Callouts & quotes from 2,092+ activist slides

"Exiting Thermal Coal Producers - Thermal coal is significantly carbon intensive, becoming less and less economically viable, and highly exposed to regulation because of its environmental impacts. With the acceleration of the global energy transition, we do not believe that the long-term economic or investment rationale justifies continued investment in this sector. As a result, we are in the process of removing from our discretionary active investment portfolios the public securities (both debt and equity) of companies that generate more than 25% of their revenues from thermal coal production, which we aim to accomplish by the middle of 2020 — BlackRock, Sustainability as BlackRock's New Standard for Investing, 2020 Letter to Clients"

""While GSE revenues and earnings are significantly higher now vs pre-GFC levels driven by much higher guarantee fees and meaningfully larger guarantee portfolios, required minimum capital levels have increased far more meaningfully, resulting in a sharp decline in run-rate ROEs. We believe that the only realistic way to solve for this is to remove the stability buffer and take the minimum capital level back to 2.5%. The other alternative is to increase guarantee fees, but we estimate that the increases would have to be in the 20-25 bp range (from the current 65 bp level), which is likely to be politically unacceptable since it would increase mortgage rates by an equivalent amount." — Keefe, Bruyette & Woods (emphasis added), 1/5/2025"

"“Quinn, this is Michael. Although the company's strategy is that we don't really care in which market segment how we time it and how we time it in related to growing our MPS revenues, so these -- we actually -- in opposite, we don't want to -- we want to get associated with -- are we tied to Xbox, we tied to whatever the game console have, like game platforms, and the Intel, when they're going to release the -- into production of whatever the processor is. These are just our opportunity and that we only want to ensure our gross margin and a steady growth. And our customers phasing whatever the -- whichever the product is, we don't count that. And it's all within a plus/minus 6, 7 months, as I said earlier.” — CEO Hsing (Q1 2017)"

"In November, we rolled out a trial plan, whereby the qualified agencies are provided with a different level of additional cash incentives if they reach certain growth targets. Although such incentives will likely cause cost in revenue to continue to fluctuate in the future, we believe it will better motivate the agencies and individual broadcasters to invest and grow their business within our ecosystem, which in turn will grow ours. — CFO Johnathan Zhang Q4 2017 Earnings Call; We scaled back the revenue oriented operating efforts around the quarterly competition event. Therefore, cost on bonus or rewards offered to broadcasters during the tournament, was significantly reduced. — Momo CFO Jonathan Zhang on Q1 2018 Earnings Call"

"“A common question for new employees joining XL is, ‘why couldn’t the OEMs do it themselves?’ And the answer is it’s a small enough market that the amount of resources they’d have to deploy would be too large relative to the payoff. This runs contrary to the $1.4 billion in [projected] sales, which is significant enough that OEMs would love that incremental revenue… You would either have to acquire a lot of customers to get there or get existing customers to pay more. But there’s no way to get all these universities and cities to pay more than they are. And it’s very difficult to get a Fortune 500 company to get in on XL when you could go all in on a Tesla, a Rivian, something that’s much more proven.” — Former XL Employee D"

""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"

"“We have a huge engineering talent in India. And if we were bringing all of that talent to the U.S., instead of spending 17% of our revenues in engineering, we’ll be spending 42%. So, you realize it's significant engineering muscle, as I call it, that we have built.” — Philippe Courtot, Former CEO of Qualys, May 2020 Cowen Technology & Media Conference; “We're going to transition their engineering teams... we're going to put those engineers in our international locations where our average cost of engineer is less than $50,000 a year... Most of our engineering talent is located in Eastern Europe, where we can get great talent.” — Kevin Thompson, Former CEO of SolarWinds, December 2019 Solar Winds Analyst Day"

