Callouts & quotes from 1,069+ activist slides

""After more than 3 years of aggressively repositioning its asset base and slashing costs, we expect Amerada Hess will finally deliver..." — Lehman, May 1999; "We have done a lot of work the last two years to reshape our portfolio... It's starting to stabilize." — John Hess, October 2003; "Over the last five years our company has done a lot of work to reshape our portfolio... We're starting to deliver a consistent track record of performance." — John Hess, September 2006; "So about two years ago, we really started to push a more balanced approach between accessing unconventional... to balance the high impact exploration program.." — John Hess, November 2010; "We have done a lot of work over the last 10 years to restructure our own Company significantly..." — John Hess, July 2011; "...important change for Hess... This change essentially began in 2009 and should be largely complete in 2014." — John Hess, July 2012; "We would note that our current board is comprised of highly accomplished directors who deserve credit for initiating the multiyear transformation that started in 2010 and that continues today." — Jon Pepper, Hess spokesman, February 2013"

"“...the strategic infrastructure we have in North Dakota, having control of that adds a lot of value...that’s not something we would be interested in MLPing...Energy Marketing and Retail Marketing remain a long-term strategic part of our portfolio that... builds upon our strong brand...” — John Hess, November 2012. “We have a strong brand... it enhances the company from a financial and reputational point of view.... an energy marketing business... will help us if we find gas in the Utica...So they’re going to be some strategic benefits...” — John Hess, January 2013. “...monetization of our Bakken midstream assets expected in 2015...We have had this strategic transformation underway really... predominately when we started to build out our Bakken position in 2010. So this is not something that just happened overnight...” — John Hess, March 2013. “...in terms of pursuing strategic options to maximize value, be it the retail marketing business or energy marketing business, we are evaluating several options to monetize these businesses to maximize shareholder value. And we are just starting that process.” — John Rielly, SVP & CFO, March 2013."

""We've got to bring more milk into the platform. Right now, if I look at the WCB platform, we're running close to 97%, 98% capacity utilization. On the MG side, we're running somewhere around maybe 58% capacity utilization. So one of the easiest ways to drive synergies and drive profitability is getting more milk through the plant, but of course, it's got to go into profitable products that we can sell either domestically or internationally?" — CEO on Australia (August 2018). "But our projections in terms of the respectable levels of profitability for the combined Australian platform, we believe that we will be there within year 3." — CEO on Australia (August 2018). "Leanne, it just seems that Australia has been problematic for a number of years now because of the inadequate supply of milk coming off the farm..." — BMO Analyst (June 2022). "And I believe that there is a way with the amount of milk that we're processing or we expect to process, this still drives very healthy profitability... So it doesn't mean that we have to reduce our expectation for EBITDA generation because we have less milk." — CEO on Australia (June 2022)."

"“Sodium is a very difficult material to work with, it interacts badly with water. Around the world there have been leaks and fires and it has cost a lot of money to repair them. There is no reason to expect Oklo to be any different.” — Professor and nuclear physicist, engaged in nuclear energy research for over two decades; “Looking at this list of 23 versions of the sodium-cooled fast reactor by the US, France, India, Japan, Russia, the UK, Germany, and China… and every single one of them have problems that were encountered. Some of them have multiple problems, serious problems. The problem, in part, is that the coolant, liquid sodium, is highly reactive with air and water, it basically explodes and catches fire. It’s very corrosive so it often leaks and that will of course shut your reactor down, and then it takes a while to get it back up and running – so that’s a very common problem.” — Former NRC Commissioner; “[Sodium-cooled reactors] are expensive to build, susceptible to prolonged shutdown as a result of even minor malfunctions, and difficult and time-consuming to repair.” — Admiral Hyman Rickover, US Navy"

""Buying a Biotech on the Cheap Not Helping to Restore Investor Sentiment ... While we expected ALXN would remain active on the BD front, we were surprised to see it go after a beaten down story ... Portola's early commercial struggles will likely induce skepticism that today's deal can meaningfully diversify ... accordingly, client feedback on the deal has been mixed at best" — JPM, May 5, 2020; "Portola acquisition provides mgt. with an additional revenue generating product, but at a high initial cost... [ALXN] has no cardiovascular exposure, is acquiring a product that has struggled for multiple years given narrow utilization criteria and mgt. is paying a 12.5x trailing revenue multiple ... we expect a material earning contribution to take time" — MS, May 5, 2020; "From our discussions with investors we've heard almost universally negative feedback on this deal, ranging from concerns that Andexxa could be over-priced (a reason behind weak initial uptake/reimbursement), to broader reservations surrounding ALXN levering itself to a hospital-based product in the midst of an ongoing pandemic" — Stifel, May 6, 2020"

"On the conservatism in the FY '24 guide comment that was made in the shareholder letter and the prepared remarks. Really, what I am saying is if you go back to like FY '23, we initially guided 30% to 32% revenue growth and we ultimately finished that 52% growth. So that entailed beats of 8%, 7%, 9%, 9% in Q1, Q2, Q3 and Q4, what we are seeing for FY '24 is we are starting the guidance at 28% to 30%. We will not have those same level of beats in FY '24. So, it is less conservative than that initial FY '23 guide. There is a lot of obviously macro uncertainty. If we see a lot of those headwinds, we won't need to reduce our guidance, that is why we call it de-risked, we do not think we will go below 20% to 30%. If we don't see those headwinds, we will have the opportunity to move that guidance up throughout the year, similar to what we did in FY '23 but we do not expect the same magnitude of beats. And so that's really the point that I was trying to drive home, more in that kind of low to mid single-digit revenue beats on a quarterly basis if we do not see any sort of macro uncertainty. — Samsara CFO Phillips"

