Callouts & quotes from 3,960+ activist slides

""We strongly believe that we are in a great position to establish a first-mover advantage to roll out a product that performs well on a pizza... Nondairy cheese, on the other hand, has relatively few players and is a space we feel we can be successful in." — COO Beckmann, Feb 4, 2021. "We feel very good about swapping cheese, I guess, traditional cheese volume for plant-based cheese volume and the margins are very, very healthy." — CEO, Feb 10, 2022. "Quite frankly, who likes the product? They have a substantial plan for retail and are pushing hard, but I think the sales team is struggling." — Former U.S. Sales Executive, Spruce Point Interview."

"“Thank you, Peter, and good afternoon, everyone. I would like to start off by quickly going through some of our financial results in more detail. Earlier in Q3, we raised our full year 2021 forecasted bookings expectations from $5 million to $15 million. Today, I am happy to announce that as of the end of Q3, our total bookings for the year have already exceeded our increased expectations for the full year ending up at $15.1 million. We believe this is a recognition of the promise our customers see in our platform, and resulted from customers buying more and also earlier than we had expected.” — CFO, IonQ Q3 2021 earnings call on Nov 15, 2021"

""Verint has done a great job getting their house in order, achieving solid growth in a tough IT spending environment. And now they do what I would view as a Picasso-like acquisition." — Daniel Ives (FBR Capital Markets) on KANA acquisition; "The acquisition is expected to create a comprehensive omni-channel cloud VoC portfolio by adding ForeSee's causal modeling, predictive analytics, and benchmarking to Verint's domain expertise in automation and analytics. We view the acquisition's rationale and valuation favorably and believe it adds to VRNT's recent solid fundamental performance." — Shaul Eyal (Oppenheimer & Co.) on ForeSee acquisition"

"Still, the company believes there may be some opportunity to experiment with other price points if done right... Further, while it's Oops $2 and $3 price point experiment did not work, Dollar Tree believes this was more of a function of poor implementation as opposed to it being a flawed concept. — UBS, December 14, 2018; We are tired of hearing the same trite fixes (remodels, operational procedures, inventory balancing) and think investors should be as well...We are simply going to advocate for activist involvement and will work on a list of specific actions with our best estimates around what can be done. — Bernstein – September 4, 2018"

""But I think the big plan at Oatly is that they know that the cycle of life of this product is not forever. That happened with soy and almonds. So they are ready now. They have a product after oat, and that is Quinoa." — Former Oatly Employee Interview. "In 2008 we bought out the R&D unit and took it out of the company and created a new innovation vehicle called Aventure AB... The core of everything, the mothership is Aventure where we create and innovate." — Oatly Founder Bjorn Oste Interview. "Our background is with oats and Oatly, and we strongly believe we can do it again with this unique collaboration, Quiny," — Swebol CEO Olof Böök."

"“I can't believe they're a public traded company. I'm literally dumbfounded that this actually happened... I was paid to lie. I was paid to falsify and exaggerate my pipeline.” — Former XL Employee A; “Even if [potential customers] have no interest, my boss tells me to go into Salesforce and create an opportunity for 100 chassis with hybrid systems in it... You're talking another $1 million or $2 million that goes into the pipeline that's really not there.” — Former XL Employee B; “I was told to [exaggerate my pipeline], but I didn't do it. That was, yes, it wasn't that good for me.” — Former XL Employee C, who was subsequently laid off"

"“In a normal cell, they have a lithium metal-plated anode, and then they have a cathode—but this doesn't have that. With this lithium-lithium symmetric cell testing, they're putting lithium on both sides and passing electricity back and forth. That actually really doesn't tell you too much about the battery.” — Former employee; “A prototype that has two anode layers, that's not enough. That's academic. That still stays at a university, it's not industry.” — Second ex-employee; “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.” — Second ex-employee"

""We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom." — Wellington; "The roles of chair and CEO are substantially different, requiring distinctly different skills and experience. Therefore, LGIM expects the two roles to be separated." — Legal & General; "Harris has an existing guideline that states that we will normally vote in favor of proposals requiring the separation of the Chairman and Chief Executive Officer positions" — Harris Associates."

