Doing more and earning better on each one: volume and per-unit economics improving together, from the company's own acti
The model's full reasoning — Q4 2015 call → NOWe need to determine if management conveys both: (1) volume of business is rising now, and (2) per-unit economics are getting better due to company changes, presented together as current state. From transcript: Victor mentions strong leasing activity, executed leases, high occupancy, etc. For example: "leasing activity across our markets is on track to significantly outpace prior quarters" and "we have over 860,000 square feet executed and in leases" - that's volume rising. Per-unit economics: They mention "cash rent spreads north of 30%" and "rents 23% higher on a cash basis and 42% on a GAAP basis" - that's better terms on new leases. Also "mark-to-market increase to equal the expiring rents of Rocketfuel in the near day was 87%" - that's higher rents on new leases vs old. They also mention "we executed 1.6 million square feet of leases and cash rent spreads north of 30%" - that's per-unit improvement. They attribute this to their own actions? They talk about "we've been very proactive about getting in front of these groups" and "we're in constant dialog with our tenants" - but the rent increases are due to market conditions? They say "demand for office and studio space... reached an all-time high" and "rental rates at highs" - that's market-driven. But they also mention "we're not seeing any cracks in terms of fundamentals" and "we just gave you a comp on 1455 and we've rolled out 80% plus mark to market" - that's market pricing. However, they also mention "we expect to start seeing the impact of those improvements in the coming quarters" regarding capital improvements - that's future. They also mention "all leasing progress to date has been accomplished without any significant CapEx or other GI allowances" - that means they are getting better terms without spending much, which is a company-driven efficiency? They say "the demand for some of the space that is available... has just needed less TIs" - that's market conditions, not company changes. But the question asks: "the economics or productivity OF EACH UNIT of that business are simultaneously GETTING BETTER because of changes the company itself has made" - so the improvement must be attributed to company actions, not just market.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| CRGO | Freightos Limited | Q1 2024 | 2024-05-20 | C+ |
| WRBY | Warby Parker Inc. | Q1 2024 | 2024-05-09 | A |
| AZEK | The AZEK Company Inc. | Q2 2024 | 2024-05-08 | B+ |
| CTRA | Coterra Energy Inc. | Q1 2024 | 2024-05-03 | A |
| MNKD | MannKind Corporation | Q4 2023 | 2024-02-27 | C |
| LILA | Liberty Latin America Ltd. | Q4 2023 | 2024-02-23 | C |
| DASH | DoorDash, Inc. | Q3 2023 | 2023-11-01 | C+ |
| GRBK | Green Brick Partners, Inc. | Q3 2023 | 2023-11-01 | B |
| BZUN | Baozun Inc. | Q2 2023 | 2023-08-28 | D |
| IMAX | IMAX Corporation | Q2 2023 | 2023-07-26 | B+ |
| DAL | Delta Air Lines, Inc. | Q2 2023 | 2023-07-13 | A |
| GVP | GSE Systems, Inc. | Q1 2023 | 2023-05-15 | D |
| TGT | Target Corporation | Q4 2022 | 2023-02-28 | C |
| CNA | CNA Financial Corporation | Q4 2022 | 2023-02-06 | B |
| SYY | Sysco Corporation | Q1 2023 | 2022-11-01 | C+ |
| TMCI | Treace Medical Concepts, Inc. | Q2 2022 | 2022-08-13 | B+ |
| DM | Desktop Metal, Inc. | Q2 2022 | 2022-08-08 | F |
| FLR | Fluor Corporation | Q2 2022 | 2022-08-05 | D |
| SGRY | Surgery Partners, Inc. | Q2 2022 | 2022-08-02 | B+ |
| UPWK | Upwork Inc. | Q2 2022 | 2022-07-27 | C+ |
| SE | Sea Limited | Q1 2022 | 2022-05-17 | F |
| IRTC | iRhythm Technologies, Inc. | Q1 2022 | 2022-05-07 | C+ |
| ZENV | Zenvia Inc. | Q4 2021 | 2022-03-17 | C+ |
| OOMA | Ooma, Inc. | Q3 2022 | 2021-12-02 | B+ |
| GFS | GLOBALFOUNDRIES Inc. | Q3 2021 | 2021-11-30 | A |
| KTB | Kontoor Brands, Inc. | Q3 2021 | 2021-11-04 | A |
| ADSK | Autodesk, Inc. | Q3 2019 | 2018-11-20 | A |
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| LRN | Stride, Inc. | Q1 2019 | 2018-10-23 | B |
| AU | AngloGold Ashanti's | Q2 2018 | 2018-08-20 | B |
| TMHC | Taylor Morrison Home Corporation | Q2 2018 | 2018-08-01 | B |
| ORAN | Orange SA | Q2 2018 | 2018-07-26 | B |
| ROP | Roper Technologies, Inc. | Q2 2018 | 2018-07-26 | A |
| HPE | Hewlett Packard Enterprise Company | Q2 2018 | 2018-05-22 | B+ |
| LAUR | Laureate Education, Inc. | Q1 2018 | 2018-05-13 | B+ |
| NOVT | Novanta Inc. | Q4 2017 | 2018-05-12 | B+ |
| FSS | Federal Signal Corporation | Q1 2018 | 2018-05-12 | A |
| BCOV | Brightcove Inc. | Q1 2018 | 2018-04-26 | B+ |
| ALLY | Ally Financial Inc. | Q1 2018 | 2018-04-26 | B+ |
| HLX | Helix Energy Solutions Group, Inc. | Q1 2018 | 2018-04-24 | B+ |
