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 2017 call → NOWe need to determine if management conveys both rising volume and improving per-unit economics as current, coherent story. Transcript: Lee Gibson says "We enjoyed another excellent quarter, highlighted by the completion of the Diboll State Bancshares acquisition." He mentions "The expanded contiguous markets we now serve in East Texas, the addition of Diboll’s outstanding talent, the overall low cost deposit franchise, and the quality loan portfolio are some of the reasons why we are so excited about this strategic transaction." That's about acquisition. He says "The decrease in the securities portfolio during the third quarter of $121 million, mostly due to the sales of longer duration securities combined with the subsequent sale of $109 million of U.S. Agency Debentures during January of this year provide us additional balance sheet flexibility in this currently higher interest rate environment." That's about balance sheet. He says "We are not wavering on our credit underwriting standards and our asset quality ratios remain strong as reflected by our non-performing assets to total assets ratio of 0.16%." That's credit quality. He says "Cost containment and process improvement efforts continue to be major areas of focus. As Julie pointed out, our efficiency ratio during the fourth quarter declined to 49.4% and our efficiency ratio for the year declined to 50.3%, very close to the stated target of 50% for all of 2017." That's efficiency ratio improvement. He says "The economic conditions in all three of the markets we serve East Texas, the Dallas-Fort Worth area, and Austin remained healthy. The Austin and DFW markets yield primarily by job growth and company relocations continued to perform exceptionally well." That's market conditions. He says "We are excited about our prospects for 2018 given the newly acquired balance sheet and market area benefits associated with the reduced corporate tax rates, the dynamic growing markets we serve, our strong balance sheet, capital position, credit quality, and foremost, our outstanding team members." That's forward-looking.
| 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 |
| PRPO | Precipio, Inc. | Q3 2018 | 2018-11-19 | D |
| UMH | UMH Properties, Inc. | Q3 2018 | 2018-11-02 | C+ |
| 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.