increased inventory of untreated cross-ties, which is the opposite.
NO The feared thing keeps not happening: management confronts a specific live worry with current evidence running against i
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if there is a specific negative outcome that investors/analysts/market are worried about, and if management pushes back with current, already-observed evidence. Let's analyze the transcript. The call covers Q2 2018 results. There are several segments: CM&C, PC, RUPS. Potential fears: - In PC, there is a concern about higher raw material costs, and the company had to purchase intermediate raw material on open market due to production difficulties. But that is a cost issue, not a fear of a specific negative outcome like losing a customer or demand falling. Management says they are working to add capacity, but that is a plan, not evidence. - In RUPS, there is reduced volumes from Class 1 railroads, and reduced availability of hardwoods. Management says "Better times are on the way" and expects back half improving. That is a forecast, not current evidence. - In CM&C, there is a concern about China business, pricing disputes, and the sustainability of market tailwinds. Management says "The question remains as to how long this sort of environment can continue" but they say indications are that they will continue to see benefit through at least good portion of 2019. That is a forecast, not observed evidence. - There is a specific worry about the major customer in China? The company has a dispute about pricing with largest customer in China. They have not recognized incremental revenue. That is a concern, but management is not pushing back with evidence that the fear is not materializing; they are acknowledging the dispute and saying they will resolve it. That is not a counter with observed evidence. What about the fear that demand for PC will be weak? Management says they had hoped for pent-up demand but it never materialized. So that fear is materializing. What about the fear that the new naphthalene unit will have issues? They are commissioning, but that is not a fear. The question asks: Is there a specific negative outcome that investors/analysts/market have plainly been worried will happen to this company, and does management push back with current, already-observed evidence showing that the feared outcome is NOT materializing? Let's look for analysts probing. The analysts ask about Class 1 crosstie volumes, about the intermediate chemical, about pricing, about China. But management's responses are often forecasts or acknowledgments.
NO Overtaken by their own success: management is reworking company plans mid-course because real business arrived bigger or
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if the transcript reveals that the company's own working assumptions have been overtaken by reality, and that management has already changed something concrete in response, and is still catching up. Let's analyze the transcript carefully. Key points from the call: - CM&C segment: strong results, 7th consecutive quarter of margin growth. But the strength is attributed to market trends, cost structure, etc. The company had taken actions three years ago to streamline capacity. They are seeing strong pricing. However, is this beyond their own assumptions? They mention "The question remains as to how long this sort of environment can continue and what our sustainable profitability would look like in this segment when things normalize." That suggests they are surprised by the duration or level? But they don't explicitly say they had planned for less. They say "All indications that we're receiving is that we will continue to see the benefit from the various market tailwinds through at least a good portion of 2019, and maybe even longer." That's a forecast, not a statement that reality has outrun their assumptions. - PC business: lower profitability due to unfavorable sales mix, higher raw material costs, increased overhead. They had hoped for pent-up demand in Q2 which didn't materialize. So that's a negative surprise, not positive. - RUPS: sales higher due to acquisitions, but profitability affected by reduced volumes. They expect improvement in back half. - They mention "we're providing 2018 adjusted guidance for our RUPS segment of approximately $54 million which reflects the contribution from the acquisitions, as well as the net $3 million decline in our legacy business from prior year." That's guidance. - For PC, they expect $17 million increased cost due to higher raw material costs. They are working on adding capacity to become self-sufficient but not there yet until first half of 2019. That is a response to a problem, not to an overshoot. - For CM&C, they mention "the construction of the new naphthalene unit at our Stickney, Illinois facility has been completed and we're currently in the commissioning phase." That is a planned project, not a response to an overshoot. - They mention "we anticipate having approximately $17 million of increased cost as a result of higher average raw material costs in 2018." That's a cost increase.
NO Already inside the gate: the company is specified into someone else's next wave, and the wave has not yet shipped
Original model output from the research archive. It may be verbose or include the model's working notes.
