Callouts & quotes from 1,069+ activist slides

""In the first quarter of 2020, we adopted, using the modified retrospective approach, amended accounting guidance that required credit losses on financial instruments, including trade receivables, to be measured based on an expected credit loss model instead of the incurred loss model. The expected credit loss model requires us to consider forward-looking information to estimate our allowance for credit losses. Our adoption of this guidance did not have a material impact on our financial position, results of operations or cash flows." — 2020 10-Q, p. 6"

""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)"

""Stryker is reducing gross margin expectations. We're now 18 months into COVID maybe two years. Why do you think is the reason it's taken so long for them to admit some of the supply chain challenges?" — Spruce Point Question. "So what's been happening here is just indicative of the larger ecosystem in terms of all the supply chain challenges that are ongoing... I think that's now playing catch up where, it's just been hard for Stryker to keep up with the level of issues going on with their supply base." — Former Stryker Supply Chain Professional."

"...a GROUP OF 25-30 PEOPLE came into your restaurant unannounced. Your employees WELCOMED US WITH A SMILE, and we were seated quickly. Our main server was Terrence. He was PHENOMENAL. He was CHEERFUL, FRIENDLY AND EXTREMELY HELPFUL, and our service was fast and FLAWLESS. Our boys are 14, and we were in town for a SOCCER TOURNAMENT. Your servers ENGAGED with them and handled our table with ease. YOUR TEAM EXCEEDED MY EXPECTATIONS of large unannounced groups in restaurants. Thank you so much. KEEP DOING WHAT YOU ARE DOING. — Anonymous Guest Comment"

"“...Looking at our pipeline, we are seeing stronger demand for 6-figure enterprise deals, and we expect to see solid year-over-year growth in our large deal counts in the third quarter.....” “...we are seeing healthy pipeline and do expect to deliver solid growth in terms of those 6-figure deal counts in the third quarter and really seeing that strength across all of the categories of deals that we talk about...we have been able to drive much more predictable kind of forecasts and pipeline management.” — CFO Dylan Smith, Q2 FY2021 Earnings Call"

"“Given current market trends, we expect that the demand environment will continue to be cyclical and that competitive dynamics will continue to pressure our CSG business.” — Dell Q2 2019FY 10Q. “There is a risk that Dell Technologies’ competitors may provide products that are less costly, perform better or include additional features that are not available with Dell Technologies’ products.” — Dell Q2 2019FY 10Q. “It's a tough market. It's a challenging market. It's a cyclical market.” — Dell CFO comments, Deutsche Bank Conference Sept, 2016."

""In Asia, so it accounts for $90 million of our $200 million export business... So big, big ideas, big, big expectations for China in the future." — CEO Farrell, CAG NY Conference, Feb 2019; "This should be in that Tier 4 that hasn't even been implemented yet when anything and everything from China could be impacted. So no impact on tariffs right now.." — CFO Dierker, FLAWLESS Call, March 2019; "So Waterpik has been hit with a 25% tariff... it's 25% upcharge on everything that comes from China..." — CEO Farrell, CAG NY Conference, Feb 2019"

"The biggest controversy from last night's Disney F4Q 2022 earnings call was management guidance that FY 2023 segment EBIT would grow in the high single digits vs. consensus growth of +25% and our own estimate of +34%. Rarely have we ever been so incorrect in our forecasting of Disney profits. Given the company's confidence that Parks trends appear resilient, it appears that the culprit for the massive earnings downgrade is much higher than expected DTC losses and significant declines at Linear networks. — MoffettNathanson, November 9, 2022"

"So, yeah, this business has grown double-digit, 10% for the last couple of years... it's safe to say, we expect 4% growth sustainable going forward year after year. — CEO Waterpik Deal Call 7/7/2017; The Waterpik business was growing rapidly prior to, to our acquisition. And what we said that we -- we see this business can grow high single digits for the foreseeable future — DB Conf June 2019; So first Waterpik... in 2018 we delivered 22% growth. Year-to-date '19, we are running at about the same rate in excess of 20%. — DB Conf June 2019"

