Callouts & quotes from 804+ activist slides

"[The CEO's dendrites claim] is a bunch of bullshit because even if you did have a ceramic separator, the kind of synthesis that you would have to do on it just to make sure—here is the deal. You want lithium-ions to flow through it from cathode to anode and vice-versa, but then you're not allowing the dendrites, which is essentially lithium metal again, to pass through the ceramic separator.. That's definitely bullshit. If it's a tiny one-inch diameter coin cell, then yeah, it's entirely possible, and it has to be single-layer as well but it's not going to be representative of what you will see in an actual cell, especially when it comes to a dual-electrode multi-layer cell, this is just not going to hold good at all. — Former R&D employee"

""In 2015, we determined that certain of our benefit plans (that were frozen between 1994 and 2003) were not properly accounted for since their inception between 1984 and 1988. This resulted in an understatement of long-term retirement benefits and other liabilities and the cumulative historical expenses related to these benefit plans. Additionally, we identified certain liquid short-term bank drafts with maturities greater than 90 days that were improperly classified as cash and cash equivalents instead of other current assets, which resulted in an overstatement of operating cash flows, and tax effects related to certain foreign pension plans that were not properly accounted for on our consolidated financial statements." — Avery 2015 10-K"

""When we receive export incentives in Nigeria which are recorded separately as a line item in our P&L, we have to pass on almost all of this to our suppliers thereby increasing our costs of procurement. Therefore, what is recorded as export incentives does not directly flow down to our profits." — Olam, "Clarifications on CSLA Analyst Report dated 21st February 2011". "The Export Expansion Grant is an initiative of the Federal Government, aimed at encouraging exporters of non-oil products..." — http://allafrica.com/stories/201208290128.html. "The EEG is not under any threat... We are putting structures in place to make sure that the EEG is not abused in the future." — Nigerian Minister of Trade and Investment, Mr. Aganga."

"Turning to Slide 9, as we bring Vocera into Stryker, we will be a category leader in the fast growing digital care coordination and communication segment. The global digital care coordination and communication segment is in its infancy and is estimated to be approaching $1 billion today. However, we believe that the addressable opportunity is significantly larger and will further expand over time as hospitals prioritize investment in more modern communication and workflow solutions. The annual rate for the category is in the mid-teens and is accretive to the total Stryker growth rate making it an attractive market adjacency to continue to drive our growth profile. — Andy Pierce, Stryker Group President on M&A Call"

""The other thing I would point out is before we'd even sell stock, that there's a lot of value in these assets. I hear people talking to me about regional malls selling at six cap rates or parking garages selling at five cap rates or 20 times cash flow and you think about -- or highways selling at 50 times cash flow, you think about prisons as infrastructure or some type of real estate asset, I think these could be even sold and harvested in some fashion to avoid selling stock in the future. So there are a number of things that we could do to finance our growth, but just with respect to cash flow and leverage, we could go quite a ways." — Irving Lingo, Former-CFO of Corrections Corp, Q2’06 Earnings Call"

"“You cite increasing cash flow, earnings, taxable income and free cash flow as drivers of your dividend increases. ... We note that operating cash flow decreased in 2023 and income before income tax benefit (expense) decreased in 2022 and 2023 compared to 2021.” — SEC comment letter to CTO Realty. “The Company acknowledges the Staff’s comment and to be more consistent with its use of non-GAAP financial measures, the Company will update this information in future filings to reference Core FFO and AFFO as opposed to “cash flow”, “earnings”, “free cash flow” and “taxable income,” as Core AFFO and AFFO are clearly defined and reconciled to net income in the Company’s filings.” — CTO Realty response to SEC."

