Callouts & quotes from 173+ activist slides

""And so I joined Danaher. And with the team there, we evolved the Danaher Business System to be far beyond factories. So over the last 14 years in Danaher -- and I'm sure you've seen that in investor presentations how much we, at the time, they know, talk about what we did on sales, on marketing, on service, on how to accelerate innovation and so on. All of those things are 100% applicable at Johnson Controls." — JCI Wolfe Conference 5/25/2025; "On the services side, it's all about ensuring that the value of delivering and the way we deliver that value, that strong customer relationship translates into strong project to service conversion, and we're quite pleased on what we're seeing there as well as our software solutions to where now you're able to decouple ourselves from the natural investment cycles, investment cycles are either building a new building or they have a refurbishment plan coming up." — HON Wolfe Conference 5/20/2025; "We built a very strong service organization with dedicated and centralized playbooks that help serve our customers with life cycle management solutions." — CARR Carrier's Analyst Day 5/19/2025; "And some of our customers want an OEM that stand behind the system and service the assets over its life, and hopefully, is there for the replacement down the line." — JCI BofA Conference 5/14/2025; "Finally, our technological capabilities and our product domains are impressive. Our capabilities are evidenced by our many industry firsts and nearly 8,000 patents with more coming. Johnson Controls has come a long way over the last several years. But as I said, there's still great potential to unlock in this iconic technology-based and service-enabled company." — JCI Q2'25 Earnings Call 5/07/2025; "Yes. I mean I think the service business, obviously -- these are very sophisticated systems. So think of it as, the more sophisticated the system, the more aptitude there is for the OEM to do the service work, I'd start with that." — TT J.P. Morgan Conference 3/11/2025; "So that's the strength of the equipment markets. It brings the service tail and that service tail doesn't really start in those first 2 or 3 years post installation, right? There's warranty periods, and we get through that warranty period and then the newer product probably needs a little bit less service, but you start growing that over time. The service dollars really bring that 8x to 10x the value of services versus the original equipment. That really starts kicking in a few years after installation." — TT Barclays Conference 2/19/2025"

""In exchange for releasing John Orr from his non-compete agreement with CP, Norfolk agreed to a one-time payment to CP of $25 million and also agreed to make "certain commercial and operational considerations related to the Meridian Speedway and the Meridian Terminal". These payments and concessions deserve scrutiny, in our view, given the potential competitive implications." — Deutsche Bank. "CP and Keith Creel look great on this trade... they're absorbing [Orr's] prior role into existing management (i.e., no cost to replace), while more importantly winning both a ~$25M payout from NS and commercial concessions related to NS's Meridian Speedway... While we don't know the specifics or value of the Meridian Speedway concessions, clearly they could be meaningful on this longer term Mexico-to-Southeast growth investment for CP and CSX connected by GWR." — Susquehanna. "Net net, we're underwhelmed by what we observed yesterday with respect to NSC's announcement. While John Orr is considered a good operator, it appears the cost to extract him from CP is notable and could have longer-lasting competitive implications, which is unfortunate in the context of the clear alternative. So in this sense, yesterday's announcement raises more questions than answers." — Deutsche Bank. "The bottom line is the cost of NSC's new COO appears higher than the headline would suggest. In addition to the $25 million one-time payment, it could also include capex to elongate sidings and concessions that lead to less volume for NSC and more volume for CP and CSX. More details and transparency is needed, in our view, given the company could have hired Jamie Boychuk with no concessions, who we consider to be best suited to be the COO of NSC given his long and successful track record." — Deutsche Bank. "Norfolk also provided some details on the Meridian Speedway agreement with CPKC that caused a significant amount of confusion and frustration over the last several weeks. We believe the management team already missed a few opportunities to clarify this issue ... Ultimately, Norfolk did not quantify the full cost so management will still have to address this issue on the 1Q24 earnings call, especially if the operating momentum does not continue to accelerate" — J.P. Morgan."

