Position doing the winning: current wins credited to a standing already held, with more arriving over it
The model's full reasoning — Q2 2023 call → NOWe need to determine if the management's explanation of current wins credits a standing the company already holds, and if further business is arriving over that same standing without a proportional new push. Key points from the transcript: - Management discusses the First Republic lease resolution with JP Morgan. They retained 75% of space, converted subtenants to direct leases, retaining 94% occupancy and 88% rental revenue. They attribute this to "the desirability of the quality of the asset, but also our proactive hands on management style." So they credit both asset quality and proactive management. But the question is about a standing that predates the period and is the operative cause of current wins. The asset quality is a standing, but they also mention proactive management. However, the wins are the retention of space and conversion of subtenants. Is that a "win" in the sense of new business? It's more about retaining existing business. But they also mention that they are in discussions with JP Morgan for future space needs. They say "We look forward to working with them in the future, as they figure out their long-term space needs." That suggests future business may come from that relationship. - For SVB Securities, they engaged directly with the acquiring entity and signed a new lease for the same space, with some short-term. That is a win. - They also mention that their New York portfolio is steady, occupancy up, and they are seeing increased inquiries and tours. They have a large block vacancy at 1301 Sixth Avenue and upcoming availability at 31 West 52nd Street. They are finalizing an amenity center at 1301 to attract tenants. That is a new push, not a standing. - In San Francisco, they mention increased demand from AI companies, but that is market conditions. - They talk about their strategy of investing in Class A and Trophy buildings in coastal gateway markets as a long-term mindset. That is a standing, but they don't explicitly say that this standing is causing current wins. They say "Our strategy of investing in Class A and Trophy Buildings in coastal gateway markets is one that has stood the test of time. It will again." That is more of a general statement. - Peter Brindley discusses leasing activity: they leased 72,000 sq ft in Q2, with 60,000 in NY. They mention Wilson Sonsini expansion and a full floor lease at 903rd Avenue.
| 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.