"Dear brothers and sisters, after sharpening our blade for ten years, today we entered NYC, my heart is pounding, awash in emotion, the great dream in my heart, friends fighting together shoulder by shoulder, there glorious future is before us, and in ‘13 you will see 9H. — Mr. Xu Zhou, 5/3/2011; 5/5, IPO day in New York, overflowing with excitement, the red five-starred banner waving in the wind, and the traders are grinning. Family and dear friends lend support, keep the price up throughout the night, keep the numbers across screen continuously flashing green. We are rejoicing. We are moving down the path to success, a brilliant future is dawning - - 9H is next, go go go! — Ms. Rong Xu, 5/4/2010"

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return... And the purpose of the pharma company is to bring breakthrough products that change patients' lives. So the operational measurement of success will be our ability to have a constant flow of breakthrough innovation... So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years, so it is by 2022 when we put it out in '18. And I think my focus would be to make sure that we deliver more than our fair risk adjustment of this number, and that will be success.” — Albert Bourla, Pfizer Chair and CEO"

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return... And the purpose of the pharma company is to bring breakthrough products that change patients' lives. So the operational measurement of success will be our ability to have a constant flow of breakthrough innovation... So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years, so it is by 2022 when we put it out in '18. And I think my focus would be to make sure that we deliver more than our fair risk adjustment of this number, and that will be success.” — Albert Bourla, Pfizer Chair and CEO"

"Scott D. Farmer, Cintas's Chairman and Chief Executive Officer, stated, "We are pleased with these fourth quarter financial results which conclude a very successful year. For the ninth consecutive year, our organic revenue growth was in the mid- to high- single digits and EPS grew double digits when adjusted for one-time and special items. Additionally, our strong cash flow and balance sheet enabled us to deploy cash to increase shareholder value. In fiscal 2019 we paid an annual dividend of $220.8 million that increased 26.5% over the prior year, and we purchased 4.8 million shares of company stock in a total amount of $953.4 million." — Fiscal Year 2019 results press release"

""Alcoa Corporation would not exist if it hadn't been for me basically creating it." — Dr. Klaus Kleinfeld, February 1, 2017; "[Management] is unequaled in its efforts to put a positive spin on bad news by accentuating the positive and eliminating the negative.... [I]f free cash flow looks bad, it will redefine it.... [S]omeday we will write a treatise on the psychology of earnings reports and presentations. And Alcoa will be our case study.... I think Alcoa is one of the more blatant spin doctors.... [N]othing ever looks bad in management's version of the world, where all the news is good news." — Carol Levenson, Director of Research for Gimme Credit, July 11, 2016"

""So about 4 years ago, we launched a workflow solution in partnership with IBM. And the great thing is that workflow solution exceeded our expectations in terms of the amount of customer demand for Box having workflow as a kind of core capability. The challenge was that the functionality, the user experience was separate from the core Box experience because it was sold as a joint offering. And so we made the evaluation with IBM that it probably made more sense for that to be a native capability within Box. And so about 1.5 years ago, we went down the path of re-architecting the solution. We acquired a company as a tuck-in acquisition." — Aaron Levie, March 2020"

""Though we acknowledge that DIN trades at a premium valuation relative to its leverage, we believe this is warranted due to the stable characteristics of its franchise model. That model provides a stable stream of royalty revenue that is generally immune to negative operating leverage and fluctuations in commodity and labor costs. Furthermore, the model enables low capital expenditures, thereby maximizing free cash flow." — Goldman Sachs, May 11, 2011; "The company has evolved its business into a more profitable franchise-centric model while bolstering its capital structure and balance sheet with significant debt reductions." — B Riley, October 12, 2011"

""Though we acknowledge that DIN trades at a premium valuation relative to its leverage, we believe this is warranted due to the stable characteristics of its franchise model. That model provides a stable stream of royalty revenue that is generally immune to negative operating leverage and fluctuations in commodity and labor costs. Furthermore, the model enables low capital expenditures, thereby maximizing free cash flow." — Goldman Sachs, May 11, 2011; "The company has evolved its business into a more profitable franchise-centric model while bolstering its capital structure and balance sheet with significant debt reductions." — B Riley, October 12, 2011"

""The Company has a number of loan arrangements with fellow Group entities. In error, cashflow transactions associated with these loan arrangements were presented within "Cash generated from operating activities" within the Statement of Cash Flows. As a result, the 2021 comparative figures in the Statement of Cash Flows have been restated to present cashflow transactions associated with loans receivable within "Cash generated from investing activities" and cashflow transactions associated with loans payable within "Cash generated from financing activities" in line with the requirements of IAS 7 Statement of Cash Flows." — WSP UK Limited Error Disclosure"

