Callouts & quotes from 902+ activist slides

"Now going back to your earlier question about market shares, currently, our company don't make independent assessment of our market share. In fact, we never disclosed a single report that's coming from the company on our market share. — Gavin Kim; Next, I'll return my attention to black hat search engine optimization. NQ unequivocally refutes the allegations filed in the report that NQ owns the domain addresses referenced in the report. NQ will share our complete list of domain addresses that NQ owns and uses in our business globally to those who would like to conduct their own due diligence on our business. The natural question that may be asked then is what is for owners of these domain names to redirect traffic to NQ? It is our hypothesis that individuals or companies are interested in selling these domain names to NQ after demonstrating that they are successfully delivering page views. — Gavin Kim"

""We agree with Elliott's assessment that there is more upside potential in the refining business...and we think Elliott's presence itself could refocus management towards this business." — J.P. Morgan, April 2025; "We agree that PSX's midstream does not reflect full value. We reinstated coverage of PSX in October and can attest that few midstream investors follow it, as it trades predominantly like a refining stock...selling some midstream assets could unlock value." — Bank of America, February 2025; "Refining performance certainly has significant room for improvement and is key to improving [Phillips 66's valuation] as well as to addressing investor concerns." — Citi, February 2025; "A spin/sale of the Midstream business is by far the single largest source of potential value creation, but is also the strategy to which the management has been the most strongly opposed." — Piper Sandler, February 2025"

"We sold our holding in Kao as the company continues to underperform its peers — AVA Investment Managers. Killer Strengths, Just Needs a Killer Growth Strategy — SMBC. We believe Kao can do much more to raise the profile of its successful brands outside of Japan and expand overseas consumer product sales, especially given population demographics in Japan provide a headwind to future domestic growth. Historically Kao’s dominant position in its domestic market may have given it a ready source of stable cashflows, but the company needs to look abroad for its growth in the future. — LINDSELL TRAIN. Kao has great technology and many interesting products, but management has yet to translate this expertise into strong revenue-generating products — CLSA. the operating margin now looks likely to stop falling. However, we see no signs of next-generation growth businesses or other growth drivers — J.P.Morgan."

""APA's stock performance has significantly lagged its peer average and the S&P 500 since the Egyptian revolution. We are more pessimistic about Egypt's future than in any time in the last two years and are reducing our PT to $95 from $105. We think APA would be better off exiting Egypt by selling its operations and using the proceeds to buy back shares, reduce debt and boost investments elsewhere." — Oppenheimer (February 28, 2013); "Since early-2011, Egypt has been a persistent overhang for APA. While in simple terms the region accounts for...23% of our NAV, this understates the importance of the asset for the portfolio.... While a complete lifting of the Egypt overhang is unlikely, the market is discounting a very bearish outcome for an asset that has suffered no visible economic impact from the deteriorating political & fiscal situation over the past 2 years." — Deutsche Bank (March 7, 2013)"

""it's all knife fights in phone booths... you're not really taking share any longer; you're just trading share amongst those three primary players." — Former Pure employee; "You can quote it from all three of those vendors, Dell, Pure, and NetApp and get a similar solution with a similar price. So, you're looking at Toyota, Honda, and Nissan, right? They're really close." — Field CTO at IT reseller/integrator; "[Pure was] beating up NetApp. I've heard this from my friends at NetApp. Then NetApp did something brilliant. They [licensed] their ONTAP code very attractively to Amazon and the other hyperscalers... They crushed it. That was something that Pure was lacking." — Former data storage architect at AWS; "The problem with Pure has always been unstructured data...especially compared to VAST which started from unstructured data..." — Data storage product manager at leading hyperscaler"

""It was a maze. We were doing a disservice selling a 1,200 employee client Vantage when we would have done a better job selling Workforce Now... I'm not sure that the customer is at the center of the decision." — Former SVP Product Strategy; "Why are margins so low? Overhead. So many layers, so many inefficiencies with regards to the same people doing the same thing... each product or team has its own duplicative organization. There are still silo's." — Former Sr. Director of Business Transformation; "There were always turf wars at the seams. Imagine a 49 employee client moved into Majors and is now being sold Workforce Now. Who owns that client? Is this an SBS or a Majors upsell opportunity? Consider it – there’s separate sales leaders. Everything is segmented by size. The revenue is ‘owned’ by regional GMs with their own P&L. It’s a mess." — Former DVP, Business Transformation"

