Callouts & quotes from 107+ activist slides

"“Against Engine’s ‘advice’ to not attempt a debt refinancing, and its hyperbolic posturing, the Company refinanced its debt on more favourable terms that materially reduced its debt service cashflows, staggered and extended its maturities, and saved the Company approximately CAD $20 million annualized in net interest costs.” — Dye & Durham Board (September 25, 2024)"

"In closing, I wanted to emphasize that our business model and philosophy regardless of short-term volatility, we'll remain laser-focused on operational excellence, capital discipline, long-term shareholder value creation, and returning that value to shareholders while fortifying our balance sheet by continuing debt reduction. — Former CEO Mark Little, July 29, 2021"

"As one media consultant said, “It’s rather sad that AOL Time Warner couldn’t keep one of its most valuable brands in television like Comedy Central” — Media Consultant. “Companies like AOL are having to sell their best and most profitable assets in order to make a dent on the debt on their balance sheets. Nobody’s focusing on shareholder value.” — Bond Investor."

"One important area in which fiscal '19 will differ from fiscal '18 is in capital allocation. With $600 million of acquisition debt repaid and our leverage target achieved, we returned to our historical priorities for deployment of cash, which our CapEx, acquisitions, dividend payments and share repurchases. — Cintas CFO Q4 2018 Earnings Call July 19, 2018"

""I've only come up with five meaningful ways we can use our cash. First, we can invest in our current businesses. Second, we can use our cash to pay down debt and we have. However, we intend to maintain our investment grade credit rating, which we're already good shape on, and our debt is in great shape as well." — Stephen Wetmore, CEO, 2014 Investor Day"

"I was once previously an agent with WFG. I left and terminated my advisor code with them june or july 2023... I have acquired $600 worth of debt with them because of it. I was also never contacted by WFG to tell me i have debt, I found out 8 months later and it has ruined my credit score. — Excerpt Of FTC Complaint Submitted 4/23/2024"

"And I would just add, John, that with a really strong balance sheet, no debt, every comp store in the chain is contributing positive EBITDA. We're in a really nice situation, particularly compared to 8 years ago when that wasn't the case and maybe we did have to slow that a little bit or chose to slow that? — CFO Watkins"

"“We believe that the presentation of Adjusted Free Cash Flow is relevant and useful to investors because it provides a measure of cash available to pay the principal on our debt and pursue acquisitions of businesses or other strategic investments or uses of capital.” — GTT Q1 2019 SEC Form 10-Q, p. 40"

"Hill-Rom Holdings, Inc.'s ("Hill-Rom") Ba2 rating reflects the company's moderate financial leverage. The rating also reflects the risks associated with a growth strategy that is expected to rely on acquisitions, which could be debt financed and result in integration risks. — Moody's Credit Rating"

"Net "funded" debt is calculated under our Revolving Credit Facility by starting with the long-term indebtedness shown on our most recent balance sheet plus lease obligations that are set forth separately from our long-term indebtedness on our balance sheet minus cash on hand. — GFL IPO Prospectus"

"We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025"

"We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025"

"We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025"

"Although the resulting leverage exceeds the level appropriate for a ‘BBB-’ rating on an ongoing basis, the ratings incorporate S&P's expectations that Cox has the capacity and commitment to reduce consolidated debt to EBITDA within two years to the low-to-mid 4x area. — S&P"

"Improved the Company’s financial health by driving companywide efforts to improve profit margins, reduce debt, secure credit rating, and increase return on capital, positioning the Company to take advantage of future growth opportunities — DuPont 2014 proxy statement"

"According to Moody's, a credit rating agency which was privy to Itiviti's management and insights about its business given its public debt rating, contracts were shorter than BR management's claims, and the recurring revenue mix was less than 100%. — Moody's"

""I have consistently communicated my belief in the importance of deleveraging. I've been transparent about our attention to take the debt down to 0... I'm excited for the day when we can announce that our debt has been paid off." — CEO Stetson, May 5, 2022"

"“...InternationalCo would be forced to assume all of Hess' existing debt and therefore restrict InternationalCo's financial flexibility, future growth rate, and ability to return cash to shareholders.” — Hess Presentation to Shareholders March 2013"

"“We note that, if the court could somehow be certain a debtor would complete his plan, the prime rate would be adequate to compensate any secured creditors forced to accept cram down loans” — Opinion of Justice Stevens, Till v. SCS Credit Corp."

