Callouts & quotes from 536+ activist slides

"Volker is a private company with annual revenues of approximately $100 million in 2010. As previously disclosed, Hill-Rom anticipates the transaction will not have any impact on adjusted earnings per share in fiscal year 2012, but is expected to be accretive thereafter. — Volker Acquisition Press Release"

""I think we expect to get back in our organic core business back into the 5% to 7% growth range across both of those businesses really driven by net new sales, as Tim talked about earlier in both our capital markets business and wealth management business." — CFO Reese, Q4 2021 Conf Call, April 12, 2021"

"The fan blade, developed with Alcoa, is made of aluminium-lithium alloy and tipped with titanium on the leading edge. Efforts to speed up blade manufacturing have taken longer than expected, leaving Pratt with fewer units than it expected by now, according to people familiar with the process. — Reuters"

"As a result of the Mar Cor Business acquisition, the Company recorded an Earn Out asset for $7,824 which represented the fair value of amounts expected to be received back from escrow based on the forecasted achievement of certain sales performance goals at the acquisition date. — Evoqua 10-K and 10-Q"

"“I guess, so just the mine grades, we expect and it was part of the budget, we expect the mine grades to stay at around those levels for about another six weeks from now. And then we’ll return those to the Life of Mine plan, which is roughly 2 grams a ton.” — Peter Breese, AKG Q1 2017 conference call."

"For the 2020 financial year, we are planning an 8% decline in sales. The scil International Group is planning an 11% decline in sales in 2020 compared to the previous year. The reason for this is the expected discontinuation of a supplier, as he wants to sell his products directly. — Heska 2019 Report"

"“disturbed” by the “hype”; label it a “quantum Ponzi scheme” to “lure unsuspecting investors” with “fake science”; “a bubble” which may “crash” and take “legitimate” research “down with it”; “crazy headlines” and “false expectations” that are “not based on any research or reality” — UMD Professors."

"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"

""I think your last question was on how we see 2016, I think I answered already what we expect to get. The message I can add to what I already said is we do not anticipate for 2016 a higher contribution of real estate development projects than in 2015." — Antoine Giscard d'Estaing - Casino CFO"

"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"

"In short, we expect to return in cash about 59% of [the August 5, 2019] market capitalization to our shareholders while at the same time keeping an ownership in a predictable business that generates over 80% of today’s operating income. — NLOK CEO Vincent Pilette, Q1 FY2020 Earnings Call"

""The Commission has stated that, as a general principle, the fair value of a portfolio security is the price which the fund might reasonably expect to receive upon its current sale." — Douglas Scheidt, Associate Director and Chief Counsel in the SEC’s Division of Investment Management"

""Vishal you made one comment that I'd like to touch upon in a bit more detail relative to our past acquisitions. There's perhaps maybe one or two acquisitions I can point to that perhaps have not materialized, the benefits that we would have expected historically." — Q2 2023 Conf Call"

""Between spaces completed since 2020 and what's still in the pipeline, the [Austin] office market will grow nearly 25% – the fastest rate on the continent...Roughly 87% of new office space is expected to open vacant, according to data from Cushman & Wakefield." — Cushman & Wakefield"

""Early data has exceeded our expectations, with the advertisers in the pilot seeing substantial returns, often surpassing those from other media channels and, in many cases, experiencing nearly 100% incrementality from our traffic." — APP CEO Adam Foroughi, Q3 2024 earnings call"

"The recently-enacted Business Assistance Act of 2009, which extended the carry-back period for net operating losses from two to five years, is expected to provide a significant cash refund and tax benefit to us in fiscal 2010. — Matt Appel, CFO of Zales Corp., November 24, 2009"

"CEO: "What makes WSP so unique in its ability to convert consistently higher net income into free cash flow." CFO: "Cash management will continue to be a focus, and we expect that our free cash flow will annually exceed our net earnings." — CEO and CFO, Analyst Day, March '22"

"We continue to expect constant currency sales growth to be in the range of 3% to 5% in fiscal 2017 — Wesco Aircraft. ASG revenues are expected to increase by a mid-single digit percentage — KLX Inc. Within aerospace, we anticipate sales growth ranging from 4% to 6% — TriMas."

"“...So the relative softness we have in AT&T is not because of pricing, it's not because of our competitive landscape, none of the above. It's just business, fluctuation of discretionary expenses, the most normal thing you can expect.” — Eli Gelman, President and CEO, Amdocs"

"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"

"“That was really surprising to me. I did not expect — and I don't know how insurance companies are going to react...how is that going to pan out if we get denial after denial after denial...It's a little bit unclear to us what's happening here.” — Pediatric endocrinologist"

"“They were just surprised to see that it was so extreme, especially given the fact that it seemed to happen so quickly after they came off the drug. They didn't expect that. They expected it to be a slower withdrawal.” — Formerly in a senior medical affairs role at Soleno"

""I'd like to finish our call this morning with our expectations for the remainder of 2019. We're tightening our guidance range for the full year with revenue between $69 million and $71 million and adjusted EBITDA between $2 million and $4 million." — Q3 2019 Conf Call"

"we ... are still going to apply for NTAP program. CMS has not announced when those next round of applications are due. We expect that they'll probably do sometime in October or November. And then the approval would occur a couple of quarters after that. — Larry Mehren"

"“sitting on over $200 million of take or pay offtake agreements, and we had customers like PepsiCo, Nestlé, Bacardi, you know, expecting us to be able to grow our capacity, so we had to find a way to find a lot of cash fast.” — Stephen Croskrey, CEO (via CNBC)"

"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."

