Callouts & quotes from 2,101+ activist slides

""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"

""While we had greater than normal backlog during certain periods of fiscal year 2022, historically, our net sales are difficult to forecast because we do not have sufficient backlog of unfilled orders or sufficient recurring revenue to meet our quarterly net sales targets at the beginning of a quarter. Rather, a majority of our net sales in any quarter depend upon customer orders that we receive and fulfill in that quarter." — SMC Risk Factor. "This emerging segment represents a vast long-term opportunity for us, and our design win momentum and backlog continues to grow, but short-term quarter-to-quarter results can fluctuate depending on the timing of new customer adoptions and qualification cycles." — CFO Weigand. "Looking ahead, I anticipate fiscal year '24 revenue may reach the range of $8 billion to $10 billion, considering the current economic headwind may be lasting for many quarters. As we continue to gain IT market share with the best rack scale plug-and-play IT total solutions, I believe we will soon become a $20 billion revenue company." — CEO Charles Liang."

""One of the things that we are going to try to do differently within Alcoa Corp... is to try to drive down overheads as significantly as we can." — Bill Oplinger, Alcoa Corp. CFO, October 20, 2016; "And if I could just add to that -- mentions the word overhead gets me excited. It's -- when we've been part of the primary products business. And in plants, we spend a lot of our time complaining about overheads and the fact that there's way too many of them. So one of the fun things we've been able to do is look at every single line item and think about what that needs to be at the moment of separation. And then what are we going to do in order to continue to drive it down. And I would say that we've got a good start. We've been able to imagine how we should run the business, but we've got more to do. And we've got additional overhead to squeeze out, whether it's the location of business units around the world or any other number of places, we got more work to do when we're not satisfied with where the overhead sits today." — Roy Harvey, Alcoa Corp. CEO, October 20, 2016"

""It's my legacy. I'm the seventh generation of Bolloré's, and I can't imagine a world where I don't pass the torch to my daughters one day." — Yannick Bolloré, as reported by New York Times, October 26, 2015; "It's official: Vivendi is Vincent Bolloré's family fiefdom. Shareholders can come along for the ride, but they must accept the risk that the chairman -- and largest holder with a 14 percent stake -- puts his interests before theirs." — Leila Abboud, Bloomberg, May 17, 2016; "Vivendi's hereditary chairmanship is a strange approach to corporate governance. The episode [anointing Yannick the next CEO of Vivendi] is pretty bizarre by usual corporate governance norms. But, when it comes to Vivendi, unsurprising. Needless to say, Yannick was approved. The nomination committee is four strong, of whom three are Bolloré appointees (including Vincent himself). For years, Bolloré denied he was trying to build a media dynasty through his minority stake in Vivendi. Then last June, he admitted his aim was to place Yannick at the helm." — Alex Webb, Bloomberg, April 20, 2018"

""Well, listen, I think you're going to see our valuations and a rerating of our multiple move up without this volatility. I think actually, in a funny way, you're going to see rerating of multiples for TiO2. We're concentrating at 1 or 2 turns higher than Huntsman is. And Huntsman pure play comps like Celanese, Eastman, Dow are 1.5 turns higher than we are. I think you're going to see multiple expansion on both sides." — Kimo Esplin, Former CFO, May 2017; "We think we look at it and awful lot like a Dow and Eastman and the Celanese and I'd encourage you to look at the quality of the business as you heard today relative to their portfolio." — Kimo Esplin, Former CFO, March 2016; "I think if anything, perhaps we've been looked at as a large TiO2 company with a bunch of other chemicals off to the side. I think that when you look at the quality of our business, particularly in those non-TiO2, we believe that we deserve a multiple that would be akin to a Celanese, an Eastman, a Dow Chemical, some of our traditional peers." — Peter Huntsman, President & CEO, December 2013"

""Well, listen, I think you're going to see our valuations and a rerating of our multiple move up without this volatility. I think actually, in a funny way, you're going to see rerating of multiples for TiO2. We're concentrating at 1 or 2 turns higher than Huntsman is. And Huntsman pure play comps like Celanese, Eastman, Dow are 1.5 turns higher than we are. I think you're going to see multiple expansion on both sides." — Kimo Esplin, Former CFO, May 2017; "We think we look at it and awful lot like a Dow and Eastman and the Celanese and I'd encourage you to look at the quality of the business as you heard today relative to their portfolio." — Kimo Esplin, Former CFO, March 2016; "I think if anything, perhaps we've been looked at as a large TiO2 company with a bunch of other chemicals off to the side. I think that when you look at the quality of our business, particularly in those non-TiO2, we believe that we deserve a multiple that would be akin to a Celanese, an Eastman, a Dow Chemical, some of our traditional peers." — Peter Huntsman, President & CEO, December 2013"

""One of the things that is really setting us apart [from our competitors] post-transformation is the fact that we do have one global platform...When we spend dollars to build the future functionality, we do it once. And then we leverage it across the world. If you have six accounting platforms and you were doing a regulatory change six times, that's 1/6 the IT efficiency" — Gunjan Kedia, State Street EVP, 2/25/15; "And I think I've mentioned about the challenges with the merger & acquisitions is we have so many different fragmented technology in various businesses and various products...I think the nature of the acquisitions have resulted in lots of fragmentation of technology" — Suresh Kumar, BNY Mellon CTO, 3/13/13; "The traditional approach for any of these acquisitions is steeped in the thesis that you'll see more synergies the more simplified your back end, and the more common systems you share, especially those that benefit from scale. That's been time-tested in the trust banking business" — Tim Keaney, Former BNY Mellon CEO Investment Services, 2010"