""Yeah. Hi, guys. Thanks for taking my question. Can you help me out on what's the average FICO score of your buyers that are using financing on your site? And how has that trended as you've doubled since IPO, or actually call it massively more than doubled? Also, can you - it doesn't look like Ally is now taking all of your loans based on my calculations, are you selling to others now as well? And if so, who and what type of loans are you selling to other people than Ally?" — Nat Schindler, Bank of America; "Yeah. So first on the FICO question, I would say our FICO continues to look a lot like the broader used car market. So if you look at other leading retailers or just kind of used car sales in general, we've got a very similar FICO distribution to any of those retailers and that's been very stable across time, nothing to call out there." — Ernie Garcia III - CEO, Carvana"

""If a pyramid sales scheme obtains illegal gains by fraudulent means or disrupts the economic and social order by requiring its participants to pay fees or purchase products or services under the guise of selling products, providing services or other business activities before accepting them as members and directly or indirectly inducing or coercing them to further recruit new members in return for remuneration or rewards based on the number of recruited members and according to a certain structure consisting of multiple levels, its organizers or leaders shall be liable for criminal liabilities provided that the scheme internally has at least 30 participants of pyramid sales activities and more than three levels of recruits." — Joint Policy Directive of the Supreme People's Court, the Supreme People's Procuratorate, and the Ministry of Public Security of the PRC"

""They are having a big problem there, they can't outsell their churn, and that was a problem a year and half ago and they can't provision right now to get things installed." — Former GTT Regional VP. "If you're coming up on a contract, they are holding a gun to the head of their customer... it's ostracizing their customers like crazy and as a result, they are losing revenue and they are losing trust with customers and it's a really big issue." — Former GTT Regional VP. "[The hardest part of this business] is, by far and away, sales. It's the ability to hire a sales force, train them, retain them, motivate them, keep them focused, promote them, give them a career path. It's an awful job, it's an outbound, tele-sales model, where you're making 100 cold calls per day to people that don't want to talk to you. And that's a really hard thing to do." — GTT Competitor."

"“Clearway puts all this money into construction—they want to maximize, they want to get their money out as much as possible, so they generate a financial model... You're incented heavily to maximize the apparent value in the future by sandbagging the numbers: You're not taking the risk around it, and you're selling it. So, when Hannon is buying into these projects, it's essentially stepping in the shoes of those original project owners. Now, what's strange about this is that if you're going to step into their shoes, you want to have a control position. So, think about Clearway, in this case, is managing this asset, Clearway is negotiating the contracts, Clearway is interfacing with the market, you're just financial passive investor, and you're going to have to take whatever happens... it's kind of weird.” — Interview with Former HASI Executive A, April 2022"

""With the site's (admitted) connections to pharmaceutical and other companies, WebMD has become permeated with pseudomedicine and subtle misinformation. It's not only a waste of time, but it's also a disorder in and of itself — one that preys on the fear and vulnerability of its users to sell them half-truths and, eventually, pills." — Excerpts from "A Prescription for Fear", The New York Times Magazine, 2/4/11; "This puts [WebMD] in a conflict of interest... They are also trying to sell a drug." — James Yeh, physician-researcher; "While the site's content is produced by a team of doctors and medical writers, the article failed to mention any basic information about the drug's effectiveness... And some of the information was worryingly incomplete." — Excerpts from "The truth about WebMD, a hypochondriac's nightmare and Big Pharma's dream", Vox.com, 4/5/16"

""Being a part of LivePerson right now is like watching a plane crash in slow motion. The CEO is investing in the most random stuff like a health app to test for COVID despite no need for it anymore and a whole BANK? It's a chatbot company, we have no business being in those fields." — Anonymous Glassdoor Review (April 14, 2022); "Sometimes I have to just tell friends about how this company is run and the incredibly bizarre things that happen here to make sure I'm not going crazy." — Anonymous Glassdoor Review (August 11, 2021); "And then there is the CEO. Oh...man. Here's his deal...he is a very good salesman. Could sell bottled saltwater to native Hawaiians. Except the problem is, HE would have been the one who came up with the idea to actually bottle saltwater, which is a TERRIBLE business idea!" — Anonymous Glassdoor Review (September 27, 2021)"

