Two-sided intensity: both new counterparties arriving and existing ones enlarging in the same recent period
The model's full reasoning — Q2 2018 call → NOWe need to determine if management describes both: (1) new paying counterparties arrived in recent period, and (2) existing counterparties enlarged what they take, both as observed facts in recent period, and management presents this as meaningful current pattern. Transcript: David King's remarks. He mentions several things. For new customers: "our T&D Group has been able to sign new awards with customers that have been hesitant because of previous concerns about their financial viability. Within the first two months, they have been awarded work from some of the largest electrical utilities in the country." That indicates new customers signing. For existing relationships: "We are pleased to announce that Primoris Distribution Services acquired just over a year ago in Florida had a great second quarter and made their earn-out goal." That's about an acquisition. Also "Q3C is seeing lots of work in the Midwest region and Ohio area, and they have opened a new office in Baltimore after a client requested them to expand operations into Maryland." That's existing client expanding? Actually a client requested expansion into Maryland - that could be existing relationship expanding scope. Also "ARB Underground performed as planned as Scott Summers’ team is not only working on their traditional natural gas work, but they continue to pick up some electrical work including the recently announced transmission conversion project in Southern California." That's existing group taking on new type of work? Might be existing customer? But the question asks for BOTH directions: new paying counterparties arrived AND existing counterparties enlarged what they take. Management needs to present this as a pattern. Look for explicit statements. David says: "the addition of this Group has pushed our MSA backlog to its highest ever level at $1.1 billion and we are confident that our MSA work will continue to provide a solid and growing revenue base." That's about MSA backlog, not specifically about new vs existing. He says: "We are very excited about the opportunity to grow revenue at the acquired business units." That's about growth potential. He mentions "Within the first two months, they have been awarded work from some of the largest electrical utilities in the country." That's new customers.
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PFIE · Q1 2023 → YESThe question is about whether management describes intensification from BOTH new paying counterparties AND existing ones enlarging what they take, in the recent period, as observed facts. YES Management describes both new arrivals ("new customers," "new opportunities," "several project opportunities," "notable customers" including specific ones like Equitrans Midstream and Enterprise Products) and existing-customer expansion ("repeat orders," "repeat business," "repeat orders from one of the United States’ largest producers," " 85,000 burner management solutions," "large uptick... on retrofits") as already-completed facts in the recent period. They present the combination—widening the customer base while deepening relationships—as the current observed pattern driving the business forward.
EPAM · Q4 2017 → YESThe question is about whether management describes that in the recent period the company's business intensified from BOTH directions at once: new paying counterparties arrived AND existing ones enlarg...YES Management describes both sides occurring together in the recent period: new engagements with clients (including specific examples like the European multinational and Global Health Services Company that started less than 12 months ago) alongside growth within the top 20 existing accounts (more than 18% year-over-year) and even stronger growth outside those 20 (34%). They frame this as an observed pattern of widening and deepening the business now, with continued diversification and expansion across both new and existing relationships.
UNH · Q4 2017 → YESThe question is about whether management describes that in the recent period the company's business intensified from BOTH directions at once: new paying counterparties arrived AND existing ones enlarg...YES Management describes both new paying counterparties (e.g., new states like West Virginia, hospitals using Rally, healthcare transformation alliance with 10 companies, acquisitions like Banmedica and DaVita) and existing ones enlarging (e.g., serving nearly 1 million more seniors in Medicare, 465,000 more in commercial group, strong growth with existing client base for PBM, doubled Rally IDs, 7% same-store growth for SCA, highest Q4 script growth).