"we have some relationships with some builders on a direct basis. But that largely has not been that successful. In fact, many of the really large builders, the production homebuilders, they're not even really builders. They're in that classification of a builder, but they're really developers, they're really land developers. And so by and large, what they do is they're buying tracks of land and they're subcontracting the actual construction of the home on that land and they're putting -- they're putting together a property that can flip and they can turn so that they can get the value of the land out from underneath it. So they're less about building and more about developing. And that doesn't really fit in with us trying to talk about, "hey, we want to add a $4,000 product to the cost of a home." They want to make the home affordable so they can flip the land underneath it. That's really what they're interested in. So we're -- we have a misalignment of interest when it comes to talking to big production builders. — CEO Response, Analyst Day, Sept 4, 2019"

"I'm going to come back to the number you're not going to give in a second, but before I do that, this topic of restructuring, most of your company, you've hinted at this notion of there's cost inside Stryker, largely SG&A cost that can come out, but you've been sort of hesitant to give us that number. Why not come out and say, "We have a $500 million cost plan, it's got a 3-year term, thank you very much, this is what you're going to get?" — Morgan Stanley Analyst Lewis, Sept 2016. "I have a new CFO we named earlier this year, and he's -- we're working through our plans. And at this stage we're not really ready to sort of throw out a number. What I'm telling you is each year I have -- the cost transformation that we have underway, with moving from 41 different ERP systems to 1 ERP system, having indirect procurement, rationalizing some of our products, closing some of our factories, all of this activity that we have underway will deliver. That gives us the confidence that we can year after year deliver leveraged earnings." — CEO Lobo, MS Conf, Sept 2016."

"“So we’re definitely not subsidizing anybody else's drug discovery [...] In terms of our ability or our willingness to be flexible on economic terms, we are very flexible. But there's definitely a red line where any deal has to pay for our cost, right? So the bare minimum. We're not going to do a deal that's not a gross margin positive. We're not in the business of subsidizing our customers' research.” — Twist CEO, Q2 2022 earnings call on May 5, 2022. “They have a very, very large and complicated manufacturing scheme where they overbuild in order to deliver the product [...] The thing I kept on saying is they were shipping with every gene and every oligo pool a $20 bill to people. That's basically that they were fundamentally flawed, that they were trying to keep up with the price, and they were taking it as a loss every time. But what they have never done is fix the fundamental manufacturing flaw that they have. They need to overbuild or do extensive rework in order to deliver these products.” — Longtime executive in Twist's space."

""Our LTM is about $1.4 billion. We have an objective to go to $2 billion of EBITDA. Many of our businesses are sort of at that level...But really, on track we think near term to get to that $2 billion of EBITDA." — Kimo Esplin, CFO; "I would say that we should quite soundly beat the projections that we gave for the $2 billion. Again, we still have a great deal of confidence in the $2 billion number...I think that when we look at the overall composite, we still feel very confident about that." — Peter Huntsman, President & CEO; "About a year ago, at our Investor Day, we introduced to the market our near-term EBITDA target of $2 billion. We believed that we could achieve this number in the next two to three years...we continue to target a $2 billion run rate in 2017." — Peter Huntsman, President & CEO; "If we look at our business without our existing Ti02 division, we would be looking at 2016 as a record year for...EBITDA margins, a materially different and stronger company than we what we have today." — Peter Huntsman, President & CEO"

""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"

""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"

""We're very excited, and I feel more confident today than I ever have about the future. I know that's something that everybody always says. But why do I feel that, I feel that because we have more control of these issues...there are going to be headwinds here and there. But what we can control, what we're focused on as a company, and what we're able to do, I think, puts us in a unique opportunity to further transform this business." — Peter Huntsman, Chairman, President & CEO, November 2021; "So as we look at that $2 billion run rate, I don't see any pie in the sky...So I feel, today, even more confident in that number than I was when -- in March, when we gave that number to our investors." — Peter Huntsman, President & CEO, July 2014; "We've spent a lot of time with the investment community talking about a bridge, how we get from where we are to that $2 billion. I think if you dig into those numbers, you'll see that it's certainly achievable in the next 2 to 3 years." — John Heskett, VP – Treasury & Planning, September 2014"

""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)"

""I guess, my first question is just to clarify what was your organic constant currency growth in the quarter?" — Ashwin Shirvaikar, Citigroup; "...We have seen better momentum as we described, so we have seen better results coming from Comverse's customer base.... That's why we are not getting into the speculation. Even internally, it's getting more difficult. What's the next deal that is coming in such account? Is it a pre-Comverse contribution or a post-Comverse? You understand what I mean?" — Tamar Rapaport-Dagim, CFO, Amdocs; "When it comes to mobile financial services, it's also in the tens of millions of dollars already was – some of it came from M&A, some of it came from new projects. To predict this growth is actually a little bit harder, because the receptiveness and adoption rate in the emerging market of such ideas is really quite wild. And some time governments would push it and maybe it will fly. So I think that their entire world is still waiting for use cases." — Eli Gelman, President and CEO, Amdocs"

