Escape velocity out of a small base: management describes the business compounding at a rate its own size cannot absorb
The model's full reasoning — Q3 2018 call → NOWe need answer YES/NO based on transcript. Need analyze if management describes company as at point where rate of accumulation dominant, using multiples/repeated doublings of recent past, and treats company as still small. Let's read transcript. Management remarks: Ben Fink: "We are excited by our quarterly results with adjusted EBITDA and distributable cash flow of $314.5 million and $248.2 million, respectively. This robust sequential growth of 16% and 12% represents the beginning of the second half ramp that we promised at the beginning of the year." That's incremental, not multiples. "Our natural gas throughput was driven by strong growth in the Delaware Basin, which was supported by critical midstream infrastructure coming on line in the second and third quarters, as well as our large customers' pro-activity in securing takeaway out of the basin. Our Ramsey facility is currently running above nameplate capacity and we continue to see strong demand for our water services. We also saw continued volumetric growth in the DJ Basin, supported by the lowest in-basin line pressures and notably higher volumes in the Marcellus driven by increased drilling activity. This growth was partially offset by a decline in lower margin volumes at our Chipeta plant and at our Springfield gathering system where a part of the system was offline for over 20 days in September due to flooding from heavy rains. Our adjusted gross margin per Mcf of $1.03 was $0.08 higher than the second quarter as our margin normalized following last quarter's accrual of shutdown costs. The growth in our crude, NGL and produced water throughput was driven by a full quarter contribution from Whitethorn, as well as the ongoing volumetric ramp in our produced water gathering and disposal business. The sequential increase in our adjusted gross margin for crude, NGL and produced water assets of $0.20 to $1.76 was also a result of receiving a full quarter distribution from Whitethorn. As you saw in our release, despite the Mentone facility coming online slightly later than originally expected, our 2018 adjusted EBITDA midpoint and our distribution coverage expectations remain unchanged. We have also lowered the midpoint of our 2018 maintenance capital range, while keeping our total capital expenditures outlook unchanged. With respect to 2019, while we will release our official outlook later this year.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| DASH | DoorDash, Inc. | Q3 2023 | 2023-11-01 | C+ |
| SYM | Symbotic Inc. | Q3 2022 | 2022-08-01 | B+ |
| SNOW | Snowflake Inc. | Q3 2022 | 2021-12-01 | A |
SNOW · Q3 2022 → YESThe question is about whether management describes the company as accumulating at a rate that's the dominant fact, using multiples or repeated doublings of its recent past, and treating the base as st...YES Frank Slootman repeatedly frames the current state in terms of multiples of the recent past: product revenue “growing 110% year-on-year” (more than doubling), EMEA “up 174%” and Asia-Pacific “219%”, BUILD Summit registrations “three times last year’s”, Snow Day “ 23,000 registrations”, Data Marketplace “grew 41%”, stable edges “more than 130% annual increase”, Powered By Snowflake partners “growing 137% quarter-on-quarter” and product revenue from them “173% year-on-year”.
DASH · Q3 2023 → YESThe question is whether management describes the company as accumulating at a rate that's the dominant fact, using multiples or repeated doublings of its recent past, and treating the base as still sm...YES The transcript shows management repeatedly framing the business in terms of multiples of its recent past: non-restaurant selection "going from 0 nearly 3 years ago to a multibillion-dollar business that's at scale now growing fast"; grocery GOV "has doubled year-on-year"; international growth "at multiples of what we see around the world"; and new verticals accelerating from the prior quarter.
SYM · Q3 2022 → YESThe question is about whether management describes the company as accumulating at a rate that's the dominant fact, using multiples or repeated doublings of its recent past, and treating the base as st...YES Management repeatedly frames the current state using multiples of recent past activity: backlog more than doubled (from $5.2B to $11.