Better business coming in than going out: management describes the quality of new intake visibly exceeding what it is re
The model's full reasoning — Q2 2018 call → NOThe question is about whether management conveys that the business they're taking in right now is of visibly higher quality than the business they're finishing or letting run off. YES Management contrasts the quality of the business they are taking in now (leasing high-quality locations with strong demand from major retailers in top growth markets, small-shop occupancy at 90%+ driven by expanding categories like restaurants, fitness, medical, and service) against the older business they are finishing or letting run off ( Toys "R" Us liquidation with lower-quality or temporary tenants, Midwest non-core assets being sold, and flat/low-growth properties being pruned). They explicitly state that this repositioning is already producing results—leasing volume at all-time highs, same-site NOI growth from increased minimum rent and percentage rent, and a 310-basis point leased-to-economic occupancy gap that will widen as Toys boxes are re-leased—while the remaining core portfolio is strengthening and will deliver superior growth in 2019 as the older, lower-quality business naturally rolls off. This is conveyed directly in present-tense terms as real, current actions (e.g., "demand match or exceed supply," "80% of the same-site growth came from increased minimum rent," "we remain focused on reducing the asset count in the Midwest, while also selectively pruning flat or low growth assets," and "the higher quality portfolio is clearly starting to showcase its benefits"). The improvement is framed as already arriving in 2018 results and accelerating into 2019 from the mix shift, without relying on external market recovery. The answer is YES because the transcript shows management affirming both the in-versus-out quality contrast (new leases and retained assets vs. outgoing Toys boxes and Midwest sales) and the turnover dynamic (old business rolling off now 2018, new higher-quality business becoming the larger share in reported results and future growth). This fits the criteria exactly. NO would apply only if they discussed only generic demand strength or price increases without this specific contrast and turnover framing. Final answer: YES.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| ASB | Associated Banc-Corp | Q1 2024 | 2024-04-25 | A |
| GIII | G-III Apparel Group, Ltd. | Q4 2024 | 2024-03-14 | C |
| ALL | The Allstate Corporation | Q3 2023 | 2023-11-02 | C+ |
| SPT | Sprout Social, Inc. | Q2 2023 | 2023-08-04 | B+ |
| BRX | Brixmor Property Group Inc. | Q1 2023 | 2023-05-02 | A |
| OEC | Orion Engineered Carbons S.A. | Q4 2022 | 2023-02-17 | B+ |
| BBD | Banco Bradesco S.A. | Q3 2022 | 2022-11-09 | D |
| GFS | GLOBALFOUNDRIES Inc. | Q3 2021 | 2021-11-30 | A |
| KTB | Kontoor Brands, Inc. | Q3 2021 | 2021-11-04 | A |
| CYBR | CyberArk Software Ltd. | Q3 2021 | 2021-11-04 | B+ |
| EHTH | eHealth, Inc. | Q2 2021 | 2021-07-29 | F |
| ADSK | Autodesk, Inc. | Q3 2019 | 2018-11-20 | A |
| GECC | Great Elm Capital Corporation | Q3 2018 | 2018-11-13 | B |
| CUBI | Customers Bancorp, Inc. | Q3 2018 | 2018-10-26 | C+ |
| T | AT&T Inc. | Q3 2018 | 2018-10-24 | C+ |
| ESS | Essex Property Trust, Inc. | Q2 2018 | 2018-08-03 | B+ |
| MKC | McCormick & Company, Incorporated | Q2 2018 | 2018-06-28 | C+ |
| ALLY | Ally Financial Inc. | Q1 2018 | 2018-04-26 | B+ |
| ATI | Allegheny Technologies Incorporated | Q1 2018 | 2018-04-24 | B |
| HSTM | HealthStream, Inc. | Q3 2017 | 2017-10-24 | C |
| MTG | MGIC Investment Corporation | Q3 2017 | 2017-10-18 | B+ |
| BLKB | Blackbaud, Inc. | Q1 2017 | 2017-05-02 | B+ |
HSTM · Q3 2017 → YESThe question is about whether management conveys that the business they're taking in right now is of visibly higher quality than the business they're finishing or letting run off. YES The transcript shows management explicitly contrasting incoming business against outgoing: - Patient Experience: "Existing clients also continue to convert from a phone modality to email and SMS text surveying modality... This conversion trend to continue... expected to have a positive impact... on patient experience margins." (lower price, higher margin shift already happening) - Provider Solutions: "the move from installed software sales to software as service sales... challenge revenue growth... but not profitability growth" and "backlog of unimplemented customers... significantly reduced" - Laerdal/HeartCode: "the new product we believe is right now based on contracts.
GFS · Q3 2021 → YESThe question is about whether management conveys that the business they're taking in right now is of visibly higher quality than the business they're finishing or letting run off. YES The transcript shows management explicitly contrasting the incoming business with the outgoing: compute revenue is declining "as expected" due to customers shifting to smaller nodes, while "newer high-margin customer designs" are ramping in 2H 2022 to offset it. They tie this directly to mix improvement from "d differentiated solutions become a larger portion" and "feature-rich" platforms (FDX, RF SOI, silicon photonics) growing while feature-rich CMOS is flat or down. LTAs signed now carry "pricing improvements" baked in for 2022+, with new agreements committing future capacity at those better terms.
CYBR · Q3 2021 → YESThe question is about whether management conveys that the new business they're taking in is of higher quality than the old business they're replacing, and that as the old rolls off, results will impro...YES Management explicitly contrasts the incoming subscription business (new logos, SaaS bookings, Privileged Cloud, EPM) as higher-quality than the outgoing perpetual license business it is replacing. They describe it as delivering “faster type of value,” “higher lifetime value over time,” and “more users and more products faster ,” while noting that the current revenue and profitability headwind from the mix shift is “obscuring the P&L” and that results will improve once the transition completes.