""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)"

"“paresthesia-free” has backfired and resulted in a patient/doctor support infrastructure that renders the business model broken and permanently unprofitable. — Ex-executives. “paresthesia-free” is a fatally flawed concept and that he observed over half of patients failing to improve and virtually all experiencing lack of efficacy at various times. — Former regional sales director. Nevro found itself “in a bind” with the CEO and management refusing to accept that high frequency is a dud, leading to conflict with the field and sales reps leaving “in droves” despite the best compensation in the industry. — Former regional sales director. “despite repeated reprogramming sessions in the effort to achieve therapeutic optimization” — A January 2020 paper at the annual neuromodulation meeting (NANS). “differ greatly from the results we have found in real world practice.” — A January 2020 paper at the annual neuromodulation meeting (NANS). “disinformation” regarding explants, labeling Nevro’s conduct as “slimy.” — A KOL."

""And if we were a business today that we're separated from our TiO2, we would be going into 2016 saying...2016 will be a record EBITDA margin year in the history of this company." — Peter Huntsman, President & CEO; "...as much as this is a business that when you start looking at the core performance, if you look at Huntsman without TiO2, we would be going into 2016 here...with some of the highest margins we've ever had in our history and with better than GDP growth." — Peter Huntsman, President & CEO; "So I'll end my remarks on where I started with wanting this slide to be emblazoned in your mind. Again, as I look at the 4 steps that I think get this company another $20 to $30 a share, I think that these are all eminently doable." — Peter Huntsman, Chairman, President & CEO; "We remain very confident in delivering on the 2020 plans that we shared with you then. We are committed to the significant value creation upside of more than $27 per share by the end of 2020." — Peter Huntsman, Chairman, President & CEO"

""We have recently started to see relief with declines in the cost of oil-related products, but those decreases are just now starting to make their way into our finished goods?" — WD-40 CFO, Q1 Jan 2009. "If oil stays down and we get the conversion, given that and the savings that we anticipate from the improved manufacturing process from the capital equipment we have invested on our package lines to improve line speed from smart straw, all of those things aligned, we should see some sort of at least stabilization and improvement in our gross margin, particularly in the second quarter." — WD-40 CEO, Q1 Jan 2009. "We also began to see some relief from lower oil costs versus the first quarter although our oil costs in the second quarter were higher than they were in the same period last fiscal year." — WD-40 CEO, Q2 April 2009. "The cost of oil based materials in our Q3 cost of goods reflected the lower pricing of Q2 and positively impacted our gross margin by two percentage points" — WD-40 CFO, Q3 July 2009."

""The great thing about our end users is the variety of our end users......Our lifestyle products like 3-IN-ONE, our new range of 3-IN-ONE RV products that are helping RV and camper -- people, campers, keep their equipment in good condition." — CEO Ridge, Shareholder Meeting Dec 2019; "As the coronavirus pandemic continues to evolve, Thor remains focused on the safety of its employees... Thor is today announcing the temporary suspension of all of its production in North America." — Bob Martin, President and CEO of Thor Industries; "In an effort to protect the health and safety of its team members... LCI Industries will temporarily suspend production at select manufacturing facilities across the U.S. and Europe." — Jason Lippert, LCI Industries' President and Chief Executive Officer; "Winnebago Industries, Inc. (Nasdaq:WGO) today announced it will be temporarily suspending most production activities at the Company's Winnebago, Grand Design RV, Newmar, and Chris-Craft facilities." — Winnebago Industries"

""The more my team and I talked about it, the more we saw the franchisees as our primary customers...Our market share grew from the teens to the mid-20s [and we] attracted franchisees who owned other fast-food restaurants and wanted to open a Popeyes" — Cheryl Bachelder, Popeyes CEO, Harvard Business Review, October 2016; "[T]he beauty of a franchise business is they run their stores more efficiently in most cases than Corporate folks do. And that's consistent not just at any Denny's, but in any franchise brand you see" — Denny's at Bank of America Merrill Lynch Consumer Conference, 3/9/11; "So the whole concept of refranchising [is] a result of a certain level of impatience and a certain level of frustration over the fact that we just need to operate better at the local level with some of our franchisees...we think it's time for us to be more aggressive in terms of transforming the composition of our franchise system to a higher performing group" — Domino's, Q4'07 Conference Call, 2/26/08"

""I am proud of the accomplishments of the Board and management team." — Glenn Tilton, Lead Independent Director, April 2025; "But when you look at what we’ve done over the long term, we’ve been on a great and accelerating path to growth and enhancing our ability to return capital to shareholders." — Mark Lashier, CEO, April 2025; "I’ve had board members tell me that they’re just stunned at the progress that we’ve been able to make in such a short period of time." — Mark Lashier, CEO, April 2025; "We’ve completed the strategic priorities that we laid out in 2022, enhanced in 2023, and committed to achieving by the end of 2024. I am proud of the work our employees have done to accomplish these important priorities and deliver on our commitments to shareholders while maintaining industry-leading safety performance." — Mark Lashier, CEO, January 2025; "You simply don’t achieve results like this without a high functioning, deeply engaged board." — Bob Pease, Independent Director, March 2025"

