Callouts & quotes from 1,069+ activist slides

"“I can confirm that. Uptime for the A150, uptime is an issue. If it was not the only actinic inspection tool in the market, people would definitely go with another supplier. It doesn’t meet what we would normally expect. We typically in the industry for look for inspection equipment to have availability to be used certainly in excess of 80%, and most are over 90% and up. And the A150 didn’t meet the 80% threshold [laughs].” — Longtime executive at Global Foundries"

"“And if you do come in below that target or budget, I mean do you think – would we expect to see you drill incremental wells for the same CapEx over the year, or just come out with a lower CapEx budget?” ... “our goal is to accelerate value. We have a deep multi-decade inventory and we want to bring as much of that value forward. So, our plan would be to leverage those efficiencies and be able to drill additional wells…” — Rick Bott, Continental President & COO"

"Spruce Point Question: "Would you be concerned if WTRG is falling behind its rate base growth projections? Do you agree that if WTRG starts missing its expectations in rate base growth that it would be a major cause of concern for investors?" Answer: "Yes, I would. And that's because utility companies are so hyper-focused on rate base growth. To achieve their earnings growth, they have to get into service the capital they're spending." — Spruce Point interview"

"Spruce Point Question: "Would you be concerned if WTRG is falling behind its rate base growth projections? Do you agree that if WTRG starts missing its expectations in rate base growth that it would be a major cause of concern for investors?" Answer: "Yes, I would. And that's because utility companies are so hyper-focused on rate base growth. To achieve their earnings growth, they have to get into service the capital they're spending." — Spruce Point interview"

"“And to then not have a harder endpoint. With a reduction in hyperphagia, that as an outcome is not really measurable...there's tons of problems with that score...I would have expected that if hyperphagia went down, we would see, as in the beloranib study...weight went down as well. And we didn't see that in this study. I'm not quite sure what's going on there.” — Trial investigator; endocrinologist; one of the most published authorities on PWS and hyperphagia"

""Also, incentive compensation increased $3.7 million or 7% in 2013, due to the increase in Sotheby's profitability relative to prior years. In 2014, management expects that full-time salaries will increase by approximately 7% to 8% due to the full-year impact of last year's strategic headcount and salary increases as well as targeted salary increases expected to take effect in 2014." — Patrick McClymont, CFO of BID, Q4 2013 Earnings Call, February 27, 2014"

""The new system we're deploying today is able to do things no other quantum computer has been able to achieve...the holy grail...." — Chris Monroe. "The new hardware features 32 perfect qubits with low gate errors, giving it an expected quantum volume greater than 4,000,000." — IonQ Press Release. "In a single generation of hardware, we went from 11 to 32 qubits, and more importantly, improved the fidelity required to use all 32 qubits," — Peter Chapman."

"We currently expect to invest approximately $325.0 million to $350.0 million in capital expenditures during fiscal 2011. For fiscal 2012, we currently expect to invest approximately $650.0 million to $720.0 million in capital expenditures. In addition, as the Company secures new production facilities for future growth it may incur additional capital expenditures in the range of $50.0 million to $60.0 million in fiscal 2012. — GMCR 10-Q for Q3 2011, p.39"

"Another more recent example is our game business. Our subsidiary Skymoons launched a 3D turn-based mobile game The Croods, which is based on a famous IP licensed from DreamWorks Animation's 2013 popular animated feature film The Croods. The game has performed exceptionally well since it was launched in February, exceeding our expectation. This is another good showcase of our ability to adapt IP into online games. — CEO Gong Yu, IQ Q1 2019 earnings call"

"No. We just had a little bit of supply chain disruption in the quarter associated with the concentrates business that should rebound this quarter. But we expect that to be in that mid-40s range in terms of sales on an ongoing basis. A lot going on there, including an SAP implementation, the integration of the business, but the demand looks very stable and certainly strong in this concentrate area as well as our other key product lines. — Evoqua CFO"

"“Research and development expenses consist primarily of costs incurred for the development of our products, which include personnel costs, laboratory supplies, consulting costs and allocated overhead, including IT and facility costs. We expense our research and development expenses in the period in which they are incurred. We expect to increase our research and development expenses as we continue to develop new products.” — S-1/A filed Oct 29, 2018"

