Callouts & quotes from 37,061+ activist slides

"“If we get some robust economic growth around the world, we're going to see crude prices, Brent prices, right back at 150.” — January 31, 2013 Q4 2012 CLB earnings call. “So our outlook is that Brent stays north of $100, and for 2014 going forward, spare capacity becomes less and less.” — January 30, 2015 Q4 2014 CLB earnings call. “We believe crude oil markets will balance early in 2015 with crude oil prices strengthening to earlier 2014 levels.” — October 23, 2014 Q3 2014 CLB earnings call. “Don't think [sub-40 WTI] is a distinct possibility”; “I think we will see WTI somewhere between $70 and $80 by year-end... We are bottoming right now on crude oil prices” — July 28, 2015 David Demshur interview on Mad Money. “Once oil breaks through $50, it will go to $60-range” — July 20, 2016 David Demshur interview on Mad Money."

""We will have much more to say about these goals and the initiatives necessary to achieve them when we release our full presentation to shareholders," continued Mr. Peltz. "But to be clear, Disney needs to again be the beacon of strategic clarity and exceptional execution it once was. No Disney shareholder should be content with the current strategic muddle or have to endure failed execution without accountability." — Nelson Peltz. "Nelson and I are not about strategic platitudes or soft goals. As Disney Board members, we would expect to help drive Disney's financial performance by working with other Board members to set demanding but realistic goals (to which executive compensation will be tied) and provide rigorous oversight to help ensure accountability for operational execution and capital allocation." — Jay Rasulo."

""And when we dug through some of that, our average customer income now, we estimate is between $100,000 and $125,000 versus the U.S. median in the $60,000 range. We age up. We're probably 35 to 64 years old. They've lived in that house for 11 to 15 years" — Fmr. CFO (Now President) Lang, Q1 2020 Conf Call, May 1, 2020. "Our median household income is $96,000. Now you've heard us talked in our earnings release that we have -- we're using ranges. So our highest penetrating range was $100,000 to $125,000. We've hired a new external company to help us better understand our customer. They've given us a lot more insight and a lot more precise data. So we're now switching to use median household income, and that's $96,000, and that will be the benchmark going forward." — Fmr. President Lisa Laube, Investor Day, March 16, 2022."

"“Substantial long-term operating leverage: Longer term, our hypothetical margin expansion analysis shows the potential for a significant ramp in pro forma operating margins from 12% currently to 30-40%, in theory, as revenues grow to scale and sales and marketing (S&M) costs normalize. We strongly believe that the SaaS business model can ultimately achieve a margin structure similar to that of traditional on-premise software businesses—a view that we believe is underappreciated by the Street.” — Nomura, Aug 2012; “Performing the same analysis for Ultimate Software Group, with its current renewal margins between 48% and 50% over the last four years, this would imply long-run, fully- scaled potential operating margins in the low-30% range (Ultimate’s non-GAAP operating margins today are ~20%).” — Goldman Sachs, July 2017"

""Concession-holders have use of those concessions but cannot dispose of them at will because those areas belong to the state. If concession-holders do not respect the rules then those areas return to the state." "If this company (Alcira/Jungie) sold areas that had already been revoked and reverted to the state then that would be very serious, quite simply be an act of corruption. I don't understand how the Ministry of Mines has allowed this type of operation and the exploitation of mineral wealth if the areas had reverted to the state." "This sounds very serious. As a member of parliament I will try to investigate this subject..." "If there's corrupt people or people who have made the government look bad then they must be sanctioned." — Victor Borda, former speaker of lower House and a prominent member of the MAS Party"

""SKUs have doubled over the past 10 years. The reason was to increase sales" — Jefferies, September 1, 2023; "It is true that we have too many businesses" — President Yoshihiro Hasebe, February 2023; "There are too many SKUs, and I would say around 20% are not contributing to profitability or sales at all." — Former President, EMEA, Kao Corp., August 2023; "Kao conducts world-class enzyme research... There have been limited occasions to demonstrate this... I think enzyme-driven batteries will be useful in unexpected places." — President Hasebe, 2021; "We need a new engine for the future. With this in mind, we aim to enter the medical (treatment / diagnosis) field." — President Hasebe, 2022; "Another Kao is intended to strengthen three categories: circular economy, digital and health care." — President Hasebe, June 2024"

"“Holger Mueller of Constellation Research Inc. said Box’s revenue growth of just 10% was ‘measly’ and that shareholders such as Starboard were right to ask why the company has not performed better...‘But the question needs to be asked, why has Box only grown by 10% during pandemic times, while the global economy is restarting and reinventing itself around digital processes?’” — Silicon Angle, May 2021; “Box has guided to a meaningfully improved financial model, expecting to achieve the ‘Rule of 40’ by FY24 and calling for accelerating growth with meaningful margin expansion. While we would certainly like to see that, the problem is Box has always ranked low on sales efficiency and seen declining net retention rates, which makes it tough for us to underwrite the combination of the two.” — RBC Capital Markets, July 2021"

"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."

