Check Point: the cost programme has slipped twice without a new date
The path to the stated operating margin requires support headcount to fall another fifth. The remaining accounts are the ones that consume the most support.
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Discussion · 5
Respectfully, I think this overstates it. The capital intensity point is the one I keep coming back to. How much of this do you think is already in the buy side's numbers?
Not convinced, but well argued. The channel data is what makes this hard to dismiss. Does the same logic apply to the closest comparable?
This lines up with what I saw in the filings. The elasticity decay across the price actions is the tell. What is the level where you would walk away?
This changed my mind. The installed base argument is stronger than the cycle argument here. What is the level where you would walk away?
You are right that I skipped over that. The bear has to be right that the channel clears without a guide-down. That is possible and it is not what the sell-through says.