"“It is. I think the point in time in which we are paying a dividend, I think our dividend payment will look very much like a bond payment. In essence you have got secured cash flows under long-term leases from very high-grade tenants in the US business... Today the public market doesn't seem to make a valuation difference between cash flows that are bought in a developing country or Verizon Wireless. My own view and our firm view is that there is a big difference in terms of the credit quality of those cash flows, the sustainability of those cash flows, and predictability of those cash flows.” — Jay Brown, Crown Castle International - SVP & CFO"

""Our strong start to the year means we're also shifting more of our EBA customers from multiyear paid upfront to annual billings, which is good for them and good for Autodesk... While we had already assumed this change in fiscal '23, it has a modest impact on fiscal '22 billings and free cash flow... Most EBAs are already on annual billing terms. And also, we had already assumed that EBAs would all be on annual billing terms starting next year in our fiscal '23. We're making the change now because with the strong start to fiscal '22, we decided to get moving earlier to execute on the shift." — CFO Deborah Clifford, Q2 FY2022 Earnings Call"

""Urgh." — former AMT executive when asked about AMT's India investments. "We think there are a lot of risks associated with the emerging markets that are not maybe necessarily completely appreciated. The US has a fantastic environment of very high barriers to entry that we haven't seen in other countries. And then, as we think about some of the things like currency risk and taxes and the ultimate ability to take cash flow and distribute it out to the shareholders longer term, those become hurdles for us to get over in order to make an investment outside of the US." — Jay Brown, Chief Financial Officer, Crown Castle International Corp."

"Rubicon: "Our advertising spend, revenue, cash flow from operations, Adjusted EBITDA, operating results, and other key operating and financial measures may vary from quarter to quarter due to the seasonal nature of buyer spending. For example, many buyers devote a disproportionate amount of their advertising budgets to the fourth quarter of the calendar year to coincide with increased holiday purchasing." — Rubicon 10-K, p.14; Telaria: "During the first quarter, advertisers generally devote less of their budgets to ad spending, with the fourth quarter generally representing the largest quarter of ad spending." — Telaria 10-K, p.21"

""The Zenflow procedure is a patient-friendly BPH treatment option that eliminates the need to pierce, ablate, or remove prostatic tissue. Based on favorable initial clinical trial results, it has the promise of becoming a first-line therapy of choice." — Dr. Dean Elterman. "So there are two threats [to Aquablation]...The other threats would be, well, what if you have an office-based procedure that works? And there are two that work a little better. One is called Butterfly stent... So Zenflow is Zenflow is going to win hands down because it is a flexible scope." — Spruce Point Interview with Major Hospital Urologist, Nov 2024"

"“...we remain committed to the proactive and disciplined allocation of capital. We have the capacity to return the majority of normalized free cash flow to shareholders in fiscal 2019, subject to factors such as M&A, financial markets and prevailing industry conditions. I am pleased to say this includes a proposed increase in the quarterly cash dividend for the sixth consecutive year, subject to shareholder approval in the annual general meeting in January 2019. Additionally, we retain the optionality to execute on M&A strategically for long-term goals, possibly utilizing debt where appropriate.” — Shuky Sheffer, CEO, Amdocs"

"Now in terms of the competitive environment, I still think this is a quite fragmented environment. There's clearly elements of what a number of -- there's a number of names that typically pop up. eFront which is owned by BlackRock, Preqin, PitchBook, others, but they're all -- and then there's a number of smaller firms that do different workflow. They're all in really quite different parts of the business providing quite different solutions. So I think we're still at a stage in the industry where we're definitely not at the sort of mature competitors going head to head. — COO Response (Redburn Atlantic Conf, Nov 28, 2023)"