"“Valuation Our YE24 remains $38, based on a sum-of-the-parts analysis. Our SOTP assumes a YE24 net contracted earning assets per share of ~$7, plus ~$30 in value per share for future deployments based on an assigned 13x multiple to expected contracted value creation in FY25 (PV7.5) less incremental financing. We believe the stock is undervalued, and we expect it to outperform the mean of our coverage over the next 6-12 months.” — Anonymous Analyst"

"We are upgrading shares of Plug to Buy (from Neutral) as the company passes an inflection point. We expect valuation to be driven by visibility for Plug continuing on impressive revenue growth trajectory, outlook for record revenue and EBITDA in 4Q19, and material EBITDA profitability in 2020. The outlook for 2020 where we forecast material EBITDA production of $35.5m suggests Plug is clearly passing an inflection point. — Sell-side analyst report"

"Number one is the state of accuracy of the information that Oatly provides. I would make emphasis on division by division. EMEA, Europe, including Sweden. The U.S. is right now number one contributor to sales. The marketing channel and expectations from China from the Company; that's from a sector perspective. If I were to invest, want to make sure the financials are accurate and telling the right story. — Former Oatly Accounting Professional"

""We expect sales to be down by about 15," said one distributor that sells about $45m in electronic components annually. "This year the consumer products market is very poor. Huawei's orders are down, and that directly affects my customers and indirectly drags down our sales. ZTE's orders are also down. . . A lot of our customers sell to the U.S. The 2018 backlog is pretty intense, so this year's sales will drop." — China Market Distributor"

""The [plug-in hybrid] ones they did have out, they claimed a 50% increase in miles per gallon, the most any of them got were 35-40%.... average was 25-35%." — Former XL Employee B; "Never would you come across 50% on the plug-in... The 50%, it’s insane that it’s advertised... You might see a decrease in MPG because you’re adding 800 pounds of batteries to the back of an F-150 and expecting it to achieve performance." — Former XL Employee A"

"We also expect to have lower equity earnings associated with the ULA business as a result of the number and mix of launches expected in 2019 compared with 2018.... The largest single item that is driving the margin reduction next year, though, is actually our ULA equity earnings. Those are actually going – we expect those to be down nearly $150 million or so from this year's estimate of the equity earnings from ULA. — LMT Q3'18 Conf Call"

"Q: Once the installation is up and running, is there a minimum number of tests required to be done under the reagent rental agreement? A: Yes, there is a target, a sort of an expected volume for most of the labs. There is an expectation that they (hospitals) are a part of evaluating and determining (expected volume). So it doesn't help us at all, nor any company really, to create a situation where — AXDX Investor Relations Representative"

"We believe the Street is structurally misunderstanding the magnitude of the cybersecurity-related costs that Mercury will face going forward, as well as the delays in revenue contract award opportunities it will face in its high-growth “command, control, communications, computers, and intelligence” (C4I) segment – expected to be a $100m business. Mercury does not even have a CISO at present, and only recently replaced its departed CIO."

"Certain of our receivables may include the ability to defer required interest payments in exchange for increasing the receivable balance at the borrower’s option. We generally accrue this paid-in-kind (“PIK”) interest when collection is expected, and cease accruing PIK interest if there is insufficient value to support the accrual or we expect that any portion of the principal or interest due is not collectible. — HASI 2021 10-K, p. 88"

"A significant portion of UOL's revenues and profits come from dial-up Internet and DSL access services and related services and advertising revenues. UOL's dial-up and DSL Internet access pay accounts and revenues have been declining and are expected to continue to decline due to the continued maturation of the market for dial-up and DSL Internet access, competitive pressures in the industry and limited sales efforts — UOL Disclosure"

"Box is one of the most predictable models in all of software. All right. So when we think about Box at $1 billion scale, we expect that the customers that we already have today are going to contribute more than 75% of that revenue. So those best-in-class customer economics and the trends we're seeing are the biggest reason that we're so confident in our path to becoming a $1 billion company. — CFO Dylan Smith, BoxWorks, October 2017"

"Revenue base is almost entirely recurring subscriptions with attractive retention rates — Deal presentation. A portion of RCA's client agreements do not have automatic renewal clauses at the end of the subscription period. Due to the historically high retention rate and expectation that a substantial portion of the client agreements will be renewed, the associated revenue is recorded as recurring subscription revenue — SEC filings."

