Callouts & quotes from 37,061+ activist slides

""UNP operates undoubtedly one of the best rail franchises on the continent..." — Evercore ISI; "...the inherent structural advantages of UNP's network that has made UNP our top pick in Rails for a long time." — Deutsche Bank; "...we continue to think that UNP has a structurally advantaged network with its very long length of haul and diversified biz mix." — Credit Suisse; "...stellar franchise..." — Raymond James; "A well-diversified asset base... we recognize the competitive dynamics of UNP's network– unparalleled access to Mexico and the chemicals sector in the U.S. Gulf Coast – and diversified revenue stream..." — RBC; "The most diversified franchise with a higher level of return, UNP is in a very good position..." — Bernstein; "Bottom line, we believe UNP should generate near the high end of rail OR improvement... based on UNP's premium rail franchise..." — Goldman Sachs; "...a franchise advantage over other rails..." — UBS; "Union Pacific has a desirable long-haul network with a more lucrative mix of business..." — BMO; "...consider upgrading the stock... based on the very high quality of the company's network franchise." — TD Securities"

"“That’s the only way you can use it - there is a model where, our center has three surgeons trained on putting livers on pump...so, we do have three surgeons trained for a TransMedics pump. Of the 38 OCS pumps that we’ve done, our surgeons have done only two of them, to give you an idea.”; “Yeah, financially, we’re kind of forced in that way. We don’t really have an option because the pumps reside with TransMedics. So, they have to send a team anyway...That there’s no what we call back-to-base model, where we own the pump, we can bring a liver back here.. So, two years ago, TransMedics said we’re going all in, and we’re going to not only set the pricing for our pump but we’re going to dictate the terms of the utilization of our pump, which includes we’re going to use our own surgeon, we’re going to use our own perfusionists, we are not going to let transplant centers buy our pump. Not only do they have to use our pumps and the cartridges and the equipment but they have to use our service line. So that’s why it’s so much more expensive than the other pump options.” — Veteran transplant administrator/executive at Massachusetts General Hospital"

""We are transitioning away from a program that existed for us in the past, and towards a program which concentrates on high-impact prospects. I think the areas of focus for us will still be the deepwater Gulf of Mexico, deepwater West Africa, and deepwater Southeast Asia." — John O'Connor, Fmr President Worldwide E&P Hess, April 2003. "We were known as a very high-impact explorer. I think we can say that that strategy didn't work. We spent about $5 billion on high impact exploration and we certainly didn't discover enough resources to generate acceptable returns on that $5 billion investment. So we have shifted our exploration strategy... [First] Our three primary focus areas are Gulf of Mexico, West Africa and Asia-Pacific... The second change ...Hess used to drill wells at high working interest, 80% to 100% working interest. We are not going to do that anymore." — Gregory Hill, EVP Worldwide E&P Hess, November 2012. "There is one last area ... that is Kurdistan. We see lots of hydrocarbons there, and we're shooting seismic this year and we will drill our first well next year in 2013." — Gregory Hill, EVP Worldwide E&P Hess, November 2012."

"“On valuation, despite an earnings profile (25% commodity / 75% specialty) in-line with differentiated peers Celanese (8.3x '22E EBITDA) and Eastman (9.2x '22E EBITDA), Huntsman (6.1x '22E EBITDA) continues to trade more like a commodity chemical company (Lyondell: 5.4x '22E EBITDA)” — Deutsche Bank, February 2022; “We view multiple expansion to more closely in line with diversified chemical peers Celanese (CE) and Eastman (EMN) as still more reflective of a blue sky scenario. Although both of those companies have similar mix of commodity/specialty businesses, they trade at higher multiples (currently ~9x EV/EBITDA NTM) as a result of their higher margin structures (mid to low 20s EBITDA margins vs. Huntsman's mid-teens levels).” — Morgan Stanley, November 2021; “HUN's Nov. 9 investor day will be first deep-dive since May 2018. Since then HUN divested the bulk of its commodity chems (~8x EV/EBITDA) & consumer adhesives (~15x) exposure & acquired bolt-on specialty polyurethanes & epoxies (~8x post synergies)... Specialties vs. basics mix is most often compared to EMN & CE (i.e. integrated acetyls v integrated MDI at HUN).” — UBS, August 2021"

"“On valuation, despite an earnings profile (25% commodity / 75% specialty) in-line with differentiated peers Celanese (8.3x '22E EBITDA) and Eastman (9.2x '22E EBITDA), Huntsman (6.1x '22E EBITDA) continues to trade more like a commodity chemical company (Lyondell: 5.4x '22E EBITDA)” — Deutsche Bank, February 2022; “We view multiple expansion to more closely in line with diversified chemical peers Celanese (CE) and Eastman (EMN) as still more reflective of a blue sky scenario. Although both of those companies have similar mix of commodity/specialty businesses, they trade at higher multiples (currently ~9x EV/EBITDA NTM) as a result of their higher margin structures (mid to low 20s EBITDA margins vs. Huntsman's mid-teens levels).” — Morgan Stanley, November 2021; “HUN's Nov. 9 investor day will be first deep-dive since May 2018. Since then HUN divested the bulk of its commodity chems (~8x EV/EBITDA) & consumer adhesives (~15x) exposure & acquired bolt-on specialty polyurethanes & epoxies (~8x post synergies)... Specialties vs. basics mix is most often compared to EMN & CE (i.e. integrated acetyls v integrated MDI at HUN).” — UBS, August 2021"

"“The conversion rate that I spoke of, like how many projects actually succeed, I think a lot of that has to do with, I’d say half of them fail on the very front-end, where it’s just very hard to make that product, it’s a very complex molecule, it’s difficult. Biology is hard, and there’s a lot of crosstalk, and you might be able to make a trace amount of something, but you can’t make grams per liter of it the way you could from a barrel of oil or something like that.” — Former Ginkgo executive; “Half of them probably fail on the backend where you’re trying to meet a certain cost of goods. Ginkgo historically has done very little work in pharma, and so, a lot of the extracts from plants and naturally-occurring vitamins and things like that, there are naturally-occurring alternatives, and so you really need to provide a low-cost, uniform, high-quality product. They can’t really achieve those metrics. It’s sort of over-promised and under-delivered in the backend. That’s something like Zymergen just went through that and kind of imploded in part because they couldn’t figure out how to scale up their proprietary film.” — Former Ginkgo executive"