""The Company’s loss reserve committees estimate expected loss to be paid for all contracts by reviewing analyses that consider various scenarios with corresponding probabilities assigned to them. Depending upon the nature of the risk, the Company’s view of the potential size of any loss and the information available to the Company, that analysis may be based upon individually developed cash flow models, internal credit rating assessments, sector-driven loss severity assumptions and/or judgmental assessments" — AGO 10-K, February 23, 2018"

""Quintis has not amended its profit guidance for 2016-17 because it had not factored any Galderma sales into its expectations, and its contract with the Swiss group did not specify any fixed volume. The company is predicting 2016-17 sandalwood product sales in the range of $45 million to $55 million for the full financial year, up from $29.9 million, it said at its half-year results in February and reiterated in March. Also, "cash EBITDA" will increase by at least 25 per cent on 2015-16, it has stated." — The Australian Financial Review"

"“Yes, so I would say certainly, we have been pretty disappointed in a few different cases around the top line expectations that we've set out, as a lot of this evolution that we've been talking about has either taken longer than we originally expected, or we've seen kind of signs of it working really well, when we like hoped, but a lot less consistent globally in certain spots, which has been a drag on the overall growth... We expect revenue growth at that stage to be in the 12% to 18% range.” — CFO Dylan Smith, BoxWorks, October 2019"

"In China and in emerging markets the level of corporate governance may vary significantly between companies. Corporate governance is important as it provides mechanisms whereby outside investors can protect themselves against expropriation by insiders. Corporate governance can impact on the risks that outside investors may face in respect of any expropriation of assets. These factors together with the size and other market frictions may warrant an adjustment to the cash flow expectations and/or an — Dr. Mardsen, University of Auckland"

"... the reagents revenue is tracking with our expected annuity at around $60,000 to $80,000 per box. ... So once the system is contracted commercially, we have a three-month to four-month lag and then we have that consumable churning on — Steve Reichling. ....we continue to see an annuity stream in the range of $45,000 to $65,000 per instrument with U.S. customers at the upper end of the range and EMEA pulling down the overall average. ...Our target for the time from contract signature to go live is four to nine months. — Larry Mehren"

""The latest portfolio restructuring announcement this morning reflects the last in a series of value-creating divestitures which have been consistent with our stated strategy of focusing on a differentiated portfolio...I expect this new company to generate revenue growth at a rate well in excess of global GDP and average EBITDA margins approaching 15%. We will be a strong vibrant $9 billion differentiated chemical company with tens of thousands of different products and formulations." — Peter Huntsman, President & CEO, February 2007"

"We are short Goosehead Insurance (Nasdaq: GSHD) for three key reasons: (1) our analysis shows that, contrary to management’s claims, the failure rate of their first-year franchisees topped 67% in 2021 and we expect that number to increase again in 2022; (2) GSHD’s reliance on the housing market is much greater than management lets on; and (3) we calculate that the CEO and other pre-IPO investors have taken more than $900 million off the table while the company has only generated $23.4 million in cumulative net income since the IPO."

"Other sales and revenues, which includes gains on the sales of loans we originate, GAP waiver coverage and sales commissions on VSCs and totaled $33.4 million and $13.0 million during the years ended December 31, 2017 , respectively. We expect other sales and revenues to increase with retail units sold and as we improve our ability to offer attractive financing solutions and ancillary products to our customers. Other sales and revenues are 100% gross margin products for which gross profit equals revenue. — CVNA FY 17 10-K, Pg. 54"

"“Let’s say 15 large pharmaceutical companies that have commercial products, and let’s say another 30 to 40 companies who are enlisted clinical development and are planning to go commercial in the next five years. I think those are the only other companies that would probably want to invest in something like this because they are going commercial; when you’re going commercial, you’re expecting a lot of funding, but then you’re also expecting to reinvest some of that money in your next-generation pipeline.” — Takeda lead scientist"

""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"

"“I would say that's almost certainly the case. It certainly was the case when I worked there. We built 300 cells a day, and a few of them were okay to test.” — Former employee; “QS-0 is intended to have a continuous flow, high automation line capable of building over 100,000 engineering cell samples per year. We expect to secure a long-term lease for a second building with approximately two hundred thousand square feet in the second half of this year and for QS-0 to be producing cells by 2023.” — Letter to Shareholders, 2/16/21"

