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Stale terms, scheduled reset

Stale terms, scheduled reset: the existing book is priced for a world that has moved on

Calls Tested
1,435
Answered YES
10
Hit Rate
0.7%
rare by design

Twenty-First Century Fox's (FOXA) — this company's answers

NO on the Q3 2018 call 2018-05-12 F
The model's full reasoning — Q3 2018 call → NO我们根据提供的财报电话会议记录，判断管理层是否描述了现有业务中相当大的一部分仍以过去设定的价格、费率或条款进行，而这些条款现在明显低于当前市场条件下相同业务所能获得的价格，并且这些现有业务即将在管理层已经可以看到的时间表上重新定价、续约或重置，从而公司的经济状况将随着旧条款在未来几个季度到期而改善，无需赢得新客户或新需求即可实现。 在记录中，管理层提到了几个方面： - 有线网络部门的增长，特别是国内和国际分支机构的两位数增长，这反映了视频品牌对分销商和观众的实力。 - 福克斯新闻频道创下历史最高季度EBITDA，福克斯商业网络连续第六个季度在收视率上击败竞争对手。 - 国内有线体育网络，包括本地RSN和全国体育网络，实现了两位数的盈利增长。 - 广播网络的新剧和回归剧表现良好。 - 电影工作室的假日发行表现良好。 - 关于交易，提到了与迪士尼的合并和New Fox的创建，以及收购Sinclair的7个电视台，这增加了约3.5亿美元的收入和1.12亿美元的EBITDA，但这是新收购，不是现有业务的重新定价。 - 关于Sky的收购，提到正在等待监管批准，但这是收购，不是现有业务的重新定价。 - 关于Hotstar，提到投资增加，但这是新投资，不是现有业务的重新定价。 关键点：管理层是否描述了现有合同或协议在旧条款下低于当前市场，并且这些合同即将到期或重置，从而带来改善？在记录中，没有明确提到现有合同或协议以低于当前市场的价格续约或重置。相反，增长主要来自新业务、新订阅、新广告收入等。例如，有线网络增长来自更高的平均费率和订阅增长，但这是当前市场条件下的增长，而不是旧条款重置。没有提到“旧条款”或“重置”或“到期”等概念。管理层提到“retransmission consent revenue growth”和“affiliate fee growth”，但这些都是当前增长，不是旧条款重置。也没有提到任何具体的合同到期或重置时间表。 因此，根据指示，答案应为NO。

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Show the exact prompt the model was given
Using ONLY the supplied earnings call transcript and no outside information: On this call, does management describe that a MEANINGFUL PORTION OF THE COMPANY'S EXISTING BUSINESS is still being carried at prices, rates, or terms set in the past that are now clearly BELOW what the same business would command under current market conditions — AND that this existing business is coming up for repricing, renewal, or reset on a schedule management can already see, so that the company's economics are positioned to improve as those older terms roll off over the coming quarters, WITHOUT needing to win new customers or new demand to get there? Answer YES when management's own words convey, in whatever form fits the business, ONE coherent situation: the company's existing book — its current leases, contracts, charters, policies, agreements, hedges, rate structures, or customer arrangements — was struck under past conditions at levels below what the identical business commands today, and management describes the calendar on which that book resets toward current terms as already determined and largely ahead. This may take whatever form fits the industry: expiring leases or renewing contracts priced below current market, hedges or fixed-price agreements rolling off into a higher-price environment, charters or policies coming up for reset, grandfathered or legacy pricing being reset toward current levels, secured rate or tariff changes only now earning into the book, or escalators and resets built into existing agreements — and management treats the gap between the old terms and current terms as significant to the company's coming results. What matters is that the improvement is already embedded in commitments the company already holds, on a timeline management can describe, rather than depending on anything new being won. Answer NO if the better pricing described applies only to NEW business, new customers, or future sales rather than to the company's existing book as it resets; NO if the repricing described is the ordinary, perpetual background rhythm of the industry with no sense that today's gap between old terms and current terms is unusually wide or meaningful; NO if better terms are only being sought, planned, targeted, or hoped for rather than already secured on a schedule; NO if the pricing discussion is chiefly about passing through the company's own cost increases; NO if the expected improvement depends mainly on market prices, demand, or conditions that have not yet arrived rather than on terms already set to reset; and NO if the idea appears only in an analyst's question or model that management does not itself affirm. Use only the supplied transcript. Answer only YES or NO.

Companies that answered YES

TickerCompanyCallDateCall grade
SNV Synovus Financial Corp. Q1 2024 2024-04-18 B
FISI Financial Institutions, Inc. Q4 2023 2024-01-26 B
UMBF UMB Financial Corporation Q3 2022 2022-10-26 C+
CRK Comstock Resources, Inc. Q2 2022 2022-08-02 B+
ADSK Autodesk, Inc. Q3 2019 2018-11-20 A
T AT&T Inc. Q3 2018 2018-10-24 C+
DBX Dropbox, Inc. Q2 2018 2018-08-09 B
ESS Essex Property Trust, Inc. Q2 2018 2018-08-03 B+
PTC PTC Inc. Q3 2017 2017-07-19 C+
BDN Brandywine Realty Trust Q1 2017 2017-04-21 C+

How the model reasoned

FISI · Q4 2023 → YESThe question is about whether management describes a meaningful portion of the existing business being carried at below-current-market terms, and that it's coming up for repricing on a visible schedul...YES The transcript shows management describing exactly this situation for the company's existing loan and securities portfolios (yields rolling off) and for a meaningful portion of its deposit book (the money-market campaign with 12-month guarantees that reset in July 2024). Jack Plants explicitly ties the expected margin expansion to these scheduled repric ings and redeployments of existing cash flows, stating that the improvement is already embedded in the company's current commitments and does not require new customers or demand. This matches the criteria for a "meaningful portion" of the existing business coming up for repricing on a visible schedule. The answer is therefore YES.
PTC · Q3 2017 → YESThe question is about whether management describes a meaningful portion of the existing business being carried at below-current-market prices/terms that are coming up for repricing on a visible schedu...YES Management describes a meaningful portion of the existing business (large enterprise customers on volume purchase agreements / perpetual licenses with discounted maintenance) being carried at below-current off-the-shelf rates. These older terms are expiring on a visible schedule (many in Q4 2017), creating a compelling event where customers must either convert 50%+ ACV uplift to subscription or renew maintenance at 25% higher rates. This repricing is already embedded in the existing book and will improve economics without new customers or demand, as confirmed by the large pipeline of such opportunities and the fact that most large deals are already moving to subscription.
UMBF · Q3 2022 → YESThe question is about whether management describes a meaningful portion of the existing business being carried at below-current-market terms that will reprice/reset on a known schedule, improving econ...YES The transcript shows management describing a meaningful portion of the existing loan book carried at past terms that are now below current market levels, with repricing already scheduled: 61% of loans (~$12.1 billion) are variable-rate, 60% repricing in the next quarter and 71% within 12 months, tied to short-end indices. Loan yields rose 74 bp quarter-over-quarter to 4.46% (cycle-to-date beta 37%), and the securities portfolio is rolling off at ~1.83% yield while cash flows fund higher-yielding loans.

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Not investment advice. Artul.ai publishes AI-generated earnings-call quality grades and expected-volatility estimates — never buy or sell recommendations. We tested over 1,600 predictive hypotheses against 165,000 transcripts; the honest result, including what failed, is documented in our methodology.