""We believe that having an independent chair is the preferred structure for board leadership. Having an independent chair avoids the inherent conflict of self-oversight and helps ensure robust debate and diversity of thought in the boardroom." — Wellington; "The roles of chair and CEO are substantially different, requiring distinctly different skills and experience. Therefore, LGIM expects the two roles to be separated." — Legal & General; "Harris has an existing guideline that states that we will normally vote in favor of proposals requiring the separation of the Chairman and Chief Executive Officer positions" — Harris Associates"

"“We are a current customer of their A150 series. We use that for our 5-nanometer wafers. We purchased their tool in 2021, I believe. So, we’ve been using it for a couple of years now, and I’m, as well, familiar with their new A300 series.. We only have one of these that we own, and then we’re leasing two ...In some cases, we buy the machines ourselves, and in other cases, we’re leasing capacity.” — Senior employee at Marvell Technology; “They echoed the same problems that we were seeing. ASML customers were also reporting the same things with Lasertec with respect to the light source.” — Senior employee at Marvell Technology"

"As I have always said, I believe strongly in professional management and appropriate corporate governance. Decisions about who will succeed me as chairman of CBS and Viacom will be made by the Boards of the respective companies, and not by any individual. Despite press reports to the contrary, such decisions have not yet been made. After my death, my ownership interest in the companies will be overseen by a group of seven trustees who will make fiduciary decisions based solely on the best interests of the beneficiaries of the trust. Until that time, I will continue to make all such decisions. — Sumner Redstone, May 7, 2015"

"Please note that going forward we will no longer be providing quarterly Mako results. Since acquiring the company in early 2014, we have provided detailed Mako data for 23 consecutive quarters in order to allow investors to accurately track the performance of this differentiated robotic technology. As we are now six years since the acquisition and nearly five years since the initial launch of the total knee indication, we believe we have validated a strategic rationale and competitive advantage of Mako as witnessed by the roughly 600 basis points of U.S. knee market share that we have gained since 2013. — 2019 Conf Call"

"“For some cynics in Chemicals who have more grey hairs than ourselves, they’ve sat through previous HUN investor days that also felt compelling but ultimately didn’t translate into results. There are a number of (fair) reasons for management to believe that “now is different” (upgraded portfolio, much cleaner balance sheet), but that is the historical challenge the stock is facing: Convincing the incremental buyer that this time is different. We think the setup into 2022-23 could be interesting if we get a few more good results on the board, but execution will be the ultimate determinant.” — Barclays, November 2021"

"For some cynics in Chemicals who have more grey hairs than ourselves, they’ve sat through previous HUN investor days that also felt compelling but ultimately didn’t translate into results. There are a number of (fair) reasons for management to believe that “now is different” (upgraded portfolio, much cleaner balance sheet), but that is the historical challenge the stock is facing: Convincing the incremental buyer that this time is different. We think the setup into 2022-23 could be interesting if we get a few more good results on the board, but execution will be the ultimate determinant. — Barclays, November 2021"

""We remain long-term bullish on MHP (and MCO) but acknowledge that it will be difficult for the shares to outperform near-term given increasing regulatory scrutiny, which has intensified meaningfully since S&P's downgrade of the US" — Piper Jaffray, August 18, 2011. "Negative headlines following S&P's downgrade of the US sovereign rating reignited regulatory fears. Here we believe incremental regulation beyond measures in Dodd-Frank seems unlikely. Also, our price target includes a modest 10% discount [to McGraw-Hill's total sum of the parts enterprise value] for these risks" — Goldman Sachs, August 18, 2011."

"In the Investment Cast Products segment, our principal competitor is Howmet, a subsidiary of Alcoa Inc. Howmet produces superalloy, titanium, stainless steel and aluminum investment castings principally for the aerospace and IGT markets. We believe that Howmet is capable of producing investment castings comparable to all but the largest and most complex of our structural investment castings. We also believe Howmet has the financial and technical resources to produce structural castings as large and complex as those produced by us, should they decide to do so. — Precision Castparts FY 2010-2015 10-K filings"

"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."

""We believe board independence is essential to good corporate governance. In addition to having a board's majority made up of independent members, we generally prefer an independent board chair" — Capital Group. "Northern Trust generally leaves the choice of chairman to the board's discretion... Northern Trust will vote case by case on whether to support shareholder resolutions seeking the separation of chairman and CEO" — Northern Trust. "MFS believes boards should include some form of independent leadership responsible for amplifying the views of independent directors and setting meeting agendas" — MFS."