""We have now finished our sale-leaseback program, which resulted in the completion of transactions on 37 restaurants, resulting in $83 million of gross proceeds at average cap rates under 6.7%, including cap rates in the range of 6.25% on our most recent transactions." — Ruby Tuesday July 24, 2013 earnings conference call. "The company's real estate could be worth another $800MM - $1B" — CL King research report. "We are upgrading BOBE...due to what we view as a cleaner story for investors with improving margins, good underlying sales momentum in its core businesses and nearly $900 mil. in real estate value" — Stephens Inc. research report. "In fiscal 2011, it cost approximately $2.3 million to build a new stand-alone Bob Evans restaurant, including the land." — Bob Evans 10-K for the fiscal year ended April 29, 2011."

"“Holger Mueller of Constellation Research Inc. said Box’s revenue growth of just 10% was ‘measly’ and that shareholders such as Starboard were right to ask why the company has not performed better...But the question needs to be asked, why has Box only grown by 10% during pandemic times, while the global economy is restarting and reinventing itself around digital processes?” — Silicon Angle, May 2021; “Box has guided to a meaningfully improved financial model, expecting to achieve the “Rule of 40” by FY24 and calling for accelerating growth with meaningful margin expansion. While we would certainly like to see that, the problem is Box has always ranked low on sales efficiency and seen declining net retention rates, which makes it tough for us to underwrite the combination of the two.” — RBC Capital Markets, July 2021"

""As the industry leader, Sunrun has enjoyed capital cost advantages. By joining arms with Vivint Solar, we expect to further our advantages in 2 ways. First, we'll be even more regular issuers of debt securities, which should drive down our capital costs. And second, with our combined size, we will more easily appeal to investors with enormous minimum check sizes, such as pension funds, who often enjoy a lower cost of capital. Over time, these advantages will benefit our customers and shareholders, while allowing us to accelerate the adoption of affordable, renewable energy." — Founder & Chairman Sunrun; "I'm excited by the magnitude of synergies we can realize through this acquisition, which will allow the combined company to operate more efficiently and reduce the cost to the consumer of going solar." — CFO Sunrun"

""[Bob] Iger had personally selected every member of the board, which is surprisingly lacking in media and entertainment experience. Iger is personally close with several of them, including Nike Executive Chairman Mark Parker and General Motors CEO Mary Barra [who is on Disney's Compensation Committee]. In addition, the wife of another director, Michael Froman, then vice chairman of Mastercard and now president of the Council on Foreign Relations, had been housemates with Iger's wife..." — CNBC, September 2023; "[G]iven the many challenges [Disney faces], Parker will be spreading himself thin" as Chairman of both Disney and Nike, and "only a handful of executives", including Rupert Murdoch [who recently stepped down from serving as Chairman of Fox and News Corp.], chair two S&P 500 companies." — Reuters, January 2023"

"“I don't think anyone got a return on their investment. It was more for a sustainability perspective, so they could say we bought a cleaner vehicle… My opinion is the demand has definitely slowed from municipalities.” — XL Former Employee E; “For hybrids, they're squashing all that because hybrids aren't really proving to be that successful. They're pushing that money into full electric now. The clock is ticking away on hybrid technology and incentives.” — Former XL Employee A; “Why would FedEx agree to expand what XL has when they could just go fully electric and get beyond 25 miles per gallon from 14? Same for a Coca-Cola, Pepsi, or Verizon. I think all these companies, there's natural limits what check size they would send for XL hybrids as a product, because the benefit is fairly limited.” — Former XL Employee D"

"“I got excited by Nevro. I thought it was the Tesla of spinal cord stimulators...I became increasingly frustrated as I began to see a lot of failures with the device...Nevro is a one trick pony.” —Physician #1, a former high volume Nevro implanter; “Doctors that implanted a lot of devices, they hated Nevro...The only way I know to change that doctor’s practice paradigm is bribing. It works...Doctors are whores.” —Physician #2, a key opinion leader (KOL) in the spinal cord stimulation space; “So, it was a big scam. The way that they manipulated the data was criminal.” —Physician #3, a KOL and high volume implanter; “There were definitely practices at Nevro that pushed patients into implants. They will invariably be audited by Medicare. They’re doing other things that are not on the up and up.” —Former Nevro sales rep"

"Second, our goal has been to diversify our revenue outside of the United States and this acquisition increases our international revenue for this business by a factor of 6 and expands customer penetration into 75 additional countries. At the consolidated level, the acquisition adds an additional three points of international revenue bringing our total for the company to approximately 13% international revenues. — CEO M&A Call Feb 2020; Sales to customers in international markets represented approximately 8% of total revenues for the three and nine months ended October 2, 2020. Our international customers include foreign governments and their agencies. Our international business increases our exposure to international markets and the associated international regulatory and geopolitical risks. — Oct 2, 2020 10-Q p. 33"