"With the Flex model, Premier Agent partners are provided with validated leads at no initial cost and pay a performance advertising fee only when a real estate transaction is closed with one of the leads, generally within two years. With this pricing model, the transaction price represents variable consideration, as the amount to which we expect to be entitled varies based on the number of validated leads that convert into real estate transactions and the value of those transactions. We estimate variable consideration and record revenue as performance obligations, or validated leads, are transferred. We do not believe that a significant reversal in the amount of cumulative revenue recognized will occur once the uncertainty related to the number of transactions closed is subsequently resolved. We record a contract asset for our estimate of the consideration to which we will be entitled when the right to the consideration is conditional. When the right to consideration becomes unconditional, upon the close of a real estate transaction, we reclassify amounts to accounts receivable. — Zillow Group 2023 10-K"

"The revised performance goals were set at aggressive levels that reflected our realistic expectations at the height of the COVID-19 pandemic. Achievement levels between threshold and target result in payouts from 0% to 100% of target awards. Achievement levels between target and maximum result in payouts from 100% to 200% of target awards. If we achieve corporate adjusted EBITDA of less than 85% of target, the payout for all other components may be capped at target. If corporate adjusted EBITDA is less than 75% of target, the threshold goal, then payment of any other component of the award would be at the discretion of our CEO and the Compensation Committee. The Compensation Committee believes that requiring a minimum adjusted EBITDA threshold be met to receive any payment with respect to the annual cash performance awards both aligns executives' interests with those of stockholders and prevents excessive annual cash performance award payments in times when our financial performance fails to meet our expectations. — Board's Annual Cash Bonus Compensation Philosophy (2021 Proxy Statement)"

"We’re at the final stages of construction, which we expect to be completed by the end of January, we are adamantly working on gearing up for our Grand Opening. At this point, we have spent over $2M of equity on construction and over $1.3M in dark rent. As Landlords ourselves, [We] understand that the likelihood a tenant blows out after paying over a year’s worth of dark rent is extremely high. The eviction process, leasing efforts, new TI package, and lag time until new rent is collected is an arduous and expensive process, so we understand that it’s in no one’s best interest that we default. As a result, we’d like to respectfully request your help in bridging that gap before us in the form of rent relief and additional TI. We’ve estimated that we will require $400k to complete construction by January and ask that CTO help alleviate the burden by increasing our TI package. We also request that past-due rent for Nov. and Dec. be abated, and that future rent be deferred until the venture is operating, which we anticipate will occur in February. — Email from Food Hall investors to CTO"

"It is perceived harshly. And I think people who are sort of new to the field, they're very excited about it because, I think on the face of it, it can be very flashy and very interesting. I think people who are really well-established in the field of single-cell analysis have a very realistic approach, like, 'Hey, if you've got time and money to burn, and you can make it work for your particular application, that's great.' You'll be able to really at least churn through some experiments, hopefully, demonstrate with some validated data that what you're seeing is pretty realistic. But in terms of why your application or applicability in some of these critical areas, things that require FDA approval, anybody who is familiar with the field tends to be very skeptical, and rightfully so. — Leading Academic Institution/Ex-BLI Scientist; This is the most unnatural assay I think I've ever seen before. You absolutely cannot expect—anybody with a biological background is going to look at that and be like, the cells are going to behave normally. — Leading Academic Institution/Ex-BLI Scientist"

""We expect PFE to trade lower today following disclosure of topline results from the phase 2b obesity study of the company’s twice daily oral GLP-1 receptor agonist, danuglipron. Despite the study meeting its primary endpoint of body weight change from baseline vs placebo, we view the results as markedly negative for the program, with PFE discontinuing further development of the twice daily formulation." — Goldman Sachs, December 1, 2023. "This morning, PFE announced that it is advancing the development of its QD formulation of danuglipron (oral GLP-1) based on recent PK data, and we wanted to provide our thoughts. Overall, while we are not surprised that PFE is moving forward with this program, we remain skeptical on the asset with questions remaining on the tolerability profile... Net-net, we are not surprised by today’s news but continue to see a limited role for the asset absent more clarity on the tolerability profile of the new formulation and based on LLY’s significant time-to-mkt advantage for orforglipron (ph3 data expected in mid-2025)." — J.P. Morgan, July 11, 2024."

""We expect PFE to trade lower today following disclosure of topline results from the phase 2b obesity study of the company’s twice daily oral GLP-1 receptor agonist, danuglipron. Despite the study meeting its primary endpoint of body weight change from baseline vs placebo, we view the results as markedly negative for the program, with PFE discontinuing further development of the twice daily formulation." — Goldman Sachs, December 1, 2023; "This morning, PFE announced that it is advancing the development of its QD formulation of danuglipron (oral GLP-1) based on recent PK data, and we wanted to provide our thoughts. Overall, while we are not surprised that PFE is moving forward with this program, we remain skeptical on the asset with questions remaining on the tolerability profile... Net-net, we are not surprised by today’s news but continue to see a limited role for the asset absent more clarity on the tolerability profile of the new formulation and based on LLY’s significant time-to-mkt advantage for orforglipron (ph3 data expected in mid-2025)." — J.P. Morgan, July 11, 2024"

""In the event such sale-leaseback transaction were to occur, the Company would realize substantial proceeds from such sale, which would further enhance its liquidity." — Press Release, November 7, 2014; "So we have, since the beginning, believed that we have very undervalued real estate assets locked up inside the Hudson's Bay Company, and our job is to be able to show our shareholders the value of the substantial real estate assets that the Hudson's Bay company owns." — Richard Baker, CEO, September 12, 2014; "This strategic initiative positions Loblaw's core businesses well for the future. We expect the REIT to not only unlock value for our shareholders, but also increase our financial capacity to pay-down debt, buy back shares, and create a long-term source of capital to invest and grow." — Galen Weston, CEO, December 6, 2012; "Today's announcement regarding a REIT would increase CTC's financial flexibility, providing us with the ability to access funds at an attractive cost of capital as we continue to invest in and grow our business." — Stephen Wetmore, CEO, May 9, 2013"

""One of the challenges we’ve had with ALXN shares has been the existential nature of the investment debate, and that the bull / bear discussion – even as management execution has been strong – seems largely focused on the stock's terminal value" — Stifel, August 30, 2019; "We expect ALXN to remain in its current trading range until there is greater visibility in the strategy beyond C5" — MS, May 6, 2020; "The shares are not expensive. However, we remain neutral given yet-to-be materialized success in pipeline diversification beyond the C5 franchise (~86% of revenue) & potential entry of competitors for the C5 franchise" — Jefferies, May 6, 2020; "Still, we think the lowered guidance will overshadow the 1Q results and along with persistent doubts about the longer-term future of the C5 franchise prior to competitor launches we would remain on the sidelines for now" — BAML, May 6, 2020; "We expect execution to remain strong, though the stock suffers from a so-so near term catalyst path, as well as a theoretical (hard-to-refute) bear case" — Stifel, May 6, 2020."

