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    Clay Williams

    Research Analyst at Goldman Sachs

    No publicly available information could be located that confirms the existence or professional profile of Clay Williams as an analyst at Goldman Sachs. Searches for a LinkedIn profile, press mentions, professional databases, and analyst ranking platforms yielded no relevant results, and there are no records of an individual by this name covering specific companies, holding a recognized analyst title, or possessing relevant performance metrics or credentials at Goldman Sachs. Based on current search results and sources commonly used to verify Wall Street professionals, it is likely that either no such individual is currently active in analyst roles at Goldman Sachs or this information is not public.

    Clay Williams's questions to UNITED RENTALS (URI) leadership

    Clay Williams's questions to UNITED RENTALS (URI) leadership • Q2 2025

    Question

    Clay Williams, on behalf of Jerry Revich at Goldman Sachs, asked for the key drivers behind the acceleration in fleet productivity growth and inquired about the current state of United Rentals' M&A pipeline.

    Answer

    President & CEO Matthew Flannery attributed the strong fleet productivity to positive industry-wide rates, high time utilization driven by focused execution (including fleet repositioning), and favorable product mix. On M&A, Flannery described the pipeline as robust but emphasized the company's disciplined approach, stating that opportunities must meet strategic, financial, and cultural criteria before proceeding, ensuring they are smart buyers.

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    Clay Williams's questions to UNITED RENTALS (URI) leadership • Q4 2024

    Question

    Clay Williams, on for Jerry Revich, asked for the specialty segment's organic growth rate in the quarter and for color on the performance dispersion among its individual business lines. He also asked which specialty product lines were performing strongest relative to the average.

    Answer

    Executive Matthew Flannery reported that specialty revenue grew 30%, or 18% excluding the Yak acquisition, which he defined as organic growth inclusive of cold-starts. While declining to detail performance by business line, he noted strong growth across the board. He highlighted that recently acquired businesses like Pac-Van and Yak are ahead of schedule on their five-year growth plans and that mature lines like power also continue to grow tremendously.

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    Clay Williams's questions to UNITED RENTALS (URI) leadership • Q3 2024

    Question

    Clay Williams, on for Jerry Revich, asked how much the company is moving fleet geographically to offset soft local demand and requested color on the strongest growth areas within the Specialty business.

    Answer

    Executive Matthew Flannery stated that due to the company's dense network, there have been no exorbitant costs or unusual efforts required to move fleet; movements are typically contained within districts. Executive William Grace added that while all Specialty segments are growing, the Power business has been particularly strong.

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    Clay Williams's questions to MANITOWOC CO (MTW) leadership

    Clay Williams's questions to MANITOWOC CO (MTW) leadership • Q4 2024

    Question

    Clay Williams of D.A. Davidson & Co. inquired about the regional drivers behind the 2025 sales guidance and the recent trends in used crane values.

    Answer

    Executive Vice President and CFO Brian Regan explained that the 2025 guidance reflects a marginally better year, with slight improvements anticipated in Europe's tower crane market and the U.S., while Asia remains uncertain, justifying the wide guidance range. President and CEO Aaron Ravenscroft added that used crane values have remained stable, emphasizing that values are model- and age-dependent and that the company's direct sales differ from last-resort auction markets.

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    Clay Williams's questions to MANITOWOC CO (MTW) leadership • Q3 2024

    Question

    Clay Williams of Goldman Sachs inquired about the potential for margin improvement once volumes recover, considering recent productivity gains, and also asked for color on parts performance within non-new machine sales.

    Answer

    President and CEO Aaron Ravenscroft explained that margin improvement is complex and mix-dependent, noting that the tower crane business is positioned for strong contribution margins. EVP and CFO Brian Regan added that higher volumes are necessary to improve absorption after recent build plan reductions. Regarding non-new sales, Ravenscroft highlighted strong performance in parts and service, particularly from the MGX business and the European tower crane aftermarket. Regan noted that a higher mix of used crane sales impacted margins for the category during the quarter.

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    Clay Williams's questions to AGCO CORP /DE (AGCO) leadership

    Clay Williams's questions to AGCO CORP /DE (AGCO) leadership • Q3 2024

    Question

    Clay Williams, on behalf of Jerry Revich, asked for an update on the planter business based on early order program conversations. He also inquired how current absolute dealer inventory levels in North America compare to pre-COVID levels.

    Answer

    Damon Audia, Senior Vice President & CFO, reported that the early order program for planters and sprayers has gone 'relatively well' given the market, with orders booked through the first half of the year. He stated that ideal pre-COVID inventory levels for North America were in the 5-6 month range, and current levels are higher, with a goal to return to around the 6-month mark in early 2025.

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    Clay Williams's questions to Gates Industrial Corp (GTES) leadership

    Clay Williams's questions to Gates Industrial Corp (GTES) leadership • Q3 2024

    Question

    Clay Williams, on behalf of Goldman Sachs, asked about price-cost trends throughout the year and how that informs the pricing outlook for the following year.

    Answer

    CFO L. Mallard explained that Gates has two pricing components: the power to price for material and freight inflation, and value-based pricing from its 80/20 enterprise initiative. He noted the 80/20 pricing has been 'nicely accretive' in 2024 with more runway ahead. Mallard expressed confidence in their ability to maintain margins regardless of the future inflationary environment.

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