""For the fourth quarter, our flea and tick business performed well and outpaced category growth. According to Nielsen measured channel data through December 31, the flea and tick category was down 10.7%. PetIQ's results outpaced this result in the Nielsen measured channels over the same period. Our brands performed better than the overall market, non-measured channels were up meaningfully and our prescription drug flea and tick was up significantly and in-line with the macro trends in the broader veterinarian market. Keep in mind, for PetIQ only 28% of our Q4 sales were in Nielsen measured sales channels. The 72% of our sales that were in unmeasured sales channels dramatically outpaced the measured flea and tick sales channels, particularly in the e-commerce and RX sales channels." — McCord Christensen – CEO, PetIQ"

"“We subsequently found out, as we spoke to former Nevro reps who were involved in the Senza study, that the manipulation in statements from the patients was crazy. They had very leading questions like, ‘in certain times of the day do you feel that your pain is this much better, that much better?’ It wasn’t an overall global pain assessment scale. These were very, very specific questions to manipulate the answer that they wanted. I wasn’t the only one who found this out. Other doctors who I respect greatly in the field also got the same input from other reps who were formally working for Nevro. So, it was a big scam. The way that they manipulated the data was criminal. I would say that the bigger names in neuromodulation who weren't getting paid by them, think of Nevro with disgust.” — KOL and former Nevro implanter"

"“When you look at M&A, you have too many emerging spinal cord stimulation technologies out there. You’ve got Nalu that’s coming out. That came out of Stanford. You’ve got companies like Saluda. They’ve been trying to shop that thing for the last 18 months and they have no buyers and the reason is, how are you going to come in and compete when price erosion is happening all around you?” — Former Nevro executive; “If Saluda could have sold for a couple hundred million bucks, they would have sold it. John Parker has said publicly that he wants a billion dollars for the company. Nobody’s going to spend a billion dollars for that company. Nobody. Nobody. Like $800 million is nuts. Had he positioned it at $500 to $700 million, it probably would have been sold, but John Parker is out of his mind.” — Former Nevro executive"

""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"

"When Nevro launched in 2015, I was really interested in the data and how much better it worked than regular spinal cord stimulation. So I used it and was very impressed in the beginning. But then the failures just kept coming. People just kept getting explanted or the pain just kept coming back ...After three to six months it was like clockwork that patients just started shitting the bed. So I just stopped using it...I didn't have a single patient that made it past a year ...I might have 2 back patients that still have it out of 90 I implanted with Nevro. That's not unheard of. There are a lot, a lot, of doctors who have had that experience. I know of a lot of doctors who had a 70-80% explant rate. My overall explant rate is very low. No one can say that my Nevro explants were due to my patient selection. — KOL #1"

"“Up to 65 now is our limit... and who knows, maybe we’ll increase that even further...most people that are using machine perfusion now are using it for older donors.” — Transplant surgeon and transplant program director at a leading Northeast academic center; “30%...the older peak, we’re not in the business of transplanting people with 70-year-old livers, like other places do. I know Methodist does a lot of older donors.” — Transplant hepatologist and director of the liver program at a Midwest academic center; “Yes., 100%...the donors are becoming increasingly older. I would not be surprised if a large majority of folks are above that age range.” — Senior medical employee at OrganOx; “DCDs over the age of 55, I would say, are probably more than 50%.” — Transplant surgeon at a high volume West Coast academic center"

"I don't know the CEO at all. I don't know him personally. Have I actually seen him, met him? Yes, but I don't have any personal connection. I honestly don't have any personal connection to anyone at this company. I've never had an email from TransMedics...honestly... there's no conflict of interest...I don't know what their stock is doing....I am not by any means an insider to that circle...I do not have any involvement...if I was someone that TransMedics in any way engaged with and I was involved with activities that they in any way sponsor...which I absolutely never have...I literally have never received as much as an email or communication from TransMedics other than updates on the data that they have or anything like that. — Transplant hepatologist and director of the liver program at a Midwest academic center"

"“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"

""Soil Safe and its management team led by Mark Smith, are recognized as industry leaders in contaminated soil recycling and the development of inert soil products for beneficial use in sustainable construction and green building applications. GFL is one of the largest processors of contaminated soils in Canada and our acquisition of Soil Safe is in keeping with our strategy of replicating all of our service offerings in the US," said Patrick Dovigi, GFL's Founder and Chief Executive Officer. "Soil Safe's in-house expertise and recycled products complement and extend our existing capabilities as we build our infrastructure business to service our customers' needs across North America. We are excited to welcome Soil Safe and its employees to the GFL team." — Patrick Dovigi, GFL's Founder and Chief Executive Officer"

