Callouts & quotes from 51+ activist slides

"Hatfield plans to offer a variety of pork products across our portfolio of bacon, marinated, and fresh pork items that meet the “Prop 12” and “Question 3” statutory requirements. Sows will be housed in pens that allow them to get up and turn around freely at all times, and have 24+ sq. ft. of usable floor space per sow. — Hatfield Website; Hormel Foods has assessed Proposition 12 and, while it is still awaiting final clarity on specific details and rules, the company is preparing to fully comply when the law goes into effect on January 1, 2022. The company’s Applegate portfolio of products already complies with Proposition 12. — Hormel Foods Statement, Oct. 6, 2020; As we look at Prop 12, yeah, it's about 4% of total production. That's not significant for us today. Tyson is currently aligning incentivizing suppliers where appropriate. We can do multiple programs simultaneously, including Prop 12. — Tyson Foods Q3 2021 Earnings Transcript, Aug. 9, 2021; Seaboard said it is converting some farms to comply with the law and expects to have pork for sale to California this year that complies with Proposition 12. — Reuters report on Seaboard Foods, Feb. 8, 2022"

"“I cannot stand working with them. It feels like I’m talking to a used car salesman...We had a recent situation, where we had some A/R...they declined a heart transplant for one of our patients in the ICU because of this credit hold. They refused to go out and get the heart for us. I could not believe it...I had to spend probably eight hours of my week on the phone with their rep, trying to beg and plead with them to release the hold because we didn’t want to miss an opportunity to get an organ for one of our patients...I felt like I was groveling...these heart patients, this isn’t like a kidney transplant. This person is in the ICU. They’re going to die. They’re status one. They’re getting this organ offer because they’re the sickest patient in need of one, and TransMedics made that call. It was their COO [sic], Tamer Khayal, who is not a clinician...[Magdy Attia] was part of the people threatening us.” — Administrator at a pre-eminent academic transplant center, which expects to eliminate TransMedics usage staring in early 2025"

"The Alcohol and Tobacco Tax Trade Bureau ("TTB") performed a federal excise tax audit of the Company's subsidiaries, MGPI of Indiana, LLC and MGPI Processing, Inc., for the periods January 1, 2012 through July 31, 2015 and January 1, 2013 through July 31, 2015, respectively. The Company is in the process of addressing the preliminary findings of the TTB audit regarding clerical errors and support for storage losses. The Company is unable to determine the probability that additional excise tax and penalties will be owed and cannot reasonably estimate the amount thereof. However, the Company believes it is probable that a penalty may be imposed by the TTB as a result of certain TTB audit findings but it is unable to reasonably estimate the amount thereof. Management expects that the aggregate liabilities, if any, arising from such legal and regulatory proceedings, including the TTB audit, would have a material adverse effect on the consolidated financial position or results of operations of the Company. — 10-K, Mar 10, 2016"

""Current ratings reflect support provided by the U.S. Treasury Department under the Senior Preferred Stock Purchase Agreements (PSPAs) and Fitch's view of the GSEs' policy role in the U.S. housing market. The PSPAs require the U.S. Treasury to inject funds if either GSE's net worth drops below zero, up to the agreement limits. As of 3Q24, aggregate availability under the PSPAs exceeded $250 billion, with the housing GSEs' combined net worth at $147 billion, currently indicating strong U.S. government backing. Fitch expects the incoming Trump administration to potentially explore options for taking the GSEs out of conservatorship. If the GSEs were to exit conservatorship while maintaining the PSPAs or similar support, their ratings could remain aligned with the U.S. sovereign rating." — Fitch Ratings, 1/8/25 (emphasis added)"

""Current ratings reflect support provided by the U.S. Treasury Department under the Senior Preferred Stock Purchase Agreements (PSPAs) and Fitch's view of the GSEs' policy role in the U.S. housing market. The PSPAs require the U.S. Treasury to inject funds if either GSE's net worth drops below zero, up to the agreement limits. As of 3Q24, aggregate availability under the PSPAs exceeded $250 billion, with the housing GSEs' combined net worth at $147 billion, currently indicating strong U.S. government backing. Fitch expects the incoming Trump administration to potentially explore options for taking the GSEs out of conservatorship. If the GSEs were to exit conservatorship while maintaining the PSPAs or similar support, their ratings could remain aligned with the U.S. sovereign rating." — Fitch Ratings, 1/8/25 (emphasis added)"

