Gartner (IT) earnings call on its GBS segment and cyclical vs secular… “ I think what we’re seeing, and you can see this through a combination of metrics, is we are selling a lot of new functions within existing enterprises, which is why you’ve seen the wallet retention rate move up as nicely as it has. And so just because a client is purchasing a supply chain subscription, selling into their finance team or their HR team or their legal team is a brand-new sale for us. And we’re doing really, really well there in addition to bringing on brand-new enterprises into the GBS franchise as well. So it’s a combination of those 2 factors really driving that GBS growth. On the cyclical versus secular, I think I’d go back to Gene’s points earlier. We have a really, really strong value proposition in each of these functional areas that we are selling into. We’ve invested a lot over the last several years to make sure that we’ve got the right content and the right analysts and advisers and the right service capacity and the right selling capacity. And so we feel good about each of these opportunities. Again, if you scan back, I mean, these are enormous market opportunities for us. And we’re in the really, really, really early innings of going after that market opportunity.”

KKR (KKR) earnings call on the business inflecting… “Our overall business has seen a fundamental shift, an inflection point, in its operating level. Beyond our distributable earnings being up approximately 2x since this time last year, all of our forward indicators are in the best shape they’ve ever been in. AUM is up 2x. Year-to-date fundraising is up 3x, and the embedded gains in our balance sheet have increased by approximately 300% in just the last year. The third area of focus is private wealth. As you know, individual investors have been 10% to 20% of the capital we’ve raised the last few years. We believe that with the investments we’re making, combined with our brand and performance, that number will ramp to 30% to 50% of the capital we raised over the next several years. We are investing in sales, marketing, data and digital talent, and we are creating more democratized products that are relevant for a wide number of individual investors. This is a big opportunity for us, and we think we’re incredibly well positioned. So long story short, the Q3 numbers are strong, but they tell only a small part of the story of what’s happening at the firm. These initiatives and others give us confidence we can more than double KKR again over the next 5-or-so years, including our fee-related earnings, where we see a clear path from the $2 of FRE per share we’ve achieved over the last 12 months to an excess of $4 over that time frame. So while recent growth has been exciting, we see a lot more ahead.”

BioTechne (TECH) earnings call discussing its growth platform… “Now let’s discuss the performance of our growth platform, starting with the Protein Sciences segment, where we delivered organic growth of 26% in the quarter. We made significant progress with our cell and gene therapy initiatives as growing awareness and demand for our portfolio of workflow solutions led to over 60% organic growth in the quarter. We are nearing completion of the qualification process for initial lots of GMP-grade proteins out of our state-of-the-art GMP protein manufacturing facility in St. Paul, Minnesota, and anticipate commercial orders to be shipped from the facility in the coming weeks. As a reminder, GMP proteins are critical ingredients for growing both autologous and allogeneic cell therapies, and we anticipate increasing demand going forward as the rich pipeline of therapies to make their way through the regulatory approval process. Our GMP protein business increased over 160% in the quarter. And with our new GMP manufacturing facility open for business, we are well positioned to meet the anticipated growing demand for these critical reagents. Continuing in cell and gene therapy, we added to our portfolio of specialty cell culture products with the launch of Accelerate iPSC expansion medium, a new medium for the expansion and maintenance of induced pluripotent stem cells, or iPSCs, for use in both research and translational workflows. The Accelerate iPSC expansion medium builds on Bio-Techne’s portfolio of products and services and regenerative medicine and fit seamlessly into our offerings for stem cell workflows, including cell isolation, reprogramming, genome engineering, cell expansion, differentiation, and characterization. The diminishing headwinds combined with new product launches and additional penetration within existing OEM customers, we believe are just at the beginning of accelerated growth in this business.”

Generac (GNRC) earnings call on the evolution of the power grid and its growing pipeline… “Our increasing integration of hardware with grid software and services is leading to a number of contract wins, along with a significant increase in proposal requests and an overall expanding sales pipeline. These include several examples of the new revenue streams within our grid services model as we layer on higher-value turnkey virtual power plant programs utilizing Generac hardware and performance contracts on top of the Concerto software as a Service platform. We are in the very early innings of the evolution of the power grid. But as consumer awareness grows and demand from utilities and grid operators materializes, we remain incredibly excited about the potential long-term growth trajectory of Generac Grid Services. The excitement around our expanding energy technology solution capabilities extends into the C&I product range as well. We’re offerings such as energy-as-a-service, microgrid solutions and mobile energy storage systems are helping drive the long-term growth trajectory and an increasing mix of energy technology revenues.”

AutoZone (AZO) at Gabelli Auto Conference on its key segments… “First is the do-it-yourself market, or DIY market, we call it. It’s about a $70 billion market. This is where the customer does the maintenance work themselves without the aid of systems or performance or professionals working with them. It’s about a $70 billion market. It’s been consistent and steady and growing about 5% a year, and we’ve maintained the #1 share in this marketplace for a number of years. The second piece of the market is the Do-It-For-Me market. Again, a business that’s a little bit over $70 billion. This is where customers who prefer to have a professional work on their vehicle and repair the vehicle for them. Again, roughly a $70 billion market. That industry has grown low to mid-single digits over a 10-year time frame. It’s a highly fragmented industry. And even though you have big players on the DIY side of the business, the reality is that we, as a big player in this market, are only about a 4 or 5 shares. So there’s a tremendous market opportunity for us. It’s one of our key growth opportunities as a company and will be key for us to be a faster-growing business going forward.”

GXO Logistics (GXO) on three secular megatrends in Logistics… “Our position as the largest global pure-play contract logistics company put us at the forefront of the growing demand for technology-driven logistics solutions. This is due to 3 secular megatrends that Malcolm mentioned: Automation, E-commerce, and Outsourcing. These 3 tailwinds continue to drive our double-digit revenue and adjusted EBITDA growth. We continued to benefit in the quarter from strong secular and persistent growth. Our outbound e-commerce omnichannel retail and technology aggregated revenue increased by 22% year-over-year in the third quarter, and our reverse logistics revenue increased by 21% year-over-year. Looking forward, we expect our customers will increasingly use e-commerce channels to get their products into consumers’ hands as fast as possible. And finally, on outsourcing. The runway remains significant with a massive potential addressable market of $430 billion of which $300 billion is still yet to be outsourced. Year-to-date, our wins have come roughly 40% from new outsourced contracts, 31% from existing customers who are expanding their scope and 29% won from competitors. Our record sales pipeline indicates continued growth opportunities from never before outsourced contracts.”