"Gross profit is our net product sales plus service revenue less cost of product sales and services. Our cost of product sales consists primarily of costs of raw goods, finished goods packaging materials, manufacturing, shipping and handling costs and costs associated with our warehouses and distribution network. Cost of services are comprised of all service and product costs related to providing veterinary services, including but not limited to, salaries of veterinarians, technicians and other clinic based personnel, facilities rent, occupancy costs, supply costs, depreciation and amortization of clinic assets, certain marketing and promotional expenses and costs of goods sold. — PETQ: FY18 10-K"

""Buffalo Wild Wings senior management is taking the company down a path of no return. They recently “compressed” 50 home office and field employees in an effort to reduce costs…The firing of four dozen key employees may have slightly improved the bottom line for one quarter but did nothing to address the real issues still in play: Lack of menu innovation which has driven customers elsewhere. Inferior POS support which has cost Franchisees and corporate operators hundreds of thousands of dollars in lost revenue. No technology innovation in a changing climate where competition is cutting edge. No plan to effectively market to millennials" — Comment submitted to www.winningatwildwings.com, 4/17/17"

"“The backend of it is the fermentation and scale-up. I think that Ginkgo has no real differentiating technology when it comes to that... They try a bunch of strains and hope that one of them scales. That's the foundry in a nutshell.” — Ex-Ginkgo executive; “Every synthetic biology company that's ever started has tried to make vanilla and a few other marquee ingredients, but they don't have meaningful revenue, or those products were never commercialized.” — Ex-Ginkgo executive; “But it's really the market doesn't want what Ginkgo's able to make. I think it's as simple as that... I think there's a problem with the business model and what they have focused on historically.” — Ex-Ginkgo executive"

""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"

"CFO Allais: "And while we're not providing 2022 guidance here, we currently expect OpenSlate to contribute between $15 million and $18 million of revenue in 2022." — OpenSlate Nov 2021; Barclays Analyst: "And then like M&A for you is more tuck-in, it's not like -- there's nothing transformational you can do there?" — Barclays Conf. Dec 2022; CEO Zagorski: "I just don't think we need to do transformational right now. We've got so much core growth to do right now. It sounds like how do we make it go faster." — Barclays Conf. Dec 2022; CFO Allais: "And I think that accelerates organic growth and just kind of continues our opportunity for what we are looking for." — Barclays Conf. Dec 2022"

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

""So RFID is a -- today is low single-digit percent of the overall portfolio in terms of revenue. But we're excited about the combination -- actually with the combination of RFID and locationing solutions. As a combined business, we think, it can grow in the mid-teens here for the near future." — CFO Winters, JPMorgan Conf. May 23, 2022. "We're the global leader in enterprise mobile computing. We're the global leader in industrial printing. We're the global leader in data capture or scanning. We're the global leader in RFID reading. And that matters to our customers because they want to do business with the leader in the industry." — CEO Burns, Innovation Day May 14, 2024."

"I would like to touch on the management fee reduction we announced in December. First of all, the Erie Indemnity Company Board of Directors sees the management fee as a tool to balance the interest of the shareholders, of the Erie Indemnity Company with the policyholders of the exchange. Keep in mind the exchange assumes 94.5% of the total underwriting risk and is the only corporate customer of the Erie Indemnity Company. Given the strong revenues and earnings growth of the Erie Indemnity Company and the underwriting loses we are experiencing at the exchange, the Board opted this past December to reduce the management fee from 25 to 24. — Jeffrey Ludrof, Former President"

""I wanted to ask about competition... And I'm just wondering if you see any risk of pressure on pricing, whether subscription rates or payments rates?" — CIBC Analyst, Feb 2021. "In all transparency, I think we've never had a better model. So we don't feel pressure from competitors... and we do not feel any pressure right now on pricing for many of our competitors?" — President JP Chauvet, Feb 2021. "We are bundling more and more Payments with our software and our core offering." — President JP Chauvet, Nov 2020. "Along with the discounts that we offer to new customers to join and to adopt new tools. That's obviously -- has an impact on revenue." — CFO Nussey, Aug 2020."