""I gave you only a handful of things that really need to be addressed...if you go inside [the large storage OEMs], they're all scared. They're all scared of companies like VAST and WEKA" — Executive at VAST Data and former Pure employee; "Right now [Pure] is differentiated. If you give me a couple of months, it won't be." — Executive at WEKA and former Pure employee; "This is 100% reversible...Meta doesn't use any kind of proprietary format that would lock them into a vendor platform." — CTO at storage system competitor; "Even if they do buy a software product, [Meta will] flat out tell you, ‘hey, this is great, we’re gonna try this for a while, but we’ll probably reverse engineer something ourselves to effectively function this way in the next 18 to 24 months.’” — Executive at VAST Data and former Pure employee."

"On a portion of the fixed price-completion contracts, revenue is recognized in accordance with Topic 605 using the percentage-of-completion method based on the ratio of total costs incurred to date compared to estimated total costs to complete the contract. Estimates of costs to complete include material, direct labor, overhead, and allowable indirect expenses for government contracts. These cost estimates are reviewed and, if necessary, revised on a contract-by-contract basis. If, as a result of this review, management determines that a loss on a contract is probable, then the full amount of estimated loss is charged to operations in the period. As of December 25, 2016 and December 27, 2015, accrued expenses included the accrual for losses on contracts of $17.7 million and $3.5 million, respectively. — 10-K, F-8"

""We anticipate JCAR017's first approval in 2019 and for that therapy to achieve global peak sales of approximately $3 billion" — Peter Kellogg, EVP, CFO, CAO, January 2018. "So the approval for JCAR017 liso-cel is 2019, that's still the plan." — Nadim Ahmed, Pres. of Hematology & Oncology, June 2018. "Just the expected launches of fedratinib and JCAR017 in 2019 will enable us to absorb the financial impact caused by the delay in the expected launch of ozanimod" — Mark Alles, Chairman & CEO, May 2018. "Well, for JCAR017...Investors should not expect new data... ASH will not be updated data for 17 on lymphoma." — Mark Alles, Chairman & CEO, September 2018. "Now turning to our CAR-T programs. Both liso-cel and bb2121 remain on target for expected 2020 approvals." — Jay Backstrom, Chief Medical Officer, January 2019."

""Jennifer Miller really skewed the data. I mean, most other companies would not allow more than X percentage of patients to come from a single site"; "if I was you, I would ask to see where the patients came from in the final trial...they had a couple of investigators who were, what shall I say, kind of overenthusiastic champions of the drug and may have recruited patients, violating some of the entry criteria"; "myself and some other people...were really skeptical about Jennifer Miller because it was very clear from phone calls that she was too much in bed with the company and didn’t have academic objectivity...if the investigator is like, oh, this is going to work, then they are no longer objective and it defeats the purpose of a blinded trial." — Ex-senior Soleno employee #1, key role in clinical trial program"

"“Federal and state governments annually spend about $75 billion on individuals with SMI, with around $50 billion currently carved into managed care. For long-term care, the annual Medicaid spending is over $150 billion, with less than 10% currently being managed. And for the developmentally disabled population, another $50 billion in spending with less than 5% managed. ...Offering special population health management for high cost areas is a natural extension of our existing Behavioral Health services. We have been talking with several existing as well as potential new health plan customers to see if we could assist them in managing these populations. We've used this as an inflection point to further refine how we will achieve our MCC special population growth strategy.” — CEO Barry Smith – Q3 2015 Earnings Call"

""We anticipate JCAR017's first approval in 2019 and for that therapy to achieve global peak sales of approximately $3 billion" — Peter Kellogg, EVP, CFO, CAO, January 2018; "So the approval for JCAR017 liso-cel is 2019, that's still the plan." — Nadim Ahmed, Pres. of Hematology & Oncology, June 2018; "Just the expected launches of fedratinib and JCAR017 in 2019 will enable us to absorb the financial impact caused by the delay in the expected launch of ozanimod" — Mark Alles, Chairman & CEO, May 2018; "Well, for JCAR017...Investors should not expect new data... ASH will not be updated data for 17 on lymphoma." — Mark Alles, Chairman & CEO, September 2018; "Now turning to our CAR-T programs. Both liso-cel and bb2121 remain on target for expected 2020 approvals." — Jay Backstrom, Chief Medical Officer, January 2019"

"Every baby less than a year old, we put on diuretics, so it's a known side effect. When they get older, we actually stop it. Most of the time they don't still need it, which I was a little bit surprised that they were talking about treating kids with diuretics as a standard of care with this medication — that was one of the things that the rep said. I was surprised about that because if I have somebody with congenital hyperinsulinism that has a mutation that responds to diazoxide, and we continue to treat them, and there's a couple later on in life, I would not treat that kid with a diuretic. Usually, they're old enough and they do fine. And maybe it's because it's twice a day and it's not extended-release. — Pediatric endocrinologist at a Delaware academic center with eight endocrinologists and ~50 PWS patients"