The question asks whether management describes the company as already secured inside another organization's future product/program, with the wave not yet arrived, and the position being large relative to the company. Let me scan the transcript for such a situation. Key candidates: 1. The "major box store" converting to Koppers' patented technology (microprobe) - this is a design win, transition planned late this fall, "little effect on the balance of 2018, but should provide a nice boost heading into 2019." This sounds like a secured position in a retailer's program that hasn't ramped yet. 2. The "sizable new international account" - but this is "we believe that we'll be able to talk about" - not yet secured, still being worked on. 3. The MA Energy acquisition for used tie disposal - discussions with railroads, not yet secured. 4. The China customer - pricing dispute, not a new design win. Let me focus on the box store conversion. Leroy says: "Our major box store has recently made the decision to convert their ground contact treated wood program from a soluble copper based product to our patented technology microprobe. The transition is planned to occur late this fall and while it will have little effect on the balance of 2018, it should provide a nice boost heading into 2019 whether it be through unit sales or product or increase royalty payments." This is a decision made (secured), the transition is planned for late fall (not yet arrived), and it will provide a boost heading into 2019. Is it large relative to the company? It's described as a "nice boost" - somewhat meaningful but not described as large relative to the company. The company's PC segment is ~$68M EBITDA, and this is one customer conversion. It's not described as transformative or large relative to the company. Also, is this a "next thing" of the box store? It's a conversion of their ground contact treated wood program - a program change. The decision is made, the transition is planned. But is it "large relative to the company"? The language "nice boost" suggests it's meaningful but not huge. The question requires all three elements. The position is secured (decision made), the wave hasn't arrived (transition late fall, little effect on 2018), but is it "large relative to the company"? The description is "a nice boost" - this seems moderate, not clearly large relative to the company.
NO Constraint-side candor: management freely details what it cannot yet do while demand is not the question
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management voluntarily and specifically details the company's own current limitations, while making clear demand is not the problem, and pairs that with remediation underway. The question requires all three: (1) specific self-identified limits, (2) demand treated as present and settled, (3) fixes in motion. Also, the candor must be unprompted, not defensive. Let's examine the transcript. Leroy Ball and Mike Zugay discuss various segments. In Performance Chemicals (PC), they mention higher raw material costs due to having to purchase intermediate copper-based raw material on the open market because of production difficulties with a newly installed process. They say: "The various production difficulties with a newly installed process for producing one of our intermediate raw materials caused us to have to purchase more of that product on the open market than we would have liked, and that drove our raw material cost even higher than we had anticipated." This is a specific limit: they cannot produce enough of that intermediate themselves. They also say: "we've been working over the past 18 months to add additional capacity and deep bottleneck existing capacity so that we'd become self-sufficient but we're not there yet and likely won't be until sometime in the first half of 2019." That is remediation underway. Demand? They mention that the market is competitive, but they have customers. However, is demand the problem? They say "our major box store has recently made the decision to convert their ground contact treated wood program from a soluble copper based product to our patented technology microprobe" - that's future. They also mention "sizable new international account" - future. But the limitation is about raw material cost, not about unserved demand. The question asks: "does management VOLUNTARILY AND SPECIFICALLY DETAIL THE COMPANY'S OWN CURRENT LIMITATIONS — what it cannot yet produce, serve, staff, deliver, or handle — while making clear that DEMAND FOR WHAT IT SELLS IS NOT THE PROBLEM" - In PC, the limitation is production capacity for an intermediate, but they are buying on the open market to meet demand. So they are serving demand, but at higher cost. That is not unserved business. The demand is present, but they are meeting it via purchases. So the limit is not binding against actual business; they are still serving.