""And so first of all, on the subscription model, these contracts are relatively short-term. They're not pure evergreen, but they're generally 1 to 2 years. So they roll over pretty frequently, and that's actually helpful to us in terms of some of the accounting issues." — CEO on Itiviti. "Over 90% of the group's revenue is derived from software subscriptions (recurring revenue base). These typically auto-renew, but often do not exceed 12 months (except for the connectivity segment), exposing the group to the risk of nonrenewal on an annual basis, while notice periods can be as short as one month in the network segment." — Moody's Credit Analyst Opinion, April 9, 2021."

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

""It's really about the platform. The fact that we built a platform where we can acquire users in over 150 countries... we can acquire users in between, at about seven cents per registered user on a blended basis." — Omar Khan; "Why don't we take ads? I think the format of ads on mobile phones is not mature yet. Furthermore, there is a fundamental conflict between our safety service, by its very nature, and the advertising model." — Yu Lin; "I am pleased to report that we again achieved record revenues in the second quarter of 2013... We are now not only generating security subscription revenues but significant gaming and advertising revenues as well." — Dr. Henry Lin"

""From then on, we believe that after this has been worked through, the market is going to grow with around 6.8% on average and we're going to grow as you saw by our gains in the marketplace or by our market share gains, we got to grow above that." — Dr. Klaus Kleinfeld, February 8, 2017; "On Engineered Products and Solutions, we expect the revenues to be up low single digits driven by share gains of new aero platforms..." — Dr. Klaus Kleinfeld, January 31, 2017; "I want to show you and demonstrate how we can gain market share with those innovative products and how we can grow with those products..." — Karl Tragl, Group President – EPS at Arconic, December 14, 2016"

"Real estate, for Gilles, is an external revenue stream...So the final objective was to have state of the art facilities owned by him and rented back usually a bit over-averagely [sic] and combined with our leasing prices back to the business unit... And then usually, Eurofins acquires both [the real estate and operating business] and then internally sends back and forth invoicing and transactions to shift them... — Source B. These evaluations, valuations of real estate, usually are below market... experience has shown that Gilles usually got his way with a slightly lower—when I say slightly lower, anywhere between 5 and 10% below market valuation... — Source B."

""So we are committed to reaccelerating the bookings growth in the coming year, reaccelerate revenue growth in FY '20." — CFO Dylan Smith, Q4 FY2018 Earnings Call; "...ultimately, recommitting to the $1 billion in revenue for the full year of FY '22 and reaccelerating revenue growth next year and beyond." — CEO Aaron Levie, Q2 FY2019 Earnings Call; "So we're still very focused on that reacceleration. This is the entirety of our strategy right now...So the focus right now is entirely on that reacceleration to achieve that target of $1 billion in revenue in FY '22. And so that's where we're putting all of our energy." — CEO Aaron Levie, Q4 FY2019 Earnings Call"

"“They actually paid someone to do a deal with them, and Peter Chapman was saying that if you have to spend a lot of money to get a deal, that’s fine with me, I just want the signing. I found that reprehensible, and that was Peter Chapman and his buddy at GE, [name redacted]. It was GE. They paid GE so that they could do a research project with them and make an announcement. So, they didn’t pay for revenue; they paid for an announcement or a collaboration. I would say it was $100k or less. It wasn’t that much money, but in my years in quantum, I have never ever seen anybody pay to do a deal, never. I view that as a new low.” — Former senior employee of IonQ"

"“There were certain revenue expectations that the company had, that Ginkgo had for [key related party name redacted], and a certain timeline to achieve those. ... there was real pressure to produce, to do work in the Ginkgo foundry to produce revenue in their foundry that would have no real value for [key related party name redacted]. It was sort of make work because there was an expectation that that work needed to be done. Like I balked at that, basically, and was like, I can't do that. I'm not working for Ginkgo; it's not in the best interest. We have to take two steps back and think this through. I kind of got axed for that.” — Former Ginkgo employee"