"That is very concerning. We use this drug to make blood sugars go up...we're the biggest referral center for hyperinsulinism in little babies...we also talked about it being a little surprising because we weren't expecting this to be the type of drug that would be used in this condition...people seem to say, okay, we'll see...certainly at the meeting, I didn't go to any specific talks about this, but no one talked about it. I don't think it was a big enough topic to make the headlines. — PWS endocrinologist #2 (CHOP)"

""TCO reported a solid start to the year, with a number of key metrics accelerating sharply..." — KeyBanc; "We noticed comp center measures, including NOI and sales per sq. ft. did exceedingly well..." — Bank of America Merrill Lynch; "Overall we would characterize this evening's earnings report as better than expected for TCO..." — Evercore ISI; "Despite retail headwinds, [1]Q18 tenant sales per square foot grew 12.4% y-o-y..." — Jefferies; "TCO reported results ahead of expectations with strong SS NOI..." — Boenning"

"“we may not realize the anticipated synergies” — Xerox 2017 10-K. “we may be unable to eliminate duplicative costs” — Xerox 2017 10-K. “[c]ombining the business of Xerox and Fuji Xerox may be more difficult, costly or time-consuming than expected” — Xerox 2017 10-K. “we may incur substantial expenses in connection with the integration of our business and Fuji Xerox's business” — Xerox 2017 10-K. “the integration of Xerox and Fuji Xerox following the Closing will present significant challenges” — Xerox 2017 10-K."

""The one issue that people bring up is the fact that the fidelities on the machine that's on Braket are not great or not exceptional; I mean, they could be better. It was one of these companies that we work with, it's a finance company, but I don't feel comfortable sharing their name. Very large company. They said the qubit fidelity was not on par, was essentially not what they expected, and I think they were referring to the fact that it is below the Honeywell machine." — Executive of a key IonQ partner, QCWare"

""In terms of margins, the accounting change really accounts for the shift that you're seeing. So we have not revised up or revised down our expectations" — DuPont Management. "...Safety and Protection margin [targets] that you show are 21% to 23% which is what they were 18 months ago. But you now exclude your pension cost...[which was] more than 500 basis points." — Jeff Zeakauskas, JP Morgan. "...You're right, Jeff. The margin is lower between 400 and 500 basis points from that standpoint" — DuPont Management."

""The basic message is clear--long-term interest rates are expected to rise gradually over the next few years... The forecasts in chart 4 imply a total increase of between 200 and 300 basis points in long-term yields between now and 2017." — Ben Bernanke; "I'm certainly comfortable in this rate environment being floating...I'm not sure that you are going to see much growth in interest rates. A ten-year treasury is at 1.64." — HMA CFO; "The bond market is a bit of a disaster right now," — Prudential Fixed Income."

"“In terms of margins, the accounting change really accounts for the shift that you're seeing. So we have not revised up or revised down our expectations” — DuPont Management. “...Safety and Protection margin [targets] that you show are 21% to 23% which is what they were 18 months ago. But you now exclude your pension cost...[which was] more than 500 basis points.” — Jeff Zekauskas, JP Morgan. “...You're right, Jeff. The margin is lower between 400 and 500 basis points from that standpoint” — DuPont Management."

"“On Slide 25, you can see the evolution of our ion trap and the vacuum chamber. In 2016, this is a vacuum chamber found today in many academic settings. The 2020 device is our new 32 qubit system, and about the size of a deck of cards...But by 2023, we expect that much of the optics, the ion trap, and the vacuum can all be blown onto a single chip, and then we network them together with an optical cable; another area where IonQ’s founders have already shown in working in their labs.” — IonQ CEO Peter Chapman"

"“One study demonstrated 2–6 times higher incidence of diabetes mellitus than expected in the normal general population”; “international cohort studies indicate that GH therapy may increase the incidence of type 2 diabetes mellitus in children and adolescents with predisposing risk factors, therefore it is prudent to monitor possible negative consequences on glucose metabolism during and after GH administration.” — Effects of growth hormone on glucose metabolism and insulin resistance in human (2017 paper)"