""You can setup a clear aligner FDA approved lab in less than a year. Your capital equipment costs between buying three [high-volume] 3D printers and thermoforming machines can be less than $100K to get started. If you add in labor, your total costs in your first year will be less than $200K." — Senior Employee, Major Dental Equipment Supplier; "There is a 50% chance that we move away from Invisalign when our contract comes up in 2020 and for me to say that is a big deal. It's a really big deal. I personally have not been happy with the service for the last year and half." — Dentist, Top 10 DSO; "Invisalign case volume at DSOs is the biggest risk in the dentist channel. One big one that launches in house aligners and it is going to be a huge loss. If you have 1,000 practices in your DSO, each dentist could easily be doing 50 Invisalign cases a year, so with just one DSO, you could have 50,000 annual cases at risk." — Dentist, Top 10 DSO; "Our group has a committee looking to get a relationship with one of these [third-party labs] as our own print farm. They seem keen on one or two affiliated with carbon printers." — Orthodontist, Large DSO"

"they made a multitude of offers to try to get us to basically purchase more equipment. — Marvell executive; other concessions were made like extended warranty service...at no additional cost...even guaranteeing service time like 60-70%...if not then we could take some kind of reimbursement...for the lost time of use — Marvell executive; they would actually swap out the A150 that we have with an A300 at a discounted price...because they wanted to try to get early purchase volume. — Marvell executive; we haven't seen real proof of concept and enough case studies to actually show the real-world application of it versus the A150. — Marvell executive; I can tell you right off the bat...they haven't taken any impairments against their balance sheet, so they're probably over-valuing their inventory far greater than it's actually worth...a lot of these companies are sitting on so much inventory.... — Marvell executive; is a common thing, unfortunately, that I've seen across multiple companies in the space...to manipulate earnings: they defer out...that impairment...because they don't want to record a hit on their gross margin. — Marvell executive"

"“Nevro throws around this number of 2 million diabetics a year, but not all of those are painful diabetics seeking out treatment beyond other therapies... The sick population Medicare, Medicaid practices have them. So you go into Harlem, you go into the Bronx or any hospital that has a sort of Medicaid clinic, they have them. But then the challenge is, they have cardiac disease that keeps them on blood thinners or they have recurrent infections or they are likely to amputate and so it just becomes challenging as to what are we going to do with those patients.” — KOL and one of Nevro’s highest volume implanters; “The issue that everyone going into PDN has are the primary care physicians responsible for the patient group. They are not interventional pain physicians. It's convincing that primary care doctor to refer that patient off to another physician to manage that condition. There's a huge amount of skepticism from the actual physicians managing these PDN patients. There is a genuine financial disincentive for them to send a patient to another person to manage something that they feel they can manage themselves.” — Former Nevro executive"

"“...the strategic infrastructure we have in North Dakota, having control of that adds a lot of value...that’s not something we would be interested in MLPing...Energy Marketing and Retail Marketing remain a long-term strategic part of our portfolio that... builds upon our strong brand...” — John Hess, November 2012. “We have a strong brand... it enhances the company from a financial and reputational point of view.... an energy marketing business... will help us if we find gas in the Utica...So they’re going to be some strategic benefits...” — John Hess, January 2013. “...monetization of our Bakken midstream assets expected in 2015...We have had this strategic transformation underway really... predominately when we started to build out our Bakken position in 2010. So this is not something that just happened overnight...” — John Hess, March 2013. “...in terms of pursuing strategic options to maximize value, be it the retail marketing business or energy marketing business, we are evaluating several options to monetize these businesses to maximize shareholder value. And we are just starting that process.” — John Rielly, SVP & CFO, March 2013."

""...we announced the acquisition of Ciba's textile effects business. This was an acquisition of roughly $255 million with an $88 million LTM EBITDA. It is our objective over the course of the next two years to invest about $100 million into that textile effects business, and we believe we can get that EBITDA up to about 15%, 16% of sales; increase that EBITDA from its present rate of about $90 million run rate, upwards of about $150 million run rate." — Peter Huntsman, President & CEO, September 2006; "We are doing the very same thing in textile effects where over the next two years, we're going to spend $150 million and take an EBITDA that is roughly $80 million and we're going to take it to $150 million of EBITDA." — Kimo Esplin, CFO, March 2007; "...our textile effects business continues to make good progress on the restructuring program that we kicked off this last year. Our goal is to capture $75 million in cost savings and drive EBITDA margins to the mid-teens. In fact SG&A and R&D costs in the textile effects declined by almost $9 million or 17% as compared to second quarter levels." — Peter Huntsman, President & CEO, July 2007"

""Before I ever served on a Board with Jim, I knew about the instrumental role he played in building and running the world's best networks at UPS for decades... Any public company in the transportation sector would be lucky to have him at the helm." — Scott Ferguson, Managing Partner of Sachem Head Capital Management, Apr. 4, 2024; "Barber is highly regarded as a logistics operator who helped turnaround U.S. peak season problems at UPS during his tenure as COO... If Barber were confirmed in [the C.H. Robinson CEO] role, we believe it would be a positive development for Robinson..." — JPMorgan Chase & Co. analyst report, Jan. 9, 2023; "Jim has a very rare combination of extraordinary leadership gifts including personal authenticity and integrity..." — Dr. Ed Frazelle, President and CEO, RightChain Incorporated, Founder, The Supply Chain Logistics Institute at Georgia Tech, Apr. 7, 2024; "Working with Jim Barber on the U.S. Foods board has been a great experience. He is an executive who understands the importance of communication, feedback and operational rigor." — Robert Dutkowsky, Board Chairman of US Foods Holding Corp., Apr. 13, 2024"

"The problem with these trials and all trials of patients with rare conditions, and I suppose the Prader-Willi patient is the same when I've tried to recruit patients for other trials for Prader-Willi Syndrome, the ones who I think may benefit because they have got issues with weight gain and so on, are often the ones who are reluctant to participate in clinical trials. Whereas the ones who are already motivated are often keen to participate in trials. So, you have a kind of inherent selection bias. You've got patients who are motivated, who want to participate in trials, and because they're motivated, they're also motivated in managing their underlying condition. And as we've already mentioned, it's not just about a drug here for Prader-Willi Syndrome. There's lots of lifestyle, food security, etc., so your trial population is already biased to a certain degree. So, you've not got the maybe the most severe patients. I suppose that's where going back to my patient cohort, the 10 to 15 or so patients I have that may benefit from it probably weren't suitable for the trial. — Trial investigator, endocrinologist, key opinion leader for PWS"