""No, that’s an incredibly robust prediction. TTD has been doing it longer with deeper client ties." — Anonymous Magnite Customer; "Definitely, they are not as robust in analytics as say a ROKU. I need more analytics and insights into who is watching the campaign, how often, etc. It’s a major shortcoming of CTV at the moment, as compared to say YouTube, for example." — Anonymous Magnite Customer; "CTV is growing, and we’re having a hard time finding inventory at Magnite. That is a big challenge. When inventory is tight it does make it more difficult for Magnite to make money." — Anonymous Magnite Customer; "Yeah.. Listen.. these are not big deals. If they are selling me or you that this is the growth engine of Magnite, they’d be in a lot of trouble. It’s just a re-brand, it product that kind of already exists." — Anonymous Magnite Customer"

""Refining performance certainly has significant room for improvement and is key to improving SOTP as well as to addressing investor concerns" — Citi Research, February 13, 2025; "We agree that PSX's midstream does not reflect full value...selling some midstream assets could unlock value." — Bank of America, February 14, 2025; "An activist shareholder, Elliott, can be a positive catalyst for shareholders." — Wells Fargo, November 29, 2023; "Most investors we talked to welcomed Elliott's involvement in PSX" — UBS, December 1, 2023; "[We believe] the letter will add a level of accountability for PSX to hit its cost targets." — T.D. Cowen, December 4, 2023; "Overall, we think Elliott's involvement should likely be an overall positive for PSX as an extra push towards the goals the company has already set out." — J.P. Morgan, November 29, 2023"

"We agree with Elliott’s assessment that there is more upside potential in the refining business...and we think Elliott’s presence itself could refocus management towards this business. — J.P. Morgan, April 2025; Where we agree with Elliott is that PSX is undervalued...we see no value for refining in the share price at current levels. — Wolfe Research, April 2025; We think that selling non-core assets, enhancing capital returns to shareholders, and improving refining profitability would result in significant outperformance. — TPH & Co., February 2025; We agree that PSX’s midstream does not reflect full value. We reinstated coverage of PSX in October and can attest that few midstream investors follow it, as it trades predominantly like a refining stock...selling some midstream assets could unlock value. — Bank of America, February 2025"

""We believe fedratinib represents a significant opportunity for patients and has the potential to be a billion-dollar blockbuster for Celgene." — Nadim Ahmed, Celgene President of Hematology and Oncology, January 2018; "In our view, the drug will be a more modest seller and we model $400mm peak sales as there are several JAK inhibitors entering late stage development for MF." — Cowen, February 2019; "We have not included any sales impact to Celgene from Juno’s JCAR017 or Impact’s fedratinib through 2022 at this time..." — Oppenheimer, May 2018; "Investors are likely to again focus on risks to fedratinib with mgt. delaying the filing to confirm with FDA the information communicated to Impact." — Morgan Stanley, May 2018; "Approval and launch of fedratinib in MF will likely only provide incremental growth." — Barclays, January 2018"

""At the present time with the current forecast we have, our 2019 should be within 5% to 7% of our 2018 EBITDA..." — Peter Huntsman, Chairman, President & CEO; "When the price gets substantially higher than it is today, we'll make a decision to sell [Venator]....And I think it will gradually see improving fundamentals here, and we will judiciously look at our shares, and we'll sell them at a time that makes sense for us." — Peter Huntsman, Chairman, President & CEO; "Putting it all together, if Europe does improve as the Americas returns to plan, our full year EBITDA will be close to the lower end of our initial EBITDA guidance of down 5% to 7% from 2018. However, if the economic conditions within those region stays at current levels, our current year EBITDA maybe down 10% or so..." — Peter Huntsman, Chairman, President & CEO"

""Without exception in across the board, we’ve either maintained or grown share throughout 2023, and we would expect that to continue...whether it’s in the lab or whether it’s in the production, I think we’ve had another year of good share gains in ’23." — CEO Michael Stubblefield, 2023 Analyst Day, 12/8/2023; "We’re confident we certainly have a leading [lab solutions] platform here and we remain focused on leveraging our capabilities to continue to grow share. And I think there’s certainly a lot of data points here to support our view here that we’ve got a nice share story." — CEO Michael Stubblefield, 3Q 2024 Earnings Call, 10/25/2024; "They have said for years [LSS] is not losing share, but do the math since 2018 when both were +/- $5bn of revenue. TMO is now $9bn and LSS is still <$5bn." — Sell-Side Analyst, May 2025"

