Callouts & quotes from 1,069+ activist slides

"“And then thinking about the big deals you did last year and now with Almost Family, are you expecting any -- I don't want to say issues or integration issues with billing and collections? Will it take a little bit of time?” — Kevin Ellich – Craig-Hallum Capital Group; “No. We actually feel really good about that. There's -- I'll take Almost Family since it's the most current and pressing and the largest. They have a, as you would imagine being a public company, they had a very robust and sophisticated billing and collections back office support system in Louisville and although over time, we'll be able to kind of take the best of both worlds and make some enhancements, that is still running like clockwork like it was it before April 1, so don't really envision any hiccups there at all.” — Joshua Proffitt – CFO & Treasurer, LHCG"

"Internally, it was also difficult for us to keep up, and we were super-users, and we were the ones that were actually requesting features for the software. I think we never reached a good balance between implementing new features because they were needed to improve the capability of the software and the machine but also keeping the system stable enough that a simple update doesn't affect the major functionality. — Former BLI employee; And then there's software issues. It's not transparent. So, as they need their process to be more and more workflow-based, there's no transparency into why things go wrong. So, it's not uncommon that something just happens that's completely unexpected based on what you've told the instrument to do; something unexpected has happened, and it's some sort of a software issue. — Former BLI scientist"

""Current ratings reflect support provided by the U.S. Treasury Department under the Senior Preferred Stock Purchase Agreements (PSPAs) and Fitch's view of the GSEs' policy role in the U.S. housing market. The PSPAs require the U.S. Treasury to inject funds if either GSE's net worth drops below zero, up to the agreement limits. As of 3Q24, aggregate availability under the PSPAs exceeded $250 billion, with the housing GSEs' combined net worth at $147 billion, currently indicating strong U.S. government backing. Fitch expects the incoming Trump administration to potentially explore options for taking the GSEs out of conservatorship. If the GSEs were to exit conservatorship while maintaining the PSPAs or similar support, their ratings could remain aligned with the U.S. sovereign rating." — Fitch Ratings, 1/8/25 (emphasis added)"

""Current ratings reflect support provided by the U.S. Treasury Department under the Senior Preferred Stock Purchase Agreements (PSPAs) and Fitch's view of the GSEs' policy role in the U.S. housing market. The PSPAs require the U.S. Treasury to inject funds if either GSE's net worth drops below zero, up to the agreement limits. As of 3Q24, aggregate availability under the PSPAs exceeded $250 billion, with the housing GSEs' combined net worth at $147 billion, currently indicating strong U.S. government backing. Fitch expects the incoming Trump administration to potentially explore options for taking the GSEs out of conservatorship. If the GSEs were to exit conservatorship while maintaining the PSPAs or similar support, their ratings could remain aligned with the U.S. sovereign rating." — Fitch Ratings, 1/8/25 (emphasis added)"

""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"

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

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

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

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

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

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

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

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

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

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

"“On the other part of the question Q3, Q4, traditionally, seasonality, Q3 is always larger than Q4, and that’s how the plan rolls out in the back half of this year. Q3 is again our seasonally highest quarter, traditionally our highest quarter, and it is higher this year as it has been in all the past years.” — CEO Bemis, Q2 2018, July 2018; “Typically, our cash flow is much stronger in the second half, and we’ll -- we typically have higher earnings in the second half, so there’s some seasonality there. We expect there’ll be some working capital improvements, as we’ve seen in the first half, that will continue to flow in the second. So look, generally speaking, that’s the normal trend we see. And that’s what we expect for the second half, more around seasonality.” — Amcor CFO, H1 Earnings, Feb 11, 2020"

""Invesco's size, scale and global focus results in few natural peers on the London Stock Exchange. A US listing will improve visibility and direct comparability with a more appropriate peer group of large, global investment management companies." — Invesco CEO; "The Proposal will align the place of listing with the majority of the Group's business activities. Currently over 70% of the Group's sales, operating profit and net assets are in the US. The Board considers there to be a potentially larger pool of investors in the US than in the UK who are more familiar with the Group's business model....In addition, the Board expects that the new parent company would benefit from its primary listing being amongst a more appropriate public company peer group." — Signet Group Press Release (July 10, 2008)"

