Winning is getting easier: management describes the effort needed to land each new piece of business visibly falling, wi
The model's full reasoning — Q1 2023 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: Erik Hirsch mentions "We've had another extremely strong quarter reflecting the strength and diversity of our platform, as well as the resiliency and attractiveness of the overall asset class in which we operate." He talks about "the strength of the business that offers a diversified solution suite is globally strong and then our separate account advisory back office and technology offerings is and the vast majority of cases, the sole service provider for the client." He says "In order for the clients to remain active in the asset class and to continue to grow their exposure, which they want to do, their relationship to us – with us continues." This suggests that clients are staying and growing, but does it say it's easier than before? He mentions "We also look to lean on our various strategic technology investments and partnerships that are clear differentiators and are further advancing our brand and market position." That's about brand and position, but not necessarily about ease of winning. Later, Brian Gildea talks about the infrastructure fund: "We began raising this fund just as the pandemic started to take hold and are proud of the fact that we were able to execute well while having to navigate a remote environment where we could not physically meet with investors during much of the fundraise. What's more [ph] the last few months of the fundraising period, typically a strong period for traditional fundraisers also occurred in a challenging market environment, which only adds to our pride in getting this kind of first time fund done. Nearly half of the investors that came into the fund were new relationships for Hamilton Lane. The success here also speaks to the power of our global platform, where we were able to leverage existing client relationships and a global distribution network." This indicates they won business despite challenges, but does it say it's easier than before? They mention "new relationships" and "leverage existing client relationships" but not a contrast with past difficulty. Erik Hirsch on Evergreen: "Our focus continues to be on expanding our channel penetration and building relationships across the space.
| 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.