""I am proud of the accomplishments of the Board and management team." — Glenn Tilton, Lead Independent Director, April 2025; "But when you look at what we've done over the long term, we've been on a great and accelerating path to growth and enhancing our ability to return capital to shareholders." — Mark Lashier, CEO, April 2025; "I've had board members tell me that they're just stunned at the progress that we've been able to make in such a short period of time." — Mark Lashier, CEO, April 2025; "We've completed the strategic priorities that we laid out in 2022, enhanced in 2023, and committed to achieving by the end of 2024. I am proud of the work our employees have done to accomplish these important priorities and deliver on our commitments to shareholders while maintaining industry-leading safety performance." — Mark Lashier, CEO, January 2025; "You simply don't achieve results like this without a high functioning, deeply engaged board." — Bob Pease, Independent Director, March 2025"

""I am proud of the accomplishments of the Board and management team." — Glenn Tilton, Lead Independent Director, April 2025; "But when you look at what we've done over the long term, we've been on a great and accelerating path to growth and enhancing our ability to return capital to shareholders." — Mark Lashier, CEO, April 2025; "I've had board members tell me that they're just stunned at the progress that we've been able to make in such a short period of time." — Mark Lashier, CEO, April 2025; "We've completed the strategic priorities that we laid out in 2022, enhanced in 2023, and committed to achieving by the end of 2024. I am proud of the work our employees have done to accomplish these important priorities and deliver on our commitments to shareholders while maintaining industry-leading safety performance." — Mark Lashier, CEO, January 2025; "You simply don't achieve results like this without a high functioning, deeply engaged board." — Bob Pease, Independent Director, March 2025"

""Our energy marketing and retail marketing businesses remain a long-term strategic part of our portfolio that generate attractive returns..." — John Hess, CEO, Hess Corp, 11/2/12; "The Board believes that Arconic has the right strategy and is executing well on that strategy." — Pat Russo, Fmr Chair, Arconic, 4/17/17; "I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Fmr CEO/Chair, Marathon Petroleum 5/8/19; "[H]aving that small cell business, we believe, is a differentiator and unique to our strategy and think that it should generate significant shareholder value" — Dan Schlanger, Fmr CFO, Crown Castle, 6/6/23; "A separation of the businesses, if it were to be pursued, may not be easy, w/ mgmt. highlighting shared digital infrastructure, investment grade credit rating and a very efficient tax rate as risk factors that must be considered." — Morgan Stanley, referencing Honeywell management meetings, 11/25/24"

""Our energy marketing and retail marketing businesses remain a long-term strategic part of our portfolio that generate attractive returns..." — John Hess, CEO, Hess Corp, 11/2/12; "The Board believes that Arconic has the right strategy and is executing well on that strategy." — Pat Russo, Fmr Chair, Arconic, 4/17/17; "I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Fmr CEO/Chair, Marathon Petroleum 5/8/19; "[H]aving that small cell business, we believe, is a differentiator and unique to our strategy and think that it should generate significant shareholder value" — Dan Schlanger, Fmr CFO, Crown Castle, 6/6/23; "A separation of the businesses, if it were to be pursued, may not be easy, w/ mgmt. highlighting shared digital infrastructure, investment grade credit rating and a very efficient tax rate as risk factors that must be considered." — Morgan Stanley, referencing Honeywell management meetings, 11/25/24"

""We think like private equity people because Nelson forces us to think like private equity.. I said to another CEO that if I were to form a board today, Nelson [Peltz] would be one of the first directors I’d ask to serve... [Trian's] team had good questions and good suggestions." — Former CEO, Bill Johnson, CEO Magazine (3/08); "We have come to truly respect and highly value your impressive approach to sales and marketing, which has led to long-term shareholder value... and economic security for our members... If more companies I interacted with were able to follow the Heinz model, I believe we would have...fewer wasted resources." — Bill Dempsey, Director of UFCW Capital Stewardship, in letters to Trian dated 10/07/08 and 10/23/08; "Having activist investor Nelson Peltz on the Board of Directors has turned out to be a valuable asset. He is an operator at heart, so he asks the right questions in meetings and pushes managers to share and learn from each other." — Credit Suisse, 3/26/08"

""We are concerned that the accounting errors were either a function of pressure from the top, or a lack of oversight. If that is the case, and the audit committee does not do its job properly we end up with a company with weak leadership, likely to continue with poor or overly optimistic judgement. If, on the other hand, there is more to come and we see a change in leadership at PPG it could be a good thing, depending on who fills the role. It is no secret that PPG/Akzo deal broke down because of a dramatic clash of character between the Chairman of Akzo and the CEO of PPG – both sides blame each other. With the right change at PPG and with the Chairman of Akzo now gone, the deal (which makes a lot of strategic sense for both) may come back on the table. The issue would be finding a credible successor for Mr. McGarry...Reengagement with Akzo, coincident with a popular change in leadership might be very positive for PPG, but for now we remain negative." — Graham Copley-SSR, 5/13/18"