"Essentially, the way that Twist was able to elbow its way into the market compared to other competitors like IDT or GenScript is they came in operating at a loss, offered the DNA at half the price, expecting that their technology would improve over time and enable them to make a profit. But if you want to enter a market, you either have to offer something that is differentiated, or you have to offer something at a lower price. In the case of synthetic DNA, there is not a very good way to differentiate the product. The sequence is the sequence. It's hard to say we offer a better-quality DNA product because the quality is the sequence, and if you meet the specs—is it clear what I'm trying to say? — Former Twist manager in a manufacturing role, previously and currently employed by key competitors"

"“I also got a sense this wasn't a role that he was expecting and that he's very busy on a lot of other things he's doing. A lot of other things, and I don't know how much attention - I mean obviously he's spending a lot of time on Nevro - but I think there are other people who are running the ship largely and that's sort of the sense I got from these people on the leadership team” — Former Nevro executive; “I don't think he has an appreciation for what motivates the spinal cord stimulator customer...I know for a fact, on the inside, Grossman has said he's scratching his head over why the stock has done what it's done.” — Longtime C-level executive in the space; “It's that they were losing market share, and they didn't know how to explain it away.” — Longtime C-level executive in the space"

"“Distributorship sales were generally accomplished by high-pressure sales methods applied at golden opportunity meetings and on golden opportunity tours (GO-Tours). The opportunity meetings were carefully contrived and scripted to create a highly-charged emotional atmosphere in which prospects were persuaded that Koscot offered a fantastic opportunity to ‘achieve financial success beyond [their] greatest expectations’ (CX 11, p. 1). Koscot was presented as an opportunity for ‘ordinary men and women’ to earn from $5,000 to $20,000 a month (CX 15, p. 13; CX 11, p. 5; CPF 70, 76, 82). Scripts were generally followed, but even the exaggerated figures that they contained would sometimes be further exaggerated by overly enthusiastic distributors (CPF 71-72).” — In Koscot, 86 F.T.C. at 1136-37"

""And then can you talk a little bit more about the profitability in your clean energy business and with PWRcell? ... And just how should we think of it more on like a 2 to 3-year basis as you continue to ramp?" — Roth Analyst. "Yes. Ross, it's York. So yes, making very good progress on gross margin optimization... we do expect to ramp up our gross margins to somewhere in the mid-30% range... maybe hitting double digits there by the end of the year for EBITDA margins." — CFO York, Q4 2020. "Today, clean energy, just thinking storage, that is a profitable business today. We haven't quoted exactly what margin profile is. It's profitable today. But over time, over the next call it, few years, that will also grow into that mid- to high teens EBITDA margins as well." — CFO York, Q3 2021."

""We will start with a solid-state vehicle, a show car for testing, going into homologation at the earliest in 2028 and maybe have the first press announced in 2026. Physically and as far as life cycle, it's not possible to talk about this technology earlier. It's connected with so many other things and long-term contracts...So, realistically speaking, there's nothing before 2030." — VW employee; "We don't expect to utilize solid-state batteries for the mass market before 2030. Maybe there are some small series in premium cars. We still have a roughly 5 to 8-year road ahead of us. So for the next five years, certainly not, because for the next five years, everything is basically already set with established suppliers and with current cells and cell technology." — VW employee"

""Sportradar is dependent on acquiring sports rights, which represents a high fixed cost of the business. Although the upfront commitment does not guarantee cash flow, and the investment can underperform leading to impairment (for example the recent €38 million impairment of sports rights licenses for the NBA and NFL due to slower than expected development of US sports betting)" — Moody's (October 30, 2020). "The two ratings opinions also provide a partial glimpse into Sportradar's financials. Among them, the company has experienced a $42 million "impairment" of its NBA contract, according to Fitch. That likely means Sportradar has had to write down a portion of its NBA deal to account for being unable to monetize basketball data as expected." — Sportico (October 14, 2020)."