""Invesco's size, scale and global focus results in few natural peers on the London Stock Exchange. A US listing will improve visibility and direct comparability with a more appropriate peer group of large, global investment management companies." — Invesco CEO; "The Proposal will align the place of listing with the majority of the Group's business activities. Currently over 70% of the Group's sales, operating profit and net assets are in the US. The Board considers there to be a potentially larger pool of investors in the US than in the UK who are more familiar with the Group's business model....In addition, the Board expects that the new parent company would benefit from its primary listing being amongst a more appropriate public company peer group." — Signet Group Press Release (July 10, 2008)"

"With respect to the Restructuring line item in particular, the Company believes its exclusion from the Company's calculation of Adjusted Gross Profit and Adjusted EBITDA is appropriate and not misleading because (i) it adjusts for expense items that are unusual, non-recurring, and in some cases non-cash operating expenses, (ii) the expenses reflected in the Restructuring line item have not been incurred at scale in the past and are not reasonably expected to be incurred at scale in the next two years and thereafter and (iii) the expenses reflected in the Restructuring line item are separate and distinct from the normal recurring cash expenses the Company expects to incur as a public company. — SEC Correspondence, April 6, 2021"

""We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom." — Wellington; "The roles of chair and CEO are substantially different, requiring distinctly different skills and experience. Therefore, LGIM expects the two roles to be separated." — Legal & General; "Harris has an existing guideline that states that we will normally vote in favor of proposals requiring the separation of the Chairman and Chief Executive Officer positions" — Harris Associates."

""We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom." — Wellington; "The roles of chair and CEO are substantially different, requiring distinctly different skills and experience. Therefore, LGIM expects the two roles to be separated." — Legal & General; "Harris has an existing guideline that states that we will normally vote in favor of proposals requiring the separation of the Chairman and Chief Executive Officer positions" — Harris Associates"

"“Retail leasing activity increased significantly in the first quarter of 2010, with total in-line and outparcel tenant leasing deals covering 1.36 million square feet signed, an increase of 21% over the same period of last year. Within total deals, the number of new lease deals grew 84%, representing new deal square footage of approximately 284 thousand square feet. Although rents remain below 2007 peak levels, they have stabilized. As sales continue their upward trend, the Company expects lease rates to reflect those increases over time.” — GGP Q1’10 Operating Supplement"

""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"

"“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."

"The market expects FIGS to continue top-line growth in the mid 20% range while accelerating EBITDA margins. As a result, the market ascribes FIGS a rich revenue multiple of approximately 4x. We have shown why we believe there is substantial room for multiple compression."

"ADT expects to have the ability to accelerate certain tax deductions that would allow us to minimize our cash tax rate for a period of time beyond the full utilization of the initial deferred tax assets — The ADT Corporation Investor Day Presentation, 9/18/12"

""The Company is currently in the process of evaluating the impact of this standard and expects that the adoption of the ASU will increase assets and liabilities related to the Company's operating leases on the consolidated balance sheets." — Porch Group Inc."

"ROAD infrequently provides guidance as to how much of its revenue growth it expects to be organic. However, in the recent instances that it has commented on organic growth goals, we find that the Company has been falling short of its projections."

"Crown’s thesis for paying premium multiples on fiber is that it values fiber & towers similarly; CCI expects fiber economics to be very similar to towers, albeit at an earlier stage of development and investment. — Citi, May 2017"

"Samsung expects KLA to launch a competing tool “very soon”; will given them at least half the business; have already placed a pre-order; has “confidence and trust in KLA” who is “aggressively developing their own actinic tools”"

"Stated that he expects those physicians who want to use Vykat to just prescribe generic diazoxide suspension off-label instead - "of course...that’s probably what it will come to...I think that’s what it’s going to come to.""