""Congrats on a really nice print here. Kevin, maybe a big-picture question on pipeline. Given the strength we're seeing, what would you highlight for us when we look at the next year? I know the camera launch and some of the products you spoke about. Is there anything on Sage? I think I heard you guys talked about Sage. There was some talk about a new bed. Just help us out put these new product cycles in the context of a really strong CapEx environment." — Vijay Kumar, Evercore ISI; "...you obviously mentioned in your beds and stretchers business nice performance in the quarter and you made the comment that that was really without any new product introductions. So I guess the question is, what do you have coming there in 2019? And do you think that we might be at the beginning point of a replacement cycle? As I understand, I think the last replacement cycle certainly MedSurg was in the 2004, 2005 timeframe." — Larry Keusch, Raymond James; "I would tell you, across the board, whether it's 2019 or looking ahead to 2020, we have a number of product launches similar to prior years that are slated. And that includes Medical as well as other divisions. So I think that really is what underscores our conviction in being able to grow sales at the high end of med tech. Don't want to get into specifics around the launches for obvious reasons, but I would tell you we have a really good cadence and pipelines across all 3 of the primary businesses." — Katherine Owen, VP of Strategy & IR, Stryker; "Look, the replacement cycle is continuous, so there isn't sort of one massive replacement cycle. You have hospitals buying other hospitals that are wanting to standardize on their equipment." — Kevin Lobo, CEO, Stryker; "Our capital order book is very good. Look at something like beds and stretchers with double-digit growth and really without any significant new products. There's a couple of minor products, but nothing major. That's really our great execution and I would say fairly healthy markets." — Kevin Lobo, CEO, Stryker"

""But with the engine -- the new engines ramping up and the high level of technical sophistication, there's a lot of increased product introduction costs for qualification of the component. And at the same time, the legacy engine spares and replacements remain strong. So here, we have a different situation. We have very, very strong demand. At the same time, the ramp-up is accelerating, and we're going through the near-term teething issues here of the aero engine industry." — Dr. Klaus Kleinfeld, Alcoa Q3 Earnings Call, October 11, 2016; "So, the aero engine side, typically, in the past have always shown that there are these ramp up issues with the supply chain. In this case, we are seeing them again and we are seeing them probably a little bit more than in normal environment, very much driven by the level of technical sophistication and combined with the relatively long supply chain." — Dr. Klaus Kleinfeld, Arconic Roadshow, October 28, 2016; "Our isothermal and hot-die forge presses operated at or near record levels during the third quarter in support of growing next-generation engine builds. But on the forgings side both the hot-die and the isothermal, I mean, we're really very good at making those parts, quite frankly... we're good at it and our customers know that and where others might be stumbling a little bit as they maybe start to ramp up, we're there to support the customer...." — Richard J. Harshman, CEO of Allegheny Technologies, ATI Q3 Earnings Call, October 25, 2016; "The 2016 results were in line with what we last told you, however disappointing. Overall, we got it wrong on the non-aero side and our outlook substantially reduced for this market. On the aero side we are delayed but we will get there. We could have executed better and we recognize it and we own it and we are working diligently to improve the performance of this important asset." — Dr. Klaus Kleinfeld, January 31, 2017"

"“From a competitive situation, IDT has still got a great business. GenScript still has a great business. You see multiple new competitors start in this space. I think there are going to be some challenges coming up in the future. GenScript has been around since before Twist, and they've done fairly well in growing. There are some new ones springing up,” — Longtime executive in Twist’s space; ex-founder of a key competitor. “I would personally be more worried if I were Twist about the companies that are coming online with the desktop gene printers as well as some of the new enzymatic DNA methods. I think the enzymatic DNA methods will replace the oligo pools produced otherwise because it’s going to be super cheap. But then whole genome sequencing is getting so cheap. Why would you do pools anymore if you get the whole genome for $100? There’s no use buying something to do a panel, which will cost $20 when the whole genome is $100. So, I’d be worried about enzymatic DNA synthesis. I’d be real worried about the price of whole genome sequencing.” — Longtime executive in Twist’s space; ex-founder of a key competitor. “The antibody business that they’ve embarked on...what they’re doing is no different from about 45 other companies. Distributed Bio, which is now part of Charles River—both of those companies are younger, and both of those are making much more money and far more profitable than Twist. And you’ve got to ask the question, why is that? They’re focused, they have a better product, and they have a higher quality discovery system. Twist is going to have a really big challenge in the marketplace.” — Longtime executive in Twist’s space; ex-founder of a key competitor."