""The amount of FCF should continue to rise in the next two years, in spite of rising capex. As a result, we expect share repurchases/cancellations to recur every year, in addition to rising cash dividends." — Macquarie, July 28, 2016; "One way of unlocking this value could be a holding and operating company separation..." — Morgan Stanley, July 2, 2016; "However, given very modest or even negative market expectations, we see significant rerating upside potential if the company implements better shareholder returns, either proactively or pushed by minority shareholders." — Citi, October 27, 2015; "We believe SEC's significant non-operating asset value should become clear through proactive shareholder returns and the group restructuring process." — Barclays, October 7, 2015"

"“On the Olapic side, we are adjusting our expectations downward to account for the delay in revenue recognition from project deployments that was not previously considered in our guidance...So as a purchaser of SaaS technologies, when you deal with the sales forces as in a work days, once you sign, they are getting their revenue right away, even though as you are putting your development resources against integrating that product. If you look at the Olapic business, and with them being in startup mode, their contracts currently do not have the clause in there where their revenue starts clicking right away, so you're basically deferred up until when the client actually deploys usually on their e-commerce site and that can take 120 days.” — Scott Landers (July 28th, 2017)"

"So cost of the truck. So, one, our OEM and partners are going to decide that. But the way to think about it is there's minimal kind of new hardware components in there, right? And the driver parts, the things that you would think of as the expensive parts, are part of that Hardware as a Service. So, they're on the Aurora side of this, and our customers will pay us for that over time on a per mile basis. So, the base truck, we expect to be roughly in line with what it costs to buy a truck today. And I would expect that our partners, again over time, as this becomes more broadly adopted, there's an opportunity to depopulate some of the content in the truck and create an even better offering from our OEM partners to their customers. — Chris Urmson, Aurora Innovation CEO"

"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"

"We have historically realized income, rather than expense, from these plans. We generated aggregate income from our U.S. and U.K. plans of $44.4 million in 2017, $27.5 million in 2016 and $8.2 million in 2015. The plans have been generating income due to their funded status and since they do not allow for new plan participants or additional benefit accruals. The effects of the defined benefit pension plans on our operating results consist primarily of the net effect of the interest cost on plan obligations for the U.S. Plans and the U.K. Plan, and the expected return on plan assets. We estimate that the defined benefit pension plans will contribute annual pre-tax income in 2018 of $32.4 million for the U.S. Plans and $41.4 million for the U.K. Plan. — XPO 10-K"

""Our ending inventory balance was $205 million, in line with our expectations and up from $81 million a year ago. The difference is primarily a combination of 3 things. First, as we said last quarter, we continue to build back our inventory levels through fiscal '24 to support strong consumer demand. Second, approximately $28 million of the increase is the result of taking ownership of inventory from China when it ships versus when it enters our distribution center here in the U.S. Lastly, our consolidated results include Naturium for the first time, which added approximately $25 million of inventory. We believe we have the appropriate levels of inventory across the business to service our customers and support the demand we're seeing." — Mandy Fields, ELF CFO"

""Health Care is 3M’s most attractive business. Long-run organic growth, operating profit, capital intensity, and cyclicality are all better than the RemainCo." — Bernstein (September 2022); "Of 3M’s legacy portfolio, Health Care represented the largest and historically most profitable business within 3M given its highly defendable market positions" — William Blair (July 2022); "The planned Health Care spin-off, expected late 2023/early 2024, should unlock value... The Health Care spin-off will not have the litigation overhang currently facing 3M." — Bank of America (July 2023); "The Health Care spin may create value in the long run by ensuring that a decent chunk of MMM’s earnings are not subject to the liability question marks." — Barclays (July 2022)"

"Finally, in late June 1993, Clearly Canadian's CFO, defendant Horton, allegedly assured analysts that sales for the quarter ending in June would be in line with expectations of five-and-a-half to six million cases, when in fact, as of the end of May, Horton allegedly knew quarterly sales had been just over 3 million cases. Plaintiffs argue Horton had no reasonable basis for assuming the company would meet his prediction. SAC ¶ 96. When Clearly Canadian finally announced its earnings for the quarter ending in June, they turned out to be lower than some analysts had predicted. Following this announcement on July 19, the last day of the purported class period, Clearly Canadian's stock dropped to $6 per share. — In Re Clearly Canadian Securities Litigation"

""And then thinking about Spine, we expect to continue to post growth in that space. And we think some of the enabling technology investments we’ve made will continue to pay dividends and on top of, obviously, the K2M acquisition, which has opened up more of the portfolio for new product developments, we do think that we have good confidence in our performance in the quarters to come and well into '22 and beyond." — Spencer Stiles, Group President Ortho and Spine, BofA Conf, May 11, 2021; "So in terms of underlying growth, I mean, we don’t break out guidance in terms of as we think about spine. But we do expect that market and that business to continue to accelerate as the recovery happens in the back half of the year" — CEO Lobo, Q2 2021 Conf Call."