"The ex-employee stated that generic diazoxide oral suspension is perfectly substitutable for Vykat, based on Soleno’s own PK data despite their protestations to the contrary, and expects to see the substitution occur."

"Warning: If Oatly expects to make new product introductions into adjacent markets, we believe it won't be easy. For example, all key competitors are already marketing oat creamers at supermarkets and online."

"MRV TO REVIEW HISTORICAL OPTION PRACTICES AND TO REVIEW ACCOUNTING FOR EARNOUTS AND PROFIT SHARING IN TWO EUROPEAN SUBSIDIARIES AND EXPECTS TO RESTATE FINANCIAL STATEMENTS — MRV Communications Press Release"

"This does not include a $572 million “salvage recoverable” asset on its Balance Sheet, which AGO expects to recover against these losses. The actual “net reserve” number it quotes is only $844 million."

""As Core projected, the Company’s third quarter 2016 results established the bottom of the expected ‘V-shaped’ recovery that the Company expects to continue in 2017." — CLB Q1 2017 earnings release"

"Sartorius AG, a major competitor to Mettler in its Laboratory division, announced a new ERP in 2016, and expects the project to be completed in 2019. We estimate the total cost is EUR 20 - 30m"

"Assuming clean energy regulations get implemented, the EIA expects Appalachian coal demand to decline nearly 35% over the next 10 years until it stabilizes at around 110 million tons."

""Oatly's sales were about $110 million in 2018, up from $68 million a year earlier, Petersson says. He expects double that, about $230 million, for 2019." — Bloomberg, July 31, 2019"

"Amazon's CFO recently commented that the company saved $1 billion on travel in 2020, and while he expects travel to return, it will be at a much lower level."

"“EBITDA levels are at a low point and [the Company expects] to see improvements with revenue growth in 2015...” — Yahoo! Management, Q3 2014 earnings call."

"Ultimate Software expects to achieve ~35% – 40% operating margins when it reaches scale and as growth decelerates from ~20%+ per annum — Ultimate Software"

"CEO Cord Christensen stated that he expects the legacy veterinary business, excluding new stores, to support sales growth in the services segment of 25%."

"Management expects this $300mm cost reduction program and continued operating leverage to increase operating margins from 25% in 2014 to ~34% by 2017"

"GoDaddy expects to generate 7% revenue growth and 28% Adj. EBITDA margins in Q4'23E as growth headwinds abate and operating leverage improves margins"

"GoDaddy expects to generate 7% revenue growth and 28% Adj. EBITDA margins in Q4'23E as growth headwinds abate and operating leverage improves margins"

"Management expects this $300mm cost reduction program and continued operating leverage to increase operating margins from 25% in 2014 to ~34% by 2017"

"Expects physicians to prescribe generic liquid diazoxide off-label, especially if a conversion chart is available on MDCalc.com"

"Pfizer management expects these transactions to contribute >$20.5 billion in revenue by 2030. — Pfizer Public Presentation"

"A surgeon who directs the program expects to terminate their usage in the next 6-12 months: "Yes, it will go to zero.""

"Happy Days Are OVER for Apellis, as the Experts Give a Thumbs Down to Syfovre. Citron Expects FDA Warning Letter."

"TWC also expects to substantially enhance the ARPU and margins of the acquired Adelphia systems as shown below:"

"Management expects to invest the majority of the company's free cash flow in value-creating acquisitions"

"Management expects to invest the majority of the company's free cash flow in value-creating acquisitions"

"The Company expects to replace that director, as it has done in the past — Taubman Centers, Inc. filing"

"Simon expects to lose less than 2bps of total revenue as the result of rent relief concessions in 2009"

"Simon expects to lose less than 2bps of total revenue as the result of rent relief concessions in 2009"

"Perhaps the only thing more far-fetched than Astra's launch rate is how it expects to hold price."

"MISSED guidance by $9 billion... and expects further ~$4 billion reduction instead of growth!"

"We believe that this merger is a scam and that neither company expects it to actually happen."

"We believe that this merger is a scam and that neither company expects it to actually happen."

"Even without an acquisition and proper execution Citron expects a double out of Blackberry."

"Going forward, CXW expects to be a 38% cash tax payer"