""Let me make one comment on the Speedway deal relative to that is we still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets." — Mike Hennigan, CEO of Marathon Petroleum, August 3, 2020; "I mentioned Speedway sale is a win-win, I think at the end of the day 7-Eleven is getting a quality team and a group of assets that enhance their portfolio, at the same time MPC is monetizing the retail margin, but keeping the fuel supply chain." — Mike Hennigan, November 2, 2020; "On the portfolio we completed the Speedway sale receiving $17.2 billion of proceeds from that transaction and securing the 15-year fuel supply agreement with 7-Eleven." — Mike Hennigan, February 2, 2022; "If you think about the history of the Speedway portfolio literally growing up over decades in and around the infrastructure. So it's important to us to preserve the integration value operationally associated with that, which we've done so in the contract." — Brian Partee, Senior Vice President, Marketing of Marathon Petroleum, August 3, 2020"

"“Anyone in this area knows this is just a little R&D test. Their conclusion that 'material entitlement exists for full charge in less than 5 minutes.' I don't know that I buy that. You've got a 25C rate there, and they're saying; we did this, and dendrites didn't form. Yeah but, you only did that test that one time. And normally, what happens is dendrites grow a little bit on every cycle, and you maybe even reverse them a little bit as you discharge, and then you grow a little more as you charge, but generally, it doesn't go all the way back. So, you do this a number of times, and then failure occurs.” — Solid-state materials expert #1; “One of the reasons why is because you have an aging effect. If they just said, we can do 100 mA/cm2, and we're just going to 100mA /cm2 50 times and if they charged, even if they stripped lower, but let's say they charged at 100mA/cm2, then they discharged at a low current and then they did that again and again and again, that is one thing that would convince me, like, okay, this is real, and it's really impressive. The way they've shown it, it's kind of a gimmick.” — Solid-state materials expert #2"

"You can setup a clear aligner FDA approved lab in less than a year. Your capital equipment costs between buying three [high-volume] 3D printers and thermoforming machines can be less than $100K to get started. If you add in labor, your total costs in your first year will be less than $200K. — Senior Employee, Major Dental Equipment Supplier; There is a 50% chance that we move away from Invisalign when our contract comes up in 2020 and for me to say that is a big deal. It's a really big deal. I personally have not been happy with the service for the last year and half. — Dentist, Top 10 DSO; Invisalign case volume at DSOs is the biggest risk in the dentist channel. One big one that launches in house aligners and it is going to be a huge loss. If you have 1,000 practices in your DSO, each dentist could easily be doing 50 Invisalign cases a year, so with just one DSO, you could have 50,000 annual cases at risk. — Dentist, Top 10 DSO; Our group has a committee looking to get a relationship with one of these [third-party labs] as our own print farm. They seem keen on one or two affiliated with carbon printers. — Orthodontist, Large DSO"

"“Twist has kind of tried to solve that problem by basically doing two things. They do what’s called “tiling,” which is - theoretically if you want to sequence a single segment of a genome with this hybridization capture method, you only need one piece of DNA to match up with that area of the genome that you want to sequence. The way Twist has gotten around the fact that they don’t have enough of that one piece of DNA to replicate out over many panels and/or have consistency with their results is by adding many, many pieces that target the same area of the genome that you want to sequence and that’s called tiling. They literally amplify out their panels using polymerase chain reaction. That kind of has solved their problems. Whenever you amplify out a panel, you have the risk of introducing mutations and each piece of DNA that you replicate. And if you do that too many times, your consistency of the use of that panel, degrades because you’re introducing variation by amplifying it. But if you add enough oligos, you can make up for that, and that’s how Twist has kind of stayed relevant.” — IDT ex-regional sales manager, left recently"

"“I mean, this seems almost like a sudden discovery. Until about a year back, they couldn't solve the problem, and all of a sudden, it's just solved and not just solved but stabilized and now scalable as well? That's something that I would pause to look at and seriously evaluate from a materials perspective... The core team was extremely strong. Having said that, some of the claims just do not sit well with me because I feel like, like some of the materials, there are certain problems that they just could not have solved...And high-energy-density...That's where the problem is. If they really had a solid-state battery, their claims would be much different...” — Former employee #3; “Jagdeep is a great seller. When I was there, I was amazed that he was able to raise so much capital with such little data. I agree with whoever you talked to that said he goes to the edge of the line. I've worked for many CEO's, and I'm more in the camp of being honest with your investors. That's not the Quantumscape way.” — Former employee #4; “Absolutely not. That much I can tell you for sure. The answer to that is absolutely not.” — Former employee #1"

"“I think they’re going to come in because everything in transplant is based on what’s a reasonable cost. When you look at this stuff, you look at TransMedics and you look at this logistics stuff and things like that, the expense recovery, it’s very transparent what it costs. It doesn’t cost a ton and it’s used a bunch. And then you work your way down to devices and like TransMedics, and it’s like, okay, well on a medical device, it costs a lot, it’s somewhat transparent, and used kind of a lot. And then you go down to logistics, one step further, there’s no transparency, it’s used all the time, and it’s extremely expensive. I think the government is working their way down. Because what CMS does is like, what’s a reasonable cost? Well, this stuff is all new, so they’ve never established what reasonable costs are. I think what they’re going to do is I think they’re going to come in and they’re going to establish ‘reasonable cost.’ And now, all of a sudden, the Hawker 800 that costs $12 million does not make sense because that’s not reasonable cost.” — CEO of a major OPO (Organ Procurement Organization), longtime industry executive"

""We've got to bring more milk into the platform. Right now, if I look at the WCB platform, we're running close to 97%, 98% capacity utilization. On the MG side, we're running somewhere around maybe 58% capacity utilization. So one of the easiest ways to drive synergies and drive profitability is getting more milk through the plant, but of course, it's got to go into profitable products that we can sell either domestically or internationally?" — CEO on Australia (August 2018). "But our projections in terms of the respectable levels of profitability for the combined Australian platform, we believe that we will be there within year 3." — CEO on Australia (August 2018). "Leanne, it just seems that Australia has been problematic for a number of years now because of the inadequate supply of milk coming off the farm..." — BMO Analyst (June 2022). "And I believe that there is a way with the amount of milk that we're processing or we expect to process, this still drives very healthy profitability... So it doesn't mean that we have to reduce our expectation for EBITDA generation because we have less milk." — CEO on Australia (June 2022)."