""The explant rate was more than 25%. It was a lot. A lot of time I’d replace Nevro with a Medtronic unit because it was so tiny." — High volume KOL; "For every 100 Nevro devices implanted, 30% of them will be explanted within a year or two. What Nevro has done hurts the rest of us because then people are less likely to use any company’s devices. What one greaseball does affects the rest of us. It’s flawed. Nevro’s research is deeply flawed." — High volume KOL; "I had stopped using Nevro. I know so many of their devices that were explanted because patients couldn’t stand the size and programs that drain battery life. The explant rate is higher for Nevro than anyone else. I’m so frustrated with how I put it in. I’ve had zero results with Nevro in trials and it’s so unusual. I’ve had more failed Nevro trials than with any other device. I don’t have an explant rate with other devices. Maybe some three to fours years out. Maybe once a year I explant out of someone. Colleagues tell me Nevro’s explant rates are higher than anything else. I hear that from other doctors. Walk around the next NANS meeting and ask people about explant rates." — High volume KOL; "What is the explant data? Nevro will not publish it. They have to keep information on every patient that gets explanted. With Nevro’s high frequency device, I have never seen so many explants from one company. Every once in a while, I’ll see a crap Medtronic or Abbott device and I need to put in something else. But just in terms of lack of efficacy and explants, Nevro is clearly number one." — High volume KOL"

""They've got these ideas around cell therapy - I laughed when I took a peek at their S-1. That's so far out. Not only do you have to get a pharma to buy this thing and use it, you have to get somebody to take it through the FDA, a novel device. Is Berkeley Lights going to pay for that? Are they going to do their own first to get it approved in some application? A pharma company who's building the therapeutic has to take the risk of using something new at the FDA. The FDA could be like, 'Nah, no. We don't know about that. That sounds complicated.' It's just a risk. In cell therapy to introduce new modes of testing or production are likely going to take a very long time and I think it's going to be hard to get the incentives appropriately. Who are the companies who are going to build knowing that's a risk? That's a platform risk. They will crawl up the rear end as a class 1 device. It's a heavy lift." — Former executive; "A lot of work was focused on generating datasets that could confirm that the Beacon platform could generate data that would support an IND filing with the FDA, comparable to traditional methods that are employed right now. They got to a point where they really needed to prove that you could replace completely the standard cell line development workflows with the Beacon workflow and have the same likelihood of success with the FDA or, in general, with a pharma company. That was mostly the focus." — Former employee/scientist"

"Each new corridor, use case and service increases our TAM, differentiates us from the competition, and creates new revenue streams, driving even more growth. — CEO on TAM, Q4'24, Feb 19, 2025; So I think you're seeing that increased mix which is exciting from -- for a whole host of reasons, but most importantly, kind of sustainable long-term growth because the 900 corridors we launched last quarter, they are not going to materially contribute to revenue this quarter, next quarter. They're going to contribute to revenue in the years to come. — CEO, Q2'2022, Aug 3, 2022; So quite honestly, the top 20% of corridors, we as marketers would know and have a gut sense like, oh, yes, U.S. to India versus U.K. to India versus U.S. to Philippines, we just had this gut sense of their value, what was different in the marketing, all of that. But the other 80%, we put into this bucket called long-tail corridors, and they got essentially the same sort of marketing with obviously replacements...But a lot of those corridors were added kind of in large groups and they say, well, this is an additional corridor to continue to expand, but we don't know that it's going to be a massive corridor. So it sort of grow into our default bucket. And it would be marketed too, but it would be marketed with the same formula of all of our other long-tail corridors. — Former Remitly Channel Executive, Tegus Interview, June 14, 2024"

""Just wanted to ask about the new product revenue numbers that you gave.... Within those cards you have a sense of how much of that is sort of incremental revenue versus how much of that is just cannibalizing or replacing existing product sales?" — Michael Matson – Needham & Company; "The biggest piece that probably falls into the gray area is Centrella... If I look at the rest of the product growth from where we are today going forward, most of it is nonreplacement new product growth. So of the ones on that slide that was in the LRP deck, Centrella is probably the only one that materially falls into the cannibalization bucket, if that helps." — John Greisch – President & CEO, Hill-Rom; "And I think John also mentioned in his opening comments, the new product momentum has been -- we're very pleased with that. $300 million this year. We exceeded our goal. If you recall, our original goal was about $200 million. So great performance in 2018, and now we're expecting $400 million in 2019. So not all of that is incremental. As you know, we're cannibalizing some of our products, but about half of it will be incremental." — Mary Kay Ladone – VP of Investor Relations, Hill-Rom"

"“they were replacing them every, give or take, two weeks...being able to work on the system became rather challenging.” — Former field service engineer. “you replace the collector and send it to Germany”; “I’ve seen a bunch of these unbelievable amounts of collectors there from Lasertec”; “it costs hundreds of thousands of dollars” to clean each collector every month; “takes almost two days to chisel all this debris.” — Industry executive. “I’m telling you, the problem...started two years ago and they said that we cannot ship...they are not shipping because it’s a liability...it’s consuming all the margin.” — Industry executive. “...it coats the source of the EUV light until it develops a few mono-layers of coating...and gradually you lose it...and have to replace it”: “I heard every year that they have to replace the optics...the refurbishing of those optics costs at least a million dollars or more...they need to replace mirror number two, mirror number four, and that could cost at least half a million dollars each.” — Research interview."