""The Contact Solutions was a tuck-in acquisition we did earlier in the year. OpinionLab is another company we did in Q4, I believe in November. And you know, our M&A strategy has been since we - the last deal, relatively big deal we did was over three years ago with Kana. Since then our strategy is to do tuck-in acquisitions, basically buy small companies with good products. Those companies typically do not make money, and when we bring the product to our large sales force and large customer base, we have an opportunity over time to scale the business and make it profitable." — Doug Robinson – CFO, Verint"

"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."

"“TSMC will keep a minimal share for Lasertec...KLA is what we call opportunistic...they increased the price...they deal with a hard hand. For the past three years, Intel purchased some tools, maybe two or three from Lasertec. But we believe they want leverage with KLA. We mainly think they purchased Lasertec because they want to give some leverage power to KLA because KLA’s price is even higher... TSMC spent a lot of money on KLA’s particle inspection tools, like SP5, SP7, and SP6. That’s very, very expensive.” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC"

"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"

"…I think all of us would say, over a 10- or 15-year period, Intuit had way more unsatisfying acquisitions than really satisfying ones. We all tried to learn from that, but I don’t think Intuit has core competency in this area. I think the Mailchimp acquisition continues to show that. I don’t believe it's been smooth. I think there's been public references to the fact it hasn't been smooth. But a lot of Mailchimp folks are like, I don’t see it. I’m out. And so I think there's been attrition, and there's been difficulty integrating them into Intuit. — Former VP at Intuit, Tegus, 9/8/23 and 8/24/23"

"The plan provides that targets for 100% achievement should be challenging and ambitious, but also realistic and attainable such that it is possible to achieve and exceed them. The impact of over- or under-achieving targets on the annual incentive can be significant. The company and Board of Directors therefore approach the target setting process with care and consideration. We believe targets are set consistently with the philosophy of the POBS Plus plan that they be challenging and ambitious. In the last five years the average target achievement for named executive officers was 107% — Proxy st"

"The plan provides that targets for 100% achievement should be challenging and ambitious, but also realistic and attainable such that it is possible to achieve and exceed them. The impact of over- or under-achieving targets on the annual incentive can be significant. The company and Board of Directors therefore approach the target setting process with care and consideration. We believe targets are set consistently with the philosophy of the POBS Plus plan that they be challenging and ambitious. In the last five years the average target achievement for named executive officers was 107% — Proxy st"

""Right now I can't believe that this bid is true and I haven't received either from the independent financial review or city staff enough reassurance that I should trust this number," said Councillor Gord Perks. "If they can't deliver on price, we are going to find ourselves two or three years from now with them holding a gun to our heads because we will have laid off our staff, sold our trucks and will be completely dependent on them," he said. "I have particular concerns with this contract because it is so far off the mark that the rest of the marketplace has set." — Councillor Gord Perks"

"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"

""Just in Workforce Now...I would say from a margin perspective since it's leveraging our existing SaaS applications and leveraging our existing auto payback and infrastructure, margins are equivalent or slightly higher than core traditional payroll." — Carlos A. Rodriguez, President, Small Business; "...On the margin side, we are seeing as I think, Gary, mentioned today fewer service calls and I think that would lead one to believe that we would have margin expansion as a result of the RUN product eventually being rolled out fully..." — Campbell B. Langdon, President, Major Account Division"

"Look, we love Amex. We think having a credit card partner is important. It's been a valuable brand awareness and distribution for us. But our business has scaled significantly since 2019. And as we've talked about, the gap between the wholesale and the retail price has widened to a fairly significant level. And we believe it depresses our bookings and EBITDA, obviously benefits our working capital. The wholesale price is so low relative to the $199 retail. Look, we believe the renewal rates at full price would be larger than the percentage discount rate. — Q4 2024 CFO Commentary On AMEX"

"“I could tell you seven surgeons who would be, should be excluded from surgery for life because they're very, very brutal - I mean, they have terrible outcomes. They kill more patients than they save, and they still go on to jump around the country at various hospitals. It happens a lot. She was one of the procurement team surgeons, and I heard specifically about her from this friend who was telling me about the aorta, and he's like, and they hired your favorite person - and I couldn't believe it. Nobody in their right mind would hire her.” — Former executive in a key reimbursement role"