"“If you're charging and discharging fast, the general knowledge is that you're going to degrade faster. The fact that there's no charge rate versus the cycling data at that particular charge rate - so they can say this is how fast it charges, and then they're showing cycling data from a cell that's at a slower charge rate. You have to connect those two. It's easy to stick those in separate slides.” — Former employee; “On slide 17, you get that fast-charging graph there, and they're showing less than a 15-minute charge, and that's good, but what's not clear at all in this is you can do that one time. The thing is, you can probably just go in the lab and put together current, any old lithium-ion configuration and force it to charge that fast, and it would not fail immediately. It's like, yeah; you can do this once, can you do it every time you charge a vehicle during its 200,000 life? I don't know the answer based on this data. If they had it, it would be here.... How many times can you do that before something bad happens? If it's thousands of times, fantastic. But is it really just like a couple of times?” — Solid-state expert"

""In terms of exploration and production, we are different than the other independents. We are the most global." — John Hess, Chairman & CEO Hess, June 2010. "We want to maintain our global presence and our global reach because we believe that the globe provides many opportunities now and will also in the future. So we want to maintain that global scale and capability." — Gregory Hill, EVP Worldwide E&P Hess, November 2012. "We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing." — Goldman Sachs, June 11, 2012. "On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries... We do not believe a company of Hess's size will get credit in the market for a shotgun approach to investing across the world..." — Citigroup, July 20, 2012. "In multiple client conversations throughout the day we found literally no one that defended the shape, nor global strategy of Hess." — Deutsche Bank, January 30, 2013."

"“The unaudited pro forma revenue and net loss for the years ended December 31, 2017 and 2018 is not presented as the historical financial information of the acquired business of Skymoons prepared under US GAAP is not available without undue cost, given the acquiree underwent a reorganization prior to the Company’s acquisition.” — IQ 2018 20-F, p. F-32; “The Target Companies have delivered to the Purchasers: (i) all capital verification reports of the Group Members and all relevant notes and schedules thereto issued by the accountants engaged by them from the date of incorporation of the Target Companies, the details of which are set forth under Schedule VIII: List of Financial Reports; (ii) the audited balance sheets of the company for 2016 and 2017 prepared on a consolidated basis under the US GAAP, and the relevant audited income statements and cash flow statements, together with all relevant notes and schedules, and in the absence of audited statements, the management statements shall be provided (hereinafter collectively referred to as the “Financial Statements”)” — IQ 2018 20-F, Exhibit 4.66, Section 4.1.1(j)(ii) (p. 19)"

""For liver, some of our missions last up to 40 hours - probably like 28 or 30 hours on OCS. Because the doctors are so comfortable with the machine now, they are not in a rush. While they're sleeping and getting their beauty sleep, our clinical specialist is sitting right next to the machine with the organ. so, it's kind of weird. So, on some of these missions, our clinical specialists are gone up to 40 hours long because there's no rush for procurement." — Ex-employee at Transmedics; "Once you get past about 12 to 15 hours, you're pushing it. Those machine devices are in the pivotal trials, you look at that, and they were in the 6 to 8 to 10-hour range. So, if you get past the 50% increase, you're up to 15 hours; I think you might say that's excessive. And I've seen people push it to in the 20-hour range. I don't know what the outcomes are, so it'll be up to somebody to do a deep dive analysis about the outcomes. And that's a problem; it's very hard to get the data out of the current system because they're not collecting it." — One of the top liver transplant surgeons in the world, based at a leading Midwest academic center"

""I'm a pediatric endocrinologist, so I only see children up until the age of 18. And I've got 35 patients in my caseload. And when patients are 18, I'll refer to an adult endocrinologist, and he looks after approximately 60 or maybe 70 patients with Prader-Willi Syndrome...we see our patients every four months, sometimes every five months, but ideally every four months. In a lot of other places, they're being seen only once a year." — Trial investigator/author, pediatric endocrinologist; "And so, we had [slightly under 10] patients actively running. And I think we screened two more patients that then didn't fulfill criteria." — Trial investigator/author, pediatric endocrinologist; "And so, in the moment in my clinic, there are still two on it...one patient stopped because of drug reaction. One patient stopped because they didn't want to be in the trial anymore...one patient was transferred to adult, started working, so also didn't want to be involved anymore. One patient felt that they had side effects...and therefore didn't want to continue. I think that's probably it." — Trial investigator/author, pediatric endocrinologist"

"“When 'Wings' is in your company name, your wings should be the biggest/best around, not the smallest. There's no reason 12 wings should fit in a tiny little paper bowl” — Anonymous Customer (2/22/17); “The service is atrocious...This is a common complaint among others that I have discussed my frustrations with regarding BWW” — Anonymous Customer (2/22/17); “I stopped patronizing [Buffalo Wild Wings] locations because the lack of good customer service. The level of detail that most servers give their customers is subpar” — Anonymous Customer (1/3/17); “All the people I know stopped going there due to how expensive [it] has become to eat and drink there. They went back to their local bars” — Anonymous Customer (12/26/16); “I would not venture off the BWW menu and try anything [other than wings]. The ingredients are completely garbage and the price is astronomical for the quality that is received” — Anonymous Customer (12/6/16); “Every single BWW I have been to, I get the worst service out of any restaurant I have gone to eat. The places are always dirty, the wait staff is absolutely horrible” — Anonymous Customer (12/6/16)."

"“The CEO is a headwind to a turnaround. Firing him is the tailwind.” — Top 10 Active Shareholder; “I would rate them as the worst-performing management team in the airlines... They need to go.” — Top 10 Active Shareholder; “They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest...” — Top 10 Active Shareholder; “I have zero confidence this team can get this right...” — Top 10 Active Shareholder; “Having the current CEO drive the process for a new strategy is not a good idea.” — Top 10 Active Shareholder; “Would you ever see anyone issue a press release that says ‘35 year veteran of the company to drive significant strategic, operational and financial turnaround,’ which is what you would have to believe is possible if you think that Bob Jordan is the right CEO.” — Top 10 Active Shareholder; “I don’t think this is the right CEO to lead the company and I would view his removal positively...” — Top 10 Active Shareholder; “So it is really [the CEO] has not done a good job running the company... The Street would be widely supportive of a change.” — Top 10 Active Shareholder"

"I was in Emeryville at their headquarters working on the development of a number of assays, some of which are commercially available now, some of which are still in development with the company. I now serve as a research scientist deployed with their instrumentation. In addition to my standard [redacted] role, I'm also the [title redacted] of single-cell technology development. I oversee all of our single-cell collaboration. — Former BLI Scientist. We work with a hundred or so collaborators, and I work with them to understand their science and figure out which single-cell approach makes the most sense for them. In many cases, it's 10x; in some cases, it's Berkeley Lights; in some cases, it's Mission Bio. And we have a really pretty extensive suite of instrumentation that we use. Another aspect of my role is to keep an eye on the technology landscape to make sure that we're also inducting and always at the very cutting edge of adoption, in many cases, early adoption, so that we are always offering the latest and greatest approaches. I really keep a close eye on the market and the competition as well. — Former BLI Scientist"