NO Questions aim low, answers land high: the dialogue keeps correcting expectations upward with facts already in hand
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if there is a recurring mismatch in level between questioners' assumptions and management's reports, with the mismatch running upward. The questioners are analysts asking questions. We need to see if analysts' questions are framed around a more modest, cautious, or troubled version of the business, and management repeatedly corrects upward with concrete things already happening. Let's review the Q&A section. The transcript has questions from analysts: Chris Howe, Liam Burke, Chris Shaw, and an unidentified analyst. Also there is an initial question from "Roger" (unidentified) but that might be part of the Q&A. We need to see if across multiple exchanges, analysts' questions are premised on a lower or more guarded picture, and management corrects upward with concrete facts. Let's go through each exchange: 1. First question from "Unidentified Analyst" (Roger?) asks about Class 1 crosstie volumes moving from fully treated crosstie to treatment-only service model. They ask if that would increase volume. Management explains the transition and says it's separate from demand. This is a clarification, not necessarily a cautious premise. The analyst is trying to understand the model. Not a mismatch. 2. Then the same analyst asks about volumes being down, and management explains that volumes are down due to scaling back and market conditions, but overall business is healthy. The analyst seems to be probing why volumes are down, but management says markets are strong. This could be a mismatch: analyst is concerned about volume decline, management says markets are strong. But is that an upward correction? Management says "the markets in general have never really been better." That is a correction upward. But is it concrete? They mention China turnaround, raw material constraints. It's somewhat concrete but not specific numbers. However, the analyst's question is about volume decline, and management says it's due to specific reasons and that markets are strong. This is one exchange. 3. Then the same analyst asks about covering pitch volumes, and management explains that China had little activity due to maintenance, and raw material constraints. Again, management is explaining why volumes are down but says markets are strong. This is similar. 4. Then the analyst asks about PC intermediate chemical, and management confirms it's copper-based.
NO Fresh problems of growth: the call's frictions are about handling more business, not finding it
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 difficulties predominantly problems of growth vs weakness/decline/demand etc. Need use only transcript. We need parse management discussion. Company Koppers Q2 2018. Segments: CM&C strong, PC lower profitability due unfavorable sales mix, higher raw material costs, increased overhead costs. Production difficulties with newly installed process for intermediate raw material caused purchase more on open market, drove raw material cost higher. Also lumber prices changed buying patterns, demand not materialized. RUPS: sales higher due acquisitions, profitability affected by reduced volumes transitioning major customer to treated-type program and reduced availability hardwoods due competing demands. Adjusted EBITDA flat. Outlook: RUPS up due acquisitions, legacy decline. PC: increased costs due higher average raw material costs, higher average hedged copper position, purchasing more intermediate copper raw material on open market than able to produce due capacity issues. They are adding capacity to become self-sufficient but not until first half 2019. Also major box store conversion to patented technology, new international account. CM&C strong, pricing strong, raw material tight, China customer turnaround, naphthalene unit completed commissioning. Guidance. Question: Are difficulties predominantly PROBLEMS OF GROWTH — frictions created by business getting bigger or moving faster than current setup? Need identify current difficulties. There are some growth-related: acquisitions integration, onboarding new employees, network synergies. But main operational tensions? Let's examine. Management discusses "difficulties, pains, challenges" currently dealing with. They mention: - PC: production difficulties with newly installed process for producing intermediate raw material caused purchase more on open market, higher raw material costs. This is a ramp-up/expansion issue? They are adding capacity to become self-sufficient. The "newly installed process" is part of expansion/upgrading while running. It is a growth friction? It is a facility/process that business has outgrown? Actually they installed new capacity to meet needs, but had production difficulties, so had to buy intermediate. This is a scaling/ramping issue. Also higher raw material costs due copper prices (cost inflation) and hedging.
NO Small company, disproportionate current wins: the period's actual events are big relative to the enterprise
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 specific business events that actually occurred in or around the recent period, large relative to company size, with management conveying disproportion, and indicating partial contribution with most effect ahead. Let's analyze the transcript. Key events mentioned: - Acquisitions: MA Energy Resources, Utility and Industrial Products (Cox Industrial). These are acquisitions that closed. They contributed to RUPS segment. Management says RUPS year-over-year profitability will be up by $15 million or 38% due to acquisitions. They also mention integration costs and synergies expected later. The acquisitions are large relative to company? The company is Koppers Holdings, a global company with ~$1.8B sales. Acquisitions added $18 million EBITDA expected for 2018. That's about 7.5% of $240M EBITDA. Not huge but significant. However, management frames them as contributing partially, with synergies to come. But are they "large relative to company's own current size"? The acquisitions are not described as transformative in scale. They are part of RUPS segment. The company is diversified. So likely not. - New naphthalene unit at Stickney completed, commissioning, expected to be fully functioning by early Q4. This is a facility going live. Management says it will provide cost savings, but not yet fully reflected. They mention $12-15 million annual logistics savings. That's a significant cost saving relative to EBITDA of $240M (about 5-6%). But is it a "specific business event" that is large? It's a capacity expansion. Management indicates it's not yet fully operational, so effect ahead. But is it large relative to company size? $12-15M savings is not huge. Also, they mention it's a new unit, but not a major revenue generator. - Major box store conversion to patented technology microprobe. This is a customer decision to convert their ground contact treated wood program to Koppers' patented technology. Transition planned late fall, little effect on 2018, nice boost heading into 2019. This is a specific event: a major customer (box store) signed up for a product. Management says it will provide a nice boost. But is it large relative to company? They don't quantify. They say "nice boost" and "sizable new international account" they hope to talk about next call. The international account is not yet landed, so contingent.