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

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

"But then, you know, to really get the numbers where they are, this is where... to use your phrase, that sleight of hand comes in—is that, you know when, when you're selling an engine, are you selling an engine or are you selling four modules? And if you start booking engine sales as module sales, and... then also you have assets that have been in the leasing portfolio for quite some time; so, you can, you can, you know, depreciate those down, and you can really boost the numbers on the aerospace side to show the strength on the aerospace to really get that valuation, and really kind of you're robbing Peter to pay Paul internally. You're kind of taking the money way out of the leasing sector and putting that into the aerospace sector and spinning it that way. — Consultant A and former FTAI executive"

""When you sell your pipelines, you enter into ‘brother-in-law terms’ with your buyer to enable continued advantaged use of those resources." — Supply Chain Leader, Major O&G Co.; "Pipeline ownership isn't necessary given the prevalence of long-term contracts, which provide the same benefits you would enjoy through ownership." — General Manager of Crude and Feedstock Supply, Major O&G Co.; "Even once contracts end, there is a limited amount of gasoline supply, so stations continue to buy from the same refineries and just re-brand at the terminal rack." — Manager of Global Supply Chain Strategy, Major O&G Co.; "Most majors don't own their own retail stations, but they sign contracts with certain price and advertising agreements in order to maintain retail volumes." — VP of Refining Division, O&G Co."

"“The dollar store is no longer a bargain if you shop around you can by the same things cheaper or same price elsewhere quit calling it dollarama no more dollar things.” — Anonymous Internet User; “dollar tree here is drastically cheaper then dollarama” — Cody Williams; “Dollarama is not really a dollar store anymore.” — JJ Walker; “I go to Dollar Tree more often now just because everything there is $1.25” — Anonymous Internet User; “DollarRama is no longer in the same category since they sell at higher prices, more of a discounted store and not a dollar store.” — Anonymous Internet User; “They gonna have to change the Dollarama name soon” — Anonymous Internet User; “At the dollar-ish level everything I've found at DT has been a better value and equal, or better, quality.” — Anonymous Internet User"

"So metrics that are indicative of consumption, our visibility is always a question in direct selling...And some of the stats on this page were introduced in the last 6 months as just evidence of the type of visibility that we have. So the first row looks at the core 3 products of the foundation of Nutrition Clubs...In 2002, those 3 products represented 35% of our volume. And last year and through this year, third quarter, it represents more than half our volume. Why? Because that shows - because the expansion of daily consumption is driving our growth. In daily consumption, those 3 products are the products that are sold in Clubs...And therefore, that growth is indicative of consumption growth. That growth in those 3 core products. — John DeSimone, CFO, Investor Presentation, November 14, 2012"

""Rollins has about 25% drop off and retains 75-78% on an annual basis. 10-15% drop off in the first year. Door-to-door has a bigger drop off in year one. Rollins doesn't have as big of a drop off in year one, but does in year two and three." — Pest Industry Expert. "So you can see that we certainly are successful at gaining share, and we're gaining share across our market. But also in addition to gaining share, our focus is reducing churn, reducing the churn we have in our business. And so we're focused on reducing churn because the less customers we lose, the less customers we need to add. And so that's certainly a focus for us." — Stifel Conf, June 2023. "So churn and cross-sell are 2 really big important areas for us as we think about growing our business." — Wells Fargo Conf, June 2023."

""When it comes to acquisitions, what are the key attributes you're sort of looking for here? Is it geographic reach and opportunity to up-sell existing products that you have in that base, technology, people? Just trying to get an understanding of what you're sort of prioritizing when it comes to acquisitions?" — Analyst Tse. "Yes. And so we've never changed our strategy there. We have 3 categories in which we acquire. But I think even before we go into those categories, first of all, the DNA of the company needs to be like Lightspeed. This means it needs to be a high-growth company, needs to be a cloud-based system. So we wouldn't acquire a legacy platform as an example. And we need to be sure that kind of culturally speaking, we're very aligned." — LSPD President Jean-Paul Chauvet"

""Amcor’s financial profile will be enhanced, and our existing capital allocation framework, or shareholder value creation model, will be maintained and strengthened with this transaction." — CEO ACMR; "Sales to PepsiCo, and its subsidiaries, accounted for approximately 11.1%, 11.0% and 11.7% of our sales in fiscal years 2019, 2018 and 2017, respectively." — Amcor 10-K; "So the (specialty) cartons business is a little less than 10% of sales now. It’s a global business. It’s predominantly selling tobacco cartons." — Amcor CEO Citi Conf Dec 2019; "Sales to the Kraft Heinz Company, and its subsidiaries, accounted for approximately 11 percent in 2018 and 10 percent in 2017 and 2016. The Company primarily sells to Kraft Heinz Company in the U.S. Packaging segment." — Bemis 10-K"