"A lot of the differentiation in the value now is in the user interface part, the digital workflow, how a customer walks up and uses [the printer]... that's actually produced by Xerox, the software written by Xerox, by and large or some of the software developed by Fuji-Xerox to our specifications to meet our needs. Fuji-Xerox has introduced version of those that have kind of that same, you know move the paper, put the marks on it, but the whole user interface and user experience is completely different. And we have been really focusing on the R&D and the ability to kind of [sic] deliver that. — Steve Hoover, CTO of Xerox"

"It’s worth noting that most of the revenue associated with a hybrid capture workflow comes from library prep. It doesn’t actually come from hybrid capture. Those are the two components in that workflow. So, most of that market, the number that I specified, most of that is library preop. And another two players are added there: Illumina, who makes the machines, and NEG, and IDT just acquired a company that specializes in this. It’s well-known that they don’t manufacture their library prep kit. They have to purchase it elsewhere and resell it, so their margins are less on that. — Former employee now at a key competitor"

""No incremental debt incurred in acquisition" — TROX presentation – slide 15, 10/6/11; "Future cash flow from operations expected to be sufficient to pay cash portion of merger consideration ($12.50 per share or ~$190 million in aggregate)" — TROX presentation – slide 15, 10/6/11; "We've announced that we intend to issue dividends that are consistent with the industry peers. But with this level of free cash flow generation, there will also be opportunities for return of additional cash above and beyond the dividend to shareholders, and we will be exploring those alternatives." — TROX conference call – 10/10/11"

"Notable investing and operating cash flow items during the quarter included: A$10.5M cash proceeds from the sale of the Snow Lake shares, A$1.5M proceeds from the exercise of U.S. Nasdaq warrants, A$1.1M exploration and evaluation costs, principally related to the PFS test work, mining and environmental studies, sample analysis, and camp running costs, A$403k administration and corporate expenses, the majority of which are related to marketing and share registry costs, and A$301k for antimony grant consulting costs, audit, tax and legal fees. — Nova Discussion of Investing and Operating Cash Flows (March 2025)"

"“If you want some money today, perfect, put together a retail plan. But if you want lifestyle money, if you want to build that financial independence, you want to lock in that security for life, you need to recruit. And the other thing you need to do to, be prepared to roll that cash flow for straight 9 to 12 months. Because you know what, in that short space of time, by making that commitment, you are going to create a foundation for life. Absolutely. Not just for yourself, but a legacy, a legacy for your family, for your children, and their children’s children.” — Herbalife Independent Distributor"

"During fiscal year 2022, the Company announced that it had begun to shift enterprise customers to contracts billed annually, and that it had assumed fiscal 2023 enterprise contracts would be billed annually. The Company subsequently determined, however, to pursue multiyear upfront contracts with enterprise customers to help meet its fiscal year 2023 free cash flow goal. Upfront billings of enterprise customers in fiscal year 2023 substantially exceeded historical levels, helping the Company to meet its lowered annual free cash flow target. — Autodesk Audit Committee Investigation Findings"

"During fiscal year 2022, the Company announced that it had begun to shift enterprise customers to contracts billed annually, and that it had assumed fiscal 2023 enterprise contracts would be billed annually. The Company subsequently determined, however, to pursue multiyear upfront contracts with enterprise customers to help meet its fiscal year 2023 free cash flow goal. Upfront billings of enterprise customers in fiscal year 2023 substantially exceeded historical levels, helping the Company to meet its lowered annual free cash flow target. — Autodesk Audit Committee Investigation Findings"

"We continue—we continue to drive both of the levers that create de-leveraging. One is higher EBITDA, on the denominator, and the other is driving higher free cash flow. We talked at Investor Day and reiterated today, activities that are underway, including looking at various assets on our balance sheet that can be monetized and turned into cash, whether that’s the securitization of additional orbitals or other opportunities. So we’re working all of those. And our goal, as Anil said, is very clear: to achieve 3.8 times leverage by the end of 2018 — CEO Lance Q1’18 Conference Call"

"When you think about how cash flow and leverage should play out over the balance of the year, we should incur an additional $140 million to $150 million of CAPEX and approximately $140 million, $145 million of cash interest costs in the second half of the year. If you layer on the conservative assumption of working capital, ending the year as cash flow neutral, you get to a free cash flow number of somewhere between $275 million and $300 million for the back half of the year, depending on your views of where we end up in terms of EBITDA. — Q2 Earnings Conference Call"

