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Repeat pull from proven relationships plus room left

Repeat pull from proven relationships plus room left: the installed base is expanding on its own initiative and is still

Calls Tested
499
Answered YES
37
Hit Rate
7.4%
rare by design

MarketAxess Holdings Inc. (MKTX) — this company's answers

NO on the Q3 2017 call 2017-10-25 C+
The model's full reasoning — Q3 2017 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客户/合作伙伴正在主动增加使用量，并且这些关系仍有很大渗透空间。 关键点： - 管理层提到“open trading”创下新纪录，客户参与度提高，交易量增长。 - 国际客户数量增长26%，活跃客户超过600家。 - 新兴市场活动强劲，国际客户EM交易量增长38%。 - 管理层提到“open trading”中，流动性提供者（价格制定者）的响应增加51%，流动性接受者节省了成本。 - 管理层说“open trading”正在成为经销商的重要分销渠道。 - 关于渗透率：管理层提到“open trading”占高收益交易量的37%，高等级15%，新兴市场13%，暗示仍有增长空间。 - 管理层说“我们正在投资更多技术解决方案”，并提到“未来电子交易机会仍然很大”。 - 关于现有客户深化：管理层提到“国际客户数量增长26%”，但这是新客户还是现有客户？他们提到“活跃客户”增加，但未明确说现有客户增加使用量。不过，交易量增长和参与度提高可能来自现有客户。 - 管理层提到“open trading”中经销商发起的交易达到新高，占24%，表明经销商在增加使用。 - 关于渗透：管理层说“我们仍然认为我们在EM的整体市场份额只有高个位数”，表明仍有很大空间。 但问题要求：现有客户主动增加使用量，且这些关系仍轻度渗透。管理层是否明确说现有客户正在扩大使用？他们提到“客户参与度”和“交易量增长”，但未明确区分新老客户。然而，他们提到“open trading”的参与度提高，且经销商发起的交易增加，这可能是现有客户的行为。另外，他们提到“国际客户数量增长26%”，但这是新客户还是现有客户？可能两者都有。 更关键的是，管理层是否说这些关系仍轻度渗透？他们提到EM市场份额低，但那是整体市场，不是针对现有客户。他们提到“open trading”占各产品比例，暗示仍有空间，但未明确说现有客户还有多少未使用。 我认为管理层描述了现有客户（如经销商）正在增加使用（经销商发起的交易增加），且整体市场渗透率低，但未明确说“这些现有客户仍轻度渗透”。不过，他们提到“open trading”的参与度增长，且“我们正在投资”，暗示未来增长。 但问题要求“同一关系”中仍有空间。管理层说“open trading”占高收益37%，意味着还有63%未通过open trading，但那是所有客户，不是特定现有客户。他们未明确说现有客户还有多少未使用。 另外，他们提到“国际客户数量增长26%”，这可能是新客户，而非现有客户深化。 我认为答案应为NO，因为增长主要归因于新客户（国际客户数量增长）和整体市场活动，而非明确描述现有客户主动扩大使用。虽然经销商发起的交易增加，但未明确说这些经销商是现有客户且他们还有更多空间。 管理层说“open trading”的参与度提高，但未说“这些现有客户还有很大空间”。他们提到“我们仍然认为我们在EM的整体市场份额只有高个位数”，但那是整体市场，不是针对现有客户。 因此，答案应为NO。

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Show the exact prompt the model was given
Using ONLY the supplied earnings call transcript and no outside information: On this call, does management describe that counterparties the company has ALREADY SERVED AND PROVEN ITSELF WITH — existing customers, accounts, partners, members, or programs — are CURRENTLY, ON THEIR OWN INITIATIVE, TAKING OR COMMITTING TO MEANINGFULLY MORE from the company than they previously did (larger or earlier reorders, broader deployments, added sites, products, or scope, relationships stepped up to bigger phases), AND does management convey that these same relationships remain LIGHTLY PENETRATED — that what these counterparties have taken so far is still a small share of what they could take — so that the expansion now visible is early? Answer YES when both halves come through in management's own words as one coherent, present-tense story, in whatever form fits the business: (1) real expansion behavior already occurring in the recent period across more than an isolated account — driven by the counterparties' own choice after direct experience, not by price increases pushed onto unchanged volumes, and not merely contractual auto-renewal; and (2) management conveying, directly or plainly in substance, that substantial room remains inside these same relationships — more sites, volume, scope, or usage those counterparties could still take — with the fuller contribution ahead of the reported results. Answer NO if growth is attributed mainly to new-customer wins with nothing about existing relationships deepening. NO if the expansion is only hoped for, in pipeline, or projected. NO if the deepening rests on a single account or a one-time bulge management expects to fade. NO if management indicates the relationships are already substantially penetrated with little room left. NO if retention or loyalty language is generic with no observed expansion behavior described. NO if the pattern appears only in an analyst's question that management does not itself affirm. Use only the supplied transcript. Answer only YES or NO.

