Insiders still discovering the upside: management reports the opportunity keeps revealing itself bigger in live operatio
The model's full reasoning — Q1 2023 call → NOWe need to determine if management conveys both halves: (1) fresh discoveries coming out of live operation, and (2) management following those discoveries with real attention/resources. Let's examine the transcript. Key points: Horace mentions international expansion, pilots, B2B, etc. He describes a three-step process: pilot, B2B, then B2C. He mentions Korea as an example of successful progression. He talks about Enel X VPP as a new revenue stream. He says "we can now add a potential substantial future revenue stream" - that's a discovery? But is it from live operation? The VPP was a pilot, then commercial deployment announced. He says "After the successful pilot, we recently announced the commercial deployment" - that's a discovery from operation? Possibly. But the question asks: does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — that in the course of actually operating, selling, or delivering in the recent period, the company keeps encountering genuine positive surprises about how much more there is for it to do? And is management responding with real attention or resources now? Look for language like "we discovered", "we were surprised", "we found", "we learned", "we didn't expect", "we are seeing more than we thought", etc. In the transcript, Horace says: "We continue to see very little fall off from our network users." That's not a discovery. He says "Our platform is able to monitor every battery... These batteries also enable the growth of sustainable urban areas. Together with partners, we're building a range of smart city solutions... Our batteries are now powering thousands of device serving non-mobility customers as well." That suggests they discovered that batteries can be used for non-mobility customers. But is that a fresh discovery from live operation? They mention "With the announcement of the commercialization of a partnership with Enel X, we can now add a potential substantial future revenue stream" - that's a new revenue stream, but is it a surprise? They had a pilot, then commercialized. They say "This is a significant milestone for Gogoro and it's the world's first." That indicates they are acting on it. But the question is about "still discovering new upside inside business that is already working" - meaning they are finding more opportunity than they thought.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| WEC | WEC Energy Group, Inc. | Q1 2024 | 2024-05-01 | A |
| PDS | Precision Drilling Corporation | Q1 2024 | 2024-04-25 | B |
| ET | Energy Transfer LP | Q2 2023 | 2023-08-02 | C+ |
| IMAX | IMAX Corporation | Q2 2023 | 2023-07-26 | B+ |
| MEC | Mayville Engineering Company, Inc. | Q3 2022 | 2022-11-05 | B+ |
| MOMO | Hello Group Inc. | Q3 2021 | 2021-11-30 | D |
| CYBR | CyberArk Software Ltd. | Q3 2021 | 2021-11-04 | B+ |
| LOPE | Grand Canyon Education, Inc. | Q2 2021 | 2021-08-08 | C |
| EMR | Emerson Electric Co. | Q3 2021 | 2021-08-04 | B+ |
| TENB | Tenable Holdings, Inc. | Q2 2021 | 2021-07-27 | A |
| UMH | UMH Properties, Inc. | Q3 2018 | 2018-11-02 | C+ |
| XOM | Exxon Mobil Corporation | Q2 2018 | 2018-07-27 | C |
| MKTX | MarketAxess Holdings Inc. | Q3 2017 | 2017-10-25 | C+ |
| LIND | Lindblad Expeditions Holdings, Inc. | Q2 2017 | 2017-08-06 | C |
| BCE | BCE Inc. | Q2 2017 | 2017-08-05 | B+ |
| BP | BP p.l.c. | Q4 2016 | 2017-02-07 | B+ |
| INGR | Ingredion Incorporated | Q1 2016 | 2016-05-01 | B+ |
BP · Q4 2016 → YESThe question is: Does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — both discovering new positive surprises from operations AND responding with re...YES The transcript shows management conveying exactly this posture in the Oman section. They recount a genuine operational surprise—“straight wells that we had not expected,” well rates “above plan,” and liquid production “higher than planned”—that emerged while the asset was actually running.
XOM · Q2 2018 → YESThe question is: Does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — that in the course of actually operating, selling, or delivering in the recent...YES The transcript shows management conveying exactly this posture in the Guyana section. Neil Chapman recounts fresh upward revisions to resource estimates ("now more than 4 billion... up from the 3.2 billion... just 4 months ago") and the eighth discovery ("Longtail exploration well...
LOPE · Q2 2021 → YESThe question is whether management is still discovering new upside inside a business that's already working, based on recent operations, and responding with attention or resources. YES The transcript shows management discovering fresh upside in the GCU traditional campus platform through live operations: they built three new residence halls expecting no further need next year, but current registrations reveal near-capacity demand, requiring at least two more halls to be built.