""Capital discipline is the critical process of allocating a company’s most precious resource after its people, cash flow, to ensure desired investment returns for the benefit of all stakeholders. At Anadarko, we created a culture of capital discipline through development of a focused allocation framework: Constraining capital in order to drive portfolio depth and constantly high-grade the portfolio, Instilling intellectual integrity via an honest but probing post-mortem processes, and Creating a learning culture that emphasized continuous improvement." — Karl Kurz"

""When you think about how cash flow and leverage should play out over the balance of the year, we should incur an additional $140 million to $150 million of CAPEX and approximately $140 million, $145 million of cash interest costs in the second half of the year. If you layer on the conservative assumption of working capital, ending the year as cash flow neutral, you get to a free cash flow number of somewhere between $275 million and $300 million for the back half of the year, depending on your views of where we end up in terms of EBITDA." — GFL Management"

"When you think about how cash flow and leverage should play out over the balance of the year, we should incur an additional $140 million to $150 million of CAPEX and approximately $140 million, $145 million of cash interest costs in the second half of the year. If you layer on the conservative assumption of working capital, ending the year as cash flow neutral, you get to a free cash flow number of somewhere between $275 million and $300 million for the back half of the year, depending on your views of where we end up in terms of EBITDA. — GFL Management"

""In the first quarter of 2020, we adopted, using the modified retrospective approach, amended accounting guidance that required credit losses on financial instruments, including trade receivables, to be measured based on an expected credit loss model instead of the incurred loss model. The expected credit loss model requires us to consider forward-looking information to estimate our allowance for credit losses. Our adoption of this guidance did not have a material impact on our financial position, results of operations or cash flows." — 2020 10-Q, p. 6"

""Importantly, we'll have strong cash flow generation as a result of this transaction, about $1 billion in operating cash flow in the second year and accelerating...." — Acquisition of Bayer by Elanco 8/20/2019; "Looking at our returns, Elanco will generate significant cash flow and exercise strong cash management to pay down debt, reducing interest cost as quickly as possible, increasing optionality of the business and most importantly delivering double digit EPS growth to unlock value for you, our shareholders." — Elanco 2020 Investor Day 12/15/2020"

""[Management] is unequaled in its efforts to put a positive spin on bad news by accentuating the positive and eliminating the negative.... [I]f free cash flow looks bad, it will redefine it.... [S]omeday we will write a treatise on the psychology of earnings reports and presentations. And Alcoa will be our case study.... I think Alcoa is one of the more blatant spin doctors.... [N]othing ever looks bad in management’s version of the world, where all the news is good news." — Carol Levenson, Director of Research for Gimme Credit, July 31, 2016"

""The Company’s loss reserve committees estimate expected loss to be paid for all contracts by reviewing analyses that consider various scenarios with corresponding probabilities assigned to them. Depending upon the nature of the risk, the Company’s view of the potential size of any loss and the information available to the Company, that analysis may be based upon individually developed cash flow models, internal credit rating assessments, sector-driven loss severity assumptions and/or judgmental assessments" — AGO 10-K, February 23, 2018"

""As a growing SaaS Company, we believe cash flow represents the best indicator to our path to profitability." — Q4 2019 Conf Call; "Business at key inflection point with recent launch of Lightspeed Payments." — Q4 2019 Earnings Presentation; "In our press release dated August 7, 2019, we updated the full year 2020 outlook with respect to cash flows used in operating activities... As a result, we are withdrawing the previous outlook that cash flows used in operating activities will be in the range of $9.5 to $11 million." — Q3 2020 MD&A"

"In China and in emerging markets the level of corporate governance may vary significantly between companies. Corporate governance is important as it provides mechanisms whereby outside investors can protect themselves against expropriation by insiders. Corporate governance can impact on the risks that outside investors may face in respect of any expropriation of assets. These factors together with the size and other market frictions may warrant an adjustment to the cash flow expectations and/or an — Dr. Mardsen, University of Auckland"

