Insiders still discovering the upside: management reports the opportunity keeps revealing itself bigger in live operatio
The model's full reasoning — Q2 2022 call → NOWe need to determine if management conveys both halves: fresh discoveries from live operation, and responding with attention/resources. The transcript: management discusses challenges, but also bright spots: SelectRx progress. They say "Consumer interest in our SelectRx pharmacy solution, in particular, continues to ramp up. To date, we have completed over 40,000 gross customer enrollments, and we are beginning to hit our stride in terms of shipments and recently at list 10,000 active members receiving prescriptions." They also say "we remain well on pace with our original expectations of 25,000 members by the end of this fiscal year" and "we plan to provide regular updates on our SelectRx membership and revenues." They also mention "we are more excited than ever about the high level of consumer interest in and demand for the pharmacy services we offer." And "we have learned the nuances of this business and made many operational improvements to lower falloff and speed up the onboarding process." They see "significant demand" and "process enhancements are really starting to pay off." They also say "we remain confident with our forecast to exit this fiscal year with around 25,000 active paying SelectRx members, over 10x what we started the year with." Is this a fresh discovery from live operation? They are seeing demand and enrollment numbers that are strong. But is it a discovery of upside beyond expectations? They say "we remain well on pace with our original expectations" - so not necessarily exceeding expectations. They also say "we are more excited than ever" but that's not a specific surprise. They mention "we have learned the nuances" - that's operational learning, not necessarily discovering new upside. They also say "we remain confident with our forecast" - so they are not revising upward. They are just reporting progress. Also, they are responding with resources? They say "we plan to provide regular updates" and "we continue to invest in our health care services business" - but that's more of a commitment, not necessarily a response to a fresh discovery. The question asks: "management conveys that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING" - meaning they are finding more opportunity than they thought. Here, they are just confirming they are on pace. No mention of being surprised by higher demand or new uses.
| 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.