True, what I wrote initially would seem arrogant in a vacuum. In a fuller discussion, I would cite their main actionable metrics that I've kept track of and show that there is no organic growth occurring. Then I would show what we are doing to make that actionable metric grow.

BTW, I don't waste too much time concerning their success (just a once a month check) especially since my company's success is most important. No one asks "Isn't your company just like X" when you are winning :)