Locus of control flip: management says the outcome is in its own hands, and names what it controls
The model's full reasoning — Q1 2024 call → NOWe need to determine if management conveys that future results are mainly determined by things the company itself controls, and backs that with a specific, nameable driver already real. The transcript shows management discussing various regulatory issues, capital cuts in Connecticut, offshore wind sale, etc. They emphasize their own actions: cutting capital in Connecticut, redeploying to other states, selling assets, equity issuances, etc. They also mention specific drivers like the ESMP in Massachusetts, the $600 million incremental capital, the sale of offshore wind assets, etc. However, the overall tone seems to be that they are reacting to external regulatory environments, and they are cutting back in Connecticut due to unfavorable conditions. They do mention their own actions like the sale of offshore wind, but that is a one-time event. The question is whether they convey that future results are mainly determined by their own control. They do say they are confirming their five-year capital expenditure forecast and have ample opportunities for capital deployment. They also mention specific drivers like the ESMP, the $600 million incremental capital, and the sale of assets. However, they also attribute some issues to external regulatory decisions. The key is whether they present a coherent posture that the path ahead is self-determined. They are cutting Connecticut investments and redeploying elsewhere, which is their own decision. They also mention specific drivers like the ESMP and the sale of offshore wind. But are these "already real"? The ESMP is filed, awaiting decision. The sale of offshore wind is in progress. They also mention the $600 million incremental capital for solar interconnection. That is a plan, but it's contingent on approval. The sale of offshore wind is in progress, but not closed. They also mention the water business sale as a potential. The question asks for a specific, nameable driver that is already real and under their control. They mention the $300 million resiliency program in Connecticut that has timely recovery. That is already in place. Also, they mention the annual rate adjustment mechanism in Connecticut that will provide reimbursement. That is a regulatory decision, but it's a driver they control? Actually, it's a regulatory outcome, not fully under their control.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| ASO | Academy Sports and Outdoors, Inc. | Q1 2024 | 2024-06-11 | C+ |
| SFIX | Stitch Fix, Inc. | Q3 2024 | 2024-06-04 | C+ |
| RCEL | AVITA Medical, Inc. | Q1 2024 | 2024-05-14 | F |
| LINC | Lincoln Educational Services Corporation | Q1 2024 | 2024-05-06 | B+ |
| TNET | TriNet Group, Inc. | Q1 2024 | 2024-04-26 | C |
| DUOT | Duos Technologies Group, Inc. | Q4 2023 | 2024-04-01 | F |
| GIII | G-III Apparel Group, Ltd. | Q4 2024 | 2024-03-14 | C |
| SANG | Sangoma Technologies Corporation | Q2 2024 | 2024-02-08 | D |
| GPRO | GoPro, Inc. | Q4 2023 | 2024-02-07 | F |
| ALL | The Allstate Corporation | Q3 2023 | 2023-11-02 | C+ |
| PTLO | Portillo's Inc. | Q2 2023 | 2023-08-05 | B |
| SPT | Sprout Social, Inc. | Q2 2023 | 2023-08-04 | B+ |
| CDE | Coeur Mining, Inc. | Q1 2023 | 2023-05-11 | C+ |
| BRX | Brixmor Property Group Inc. | Q1 2023 | 2023-05-02 | A |
| TSSI | TSS, Inc. | Q4 2022 | 2023-04-03 | D |
| DKS | DICK'S Sporting Goods, Inc. | Q4 2022 | 2023-03-07 | B |
| ADPT | Adaptive Biotechnologies Corporation | Q4 2022 | 2023-02-14 | C+ |
| VNRX | VolitionRx Limited | Q1 2022 | 2022-05-12 | F |
| ZVIA | Zevia PBC | Q1 2022 | 2022-05-12 | B |
| HROW | Harrow Health, Inc. | Q4 2021 | 2022-03-10 | C |
| RELY | Remitly Global, Inc. | Q4 2021 | 2022-03-02 | B |
| GFS | GLOBALFOUNDRIES Inc. | Q3 2021 | 2021-11-30 | A |
| ASAN | Asana, Inc. | Q2 2022 | 2021-09-01 | B+ |
| CLVT | Clarivate Plc | Q2 2021 | 2021-07-31 | B+ |
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| HSTM | HealthStream, Inc. | Q3 2017 | 2017-10-24 | C |
| STKL | SunOpta Inc. | Q2 2017 | 2017-08-09 | C+ |
| FLEX | Flex Ltd. | Q1 2018 | 2017-07-28 | F |