NO From explaining to teaching: management has started giving investors the operating manual of a business that is now work
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management spends real effort teaching investors how the business actually works now, with operational detail beyond what was asked, and conveys that this is because the business has recently started working in a way it previously had not, so the mechanics are producing results. The transcript shows management discussing various segments. They explain market dynamics, cost structures, and specific operational details. For example, in CM&C, they discuss the impact of China operations, the naphthalene unit, and how they are supplying product. In PC, they discuss raw material costs, hedging, and production issues. In RUPS, they discuss the transition to treated tie program and hardwood availability. However, the question is whether management is teaching investors how the business works at a granular level, going beyond what analysts asked, and conveying that the business has recently started working in a new way. The call seems to be a standard earnings call with segment reviews, guidance, and Q&A. Management provides explanations for results, but it's not clear that they are opening up the machinery of the business in a way that goes beyond typical investor communication. They are explaining reasons for performance, but not necessarily teaching the mechanics of how the company wins, serves, and keeps business at a level of operational detail that goes beyond what was asked. The essence is a management team that has stopped selling the story and started handing over the operating manual, because what is inside the manual has started to work. In this call, management does provide some operational detail, but it's mostly in response to questions or as part of standard segment reviews. They don't seem to be proactively teaching investors how the business works in a way that suggests a recent transformation. They mention that CM&C has had 7 consecutive quarters of margin growth, but they don't go into deep mechanics of how they win customers or serve them. They talk about market conditions, but not about the internal machinery. The call is more of a results-and-outlook presentation with thorough answers. The operational detail is extracted by analyst probing (e.g., questions about copper, naphthalene, etc.) but not unsolicited teaching. Management does explain some things, but it's not the phenomenon described. Thus, answer NO.
NO Operating without a net: management is running the company at a pace only justified if the next leg arrives
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management reveals the company is operating without a fallback position on a specific part of its business, with all three conditions met. Let's analyze the transcript. Key points: The company has multiple segments. The question asks about a specific part of the business where management has removed slack, is chasing something specific and real, and names the exposure and stands behind it. Look for any instance where management describes a deliberate removal of cushion. For example, in Performance Chemicals, they mention production difficulties with a newly installed process for producing an intermediate raw material, causing them to purchase more on the open market at higher cost. They are working to add capacity but not there yet. That is more of a problem, not a chosen thin position. In CM&C, they mention strong markets, but no mention of removing slack. In RUPS, they mention transitioning a major customer to a treated-type program, which reduced volumes. That is a transition, not a chosen thin position. The question specifically asks: "does management reveal that the company is currently operating WITHOUT A FALLBACK POSITION on a specific part of its business — that is, has it deliberately arranged its own operations so that it is exposed if a particular near-term development does not go the way management expects, and does management describe this exposure plainly and defend it rather than hedge it away?" We need to find a place where management says something like "we have no backup" or "we are all in on this" or "we have consumed our buffer." The transcript does not seem to have such a statement. Management talks about challenges, but not about deliberately removing slack. They mention that they are working to add capacity, but that is not a present-tense removal of slack. Also, the exposure must be because management is chasing something specific and already real. For example, in PC, they are chasing a new box store conversion to their patented technology, but that is future. They mention a sizable new international account, but that is future. The only possible candidate is the naphthalene unit at Stickney, which is being commissioned. But that is a new plant, not a removal of slack. Another possibility: In CM&C, they mention that they have a large contractual customer in China, and they are in a pricing dispute.
