Position doing the winning: current wins credited to a standing already held, with more arriving over it
The model's full reasoning — Q3 2017 call → NOThe question asks whether management credits a standing the company already holds as the operative cause of current wins, and whether further business is arriving over that same standing. Let me analyze the transcript for evidence of this pattern. Key elements to look for: 1. An already-held standing (capability, installed base, footprint, relationships, etc.) that predates the period 2. Current wins flowing from that standing 3. Further business arriving over that same standing without proportional new push Looking at the transcript: - Mortgage servicing portfolio: "$979 million" - this is an installed base. They mention "our servicing portfolio now stands at $979 million and approximately $2.4 million in servicing revenue annually from that portfolio." This is recurring revenue from an existing portfolio. They also say "Our strategic goal of $1 billion is within our reach this year" - suggesting growth over the existing base. - SBA lending: They mention "we have strengthened our positioning by expanding our business development officer or BDO as we call it, presence in new and existing markets" - this is a new push, not standing. - Wealth management: "assets under our care" - they mention growth but attribute it to "market expansions" and "attracting top talent" - this seems more effort-based. - The mortgage business: "over 95% of our year-to-date production of $243 million has come from new client relationships to State Bank" - this suggests new relationships, not necessarily standing. - The servicing portfolio is the clearest example of a standing that generates recurring revenue. The $979 million portfolio generates $2.4 million annually in servicing revenue. This is an installed base producing current revenue. And they say the $1 billion goal is "within our reach" - suggesting more is arriving over the same standing. - However, the question asks about "winning business" - current wins. The servicing portfolio is more of a recurring revenue stream from past originations, not necessarily new wins flowing from a standing. Let me look more carefully at whether they attribute current wins to a standing: - "Our success in this arena adds strength to our revenue diversity strategy" - SBA, but they're expanding with new BDOs, so it's effort-based.
| 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.