""Then just the last question -- the Dealer margin is obviously doing terrific now that you've lapped the Kerridge. Can you give us a sense, as you look out over the next few years, what's sort of the margin potential of this business? Does it remain substantially above the levels you've been reporting in the last couple of quarters?" — Gary Bisbee, Lehman Brothers; "Yes. Again, the business model there is no different than Employer Services. Again, sans acquisitions or significant investments, we would expect the core Dealer business to improve its margins 0.5 point a year as a way to think about it. So there are clearly 2 or 3 more points of margin improvement available in the Dealer market over a planning horizon." — Gary Butler, ADP, Former CEO"

""We want a Hall of Fame guy. I think the specs are pretty obvious...you want someone who's an absolute proven leader, somebody who's run a major business, somebody who in the past has not only demonstrated their ability to control thoughts and innovate, but someone that can build revenue. You'd like to find somebody that has both retail, and what I'll call, BSD experience. And our expectations are...we're going to find a superior CEO to come in and take the company to the next level." — Neil Austrian. "We find the hire to be very surprising and we believe the market will as well. In recent meetings with Mr. Austrian, we came away believing he was not interested and not a candidate for the full time position." — Deutsche Bank report, May 23, 2011"

"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."

"“While QC Ware has designed novel practical quantum algorithms and software for enterprise implementation, IonQ has built unique hardware with quantum gates of high enough quality to run these algorithms.” — QCWare quote in IonQ press release; “No, the accuracy is around 70% or so for the ones that we are observing.” — Executive of a key IonQ partner; “I know that the team and a lot of people have publicly said we’re not entirely happy with the IonQ results that we get when we run through Amazon Braket... that was the sentiment from different customers, let me just say different financial customers that I talked to, that maybe the machine that’s on Braket is not getting what they were expecting.” — Executive of a key IonQ partner, QCWare"

""I think one of the things that's really encouraging to us as we continue to get closer to these partners of ours is just learning about their prescribing patterns. I think what we're learning is most of these folks expect this to be a repeat monitoring sort of opportunity into the future where whether they're retesting every single year, their patient population to try to stay ahead of the asymptomatic population that is just completely unaware and avoid those catastrophic downstream events or they're signing up new patients who are coming in all the time. There's going to be a continuous repeat sort of prescribing pattern with these innovative channel partners that excites us." — iRhythm CEO Blackford on Q2 2025 Earnings Call, 7/31/25"

"We are in the process of implementing a new enterprise resource planning (ERP) system for our Regulated Water business segment that enhances our business and financial processes and standardizes some of our information technology systems with our other segments. In connection with this new ERP implementation, we have updated our internal controls over financial reporting, as necessary, to accommodate modifications in our Regulated Water business processes and accounting procedures. The next phase of the ERP implementation will address the Regulated Water business segment's customer information system, which includes customer billing, and is expected to go live in the second half of 2023. — Essential Utilities, Inc. 2022 Q1 10-Q filing"

""RiverTown is situated on approximately 4,170 acres located in St. Johns County south of Jacksonville along the St. Johns River. With parks and public meeting places, RiverTown is being planned for 4,500 housing units and 500,000 square feet of commercial space. RiverTown will have seven unique neighborhoods interwoven with community and retail areas by a series of bike paths and walkways, with all roads leading to the community’s centerpiece, the St. Johns river. RiverTown will offer homebuyers a wide variety of price points and lifestyles, appealing to several different target markets, including primary and secondary home buyers. Construction of RiverTown started in 2006 and sales are expected to begin in 2007." — 2006 10-K, page 8"

""We believe the question of whether Kao accelerates growth for beauty care and cosmetics in FY2025 is very important for achieving FY2025 guidance and the medium-term business plan" — J.P. Morgan. "The health & beauty care business did not perform as well as we were expecting, due partly to the booking of costs associated with business revamps and higher marketing outlays. The cosmetics business also continued to struggle." — Daiwa. "Growth strategies for health & beauty care and cosmetics look a bit underwhelming based on 4Q results and FY12/25 sales guidance" — SMBC. "[Hasebe] noted that cosmetics are a high-margin business and that the company would work towards a 15-20% OPM in the business without providing a timeframe" — CLSA."