""But life has changed. It's changed dramatically in the last few years. And our model needs to change to reflect that. The supply of vets is super challenging. And that's led to salary growth not just in vets, but in nurses and in practice managers. And if your already a young practice, that solid growth hits you disproportionately harder than it does in mature practices. That path to profitability of younger practices has lengthened and has delayed returns to our JVPs. It's also increasing that cash support that we've had to put into those businesses. We've been too focused on practice rollout rather than driving cash from our invested practices. And given the recent high number of openings, we have so many startup practices and we expect them to be loss-making in their early years. Typically, a practice becomes cash-generative around year five, and we expect that revenue to build as the customer base builds, remembering that our practices start off with no clients whatsoever. People don't easily change their vet." — PETS:LN Earnings Call, Nov 27 2018"

""You do have fleet managers that are very savvy and they check their fuel spending. It's the guys that don't care about the PR, they care about performance. Those guys would be calling me daily being like, ‘Dude, this thing's broken down. I'm not seeing any improvement, if anything maybe 1% to 2% per $25,000.’ There's no return on investment, zero." — Former XL Employee A; "A lot of utility companies would complain about the results and say they weren't meeting expectations." — Former XL Employee D; "At 65 mph, they're done. 5 - 45 mph is their optimal range; stop and go is ideal for them. It's just sort of extra weight above 65 mph." — Former XL Employee A; "We saw specifically with the F-150s, when they came on to the fleets, I was looking at the data from it: ‘Wow, these vehicles are getting a huge amount of savings!’ Well, the bigger impact was on idling… They saved more in gas from that alone than they did from the hybrid system. It was like 30-40% in savings just from making sure people used idling shutoff." — Former XL Employee I"

""Now the last sort of 3 weeks post, I would say the July long. We can, we've seen the business significantly uptick and is trending much closer to budget, then we've been for the whole year. So all signs are pointing in the right direction." — GFL CEO Dovigi; "Through July we were seeing landfill volumes up slightly sequentially. However, we were not experiencing the typical seasonal ramp we usually see during the summer months." — Casella Waste Q2 Earnings Call; "Sure. Yes. I mean, we are, to your point, seeing July continue to accelerate, albeit at a slightly slower pace. I mean, look, this kind of went from zero to not 70 miles an hour, but probably zero to 60 miles an hour pretty fast, and now we're moving back towards 70 miles an hour." — Waste Management Q2 Earnings Call; "Despite my comments about the strength of collections, given the uncertainty in the current environment, we think it's prudent to adjust these expectations to remaining flat for working capital for the year as a whole." — GFL CFO Luke Pelosi Q2 Earnings Call"

"The point is with .97 to .98 fidelity of the gate that is available right now in the cloud, they are at the same level in terms of the gate fidelity as they were almost five years ago. — Leading quantum computing researcher who has published papers with IonQ's founders; I fully expected that by now, they would have three or more nines of gate fidelity. In my discussions with Chris Monroe three years ago, it followed that that would be the case. And, in fact, they started preparing for it...I am quite surprised, to be honest, that this didn't happen. I am surprised that the gate fidelity stayed so low — Leading quantum computing researcher who has published papers with IonQ's founders; I'm surprised by the lack of progress because of my conversations with Chris Monroe and Jungsang Kim...they were seriously planning on running more complex quantum computations back in the day...They believed it themselves. It's just that...they were not able to accomplish that. — Another leading researcher who has published papers with IonQ founders"

""We are not surprised to see the involvement of an activist...An activist investor presents Box with an opportunity to improve sales execution...We note that Box has one of the lowest sales efficiencies across our entire coverage universe." — D.A. Davidson, September 2019; "...we’re not at all surprised that value-oriented investors have taken a significant stake...with Box spending ~41% of revenue on sales and marketing (higher than most SaaS peers in the ~30% range), we think a shift towards margin expansion could provide an avenue for unlocking shareholder value." — Raymond James, September 2019; "Although we have maintained a positive view on Box’s positioning and product portfolio, the company’s go-to-market execution has been consistently disappointing...if the solution selling strategy under COO Stephanie Carullo fails to materialize in a meaningful reacceleration in growth, we would expect Starboard to increasingly pressure Box’s management team to reevaluate its growth vs. margin framework." — Wells Fargo, September 2019"

""So the benefits to this are immense. We can generate the same throughput at one-third of the operating expense with much more flexibility and we expect through time that we will be able to reduce the cost per gram of our proteins by some 60% or more and that enables us to achieve hundreds of millions of dollars of savings versus conventional technology." — Bob Bradway, Chairman & CEO, October 2014; "In the G&A area, we're setting up a series of shared service activities for non-core areas and we've created what we call a Global Business Services group, which is serving then as a centralized point to serve the Company." — David Meline, Amgen EVP and CFO, November 2014; "Things like rationalizing our process development organizations between manufacturing and research and development. That is a significant decision that we've made, a decisive decision that we've made that we think favors cycle time improvement and also favors reducing the capital that we have to invest in new molecules." — Bob Bradway, Chairman & CEO, October 2014"