NO Bigger keys handed over: the work customers now entrust has outgrown the work the company historically received
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 determine if management describes being entrusted with materially larger/central class of work than historically, visible in actual business today. Need parse transcript. We need look for evidence. The question asks: "does management convey that the engagements, projects, orders, mandates, or roles it is winning or performing have stepped up in scale or consequence relative to what this company used to be given — and that this step-up is already visible in actual business being won or performed today?" We need answer YES if management's own words convey one coherent phenomenon as present-tense reality: new business company getting has outgrown historical norm. Examples: customers engaging for much larger projects, broader scope, core role, larger tier, etc. Let's examine transcript. Management discusses acquisitions, RUPS, PC, CM&C. There is mention of "major box store has recently made the decision to convert their ground contact treated wood program from a soluble copper based product to our patented technology microprobe. The transition is planned to occur late this fall and while it will have little effect on the balance of 2018, it should provide a nice boost heading into 2019 whether it be through unit sales or product or increase royalty payments." This is a customer converting program to their patented technology. Is that a step-up in scale/consequence? It is a major box store converting their ground contact treated wood program to Koppers' patented technology. This is actual business won? Transition planned late fall, little effect 2018, boost 2019. It is a new program, but not necessarily "already visible in actual business being won or performed today" because transition future. Also not necessarily "outgrown historical norm" maybe. Another mention: "In addition, by the next earnings call we believe that we'll be able to talk about a sizable new international account that we've been working on landing." That's future/pipeline. Another: "substantial interest from the rail industry in our commitment to providing a more sustainable solution for their used tie disposal through our MA Energy acquisition. But today we've had discussions with a number of railroads about how we could help them improve their sustainability profound a dramatic way through the responsible disposal of their treated tie waste.
NO Management is playing referee between competing claims on scarce internal resources
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if management reveals that it is currently having to ration its own limited resources among multiple attractive opportunities it is already pursuing. The key is whether management describes having more genuinely worthwhile places to put money, capacity, people, or attention than it can fund or staff right now, so that its real problem is choosing and sequencing among live opportunities rather than finding them. Let's analyze the transcript. Management discusses several segments: CM&C, PC, RUPS. They mention various projects and opportunities. For example, in CM&C, they have a new naphthalene unit at Stickney, which is being commissioned. They also mention that the aluminum market is heating up and they are working on ways to serve the surging U.S. aluminum market. In PC, they are working on adding capacity to become self-sufficient in an intermediate raw material. They also mention a new international account they are working on landing. In RUPS, they have acquisitions and integration teams, and they mention significant network synergies emerging. But does management explicitly say they have more opportunities than they can fund or staff? They talk about being disciplined, but is there a specific instance of choosing among live opportunities? For example, they mention that they are working on ways to serve the surging U.S. aluminum market "in a way that aligns with our longer term strategy" – that suggests they are being selective, but not necessarily that they have too many opportunities. They also mention that they have a lot of things going on, but they don't explicitly say they are rationing resources. Look for phrases like "we can't do everything" or "we have to prioritize" or "we are staging" etc. In the Q&A, an analyst asks about M&A and leverage. Leroy says: "We want to be smart about any acquisition that we make, so I don't expect us to really deviate much from our methodology. If we see an opportunity to bring a business in and it has great synergistic benefits, we could be willing to pay a higher price." That doesn't indicate rationing. Another analyst asks about the copper input costs and pricing flexibility. Leroy says: "Most of our larger customers I'd say, no, because we more or less lock in in many cases multi-year agreements with them except pricing, that's when we hedge the underlying copper price, right.