"It has to do with, I think, what's fairly typical in a major merger, which is purchase price adjustments and valuations as to fair value and life, in our case, of satellites on orbit. So that work continued on into the quarter past the point where we provided our previous guidance. And the expected life of assets on orbit was increased modestly, which reduced the annual depreciation associated with those assets. — CEO Howard Lance"

""We said we’d do $100 million in variable costs, and we are clearly going to do that. We also said we were going to attack the structural costs. We didn’t know exactly how big it was, but that we thought it was probably at least as big as the variable cost component, but it would take a couple of years to deliver that…directionally, everything is consistent with our expectations in that regard." — Fred Green, Q3 2009 Earnings Call"

""Do you expect any competition concerns out of any regions? And I think probably allude to Latin America more than the other regions. But do you expect to have to divest any assets in the case of any regulator issues?" — Owen Birrell, Analyst, Goldman Sachs. "No. Short answer is no. We've got a lot of experience navigating through all of that. We got good advice, good advisors and we don't expect any issues there." — CEO Response."

""There is massive opportunity within the national home service marketplace for Cinch and our partners at Porch," said Steve Upshaw, Cinch CEO. "Both of our companies share a deep passion for making life easier and providing added transparency for our clients, partners and service providers. Together, we can better anticipate, meet and exceed the expectations of today's ever-more sophisticated consumer." — Steve Upshaw, Cinch CEO"

"I expect to get into clinical studies early part of next year on our path to commercialization of the 2025 time frame. So I remain excited about that. I think we’ve learned a lot about our capabilities in terms of algorithms and how to leverage our clinical back end and the options kind of available to us from a strategy standpoint. So excited about where that’s headed. — iRhythm CFO Wilson at Morgan Stanley Conference, 9/13/23"

""So I should see in your modeling - we expect to generate FCF of roughly $400M in FY 2018, taking into account incremental capital expenditure up to $100M associated with the multiyear development of our new campuses in Israel. Normalizing for this capital expenditure, we expect FCF of roughly $500M in FY 2018.... This investment, if consummated, will be financed from internal cash resources" — Tamar Rapaport-Dagim, CFO, Amdocs"

"Latin America operating profit trended down during the fourth quarter and full-year as compared to last year... We have reduced both variable and fixed costs in our Latin America business, which has driven profit improvement since the low point during the second quarter of 2017. Conditions are stabilizing in Brazil, and we expect improving profitability in '18 and beyond from the actions we have taken. — Bemis Q4 2017 Ended Dec"

""Yes, and Scott, so let's go back to 2015, you saw that we had about a 60% conversion rate of EBITDA to free cash flow* and through what you have seen this year particularly for this quarter we are in line with that performance. So I will say the expectation moving forward around free cash flow generation to EBITDA will we continue to be at that 60% level, I think we will be close." — Jody Tusa (former CFO), Q3'16 Earnings Call"

"Exploration licenses are amortised over the shorter of the term of the license and their expected useful economic lives. All licenses recorded as at 31 December 2019 have a license term of 9 years. A full impairment charge was made in 2013 as no revenue arising from the licences have yet been agreed or forecast with sufficient levels of certainty. — UK Seabed Resources Limited 2019 Annual Report filed at the UK Companies House"

""In most cases, on the food and retail side, customers outright buy the equipment. On the heavy manufacturing side, you may have 40% to 60% of those customers lease the equipment. Because we don't know what our deals are yet for those years, I can't tell you what we expect in terms of what the mix is between capital purchases and lease financing deals.... 50% of our shipments will be in food." — Gerry Anderson, CFO, Plug Power"

"“The last set of initiatives that we took you through several years ago, the $1 billion to $1.5 billion in EBIT this year, are paying off.” — CEO Bob Jordan, October 2023; “... About $1.5 billion in incremental year-over-year pre-tax profit from our network optimization efforts and the contributions from our portfolio of strategic initiatives, is driving us to expect additional revenue records.” — CEO Bob Jordan, January 2024"

""The last set of initiatives that we took you through several years ago, the $1 billion to $1.5 billion in EBIT this year, are paying off." — CEO Bob Jordan, October 2023; "... About $1.5 billion in incremental year-over-year pre-tax profit from our network optimization efforts and the contributions from our portfolio of strategic initiatives, is driving us to expect additional revenue records." — CEO Bob Jordan, January 2024"