"“It's 3 years behind Facebook and Google” — Industry feedback; “Why are they investing in Search and making search part of it?” “They don't understand search” — Industry feedback; “Until they reverse their user and engagement trends, their ad products don't matter” — Industry feedback; “They need to consolidate one ad tech platform like Google has AdWords. Cross-integrate it.” — Industry feedback; “They have all the data they need but they don't employ people to understand how to analyze it” — Industry feedback; “The revenue they claim to have here replaced Display ads which were higher margin.” — Industry feedback; “Flurry people are great at analytics but don't understand how to monetize” — Industry feedback; “We don't understand why they recently renegotiated the Microsoft search deal the way they did” — Industry feedback; “Why aren't they building a Syndication Team to sell display ads for others?” — Industry feedback; “For employing so many people, they don't know a lot” — Industry feedback"

""The U.S. Federal Trade Commission voted to approve the transaction on November 3, 2020, and the UK Competition and Markets Authority approved the transaction earlier today. In connection with obtaining the required regulatory approvals for the transaction, as previously announced, Stryker has agreed to divest its STAR ankle replacement product and related assets and finger joint replacement products." — Stryker Press Release, Nov 4, 2020. "Page 12 introduces one of the acquisitions that we completed in the fourth quarter. We acquired the STAR ankle business from Stryker" — Colfax JPM Conf, Jan 14, 2021. "(FDA) is advising patients, caregivers, and health care providers about the higher than expected risk of the polyethylene (plastic) component of the device breaking (fracture), as early as three to four years after implantation in all Scandinavian Total Ankle Replacement devices" — FDA, March 15, 2021."

"“I was hands-on on the ACTIS line, particularly the ACTIS A150. These were for mask inspection exclusively. There were three machines...I'd say there were definitely a lot of challenges with the tool, and the light source in and of itself was out of Lasertec's hand at the time with the A150. Ushio would do the light source replacements and maintenance. There were engineering differences to try to resolve some of the main problems that we experienced with Ushio - it was basically like a flickering candle when you were trying to utilize it like a laser. Having high repeatability became a big challenge. They needed someone on the back end, like someone in my position, to be able to call, worst case, if the light drifted out of focus or too far out that Intel engineers couldn't step in and resolve it themselves.” — Former Lasertec field service engineer who worked in the Intel mask shop"

""Thanks and good morning. In the write up, in the discussion of the foreign exchange headwinds and gross margin you also said you made select changes to your product mix. I am just wondering if you could elaborate are there certain categories that your emphasizing in certain categories, you are deemphasizing I am just wondering what that sentence really meant?" — Peter Sklar, BMO Capital Markets; "It's really an item by item discussion. Where the compelling value remains and we are able to take for example two pencils out of a pack and still be competitive to help with offsetting some of the headwinds, that's the way we handle it or in other cases if we replace the product with a new offering that's just as compelling but different at a lower cost potentially. That's another way Buyers can use that tool to help them with current challenges." — Michael Ross, CFO, Dollarama"

"“Mgmt speculated that some SAEs may have occurred in patients that have not been titrated adequately onto the drug” — Guggenheim note. “Per mgmt, SLNO is encouraging slower titration and a lower max dose in order to minimize titration-related AE exacerbation.” — Guggenheim note. “He too is severely overweight and so the side effects weren’t noticeable until it was too late.” — Report, p.25. “started with wheezing [sic] hard to breathe etc.” — Report #1. “then just boom” — Report #1. “The commonest adverse effect of GH replacement is fluid retention, which arises because of the anti-natriuretic action of GH.” — Ho et al (Journal of Endocrinology, 2023). “Growth Hormone and Fluid Retention”: “a major side effect of growth hormone (GH) administration is fluid retention.” — Moller et al (Hormone Research in Pediatrics, 2004)."

"Iger told board members he didn't think Chapek needed to audition for the role... Iger told [Chapek] that instead of the one-on-one board interviews, Disney's lead independent director, Susan Arnold, would be in touch... She and Iger had both recommended Chapek for the job, and the board had approved. — CNBC. Mr. Iger, then still under contract as executive chairman, didn't move out of the office he kept at Disney's headquarters in Burbank, Calif. He called strategy meetings with Mr. Chapek's underlings without inviting the new CEO. — WSJ. The executive change came together quickly, blindsiding Chapek and his closest allies. Disney's board reached out to Iger on Friday [November 18, 2022], without any other serious candidates in mind to replace Chapek as CEO, CNBC's David Faber reported Monday, citing sources. — CNBC."