""If you can create a culture where people are motivated, inspired, incentivized, rewarded, to be honest with each other you can move mountains" — CEO Brad Jacobs, Auto Logistics Conference Sept 21, 2016; "The workers want a legally binding process to hold XPO accountable for the mistreatment" — Bill Hamilton, President of Local 107; "XPO Logistics is a rotten employer all over Europe" — International Transport Workers' Federation; "XPO's arrogance and repeated labor law violations has gone on for far too long" — Josh Zivalich, Teamsters Local 769; "XPO is mistreating us by refusing to come to the table" — Int'l Brotherhood of Teamsters; "It is time for XPO CEO Bradley Jacobs to explain to company workers why he is entitled to a huge payout while he cuts the health care and retirement benefits of workers" — Monica Abraham; "While Jacobs received $20 million mega-equity... workers are denied affordable health care" — Ernie Soehl, Director of the Teamsters National Freight Division."

""So the first question I have for Cord, both you and John discussed the - I guess, I'd say somewhat disconnects in your results here with sales and gross and on the EBIDTA side. You mentioned that it had to do with distributor sales from a distributed product. Can you explain further what that was? And then how we should think about that?" — Brian Nagel – Oppenheimer & Co. "...so if you look at our flea and tick category on the OTC side, we've had a historical mix in how those products have been purchased in tens and thousands of locations over the last five years... What we've seen differently is, we've sold more $32 boxes than $10 boxes. And so that's why when you look at our gross margin dollars for the quarter, they're right in line with what we thought we would have because the margin was agnostic and why the EBITDA number is online with that is we're really get our growth rate, our unit growth rate, but the mix is a little bit different." — McCord Christensen – CEO, PetIQ"

""Confidence of our distributors is paramount. It is absolutely the number one thing... We are going through a whole process of making sure that every single thing that we do inside this company has deeper and further substantiation for the distributors, for the web, for anybody in the science industry, anybody in the health community, to make sure that they understand what this company is all about and what we’re doing. This is a company that’s out there at the University of Mississippi, University of Bonn, the University of California at Los Angeles, UCLA. We’re involved in research, development of products, we have our own research facility now in our offices in Southern California. We have doctors dedicated – this nutrition advisory board that’s unlike any other company in our field. We meet with experts on a global basis to review, to study, to understand, to build confidence and substantiation in our products on a global basis." — Michael Johnson, Herbalife CEO, 12/16/08"

""We use [a lower EBITDA multiple] for MPC given its relatively less desirable refining asset footprint." — Jefferies, August 2016; "Rain or Shine, Buybacks through Cycle; Upgrade to Buy." — Jefferies, March 2023; "MPC is a top-tier refining operator with commercial excellence...MPC [is our] top refining pick even after dramatic outperformance over roughly the past two years." — Raymond James, January 2023; "[With] SU's older asset base and the current rising cost environment, it could be difficult to lower operating costs." — J.P. Morgan, April 2022; "SU continues to execute well under CEO Kruger, with strong operational results at nearly every Upstream and Downstream asset...Results have been impressive across the board YTD '24, which we think is indicative of a series of smaller achievements around factors like turnaround benchmarking/efficiency and better use of physical integration, but also a change in culture at the company more broadly." — J.P. Morgan, November 2024"

"“Have you heard about the concerns around the necrotic tissue on the liver when it goes on a TransMedics device? When they put the liver on it, it’s almost upside down, and there’s some concern as there were a couple of livers where the pressure was too high and with the warm ischemic - or the normothermic perfusion and the pressure, that some of the tissue was necrotic on the outside of the liver - it was dying. But I think it was kept pretty hush-hush, and they blamed the surgeon and said they didn’t put it on the device correctly. I heard about it through a surgeon that used to do recoveries for them, and then, ultimately, he refused to do it. He’s like, ‘I’m not doing recovery for TransMedics anymore,’ because I guess when you’re doing recoveries for them, you have to sign an agreement that says you’ll never recover an organ in any other way than - as opposed to normothermic perfusion.” — CEO of a major OPO (Organ Procurement Organization), longtime industry executive"

""If we look at the acquisition, I don't think a great deal has changed on our outlook and our timing. We do obviously know more about what's going on with Rockwood. I think that if anything, we feel better about our numbers, we feel better about our synergies..." — Peter Huntsman, President & CEO, December 2013; "I don't have the Rockwood acquisition up here, but, again, let me just say that I believe that that is an acquisition that is going to significantly create shareholder value... I think it's a somewhat aggressive number, but I think there's probably room to do even better than that." — Peter Huntsman, President & CEO, March 2014; "A few weeks ago we successfully completed the acquisition of Rockwood's performance additives and specialty titanium dioxide businesses. As we've now had an opportunity to visit all of our sites, associates, and many of our customers, we feel stronger about this business than ever before." — Peter Huntsman, President & CEO, October 2014"

""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"

"“BlackRock was a founding member of the Task Force on Climate-related Financial Disclosures (TCFD)...This year, we are asking the companies that we invest in on behalf of our clients to... disclose climate-related risks in line with the TCFD’s recommendations, if you have not already done so.” — 2020 Letter to the CEOs, BlackRock. “In 2021, we initiated a review of the Task Force on Climate-related Financial Disclosures (TCFD) disclosure requirements, and we are evaluating additional disclosures in the future that will align with TCFD.” — Huntsman Corporation 2021 Proxy Statement. “In 2021, we completed an analysis of the Task Force for Climate-Related Disclosures (TCFD) and will begin to disclose along the TCFD in our next Sustainability Report...We believe moving to a low-carbon economy will make both society and the environment more sustainable. Accordingly, we announced our goal to achieve carbon neutrality by 2050.” — Huntsman Corporation 2022 Proxy Statement."