"“Let me make one comment on the Speedway deal relative to that is we still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets.” — Mike Hennigan, CEO of Marathon Petroleum. “I mentioned Speedway sale is a win-win, I think at the end of the day 7-Eleven is getting a quality team and a group of assets that enhance their portfolio, at the same time MPC is monetizing the retail margin, but keeping the fuel supply chain.” — Mike Hennigan, CEO of Marathon Petroleum. “On the portfolio we completed the Speedway sale receiving $17.2 billion of proceeds from that transaction and securing the 15-year fuel supply agreement with 7-Eleven.” — Mike Hennigan, CEO of Marathon Petroleum. “If you think about the history of the Speedway portfolio literally growing up over decades in and around the infrastructure. So it's important to us to preserve the integration value operationally associated with that, which we've done so in the contract.” — Brian Partee, Senior Vice President, Marketing of Marathon Petroleum."

""the adoption of coal occurred over roughly five decades, and the shift from coal to oil took more than three decades. To limit global warming to 1.5°C above preindustrial levels, we must ramp up renewables and other low-carbon solutions at warp speed. These energy sources must match the maximum shares held by coal (55%) and oil (41%) roughly three times as fast as those commodities did and ultimately should account for most primary energy by 2050-up to 70% in IEA's Net Zero Emissions scenario. This rapid transition remains a massive challenge and appears increasingly unlikely" — BCG, A blueprint for the energy transition (September 2023). "despite the progress in recent years, national commitments to reduce emissions collectively fall short of what is required by 2030 to bring global emissions down to a level in line with achieving net zero emissions by 2050. In addition, the various commitments are not yet underpinned by sufficiently strong and comprehensive policies to give confidence that they will be successfully delivered" — IEA, Net-Zero Roadmap - A global pathway to keep the 1.5° C goal in reach (September 2023)."

""And were those things that were not addressed as you were inside ADP, or are these things that are incrementally directed towards how you are going to grow the business? In other words, did ADP kind of take a step back and say you are growing at the average rate, at corporate average margins and we are happy with that and focus on other areas? How did they view the business when it was tucked inside that company?" — Brian Bissett, Morgan Stanley. "I've been with ADP a long time. ADP does a real good job of trying to look at ways to maximize margins, but you do it on a cadence that perhaps isn't at a pace that we are going to try to accelerate. And because we are independent we can do some things if we have to restructure and the like. Perhaps that wasn't top of the list under the ADP umbrella, but it might be on ours. And so we're going to take advantage of, if you will, a fresh look at all areas and I think that's healthy for the business. Under ADP, good kinds, good direction, but a cadence that perhaps wasn't as accelerated as what we're going to try to do for this business." — Steven Anenen, CDK Global, Former CEO"

""Omnia is a joke I think to most doctors. Nevro's tried to make you forget about six years of marketing where they said paresthesia is the enemy, and now they're trying to make you forget they said that by launching a paresthesia-based device. Most people thought it was a joke, even the doctors that were loyal Nevro users. Doctor's don't talk about it as a game-changer or anything." — KOL and former high volume Nevro implanter; "Doctors who are implanting the Omnia, like my friend in [state name redacted] who's one of Nevro's highest volume implanters in the world - even he doesn't think it's as great as they are making it out to be. He says the device is a little bit smaller and the programmer is a little bit different. But it's not like patients are raving about it. There's no wow. It's nothing. It's nothing that changes the space." — KOL and former high volume Nevro implanter; "I think that that Omnia was more of a marketing move than anything else. I've been in this field for a long time. In my practice it wasn't a game changer. I don't think it will move the needle much in Florida." — High volume Nevro implanter"

""The purchase price for this acquisition totaled $92,678. The remaining amount consists of a contingent consideration of $3,004 which is contingent upon meeting certain performance metrics. Since the initial purchase price allocation was estimated, contingent consideration has been reduced by $4,000 and trade and other payables have increased by $650 and those adjustments have been reflected as an adjustment of $3,350 to goodwill." — Nuvei Q3'21 Financials, p.9; "For the nine months ended September 30, 2021, other expenses increased by $8.5 million compared to the nine months ended September 30, 2020 primarily due to an increase in information technology and D&O insurance expenses in 2021 as well as a $2.1 million favorable adjustment to contingent consideration in the comparative period." — Nuvei Q3'21 MD&A, p.21; "change in deferred purchase consideration for previously acquired businesses, which was nil for the three months and the nine months ended September 30, 2021 (nil for the three months ended September 30, 2020 and a gain of $1.3 million for the nine months ended September 30, 2020" — Nuvei Q3'21 MD&A, p.9"

""I would guess that it's the exome stuff that globally is at least half if probably not 75% of all the target enrichment that's used. So, there's a threat that it's a commodity and given economies of scale, even if they're not as good with custom." — Major Twist customer, one of largest genomics centers in Europe; "Yeah, they're improving all the time. Also, there are other companies starting to make synthetic DNA with lots of different other technologies such as enzymatic methods and true microchip printing that claim that they can get longer oligos than Twist, claim to be cheaper and do it in a more highly parallel fashion to reduce the process. It's becoming quite a crowded market." — Major Twist customer, one of largest genomics centers in Europe; "When we buy single genes, sometimes we buy Twist, and sometimes we use some other people like GenScript, but that's totally - we haven't done a lot of research to try to figure out who's the best people. I've worked with GenScript before and always found their stuff pretty good." — Current Twist customer, professor with a protein therapeutics lab at a major university"

"“Sodium is a very difficult material to work with, it interacts badly with water. Around the world there have been leaks and fires and it has cost a lot of money to repair them. There is no reason to expect Oklo to be any different.” — Professor and nuclear physicist, engaged in nuclear energy research for over two decades; “Looking at this list of 23 versions of the sodium-cooled fast reactor by the US, France, India, Japan, Russia, the UK, Germany, and China… and every single one of them have problems that were encountered. Some of them have multiple problems, serious problems. The problem, in part, is that the coolant, liquid sodium, is highly reactive with air and water, it basically explodes and catches fire. It’s very corrosive so it often leaks and that will of course shut your reactor down, and then it takes a while to get it back up and running – so that’s a very common problem.” — Former NRC Commissioner; “[Sodium-cooled reactors] are expensive to build, susceptible to prolonged shutdown as a result of even minor malfunctions, and difficult and time-consuming to repair.” — Admiral Hyman Rickover, US Navy"