"At our 2017 annual Cowen Health Care Conference, most polled physicians (60%) indicated that ozanimod’s profile appears differentiated but not necessarily a ‘game changer’ in ulcerative colitis. — Cowen, February 2019; Ozanimod for MS was always a tough sell based on the entrenchment of Tecfidera and Gilenya. The high-profile delay at the FDA based on a poorly characterized metabolite won’t help … — BTIG, December 2018; …we expect most potential users of the drug will see this issue as a curious safety issue and another reason to ignore the drug. — BTIG, December 2018; Our point of contention for ozanimod has generally been the ‘lymphocytic rebound’ effect that has been an overhang for the entire S1P class within multiple sclerosis. — Raymond James, December 2018"

""I hate flying their team all over the fucking country. I hate it. I hate paying for private jets to fly their surgeons all over. I don't know why we have to pay for all these ridiculous transportation invoices... it feels like I'm talking to a used car salesman." — Executive at a pre-eminent academic transplant center; "...TransMedics acted as this hard sell, push down your throat approach to the surgical community saying this is our way or the highway, there are a lot of people they pissed off" — Prominent surgeon; "Typically, this is not how companies behave with somebody who helped them get FDA approval... that's Waleed's method, he and Tamar Khayal, his COO....that's how they roll. They play hardball." — Transplant surgeon at a high-volume academic center."

""So Premier Agent revenue is our core media business where we monetize this 2 billion visits a month we get on our apps and sites. And it's mainly buyer monetization that we do, and we basically sell leads to estate agents. We have monetized that historically by collecting credit cards from agents upfront, getting them to buy on a subscription basis and then sending them leads." — CEO Rich Barton, 11/20/2019; "So Premier Agent overall, which is our revenue workforce, has always been focused on the buyer side of the transaction, the buyer leads that we're sending to real estate agents." — Fmr. CFO Kathleen Phillips, 2/16/2017; "Historically, the Premier Agent product has -- been mostly about acquiring buyer leads." — Fmr. CEO Spencer Rascoff, 11/01/2016"

"In Q1 2019, we expect gross margins to be in the range of 61% to 63% and build higher over the rest of the year — Axon Q1'19E Gross Margin Guidance. Gross margin of 59.5% represents 260 basis points of sequential improvement, driven by strength in software and sensors, partially offset by TASER 7 program startup costs, including customer trade-in credits — Axon Q1'19 Press Release. In Q1 TASER segment gross margins were pressured by two main factors ASP, average selling price and scrap rates both will improve over time and we're improving even as we speak. — Axon Q1'19 Conf Call. Additionally, margins were compressed related to the rollout of our newest TASER device and increased data storage and tariff and customs expenses. — Axon Q1'19 10-Q."

"Cost of goods sold consists primarily of the cost of oats and other raw materials, product packaging, co-manufacturing fees, direct labor and associated overhead costs and property, plant and equipment depreciation. Our cost of goods sold also includes warehousing and transportation of inventory. Selling, general and administrative expenses include primarily personnel related expenses, brand awareness and advertising costs, costs associated with consumer promotions, product samples and sales aids. These also include outbound shipping and handling costs and other functional related selling and marketing expenses, depreciation and amortization expense on non-manufacturing assets and other miscellaneous operating items. — Prospectus"

"I don't get it because Nevro's device is a piece of crap. I think people are picking up on it... The company couldn't care less about explant rates. They know. It's obvious. They don't want to hear from doctors because they already know this stuff. They've made a conscious decision. They don't give a shit. They just want to sell the company. — High volume implanter and KOL; Nevro keeps explant rates very well hidden from the field reps... The explant rate was a hell of a lot higher than [the stated] 2%. I don't know that people asked for it, because ignorance is bliss. I didn't want to know. Don't ask questions you don't want to know the answer to. My peers in the field felt the same way. — Former Nevro regional sales director"

""During the fourth quarter, we continued to benefit from our ongoing investments and focus on ecommerce. Our e-comm business grew over 60% in the quarter as we benefited from consumers shifting to online purchasing." — Christine Sacco, CFO, Q4 2020 Call. "The financial profile of our online business is pretty consistent with brick-and-mortar. So although we have different tactics, the overall cost of connecting and winning with consumers is fairly similar for us." — Ronald Lombardi, Q4 2020 Call. "For Amazon, our margins would be slightly better or the same. We don't have the middleman, but when we sell direct to the consumer, the cost of the transaction goes a bit higher. For example, shipping." — Former PBH Employee."