"“I used to be with Novartis in their cell and gene therapy division for five years. As part of the clinical workflow, not the commercial workflow, we used to use Berkeley Lights for certain cell characterization assays and certain early development phases. I believe it was acquired at the end of 2018. This one was in a clinical development pilot line for cell therapies, and they just had a single machine for the cell and gene therapy unit This is for cell line development, particularly for T cell therapies.” — Former Novartis Manager"

"“Because when we delight our members, we can drive more engagement, revenue and profit than the competition...Our goals are to sustain healthy revenue growth, expand operating margin and deliver growing free cash flow... Since our global launch in 2016, we’ve been able to invest heavily in our slate...while steadily increasing our operating margins (up more than 5X, from 4% to 21% over the same period) and growing our free cash flow (from negative $3.3B in 2019 to positive $6.9B in 2023).” — Netflix Q4 2023 Letter to Shareholders"

"“I would say that's almost certainly the case. It certainly was the case when I worked there. We built 300 cells a day, and a few of them were okay to test.” — Former employee; “QS-0 is intended to have a continuous flow, high automation line capable of building over 100,000 engineering cell samples per year. We expect to secure a long-term lease for a second building with approximately two hundred thousand square feet in the second half of this year and for QS-0 to be producing cells by 2023.” — Letter to Shareholders, 2/16/21"

"Because when we delight our members, we can drive more engagement, revenue and profit than the competition...Our goals are to sustain healthy revenue growth, expand operating margin and deliver growing free cash flow... Since our global launch in 2016, we've been able to invest heavily in our slate...while steadily increasing our operating margins (up more than 5X, from 4% to 21% over the same period) and growing our free cash flow (from negative $3.3B in 2019 to positive $6.9B in 2023). — Netflix Q4 2023 Letter to Shareholders"

"Here's the time line and the value opportunity. So currently, we're in that feasibility study stage focused on RPM, just finished our last round of drilling. Watch the news flow in the coming weeks as drill results start to come in and then get this resource update before the end of the year. Concurrently, we have the next level of metallurgical test work happening now. Everything converging on delivering this feasibility study for RPM by the end of 2025. All of our resources are going towards that. — Nova CEO, Sept 30, 2024"

"I know all the pros and cons of this company...We began working on the instrument itself in 2016...I cannot say that I love it...The people who have a lot of hesitation on the instrument are the ones that require training...we had to run our own software for the processes and workflows that we wanted to run...there were errors that were showing up, and it was not clear how to identify what they were related to...these are definitely challenges. Absolutely, I couldn't say that I love the instrument. — Amgen employee #1"

""Our view on capital is that it's not our capital. This capital belongs to shareholders both the capital in the form of debt and equity and we like the discipline of coming to the market when the capital investments exceed that of our cash flow." — CEO Jay Brown, July 2017; "We've invested in fiber because we think it enhances long-term dividends per share. And that's the measure upon which we make all of our discretionary capital investments, whether it's in towers or on the fiber side." — CEO Jay Brown, April 2018"

""Some companies do not include overdrafts in the definition of cash; instead, they include it in accounts payable. Consequently, the company treats the overdraft as an operating activity (change in accounts payable). So, the company includes the negative cash as a change in a liability in the operating section of the cash flow statement. (Some accountants treat overdrafts as a financing activity, but they clear quickly. Therefore, an operating activity classification is more appropriately.)" — CPA Hall Talk"

"“The company sells constant-speed drive shaft, car wheel units and drive shaft and other products. Revenue recognition for domestic sales meet the following conditions: the product has been delivered to the company according to the contract, and the amount of product’s sales revenue is determined, the payment has been collected or a payment voucher has been obtained, the associated economic benefits will likely flow to the company, the costs related to the products can be reliably measured.” — Wanxiang"

"Monsanto announced a fundamental change in its idea of an appropriate capital structure...Monsanto intends to begin an accelerated share repurchase program of $6b in 4Q:F14 or 1Q:F15 and to repurchase $11b in shares over a two year period or approximately 85 million shares or 16% of outstanding common [shares]. Monsanto is a good free cash flow generator and maintaining a 1.5x leverage target would imply meaningful future repurchase beyond the current $11b target by mid 2016. — JP Morgan (6/26/14)"