"We believe that the main issue driving this softer cycle in cosmetics is that the newness and innovation that have been the focus of most brands this year has just not driven the kind of incremental growth we've enjoyed for some period of time. Over the past several years, we've seen strong growth in cosmetics driven by new rituals and application techniques, like contouring and brow styling, and innovative new product formats like liquid lip, palettes and minis. This innovation resulted in new makeup routines requiring new products which drove strong incremental growth. The most recent cycle of innovation has just not driven those behaviors resulting in a soft cycle for the cosmetics category in the U.S. as innovation and newness price the market has not driven the expected growth. — ULTA CEO Q2 2019 Conf Call"

"Because ESG ratings which score companies on Environment, Social and Governance factors – at the moment, this area is completely unregulated. And therefore if it's unregulated, it's very difficult to compare information between these rating agencies. And it's difficult then to interpret what they mean. So we don't have clarity on how these ratings are reached or what they measure. And there seems indeed to be issues around conflict of interest by ESG rating providers. So our proposal today is about making ESG ratings transparent, comparable and reliable. And in this vein, we will have ESMA to provide the supervision, helping to combat this conflict of interest issue that I have raised. — Mairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union at European Commission"

""I wouldn't invest in Nevro. I did at IPO. I was thinking of shorting Nevro. Their competitive advantage got eaten away as everyone caught up... They can crush Nevro at a systems level if they want to. The big buys can crush them in hospitals." — KOL and high volume implanter; "I don't see a whole lot of innovation. They're stuck with one product which makes them very vulnerable unlike other companies... Spinal cord stimulation seems over-saturated." — High volume Nevro implanter; "My broker was really pushing Nevro stock because [prominent underwriting bank] was pushing them... I knew the opposite as a high volume implanter. But the bank was still pushing it. I don't know if they didn't know or they didn't care, but I thought Nevro is like a pump in the dump [sic]." — KOL and former high volume Nevro implanter"

""We're not aiming to make much money on agents' self-sourced sales, as few traditional brokers have ever earned a decent margin; our goal is to recruit agents who can close Redfin-sourced sales at a high rate. The margins on Redfin-sourced sales should remain well above those of other brokers. Even if Max agents' sales turn out to be largely self-sourced, lowering margins on a larger volume of sales in our pilot markets, the impact on Redfin's overall gross margin will be negligible. We won't extend Redfin Max to a large number of markets unless we become convinced that it will net more gross profits. For Max to succeed, a new cohort of motivated, high-caliber agents has to close only a few more sales each year than we normally would with the same set of site-sourced opportunities." — Redfin Q3'23 Earnings Call"

""And then you have ozanimod, GED-0301. Both of those - as I mentioned before, ozanimod is a we think $4bn to $6bn asset; -0301 for Crohn's disease could be transformational as well. In our opinion, it's probably a multi-billion dollar asset, as well." — Corporate VP - Investor Relations Patrick Flanigan, March 2017; "We aggressively advanced the development of two potential future blockbuster products, ozanimod and GED-0301. Several important data readouts will follow throughout the year." — President & COO Scott Smith, April 2017; "So beginning with GED-0301...we've had some great Phase II data for the products. It's in Phase III now for Crohn's disease. We think that's an enormous opportunity, and we'll wait to see what the data says and then we have high hopes for it commercially" — CEO Mark Alles, May 2017"

""Well, I mean, I think everybody is waiting to see what the -- trying to get some quantification around what they think the impact will be. It's no doubt, having some sort of an impact." — Ingredion (Feb 3, 2026); "On GLP-1, no doubt it's changing the way people eat. And as we talked about in our capital markets event a couple of months ago, we see that as an opportunity for reformulation over time because of the need to provide more nutritionally balanced and dense food for those on GLP-1 that need to provide healthy alternatives when they come off the drug." — Tate & Lyle (Oct 1, 2025); "One is GLP-1. I know there's been a lot of talk about it. We believe that GLP-1 is and will be the most powerful force impacting food and beverage consumption, not only in the U.S. but around the world." — IFF (Feb 19, 2026)"

"They have to use our clinical service. It’s our device and our specialist who’s going to operate it...we would like them to use our plane because that’s part of our business. — Ex-logistics employee at Transmedics; We sell devices in other countries because our devices are available in Europe, the Middle East, and Asia. So, we sell devices there and we sell consumables to them. In the U.S., we no longer sell devices because it just doesn’t make sense. — Ex-logistics employee at Transmedics; I’ve been told that the centers now are obliged to use their transportation service. — Transplant procurement surgeon previously working with TransMedics; Yes, you do. Centers that had bought OCS systems were not allowed to buy cartridges unless they used the national program. — Former executive in a key reimbursement role"