"“I cannot stand working with them. It feels like I’m talking to a used car salesman...We had a recent situation, where we had some A/R...they declined a heart transplant for one of our patients in the ICU because of this credit hold. They refused to go out and get the heart for us. I could not believe it...I had to spend probably eight hours of my week on the phone with their rep, trying to beg and plead with them to release the hold because we didn’t want to miss an opportunity to get an organ for one of our patients...I felt like I was groveling...these heart patients, this isn’t like a kidney transplant. This person is in the ICU. They’re going to die. They’re status one. They’re getting this organ offer because they’re the sickest patient in need of one, and TransMedics made that call. It was their COO [sic], Tamer Khayal, who is not a clinician...[Magdy Attia] was part of the people threatening us.” — Administrator at a pre-eminent academic transplant center, which expects to eliminate TransMedics usage staring in early 2025"

"I think that because what has happened is that in the past like five or seven years ago, when these companies were expecting - now Google has been in Latin America for 15 years - but other companies like Airbnb or AliExpress when these companies were coming to Latin America, having the cross-border model was very interesting, because they didn't know what the market was like and having the cross-border model was an easy way to come, right? You didn't have to set up an office or set up a company locally. You would just connect to the PSP that could act as a merchant of record and you start your business very quickly. But as time goes on and they were realizing that the market was good, it was interesting to stay. They realize that paying for that FX didn't make much sense. So, they decided to - these companies were all shifting from collecting locally and settling abroad to collect locally and settling locally. So, Dlocal became more and more of a PSP in the sense of having both options. And the — Source A (former executive)."

"The Alcohol and Tobacco Tax Trade Bureau ("TTB") performed a federal excise tax audit of the Company's subsidiaries, MGPI of Indiana, LLC and MGPI Processing, Inc., for the periods January 1, 2012 through July 31, 2015 and January 1, 2013 through July 31, 2015, respectively. The Company is in the process of addressing the preliminary findings of the TTB audit regarding clerical errors and support for storage losses. The Company is unable to determine the probability that additional excise tax and penalties will be owed and cannot reasonably estimate the amount thereof. However, the Company believes it is probable that a penalty may be imposed by the TTB as a result of certain TTB audit findings but it is unable to reasonably estimate the amount thereof. Management expects that the aggregate liabilities, if any, arising from such legal and regulatory proceedings, including the TTB audit, would have a material adverse effect on the consolidated financial position or results of operations of the Company. — 10-K, Mar 10, 2016"

""In the fourth quarter, we concluded -- we closed the acquisition of Actix. And today, we have signed an agreement to acquire Celcite Management Solutions. Combined, we expect Actix and Celcite to contribute between 2% to 3% of our full year revenue outlook in fiscal 2014 and drive modest earning accretions." — Eli Gelman, President and CEO, Amdocs; "For our full fiscal year, we expect total revenue growth to be within the range of roughly 4% to 8% on a constant currency basis and reported basis. This outlook incorporates the consolidation of Actix and Celcite, which in aggregate, we expect to contribute approximately 2 to 3 percentage points of the growth outlook." — Tamar Rapaport-Dagim, CFO, Amdocs; "Actix, a leader in mobile network analytics and optimization solutions, today announced record-breaking revenue levels for its fiscal year ending January 31, 2012. During the year, Actix revenues grew 29% resulting in total revenues of over $52M as the number of active customers surpassed 400." — Businesswire (Source)"

""As we discussed previously, over the next five years we expect to increase our dividend per share by at least 15% annually. We currently have a net operating loss balance, or NOL, of approximately $2 billion, which we would expect to utilize prior to 2020. We expect that once the NOLs are exhausted, our dividend payout as a percentage of AFFO will increase from the approximately 30% today to something in the area of 70% to 80%, which implies a compound annual growth rate of our dividend in excess of 20% over this period of time. Currently, we are utilizing the flexibility afforded by the NOLs to make accretive, long-term discretionary investments. These discretionary investments may include acquisitions, the construction of new sites including small cell networks, land purchases and the purchase of our own securities. When considering these investments, we evaluate each opportunity based on our goal of maximizing our long-term dividend and AFFO per share ..." — Chief Financial Officer Jay Brown, 2Q14 Earnings Call"

""So we will have some deployments in 2015, but I don't view them as scale deployments, they will position us for 2016 though in that market segment very strongly." — CEO MacEwen (Q1 2015 Earnings Call); "We have added now, I think 10 to 12 new channel partners that are better positioned for higher volume sales as we move forward." — CEO MacEwen (Q2 2015 Earnings Call); "We are working very hard as you know to achieve the program of record status. So we expect to see a very strong growth year for Protonex in 2016 in the $20 million revenue range and expect to see on the strength, particularly of the program of record achievement that we expect. We expect to see a very strong growth year in 2017 as well." — CEO MacEwen (Q4 2015 Earnings Call); "In Q1, we experienced significant year-over-year growth in fuel cell stack shipments to Plug power for the material handling market. We continue to strengthen our collaboration with Plug as they secure repeat and new customer business." — CEO MacEwen (Q1 2015 Earnings Call)"

""It takes five years to six years for a first program in a vertical to steady state, to get to that sort of natural peak of annual enrollment. It takes four-ish years for those programs to breakeven. But as they steady state, it is our expectation that an average 2U program will generate $16 million in top line revenue and generate mid-30s adjusted EBITDA margins." — 2017 Investor Day - 10/05/17; "So for our first program, our cumulative net negative cash investment is typically in the range of $10 million before we get to adjusted EBITDA and cash flow breakeven. . .launching a second, third or fourth program in the vertical however, our cumulative net negative cash investment usually falls by about half, more in the range of $5 million. . . the roughly $5 million to $10 million in cumulative net negative cash flow we refer to, is not an upfront investment with additional negative cash flows expected. It is the total cash investment we expect to make to a program breakeven." — Oppenheimer Conference 8/10/15"

""The Cintas legacy gross margins continue to expand and the G&K gross margins will too as we realize the acquisition synergies." — Cintas CFO, Q1 2018 Earnings Call, Sept 26, 2017; "While the assimilation of the G&K business continues at a great pace -- Mike mentioned 95% of duplicate operations have been closed, more work remains. The G&K gross margins will improve to Cintas legacy levels as we further integrate this business and we increasingly realize more of the synergies. We are on track." — Cintas Treasurer, Q3 2018 Earnings Call, March 22, 2018; "Really, nice job. At this point, given the gross margins, is it fair to say -- and I know we're not just [interviewing] G&K, but is G&K up to the corporate average at this point? Or would you expect that to get continue to kind of narrow relative to where Cintas is relative to GK?" — Analyst Kevin Damien McVeigh, Q1 2020 Earnings Call, Sept 24, 2019; "Well, as you referred to (gross margins), it's really hard to say." — CFO Response, Q1 2020 Earnings Call."

