Winning is getting easier: management describes the effort needed to land each new piece of business visibly falling, wi
The model's full reasoning — Q2 2017 call → NOWe need to determine if management conveys that winning business has become easier than in the past, with real recent proof, and still in effect. Let's analyze the transcript. Key points: - Management discusses net inflows, organic growth, pipeline, etc. - They mention "unfunded pipeline of mandates is now $903 million up from $317 million in the first quarter." That indicates more business in pipeline, but not necessarily easier. - They mention "RFP activity is diverse and running substantially ahead over the last several years." That suggests more opportunities, but not necessarily easier. - They mention "we are for the first time enjoying a surge in institutional demand for preferred securities strategies." That's a new demand, but not necessarily easier. - They mention "we gained regulatory approval for our global preferred SICAV, which also received funding of $45 million from a Japanese institutional investor." That's a win, but not necessarily easier. - They mention "two new model delivery sub advisory mandates... have begun to fund" - these are new, but not necessarily easier. - They mention "we are also now beginning to benefit from our recent investments in new usage launches in Europe, as well as our multiyear effort to penetrate the Japanese institutional market." That suggests efforts paying off, but not necessarily easier. Is there any explicit comparison that winning is easier now than before? They talk about "moment of truth" and consolidation, but that's about industry. They say "we must deliver more for less" - that's about their own efforts. They mention "we have been observing the other U.S. REIT funds when they had cut, they typically experienced for two months or so an increase in outflows and then it’s tended to level off." That's about Japan flows, not about winning business. They mention "we are for the first time seeing significant demand for preferred securities strategies from a variety of domestic and international institutions" - that's a new demand, but not necessarily easier. They mention "we have a extremely robust RFP pipeline that really at record levels" - that's more opportunities, but not necessarily easier. They mention "we are also now beginning to benefit from our recent investments" - that's about investments paying off.
| 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+ |
| VRNS | Varonis Systems, Inc. | Q2 2016 | 2016-08-09 | B+ |
| ACCO | ACCO Brands Corporation | Q1 2016 | 2016-04-27 | B+ |
ACCO · Q1 2016 → YESThe question is: Does management convey that IT HAS RECENTLY BECOME EASIER FOR THE COMPANY TO WIN BUSINESS THAN IT USED TO BE, based on real recent wins, and still in effect. YES The transcript shows management conveying that winning business has become easier than in the company's recent past. Boris Elisman states that customers have seen the value of the company's strong brands during the past couple of seasons, resulting in broader and deeper penetration in mass retailers and continued share gains.
NICE · Q4 2023 → YESThe question is: Does management convey that IT HAS RECENTLY BECOME EASIER FOR THE COMPANY TO WIN BUSINESS THAN IT USED TO BE, grounded in real business won recently, and still in effect.
VRNS · Q2 2016 → YESThe question is whether management conveys that it has recently become easier for the company to win business than it used to be, grounded in real recent wins, and still in effect.