""We remain intent on excellence in execution, being disciplined in allocating our capital, and our firm belief that free cash flow per share is the best long-term indicator of shareholder value." — January 2015; "If your competitive advantages are truly working, your free cash flow per share should outgrow your best competitors over the long term." — November 2016; "As we have said, our capital management objective is to maximize long-term growth of free cash flow per share, which I believe is the best metrics to judge our financial performance and to drive higher intrinsic value for the owners of the company." — February 2017; "As we have said, our objective is to maximize long-term growth of free cash flow per share, which we believe is the best metric to judge our financial performance and to drive higher intrinsic value for the owners of the company." — February 2018; "It's been a key mantra for us for many, many years. Our focus is on free cash flow, and we think that is the way we increase the value to the owners of the company. In fact, free cash flow per share is the key component on that." — February 2019"

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return, how much your stock was appreciated and how much dividend were you able to pass to the shareholders. But let's not forget that this is only a surrogate point, a very good one because the market really knows how to value your operational value creation. But it is a surrogate point, where fundamental it is how much you can stay true to your purpose. And the purpose of the pharma company is to bring breakthrough products that change patients' lives. So the operational measurement of success will be our ability to have a constant flow of breakthrough innovation that significantly changes the current standards of care, and that's for the long term. So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years, so it is by 2022 when we put it out in '18. And I think my focus would be to make sure that we deliver more than our fair risk adjustment of this number, and that will be success.” — Albert Bourla, Pfizer Chair and CEO"

""Buying a Biotech on the Cheap Not Helping to Restore Investor Sentiment ... While we expected ALXN would remain active on the BD front, we were surprised to see it go after a beaten down story ... Portola's early commercial struggles will likely induce skepticism that today's deal can meaningfully diversify ... accordingly, client feedback on the deal has been mixed at best" — JPM, May 5, 2020; "Portola acquisition provides mgt. with an additional revenue generating product, but at a high initial cost... [ALXN] has no cardiovascular exposure, is acquiring a product that has struggled for multiple years given narrow utilization criteria and mgt. is paying a 12.5x trailing revenue multiple ... we expect a material earning contribution to take time" — MS, May 5, 2020; "From our discussions with investors we've heard almost universally negative feedback on this deal, ranging from concerns that Andexxa could be over-priced (a reason behind weak initial uptake/reimbursement), to broader reservations surrounding ALXN levering itself to a hospital-based product in the midst of an ongoing pandemic" — Stifel, May 6, 2020"

"“I don’t think they have the talent right now to [meet their revenue goals]. Each class of vehicle at the time required a significant amount of research, testing. If they want to introduce 10 new vehicle models, that’s a several-year project. They would need really good relationships with the OEMs to do that. And they would probably need to get the outfitter network to be more robust. The upfitters have to be trained to do these upfits. For each incremental model they have to re-teach the upfitters. The upfitter model is attractive, but what goes unsaid is if you don’t have good upfitters, customers return the vehicles... Two [XL] guys... were traveling around the country to make up for upfitter fuck-ups. Up-fitters were fucking up all the time.” — Former XL Employee D; “Rivian, etc. has a skateboard chassis—it’s all flat. They’ve really packaged it in such a way that it’s pretty clean. You don’t have that... every vehicle that XL wants to do, they need a different package for, because it’s different underneath... bracketry’s different, dimensions are different, everything’s different.” — Former XL Employee H"

""AbCellera is a big one. In terms of a technology competitor, like think of who else can do that single-cell secretion assay and then identify that cell. AbCellera can do that, but it's so damn hard that they could not productize, so they did a very good job in making it as a service...Customers who want to just outsource everything; they go to AbCellera." — Former senior scientist; "For antibody discovery, there is obviously AbCellera that has a similar system for – it's a comparable system for evaluation of single cells. AbCellera also is based on a microfluidic device. But again, AbCellera's business model is different because they don't sell platforms." — Former scientist; "And, of course, then there's the service providers like AbCellera, which is already doing two or three-fold Berkeley Lights revenue, has a slightly different technical approach, but effectively, it does exactly the same workflow—screens cells for antibodies, picks out the ones that are making the relevant antibody and allows the research and development teams to then go and further characterize those antibodies." — Former executive"

"There are 10 to 20 doctors like me in the country, maybe a little more, that implant stimulators at these high volumes. People like me are the majority of the implants. It’s a 90/10 rule. By and large, it’s the high volume doctors souring on Nevro. It’s a big deal that other companies can give you paresthesia-free stimulation. And Medtronic’s Intelis came on like gangbusters. It’re really tiny. I was really excited by it. — One of the most well-known KOL’s in the stimulator space; Nevro is down to 50% of my share. Two years ago I used two-thirds Nevro. Nevro is overused. The honeymoon phase, that Nevro will solve all, is over. You’ll find doctors that tell you Nevro doesn’t work. — KOL and one of Nevro’s highest volume implanters; When we poll at conferences, initially doctors who were doing Nevro were all or nothing. They had a very dedicated following. That pool has shrunk. Now more us are finding that we like to spread it around. Of the 15 to 20 implanters in New York like me, all of us are doing some Nevro and there’s not much more growth to be captured among this circle. — High volume Nevro implanter"

"On the conservatism in the FY '24 guide comment that was made in the shareholder letter and the prepared remarks. Really, what I am saying is if you go back to like FY '23, we initially guided 30% to 32% revenue growth and we ultimately finished that 52% growth. So that entailed beats of 8%, 7%, 9%, 9% in Q1, Q2, Q3 and Q4, what we are seeing for FY '24 is we are starting the guidance at 28% to 30%. We will not have those same level of beats in FY '24. So, it is less conservative than that initial FY '23 guide. There is a lot of obviously macro uncertainty. If we see a lot of those headwinds, we won't need to reduce our guidance, that is why we call it de-risked, we do not think we will go below 20% to 30%. If we don't see those headwinds, we will have the opportunity to move that guidance up throughout the year, similar to what we did in FY '23 but we do not expect the same magnitude of beats. And so that's really the point that I was trying to drive home, more in that kind of low to mid single-digit revenue beats on a quarterly basis if we do not see any sort of macro uncertainty. — Samsara CFO Phillips"