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

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

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

"“Basically, Nevro lost all of that revenue from docs that came on their initial wave. All of them are done with Nevro. They won’t even listen to them. Their number-one complaint was lack of efficacy. Patients just weren't getting the pain relief that they were promised or presented in the RCT. Number two was the size of their device. They really had a lot of problems with the bulkiness and the size of it. And three, the lack of MRI compatibility. They were running into MRI centers not willing to do MRIs even though they had the full-body MRI label for the percutaneous systems, and it just got to be too much of a headache.” — Medtronic regional manager"

""That's a purchase of software or an infrastructure and hardware that powers their sportsbook, but that sportsbook doesn't power their entire sportsbook. Betway Africa is powered by their own proprietary software and uses a third party to power this engine.. You would think that if you had an investment like that it would power your entire global sportsbook, but your biggest market or your biggest revenue generator for your sportsbook is powered by its own software and is using a third party, Sportradar, to power it, to provide the pricing. It doesn't quite seem like they've acquired something." — Former Sportsbook Director at Betway Group"

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

""This morning, Dexcom management presented and hosted a Q&A break-out session at the J.P. Morgan Healthcare Conference. In the break-out session, CFO Quentin Blackford provided incremental color on the company's outlook for 2019, specifically that guidance contemplates $20-25M in revenue headwinds per quarter from the transition from the DME to the pharmacy channel, similar to the ~$20M headwind that the company saw impact sales in 4Q18. This accounts for a ~10% top-line headwind and implies that underlying volume guidance is +25-30%, versus the +15-20% overall revenue guidance issued ($1.175-1.225B)." — JP Morgan Research Note (1/4/19)"

""International is an area we made important progress during this quarter." — CEO Dudum on Q2 2021 Earnings Call; "In Q3, we expect Honest Health and Apostrophe to generate between $4 million to $5 million in revenue." — CFO Lee on Q2 2021 Earnings Call; "Its early days for Honest Health and Apostrophe and their businesses are in a fairly similar place, where we were a couple of years ago." — CFO Lee on Q2 2021 Earnings Call; "As we indicated on our previous earnings call, the quarter-over-quarter decrease in gross margin was primarily driven by lower margin revenue from Apostrophe and Honest Health." — CFO Lee on Q3 2021 Earnings Call"

""...we’re not at all surprised that value-oriented investors have taken a significant stake... with Box spending ~41% of revenue on sales and marketing (higher than most SaaS peers in the ~30% range), we think a shift towards margin expansion could provide an avenue for unlocking shareholder value." — Raymond James, September 2019; "Margin profile is unfit for BOX’s current growth rate. With S&M at north of 40% of revenue, we should be seeing a greater impact in revenue and billings acceleration. Gross margin also continues to decline, coming in at 71.3% this quarter, in comparison to 72.3% last quarter." — Craig-Hallum, August 2019"

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

"“…we’re not at all surprised that value-oriented investors have taken a significant stake…with Box spending ~41% of revenue on sales and marketing (higher than most SaaS peers in the ~30% range), we think a shift towards margin expansion could provide an avenue for unlocking shareholder value.” — Raymond James, September 2019; “Margin profile is unfit for BOX’s current growth rate. With S&M at north of 40% of revenue, we should be seeing a greater impact in revenue and billings acceleration. Gross margin also continues to decline, coming in at 71.3% this quarter, in comparison to 72.3% last quarter.” — Craig-Hallum, August 2019"

""The decrease in revenues for the nine months ended October 2, 2020, as compared to the nine months ended September 27, 2019, was primarily attributable to approximately $96 million related to timing of program execution due to COVID-19, a $73 million impact from the sale of our health staff augmentation business in the third quarter of fiscal 2019 and the completion of certain contracts. This was partially offset by a net increase in volumes on certain programs, program wins and a $23 million impact from our acquisition of IMX Medical Management Services, Inc. ("IMX") in the third quarter of fiscal 2019" — Q3 2020 10-Q p.34"