"Coffman and Heim offer focused experience in refining and midstream operations, which makes them logical additions. Cornelius has a well-rounded perspective of the industry...[Stacy] Nieuwoudt offers an important perspective through her experience as an industry investor and analyst. — ISS, May 12, 2025; Critically, we expect the identified Elliott nominees would challenge prevailing internal narratives which seem to belie, among other things, a disconcerting satisfaction with a less than laudatory operational arc, a staunch but otherwise questionable defense of an ineffective strategic tack and an increasingly dubious commitment to sound corporate governance. — Glass Lewis, May 10, 2025; Elliott's nominees possess a strong mix of best-in-class industry expertise and experience and have the potential to unlock value for shareholders... — Egan-Jones, May 1, 2025; The data does not support the board's argument that the integrated strategy results in superior returns over the long-term... — ISS, May 12, 2025"

"During 2017, sales and operating profit performance for Garden Fresh Gourmet... were well below expectations, and we lowered our outlook for the second half of 2017 due to customer losses and failure to meet product distribution goals. Based upon the business performance in 2017, our reduced near-term outlook, and reduced expectations for sales, operating margins and discounted cash flows, we performed an interim impairment assessment in the second quarter, which resulted in a $64 million impairment charge. — Campbell Soup (FY18 10-K); In 2018, sales and operating performance were well below expectations due in part to competitive pressure and reduced margins. In the fourth quarter of 2018, as part of a strategic review initiated by a new leadership team and based on recent performance, we lowered our long-term outlook for future sales. In the fourth quarter of 2018, as part of our annual review of intangible assets, we recognized an impairment charge of $54 million. — Campbell Soup (FY18 10-K)"

""On a more positive note, CTV has continued to grow albeit at a lower rate with a year over-year increase in April of approximately 10% and has also stabilized in the last several weeks." — Q1 2020 Conf Call; "Since the start of this quarter, we have observed even greater recovery, with Q3 revenue quarter-to-date nearly breakeven year-over-year on a pro forma basis. And since the start of Q3, we have observed even more rapid acceleration in CTV revenue growth, currently running at roughly 50% up year-over-year." — Q2 2020 results; "We are seeing continued strong post-election year-over-year growth in CTV, even without the benefits of political spending." and "We expect revenue for the fourth quarter to be in the range of $72 million to $75 million and we expect CTV to continue with strong year-over year growth rates." and "And so, yeah, after coming out of two quarters of extreme volatility in Q2 and Q3, I think the message for Q4 is, we are seeing a little bit of normalcy." — Q3 2020 Conf Call"

""After more than 3 years of aggressively repositioning its asset base and slashing costs, we expect Amerada Hess will finally deliver..." — Lehman, May 1999; "Over the last five years our company has done a lot of work to reshape our portfolio... We're starting to deliver a consistent track record of performance." — John Hess, September 2006; "So about two years ago, we really started to push a more balanced approach between accessing unconventional... to balance the high impact exploration program." — John Hess, November 2010; "We have done a lot of work over the last 10 years to restructure our Company significantly..." — John Hess, July 2011; "...important change for Hess... This change essentially began in 2009 and should be largely complete in 2014." — John Hess, July 2012; "We would note that our current board is comprised of highly accomplished directors who deserve credit for initiating the multiyear transformation that continues today." — Jon Pepper, Hess spokesman, February 2013"

""There are a ton of competitors in payments. There are so many third-party providers. Their main competitor I would say is Square, who is very transaction and for the small merchants that do not need inventory management. You are really competing against third-party venders who have all these hidden fees behind what they say the rate is. People are very rate sensitive so there is an initial sticker shock. The other approach that Lightspeed takes is offering a flat rate, you know what to expect every month. There is a big portion of education that I believe they need to do a lot of work on in order to help the product take off." — Former Employee Interview; "It's several hundred, Todd, that we signed in the quarter. It's still pretty early on. So, yeah, less than 1,000." — CFO Nussey, Q4 2019 Earnings Conf Call; "Payments penetration continues to increase with approximately 10% of our GTV processed through our payment solutions." — CEO Dasilva, Q1 2022 Earnings Conf Call"

"“I was involved in the decision to buy it, in 2019... The idea was to speed things up in terms of antibody discovery, with Beacon.” — Harbour Biomed ex-executive; “Yes, because again, as I said, the cost of operating it, the amount of time that we were spending troubleshooting and learning, and finally, at the end of the day, the amount of benefit that we were receiving was just not a good return on investment.” — Harbour Biomed ex-executive; “In terms of expectations against reality, I would say it's somewhere around the 50% hit or miss rate.” — Harbour Biomed ex-executive; “But given that each run ran $15,000 to $17,000, we were apprehensive about spending that kind of money on it. But from the get-go, to go in with that kind of pricing, not being able to get the level of data and output that you're expecting, I think that probably didn't work out in the right way, and the marketing tactics and the support that they decided to have.” — Harbour Biomed ex-executive"