"“Time Warner’s advanced broadband delivery systems are expected to provide an important distribution platform for America Online’s interactive services, which is expected to result in incremental subscriber growth.” — Company filings. “AOL is positioned and likely to become the leading provider of broadband Internet access.” — FTC Docket No. C-3989 (2000). “increase AOL/TWX’s ability to exercise unilateral market power.” — FTC Docket No. C-3989 (2000). “partnerships with other high-speed providers like DSL were made more difficult because people assumed AOL was in the cable camp. So instead of accelerating AOL’s broadband push, [the Merger] slowed it.” — Steve Case, It’s Time to Take it Apart, Washington Post, December 11, 2005."

"“We are downgrading our rating on Alcoa to Neutral from Overweight as we believe the market will be disappointed with both the strategic direction from the new CEO, [Dr.] Klaus Kleinfeld, and the company’s near term earnings due to higher than expected input costs.” — J.P. Morgan, 6/10/08; “Throughout his speech, [Dr.] Kleinfeld kept emphasizing that Alcoa’s integrated structure is a key strength, not just for Alcoa but for the industry as a whole.” — Platts Metals Week Article, 9/15/08; “The Alcoa advantage raises the question that I have heard from many of you and I think that we more and more often have good answers to it raises the question of what gives you Alcoa the right to own that business?” — Dr. Kleinfeld, 11/10/2010"

""we're in discussions with Fidelity about doing maybe an extension with the lease, where it can be a lot more marketable and a lot more valuable to us on a sale basis." — Albright (Q4 2023 earnings call); "But to answer your question, we're waiting to find out how Fidelity wants to utilize it for the long term. And we're just kind of waiting on them..." — CTO Management (Q3 2024); "They came in on Wednesday, told us we had jobs, then turned around on Friday and fired us...it was disappointing. They said they were ‘going in a different direction,’ but they never explained why." — Ashley Collins; "This was a 70-hour-a-week job that required constant presence...how do you expect to replicate that from a distance?" — Ashley Collins"

"With respect to the Restructuring line item in particular, the Company believes its exclusion from the Company's calculation of Adjusted Gross Profit and Adjusted EBITDA is appropriate and not misleading because (i) it adjusts for expense items that are unusual, non-recurring, and in some cases non-cash operating expenses, (ii) the expenses reflected in the Restructuring line item have not been incurred at scale in the past and are not reasonably expected to be incurred at scale in the next two years and thereafter and (iii) the expenses reflected in the Restructuring line item are separate and distinct from the normal recurring cash expenses the Company expects to incur as a public company. — SEC Correspondence, April 6, 2021"

"I would say that many of my patients are on Facebook groups and so on...they've been excited for it...they've been wanting to start it as soon as it was released...but people positioned like me are probably prescribing it, but with some question about how successful it's going to be — Endocrinologist #6. The failure of the clinical trial and then the extension that had the signal, of course, I'm familiar with that...I agree that it's marginal...there is definitely some pressure and expectation from families — Endocrinologist #6. It's a very unique situation in the PWS community because Miller is a destination for these families... there's other interventions that are not evidence-based that she promotes — Endocrinologist #6."

""Our guidance reflects the Company's current view of the business," said Jay Rembolt, WD-40 Company's vice president and chief financial officer. "The revenue softness we experienced in the first quarter was primarily driven by the timing of customer orders and we expect that sales activity will shift into later quarters. We remain comfortable with our current guidance range and are reiterating it today." — Jay Rembolt; "Though these results may look disappointing, they no way reflect a trend. In fact, we see lots of opportunities for growth as we continue to maximize the product line through geographic expansion, increased market penetration and premiumization of the blue and yellow can with a little red top". — CEO Ridge"