"“fraudulent revenue recognition practices” such as “pull in” sales by offering “undisclosed concessions...to order products earlier than wanted or needed so Magnachip would hit revenue targets”; 2) “recognizing revenue on ‘sales’ of non-existent or unfinished products...falsified books and records”; 3) “manipulated gross margin...delayed scrapping obsolete inventory by several months or years...inflated its gross margin...records did not accurately reflect inventory values...made improper entries...to increase the inventory value when no manufacturing process had occurred.” — SEC complaint against Magnachip Semiconductor"

"Both Resideo and Snap One share a strong culture of innovation and employee bases dedicated to supporting their integrators and driving value in the markets where they operate. We see significant benefits for integrators in the combined businesses with a wider selection of third-party and proprietary products, access and enhancements to support services and rapid product fulfillment through a comprehensive branch footprint and strong digital capabilities. All of this creates an attractive financial profile that we expect to be accretive to revenue growth, margins and non-GAAP EPS for Resideo. — CEO Deal Call April 2024"

""In terms of the business -- or driver of business today, can you just give a rough split of end markets and just kind of how you see those key drivers? I'm more thinking that retail used to be closer to 40% of revenue and transportation and logistics, (sic: 2025). But just how do you kind of size that e-commerce is a larger contributor to the business?" — MS Analyst, Morgan Stanley Conference March 5, 2024. "So if you look today, we consider e-commerce as part of our retail vertical market, which is about 30%, down from the 40% you mentioned, just with the decrease in the company over the last year." — CFO Response."

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

"Our Regulated Natural Gas segment is affected by the cost of natural gas, which is passed through to customers using a purchased gas adjustment clause and includes commodity price, transportation and storage costs. These costs are reflected in the consolidated statement of operations and comprehensive income as purchased gas expenses. Therefore, fluctuations in the cost of purchased gas impact operating revenues on dollar-for-dollar basis but does not impact gross margin. Purchased gas increased by $159,287 or 103.4% due to an increase in the price of natural gas in 2021 as compared to the prior year — 2021 10-K"

""We are targeting approximately $20 million of revenue synergies or just under 10% of 2020 revenues by 2025. Those synergies coupled with Itiviti's own strong momentum should sustain strong, high-single digit growth for years to come." — CEO Gokey, Itiviti M&A Call, March 29, 2021. "Last, Itiviti is delivering clear financial benefits. Fiscal '22 revenues came in ahead of our acquisition case at $256 million, and we exceeded our earnings target. We've actioned almost $10 million in synergies, including $3 million of revenue synergies and $6 million on the cost side." — CEO Gokey, Q4 2022 Conf Call, Aug 12, 2022."

"From a revenue perspective, core FFO was negatively impacted by the write-off of $500,000 of straight-line rent receivables related to nonperforming tenants, the vast majority of which was associated with The Hall at Ashford Lane. While The Hall was open and operating at quarter end, we were proactive in shifting to cash-based revenue recognition during the second quarter in consideration of their ongoing challenges. The straight-line rent receivable write-off does not impact our AFFO results, given that we've always adjusted for noncash straight-line rent in our AFFO reconciliation — CTO Q2 2023 earnings call."