""BlackRock was a founding member of the Task Force on Climate-related Financial Disclosures (TCFD)...This year, we are asking the companies that we invest in on behalf of our clients to... disclose climate-related risks in line with the TCFD’s recommendations, if you have not already done so." — 2020 Letter to the CEOs, BlackRock. "In 2021, we initiated a review of the Task Force on Climate-related Financial Disclosures (TCFD) disclosure requirements, and we are evaluating additional disclosures in the future that will align with TCFD." — Huntsman Corporation 2021 Proxy Statement. "In 2021, we completed an analysis of the Task Force for Climate-Related Disclosures (TCFD) and will begin to disclose along the TCFD in our next Sustainability Report...We believe moving to a low-carbon economy will make both society and the environment more sustainable. Accordingly, we announced our goal to achieve carbon neutrality by 2050." — Huntsman Corporation 2022 Proxy Statement."

"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"

""Towards the end of the quarter, we also closed on the strategic acquisition of Utiba, a small developer of payment-related technology in the emerging markets. Utiba was acquired for $20 million in cash and the revenue contribution for the quarter was immaterial." — Tamar Rapaport-Dagim, CFO, Amdocs; "Important to our geographic expansion, we're also focused on bringing innovation to the market as another dimension of our long-term growth, both in terms of new products and new services. Along these lines, in the first quarter, Amdocs [launched] mobile financial services solutions, MFS, a new offering resounding from our internal R&D investment and the acquisition of Utiba, which we completed in the second quarter of FY14." — Tamar Rapaport-Dagim, CFO, Amdocs; "When it comes to mobile financial services, it's also in the tens of millions of dollars already was – some of it came from M&A, some of it came from new projects." — Eli Gelman, President and CEO, Amdocs"

"“But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong.” — CEO Bob Jordan on CNBC; “You know, the quarter was great ... We’re predicting record revenues again in the third quarter. Record passengers. Record flights.” — CEO Bob Jordan on CNBC; “We had a great quarter in the third quarter. We’re forecasting record revenue and record passengers again for the fourth quarter.” — CEO Bob Jordan on CNBC; “We had a great 2023. Record operating revenue, record passengers, record loyalty revenue.” — CEO Bob Jordan on CNBC; “I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company...” — CEO Bob Jordan in 2024 Proxy Statement; “We had a strong first quarter, despite the financial results.” — CEO Bob Jordan on CNBC; “I’m very proud of the Company’s progress in 2023 ... we entered 2024 a stronger company.” — CEO Bob Jordan at Annual Shareholder Meeting"

"“But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong.” — CEO Bob Jordan on CNBC; “You know, the quarter was great ... We’re predicting record revenues again in the third quarter. Record passengers. Record flights.” — CEO Bob Jordan on CNBC; “We had a great quarter in the third quarter. We’re forecasting record revenue and record passengers again for the fourth quarter.” — CEO Bob Jordan on CNBC; “We had a great 2023. Record operating revenue, record passengers, record loyalty revenue.” — CEO Bob Jordan on CNBC; “I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company...” — CEO Bob Jordan in 2024 Proxy Statement; “We had a strong first quarter, despite the financial results.” — CEO Bob Jordan on CNBC; “I’m very proud of the Company’s progress in 2023 ... we entered 2024 a stronger company.” — CEO Bob Jordan at Annual Shareholder Meeting"

"“But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong.” — CEO Bob Jordan on CNBC; “You know, the quarter was great ... We’re predicting record revenues again in the third quarter. Record passengers. Record flights.” — CEO Bob Jordan on CNBC; “We had a great quarter in the third quarter. We’re forecasting record revenue and record passengers again for the fourth quarter.” — CEO Bob Jordan on CNBC; “We had a great 2023. Record operating revenue, record passengers, record loyalty revenue.” — CEO Bob Jordan on CNBC; “I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company...” — CEO Bob Jordan in 2024 Proxy Statement; “We had a strong first quarter, despite the financial results.” — CEO Bob Jordan on CNBC; “I’m very proud of the Company’s progress in 2023 ... we entered 2024 a stronger company.” — CEO Bob Jordan at Annual Shareholder Meeting"

""And the idea that somebody has publicly said repeatedly that it is going to go direct-to-consumer, and you're signing up to that type of long-term deal. It also -- that's untenable." — Chris Winfrey, Charter CEO, September 1, 2023; "On the negative side, Iger's open and honest disclosure about his worries about the long-term health of the linear networks has frustrated the market because it wasn't matched by an immediate action step. As such, we have been needlessly left wondering and postulating about assets that are no longer drivers of future company earnings." — Michael Nathanson, MoffettNathanson, November 9, 2023; "Sometimes, when I am looking for a reaction to my own thought process, I like to test that process in public, particularly in ways that I might be able to get a reaction from the investment community. So my thought was at the time that I would essentially be public with that thought process." — Robert A. Iger, CEO & Director, November 2023"