"Moving to our guidance for the first quarter of 2018. We expect revenues to be in the range of $28 million to $31 million. We expect non-GAAP adjusted operating income to be in the range of minus 2% of revenues to 3% of revenues. These numbers assume no impact of deferred value of issued warrants in the first quarter of 2018. The calculation of warrants per value is based on the combined effect of estimation of future revenues from Amazon, future Kornit share price in an unknown date, Kornit future stock volatility as well as other variables that currently cannot be predicted. Since we are not able to predict these variables, we'll assume the warrants impact at 0 value for guidance purposes. — CFO on Q4'17 Investor Call"

""Yes. I think the expectations are similar. Economics, as has been articulated, again, if the 5-year contracts auto renew, which a lot of our organizations have indicated they will just allow them to auto renew, auto renewals are under the same terms that we have. So what I would tell you is we're saying similar. And the reason we're using the term similar is in the discussions we're having with organizations, there may be discussions about other things, resources, do they need more -- another additional system in their institution helping them to drive savings and things of that nature, but the core economics around the GPO relationship are not changing as a result of these renewals." — Craig McKasson, CFO, Premier"

"“We are very focused on bending our cost down again in 2024.” — CFO Tammy Romo (April 2023); “We've got a lot of opportunity to now go work on bringing out inefficiencies...” — CEO Bob Jordan (June 2023); “As we look ahead to next year, we are absolutely committed to driving our unit cost down.” — CFO Tammy Romo (July 2023); “Our [FY'24] CASMx guidance of a 6% to 7% increase year-over-year is also essentially driven by labor and maintenance cost pressures...” — CFO Tammy Romo (Jan. 2024); “[We expect] our full year CASM-X to increase in the range of 7% to 8% year-over-year, elevated from our previous full year CASM-X guidance due to lower capacity plans in the second half of the year.” — CFO Tammy Romo (April 2024)"

"“We are very focused on bending our cost down again in 2024.” — CFO Tammy Romo (April 2023); “We've got a lot of opportunity to now go work on bringing out inefficiencies...” — CEO Bob Jordan (June 2023); “As we look ahead to next year, we are absolutely committed to driving our unit cost down.” — CFO Tammy Romo (July 2023); “Our [FY'24] CASMx guidance of a 6% to 7% increase year-over-year is also essentially driven by labor and maintenance cost pressures...” — CFO Tammy Romo (Jan 2024); “[We expect] our full year CASM-X to increase in the range of 7% to 8% year-over-year, elevated from our previous full year CASM-X guidance due to lower capacity plans in the second half of the year.” — CFO Tammy Romo (April 2024)"

"“We are very focused on bending our cost down again in 2024.” — CFO Tammy Romo (April 2023); “We've got a lot of opportunity to now go work on bringing out inefficiencies...” — CEO Bob Jordan (June 2023); “As we look ahead to next year, we are absolutely committed to driving our unit cost down.” — CFO Tammy Romo (July 2023); “Our [FY'24] CASMx guidance of a 6% to 7% increase year-over-year is also essentially driven by labor and maintenance cost pressures...” — CFO Tammy Romo (Jan 2024); “[We expect] our full year CASM-X to increase in the range of 7% to 8% year-over-year, elevated from our previous full year CASM-X guidance due to lower capacity plans in the second half of the year.” — CFO Tammy Romo (April 2024)"

""In terms of profit margin, it’s got to be one of the lowest. There’s a lot of competition in the market, and over time, people expect the price to drop and drop, so we keep dropping it. Relative to other types of more sophisticated services, we cannot charge a lot of money for that. We cannot say we are truly differentiated in gene synthesis. That’s not something that is conventional to say...I don’t think for gene synthesis, and I think we have gone past that time point where we can say that. So, I think going forward; it will probably continue to be a commodity. Just banking on the one service to make all of the profit is not a successful strategy at this point." — Executive at Genscript, key Twist competitor"

""No other home security company is a significant cash tax payer. Importantly, we expect to be very efficient from a cash tax rate perspective. That's going to be driven by two things. First, we expect that we're going to inherit between $1 billion and $1.2 billion NOL at the time of the spin. In addition to that, we have the opportunity to accelerate certain deductions that will allow us to minimize that cash tax rate for a period of time beyond fully utilizing that initial NOL that we inherit... Overall, we expect our cash tax rate will be driven by federal AMC taxes, state taxes and Canadian income and withholding taxes resulting in an overall cash tax rate of between 6% and 8%." — Kathryn A. Mikells, 9/18/12"