"“...if growth has been decelerating dramatically while Box spent like a drunken sailor, we wonder how Box can improve margins while stabilizing growth, given the low gross margins and low sales efficiency” — D.A. Davidson, November 2019; “The company’s revenue performance has been nothing to celebrate this year. ~11% revenue growth in FY’21, while almost the entirety of the software space is parading the past year as the year of digital transformation acceleration, has left BOX shares at a standstill and is head-scratching as the pandemic should logically be a major tailwind for BOX” — Craig-Hallum, March 2021"

""Because CAR-T is a personalized therapy, the launch of the product is likely to be limited by (a) the medical centers which can administer the therapy and (b) the complex manufacturing process...we would expect initial revenues in the hundreds of millions, not the billions." — Morgan Stanley, August 2017. "Now both KISQALI and KYMRIAH have had slower starts, but we remain confident that with KISQALI, over time, we can build this into a blockbuster medicine...and with KYMRIAH...we feel confident...we can drive KYMRIAH's growth well into the future." — Vasant Narasimhan, CEO of Novartis, Q4 2018 Earnings Call."

"Our goal at ______ is really to transform healthcare, as I said, and to reduce administrative cost and to increase clinical efficiency. We believe, we are well positioned with leadership in each of our divisions. Today ______ is the leading provider of integrated claims management services to payers and revenue cycle management services to providers. We are also at ______ the leading provider of practice management and now electronic health record software and services for the provider community. And at ______ we are the leader in providing consumers and providers with healthcare information and education."

"Our goal at WebMD is really to transform healthcare, as I said, and to reduce administrative cost and to increase clinical efficiency. We believe, we are well positioned with leadership in each of our divisions. Today WebMD is the leading provider of integrated claims management services to payers and revenue cycle management services to providers. We are also at WebMD the leading provider of practice management and now electronic health record software and services for the provider community. And at WebMD we are the leader in providing consumers and providers with healthcare information and education."

"This morning, Dexcom management presented and hosted a Q&A break-out session at the J.P. Morgan Healthcare Conference. In the break-out session, CFO Quentin Blackford provided incremental color on the company's outlook for 2019, specifically that guidance contemplates $20-25M in revenue headwinds per quarter from the transition from the DME to the pharmacy channel, similar to the ~$20M headwind that the company saw impact sales in 4Q18. This accounts for a ~10% top-line headwind and implies that underlying volume guidance is +25-30%, versus the +15-20% overall revenue guidance issued ($1.175-1.225B)."

""We’re in the very lucky situation that in our seven target market we have everywhere opportunity to grow…from concrete to roofing to waterproofing, great opportunities." — Sika (May 2018); "So we have a market growth rate that is a little – still growing but a little softer than this year. So if we see a stronger construction market, that clearly would be a positive." — GCP (November 2018); "SBM's revenue was down 11% year-over-year. Our project-based Building Envelope business was down 12% as growth in EMEA was more than offset by declines in North America and Asia Pacific." — GCP (November 2019)"

"Mercury is building a C4I rugged server business. Mercury highlighted how its acquisition of Germane benefits from its FY18 acquisition of Themis, which the company views as a platform to build upon. The two entities have complementary rugger server portfolios and cover much of the C4I market with an expected ~$100 mn in revenue. Near-term, the Germane acquisition is dilutive to company-wide profitability but Mercury should achieve cost synergies after integrating the units and believes the combined entity will reach the midpoint of MRCY's adjusted EBITDA margin target in 2020 — JPMorgan July 2018"

"It is kind of a sham transaction, and that announcement was—for me, that bordered on bullshit—when they tripled revenue expectations because it was like, look, you just signed this deal yesterday. So, now you’re tripling your revenue. I didn’t feel that it was strategically the message they really wanted to send for the company because it puts them under pressure to have increasing amounts of revenue in a market that’s still very nascent. I felt that it was a stupid move because they’re setting expectations that the revenue is going to really grow and ramp, and it’s not. — Former executive of IonQ"

"Revenue Sharing. Tuition (less any Tuition Waivers as permitted under Section 2(c)) will be collected by Illinois for all Degree Courses and Degree Programs, and shall be shared with Coursera in the percentages set forth below. i. iMBA Degree Program. Contingent on the Roadmap being completed as set forth in Attachment C, tuition revenue share for the iMBA Degree Program will be [redacted] to Illinois and [redacted] to Coursera from Degree Launch through Spring Semester 2018; and 60% to Illinois and 40% to Coursera beginning Summer 2018, and continuing for the duration of the iMBA Degree Program."

