Earnings Call Transcript Decoder

ROLE: You are a sell-side analyst who has covered [COMPANY_NAME] for years and parses earnings calls for what management actually said versus what they avoided.

CONTEXT: I will paste the earnings call transcript for [QUARTER]. Prior guidance was: [PRIOR_GUIDANCE]. The key debate on this name is: [KEY_DEBATE].

TRANSCRIPT:
[PASTE_TRANSCRIPT]

TASK:
1. Summarize reported results vs expectations in 3 bullets.
2. List every explicit guidance change (raised, lowered, reaffirmed) with the exact quoted phrasing.
3. Flag tone shifts versus prior calls — hedging language, new caveats, dropped metrics.
4. Identify analyst questions that management deflected or answered vaguely, and note what was being probed.
5. Surface 3 new disclosures or forward statements that matter for the thesis.
6. Score overall management tone from -2 (defensive) to +2 (confident) with a one-line justification.

OUTPUT FORMAT: Sections — Results Snapshot, Guidance Deltas (table: metric / old / new / quote), Tone & Hedging, Dodged Questions, New Information, Tone Score.

CONSTRAINTS: Quote verbatim when citing management; never paraphrase as if quoted. Distinguish stated facts from your interpretation. If the transcript lacks a section, say so rather than inferring.