"Ecobee claims to have captured one-third of the smart thermostat market, citing figures from NPD Group. — Amazon Gets Serious About Voice-Activated Smart Thermostats, Investing in Ecobee, Greentech Media, March 7, 2018; Today, Ecobee holds around 30% market share in smart thermostats across North America, second to Nest, the California-based smart home devices company that was acquired by Google in 2014. — 2019 Brand of the Year: Ecobee brings purpose to smart thermostats, StrategyOnline.ca, Oct 8, 2019; Ecobee still commands a 25-per-cent market share in North America. — Smart thermostat pioneer ecobee, facing growing threats from Amazon, sells to U.S. generator maker for up to $770-million, Globe & Mail, Nov 1, 2021"

""Margins will expand in coming years, driven by mix shift towards premium alcohol and ingredients products..." — Apis Capital Dec 2015; "The company benefits from secular tailwinds in favor of whiskey – rye whiskey in particular" and "Existing Business Growth with Significant Market Share and Sustainable Barriers." — Apis Capital Dec 2015; "The real strategic win, however, appears on the balance sheet as "barreled distillate". These barrels are filled with distillate, booked at cost, and owned by MGP for the aging process. In a sense, this is MGP's "reserve" which they can access at any point after aging for 4 years. Aged barrels of distillate can sell for 3x the cost after ~4 years of aging." — Apis Capital Dec 2015"

""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"

"“So this is partially an issue of lack of maintenance and bringing maintenance to the right levels and understanding on how to run it... I am not optimistic -- this $150 million will not be paid out. Now I'd rather wish to pay them out, to be honest. But that's the reality there.” — Dr. Klaus Kleinfeld, Alcoa Q4 2015 Earnings Call, January 11, 2016; “Well, the good news on the isothermal, I mean, we have structured the contract in such a way that we have a performance clause in there... And so that's the performance part in the purchasing agreement with the seller, right? So in case that doesn't happen, I mean, we would not have to pay that.” — Dr. Klaus Kleinfeld, Q1 2016 Earnings Call, April 11, 2016"

"“Because I think the big ones are getting bigger and bigger and dominating more and more of the market, and big pharma is consolidating with a smaller number of vendors that have a better offering. And Twist is not a big vendor, and they cannot offer many different things. I think they have their market, which is laboratories in universities, smaller startups, and some part of pharma, but they will not suddenly grow like crazy...what could happen in the future is that they go bankrupt or they collapse because at some point, if they are selling everything at a lower price, I don’t know how they are going to compensate for that.” — Novartis, a large Twist customer, scientist in a leadership role"

""[Pure’s TCO analysis] is disingenuous at best... Transparency equals trustworthiness... there's a lot of shenanigans around their TCO calculator, and there's a lot of bias towards their own platforms, especially comparing not just workload profiles, but media types for workloads that they're not used for." — CTO at storage system competitor; "Do I agree with their TCO analysis? I think they do a lot of fancy manipulation within their TCO math...at the end of the day, if the Pure solution was indeed as compelling from a TCO standpoint as they claim, I don't think hyperscalers are stupid. I don't think enterprises are stupid, they'd all be running for this..." — Sellside analyst covering Pure"

"“If we turn to Amazon, which is an emerging channel, it’s continuing to grow at 36% over last year. Monster’s growth is at 55% and is continuing to lead the category sales in the Amazon section. 4 weeks numbers are very similar with Monster’s growth at 62% and continuing to still be the leading brand in Amazon.” — Monster Management (Jan 2023); “But I’ve said in the past that we have a large unmeasured channel, channels, food service, Amazon.” — Monster Management (Jan 2024); “Monster has become more dependent on selling through Amazon due to Amazon’s market share increases. Higher gross margin however lower contribution margin due to the costs to service Amazon.” — Former Monster Employee"

"Because I think the big ones are getting bigger and bigger and dominating more and more of the market, and big pharma is consolidating with a smaller number of vendors that have a better offering. And Twist is not a big vendor, and they cannot offer many different things. I think they have their market, which is laboratories in universities, smaller startups, and some part of pharma, but they will not suddenly grow like crazy...what could happen in the future is that they go bankrupt or collapse because at some point, if they are selling everything at a lower price, I don’t know how they are going to compensate for that. — Novartis, a large Twist customer, scientist in a leadership role"