""This is a decade-long drama that the board has let unfold," said George F. Colony, chief executive of Forrester Research. "They have shown some dysfunction in the past, and had difficulty coming to consensus." — Ouster of Hewlett-Packard C.E.O. Is Expected"

""We expect that [vet clinics on the Vets First Choice Platform will] identify more than $0.5 million to $1 million of incremental new revenues to their practice." — Benjamin J. Shaw, CEO of Vets First Choice on April 23, 2018 (announcement of transaction)"

"But when you get to that place at 65, and it's not what you expected. You know what that's called? Devastation. Anxiety. Depression. How many baby boomers wish they were dead because they're so afraid they're going to outlive their money? — WFG Recruiter"

"“At this time, modest growth year-over-year [in Imaging] is expected after 2021.” — Grassman at Investor Day November 2020; “And we've de-emphasized our contract manufacturing and vaccines and pharmaceuticals.” — Wilson at Stifel Conference June 2021"

"“We recently began production at our facility in Ogden, Utah, and we expect to begin production at a new facility in Singapore in the first half of 2021 and at a facility in Maanshan, China in the second half of 2021.” — Oatly China Per Prospectus"

"Basically, on the crush margin, so if you really talk about crush margin, I would really expect it to be a little bit of flat or let's say a little bit on the lower side. The reason is there is overcapacity of the crushing. — Former Bunge Director"

"Warning: Why Are Charges From 2015/16 Restructuring Programs Suddenly Ignored? Per the 2015 10-K: Charges From 2015/16 Were Expected “To Continue Through 2016 and be substantially complete by 2016” – Not 2018! — Spruce Point Capital Management"

"Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. — PowerSchool Revenue Recognition Policy"

""We are still expecting Clean Energy revenue growth well above 50% for the full year, with continued strength in PWRcell energy storage systems along with contributions from the initial rollout of new products." — CFO York, Q1 2022 Conf Call"

"We would expect a scope of business similar to that of Lufax (https://www.lu.com), which includes financial product research and development, portfolio design, private offerings of equity investment funds, and financial advice. — Footnote 27"

""Revenue expected to come from backlog within the next twelve months that's an important leading indicator that we've put in all of our filings has been coming up over the last couple of quarters" — CFO At Jefferies Conference (Aug 8, 2018)"

""...I'm also pleased to note that we have increased our cost reduction target by approximately $300 million to at least $1.3 billion of total expected savings to be achieved on a run-rate basis by 2017." — DuPont Q4 2014 earnings transcript"

""Shrimp inflation is expected to stay at the current high level because of production issues in Asia." — Buckingham, March 21, 2014; "Commodity Outlook Should be Favorable in FY15 as Shrimp Pressures Ease." — Sterne Agee, March 21, 2014"

"EBITDA add-backs. Very aggressive; includes uncapped pro forma cost savings, synergies and operating expense reductions resulting from transactions and expected to be taken within 18 months, determined in good faith by Parent. — Moody's"

"As a general long-term guideline, we expect to retain roughly half of our free cash flow... to support the growth of our business... and return the other half to our shareholders through share repurchases and dividends. — FY 2015 20-F"

"Your application for Wakix was not referred to an FDA advisory committee because the application did not raise significant safety or efficacy issues that were unexpected for a drug in the intended population. — FDA NDA approval letter"

"By the way, they are ahead of our plan. We had an internal plan that we put together for the combined business... And they had a quarter that exceeded our expectations and we expect that to continue. — Roger Krone, CEO, Aug 4, 2020"

"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"

"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"

""TWX's advanced broadband delivery systems are expected to provide an important distribution platform for AOL's interactive services, which is expected to result in incremental subscriber growth." — The Board of Time Warner Inc."

"“There has been no change in the scope of the audit.” — Mr. Walton, Allied’s CEO. “the accountant does not function as an appraiser and is not expected to substitute his judgment for that of the company's directors.” — ASR 118."

"Among the ideas considered was SoftBank serving as an anchor investor in the IPO by buying a significant portion of the roughly $3 billion to $4 billion the company is expected to raise. — WSJ article on Softbank/WeWork IPO"

"We expect approximately $1.1 billion of upfront costs associated with the initiation of the plan to impact net income in the fourth quarter, which will be adjusted out of normalized FFO. — Tim McHugh, Q3 2025 Earnings Call"

"“I wasn't anticipating this particular piece of news...I wasn't expecting to see this — I don't think there was a perspective that this was likely to happen” — Endocrinologist; academic and community hospital affiliations."

""Novartis said it cannot say much, but it does not expect any problems that would relate to Entresto [newly launching product], nor does it expect any significant impact on other businesses." — Bernstein, October 28, 2015"

"During our third and fourth quarter of fiscal '25, we expect modest revenues as the business is currently focused on site acquisition for next year's construction program. — Dycom Industries, Inc. (Q2'25 Conference Call)"

"Novartis said it cannot say much, but it does not expect any problems that would relate to Entresto [newly launching product], nor does it expect any significant impact on other businesses. — Bernstein, October 28, 2015"

"How can Lawrence Kurzius be expected to handle his new responsibilities as Chair and “drive sustainable growth and long-term value for shareholders” when his predecessor sits in the same boardroom? — Ancora Alternatives"

""We expect that most of our cash generated from operations will continue to be used to fund capital expenditures and the working capital required for our growth over the next few years." — GMCR 10-Q for Q3 2011, p.39"

"Well, I don't know if it will be for MATRICS X8ULTRA or ACTIS, but in any case, we are expecting to receive inquiries for inspection systems for EUV masks. — Lasertec CEO (Feb 1, 2022, Jefferies analyst exchange)"

"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"