Stale terms, scheduled reset: the existing book is priced for a world that has moved on
The model's full reasoning — Q1 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。 在电话会议中，管理层讨论了定价、产能利用率、28纳米业务等。关于定价，Jason Wang提到：“For your first question and in terms of the 8 inch and 12 inch of mature nodes price increase. Well the price adjustment, we have not increased pricing simply because there’s strong demand. In the past few quarters, we did have discussion with customers on pricing adjustment because of raw material. In the past years the raw material has continue to increase, especially in 8 inch area. So we’re making some adjustment there. Our pricing strategy will reflect the raw material cost increase and we’ll continue monitor that, but for the demand reason, we don’t easily just the increase our pricing. But we are focused more on product mix improvement because the loading.” 这表明他们因原材料成本上涨而调整价格，但并非因为需求强劲而提价。他们更关注产品组合改善。这更多是成本转嫁，而非现有业务重新定价到更高水平。 关于28纳米，Jason Wang提到：“For the 28 rebound -- well, obviously, Q1 is a challenging quarter for us. We predict the contribution from 28 is only at about 12%. And for going into Q2, we do see good progress in terms of customers tape out and product diversifications. We expect the 28 nanometer revenue will pick up in Q2 quarter-over-quarter basis.” 这是新业务增长，而非现有业务重新定价。 关于8英寸，Jason Wang说：“And given this worldwide shortage at 8 inch, our field of focus now is one focusing on long term partnership engagement, okay. So we want to make sure that we’re serving the customer right, so that we can establish some of the long term partnership, and so we try to establish some kind of the longer term alignment with the customer so the demand and loading can go beyond 2018. The same time we look at different applications and from our demand portfolios and some of the product mix actually helping in terms of blended ASP and we’ll actually try to align with those and we’ll try to support and not only from a technology standpoint, also from the capacity standpoint. We haven’t really talked about the increase of pricing, because I mentioned earlier, we don’t simply increase the pricing because the demand surge. We actually more manage that through the product mix improvement.” 这再次表明他们不因需求而提价，而是通过产品组合改善。 管理层没有描述现有合同或协议以低于当前市场的价格重新定价。他们提到原材料成本上涨导致价格调整，但这是成本转嫁，而非现有业务重新定价到更高水平。他们也没有描述一个明确的时间表，即现有业务将在未来几个季度重置到当前市场水平。 因此，答案应为NO。
| Ticker | Company | Call | Date | Call 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+ |
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.