"Land and Buildings believes MGM's high-quality real estate portfolio is substantially undervalued in the public markets. We have been attempting to work collaboratively with MGM management to find an optimal corporate structure for the Company and believe the proposed REIT conversion detailed in the presentation released today will maximize shareholder value while minimizing costs. We are pleased that MGM's CEO and Chairman Jim Murren has said he is open to considering a REIT conversion and has stated that his focus is rightfully on what is best for all shareholders. — Jonathan Litt"

""The validity of assumptions supporting Pershing Square's market valuation of Target and the separate REIT entity" — Management's Commentary. "The reduction in Target's financial flexibility due to the conveyance of valuable assets to the REIT and the large expense obligation created by the proposed lease payments which are subject to annual increase" — Management's Commentary. "The adverse impact that the company believes the proposed structure would have on Target's debt ratings, borrowing costs and liquidity, exacerbated by current market conditions" — Management's Commentary."

"Leadership in Content Security: The growth of social media platforms and the need to secure the user and advertiser generated content on these platforms has led to an explosion in demand for content moderation services. As of June 30, 2021, we had approximately 5,250 front line teammates performing work in Content Security dealing with misinformation, offensive content, and critical policy issues. We believe our revenue CAGR of 157% in this service offering from 2017 to 2020 is evidence that our clients view this offering as critical and differentiated. — TASK IPO Prospectus"

"“Evidence strongly suggests that the time commitment required to be an effective board member... has jumped in recent years.” — ISS 2016 Proxy Policy Update; “We believe the volatility of this situation, including Elliott's push for [Dr.] Kleinfeld to be removed from his position as CEO of Arconic, may further distract from [Dr.] Kleinfeld's board commitments at the Company.” — Glass Lewis, 2017 HPE Proxy Paper; “There isn't a corporate/shareholder event of prestige Klaus often declines so as to put in more hours at the office...” — Cara Goldenberg, Value Walk, May 15, 2016"

""The pros of acquiring RCA are exemplified by its revenue primarily being subscription based, with 90%+ renewal rates (and improving). Additionally, we believe its mid-to-high teens revenue growth has accelerated over the last two years - despite the pandemic and challenges facing the CRE industry" — Barclays Capital, Aug 2, 2021; "We have a strong conviction in our ability to create incremental value from this combination and are raising our long-term target for real state revenue growth to the high-teens from the mid-teens percentage range." — RCA Deal Call, Aug 2, 2021"

"“you would be very unlikely to see us overnight, going and exploding the leverage profile of this business.” — Burford Management; “I think we have you know, at least I have largely been focused on public investors and on rebutting the various,” — Burford CEO; “We are, after all, a firm run by lawyers.” — Burford Management; “The line in our report today was more about the prospect that, you know, in the in the relatively near term, we suspect, well, we believe that one of our existing directors is likely to retire from the board and be replaced.” — Burford Management"

"“We believe this proxy fight boils down to a simple question: Do you trust the judgment of Elliott, a hedge fund without the benefit of full information and with no fiduciary duty to you or to any other Arconic shareholder, or do you trust 12 experienced business executives who have thoroughly reviewed Elliott’s assertions and unanimously support the continued leadership of Mr. Kleinfeld? We encourage you to rely on the judgment of the Arconic Board, which is independent, objective and thoroughly dedicated to the interests of all Arconic shareholders.” — Arconic Board"

"We believe Adjusted EBITDA is useful to management, investors and analysts in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis. These adjustments are intended to exclude items that are not indicative of the ongoing operating performance of the business. Adjusted EBITDA is also used by our management for internal planning purposes, including our consolidated operating budget, and by our Board in setting performance-based compensation targets. — NOVA 2019 10K"

"FTAI's 2023 Module pricing is cited above. Former employees and industry experts we spoke with believe most modules swaps will be for LPTs, followed by fans. Although prices will have come up some from July 2023, they will still be in the low to mid one million range. Fans will be the least expensive. Cores will be the most expensive of the three but are very rare as modules. Prices vary depending on factors such as condition, cycle life remaining, configuration, etc. FTAI's modules tend to be built to 5,000-6,000 or fewer cycles. — Muddy Waters Research"

""The transaction would have been just another [Stryker] tuck-in but we believe the transaction has broader implications for [Stryker] and its plans in spinal robotics." — Analyst Zimmerman, BTIG. "Cardon robotics. So that the elements they were gonna do robotics within that there's, you know, it was a bit of a concept when we acquired it." — Former Stryker Professional Familiar With Cardan. "I can't predict that. Robotics is very difficult to predict, David. I'm just going to take a pass on that." — CEO Lobe In Response To Cardan Availability by NAS 21."