"We arrive at the start of the 2018 MotoGP season with high expectations. Today we are enthusiastically celebrating the presentation of our team in such a prestigious location as Lamborghini and with the welcome participation of Ducati. A great Italian event that we hope will be a good omen starting from the first race in Qatar next Sunday. We start a fascinating new adventure with Alma and I would like to thank Luigi Scavone for the trust with which he shared our project. — Paolo Campinoti, Generac EVP"

"“In terms of margins, the accounting change really accounts for the shift that you're seeing. So we have not revised up or revised down our expectations” — DuPont Management. “...Safety and Protection margin [targets] that you show are 21% to 23% which is what they were 18 months ago. But you now exclude your pension cost...[which was] more than 500 basis points.” — JP Morgan analyst. “...You're right, Jeff. The margin is lower between 400 and 500 basis points from that standpoint” — DuPont Management."

"“BlackRock clearly stated that climate risk is an investment risk, but actions speak louder than words. The appointment of the CEO of the world’s largest oil producer to BlackRock’s board undermines its own stated climate commitments. At a time when financial institutions need to take a collective approach to addressing the financial risks from climate change, BlackRock shareholders expect climate-competent, not climate-conflicted, directors” — Brad Lander, the New York City Comptroller, 19 July 2023"

"“In terms of margins, the accounting change really accounts for the shift that you're seeing. So we have not revised up or revised down our expectations” — DuPont Management. “...Safety and Protection margin [targets] that you show are 21% to 23% which is what they were 18 months ago. But you now exclude your pension cost...[which was] more than 500 basis points.” — Jeff Zekauskas, JP Morgan. “...You're right, Jeff. The margin is lower between 400 and 500 basis points from that standpoint” — DuPont."

"BlackRock clearly stated that climate risk is an investment risk, but actions speak louder than words. The appointment of the CEO of the world’s largest oil producer to BlackRock’s board undermines its own stated climate commitments. At a time when financial institutions need to take a collective approach to addressing the financial risks from climate change, BlackRock shareholders expect climate-competent, not climate-conflicted, directors — Brad Lander, the New York City Comptroller, 19 July 2023"

"And so we launched our MVP Pro Rewards Program, which has been incredibly successful and exceeded all of our expectations. And when you combine it with our Lowe’s credit, those customers are incredibly more valuable, shop a lot more frequently. And then we put in a best-in-class CRM platform that gives us the ability to not only recognize the customer but recognize what they’re buying but more importantly, what they’re not buying and how we can help them grow their business. — MS Conf Dec 5, 2023"

"In the first quarter of fiscal year 2020, the Company initiated a restructuring plan (the “Q1 2020 Restructuring Plan”) as part of the Company's effort to realign its cost structure in both its go-to-market and engineering organizations. The Q1 2020 Restructuring Plan included reduction in force of approximately 90 employees within the sales, marketing, and engineering functions and was largely completed by March 31, 2020 with no material future costs expected to be incurred. — Forescout 10-Q"

"Reported EPS included a $0.75 ($18.7m) acquisition gain related to our earn-out accrual with Biotix... The Biotix acquisition was structured with a large potential earn-out component. While we are very pleased with the Biotix acquisition and expect their operating profit to grow by more than 35% in the first two years, they fall short of the earn-out level. As a result, we recorded a one-time, non-cash gain to reverse a significant portion of the original amount. — CFO Vadala Q4'18 Conf Call"

"We're committed to achieving a $1 billion run rate sometime in FY '21... and I know you guys can all do the math, but if you take the outer edge of that and look at $250 million of revenue in Q4 of that year, that would be a 23% compounded annual growth rate. So we expect to be growing at least that fast over the next few years. And in terms of how that breaks down, we're expecting our existing customer base to drive the majority of this growth. — CFO Dylan Smith, BoxWorks, September 2016"

""I am aware of the medication and have seen some of the data presented and looked at the paper. I have about 3 to 5 PWS patients at the moment. We do trials, so I expect we were contacted about the trial. We actually did it in our journal club with our group. And then I was just both at the European and the US peds-endo meetings. And I actually spoke to Dr. Miller. And, obviously, they were trying to educate/sell the drug." — Pediatric endocrinologist, division chief at an academic center"

