Position doing the winning: current wins credited to a standing already held, with more arriving over it
The model's full reasoning — Q2 2022 call → NOWe need to analyze the transcript to see if management explains current business wins as flowing from a standing the company already holds, and that further business is arriving over that same standing. Key points from the transcript: - Paul Perrault: "I'm pleased to report, we had another quarter of solid earnings... our core loan portfolio grew $82 million or 4.5% annualized and our net interest margin for the second quarter was 3.56%... We continue to see solid commercial loan and deposit activity in our markets despite the significant rise in short-term rates." - On loan growth: Paul says "All I can say Chris is, I can't wait for people to stop buying our customers. This has been going on now. It feels like for over two years the originations were strong continue to be strong and I expect, it'll be that way into the future. And if people can just calm down maybe these higher rates will comp people down and we'll be able to get a little bit better traction. But we are making some gain nonetheless. It's generally a bright picture now that we have the private banking capability, we at least have something to talk about with the selling families." This suggests that loan growth is strong due to originations, but they are losing customers to sales (i.e., customers selling their businesses). They mention "private banking capability" as something they have now, which helps them talk to selling families. But is that a standing? They say "now that we have the private banking capability" - that is a capability they have built. But does it explain current wins? They say "we at least have something to talk about with the selling families" - that implies it helps in conversations, but not necessarily that it is the cause of wins. Also, they are losing customers to sales, so they are not winning those. - On deposits: Paul says "I think, if you really had the raw data, you would find that it's really pretty lumpy particularly so far this year with rising interest rates. We have -- we manage the treasury activities through some rather significant organizations, which through the low rate environment ended up having very, very significant deposits with us as rates have gone up those are the kinds of examples that Carl was alluding to that moved some of that to treasuries for the most part.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| NICE | NICE Ltd. | Q4 2023 | 2024-02-22 | B+ |
| ACGL | Arch Capital Group Ltd. | Q4 2023 | 2024-02-15 | B+ |
| CHT | Chunghwa Telecom Co., Ltd. | Q4 2023 | 2024-01-30 | C |
| IMAX | IMAX Corporation | Q2 2023 | 2023-07-26 | B+ |
| SPIR | Spire Global, Inc. | Q1 2023 | 2023-05-10 | B |
| FTHM | Fathom Holdings, Inc. | Q1 2023 | 2023-05-10 | C |
| BXSL | Blackstone Secured Lending Fund | Q1 2023 | 2023-05-10 | A |
| POOL | Pool Corporation | Q4 2022 | 2023-02-16 | C+ |
| EXFY | Expensify, Inc. | Q2 2022 | 2022-08-12 | D |
| HLIO | Helios Technologies, Inc. | Q1 2022 | 2022-05-10 | C |
| BXP | Boston Properties, Inc. | Q1 2022 | 2022-05-03 | A |
| GFS | GLOBALFOUNDRIES Inc. | Q3 2021 | 2021-11-30 | A |
| WMB | The Williams Companies, Inc. | Q3 2021 | 2021-11-02 | B |
| PRIM | Primoris Services Corporation | Q2 2018 | 2018-08-11 | C+ |
| ORAN | Orange SA | Q2 2018 | 2018-07-26 | B |
| ROK | Rockwell Automation, Inc. | Q4 2017 | 2017-11-08 | C |
| MKTX | MarketAxess Holdings Inc. | Q3 2017 | 2017-10-25 | C+ |
| LEA | Lear Corporation | Q2 2017 | 2017-07-26 | B+ |
| HPP | Hudson Pacific Properties, Inc. | Q4 2015 | 2016-02-25 | C |
EXFY · Q2 2022 → YESThe question is about whether management credits a standing the company already holds as the reason they're currently winning business, and that more is arriving over that same standing without a new ...YES The transcript shows management crediting their pre-existing bottom-up adoption model and differentiated platform position (already in place since day one, with SMB focus and unique acquisition mechanics) as the operative cause of current wins. This is evident in statements like the model being "overwhelmingly driving the success of our business" and competitors routing customers to them due to the same standing. Further business is conveyed as already arriving through the same position, with trends continuing and the best quarter ever achieved on that foundation, even as they note additional investments in sales and conferences.
FTHM · Q1 2023 → YESThe question is about whether management credits a standing the company already holds as the reason they're currently winning business, and if more business is arriving over that same standing without...YES The transcript shows management crediting the company's pre-existing low-cost flat-fee model, owned technology, and culture-driven retention as the durable standing already in place that is generating current wins (market share gains, 18% agent growth, 60% of March referrals, and transaction resilience vs. peers). They describe these as flowing directly from that standing rather than fresh effort, while conveying continuation through the referral program's ongoing positive impact and the model's ability to draw more agents without proportional new marketing push.
ORAN · Q2 2018 → YESThe question is about whether management credits a standing the company already holds as the reason they're currently winning business, and that more is arriving over that same standing without a new ...YES The transcript shows management repeatedly tying current wins (net adds, ARPU growth, EBITDA expansion) directly to a pre-existing durable position: the #1 convergent operator status already achieved through prior leadership in fixed/mobile networks and fiber rollout, plus the installed base of 10.