"“So, somebody, and it may be Hannon, which owns a non-controlling interest as well, put in $141 million. And Vivint took $340 million back. There must have been a lot of cash, either that or they borrowed more debt.” — Former HASI Executive A"

"Cashpooling: The Company maintains a current account with BV Inversiones, S.L. to manage the group's treasury. These debts accrue market interest based on Euribor. — Bureau Veritas Inspected Y Testing, S.L.U. Financial Statement 2021"

"Note: All sell-side analysts who do a NAV calculation either separate out Sales Finance in their EV-to-Equity bridge, or follow a P/E approach whereby net debt does not feature in the analysis(2) — Elliott Investment Management"

"The quick headlines are $3 billion of segment operating income by 2020, and free cash flow generation of up to $5 billion for shareholder return programs and debt repayment. — Richard Kramer, CEO of Goodyear (September 2016)"

"“Other overhead costs include all other overhead and depreciation expenses such as IT expenses, limited warranty, travel, insurance, bad debt, title and registration and other administrative expenses.” — CVNA FY 2017 10-K"

"We continue to target a long-term leverage of approximately 2.25 times net debt to adjusted EBITDA. From time to time, we may deviate from our long-term leverage target to pursue strategic opportunities. — Capital Mgmt."

"We are not able to name the senior debt provider due to confidentiality terms in our agreement. Moreover, we would likely not name the partner absent those terms due to the factors described above. — Carvana Management"

"“by all relevant debt indicators, the U.S. fiscal scenario will soon approximate the economic scenario for countries on the verge of a sovereign debt default.” — American Enterprise Institute for Public Policy Research"

"“Based on secondary market trading, if Simon were to issue debt today, an issuance of five year unsecured debt could potentially be completed at a cost of 5% or less” — Credit Suisse Equity Research, December 4, 2009"

"Credit ratings depend on a number of qualitative and quantitative factors; however, in general Moody’s recommends retailers stay below 3.5x Adjusted Debt / EBITDAR to achieve an investment grade rating. — Moody's"

"All LOIs received included both cash and non-cash consideration, none of which were sufficient to satisfy the Company’s indebtedness to DSMF, as Interim Lender and Senior Secured Lender. — PwC's 2nd Report"

"Our balance sheet has never been stronger or more liquid. As at the end of December 2014, our debt to capitalizations was at a historic low of 38%. Also we carried $5.2bn of liquidity headroom. — Noble"

"TWX 'has the financial flexibility, within the current Baa1 debt rating, to absorb the larger share repurchase [i.e., the Management Repurchase Plan] in the time allotted by management' — Moody's"

""Since the financial crisis, U.S. savers alone have lost roughly USD 470 billion in interest rate income, net of lower debt costs." — Swiss Re, "Financial repression: The unintended consequences""

"We start by un-levering the Beta for each company in our comp set. We divide each company's Levered Beta by one plus its tax-effected debt-to-equity ratio. — Financial Modeling Course References"

"“fundamental lack of understanding of [AGO’s] business model.” — Assured Guaranty (AGO); “Mr. Einhorn’s focus on total debt service ignores this lack of acceleration.” — Assured Guaranty (AGO)"

"The Financial Times December 20, 2019 report on NMC’s attempted off-balance sheet debt financing hints at hidden debt secured by share pledges. — The Financial Times"

"Enterprise Value is the value of the core business operations. This value belongs to all investors in the company, both debt and equity. — The Core Technicals Guide"

"Party B shall have ownership rights to the tangible assets, Party B shall also assume any and all obligations or debts resulting from any illegal activities."

"that Kingshott was aware of the implausible story Drier gave many investors. — US Bankruptcy Court: Drier LLP (debtor), Novator Credit Management (defendant)"

"Preferred Stocks are treated like Debt in the Equity Value / Enterprise Value calculations. Enterprise Value = Equity Value + Debt + Preferred Stock - Cash."

""Debts to related companies mainly consist of cash deposits received from subsidiaries of the Company." — Eurofins 2018 Financial Statements"

"the Board has no appetite for M&A — Colleen Moorehead (Chair). The Board’s priority is to reduce debt. — Colleen Moorehead (Chair)."

""invest in our operating subsidiaries, repay short-term debt, and for general corporate purposes." — WTRG (quoted in text)"

"“When you invest in a suit like this, you’re not betting on sovereign debt.” — BUR FY2019 Earnings Call Transcript"

"RUN investor relations referred to tax equity as “effectively debt” — Sunrun Investor Relations"

"Moody’s suggests an upper bound of 3.5x debt/LTM EBITDA for the current rating level of Baa2."

""debt is the engine, it's the fuel." — Management"