""Pioneer management has delivered [a] text book repositioning of a portfolio previously spread across more than seven countries to become a 100% U.S. focused resource player." — Bank of America Merrill Lynch (October 2, 2012); "We believe that Anadarko has transformed itself from a company with an inferior asset base and questionable capital allocation success into a company with a strong asset base. The company continues to deliver at-or-above expectations and we believe that it can continue to surprise to the upside.." — Lehman Brothers (May 7, 2008)"

""We believe that the market is giving a sizable discount to the value of its cash and investment assets which account for 44% of the current market cap due to poor capital management." — JPMorgan, June 15, 2015; "With the newly created incentive to pay out more of it earnings through dividends, all investors in SEOC [newco] would benefit." — Credit Suisse, January 12, 2015; "If Samsung Group were to restructure into a holding company, our case studies show it would be likely to have positive share price implications." — Deutsche Bank, November 3, 2014"

"Although there is some considerable overlap among analysts as to what might be appropriate adjustments to Funds From Operations that would make it a better measure of dividend paying capacity, NAREIT believes that there is not adequate consensus among preparers and users of the REIT financial statements to allow agreement on a single definition of Funds (Cash) Available for Distribution or AFFO. Further, NAREIT does not believe that there is a single measure of distributable cash that is consistently applicable to all REITs. — NAREIT 2002 White Paper"

"The discretionary components of our business, which are the most affected by general economic conditions, have been challenged by cautious consumer spending on big ticket items like swimming pools and outdoor living projects resulting in sales of building materials declining 11% for the year compared to the same period in 2023. We now believe that new pool units could be down 15% to 20% in 2024, and remodeling activity for 2024 may be down as much as 15% compared to our previous estimate of flat to down 10% compared to 2023. — Pool Corp Press Release"

"“... Oasis believes Kao can become a competitive global player and emulate the success of companies such as Beiersdorf and L'Oréal... Through a committed focus on personal care and cosmetics, Oasis believes Kao can become a competitive global player and emulate the success of companies such as Beiersdorf and L'Oreal. Kao needs a leadership that can articulate an ambitious growth strategy built on a cohesive overseas growth plan focused on a core set of brands and backed by a credible marketing, branding and distribution strategy.” — Oasis Management"

""We also believe the rationale for consolidation in coatings remains strong (US peers commented on the need for large scale M&A at GS Basic Materials Conference earlier in May)." — Goldman Sachs research, 6/4/18; "...[we] continue to note that with the coatings industry at the cusp of another round of global consolidation, Akzo is the key strategic asset." — Deutsche Bank research, 4/24/18; "The global coatings sector is consolidating and AXTA could be an acquisition candidate, which could be an upside risk to the shares." — Citi research, 4/19/18"

""In that meeting, Mr. Bodner reiterated his position that he believed there is no incremental value that could be generated from separating CES and CIS, that Verint's customers do not want to transition to the cloud, and that Verint had no intention to pursue a cloud-centric strategy for CES." — Neuberger Berman Proxy Filing; "As we've discussed [on] prior calls, enterprise customers have been interested in a move to the cloud and what we've seen lately is that they've accelerated the cloud adoption and cloud purchases." — Dan Bodner – CEO, Verint"

""Given that the poison pill and unilateral bylaw amendments adopted by the Depomed board materially impact shareholder rights, shareholders should provide consent FOR the special meeting requests." — ISS, September 26, 2015; "[i]n this case, [Glass Lewis] believe[s] it would be in the best interests of [Depomed] shareholders to consent to the calling of the Removal and Bylaw Amendments Special Meeting and the Election Special Meeting so that the merits of the underlying issues can be more carefully evaluated." — Glass Lewis, September 28, 2015"