""Supply chain and lead times for products as well. With COVID and procedures being canceled, I think COVID is gonna work itself out, but I mean, we said that it's gonna be a year and now we're going on year three. Right. Then hospitals due to, kind of the rates of people in space they've canceled; procedures that they don't deem as essential procedures. Okay. Which would include things like knee replacement or certain back surgeries. So that has had a significant impact. With supply chain, I would say the fact that certain components and parts are delayed, and the costs have increased. I think that's gonna have an impact on Stryker. Also if they do not consolidate their facilities and redundancies, it's gonna be a heavy cost for going forward as they continue to grow and acquire." — Former Stryker M&A Professional"

"“if you ever have someone telling you that they have something that treats all prostate sizes, that is not correct” — Two Urologists (Spruce Point Interviews). “we are going to be flexible with HYDROS pricing... we're willing to negotiate on price.” — CFO Waters (Piper Conf. 12/5/24). “I can't imagine the replacement cycle is going to be massive” — CFO Waters (Piper Conf. 12/5/24). “HYDROS is currently costing about 10% more than AQUABEAM. To clarify some, I would say, misinformation that was out there in August regarding the cost being the same.” — CFO Waters (Q3 2024 Earnings Call). “while HYDROS does have some efficiencies regarding setup and ease of use, that hour block time is probably still what's going to be blocked for a HYDROS system as well.” — CFO Waters (Piper Conf. 12/5/24)."

""One of the challenges that Berkeley Lights are facing in the coming years will be a lot of other companies will be entering into the same area and creating a lot of competition for the company. There are already other alternatives in the market," — Former BLI engineer; "Nowadays especially, the field of single-cell analysis is expanding so much and making so much progress that I think we're getting to the point where most of the applications that are being developed on the platform can actually be replaced by applications with higher throughput on cheaper platforms like 10X Genomics and a couple of others." — Former BLI scientist; "I would probably go with a cheaper machine and maybe a different set of assays from multiple platforms." — Former BLI scientist"

""And in the specific case of HMA, we think that this is precisely the sort of action that could fix long-standing problems. In short, we think that Glenview is pursuing precisely the correct course and believe that it can be successful in building a consensus among HMA shareholders to nominate new directors and change the course of the company." — CRT Capital Group LLC, June 12, 2013; "We believe HMA shares will trade higher if the Board adopts any of a number of possible shareholder friendly actions... Given the recent poison pill adoption, it does not appear that the Board is currently amenable to such overtures, but the possibility remains that an activist could call a special meeting to introduce a replacement slate of directors." — Citi, June 12, 2013"

"Subsequent to the closing of the transaction, during the second quarter of 2023 Mr. Watsa, to avoid potential future conflicts of interest, sold all of his 678,021 shares of Poseidon to Fairfax. Mr. Watsa owned 678,021 shares of Atlas representing less than 0.3% ownership as an investment that were replaced with shares of Poseidon on a one-for-one basis as a result of the tender offer as part of the consortium described above. Mr. Watsa sold the Poseidon shares to Fairfax at $15.50 per share, the same price he could have obtained under the tender offer and the price at which Fairfax's shares of Atlas were valued by the consortium which made the tender offer. — Fairfax Financial Holdings Financial Statements Q2 2023, Pg. 22."

""Engine has failed to present the Board with even one credible and actionable, strategic or operational Idea." — DND Board, November 26, 2024. "Engine’s attempt at wholesale change of the Board compounded by its stated intention to replace the management team, is reckless, puts the business at risk and is potentially value destructive." — DND Board, November 26, 2024. "Engine’s nominees, as a group, lack substantive senior executive, operational and board experience to be additive to the Board. In addition, the individuals lack meaningful capital allocation experience – a critical area that the Company remains focused on." — DND Board, November 26, 2024."