"I would categorize Dropbox revenue growth as mid-growth (~20% YoY top-line growth). The interesting part is in the net income and free cash flow. The Company has guided to $1.6 billion revenue in FY19. If we apply a 20% growth rate to FY20, that would imply a ~$1.9 billion revenue. If we take management estimates of $375m of free cash flow, it would imply ~20x forward EV/FCF, below high growth profitable peers that routinely trade at 50x EV/FCF. — Seeking Alpha, "Finding Value in SaaS, Jan 2020"

"LONZA scientist (cont'd) slammed the instrument: doesn't shorten development timelines or eliminate the need for traditional workflows, both key to its value proposition and $2MM price tag; capabilities are lacking for both cell line development and antibody discovery, BLI's two key target markets; cost is "prohibitive" and a "major shortcoming": not enough potential usage for ROI – a telling sign for BLI's TAM given Lonza may be the world's largest contract drug developer and manufacturer."

""The determinant of whether the [Lightower] transaction is value-creative beyond the inherent tower/fiber multiple arbitrage will depend on the company's ability to replicate, if not surpass, the return profile of its macro business across its fiber footprint." — Barclays, July 2017; "Our ROIC trends are robust, even with our continuing investments in younger assets with significant long-term upside but lower initial tenancy and cash flow." — CFO Tom Bartlett, American Tower, July 2018"

"“We are using very differently configured and engineered chips so that the chips are the most different, and then depending on the application for a workflow, they do have to change out optics, need a different objective, need different light sources... And then, the chips, we're quadrupling the number of pens or changing the geometries so that we can better trap cells or other reagent speeds and the like. Those are significantly different in many cases.” — Gingko Bioworks Executive #2"

""As you have heard us say for a long time, we evaluate the decisions that we make in the business based on the long-term impact to cash flow per share, and AFFO is the best proxy for this." — CEO Jay Brown, July 2017; "We will focus the majority of our value creation discussion on AFFO per share. Certainly, we will be making our capital allocation decisions based on our goal of maximizing long-term AFFO per share." — CEO Jay Brown (CFO at the time), January 2012"

"Your computation of free cash flow differs from the typical calculation, which is cash flows from operating activities as presented in the statement of cash flows under GAAP less capital expenditures by excluding restructuring payments. Please revise the title of this non-GAAP measure so it is not confused with free cash flow as typically calculated. See Question 102.07 of the Compliance and Disclosure Interpretations on Non-GAAP Financial Measures. — SEC Staff"

"TASK's financial performance is not as robust as it appears on the surface. The company promotes its 57% top-line growth, 82% and 95% Adjusted EBITDA and Net Income growth, respectively. However, we point out that the COVID-19 adjustments are not industry standard, and should be removed. Furthermore, by adjusting LTM cash flows for one-time equity payments, we find that cash flow growth has lagged headline figures. Free cash flow growth was negative."

"Our strong order backlog provides us with good long-term revenue visibility... We still firmly believe that four times leverage is the most efficient capital structure that we can put together going forward, that provides us with the lowest overall cost of capital, we are very confident about the visibility of the cash flow to service this as well as providing the capital for all the programs that we have — CFO Wirasekara Q1'17 Conf Call (May 2017)"

"I'm borderline. Not a sure bet for me. I think they need to roll out more things in production that complement their first sets of workflows... the antibody space is pretty crowded, and I think that other companies have found ways to optimize, lead candidates where they've been smarter about how to design diversity at a much greater scale than something like the Berkeley Lights box is going to be able to handle. — Gingko Bioworks executive #2"

""The Company reclassified prior year comparative figures in the condensed consolidated statement of cash flows to conform to the current year's presentation. In addition, the Company reclassified certain prior year comparative figures from interest expense to net sales to conform to the current year's presentation. This change in presentation did not have an impact on the Company's financial condition or operating results." — Amcor Note 1"