| TOUR | Tuniu Corporation | Q4 2017 | 2018-03-14 | D |
| UPLD | Upland Software, Inc. | Q4 2017 | 2018-03-08 | C+ |
| INST | Instructure's | Q4 2017 | 2018-02-12 | B+ |
| AVT | Avnet, Inc. | Q2 2018 | 2018-01-25 | B |
| UNH | UnitedHealth Group Incorporated | Q4 2017 | 2018-01-16 | A |
| CPK | Chesapeake Utilities Corporation | Q3 2017 | 2017-11-10 | A |
| HOLX | Hologic, Inc. | Q4 2017 | 2017-11-08 | D |
| RACE | Ferrari N.V. | Q3 2017 | 2017-11-02 | C+ |
| PII | Polaris Inc. | Q3 2017 | 2017-10-24 | C+ |
| IBTX | Independent Bank Group, Inc. | Q3 2017 | 2017-10-24 | A |
| BCE | BCE Inc. | Q2 2017 | 2017-08-05 | B+ |
| CCOI | Cogent Communications Holdings, Inc. | Q2 2017 | 2017-08-03 | B |
| LEA | Lear Corporation | Q2 2017 | 2017-07-26 | B+ |
| ABM | ABM Industries Incorporated | Q2 2017 | 2017-06-08 | B |
| BLKB | Blackbaud, Inc. | Q1 2017 | 2017-05-02 | B+ |
| DAN | Dana Incorporated | Q1 2017 | 2017-05-02 | B |
| SHOO | Steven Madden, Ltd. | Q1 2017 | 2017-04-21 | C |
| GPOR | Gulfport Energy Corporation | Q4 2016 | 2017-02-14 | A |
| BP | BP p.l.c. | Q4 2016 | 2017-02-07 | B+ |
| BDC | Belden Inc. | Q4 2016 | 2017-02-02 | B |
| WYY | WidePoint Corporation | Q3 2016 | 2016-11-09 | D |
| SOHO | Sotherly Hotels Inc. | Q3 2016 | 2016-11-08 | D |
| ULBI | Ultralife Corporation | Q3 2016 | 2016-10-29 | C+ |
| NDSN | Nordson Corporation | Q3 2016 | 2016-08-23 | A |
| VRNS | Varonis Systems, Inc. | Q2 2016 | 2016-08-09 | B+ |
| ESE | ESCO Technologies Inc. | Q2 2016 | 2016-05-03 | A |
| INGR | Ingredion Incorporated | Q1 2016 | 2016-05-01 | B+ |
| RCL | Royal Caribbean Cruises Ltd. | Q1 2016 | 2016-04-29 | C+ |
| CAL | Caleres, Inc. | Q4 2015 | 2016-03-15 | C+ |
| HD | The Home Depot, Inc. | Q4 2015 | 2016-02-23 | A |
| JHX | James Hardie Industries plc | Q3 2016 | 2016-02-19 | B+ |
| HXL | Hexcel Corporation | Q4 2015 | 2016-01-22 | B+ |
SYY · Q1 2023 → YESThe question is whether management conveys TWO improvements happening AT THE SAME TIME: (1) volume of business RISING NOW, and (2) economics or productivity OF EACH UNIT getting BETTER due to company'...YES The transcript shows management describing both rising volume (sales +16.2%, U.S. Foodservice volume +7.3%, local case volume +5.4%, more than 1.4× market growth, net new customer wins) and improving per-unit economics (GP per case grew in all four 5th consecutive quarter; gross profit dollars per case increasing) as already occurring in the current quarter. They attribute the per-unit gains to company actions—strategic sourcing, team-based selling, Sysco Your Way service model, pricing tools, and supply-chain productivity improvements—while also noting inflation pass-through. Management presents these 2 improvements together as the present state of the business (not merely a target), even though OpEx productivity is still below historical levels and expected to improve later in the year. The answer is therefore YES. No other transcript section contradicts the dual improvement being conveyed as current. The question is answered YES.
IMAX · Q2 2023 → YESThe question is whether management conveys TWO improvements happening AT THE SAME TIME: (1) volume of business RISING NOW, and (2) economics or productivity OF EACH UNIT getting BETTER due to company ...YES The transcript shows both volume rising (signings up to 84 YTD vs 47 last year, installations doubled in Q2, box office +8% to $268M, revenue +32%) and per-unit economics improving (gross margins 59%, gross profit +31% with 15% growth 64% margin segment and 42% growth 36% margin segment, SG&A % of revenue down 700 bps to 33%, EBITDA margin 35.4%, driven by mix, profit flow-through, sales/hybrid arrangements, cost discipline, and operating leverage from company actions like programming and system mix). Management presents these as current state, not targets. So the answer is YES. The two improvements are happening simultaneously as described.
NDSN · Q3 2016 → YESThe question is: Does management convey that TWO improvements are happening at the same time: (1) volume of business is RISING NOW, and (2) the economics or productivity OF EACH UNIT are simultaneousl...YES Management describes both rising volume (6% sales growth, 4% organic, strong order rates, 22% backlog increase) and improving per-unit economics (operating margin up 3 points, gross margin up 2 points, incremental margin 77%, driven by volume leverage plus continuous improvement initiatives and the Nord business system) as already occurring in the current quarter. They attribute the per-unit gains mainly to company actions (new products, tiering, Nordson business system, restructuring-enabled improvements) rather than external prices or market conditions. The two improvements are presented together as the present state of the business.