"We believe that total organic revenue is an important measure because it excludes the impact of the following items: foreign currency exchange rate fluctuations, acquisitions and divestitures, and fuel surcharges. Specifically, our total organic revenue reflects adjustments to (i) exclude revenue from our North American truckload unit, which was sold in October 2016, (ii) exclude the estimated revenue attributable to fuel, and (iii) apply a constant foreign exchange rate to both periods (based on average rates during the monthly periods). — XPO Proxy Statement, Annex A, filed April 18, 2018"

""But we've been able to branch out and the demand, I think, on the retail side has really been energizing for all of us, whether it be CVS or Walgreens or Walmart or GMC, Bed Bath & Beyond, Vitamin Shoppe. I mean there's just an incredible demand for the products and those retailers are coming to us with an energy that I think is very rare." — CEO Dudum on Q4 2021 Earnings Call; "As we have previously communicated, we expect revenue growth in our wholesale channel to moderate as we now have a presence in the majority of top retailers across the country." — CEO Dudum on Q4 2022 Earnings Call"

""...because when OEM's get into this space, which they are trying to, and they'll be very efficient if they want to just be aggressive with that to strike away these turnkey providers on larger key accounts and then just have the cake for themselves. It's going to hurt revenues unless companies like Limbach pivot towards owning any IP" — Industry Expert. "...I mean I think the service business, obviously -- these are very sophisticated systems. So think of it as, the more sophisticated the system, the more aptitude there is for the OEM to do the service work" — Trane Technologies executive."

"Disruption in supplies of coal produced by third parties could impair our ability to fill customers' orders, increase our costs or reduce revenues earned through our Trading and Logistics business. Furthermore, we purchase a substantial portion of this coal from one source. Disruption in our supply of purchased coal could impair our ability to fill our customers' orders or require us to pay higher prices to obtain the required coal from other sources. Any increase in the prices we pay for purchased coal could increase our costs and therefore lower our earning — Pre-IPO S-1 Filing, May 2017"

"Approximately half of the revenue increase for 2021 is coming from acquisitions, and approximately half of the revenue increase comes from organic growth in fiscal year 2021. — ROAD Guidance (2021). Our fiscal year-over-year revenue growth of 16% consisted of approximately one-third organic growth and two-thirds acquisitive growth. — ROAD Actual (2021). This also assumes on the top line a 50-50 split between organic and acquisitive revenue. — ROAD Guidance (2024). The mix of our total revenue growth for the year was 7% organic revenue and 10% from recent acquisitions. — ROAD Actual (2024)."

"“And on MAKO, I appreciate that you're not going to be breaking out sales. Can you tell us how you'll be accounting for MAKO sales moving forward?” — Analyst Bernstein, Q4 2013 Conf Call. “The capital and any related service will be in our other line along with sports medicine, bone cement and the other products in that.” — IR Owen, Q4 2013 Conf Call. “But keep in mind, (other ortho) includes bone cement, it includes revenue associated with the robots installed and it includes revenue associated with the upgrades, and as well as some revenue associated with SPS.” — CEO Lobo, Q1 2017 Call."

""Based in Los Angeles, Vubiquity is a provider of premium content services and technology solutions, which upon closing, we expect will contribute annualized revenue of approximately $100 million for Amdocs." — Eli Gelman, President and CEO, Amdocs; "During Q1, to support our digital strategy, we acquired projekt202... the revenue contribution for the quarter was immaterial." — Tamar Rapaport-Dagim, CFO, Amdocs; "And in terms of the numbers, [UXP is] less material. So, that's why we didn't refer to it. It's relatively a small company at this stage..." — Tamar Rapaport-Dagim, CFO, Amdocs."