"“...and this one, you cannot clean. It coats the source of the EUV light until it develops a few mono-layers of coating of this organic composition, and gradually, you lose it, and you have to replace it.” “I heard every year that you need to replace the imaging optics right now...the coating and the amount of VOC are such that every year they have to replace the optics, and this costs—the refurbishing of those optics at least a million dollars or more. They need to replace mirror number two, mirror number four, and that would cost at least half a million dollars each.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"I heard it's made by Ushio, and the problem is the lifetime is only three months. And out of the three months, tuning is one month, so they can only use it for two months until they have to replace it again. So, it's very low efficiency. In order to provide sufficient capacity, customers need to purchase more than one tool where they only would need one. ... That's the failure of the qualification at TSMC—that's a good possibility. And from another source, I heard that they are still using optical and electron beam solution. — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO"

"We permitted the distributors to use the Chinese characters “安踏” (ANTA) as part of their corporate name to reflect the association of distributors with us which we considered would facilitate the development of the new markets by such distributors in view of our brand promotion. Now that the ANTA sales network is established in those markets, the relevant entities have been or are in the course of being de-registered or have ceased operation pending liquidation and the replacement entities no longer have the Chinese characters “安踏” (ANTA) in their corporate name. — ANTA Prospectus, p. 87"

"“So there are two threats [to Aquablation]. One is robotic HoLEP. So there's no question HoLEP is the best because you remove more tissue and it's bloodless. There's temporary incontinence, but we can overcome that...So, what if somebody invents a robotic HoLEP? There is at this point a cocktail napkin design of [it]. So it's many, many years away. But that would replace ablation in five minutes because laser is better than waterjet. The waterjet is sloppy. It's imprecise. It doesn't go deep enough, but it's the best we have. Laser is just better.” — Major Hospital Urologist, Nov 2024"

"“In March 2023, it was announced that our alliance with Merck KGaA to co-develop and co-commercialize Bavencio (avelumab) would terminate. Effective June 30, 2023, Merck KGaA took full control of the global commercialization of Bavencio. Beginning in the third quarter of 2023, the related profit share was replaced by a 15% royalty to Pfizer on net sales of Bavencio.” “Additionally, we will no longer record royalties from U.S. sales of Bavencio, as we have irrevocably chosen to donate the right to such royalties to the American Association for Cancer Research.” — 2023 Pfizer 10-K"

"In March 2023, it was announced that our alliance with Merck KGaA to co-develop and co-commercialize Bavencio (avelumab) would terminate. Effective June 30, 2023, Merck KGaA took full control of the global commercialization of Bavencio. Beginning in the third quarter of 2023, the related profit share was replaced by a 15% royalty to Pfizer on net sales of Bavencio. Additionally, we will no longer record royalties from U.S. sales of Bavencio, as we have irrevocably chosen to donate the right to such royalties to the American Association for Cancer Research. — 2023 Pfizer 10-K"

"“you would be very unlikely to see us overnight, going and exploding the leverage profile of this business.” — Burford Management; “I think we have you know, at least I have largely been focused on public investors and on rebutting the various,” — Burford CEO; “We are, after all, a firm run by lawyers.” — Burford Management; “The line in our report today was more about the prospect that, you know, in the in the relatively near term, we suspect, well, we believe that one of our existing directors is likely to retire from the board and be replaced.” — Burford Management"

"It is not a new product or a stand-alone new platform to replace other products. It is instead a vehicle for integrating MSCI's world-leading content and analytics using software powered by Azure. — COO, Q4 2022 / Jan 2023. And that should move us away from some of the legacy platforms, which have been, to a degree, a drag on our growth. — COO, Barclays Conf, May 2023. So MSCI ONE realizes the dream of One MSCI that we've been talking about for maybe about a decade across asset classes, across product lines. — CTO, RBC Conf, Nov 2023."

"“Together with the problem with the source of off-gassing, also the stage has a problem with particulation and off-gassing, all of them contribute now to the degradation of the imaging optics and also the particulation on the actual mask of the inspection. And this one, you cannot clean. It coats the source of the EUV light until it develops a few mono-layers of coating of this organic composition, and gradually, you lose it, and you have to replace it.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"My suspicion is it was the light source. The light source didn't perform, so the customer demands a new light source. And I heard the light source alone costs $10 million. So, if they are forced to replace the light source two or three times until it functions properly, that will cost them $40 million, almost as much as a new tool, as you mentioned, $40 million being the price. It can be very costly to replace parts. That's my suspicion. — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO"

"Search for a new director did not commence until after Elliott launched its proxy contest. Mr. Hess replaced Sir Martin Sorrell, who only attended 63% of Arconic's board meetings in 2016 – this would have resulted in an automatic AGAINST recommendation by major proxy advisors. Mr. Hess decided to join the Board after Elliott launched proxy contest and promptly endorsed a failed CEO, which Sir Sorrell has a significant stake, was compensated for Dr. Kleinfeld's wasteful and exorbitantly expensive Jetsons marketing campaign"

""If you use the hybrid solver, the hybrid solver has to compose QUBO problems... you can substitute quantum with classical and still get better results. So, the entire hybrid framework could be beneficial, but it’s not because of quantum, it’s because of its construct, and the quantum part can be replaced with classical." — Former D-Wave data scientist; "D-Wave is selling bullsh-t" — Executive at large multi-national technology and logistics company, former professor of quantum physics and quantum algorithms."