"Jack Smith – Chief Product Officer: "So as an example, we used our existing customer relationships and footprint to drive 89% adoption of authentic brand suitability with our top 100 customers." — Analyst Day Feb 24, 2022; CEO Zagorski: "Beyond our top 100 customers, approximately 40% of our top 500 clients still do not use ABS in any market, representing a solid expansion opportunity amongst this established customer base." — Q4 2021 Call March 8, 2022; CFO Allais: "Yes. So it's 40% of the top 700 that we work with today." — Canaccord Call May 13, 2022; CEO Zagorski: "And we continue to grow ABS activation beyond our top 100 customers. In the third quarter, approximately 63% of our top 500 customers activated ABS." — Q3 2022 Call Nov 8, 2022; CEO Zagorski: "We expect ABS to continue to grow given that 35% of our top 500 customers have yet to activate this industry-leading solution, and ABS innovations continue to create growth opportunities." — Q4 2022 March 2023"

"“Amdocs is currently evaluating various alternatives with respect to the future development and construction of the new campus, including structures for ownership or long-term lease arrangements. The acquisition costs are not expected to have a material impact on Amdocs' cash position or operating results.” — Press Release Sept 13, 2017; “This investment, if consummated, will be financed from internal cash resources. Moreover, we believe our decision to build a new campus will be accretive to non-GAAP diluted earnings per share over the long term and is a reflection of our confidence in the future success of Amdocs.” — Tamar Rapaport-Dagim, CFO, Amdocs; “During fiscal year 2018, as a result of funding decisions for the construction of the Company's new campus in Israel, see also Note 2, the Company recorded a tax benefit of $28,795 related to the release of withholding and income tax reserves for unremitted earnings.” — FY 2018 20-F page F-30 Dec 10, 2018"

"The revised performance goals were set at aggressive levels that reflected our realistic expectations at the height of the COVID-19 pandemic. Achievement levels between threshold and target result in payouts from 100% to 200% of target awards. If we achieve corporate adjusted EBITDA of less than 85% of target, the payout for all other components may be capped at target. If corporate adjusted EBITDA is less than 75% of target, the threshold goal, then payment of any other component of the award would be at the discretion of our CEO and the Compensation Committee. The Compensation Committee believes that requiring a minimum adjusted EBITDA threshold be met to receive any payment with respect to the annual cash performance awards both aligns executives' interests with those of stockholders and prevents excessive annual cash performance award payments in times when our financial performance fails to meet our expectations. — 2021 Proxy Statement"

""Crown Castle’s stock has meaningfully underperformed that of American Tower and SBA over the last several years, and this divergence merits attention. Crown Castle’s organic domestic tower growth has lagged its peers. It bought into fiber in a big way just as the sheen on that business model was wearing off and fiber solution solutions growth has come in shy of investor expectations." — MoffettNathanson, January 2020; "We believe CCI shares could underperform near-term as the surprising pull-back in fiber leasing combined with unchanged capital investments may raise new questions as to whether or not fiber assets should trade at a discounted multiple to Towers, despite the positive long-term demand narrative for fiber infrastructure & small cells." — Citi, July 2019; "The Tower stocks have enjoyed a strong run so far in 2017,though CCI has lagged with a ~16% gain compared to over 30% for both AMT and SBAC." — BAML, October 2017"

"Number one is the state of accuracy of the information that Oatly provides. I would make emphasis on division by division. EMEA, Europe, including Sweden. The U.S. is right now number one contributor to sales. The marketing channel and expectations from China from the Company; that's from a sector perspective. If I were to invest, want to make sure the financials are accurate and telling the right story. Coming back to your question about net sales. What is included in the net sales? I think the operating expenses make sense. In the balance sheet, I would like to see the composition of the fixed asset, to see plant by plant, and what is the depreciation are they taking. I would like to see the accounts receivables because normally Oatly is in the 30 day process, but with some customers we have to pay immediately. The cycle of the cash is not in the favor of the Company. — Former Oatly Accounting And Control Professional"

""Based on the preliminary report of Inspector of Elections, stockholders voted to adopt the merger agreement and voted to approve the compensation that will or may become payable to Forescout -- by Forescout to its named executive officers. The Inspector of Elections will execute a certificate as to the results of the voting, and that certificate will be filed with the minutes of this meeting. As we have sufficient votes to approve the adoption of the merger agreement, the proposal of the proxy to adjourn this meeting to a later date to solicit additional proxies is rendered moot, and will not be presented for a vote. The final tabulation of these votes will appear in the Form 8-K to be filed with the Securities and Exchange Commission. We currently expect the merger to be consummated on or around May 18, 2020, after buyer's remarketing period ends." — Darren Milliken, General Counsel – Forescout Technologies"

"Based on the preliminary report of Inspector of Elections, stockholders voted to adopt the merger agreement and voted to approve the compensation that will or may become payable to Forescout -- by Forescout to its named executive officers. The Inspector of Elections will execute a certificate as to the results of the voting, and that certificate will be filed with the minutes of this meeting. As we have sufficient votes to approve the adoption of the merger agreement, the proposal of the proxy to adjourn this meeting to a later date to solicit additional proxies is rendered moot, and will not be presented for a vote. The final tabulation of these votes will appear in the Form 8-K to be filed with the Securities and Exchange Commission. We currently expect the merger to be consummated on or around May 18, 2020, after buyer's remarketing period ends. — Darren Milliken, General Counsel – Forescout Technologies"

""With respect to ADT, that's a critically important relationship to us. They've said the same about the relationship from their side." — CFO, Investor Day March 2021; "Security was clearly the strongest. ADT is a terrific and significant customer of that business." — CFO, May 6, 2021; "Additionally, we have reached an agreement in principle at ADT to amend our current agreement to provide ADT with products through 2023" — CEO, Aug 4, 2022; "Based on this agreement, we expect our 2024 security hardware sales to ADT to decline by approximately $100 million compared with 2023 levels with a similar additional reduction in 2025." — CFO, Feb 13, 2024; "We saw better results than expected from ADT in 2024, and we also expect a better than previously communicated impact in 2025." — CFO, Feb 20, 2025; "This includes ADT with whom we recently signed a new multiyear commercial agreement." — President P&S, Nov 5, 2025"

"“As the prescriber, I don’t think that the benefit will be to the tune of the amount of money the drug costs. As I’ve been describing the drug to families, I’m trying to undersell the expectations. The unique thing about this patient population is just the desperation from the families to try something, and to have something that’s available, and to have me say I’m not willing to try — that is not really acceptable. If there’s something that’s been FDA-approved for families to hear there may be a benefit, but we’re not going to try to prescribe it. I guess, from the insurance company’s perspective, I don’t disagree with their denials. But if they’re going to approve it, then I’ll take advantage of that for the patients and see if we get benefit that was described in the —” — Pediatric endocrinologist, leads one of the largest PWS clinics in US with 30-40 patients; 11 endocrinologists, major academic center"

""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."