""But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong." — CEO Bob Jordan on CNBC; "You know, the quarter was great ... We're predicting record revenues again in the third quarter. Record passengers. Record flights." — CEO Bob Jordan on CNBC; "We had a great quarter in the third quarter. We're forecasting record revenue and record passengers again for the fourth quarter." — CEO Bob Jordan on CNBC; "We had a great 2023. Record operating revenue, record passengers, record loyalty revenue." — CEO Bob Jordan on CNBC; "I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company..." — CEO Bob Jordan in 2024 Proxy Statement; "We had a strong first quarter, despite the financial results." — CEO Bob Jordan on CNBC; "I'm very proud of the Company's progress in 2023 ... we entered 2024 a stronger company." — CEO Bob Jordan at Annual Shareholder Meeting"

""And the idea that somebody has publicly said repeatedly that it is going to go direct-to-consumer, and you're signing up to that type of long-term deal. It also -- that's untenable." — Chris Winfrey, Charter CEO, September 1, 2023; "On the negative side, Iger's open and honest disclosure about his worries about the long-term health of the linear networks has frustrated the market because it wasn't matched by an immediate action step. As such, we have been needlessly left wondering and postulating about assets that are no longer drivers of future company earnings." — Michael Nathanson, MoffettNathanson, November 9, 2023; "Sometimes, when I am looking for a reaction to my own thought process, I like to test that process in public, particularly in ways that I might be able to get a reaction from the investment community. So my thought was at the time that I would essentially be public with that thought process." — Robert A. Iger, CEO & Director, November 2023"

"“Dendrites are a real problem, and that’s basically where we were at when I left - trying to solve dendrites. It’s a showstopper.” — Former employee #1; “A lithium-lithium symmetric cell is not a real battery cell...I don’t believe that they have solved dendrite formation in a real battery. A single layer is nothing.” — Former employee #2; “You’re balancing thickness versus number of defects; the defects are the ones with the dendrites.... They were having problems at the coin cell level...it is a very difficult problem.” — Former employee #3; “I don’t know that they’ve completely nailed this. I wouldn’t say that they’ve completely nailed this because there are definitely some issues with what they’ve put out.” — Former employee #4; “[The CEO’s dendrites claim] is a bunch of bullshit ...That’s definitely bullshit...it’s not going to be representative of what you will see in an actual cell...this is just not going to hold good at all.” — Former employee #5"

"The heart of the growth algorithm, as you've heard from us, is really around the cross-sell momentum, okay, the cross-sell opportunity. — CFO Eric Shander; But just going through motions of a cross-sell we talked about, on average, getting our customers from 2 to 4 products, we can grow 10% for the next 10 years. Just by getting a $1, we can continue to grow 10% every year. That's how much exciting cross the momentum and how much white space is there. — CEO Hardeep Gulati; So in any given quarter, anywhere from 65% to 85% of our business comes from our existing customer base. And yet, only 70% -- and 70% of them only have 2 or 1 products. So there's a great opportunity to sell more into our customer base. If we just did that, we can grow to Hardeep's point organically. — CRO Tony Kender; risks related to the unavailability of additional U.S. federal government stimulus packages focused on educational initiatives following the COVID-19 pandemic — 2023 10-K"

""We have exclusive arrangements with people like the English Premier League, the number one most bet sporting league and activity in the world, and we also of course have exclusive deals with players in the US like the NCAA." — Niccolo de Masi - CEO DMYD, Interview with Benzinga (Dec. 23rd, 2020); "One of Genius Sports' subsidiaries, Betgenius, offers services to betting operators in the United States and internationally, including a sportsbook management platform and digital marketing. The partnership with the NCAA does not include any betting rights, a Genius Sports spokesperson told ESPN." — ESPN (May 14th, 2018); "Yes, no one else can have scouts in venue, but that doesn't mean that another supplier can't scout off of TV. So just because Genius could have scouts in venue for NCAA basketball doesn't mean that Sportradar couldn't scout off of the TV feed or something else." — Sales Director, U.S. Betting Division at Sportradar, Source: Tegus (3/5/2021)"

"“As we continue to consolidate and grow relative market share throughout our footprint, our business scales and margins expand.” — CEO Smith, Q2 2023; “Michael, it's interesting. We're in a relative market share business. So in the markets that we compete in, and we see this because SunTx invests really in the Sunbelt of the country. There is some -- continues to be a lot of growth. The demographic trends are driving that, number one; and number 2, the business trends are driving that. So in a relative market share business, what we're worried about is the growth in Raleigh-Durham, the growth in Huntsville, Alabama. And in each of these 70-plus distinct markets, we continue to see growth commercially, residentially, everything.” — Chairman Fleming, Q4 2023; “Finally, we completed 8 acquisitions in fiscal 2024 that expanded our geographic footprint into new growth markets and enhanced relative market share across our Sunbelt states.” — CEO Smith, Q4 2024"