"With Phillips, what can they do now that will help them longer-term? In terms of execution, I want them to have a much more independent board. I want them to spin off the CP Chem business or sell it to Chevron. I want them to spin-off the retail business. They are actually selling off the Jet part, which is the retail part, so that's good. I want them to continue divesting. I want them to not have a conglomerate discount. They have a conglomerate discount, but for all the wrong reasons. They just have too many unrelated businesses, and I think that's just not good for them longer-term and it is not good for us. Also need to get rid of midstream. — Third-party Shareholder Survey"

"With Phillips, what can they do now that will help them longer-term? In terms of execution, I want them to have a much more independent board. I want them to spin off the CP Chem business or sell it to Chevron. I want them to spin-off the retail business. They are actually selling off the Jet part, which is the retail part, so that's good. I want them to continue divesting. I don't want them to have a conglomerate discount. They have a conglomerate discount, but for all the wrong reasons. They just have too many unrelated businesses, and I think that's just not good for them longer-term and it is not good for us. Also need to get rid of midstream. — Anonymous Investor"

""Maybe in five or maybe 10 years, there won't be much money to be made on remittance per se... I think that space is highly competitive" — Expert: Competitor Responsible For All Digital Partnerships. "It's going to be very, very difficult because some of these players are selling under cost just to get numbers." — Expert: Competitor Responsible For All Digital Partnerships. "You think Remitly is only the disruptor. I think, in my book, Remitly is a good company, but they only do one thing, and that's remittances, whereas some of these other players have a competitive advantage which takes ages to create." — Expert: Competitor Responsible For All Digital Partnerships."

"Upgrade your tech and bring your business processes and products into the 21st century. The competition is selling cars while BNY is proud of the fact that it sells the cheapest and fastest horse drawn buggy in town. Banking is not a labor intensive business yet BNY has managed to turn it into one via underinvestment in tech and revenue generating professionals — Glassdoor. Bank of New York Mellon are letting themselves down with the continuing lack of merger in their systems — R&M Global Custody Survey. They're going to get to a point when it becomes hard to catch up with us just because our future functionality is just 6x faster — Gunjan Kedia, EVP of State Street."

""They have a ton of data that they're not sharing with us. The only thing that they shared with us is that Charlotte Market has 4,790 hand raises in the month of July. So if you just use a number of 4,000 hand raisers a month looking for an agent to reach out at one of their busiest markets, you take it down to a much smaller market where they're only getting one to two thousand a month. I think they start backing out, okay, well if he's got a low number here, probably the best thing to do is just do the market pricing and just sell it outright. I do think that's very profitable for them and they've been profitable with that over the years." — Zillow Flex Agent"

""As we think about you adding adjacencies and what you've done recently adding things like Fetch and Matrox and other markets... can you leverage that and your customers will be more comfortable maybe deploying a new solution, something more kind of like advanced like Fetch or Matrox in their operations?" — Vertical Analyst. "But that is -- our customers are giving us an opportunity to sell solutions in that space because we have a relationship with them already." — CEO Burns. "Can you give us an update on trends within like RFID and with Matrox and Fetch, and maybe how you see those businesses in terms of like growth in size exiting this year?" — TD Analyst."

"“During 2014, we began to sell go-live and training support services separate from the required implementation services. Fees associated with required implementation services are included in our ongoing monthly rate; therefore, they are being recognized ratably over the customer life. Go-live and training support services can be purchased by the customer from us or third-party vendors, and therefore, are recognized upon delivery of service. Previously deferred revenue balances related to implementation services, including go-live and training support services, will continue to be amortized over those remaining customer lives.” — ATHN 3Q 2014 10Q, page 13"

"The bank Société Générale Private Banking Monaco benefits from the Privilege of Lender of Deniers (PPD) for the loan granted for the two buildings for the principal sum of 8,545,000 euros as well as a conventional mortgage of 1st rank on the building I to amounting to 2.5 million euros (financing renovation work). The KALOIKOS company, seller of building I, benefits from a seller's privilege for an amount of 4 million euros in second place behind the PPD and the mortgage allocation (in the amount of €3,545K) for the benefit of Société Générale Private Banking Monaco. — Les Mas du Figuier SAS (France) auditor's report on the annual accounts, Dec 31, 2013"