NO Young streak off a low base: a short run of consecutive-period improvement has just started, after a stretch that gave i
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 based on transcript. Question asks: Does management convey that business has now put together a short, still-young run of consecutive periods of real improvement (roughly two to four periods in a row) in part of business that until recently had been giving investors little reason to expect it, AND causes attached to company itself and still in force? Need answer yes/no based on transcript. We need identify candidate. In transcript, CM&C business: "Again delivered strong results compared with prior year period due to positive market trends, as well as more streamlined and efficient cost structure. In fact, it was the 7th consecutive quarter of margin growth." That is a run of 7 consecutive quarters of margin growth. But is that young? 7 quarters is not roughly two to four? It's more. Also cause: market trends (external) and cost structure (company). But "7th consecutive quarter" indicates long-established record, not young. Question requires young run 2-4 periods, and prior unimpressive stretch. CM&C had been maybe streamlined after actions three years ago. But 7 quarters is not young. Also causes include positive market trends, tight raw material supply, pricing. But cost structure company. However run is 7 consecutive quarters, not young. So no. What about RUPS? They mention "Better times are on the way as I expect to see the back half of the year improving a significant way..." Not already occurred sequential improvements. Acquisitions contributed. No. PC? They had record prior year, now lower. No. Maybe company overall? Adjusted EBITDA? First half? Not. Need parse question: "roughly two to four periods in a row of getting better" and "causes attached to company itself and still in force." CM&C has 7 consecutive quarters, so not young. Also management attributes to "positive market trends" and "more streamlined and efficient cost structure." The cause includes company cost structure. But run too long and external market trends. So no. Any other? "Our carbon materials and chemicals or CM&C business again delivered strong results compared with the prior year period due to positive market trends, as well as more streamlined and efficient cost structure. In fact, it was the 7th consecutive quarter of margin growth." That is exactly consecutive quarters but 7. Not young? It is still a run but not 2-4.
NO Cost of being wrong just collapsed: the company can now try things it previously could not afford to attempt
Original model output from the research archive. It may be verbose or include the model's working notes.
We need to determine if the transcript conveys that it has become dramatically cheaper, faster, or easier for the company to attempt a new thing than it used to be, and that the company is already taking several such swings right now, with at least one showing real results. Let's analyze the transcript. The company is Koppers Holdings, with segments: CM&C (carbon materials and chemicals), PC (performance chemicals), RUPS (railroad utility products and services). They discuss acquisitions, expansions, new products, etc. Key points: - They mention "we're working hard to introduce the newest members of the Koppers team from MA Energy Resources, and Utility and Industrial products" - acquisitions. - They talk about "new naphthalene unit at our CM&C plant in Stickney, Illinois" - capacity expansion. - They mention "production capacity expansion at our PC facilities in the U.S." - expansion. - They discuss "our patented technology microprobe" - a new product? They say "Our major box store has recently made the decision to convert their ground contact treated wood program from a soluble copper based product to our patented technology microprobe." That is a new product adoption. - They mention "a sizable new international account that we've been working on landing" - new customer. - They talk about "network synergies" from acquisitions. But does management convey that the cost of attempting something new has dramatically fallen relative to the company's own past? They talk about streamlining, cost structure, but not specifically about the cost of trying new things. They mention "more streamlined and efficient cost structure" for CM&C, but that's about existing operations. They also mention "we've been working over the past 18 months to add additional capacity and deep bottleneck existing capacity so that we'd become self-sufficient" - that's about production capacity, not about trying new things. They talk about "our commitment to providing a more sustainable solution for their used tie disposal through our MA Energy acquisition" - that's a new service? But it's from an acquisition. The question is about a step-change in the cost of attempting new things, leading to more attempts. I don't see management contrasting past costs vs. present costs for trying new things. They talk about synergies, but not about a dramatic reduction in the cost of trying.
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KOP call history
Open a quarter only when you want its detailed evidence.
D Q3 2025 · Weak call · 2025-11-07Management lowered guidance against slowing demand. The delivery was unusually candid, rich in specifics.
C+ Q2 2025 · Mixed call · 2025-08-08Management lowered guidance against slowing demand and expanding margins. The delivery was unusually candid, rich in specifics.
View the 20 core call-quality checks
C+ Q1 2025 · Mixed call · 2025-05-09Management 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
C Q4 2024 · Caution · 2025-02-27Management raised guidance against mixed demand signals and expanding margins. The delivery was unusually candid, rich in specifics.
View the 20 core call-quality checks
B+ Q3 2024 · Strong call · 2024-11-08Management raised guidance against mixed demand signals and expanding margins. The delivery was unusually candid, rich in specifics.