"The entire optical system inside Lasertec’s EUV inspection tool needs to be replaced at least every year: “...it coats the source of the EUV light until it develops a few mono-layers of coating...and gradually you lose it...and have to replace it”: “I heard every year that they have to replace the optics...the refurbishing of those optics costs at least a million dollars or more...they need to replace mirror number two, mirror number four, and that could cost at least half a million dollars each.”"

""I guess my first question, Eli, you had a comment where you said that you have a number of projects moving to production from development phase... what's the pipeline for new projects to replace the ones that are moving into production?" — Ashwin Shirvaikar, Citigroup; "...usually a successful project leads to other successful projects, and as we are expanding our offering.... And projects, usually when they come to fruition, they don't go to zero." — Eli Gelman, President and CEO, Amdocs"

"So there's no question HoLEP is the best because you remove more tissue and it's bloodless. There's temporary incontinence, but we can overcome that...So, what if somebody invents a robotic HoLEP? There is at this point a cocktail napkin design of [it]. So it's many, many years away. But that would replace ablation in five minutes because laser is better than waterjet. The waterjet is sloppy. It's imprecise. It doesn't go deep enough, but it's the best we have. Laser is just better."

"“I arrived at Siemens at a very difficult moment... Siemens needed to execute more rapidly, and to do that we had to take a hard look at both our organizational structure and whether we had the right people in the right jobs. Within months of my taking over, we replaced about 80% of the top level of executives, 70% of the next level down, and 40% of the level below that.” — Peter Löscher, The CEO of Siemens on Using a Scandal to Drive Change, Harvard Business Review, November 2012"

"“at the early stage of their product, they had big trouble with the light source”; “they were struggling” because of the short lifespan “and then it needed replacement and after replacement they needed one month to tune the light source...so the tool was only available for maybe 60% or 70%...customers needed to buy more equipment than they originally planned to cover their requirements.” — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO"

"“Shortly following my appointment to the board of Tessera in September 2013, Starboard served notice to Tessera desiring to replace a majority of the Board... Starboard has proven to be highly ethical and constructive in their approach to board oversight and governance and, without exception, has done whatever is best for the long-term interests of the company and its shareholders.” — Rick Hill, Chairman of Tessera Technologies and former CEO of Novellus Systems"

"“Shortly following my appointment to the board of Tessera in September 2013, Starboard served notice to Tessera desiring to replace a majority of the Board... Starboard has proven to be highly ethical and constructive in their approach to board oversight and governance and, without exception, has done whatever is best for the long-term interests of the company and its shareholders.” — Rick Hill, Chairman of Tessera Technologies and former CEO of Novellus Systems"

""Yes, yes, yes - some of the growth is that patients are getting one stimulator and then another as the new ones come out... I'll be conservative and say 25% of the market is repeat business and the more aggressive number is 50%." — Former Nevro territory manager; "We were pushing replacements of old devices... There was a push to sell upgrades when I was there. I didn't like the ethics. There's infection risk when you do the surgery." — Former Nevro sales rep"

""they don't have it now, without giving too much info on that - they don't have it...it will require replacement of their optics because...if they open up the aperture, the optics will block....they cannot do it right now...they need...a different curvature, different figure elements - it's a massive upgrade." — Ex-KLA executive. "just a press release to match the shipment of the first [ASML] High-NA system to Intel." — Global Foundries executive."

"Defined as earnings before interest, taxes, depreciation and amortization expense, adjusted to exclude share-based compensation charges, restructuring and realignment costs, special charges and gain or loss from sale of businesses. Adjusted EBITDA replaced Adjusted Operating Income in 2022 which is defined as operating income, adjusted to exclude restructuring and realignment costs and special charges. — Xylem Proxy Statement filed April 3, 2023"

"“She was a very big proponent of the oxytocin. I mean, she was saying that was the most marvelous drug out there, oxytocin. Then she switched over to this...But she's a politician, too, and she's the one that was the spokesman. There's nothing ever going to replace oxytocin for treating Prader-Willi Syndrome. Then the next month, nothing's going to replace DCCR.” — Trial investigator and physician; one of the leading KOL's in the PWS field"