"“Yes, the liver just shows up at your door at 7 am, and you don’t have to work all night... this paradigm shift of someone else doing the donor and us doing the transplant during the daytime is wonderful. It’s so much easier for me. The bitching and moaning from the OR is so much better.” — Transplant surgeon at a high volume academic center in Utah; “...it’s the genie out of the bottle once you get a taste - transplant surgeons, we make our money from 11 at night to 5 in the morning. But it’s not fun. We don’t like it—flying all over the country and being up all night is exhausting, especially when you get into your 50’s. Doing a case that is scheduled and is going to go well, I can do it in the morning, it’s hard to put a price tag on that. It really changes the dynamics of transplant.” — Transplant surgeon"

"“All I’ve seen are the summary stats. I haven’t seen anything on an individual basis. So yeah, it does worry me that things are not published, for sure. And, there are odd things like the papers don’t describe insulin resistance at all anywhere. They talk about glucose and insulin levels, but no one’s actually reported the insulin resistance because one would expect the insulin levels go down and the leptin really goes down. And there’s something very weird going on. Their leptin goes massively down despite there not being a huge change in fat mass. So, there’s something odd there. And then, mechanistically, they haven’t really shown that insulin resistance gets bigger. They don’t report. And I don’t know why.” — Trial investigator; endocrinologist; one of the most published authorities on PWS and hyperphagia"

""What we created 22 years ago [at Align Technologies took] control from the orthodontists and clinicians to do the treatment planning because a lot of things were unknown back then.... We didn't have the computational power that is available to us today. We didn't have intraoral scanning, the 3D printing was not in a state it is in today... The system that was designed in such a way that it was a centralized model that was highly controlled by the manufacturer. And like anything else, as businesses grow and scale, their legacy issue is that they keep the same architecture. About 4 years ago, we looked at the state of the technology and no one [was] breaking the mold and coming up with new ideas of how to do clear aligners differently and that is how uLab was born." — Amir Abolfathi – uLab Systems, Co-Founder"

""What we created 22 years ago [at Align Technologies took] control from the orthodontists and clinicians to do the treatment planning because a lot of things were unknown back then.... We didn't have the computational power that is available to us today. We didn't have intraoral scanning, the 3D printing was not in a state it is in today... The system that was designed in such a way that it was a centralized model that was highly controlled by the manufacturer. And like anything else, as businesses grow and scale, their legacy issue is that they keep the same architecture. About 4 years ago, we looked at the state of the technology and no one [was] breaking the mold and coming up with new ideas of how to do clear aligners differently and that is how uLab was born." — Amir Abolfathi – uLab Systems, Co-Founder"

""The important thing is that they are little peculiarities in the Berkeley Lights platform that make it very different to develop assays, to run the tests that people are very familiar with utilizing convenient legacy technology... With Berkeley Lights, there's no such an ecosystem. Almost always, you work on something custom." — Former BLI executive; "Instead of moving toward a simpler, more flexible platform, it seemed like the platform was remaining quite complex and more difficult to develop new assays on." — Former BLI scientist; "These are very complicated devices; they're not dummy-proof. The thing is so complicated, and this is the thing—you can have the perfect user, but how long do you have to train somebody, so they know every in and out, every problem, every issue?" — Another former BLI executive"

""In November, we announced Bob Iger's return to the role of Chief Executive Officer. While remaining focused on the ongoing evolution of our core operating model, the Board gave Bob a dual mandate for his two-year term to rebalance investment with return opportunity while retaining the focus on the creative talent that defines Disney and to assist the Board in ongoing leadership succession planning." — Disney's 2023 Proxy Statement; "Success and succession are fundamentally different objectives for CEOs. Someone in Mr. Iger's seat has too many competing interests and conflicting incentives to handle both... the guy who gets you lost in the woods isn't the right guy to find your way out." — Charles Elson, Founding Director of the University of Delaware's Weinberg Center for Corporate Governance, December 2022"

"“In terms of how patients are actually being treated, we expected this to take a little bit of time. Given the certainty we had that the early adoption of Omnia would be among our existing customers and our existing customers skew to those customers who have a heavy belief in high frequency as a standalone therapy. So we knew that over time the use of paired waveforms, the use of lower frequencies standalone or combined would increase over time. But I think as we sit here today we look out over our very early patient population, I think it's something in the range of 10% to 15% of our patients are already using particularly paired waveforms with high frequency and other lower frequencies. And I think that's probably right about where we thought it would be at this point in time.” — Keith Grossman, Nevro CEO"