Companies that answered YES

TickerCompanyCallDateCall grade
PPC Pilgrim's Pride Corporation Q1 2024 2024-05-03 A
DUOT Duos Technologies Group, Inc. Q4 2023 2024-04-01 F
GIII G-III Apparel Group, Ltd. Q4 2024 2024-03-14 C
KOPN Kopin Corporation Q4 2023 2024-03-14 C+
DASH DoorDash, Inc. Q3 2023 2023-11-01 C+
SPT Sprout Social, Inc. Q2 2023 2023-08-04 B+
AFL Aflac Incorporated Q2 2023 2023-08-02 C+
CARS Cars.com Inc. Q1 2023 2023-05-06 B
CALX Calix, Inc. Q1 2023 2023-04-20 C+
TOST Toast, Inc. Q4 2022 2023-02-16 C+
ADPT Adaptive Biotechnologies Corporation Q4 2022 2023-02-14 C+
PI Impinj, Inc. Q4 2022 2023-02-08 B+
DM Desktop Metal, Inc. Q2 2022 2022-08-08 F
FLYW Flywire Corporation Q1 2022 2022-05-14 B+
ZVIA Zevia PBC Q1 2022 2022-05-12 B
FARM Farmer Bros. Co. Q3 2022 2022-05-07 D
FAT FAT Brands Inc. Q4 2021 2022-03-21 F
SOPH SOPHiA GENETICS SA Q4 2021 2022-03-15 C
CYBR CyberArk Software Ltd. Q3 2021 2021-11-04 B+
ASAN Asana, Inc. Q2 2022 2021-09-01 B+
TENB Tenable Holdings, Inc. Q2 2021 2021-07-27 A
DGX Quest Diagnostics Incorporated Q2 2021 2021-07-22 B+
ADSK Autodesk, Inc. Q3 2019 2018-11-20 A
YUM Yum! Brands, Inc. Q2 2018 2018-08-02 C
ORAN Orange SA Q2 2018 2018-07-26 B
MKC McCormick & Company, Incorporated Q2 2018 2018-06-28 C+
CVS CVS Health Corporation Q1 2018 2018-05-02 B+
BCOV Brightcove Inc. Q1 2018 2018-04-26 B+
ILMN Illumina, Inc. Q1 2018 2018-04-24 A
ATI Allegheny Technologies Incorporated Q1 2018 2018-04-24 B
UPLD Upland Software, Inc. Q4 2017 2018-03-08 C+
HOLX Hologic, Inc. Q4 2017 2017-11-08 D
CCOI Cogent Communications Holdings, Inc. Q2 2017 2017-08-03 B
PTC PTC Inc. Q3 2017 2017-07-19 C+
WYY WidePoint Corporation Q3 2016 2016-11-09 D
GOGO Gogo Inc. Q1 2016 2016-05-06 C+
WK Workiva Inc. Q4 2015 2016-03-01 B

How the model reasoned

ZVIA · Q1 2022 → YESThe question is about whether management describes existing customers taking more from the company on their own initiative, and that these relationships are still lightly penetrated. YES Management describes existing customers (households and Club channel buyers) already taking meaningfully more through velocity (51% of growth), higher buy rates (+9%), and heavier consumption in the food channel, while conveying that these relationships remain lightly penetrated with substantial room ahead (new households, expanded flavors, broader deployments). This is 100% present-tense, driven by counterparties’ own choice after direct experience, not price hikes or auto-renewal, and the expansion is already occurring across multiple accounts rather than isolated or projected.
PI · Q4 2022 → YESThe question is about whether management describes existing customers expanding their business with the company, and that these relationships are still lightly penetrated. YES The transcript shows management describing existing customers expanding through program expansions, broader deployments, and continued system deployments that are already occurring and expected to drive large volumes in 2023 and beyond, while conveying that these relationships remain lightly penetrated with substantial room for further growth in scope, sites, and usage.
CVS · Q1 2018 → YESThe question is about whether management describes existing customers taking more from the company on their own initiative, and that these relationships are still lightly penetrated. YES The transcript shows management describing existing partnerships (Optum and Cigna clients) already taking more programs through an uptick in CVS Pharmacy and MinuteClinic offerings, driven by the companies' own adoption after experience, with continued opportunities for 2020 and beyond indicating substantial room remains in those relationships.

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Not investment advice. Artul.ai publishes AI-generated earnings-call quality grades and expected-volatility estimates — never buy or sell recommendations. We tested over 1,600 predictive hypotheses against 165,000 transcripts; the honest result, including what failed, is documented in our methodology.