"“I think Twist took a lot of share in the beginning because of the fact that the market wasn't well-supported by IDT or Agilent. So, it's very easy to gain traction in the beginning. Nowadays, it's much harder to gain traction...so, it's much more competitive. There was an exponential curve of customer acquisition that I don't believe is continuing. if you look at their number of customers and you plot it on a graph, you could probably see a good plateau of NGS-specific customers within the last year.” — Former employee now at a key competitor"

"But more and more expanding into primary care is a big part of the strategy. And it's really encouraging what we're seeing. I believe it's better for patients, better for physicians, better for payers to bring Zio upstream earlier in the kind of the care pathway for patients. And it feels like everyone is supporting that...So cardiologists and electrophysiologists, which are generally the clinical champion when an account is initially opened, they are supporting this move up to primary care. — iRhythm CEO Blackford at BAML Conference, 5/13/25"

"It is important to note that, to our knowledge, this data is known to very few market participants: it is designed for and provided primarily to the health care industry. Our understanding is that it is known to few, if any, sell-side brokerage firms. It is also priced to a corporate end market and, as such, is likely too expensive for all but the largest of buy-side firms. We believe that the market is generally blind to this data, and that prices of Penumbra shares must adjust to reflect this powerful, credible, and compelling information."

""...the presence of an activist investor suggests that shareholder friendly capital allocation focus could persist...Activist investor Starboard Value reported acquiring an 8.4% stake in Huntsman on September 28, 2021 and shortly thereafter publicly shared slides noting, among other things, "We believe there is a meaningful opportunity for margin improvement." As such, we think operational efficiency potential or portfolio management announcements are likely to remain top of mind over the near-to-medium term." — Morgan Stanley, November 2021"

"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. Our business model have been optimized, our engineering teams are fully ready, and our worldwide campus production capacity and efficiency are now second to none. — CEO Charles Liang, Q1 2023 Conference Call"

"Even if the market simply applies its existing 15.4x EV/EBITDA multiple to our more realistic view of Adj. EBITDA and adopts our calculation of net debt, the stock could have 30% downside. However, with Verint not growing organically, we value VRNT on the basis of a forward-year EV/EBITDA multiple, but on trailing Adj. EBITDA. With faster-growing and higher-quality industry peers trading at 10-11x forward-year EBITDA multiple, we believe that VRNT should trade at 8-10x forward EBITDA, implying a share price of $17-25 for 60-70% downside."

""When we first embarked on our highest and best use strategy, our priority was to seek as many land-use entitlements for commercial and residential development in our region as possible. This continues to be one of our core competencies, and we now have land-use entitlements totaling over 31,000 residential units and approximately 11.6 million square feet of commercial space. Our opportunities are significant, and we believe that by taking measured risks, we will be able to extract meaningful value." — St. Joe 2010 Letter to Shareholders"

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

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

"“two companies a week were coming in with the same designs and talking to me about the same things.” — Unnamed new space CEO. “[Apollo Fusion] is a company that has made claim 1 and failed, made claim 2 and failed, and is now building something that everyone else has been building forever.” — Unnamed expert. “I’ve long believed that there has been an amazing opportunity to provide communications satellites, essentially an internet in the sky, with the opportunity to provide internet anywhere and everywhere, fulfilling” — Craig McCaw."

""We have conducted on the ground due diligence in China and believe that Ballard's Chinese growth ambitions are likely to fail from weak partnerships with Broad Ocean and Synergy." — Spruce Point; "Our Q3 results and full-year outlook have been adversely impacted primarily by recent headwinds in the China fuel cell market... These challenges resulted in slower than expected stock sales by the Synergy-Ballard JV, and a resulting buildup of inventory and working capital pressures." — R. Randall MacEwen - CEO, Ballard Power Systems"

"“CSIM believes that the board is typically best positioned to determine its leadership structure. Therefore, CSIM will typically not support proposals requiring the separation of these roles unless certain circumstances are in place.” — Charles Schwab Investment Management. “We will generally vote for proposals looking to separate the CEO and Chairman roles unless the company has governance structures in place that can satisfactorily counterbalance a combined chairman and CEO/ president post.” — JP Morgan Asset Management."