View the 20 core call-quality checks
B+ Q2 2024 · Strong call · 2024-08-08Management 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 Q1 2024 · Weak call · 2024-05-03Management lowered guidance against mixed demand signals and contracting margins. The delivery was unusually candid, rich in specifics.
View the 20 core call-quality checks
View 33 earlier calls
| Call | Date | Grade | Guidance | Demand | Margins | Candor | Evasion |
|---|---|---|---|---|---|---|---|
| Q4 2023 | 2024-02-28 | B | maintained | mixed | expanding | 7/9 | 2/9 |
| Q3 2023 | 2023-11-03 | C | maintained | mixed | expanding | 8/9 | 2/9 |
| Q2 2023 | 2023-08-04 | B | maintained | mixed | expanding | 8/9 | 2/9 |
| Q1 2023 | 2023-05-05 | B | maintained | mixed | expanding | 8/9 | 2/9 |
| Q4 2022 | 2023-02-27 | B+ | maintained | mixed | contracting | 8/9 | 1/9 |
| Q3 2022 | 2022-11-04 | B | maintained | mixed | stable | 8/9 | 2/9 |
| Q2 2022 | 2022-08-05 | C+ | maintained | mixed | contracting | 7/9 | 2/9 |
| Q1 2022 | 2022-05-06 | C+ | maintained | mixed | contracting | 7/9 | 2/9 |
| Q4 2021 | 2022-02-23 | B | maintained | mixed | contracting | 7/9 | 2/9 |
| Q3 2021 | 2021-11-04 | D | lowered | mixed | contracting | 7/9 | 2/9 |
| Q2 2021 | 2021-08-07 | B+ | maintained | mixed | expanding | 8/9 | 1/9 |
| Q1 2021 | 2021-05-09 | A | raised | accelerating | expanding | 8/9 | 2/9 |
| Q4 2020 | 2021-02-26 | C+ | maintained | mixed | expanding | 7/9 | 2/9 |
| Q3 2020 | 2020-10-26 | B+ | raised | mixed | expanding | 7/9 | 2/9 |
| Q2 2020 | 2020-07-27 | B+ | raised | mixed | stable | 7/9 | 2/9 |
| Q1 2020 | 2020-04-27 | C | withdrawn | mixed | contracting | 8/9 | 2/9 |
| Q4 2019 | 2020-03-01 | F | lowered | mixed | contracting | 7/9 | 3/9 |
| Q3 2019 | 2019-11-09 | C | lowered | mixed | expanding | 7/9 | 2/9 |
| Q2 2019 | 2019-08-09 | B+ | raised | mixed | expanding | 7/9 | 2/9 |
| Q1 2019 | 2019-05-03 | C+ | raised | mixed | contracting | 7/9 | 5/9 |
| Q4 2018 | 2019-03-01 | D | lowered | mixed | contracting | 7/9 | 3/9 |
| Q3 2018 | 2018-11-10 | D | lowered | mixed | contracting | 8/9 | 3/9 |
| Q2 2018 | 2018-08-12 | C+ | maintained | mixed | contracting | 7/9 | 3/9 |
| Q1 2018 | 2018-05-03 | B+ | raised | mixed | expanding | 7/9 | 3/9 |
| Q4 2017 | 2018-02-27 | B+ | raised | mixed | expanding | 7/9 | 2/9 |
| Q3 2017 | 2017-11-09 | A | raised | mixed | expanding | 8/9 | 1/9 |
| Q2 2017 | 2017-08-05 | A | raised | mixed | expanding | 8/9 | 2/9 |
| Q1 2017 | 2017-05-05 | B+ | maintained | mixed | expanding | 8/9 | 2/9 |
| Q4 2016 | 2017-02-23 | B+ | raised | mixed | expanding | 7/9 | 2/9 |
| Q3 2016 | 2016-11-03 | C+ | raised | mixed | expanding | 7/9 | 4/9 |
| Q2 2016 | 2016-08-04 | B+ | raised | mixed | expanding | 7/9 | 2/9 |
| Q1 2016 | 2016-05-06 | B+ | raised | mixed | stable | 8/9 | 3/9 |
| Q4 2015 | 2016-02-25 | C+ | lowered | mixed | contracting | 8/9 | 2/9 |