"“This seems to be very, very logical with this medication. But you're exactly right. This is a generally obese patient population, and if they don't have diabetes already, they're certainly at high risk to become diabetic. They have a limited life expectancy to begin with. But they are, as a general rule, at least high risk to develop diabetes with a drug that's known to cause your blood sugars to go up...Yeah, it's a real risk with this group... your child is already at high risk to become diabetic. It's probably only going to go up with this medication. That probably means that eventually you're going to be on diabetes medicines and the like.” — Endocrinologist in TX, private practice with 5 PWS patients"

"I'm sorry. The breakdown within EUV-related systems is not disclosed. — Lasertec CEO (Aug 5, 2022, Jefferies analyst Q&A); I hope you understand that we do not disclose information by product type, such as the destination of each product. — Lasertec CEO (Jan 31, 2023, CLSA analyst Q&A); In that sense, although we do not disclose the ratio between ACTIS and MATRICS, I think investment overall will...recover... — Lasertec CEO (Jan 31, 2024, CLSA analyst Q&A); Yes, unfortunately we do not disclose the ratio between High-NA and conventional ACTIS, but we have continued to receive orders for High-NA ACTIS this fiscal year, and we expect more orders to come in... — Lasertec CEO (Apr 30, 2024, CLSA analyst Q&A)"

""We didn't get much exposure to internal audit... I don't seem to recall any instances where, you know, there was a specific internal auditor engagement..." — Source D. "I didn't have too many interactions with them. And how should I say, I mean, they are not like the, you would expect the internal audit team to be a bit independent, right? And have some strength in auditing various businesses, etc. And my view was not that they were very independent and strong..." — Source G. "I'd never worked with them. Actually, they would have a team of, I think back in my day, two people sitting in that are logging Federal Audit, the two people sitting in Poland... but we didn't have much involvement." — Source C."

""We are encouraged by the initiation of the Fair M&A Study Group and the broad array of comments submitted by engaged market participants. As a result, we expect increased transparency into fair value opinions, increased independence of third-party [special] committees, and improved prices in transactions - all resulting in fairer M&A transactions for minority shareholders. We thank and commend the committee members for their efforts on this important issue," Fisher said. "I think the new guidelines have made a considerable advance from the current situation. Just like the old MBO guidelines, the new guidelines, though not binding, will be well respected in Japan's M&A practice," said Meti's Sakamoto."

"Integration, compensation and transaction costs are substantial. The costs to implement the Transaction are substantial and include estimated integration costs of US$150 million, approximately US$65 million of compensation costs and approximately US$125 million of transaction costs(excluding GST). Both integration and transaction cash costs are expected to be broadly offset by savings in capital expenditure and working capital over a similar time period (refer to Sections 10.3.2 and 10.3.3 of this report). A significant portion of transaction costs (US$45 million) will be incurred by Amcor (stand-alone) regardless of whether the Transaction is implemented. — Amcor Scheme Booklet, March 13, 2019"

"waiting for the Army to announce, and they finally have, so now we can announce. And we expect growth in all of the USG sectors as well. NATO has been waiting patiently for this announcement, again, because if the US has invested all of this money to go through an entire five-year down select process, they're going to start adopting what has been approved by the Army because all the research development has been paid for and all the evaluations have been completed by them...we have several very, very large opportunities right now in NATO that have patiently been waiting for this announcement...a few of those programs that could eclipse the SRR program in size and dollars. — Red Cat Management"

""We expect China to eventually be $100 million revenue, so we will gain the leverage there." — CEO Ridge, Q1 2016; "Today, the China market is our third largest market for WD-40 in the world." — CEO Ridge, 2018 Shareholder Meeting; "We made an investment in China 14 years ago to open our own subsidiary there. China is now the second largest market in the world for our blue and yellow can with the little red top. We anticipate we'll continue to see double-digit growth in China going forward." — CEO Ridge, Q4 2019; "In China, net sales in U.S. dollars decreased to $2.3 million in the first quarter, down 23% compared to last year due to the timing of customer orders." — CEO Ridge, Q1 2020"