Position doing the winning: current wins credited to a standing already held, with more arriving over it
The model's full reasoning — Q1 2024 call → NOWe need to determine if management explains current business wins as flowing from a standing the company already holds, and if further business is arriving over that same standing. The key is whether the wins are attributed to a durable pre-existing position rather than effort or market conditions. Looking at the transcript, Bill Stone mentions several things: - RPD (revenue per device) in the U.S. set an all-time high, and he attributes this to "the diversification of our demand on our U.S. supply" and "a lot of international advertisers" wanting to be on those devices. He says "being able to bring those onto devices" and "we can do strategic demand deals" – this sounds like effort-based (bringing demand, doing deals) rather than a standing that automatically brings business. - He also mentions "our embedded base of many, many hundreds of millions of devices" as something that is difficult to replicate, and that advertisers, publishers, etc. will want to take advantage of. That is a standing – the installed base. But does he say current wins are flowing from that? He says "having that high amount of devices already out in the market at global scale" is something that people will want to take advantage of. That seems more like a future potential than current wins. He says "we're starting to see some excitement on the catalyst" but it's not material yet. - For SingleTap, he says "we have now generated our first revenues with TikTok" and "we are also launching this quarter with LinkedIn" and "we expect to begin a revenue generating pilot with another large social media company" later this year. These are current wins, but are they attributed to a standing? He says "we have five ways monetize SingleTap" and mentions the embedded base. But the wins are described as "early days" and "not yet material." The cause of these wins? He doesn't explicitly say "because of our installed base" – he says "we have now generated our first revenues" – that's a result, but the cause? He mentions "our on device technology, our expansion of publisher relationships, and our operator in OEM relationships" as being uniquely positioned. That is a standing – the relationships and technology. But does he say that these wins are flowing from that standing? He says "we believe we're uniquely positioned" – that's a belief, not a statement that current wins are due to that.
| 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.