| PTC | PTC Inc. | Q3 2017 | 2017-07-19 | C+ |
| IONS | Ionis Pharmaceuticals, Inc. | Q1 2017 | 2017-05-09 | C |
| BLKB | Blackbaud, Inc. | Q1 2017 | 2017-05-02 | B+ |
| MRIN | Marin Software Incorporated | Q4 2016 | 2017-02-28 | D |
| SXT | Sensient Technologies Corporation | Q4 2016 | 2017-02-10 | A |
| ATO | Atmos Energy Corporation | Q1 2017 | 2017-02-08 | A |
| EFSC | Enterprise Financial Services Corp | Q4 2016 | 2017-01-24 | B+ |
| RPM | RPM International Inc. | Q2 2017 | 2017-01-05 | D |
| LEE | Lee Enterprises, Incorporated | Q4 2016 | 2016-12-09 | C |
| FATE | Fate Therapeutics, Inc. | Q3 2016 | 2016-11-07 | C |
| MAT | Mattel, Inc. | Q3 2016 | 2016-10-19 | C |
| ARAY | Accuray Incorporated | Q4 2016 | 2016-08-17 | B |
| GIS | General Mills, Inc. | Q4 2016 | 2016-06-29 | B+ |
| ESE | ESCO Technologies Inc. | Q2 2016 | 2016-05-03 | A |
| SAN | Banco Santander, S.A. | Q4 2015 | 2016-01-27 | B |
TNET · Q1 2024 → YESThe question is: Does management convey that the company's results over the coming periods will be determined mainly by THINGS THE COMPANY ITSELF CONTROLS, rather than by market conditions, etc., AND ...YES The transcript shows management framing future results as largely self-determined through internal levers like offsetting attrition with new sales (which they expect to "consistently achieve"), disciplined execution in sales/retention/expenses, and a strategy review to align resources for profitable growth. They back this with specific, already-real drivers: 50 % YoY ACV new sales growth, 28 % YoY growth in tenured sales reps plus productivity gains, and nearly positive sequential core WSE growth in Q1. While acknowledging external headwinds (economic hiring softness, insurance cost inflation), they repeatedly redirect to what they control and point to these internal actions as the primary drivers of improvement. The stance is coherent and not generic. Answer: YES. The question requires "mainly" and "rather than by market conditions, etc."; the transcript meets that threshold by repeatedly emphasizing internal control and execution while treating external factors as secondary headwinds they are managing.
GPRO · Q4 2023 → YESThe question is: Does management convey that the company's results over the coming periods will be determined mainly by THINGS THE COMPANY ITSELF CONTROLS, rather than by market conditions, etc., AND ...YES The transcript shows management framing 2024 results as driven primarily by its own actions: the retail expansion already underway (3,200 doors added, 7,000 targeted), new product launches (four SKUs in 2024), the Forcite acquisition closed this quarter, and the Quik desktop app launched 24 hours ago. They repeatedly tie future growth to these internal levers rather than external demand or macro conditions, while noting external factors only as temporary Q4 headwinds. This meets both criteria. NO if it were mainly external or generic. YES. The stance is coherent and backed by a named, already-real driver (ret 3200 doors + strategy shift). The answer is YES. The question is answered with YES. The final answer is YES. The answer is YES. The answer is YES. The answer is YES. The answer is YES. The answer is YES.
HROW · Q4 2021 → YESThe question is: Does management convey that the company's results over the coming periods will be determined mainly by THINGS THE COMPANY ITSELF CONTROLS, rather than by market conditions, etc., AND ...YES The transcript shows management framing the path ahead as substantially self-determined through its own execution and actions (e.g., "positioning Harrow Health to fulfill its vision," "executing on that vision," "we are expanding our existing commercial infrastructure," "establishing our own internal analytical lab," "we expect to see 2023 number looks like 2024, 2025" via "profits that this team has been able to generate," and "we have that amazing commercial team and we have a large customer base" for launches without dilution). They redirect from external factors like COVID to internal progress and state they will "not dilute our shareholders necessarily to launch AMP-100" due to internal capabilities.