"Pyramid Selling Regulations: Defines pyramid selling to include “calculating and paying remunerations to recruiters on the basis of the number of persons a recruiter has directly or indirectly recruited or the sales performance.” (Art. 2.) — Pyramid Selling Regulations. Article 224(a) of the Criminal Law: Defines a pyramid scheme as a scheme in which (among other things) “the calculation of remunerations or kickbacks to participants is directly or indirectly dependent on the number of persons recruited, and the participants are induced to continue or coerced into continuing recruiting others to participate.” — Article 224(a) of the Criminal Law"

"“Look at Mobius, for example, the challenge, again, this goes back to how, what I was explaining about the structure, and this is why the reports don't always turn out great internally. In order to sell a deal to the Capital Committee and get Board approval or whatever amount you want, Mobius was like over $200 million, you have to be pretty optimistic with what you think your revenues are going to be. And so that sells the the deal and the price you want to pay for it, and gets you approval for the funds. And that's why I was telling you, it's a bit of a slight game internally in order to get the funds.” — Former Stryker M&A Professional"

"“they cannot come up with these really long oligos”; “you only use that in the early, early stages of discovery which is mostly in academia, biotech, or in some labs in the pharma. You use them, you discover a gene or a pathway, and then you move forward and then you don’t use that technology anymore.”; “They do sell oligos longer than 250, but then they take much longer because they need to use another technology. So, this oligo pool that you explained, that they claim that they can do things so fast and so many at once, is for small oligos, and this is for library preparation for the CRISPR.” — Novartis, a large Twist customer"

"These expenses relate to the settlement of transaction-related costs of the targets that were outside the regular course of business for our recent acquisitions of ShopKeep and Upserve that were assumed as liabilities on the respective acquisition dates. Lightspeed retained amounts in respect of these liabilities on the closing of each transaction that would otherwise have been paid to the sellers in the transactions. These amounts were not reflected in the net loss of Lightspeed given that they were already taken as expenses by the acquired companies prior to the closing of the respective transactions. — Lightspeed's financials"

""I think they have good lawyers working for them," says David Lipkus, a lawyer specializing in anti-counterfeit in Toronto, who has helped clients sue businesses in Canada selling knock-offs. "Often retailers make mistakes and end up selling fakes." Many lawsuits are settled privately, but the store has been sued by Nike, for selling counterfeit footwear emblazoned with Nike's iconic basketball player silhouette, and by Umbra, a home decoration company, for selling a style of waste basket. In February 2017, Dixon Ticonderoga launched a suit against the dollar store chain for a pencil it's been selling since 2002. — David Lipkus"

"These expenses relate to the settlement of transaction-related costs of the targets that were outside the regular course of business for our recent acquisitions of ShopKeep and Upserve that were assumed as liabilities on the respective acquisition dates. Lightspeed retained amounts in respect of these liabilities on the closing of each transaction that would otherwise have been paid to the sellers in the transactions. These amounts were not reflected in the net loss of Lightspeed given that they were already taken as expenses by the acquired companies prior to the closing of the respective transactions. — Q3 2021 Press Release"

""The Dubai assets were contributed with no debt attached to them. Some of the assets are in various stages of development, where the progress payments would be required in the next couple of months." — Mindee Lee, CPI PG Director of Corporate Strategy. "In general, these are luxury residential properties in Dubai. And I think if you read any article covering Dubai real estate, you would see this is the hottest segment of the market. We’ve already had a lot of good traction on selling the assets. And as I said earlier, our goal is to sell these properties as soon as possible and move on from it." — David Greenbaum, CPI PG CEO."

""So from a PreCheck perspective, we've talked about, I think, over the last probably 8 quarters that we've been carrying expenses overhead for PreCheck and that's why we're so optimistic on our high incremental margins." — CEO, Q4 2023, Feb 28, 2024. "And just quickly on the PreCheck. Look, PreCheck is going really well. It's gaining great momentum. We're live today in 91 locations, driving market share. In terms of upsell rates, we have 90% plus marketing opt-in rate. And our upsell rate for those members or those people joining PreCheck that are not already CLEAR members is approaching 20%." — CFO, Q4 2024, Feb 26, 2025."

""they dug themselves in a hole by pushing low cost as their primary value proposition," — Key competitor. "never understood it" and "Twist hadn’t invented a better mousetrap...anyone that had deep technical knowledge in the space was kind of like, how are you doing that? It didn’t compute." — Competitors. "very predatory" — Ex-Twist executive. "selling below the cost of their product" and "too much value out of the market for it to be profitable for anybody." — Ex-employee. "once you displace pricing and that badly, it’s impossible to lift it again"; "I don’t think they’ve ever going to recover from that." — Ex-employee."

"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"