"“The last set of initiatives that we took you through several years ago, the $1 billion to $1.5 billion in EBIT this year, are paying off.” — CEO Bob Jordan, October 2023; “... About $1.5 billion in incremental year-over-year pre-tax profit from our network optimization efforts and the contributions from our portfolio of strategic initiatives, is driving us to expect additional revenue records.” — CEO Bob Jordan, January 2024"

"“The last set of initiatives that we took you through several years ago, the $1 billion to $1.5 billion in EBIT this year, are paying off.” — CEO Bob Jordan, October 2023; “... About $1.5 billion in incremental year-over-year pre-tax profit from our network optimization efforts and the contributions from our portfolio of strategic initiatives, is driving us to expect additional revenue records.” — CEO Bob Jordan, January 2024"

"“The last set of initiatives that we took you through several years ago, the $1 billion to $1.5 billion in EBIT this year, are paying off.” — CEO Bob Jordan, October 2023; “... About $1.5 billion in incremental year-over-year pre-tax profit from our network optimization efforts and the contributions from our portfolio of strategic initiatives, is driving us to expect additional revenue records.” — CEO Bob Jordan, January 2024"

""Third, Helly Hansen's earnings performed as expected in Q2 and year-to-date." — Dean McCann, CFO, Q2 2019 Call; "It's now our fastest-growing asset." — Dean McCann, CFO, Q2 2019 Call; "But in reference to Helly Hansen, our integration efforts and their financial performance are both proceeding on plan." — Stephen Wetmore, CEO, Q1 2019 Call; "they in fact did hit their stretch targets" — Stephen Wetmore, CEO, Q4 2018 Call."

"Firstly, we do not intend to pursue synergies through a reduction in sales and marketing or R&D costs — Amcor Management. We haven't quantified the benefits of any revenue synergies but we would clearly expect to be able to grow at higher rates over the longer term than we would independently — Amcor Management. One of the consistent highlights for the business has been our working capital performance — Amcor Management."

"“A very small company. I think they wanted it to work, and they want to believe it works. And, that was not my immediate reaction to what I saw...the person [who ran] clinical development also felt the same way...we were disappointed to not see what we were expecting and reacted accordingly. No matter how you slice and dice it, the data is there the way it is.” — Ex-Soleno employee #2, key role in clinical trial program"

"there will be a resumption of its order flow and shipments to Amazon — Stifel Research. Recent sales growth has been broad-based, but still supported by the return of meaningful Amazon sales. While these appear stable for the next few quarters, an unexpected slowdown here may represent the biggest downside risk going into next year should offsetting contribution from new platforms not materialize. — Barclays Research"

""For the Lab Products & Services Division, Sartorius now anticipates that due to the softer economic environment, the lower range of the division's sales forecast of about 5% to 9% will be reached. The division's underlying EBITDA margin is expected to be just below 20% (previous guidance: slightly above 20%), with the operating increase accounting for about half a percentage point" — Sartorius Guidance Cut 7/19/2019"

"I actually said that we really don't expect material synergies over the next two, three, four years because we do have a service agreement in place.... we're not calling or quantifying any synergies because we're focused on just - like Matt said, making them hit their $900 million earn-out and have the support that Church & Dwight would give and innovation that those guys would have — CFO on Deal Conf Call 3/28/19"

"We value REZI as if it were two separate business using the valuation multiple implied by the trading comps on the previous slide. We believe that the businesses should trade at a discount to peers given lingering legacy operational and financial reporting issues, along with growing complexity from recent M&A. We see 25% - 50% downside risk and expect REZI to underperform the technology and home services sectors."

"“Sort of every KOL was saying the device isn’t working. We had this one doctor in New York who implanted 13 Nevro systems. He removed 10 of them within a year. Nevro saw that a lot of these doctors were going away. They saw that their sales reps, like me, were leaving and the number one reason was because the therapy wasn’t living up to expectations.” — Former Nevro district sales manager, now at a key competitor"

"Documents show Waterpik’s gross margins were 47.7% - 49.1% pre-acquisition, and the CFO said he expected 200 - 300bp gross margin expansion. Fast forward to early 2019, the CFO’s recent comment that gross margins are now “on par” with the company’s gross margin (pre-tariff), indicate that margins have contracted lower in this product line closer to 44% - and this even after price increases announced in Q3 2018!"

