New normal declared and staffed: management says the company's recent level of business has become its new baseline, and
The model's full reasoning — Q3 2017 call → NOWe need to determine if management conveys that the level of business is now the new normal, and that they are operating to that level. The transcript shows management discussing growth in volumes, open trading, international clients, etc. They mention record open trading, growth in emerging markets, and investments. They also discuss expenses related to regulatory changes and investments. They talk about the future opportunity and competitive position. However, they also note challenging trading environment, low volatility, and that some growth is due to market share gains. They don't explicitly say that the current level is the new normal; they talk about growth but also mention that market conditions are challenging. They do describe ongoing investments and operations. But the question asks if management conveys that the level of business has become the new normal. They say "we are pleased with the growth we are seeing" and "future opportunity remains large" but they don't frame the current level as a step-up from recent norm that is now sustained. They mention record open trading but also note that it's a record. They don't say that what used to be exceptional is now routine. They also attribute some growth to market share gains and new fee plans. They don't explicitly say that the higher level is the new baseline. They also mention that the environment is challenging. So I think the answer is NO. They are not conveying that the current level is the new normal; they are just reporting a quarter with growth but also noting challenges. They don't describe present-tense work to serve a higher level as a new baseline. They do mention investments but that's not necessarily framing the current level as new normal. So answer NO.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| ECPG | Encore Capital Group, Inc. | Q1 2024 | 2024-05-08 | B |
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| AEP | American Electric Power Company, Inc. | Q3 2023 | 2023-11-02 | C+ |
| GRBK | Green Brick Partners, Inc. | Q3 2023 | 2023-11-01 | B |
| TGLS | Tecnoglass Inc. | Q2 2023 | 2023-08-08 | A |
| SPT | Sprout Social, Inc. | Q2 2023 | 2023-08-04 | B+ |
| IMAX | IMAX Corporation | Q2 2023 | 2023-07-26 | B+ |
| DAL | Delta Air Lines, Inc. | Q2 2023 | 2023-07-13 | A |
| PFIE | Profire Energy, Inc. | Q1 2023 | 2023-05-13 | B |
| KE | Kimball Electronics, Inc. | Q3 2023 | 2023-05-06 | C+ |
| DKS | DICK'S Sporting Goods, Inc. | Q4 2022 | 2023-03-07 | B |
| TGT | Target Corporation | Q4 2022 | 2023-02-28 | C |
| UAL | United Airlines Holdings, Inc. | Q4 2022 | 2023-01-18 | B |
| PKOH | Park-Ohio Holdings Corp. | Q3 2022 | 2022-11-13 | B |
| EXFY | Expensify, Inc. | Q2 2022 | 2022-08-12 | D |
| CRL | Charles River Laboratories International | Q2 2022 | 2022-08-03 | C |
| CME | CME Group Inc. | Q2 2022 | 2022-07-27 | B |
| OGI | OrganiGram Holdings Inc. | Q3 2022 | 2022-07-14 | B+ |
| KFY | Korn Ferry | Q4 2022 | 2022-06-22 | B |
| HLIO | Helios Technologies, Inc. | Q1 2022 | 2022-05-10 | C |
| CCRN | Cross Country Healthcare, Inc. | Q1 2022 | 2022-05-04 | B |
| GTES | Gates Industrial Corporation plc | Q4 2021 | 2022-02-07 | C+ |
| LC | LendingClub Corporation | Q4 2021 | 2022-01-26 | A |
| LOW | Lowe's Companies, Inc. | Q3 2021 | 2021-11-17 | B+ |
| HNRG | Hallador Energy Company | Q3 2021 | 2021-11-09 | C+ |
| KTB | Kontoor Brands, Inc. | Q3 2021 | 2021-11-04 | A |
| ASAN | Asana, Inc. | Q2 2022 | 2021-09-01 | B+ |
| OWL | Blue Owl Capital Inc. | Q2 2021 | 2021-08-10 | B+ |
| ANIP | ANI Pharmaceuticals, Inc. | Q4 2016 | 2017-03-02 | B+ |
| EVBN | Evans Bancorp, Inc. | Q4 2016 | 2017-02-06 | B+ |
UAL · Q4 2022 → YESThe question is: Does management convey that the LEVEL OF BUSINESS THE COMPANY IS NOW DOING HAS BECOME ITS NEW NORMAL — that activity which would recently have been exceptional is now the company's cu...YES The transcript shows management framing the post-pandemic operating environment—higher margins, sustained demand recovery, capacity constraints, and investments in staffing/technology—as the new baseline for United's business. Scott Kirby explicitly states that structural changes have set the industry (and United) up for higher margins than pre-pandemic levels, with United achieving 9% adjusted pre-tax margin in H2 2022 ahead of schedule and expecting to hit it again in 2023. They describe current activity (e.g.
CRL · Q2 2022 → YESThe question is whether management conveys that the current level of business has become the new normal, meaning activity that would recently have been exceptional is now ordinary, and they're doing r...YES The transcript shows management framing the elevated activity in Safety Assessment (DSA segment) as the new baseline: backlog "well above the prior year level," "significantly above prior year levels," "unprecedented demand," "never seen this sort of commitment that far out with better pricing," and "large portion of 2023 revenue already booked.
DAL · Q2 2023 → YESThe question is: Does management convey that the LEVEL OF BUSINESS THE COMPANY IS NOW DOING HAS BECOME ITS NEW NORMAL — that activity which would recently have been exceptional is now the company's cu...YES The transcript shows management framing the current performance as the new baseline: record revenue and earnings, "highest quarterly earnings result in our history," "moves Delta beyond recovery and firmly on a great path forward," and executing ahead of the three-year plan with raised full-year guidance.