"The implementation of the systems and processes will proceed on a staggered basis over a multi year period with the initial go-live rollout having occurred in 2010. We have implemented the Blue Ocean program in our Swiss and Chinese operations and now have approximately one-third of the program completed as measured in users. We expect to implement Germany and the United States over the next two years and will then have more than half of the Company's users on the system. — 10-K Feb 2012"

"I think that the response was as good as could be expected from QIN and investors/speculators must now weigh up the merits of each argument. For me, I view QIN as a genuine business vs. a ponzi scheme, but one that is operating in a completely new sector (Sandalwood plantations) and thus with an elevated amount of risk that a well establish business in a mature sector. This, however, represents a potential increased reward too if QIN is ultimately successful. — HotCopper forum user JID"

"From Phillips 66's April 24 Letter: Elliott, who is compensating its purportedly independent nominees, denied Phillips 66 access to those nominees for interview and evaluation, despite multiple attempts from Phillips 66. In fact, one of Elliott's nominees told representatives of Phillips 66 that he was instructed not to engage directly and instead referred the Board to Elliott itself. Does this action further reveal an expectation of loyalty rather than true independence? — Phillips 66"

"“We will improve gross margin by optimizing our data center footprint, public cloud infrastructure and the cost to serve our customers. In addition to the data center migration that we've discussed over the past year, we'll be driving efficiencies in various aspects of delivering our service such as storage, search and conversion. We also expect more of our business to come from add-on products, which will naturally drive higher margins.” — CFO Dylan Smith, Q3 FY2020 Earnings Call"

"Yeah, when we -- our thoughts on working capital are when we are growing, we're going to use some working capital. So for example, if we're growing the way we want to grow. Accounts receivable is going to grow. Inventories are going to grow, in-service inventory is going to grow because we are injecting new inventory into new customers and penetrated customers. So generally speaking, we expect in a growth environment, we expect to use working capital. — CFO, Q1 2020 Earnings Call"

"Our third quarter results were shaped by ongoing challenges associated with weaker demand than forecasted, downstream destocking above what we expected, and heightened competitive dynamics in both the TiO2 and zircon markets. While a competitor's insolvency proceedings are expected to benefit Tronox's future sales volumes, we saw a temporary headwind in the third quarter with more aggressive liquidation of inventory at below-market pricing. — Chief Executive Officer John Romano"

"We expect to earn a full year 2021 adjusted EBITDA margin of 23.7 percentage to 24.1 percentage. The above outlook includes our anticipation that our troughs of service as a percentage of revenues will remain roughly flat. We also expect to incur full quarter public company costs and a small increase to operating expenses as we increase our investments in our digital and innovation capabilities. And prepare for our teammates to return to the office. — CFO Sekar, Q2'21 Conf Call"

"We expect Demand Manager revenue to exceed $5 million in 2020. — MGNI CEO, Q4 2019; From a revenue side, I think we're not formally updating our guidance. But we -- there's a big enough hole here that we don't expect to hit those levels this year. — MGNI CFO, Q2 2020; We thought that it was going to be long sales cycle to begin with or a long path to maturation for Demand Manager. Think about it, we're competing against the free product. — MGNI CEO, Stephens Conf, Nov 19, 2020"

"Third, the transaction structure will result in the stock being listed on two major global exchanges, the NYSE and the ASX. And through these listings, we expect there will be greater liquidity for investors as the market capitalisation of the combined company, which we estimate at US$17 billion, is expected to qualify for inclusion in the US S&P500 index, while the Australian listed shares will also continue to be included in the ASX 200 index. — CEO Dalia Deal Call Aug 2018"

"In the announced tender offer, counterparties after the privatisation of Toyota Industries are expected to repurchase their shares [...] with the majority of tax deduction benefit going to counterpart. — UBS, November 20, 2025; The bidders – with the assistance of TICO – are effectively hiding [...] the uplift gained from selling the shares back to the other companies at a discount via Tender Offers which get a different tax treatment [...] — Travis Lundy, January 14, 2026"