"We are a leader in a large, fast-growing and underpenetrated market with significant tailwinds. Based on the Company Data Analysis, we estimate that the total addressable market for our core solutions was approximately $13 billion globally in 2020 and was less than 25% penetrated and is expected to grow to approximately $20 billion by 2025 with less than 50% penetration. — DoubleVerify Prospectus Sept 22, 2020"

"“...the strategic infrastructure we have in North Dakota, having control of that adds a lot of value... the Tioga Gas Plant...that’s not something we would be interested in MLPing.” — John Hess, November 2012; “...we need some historical performance there of cash flow, of the EBITDA, from these midstream assets, and as we get that... I expect the timing of the monetization is 2015.” — John Rielly, March 2013"

"And then lastly, in terms of utilization, I know you're maybe not ready to break out a specific revenue number. But I think, according to our model, I think the current utilization still came lower than we modeled. — Julia Qin. Yes, good question. As we've discussed, our expectation is to have an annuity in the range of 45,000 to 65,000 per instrument. And that's what we're seeing currently. — Larry Mehren"

"“Electra signed an agreement For the construction of an office campus for the Amdocs Israel company in Israel, the activities of Amdocs Israel's employees will be concentrated in the center. The campus will include 4 offices, development areas and 3 underground floors. The total expected consideration in respect of the execution of these projects is NIS 330 million” — Google Translate (from TASE filing)"

""Capital expenditures were $190 million for the year ended December 31, 2019 compared to $169 million in the year ended December 31, 2018. The increase in capital expenditures is primarily driven by increased investment to drive growth and improve cost productivity. Free Cash Flow in 2020 is expected to be approximately $350 million, with capital expenditures of approximately $200 million." — Sealed Air"

"NEW: "We believe we are a leading cloud-native, SaaS provider within the alternative investment sector, and expect that as that sector grows, we will continue to extend our position." — Enfusion 2023 10-K. OLD: "We believe we are the leading cloud-native, SaaS provider to the global hedge fund sector and expect that as the alternative investment sector grows, we will continue to extend our position.""

""The majority of our anticipated 2011 CapEx is related to capacity required to support growing demand for K-cup portion packs." — Larry Blanford, Q1 2011 earnings call on February 2, 2011. "We expect the majority of our $650 million to $720 million in planned 2012 capital expenditures will go to scaling our portion pack production capacity" — Larry Blanford, Q3 2011 earnings call on July 27, 2011."

"Red Lobster's business continued to decline through fiscal year end, and based on industry trends, the declines were expected to continue for an extended time — Darden Press Release. The management team believes that each of these issues are temporary in nature, correctable, and that they have plans in place to return the business to historic levels of profitability — Red Lobster Debt Memorandum."

"Contract and customer acquisition costs, consisting primarily of sales commissions, are incremental and recoverable costs of obtaining a contract. These costs are capitalized using the portfolio approach and are amortized over the expected period of benefit, which is the estimated life of the technology (determined to be approximately 7 years) provided in the underlying contract. — PWSC FY23 10-K"

"Red Lobster's business continued to decline through fiscal year end, and based on industry trends, the declines were expected to continue for an extended time — Darden Press Release. The management team believes that each of these issues are temporary in nature, correctable, and that they have plans in place to return the business to historic levels of profitability — Red Lobster Debt Memorandum."

"“Delta Pulls Outlook as Trump’s Trade War Squeezes Air Travel” — Headline. “United Airlines Gives Two Profit Scenarios: ‘Impossible to Predict’” — Headline. “American Airlines withdraws 2025 forecast on murky economic outlook” — Headline. “JetBlue Withdraws Outlook, Expects Soft Demand” — Headline. “Southwest Airlines joins rivals Delta, United in cutting flights, scrapping forecasts” — Headline."

""Recall that our Pika and Neurio acquisitions enabled us to bring an efficient and intelligent energy saving solution to the market in December called PWRcell, which we believe will position Generac as a key participant going forward. Q1 represented the first full quarter of commercial shipments of PWRcell units at scale, which met our relatively high expectations." — CFO York, Q1 2020 Conf Call"

"The TICO Board and SC (i) confirmed that the offer price still "significantly deviates" from expectations and must factor in the risk of price fluctuations due to increasing share price of the stakes held by TICO in TMC, Aisin, Denso and Toyota Tsusho; and (ii) requested that Fudosan "substantially increase" the offer price to safeguard minority shareholder interests — TICO/SC Negotiation Record"