"“I think so, yeah. I think for Berkeley Lights to be able to have its place; you would want a use case where you're sorting the cell out of that nano-cell and using it for downstream applications. But if you're not doing that, Berkeley Lights is replaceable if you don't want to isolate a cell, you just want to get cells, cytotox data, which is what we were doing at Takeda; I would replace it with IsoPlexis today.” — Takeda lead scientist"

"We believe the Street is structurally misunderstanding the magnitude of the cybersecurity-related costs that Mercury will face going forward, as well as the delays in revenue contract award opportunities it will face in its high-growth “command, control, communications, computers, and intelligence” (C4I) segment – expected to be a $100m business. Mercury does not even have a CISO at present, and only recently replaced its departed CIO."

"Zillow's former CFO, who served for ~6 years, resigned in May 2023 with no clear explanation for the transition. He was replaced by Jeremy Hofmann (37), who previously served as Zillow's SVP of Corporate Development and Strategy. Moreover, Mr. Hofmann has never held a public company CFO position, has no functional accounting or financial reporting experience, and is relatively young for the position based on a Korn Ferry analysis."

"they had big trouble with the light source; they were struggling because of the short lifespan and then it needed replacement and after replacement they needed one month to tune the light source...so the tool was only available for maybe 60% or 70%...customers needed to buy more equipment than they originally planned to cover their requirements. — Longtime semiconductor industry executive based in Japan"

"In one meeting with three FGD executives from an FGD producer, we mentioned that RINO generates 35% gross margins. The result was comical. Each face registered palpable surprise (not quite shock), which then became expressions of confusion as they turned to each other while asking “35?” After a couple of seconds, the confusion subsided and was replaced with slight nods and barely perceptible grins."

"“they don’t have it now, without giving too much info on that – they don’t have it...it will require replacement of their optics because...if they open up the aperture, the optics will block....they cannot do it right now...they need...a different curvature, different figure elements – it’s a massive upgrade.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"“…from a P&L point of view, what is a traditional product sale on day 1 by year 3 or year 4 transitions to a full as-a-service subscription recognition…the benefit we have is we don’t have to go and replace our installed base. In our model, we don’t have that replacement sale, right? …we are able to keep that original array, modernize it. Well, if” — CEO Giancarlo"

""We are very excited about the potential Centrella has to accelerate the med surg bed replacement cycle" — John Groetelaars, President & CEO, Hill-Rom. "Hospitals are generally willing to put off bed purchases if needed... It's not going to accelerate the purchasing cycle over the long-term - this is probably more of a one-time blip." — Former Employee, Hill-Rom."

"We believe that if Quectel were added to the Covered List that it would not only be a headwind to government (and perhaps all sector) sales, but it would also necessitate a widespread replacement of existing hardware, which would be accompanied by a requisite write-off of capitalized connected device costs, thus further compressing Samsara gross margins."

"While the company remained tight lipped on the specifics of the next gen platform, it does see it as a parallel platform, not a replacement for the “classic” version. We expect the product to be focused on the high end of the market with limited distribution for the next year or two. — SunTrust Robinson Humphrey research note published September 13, 2011"

"Elliott Investment Management has won support from a prominent Phillips 66 investor for its campaign to replace some of the oil refiner's board members. Gregory Goff said...that Phillips 66's pursuit of midstream assets alongside its refining business has failed to deliver shareholder value relative to more streamlined peers. — The Wall Street Journal"

"Assuming that on average, a new store costs $26mm to zone, develop and build or approximately $197/sq. ft. (1) and that each Distribution Facility costs $70mm or approximately $50/sq. ft. (1), the replacement cost of Target's owned real estate (excluding the value of its buildings on ground leased land and its existing leases) is approximately $39bn"

"“You replace the collector and send it to Germany”; “I’ve seen a bunch of these unbelievable amounts of collectors there from Lasertec”; “it costs hundreds of thousands of dollars” to clean each collector every month; “takes almost two days to chisel all this debris.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"“Ultimately, I think the relationship got much better with the manufacturers that stayed with ATD. They saw blood in the water when Goodyear and Bridgestone dropped ATD and went out of their way to lower price or give us more incentive to replace that business with their brands.” — Former TireHub employee, Public Interview, March 2023"

""they [PCS] don't have any standing authority to designate one event versus another unless it's something in their contract says that's the case, but that would be unusual." — Reinsurance expert; "many of the homes [destroyed] are bespoke and high value, so it will take extra effort to understand designs and replacement costs." — BMS"