""Elanco stands at an inflection point, positioned for accelerated long-term value creation for shareholders and society." — 12/15/2020, 2020 Investor Day; "So again, I think we're at an inflection point...of value creation." — 12/1/2020, Evercore ISI 3rd Annual HealthCONx Conference; "We're now at an inflection point for growth." — 5/19/2021, 2021 Annual Meeting; "...we stand as a strategic global leader with a robust, diverse and durable portfolio, more access to the world's animals and at an inflection point to grow, innovate and deliver the next era of value." — 1/12/2021, 39th Annual JPMorgan Virtual Healthcare Conference; "I think the headline is we are at an inflection point as a company, second-largest independent animal health company." — 9/11/2023, Morgan Stanley 21st Annual Global Healthcare Conference; "...we expect to see an inflection point in 2024." — 5/9/2023, Q1 2023 Earnings Call"

"“Please turn to Slide 11. We are continuing aggressive investments that support organic growth, which could be JPY 110 billion in fiscal year 2016.” — Q2 2016 call; “Touching on the organic growth outlook of automotive on Slide 22, the business is expanding at a faster pace than originally expected.” — FY 2015 call; “M&A is a very critical for us to grow. So organic growth and M&A to drive us of our high-growth.” — Q1 2014 call; “There are no acquisitions taken into consideration at all. This is completely due to organic growth.” — Q1 2013; “Looking toward FY 3/21 Nidec expressed confidence that it can increase automotive sales to JPY 600 billion solely through organic growth.” — October 25, 2016; “Q1 in line; rising organic growth prospects.” — July 23, 2016; “We do not think the medium and long-term growth in automotive household, commercial and industrial product is priced in.” — July 22, 2016"

""I think it's early days to speculate on [the economics of Epic], the product isn't even built yet... in terms of pricing and all of those things it's just too early for us to really talk about but I do expect its going to be a very profitable business for us" — Hugh Johnston, Disney CFO, February 2024; "An effort to notify the leagues wasn't made until Tuesday before a planned announcement. Many learned of it when The Wall Street Journal broke the news...The leagues... are eager to be fully debriefed and ensure that this platform doesn't present new business risks or threats." — Wall Street Journal, February 2024; "[M]anagement by press release" — meaning that if I say something with great conviction to the outside world, it tends to resonate powerfully inside our company." — Robert A. Iger, CEO & Director, The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of The Walt Disney Company"

""I think it's early days to speculate on [the economics of Epic], the product isn't even built yet... in terms of pricing and all of those things it's just too early for us to really talk about but I do expect its going to be a very profitable business for us" — Hugh Johnston, Disney CFO, February 2024; "An effort to notify the leagues wasn't made until Tuesday before a planned announcement. Many learned of it when The Wall Street Journal broke the news...The leagues... are eager to be fully debriefed and ensure that this platform doesn't present new business risks or threats." — Wall Street Journal, February 2024; "[M]anagement by press release" — meaning that if I say something with great conviction to the outside world, it tends to resonate powerfully inside our company." — Robert A. Iger, CEO & Director, The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of The Walt Disney Company"

"“CapEx for the quarter was $22 million, mostly associated with our Factory of the Future investment...Projected CapEx for fiscal '22 is expected to be in the range of $90 million to $100 million, associated with increased investment in our Biopharma business.” — James Thorburn, Twist CFO; “...In terms of CapEx, we're projecting approximately $90 million to $100 million for CapEx. So that should help you frame the cash burn. So if you step back and look at that, it's approximately around about $260 million for the year... I mean, obviously, a good chunk of that is being invested in ramping up R&D for biopharma, reinvesting in the core business. We're investing about $40 million in Data Storage. And obviously, for overall CapEx, the bulk of the CapEx investment, approximately $75 million of the $100 million this year is for the Factory of the Future.” — James Thorburn, Twist CFO"

""Lastly, as a reminder, last week marked the one-year anniversary of our Fleet ownership. The acquisition continues to perform in line with our expectations, and our focus has fully shifted towards our long-term brand-building strategy." — Ron Lombardi, CEO; "If you look at Fleet this quarter, you mentioned consumption still pretty strong: mid-single-digits plus. Fleet sales were down 1% in this quarter. They are up 3% year to date." — Raymond James; "Yes, so from a sales perspective for Fleet, US sales continue to be strong. It's the international sales, where we primarily work through a distributor business. And we see sales variability with distributor businesses from quarter to quarter on a regular basis. So again, that's why we take you back to the mid- to high-single-digit consumption trends for Fleet overall, which we feel comfortable with." — Christine Sacco, CFO"

""The other thing and Mike, I don't know if you want to comment on this, but with our SaaS-based products we're investing not only for future functionality but for scalability, so the computer hosting costs, which have been a relatively significant portion of the cost are coming down on a per unit basis fairly dramatically and we expect that to continue in the future." — Gary C. Butler, President and CEO; "That's correct. Typically 15% year-over-year reduction in hosting costs and the fact that they are SaaS-based, and our clients are always on the same version of a platform means that we don't have the expense of other software companies of maintaining different versions of the software." — Mike Capone, VP and Chief Information Officer; "I have to stop the bragging now or we're going to get too many margin improvement questions." — Gary C. Butler, President and CEO"

