Position doing the winning: current wins credited to a standing already held, with more arriving over it
The model's full reasoning — Q3 2018 call → NOWe need to determine if management explains current business wins as flowing from a standing the company already holds, and that further business is arriving over that same standing without a proportional new push. The transcript includes various product discussions. Let's examine key parts. Murdo Gordon discusses Aimovig: "We've been further energized by the remarkable response from physician and patient communities due to the launch of this innovative therapy. As of the third week of October, over 12,000 healthcare professionals prescribe Aimovig resulting in over 100,000 patients starting Aimovig since launch." He attributes this to the launch and the product's profile. He mentions "first mover advantage" and "differentiated product profile." But is that a standing? He says "We have our first mover advantage." That is a position. However, he also says "we've extended our patient education campaign through direct-to-consumer television advertising in the first part of Q4." That is a new push. He also says "we've been able to secure coverage with at least one large PBM with ESI" - that is a standing? But that is recent. The question asks: does management credit a standing the company already holds as the operative cause of wins that are actually happening now, and does it convey that further business is already arriving over that same standing without a proportional new push? For Aimovig, the wins are attributed to the product's launch and its profile, but also to marketing efforts. The standing might be the first-mover advantage, but that is not a durable standing built before the period? Actually, first-mover advantage is a position. But the transcript says "we've been able to secure coverage" - that is a recent achievement. Also, they are still working on payer discussions. So it's not clearly a standing that predates the period. Consider Prolia: "we delivered another outstanding quarter with sales increasing 15% year-over-year with 16% volume growth from share gains in both the U.S. and internationally. Repeat injection rates in the U.S. remain especially strong at over 70%." That is a standing? The repeat injection rates indicate an installed base of patients. But the growth is from share gains, which might be due to marketing. Not clearly a standing. Consider Repatha: "we've made strong progress to improve patient access to Repatha.
| 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.