""We view nearly all aspects of the Red Lobster transaction as not particularly compelling." — UBS, May 20, 2014; "Who Knew Lobsters Had Middle Fingers?" — Janney Capital Markets, May 16, 2014; "Destroying a business and giving it away for free is a familiar practice for CEO Clarence Otis." — Hedgeye, May 16, 2014; "We could get to valuations as high as $3.1billion for [Red Lobster], and, particularly considering how tax-inefficient the transaction will be, believe that it was not the best course of action for shareholders." — Credit Suisse, May 20, 2014; "the taxman stole the show" — Stifel, May 16, 2014; "Management's decision to ignore shareholder concerns and go forth with an undervalued sale of Red Lobster... will likely result in meaningful changes at the board level and among senior management." — Buckingham, May 16, 2014; "Count us among the many who believe DRI is destroying shareholder value with this deal" — New Albion Partners, May 19, 2014"

"“But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong.” — CEO Bob Jordan on CNBC; “You know, the quarter was great … We’re predicting record revenues again in the third quarter. Record passengers. Record flights.” — CEO Bob Jordan on CNBC; “We had a great quarter in the third quarter. We’re forecasting record revenue and record passengers again in the fourth quarter.” — CEO Bob Jordan on CNBC; “We had a great 2023. Record operating revenue, record passengers, record loyalty revenue.” — CEO Bob Jordan on CNBC; “I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company…” — CEO Bob Jordan in 2024 Proxy Statement; “We had a strong first quarter, despite the financial results.” — CEO Bob Jordan on CNBC; “I’m very proud of the Company’s progress in 2023 … we entered 2024 a stronger company.” — CEO Bob Jordan at Annual Shareholder Meeting"

"“Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year.” — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022. “In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022” — Mark Costa, Chairman & CEO – Eastman, January 2022. “Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges.” — James Fitterling, Chairman & CEO – Dow, January 2022."

""Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year." — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022; "In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022" — Mark Costa, Chairman & CEO – Eastman, January 2022; "Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges." — James Fitterling, Chairman & CEO – Dow, January 2022"

"“Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year.” — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022; “In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022” — Mark Costa, Chairman & CEO – Eastman, January 2022; “Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges.” — James Fitterling, Chairman & CEO – Dow, January 2022"

"So, if GTT continues to do acquisitions and the capital markets remain open, they'll be fine. When the music stops and they actually perform, the value will collapse. The real value of GTT is below the face value of the equity. What my experience has told me is rarely do companies trade that level. So, chances are, it will not be an actionable acquisition. I think they will just turn into what I would call a zombie. So just kind of sit there, probably have a single-digit stock price. No real equity value, negative growth. And they'll just kind of bumble along. I mean, the markets do tolerate that type of business. But when the capital markets do become discerning, then at that point, maybe a distressed situation like a Frontier or a Windstream. And there may be an opportunity there. But usually there's such a convoluted capital structure that outside of bankruptcy, there's no way to actually action a deal. — CEO of one of GTT's top competitors"

"“Until recently: ‘We are not looking at assigning seats right now. We are not talking about assigning seats now, and we’re not talking about looking at it at some time in the future.’” — Southwest Management; “I think things like curtains and things like that are a bit far afield from [who] Southwest Airlines is.” — Southwest Management; “You’re not going to see basic economy from Southwest. That’s not what we do.” — Southwest Management; “Absolutely never” — Southwest Management; “Exiting of competitive hub airports drives questions of long-term competitiveness of Southwest’s dated commercial strategy... [We] are concerned Southwest may need a strategic overhaul...” — Barclays, April 2024; “They put out all this schlock about ‘our passengers are our guests, and you wouldn’t want to charge your guests for their bags,’ but why do you charge for the seats if that’s the case? Give it all away for free.” — Ryanair CEO Michael O’Leary, March 2024"

"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"

"The core business that AtriCure was founded and started on...is the surgical ablation. And that is concomitant with other cardiac surgeries...In the United States alone, there are 300,000 patients that have cardiac surgery. Of those, one-third have Afib. Today, only 25% of those are getting treated. Now, that is a vast improvement though over 10 years ago when 10%. And the reason for that is that we got our device approved through the FDA and PMA. The guidelines changed and we have moved that needle, where we're now treating 20,000 to 25,000 patients per year... Now, it also shows you that there is a big market opportunity on top of that... you get the sense that it's under-penetrated and we've got many years of growth even with the guidelines there. And we are going to bring out new technology to improve the adoption of that from 25%. So hopefully get into 50% and 75% over the coming decade. — Michael Carrel, AtriCure CEO, May 12th, 2020"

""In terms of growth, I would say, growth is reflective of engagement. We don't have a strategy necessarily to grow the e-commerce revenue. We have a strategy to grow the engagement in the marketplace and the customer share of wallet and customer engagement and we're using both channels to do that. So we're not targeting a specific growth rate..." — Allan MacDonald, EVP, Retail. "So literally hundreds of initiatives that we have in motion and have identified can now be placed in an organized structured program for execution and tracking. And of course we are continuing our extensive programs targeting internal and external expense reduction." — Stephen Wetmore, CEO. "even operational efficiency programs that generate 20% and 30% return on invested capital are extremely valuable" — Stephen Wetmore, CEO. "You know where to Steven's opening remarks, we now have hundreds of initiatives identified in size" — Gregory Hicks, President of Retail."