Callouts & quotes from 166+ activist slides

"Property, plant and equipment is stated at cost. Depreciation is generally computed by the straight-line method over the estimated useful lives of three to 30 years for buildings and improvements and three to 10 years for machinery and equipment. — 2019 10-K"

"JDS Uniphase estimates that network capacity can be increased by 1,000 times in the next ten years without adding much equipment to macro towers through a multiplier effect of adding spectrum, carrying voice over LTE (VoLTE), and relying on small cells."

"A key objective of our messaging is to make people aware of our stores, products and services. Based on our internal research, we estimate the conversion rate from a customer visiting one of our stores to purchasing our products is 76%. — FND 10-Ks"

"S&P recently published estimates that also come in significantly below MPLN’s 2021 guidance, and yet management has not withdrawn this guidance. The rating agency’s release dated October 20, 2020 shows a much dimmer view of MPLN’s sales and EBITDA."

""Targets for integration and migration were unrealistic. I think their understanding of the variances and the level of effort it was going to require to take the SafeCharge platform to North America was underestimated." — Former employee"

""We rely on assumptions and estimates to calculate certain key operating metrics, and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business." — Momo 2017 20-F Annual Report (p.14)"

"The engineering modification and maintenance business acts as an internal MRO shop servicing Boeing and other aircraft needs. We estimate that this represents about 37.5% of total BGS revenue. — Sell side re Boeing Global Services"

"Closed sales represent an estimate of the expected annual recurring fee revenues for new client contracts that were signed by Broadridge in the current reporting period. — Broadridge Financial Solutions, Inc. 2021 Proxy Statement"

"A recent June 2013 Jeffries report estimates that cable operators actually carry more consumer wireless data on their networks than mobile carriers, yet cable generates $0 directly attributable revenue from wireless. — Jeffries"

"BG beat on adj. EPS vs our estimates of $1.85 and Bloomberg consensus of $1.81, sees FY26 adj. EPS in a range of $7.50 to $8.00, which is ~$1 lower than our estimate and Bloomberg consensus. — Barclays Research: Feb 4, 2026"

"Based on an analysis by Frost & Sullivan that we commissioned in connection with this offering, we estimate the global total available market for PowerSchool's current set of solutions to be approximately $25 billion."

"The Company accrues for estimated sales returns based on historical results. The allowance for sales returns at December 28, 2023 and December 29, 2022, was $27.4 million and $33.3 million, respectively. — 2023 10-K"

"we allocate the contract transaction price to each performance obligation using our estimate of the standalone selling price ("SSP") of each distinct good or service in the contract. — Axon's accounting disclosures"

"We estimate that the unit economics of newly acquired customers have actually gotten worse — from a $10 average loss per customer we estimated back in 2017, to $19 per customer in Q2 2018. — Theta Equity Partners"

"Nothing in this presentation should be regarded as a representation by any person that this estimates will be achieved and the Company undertakes no duty to update its estimate — Perion earnings announcements"

"In 2016, adjusted EBITDA included a contract loss provision of US$7.5 million resulting from a change in the estimate of development and engineering costs to complete a firm fixed price program — Maxar"

"We estimate that retail sales during fiscal 2023 were approximately 55% from homeowners and 45% from Pros compared to approximately 58% from homeowners and 42% from Pros during fiscal 2022. — FND 10-Ks"

"“U.S. investors are cautioned not to assume that Pioneer’s estimates of resource potential of mineral deposits reflect economically recoverable quantities.” — Pioneer Investor Presentation, Dec. 2014"

"We estimate the cumulative in situ value of Secondary Magnetic REOs at less than $0.60 per tonne; after factoring in aggressive recovery and payability ratios, REE *(revenue) would be <$0.25/tonne"

"“We are highly confident BWLD could refranchise their owned stores at a multiple of 6.0x or higher and estimate a refranchising process to 90% could take as few as 18-24 months” — Cypress Group"

"Exhibit 4: We reach our $33PT for NOVA by applying a 1.8x multiple to our estimated 30 year NAV using a 4% discount rate, implying 35% upside from the current price of $24.45. — Roth Capital"

"“If I were to take a conservative estimate, well over 50% of GFL's 100+ acquisitions I'd characterize as a failure.” — Industry Observer Familiar With GFL In Canada"

"“If I were to take a conservative estimate, well over 50% of GFL’s 100+ acquisitions I’d characterize as a failure.” — Industry Observer Familiar With GFL In Canada"

"Adhi Rajaprabhakaran, known as 50¢ Dollars on Substack, a former Kalshi employee, and prediction market expert estimates revenue to be ~1.3% of volume or handle."

"Based on challenging macroeconomic conditions, our class of 2022 and class of 2023 new stores are estimated to be below these targets. — Floor & Decor 2023 10-K"

"The NGO, Transport & Environment - T&E (www.transportenvironment.org) estimates that only 10% of aviation fuel demand can be met from this source by 2050."

"… I would estimate that 90-95% of national ads on Patch are being filled by ad networks at a CPM of $1 to $2…. — Former Patch sales executive, March 2012"

"What about cost capitalization and accounting levers? Is it really possible to never miss an EPS estimate in 10yrs? — Spruce Point Capital Management"

"The Company reserves for estimated uncollected receivables based on historical trends, which historically have been immaterial. — Floor & Decor 10-K"

"In instances where we do not have reporting from our partners, we estimate revenue based on information available to us at the time. — Intuit 10-K"

"Our recurring revenue backlog represents an estimate of first year revenue from Closed sales that has not yet been recognized. — Q4 2018 Conf Call"

"Veronis Suhler Stevenson estimates consumer magazine advertising spending will grow at a compound annual growth rate of 6.4% from 2005 - 2009(a)."

"Our one-year price target of $68 is based on a blended rate of 29.9x EV/EBITDA multiple of our FY20 EBITDA estimate of $123mn. — Imperial Capital"

""If I were to take a conservative estimate, well over 50% of GFL's 100+ acquisitions I'd characterize as a failure." — Canada Industry Observer"

"We estimate fair value using an equally weighted combination of discounted cash flows and multiples of revenue and EBITDA. — 2014 Annual Report"

"Interview with Former Tax Equity Buyer at Major Bank, December 2021. NB: RUN Investor Relations estimated an 8-9% return to us. — Footnote 51"

"Keurig brewers now are in approximately 6% of the estimated 90 million U.S. households with a coffee maker — GMCR Q3 2011 Earnings Call"

"WD-40 has estimated 50% market share in China. Counterfeit product in China has an additional 25% market share. — Mike Freeman (2003)"

"Any future changes in the estimated redemption amount will be recognized in the income statement... — TeliaSonera 2008 AR, p. 87."

"We've added $30 million to our estimate for fiscal '11 CapEx due to the acquisition of Van Houtte. — GMCR Q1 earnings call"

""At a conservative estimate, there's five billion gallons of shale gas under your lower molars." — Cartoon Caption"

"reflected the best currently available estimates and judgments — FSCT: Definitive Proxy Statement (Mar 23, 2020)"

""We estimate that we have more than 80% of the program completed as measured in users." — 2018 10-K"

"Source: Morgan Stanley & Co. estimates as provided to Greenlight in April 2014."

"“Estimate from oat milk production at 1.3x” — Spruce Point Capital Management"

"“Company estimates” (i.e., “we made it up”) — Wolfpack Research"