"“I am 70% Sofia [Terumo], probably 15% Medtronic React 71, and 15% Penumbra. It used to be that we were 100% Penumbra when they were the only thing out there... Sofia was way better than Penumbra's and so we pretty much switched. It took me a month or two to agree to that, but we switched... Their Jet7 catheter sucks and they know it.” — Neurosurgeon. “Penumbra used to always beat itself. Once something new came out, Penumbra would come out with something better. But now Medtronic has the React 71, and that is kicking ass. In our shop, we have shifted 40-50% of our business from the Penumbra Jet to Medtronic – and now it is backordered. Medtronic never expected it to be this successful. And Cerenovus [Johnson & Johnson] is coming out with some interesting stuff too in the next six months. I think they are going to be even bigger than the React 71.” — Neurosurgeon"

"“...The key to [profitable growth] will be [that] we will be able to live within our means and deliver, I think, very attractive financial returns on a going forward basis as I said.” — John Hess, July 2012; “Our Company has always been disciplined, always has had the goal of living within our means.” — John Hess, February 2009; “We want to live within our cash flow. We usually moderate the spending based upon what we expect the cash flow to be for the year.” — John Hess, February 2008; “Our finances, we want to live within our cash flow. If you look at our company’s past you’ll see that we’re pretty disciplined about that.” — John Hess, September 2006; “...We basically have a philosophy of managing the capital spend for the Corporation within the cash flows that the businesses throw off.” — John O’Connor, Fmr President Worldwide E&P Hess, January 2005"

"FBR, July 2013: “CLB is one of the most attractive secular growth stories as its core competency of improving reservoir recovery fits in the sweet spot of our technology thesis.”; RBC, April 2014: “The company continues to establish itself as one of the best secular growth stories in the oilfield service sector with a suite of technologies geared toward the exploration and development of offshore and onshore unconventional oil plays with out-sized leverage to deep water field development.”; Morgan Stanley, September 2013: “Given our expectation for long-term secular growth, we believe the appropriate valuation methodology for CLB is discounted cash flow analysis. This differs from most of the stocks in our coverage universe, which we value on multiples (typically P/E and EV/EBITDA) because they tend to exhibit cyclical rather than secular growth.”"

""The business in Europe, which is, let's say, the purest general Flexibles business that we have at scale, which is a $3 billion-plus business had good sales growth last year and picked up momentum in the second half. So if anything, that business you would say is winning in the market and that's the expectation and it's been the experience as well." — CEO Delia, FY 2018 Call, Aug 2018; "Simple answer to your first question, yes, volumes grew overall, both in North America and in Europe, which is really pleasing because those are our 2 engines in Flexibles, right? Those are 2 big businesses, neither of which are in dynamic growth markets, as you pointed out. So if we can get a little bit of growth through volume in those businesses, it's good to see. So absolute volume grew in both North America and Europe." — CEO Delia, H2 2020 Call, Feb 2020"

"related to cost accounting. In the treatments with no relation to cost accounting, inventory was classified as finished goods inventories which is under the management of the Sales department, and raw materials or works in process which are under the management of Operations (p. 249) and thus, outside the scope of revaluation (p. 253). Furthermore, a part of the finished goods inventories did not devalue in conformity with the method of devaluing book value to the expected disposal value (p. 255). In the investigation report, it was said that for most of the inventory, losses were recognized for accounting purposes for the first time at the time of disposal (p. 245); to begin with, neither was there an accounting rule nor were there similar de — Proceedings of the 5th International Conference on Accounting, Auditing, and Taxation (ICAAT 2016)"

""I guess the Canadian volume trends were somewhat as expected with retail down and foodservice up. But can you just talk about your market share today versus, I guess, probably a year ago and also pre-pandemic, just to give us some sense of the progress and evolution there? ... And how about in foodservice, Carl?" — Analyst Petrie, CIBC. "From a fluid milk perspective, the share is basically has not moved. So we haven't lost ground. We haven't gained ground on that side of the business... From a cheese perspective, we have made some gains... From a foodservice perspective, once again, I'll say that meeting -- coming out of the -- I'll call the pandemic, our team did an exceptional job of supplying the market and along the way we have gained share in this space as well, and we continue to perform quite well." — Carl Colizza, COO North America"

""We always look at the numbers in the following way. That if we put great numbers up, we're in control, and if you don't have good numbers, then the outside world ends up being in control. If we want to stay on our agenda, we have to continue to hit our numbers." — Stephen Wetmore, Q2 2016 Call; "Yes. I mean we put our aspirations out a few years ago, I guess it was, for performance and bottom line and ROIC performance. It's extremely important we hit those numbers, but it was more important in our Operational Efficiency Program overall that we drove what's necessary for our customer experience... So now's the time. We've got things up and running. We feel quite confident, and so now is the time to push it, but we have to hit those numbers. It's what we published and it's how we expect ourselves to perform." — Stephen Wetmore, Q2 2019 Call"

"“Due to our unique product and trusted experience, we have deep loyalty within our customer base, which creates durability in revenue and gives us confidence in predicting the future of business. As we look at customer cohorts, past trends and take a prudent view, we expect a low to mid-20%s revenue growth rate for 2025.” — CEO Q3’2024 Earnings Call; “I'm hearing from consumers that they're getting ads from various companies with very similar messaging. For them then the question really becomes again, the pricing and then considerations on the product side. The payout speed and then the receive network like whomever I'm sending it to, unless it's myself, how easy is it for them to pick up? I feel like the gap on the paid marketing side is closing and I don't see that as a sustainable advantage.” — Former Employee, Regional Business Head"

""The strong leadership of President and CEO Yoshihiro Hasebe, and with the appropriate oversight and advice from the current Outside Directors" — Kao Corporation. "What we want to hear from the Company is why we should expect the next step to be different." — Foreign Buyside Analyst. "How do I rate the strategic competence of management? I would give them a zero. Actually, can I give them a negative? They failed to deliver on guidance and the board made no change to management. It’s horrible." — Foreign Buyside Analyst. "My sense is none of the management team are really what you would call ‘professionals’… they should bring in specialist personnel with knowledge of global business" — Domestic Buyside Analyst. "The management team's abilities are extremely low… Global skills are practically non-existent." — Domestic Buyside Analyst."