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  "documentTitle": "Avery Dennison Corporation (AVY)",
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  "authorName": "Ben Axler",
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  "notes": "Uses callouts to contrast quotes from different quarters to show lack of precision.",
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      "text": "The Company has modified the language and tone around its Free Cash Flow three times from “roughly $500m” of FCF vs. “more than $500m”.",
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      "text": "The Company has modified the language and tone around its Free Cash Flow three times from \"roughly $500m\" of FCF vs. \"more than $500m\". Even after an optically solid quarter in Q3 where Avery touted: 1) \"Revenue came in significantly better\", 2) \"All three operating segments expanded their adjusted margins compared to last year\", and 3) \"Adjusted EPS up is 15% yoy\" - Avery still cannot guide to a more precise figure with 75% of the year completed.",
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      "text": "\"The company has initiated cost control and cash management actions to partially offset the decline in demand for certain of its businesses, and is targeting to deliver free cash flow of more than $500 million in 2020.\"",
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      "text": "\"As for our financial position, past scenario planning has ensured that we have ample liquidity and the strong balance sheet, and we're targeting free cash flow in 2020 of more than $500 million comparable to what we delivered last year.\"",
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      "text": "\"And finally, we're targeting to generate roughly $500 million of free cash flow this year, roughly comparable to what we delivered last year, with our target including an increase in cash restructuring costs associated with new initiatives and a higher cash tax rate related to repatriation of foreign earnings.\"",
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      "text": "“As for our financial position, past scenario planning has ensured that we have ample liquidity and the strong balance sheet, and we're targeting free cash flow in 2020 of more than $500 million comparable to what we delivered last year.” — AVY CFO Q1 2020; “And finally, we're targeting to generate roughly $500 million of free cash flow this year, roughly comparable to what we delivered last year, with our target including an increase in cash restructuring costs associated with new initiatives and a higher cash tax rate related to repatriation of foreign earnings.” — AVY CFO Q2 2020; “The company has initiated cost control and cash management actions to partially offset the decline in demand for certain of its businesses, and is targeting to deliver free cash flow of more than $500 million in 2020.” — AVY Q3 2020",
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      "text": "Avery Displays Little Free Cash Flow Confidence In Its Language",
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