""BOL has likely been misunderstood because the complexity of its structure makes it infeasible to use Excel to estimate the percentage of circular ownership. We engaged consultants that created a program to do the calculations necessary. The main issue with understanding BOL's structure is that it has circles within circles within circles." — Muddy Waters, February 17, 2015; "Analysts call Bolloré SA one of the most complicated business structures they've seen, designed to protect family control. Children of Vincent Bolloré run key businesses." — Barron's, January 13, 2018; "Counselled by who would become his mentor, Antoine Bernheim, Bollore created a series of holding companies. And invested in a plethora of industrial activities. 'It is absurd in the context of economic efficiency, but intelligent in the context of dynastic continuity,' explains Bolloré." — Géraldine Meignan, L'Express, June 1, 2010; "There is a sense that Vivendi is now being run in a less transparent way, with one investor making decisions based on information which we don't have." — Claudio Aspesi, Bernstein Research, March 8, 2015"

"It’s an orchestration, and there’s an art to it. When it comes to TransMedics...and we’re going to need the team...and they’re dragging their feet. And here we are scrambling to try to get to that timeline of can we get the team? Not just the procuring team who work for us but also the air charter and making sure the pilots don’t time out if we do a round trip, making sure that we have all the logistics set up for getting the team and if we have to use the device or not or a different technology or not or instead of equipment, the donor could be in way north Maine or they could be in an urban setting. We have to factor all of those things in. And so, here we are scrambling to get the orchestration done, but we ended up finding out TransMedics has been “working on certain things” for hours, and then we get notified, and so the only last-ditch effort before we forego the organ and potentially the organ will not be used because it might be up in eastern Maine, as I mentioned, then there’s no other option other than eat the cost. — Veteran transplant administrator/executive at Massachusetts General Hospital"

"Our sweet spot is, call it, 40 grams to 80 grams...we put in a rebate every year since the reimbursement change came into being. We followed that up with a volume rebate this year. We put in a preauthorization for docs in the office side of service to make sure that they would get paid. We supported the product with clinical data to ensure that the retreatment rates would become a nonissue. And I haven't heard anything about retreatment. I'm sure in your checks, you probably haven't heard much either in the past. And we made changes to the management team...But the encouragement is that any third party analysts that is doing research with urologists, the feedback comes back consistently the product works. There's a sweet spot for this product in those smaller glands, and that's the majority of the market. So that's encouraging. But every research that's done that we've read all of them, the final sentence is, but I don't make as much money as I used to. And it's the economics argument that has challenged in the office side of service. — Teleflex CEO Kelly at Piper Sandler Healthcare Conference, 12/3/24"

"As a result of past acquisitions, we carry a significant goodwill and other acquired intangible assets on our balance sheet. In addition, we also defer certain costs to onboard a client or convert a client’s systems to function with our technology. Goodwill, intangible assets, net and deferred client conversion and start-up costs accounted for approximately 71% of the total assets on our balance sheet as of June 30, 2022. We test goodwill for impairment annually as of March 31st and we test goodwill, intangible assets, net and deferred client conversion and start-up costs for impairment at other times if events have occurred or circumstances exist that indicate the carrying value of goodwill may no longer be recoverable. Although no indications of an impairment have been identified, there can be no assurance that we will not incur impairment charges in the future, particularly in the event of a prolonged economic recession or loss of a key client or clients. A significant non-cash impairment could have a material adverse effect on our results of operations. — Broadridge Financial Solutions, FY2022 10-K"

"I don’t think Omnia matters. All of the other manufacturers are pretty much doing the same thing with their batteries. It’s not a game changer. — KOL in the SCS field with prominent papers published; So Nevro had a good idea but they failed to maintain programming options having thrown their entire emphasis behind 10,000Hz. When it was proven that 1,000Hz was equal in efficacy, Nevro quaked in their boots. The Omnia is an attempt to save market share with a beleaguered cohort of doctors that are sick of explanting the device when the 10,000 Hz programming fails to work. — KOL, former high volume Nevro user; Omnia has burst, tonic, HF10, intermediate frequencies, and you can use multiple programs. When it came out, if one program doesn’t work, I can change to another. I’ve started using it. It hasn’t been any better than Boston Scientific but it works. — KOL and high volume implanter; If HF10 was as groovy as they thought it was, they wouldn’t have had to change the device to do paresthesia. They were forced into Omnia or they would have gone out of business. — KOL and former high volume Nevro implanter"

"With the Flex model, Premier Agent partners are provided with validated leads at no initial cost and pay a performance advertising fee only when a real estate transaction is closed with one of the leads, generally within two years. With this pricing model, the transaction price represents variable consideration, as the amount to which we expect to be entitled varies based on the number of validated leads that convert into real estate transactions and the value of those transactions. We estimate variable consideration and record revenue as performance obligations, or validated leads, are transferred. We do not believe that a significant reversal in the amount of cumulative revenue recognized will occur once the uncertainty related to the number of transactions closed is subsequently resolved. We record a contract asset for our estimate of the consideration to which we will be entitled when the right to the consideration is conditional. When the right to consideration becomes unconditional, upon the close of a real estate transaction, we reclassify amounts to accounts receivable. — Zillow Group 2023 10-K"

""Most positions have been or will be outsourced. Most quality managers have been driven off." — Cardiac Technician Trainer, iRhythm, Glassdoor, 5/6/25; "Everyone in management is responsible for the high turnover, unrealistic goals and the QA process is a joke, If you want overwhelming loads work and stress this is the company to be at." — Cardiac Monitor Technician, iRhythm, Glassdoor, 1/14/25; "Rushed, unrealistic goals causing many quality issues...End the secrecy, end the lies, and treat people with the decency and respect they deserve." — Anonymous Employee, iRhythm, Glassdoor, 12/19/24; "Go big and go fast does not work when it comes to patient care." — Patch Technician, iRhythm, Glassdoor, 12/16/24; "They forgo quality for quantity...They Keep outsourcing jobs to India/foreign countries and getting rid of jobs in the US." — Cardiac Technician, iRhythm, Glassdoor, 7/13/24; "When the new CEO and his former employees came in, things seemed great at first. Over time the company lost what it was founded on. Quality before productivity went out the door." — EKG Technician, iRhythm, Glassdoor, 5/10/24"