"“Jennifer Miller really skewed the data. I mean, most other companies would not allow more than X percentage of patients to come from a single site”; “if I was you, I would ask to see where the patients came from in the final trial…they had a couple of investigators who were, what shall I say, kind of overenthusiastic champions of the drug and may have recruited patients, violating some of the entry criteria”; “myself and some other people…were really skeptical about Jennifer Miller because it was very clear from phone calls that she was too much in bed with the company and didn’t have academic objectivity…if the investigator is like, oh, this is going to work, then they are no longer objective and it defeats the purpose of a blinded trial.” — Ex-senior Soleno employee #1, key role in clinical trial program"

"Correct. But the second tool—before Lasertec came out with their actinic tool, they needed to establish some way of inspecting the EUV masks. What they did was use an optical tool from KLA – the Teron product line. And this is an optical tool with a 193-nanometer light source. So, there's a limitation to what defects it can detect. Very small defects, it cannot clearly distinguish. For something that looks like a defect, they record the coordinates, and then these coordinates are transferred to an electron beam inspection tool, which is only looking at these suspicious-looking defect locations. Is the defect on print or not? So, they need a combination of optical DUV and electron beam inspection to inspect the mask. — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec's CEO"

""The disclosure regarding recently completed acquisitions and adjusted financial information in respect of such acquisitions in this MD&A is based on information provided to the Company by the relevant sellers. Although the Company conducts what it believes to be a sufficient level of investigation in connection with acquisitions, an unavoidable level of risk remains regarding the accuracy and completeness of the information provided to the Company by the relevant sellers. The Company has not independently verified the accuracy or completeness of such information, and there may be events which may have occurred with respect to the acquired businesses or which may affect the completeness or accuracy of the information provided by the relevant sellers which are unknown to the Company." — Q3 2021 MD&A, p. 29"

""Valuation: Our price target is based on a DCF that includes a bolt-on sensitivity, with the increase due to a higher DCF with SLXP more than offsetting a slightly more conservative bolt-on analysis [of $50 dollars in present value per share]." — Goldman Sachs (Apr-12-2015); "While management appears focused on tuck-in deals in the near term, we would not be surprised to see VRX evaluate larger M&A over time. We calculate that continued deployment of cash flow and fully leveraging the company's balance sheet could drive 2017 EPS near $20." — JPMorgan (Apr-2-2015); "Valeant's diversified, global platform gives it the unique flexibility to consider a number of small and large transactions in branded pharma, generics, branded generics, OTC, and aesthetics all around the world." — Morgan Stanley (Feb-27-2014)"

"“Valuation: Our price target is based on a DCF that includes a bolt-on sensitivity, with the increase due to a higher DCF with SLXP more than offsetting a slightly more conservative bolt-on analysis [of $50 dollars in present value per share].” — Goldman Sachs (Apr-12-2015); “While management appears focused on tuck-in deals in the near term, we would not be surprised to see VRX evaluate larger M&A over time. We calculate that continued deployment of cash flow and fully leveraging the company’s balance sheet could drive 2017 EPS near $20.” — JPMorgan (Apr-2-2015); “Valeant’s diversified, global platform gives it the unique flexibility to consider a number of small and large transactions in branded pharma, generics, branded generics, OTC, and aesthetics all around the world.” — Morgan Stanley (Feb-27-2014)"

"We strongly believe that we are in a great position to establish a first-mover advantage to roll out a product that performs well on a pizza, one that could serve as a substitute for cheese made from dairy for those consumers that prefer a nondairy alternative, a product that tastes and performs like cheese, with the ultimate goal of offering a product that delivers on nutritional qualities as well. The category today is very, very small, but the potential we feel is tremendous. Although we are playing in the plant-based beverage space, that part of the business has become saturated with a large number of players, brands and looks to become largely commoditized. Nondairy cheese, on the other hand, has relatively few players and is a space we feel we can be successful in. — COO Beckmann, Q3 2021 Conf Call"

"“at least 40 times over a year by a very experienced rep” — Patient testimonial; “legs continue to be overstimulated brutally to a point I have to turn it off every time,” — Patient testimonial; “NO overstimulation pain with device off” — Patient testimonial; “I just can’t go back to that overstimulation pain. I just can’t.” — Patient testimonial; “I have been in OS hell. OS causes more pain and aggravates your pains...frozen toes...charle horse pains in legs...all hell breaks loose...” — Patient testimonial; “electric tingles...I’m limping...” — Patient testimonial; “almost a burning sensation...twitching in my calf muscles...” — Patient testimonial; “I turned my HF10 off and the overstimulation subsided about 6 hours later”; “goes away in a few hours” after turning off the device — Patient testimonial."