""Continued weak results show an inability to manage costs and successfully implement sales-building initiatives...our expectation investors will nominate new board members that can provide a fresh perspective on strategic options" — Chris O'Cull, Keybanc, 2/7/17; "Dear Sally...BWLD is on the Hedgeye Restaurant Best Ideas List as a LONG...for all the wrong reasons...Overall, your management team came across as nervous, clueless and weak." — Howard Penney, Hedgeye, 10/17/16"

""In July 2016, the Company's office in London was closed in connection with worldwide group restructuring efforts to reduce loss-making activities. Effective December 1, 2016, the Company ceased it's primary trading activities. The Company is now in the process of winding down its affairs will continue to wind down during the course of 2017. It is expected that all final corporate matters will be formally resolved by September 30, 2018" — Morinda UK Ltd. financial records"

""...in 2019, you laid out a similar cost-cutting program, and it actually looks like costs increased over that period on an absolute basis, stripping out energy and maintenance costs on a per unit - on a per barrel basis and relative to peers. So to instill some confidence maybe in this program that you're about to embark on, can you discuss maybe what went wrong in that 2019 to 2022 program and how you expect to maybe not incur those same issues?" — Cowen, November 2022"

"“Before I speak about guidance, a few words on the adoption of ASC 606.... at this point, we don't expect a material impact. In that regard, while we will be providing 2018 financial data in both ASC 606 and ASC 605, we elected to provide guidance for Q1 2018 and the full-year 2018 using the accounting standard ASC 605. We chose to do this to provide better transparency and comparability to 2017 financial data, which was reported in ASC 605.” — NICE Q4 FY17 Earnings Call"

"“...in 2019, you laid out a similar cost-cutting program, and it actually looks like costs increased over that period on an absolute basis, stripping out energy and maintenance costs on a per unit - on a per barrel basis and relative to peers. So to instill some confidence maybe in this program that you're about to embark on, can you discuss maybe what went wrong in that 2019 to 2022 program and how you expect to maybe not incur those same issues?” — Cowen, November 2022"

"In July 2016, the Company’s office in London was closed in connection with worldwide group restructuring efforts to reduce loss-making activities. Effective December 1, 2016, the Company ceased it’s primary trading activities. The Company is now in the process of winding down its affairs will continue to wind down during the course of 2017. It is expected that all final corporate matters will be formally resolved by September 30, 2018 — Morinda UK Ltd. financial records"

"on 30 November 2023 bp announced that it had agreed to acquire the remaining 50.03% of Lightsource bp. The transaction is expected to close in the second half of 2024, subject to regulatory approvals. As such, bp currently continues to hold a minority equity position in the Lightsource bp joint venture. Therefore, questions in respect of specific Lightsource bp assets, should be directed to Lightsource bp and not bp — BP, the Company's Secretary Office, April 23, 2024"

"“The Company is prioritizing chicken and beef offerings, as we expect they represent the largest growth opportunities” — MCD Annual Report. “The U.K. continues to be one of our strongest performing markets. In the first quarter performance in the U.K. was fueled by sustained digital momentum and strong menu initiatives like the national rollout of McPlant and the extremely successful Chicken Big Mac promotion.” — McDonald's Q1 2022 earnings call transcript (4/28/22)."

"We rely and expect to continue to rely on a combination of patents, patent licenses, trade secrets, domain name protections, trademarks, and copyright laws, as well as confidentiality and license agreements with our employees, consultants, and third parties, to protect our intellectual property and proprietary rights. In the United States and abroad, we have over 750 issued patents and more than 600 pending patent applications. — Dropbox Patent Discussion, Sept 2019"

"“An item of property, plant and equipment is derecognised on disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising from the derecognition of an asset is determined as the difference between the net sale proceeds, if any, and the carrying amount of the asset. It is recognised in profit or loss (“Other operating income and expense”) when the asset is derecognised” — Casino's disclosed asset de-recognition policy"

"And then we brought in a very senior executive by the name of Gene Reznik, who was the Chief Strategy Officer at Accenture, here to head up this initiative of coordinating the vertical market partners. So we expect a significant investment here and expect in the coming quarters, there will be additional announcements with these vertical market partners that we think will give us a -- increase our competitive advantage in the market. — CEO Siebel, Q3 2021 Conf Call"