""I have trouble getting PDN patients away from vascular surgeons. They hold on to these patients. Those are the ones that would have benefit. The PDN opportunity is not going to move the needle. The thing to realize is that referral patterns are really important. Vascular surgeons hold on to these patients. That's the realty. You don't get the diabetologist referring patient to the pain doctor." — KOL; "The issue is accessing the PDN market. Nevro has no plan or understanding of how to access that market. I spent 12 years in the market. I don't know many endocrinologists that will hand off diabetic patients to pain docs." — Former sales executive; "Even if they get FDA approval, the issue is getting referrals. Their doctors do not view PDN patients as ones that you should install a stimulator in." — KOL"

""I'm going to just give you the highlight -- we will achieve profitability in 2012, and we have a clear path to get there." — Andrew Marsh – CEO, Plug Power; "When I step back and look at it all, I'm more bullish than ever that Plug Power is in the early stages of a very rapid growth market. I'm also bullish that we will make our goal of EBITDA breakeven in 2014." — Andrew Marsh – CEO, Plug Power; "This is something that, as we grow the top line, as we expand the margin side, we are going to grow into that and look to turn profitable in 2016." — Andrew Marsh – CEO, Plug Power; "This year-to-date performance, the growing contract backlog and the continued momentum of driving cost down are a strong indication that we're on track to build a profitable long-term enterprise." — Andrew Marsh – CEO, Plug Power"

"“If you open their open payments page and the types of payments that have been paid to providers, there's a glaring omission...I said I have noticed that every time I take a doctor to dinner and I send you all of the requirements for open payments requirements, it comes back to me as I don't need this but thank you. And when I say, well, it's part of the open payments requirements, and here are the NCI numbers for all of the doctors that were out to dinner that I took them to, they said, we're not part of AdvaMed, so that doesn't apply to us. AdvaMed is the medical device association, and they put forward a statement, like a thought paper, on how you should comply and what's the process to comply with this regulation. And they say it doesn't apply to them.” — Former executive in a key reimbursement role"

"“Right. Let me explain some things about just the inner workings of these batteries. The separators are pretty thin. They could range anywhere from 5 microns to 100-200 microns in thickness. This is where it's really tough scale when it comes to ceramics processing....In a perfect world, you want to get the separator as thin as possible, to just a few microns. A few microns is smaller than your hair. But also you want it to survive all these different battery tests...Think of it on a basic conceptual level - here's something so thin, and then you have to quickly charge and discharge electricity and you can very easily get a dendrite forming, which is a spike growing on the anode side and that spike is going to end up putting a hole into that thin separator because it's just too thin.” — Former employee"

"Actually, if we go do a deep dive into the mobile computer portfolio right now, many customers with small businesses and really big companies are starting to using mobile devices like smartphones in some of their operations. This has an impact within, obviously, the market share because now you're not only competing with rugged devices as Zebra normally does, but you are also competing with cell phones. The price, if you compare the price from a cell phone to a rugged device, it might be double or even 3X the value of the cell phone. This is having a huge impact within Zebra. That's why they are investing a lot into having or designing entry-level devices that obviously stand out within their performance, but have a really competitive price. It's changing. — Former Zebra Engineer (AlphaSense Interview)"

"“The retailers that we are dealing with are certainly focused on sales, but they are far more focused today on profitability and cash flow, which leads to capital allocation for new stores or remodeled stores upon renewal. What we faced in 2009 was, most retailers saying we are preserving our cash because we are unsure about our line [of credit]. And we are insecure about our ability to finance. Now that they have better cash margins and better cash on deposit, we are now hearing that they are allocating money for new open-to-buys. And I think David gave you a list in his comments of those stores that are looking at that. So I think it is going to be less correlated with sales and more correlated with profitability and cash flow generation.” — Rick Sokolov, COO of Simon Property Group, October 30, 2009"

""Right now we just can’t [get behind the Company] because we’re again disdained and there’s very little concern right now at the C-suite, you know, outside of their jobs. There’s not a concern for the employees. And that’s something we can never forget and really won’t." — SWAPA Leadership, The SWAPA Number Podcast (July 1); "When I started at Southwest in 1997, it was ‘us against the world!’ Now it’s every man for himself as our famous culture is dying a slow, painful death. I believe it can be fixed, and I’m hoping you and your group can make it happen." — Former Employee; "Without any doubt I agree that a new leadership team is needed." — Current Employee; "[Bob Jordan] has driven the airline into the ground. Thank you for taking a bold stance and insisting on making some changes." — Former Employee"

""[Dr.] Klaus Kleinfeld serves as both the CEO and chairman. The combined role is increasingly discouraged by investors believing instead that the separation of these roles provides more effective board oversight. As an enhanced safeguard, the company has individual designated Patricia Russo as the Lead Director. However, Ms. Russo is overboarded, serving as Lead Director of GM, chairman of Hewlett Packard Enterprise (HPE), and is a director at Merck & Co. This calls into question the time she has available to lead the independent directors. Another issue is the fact that Chairman and CEO [Dr.] Klaus-Christian Kleinfeld, who is also overboarded, serves on the board of HPE with Ms. Russo. This can make it difficult for the lead director to act independently." — MSCI ESG Research, Inc., December 19, 2016"