"Without going into a lot of details, the reaction from IDT was like, okay, let’s see how this plays out. The folks at IDT, there are a lot of very smart people that know everything there is to know about DNA synthesis. We had a pretty darned good guess that they were either making very little money or maybe even losing money. So, IDT’s reaction was—and I think still is—just patience. IDT lowered prices a little bit in key markets like Boston and the Bay area, but IDT actively avoided going head-to-head with customers that we knew Twist was offering insane prices for because we figured that either Twist is going to run out of venture capital steam and pitter out, and we’re going to preserve our price premium, which in the long run is going to be good. Or Twist, because they’re not as reliable, they don’t have as great of a turnaround time, they’re a lower quality provider, they might eat at our customer base, at least the high price sensitivity customer base, and that’s going to suck. And that’s eventually what happened…IDT still commands a price premium. — IDT ex-regional sales manager, left recently"

""I gave dozens of... presentations to fleet managers, generated out of XL Link, the onboard telematics system in each vehicle with XL technology. What this report indicates, is either no improvement in MPG, slight improvement in MPG, or a loss of overall MPG. Keep in mind these kits are $25,000 each, add 750 lbs of curb weight, and take up very valuable bed space, and advertise up to 50% improvement. I would highlight their drivers' errors, such as idle time, driving over the ideal speed, and aggressive acceleration habits, just to assign blame elsewhere for no improvement in MPG. I would also falsify their fuel cost per gallon, behind what's visible to the customer, to try and prove some ROI." — XL Former Employee A; "My customers that had the system wanted access to XL Link. But... salespeople had to give them presentations because they tried to pretty it up to avoid, "Hey, you're only getting another mile per gallon and it's not what we promised." They would never let the customer have access to the raw data on that: we had to put it into a presentation to give to them." — Former XL Employee B"

"“Yes, and we’re in the foundry...Right now, we’re at about 75 people; I don’t remember how many contractors, but 75 employees, and off the top of my head, it’s about 2/3 Boston, 1/3 in California.” — Current Joyn executive; “Boston. The company’s main labs are still co-located with Ginkgo, and we’re moving to the lab space that’s not with them but in the same building.” — Current director-level employee at Joyn; “It was, basically an open space that Joyn shared with Ginkgo, and Joyn had access fairly deep into the foundry, that is the level at which Joyn accessed, say our software, was relatively involved...they had fairly tight integration with Ginkgo.” — Former director-level employee; “A lot of technical stuff. This stems from Joyn as a first try with this. Technically, you have people that are working in Ginkgo’s lab that are delivering work to Joyn’s technical team. There’s something really nice and very expedient about being able to walk over across the lab and show someone the data you just got. Like, 'Is this what you’re looking for, for this experiment or not?'” — Former Ginkgo employee"

""Taft is one of 40 patients interviewed by the AP who said they had problems with spinal-cord stimulators...Twenty-eight of them said their spinal cord stimulators not only failed to alleviate pain but left them worse off than before their surgeries...More than half the patients interviewed by the AP said they felt pressured to get stimulators because they feared their doctors would cut off their pain medications" — Associated Press investigation. "Spinal cord stimulators are some of the most problematic implants, according to various insurers, with a recent study showing a high removal rate...[W]e don't see a lot of success with them at all...Spinal cord stimulators are the most frequent failed medical device for workers compensation claimants at Portland...The devices 'more often fail than succeed,' and he estimates that they cause complications in MEMIC comp patients 90% of the time..." — Insurance trade article. "[W]eak evidence exists that SCS may provide temporary improvement of pain in some patients, but there is no evidence of mid or long term pain improvement." — Washington state study."

""Waste Industries strongly complements GFL’s brand with an over 47-year history of providing excellent customer service to its local communities and has a management team with a proven track record of harnessing technology, processes and systems to drive operating efficiencies. We are excited to welcome the management team and the more than 2,850 employees of Waste Industries to the GFL family." — GFL Press Release. "We do not believe Decatur County’s allegations are supported or accurate. The Waste Industries Parties are vigorously disputing the merits of Decatur County’s claims, but we cannot predict the final outcome of this dispute." — F-1 Filed Nov 1st, 2019. "In the normal course of business activities, the Company is subject to a number of claims and legal actions that are made by customers, suppliers or others. Though the final outcome of actions outstanding or pending at the end of the period is not determinable, management believes the resolutions will not have a material effect on the financial position, statement of operations or cash flow of the Company." — F-1 Filed Nov 1st, 2019."

"“Everyone again feels that Nevro just cherry-picked their PDN study because diabetics are notoriously not compliant. That's why they have diabetes to begin with. And Nevro cherry-picks picture-perfect diabetic patients that always take the medication, their A1C was always below 7 and that's not realistic. That's not the average American that eats hoagies in Philadelphia.” — KOL and speaker; “If I used these exclusion criteria in my own population of diabetic patients, I could maybe enroll 10% or 15% of them. It was a vast list of exclusion criteria. That study doesn't reflect real-world outcomes. It used the best of the best of the best patients.” — KOL and high volume implanter; “Nevro's trying to put a sexy spin on a therapy that we've already been using forever. The ethics of their study design is questionable, like their exclusion criteria. They're going to have a lot of explants. They don't have the waveform capabilities that other companies have. The diabetic peripheral neuropathy study is just as bad as their original Senza study. It lacks robustness. It's not a level-one study.” — KOL"

"“Among other people in the field, it’s a running joke. We had a national conference; it’s like, come talk to me about your TransMedics story. It’s laughable. When it comes down to equipment issues, like dealing directly with, let’s say, a malfunction of a panel or blood getting into one of them or something happening to the device mid-flight, but there’s no backup, you can’t flush the organ—I kind of go, ‘What’s your backup?’ And how is there not a backup to the backup as well? And then months go by, and they say, ‘Well, we reviewed it internally. It was a malfunction of the panel. We’re going back and making some changes.’ And I’m going, ‘Okay, so what about all the other devices that are currently out there? Are you going to recall those because of a known issue?’ And then they say, ‘This is actually nothing. It’s outside of the norm of how many we’re doing. There’s a certain defect rate that is allowable, and this does not fall within that defect rate. We’re a trusted partner. We appreciate you.’ That’s the extent of it.” — Veteran transplant administrator at Massachusetts General Hospital"

"(a) For the purposes of this section, “operator” means the operator of an Internet Web site, online service, online application, or mobile application with actual knowledge that the site, service, or application is used primarily for K-12 school purposes and was designed and marketed for K-12 school purposes. (b) An operator shall not knowingly engage in any of the following activities with respect to their site, service, or application: (1) (A) Engage in targeted advertising on the operator’s site, service, or application, or (B) target advertising on any other site, service, or application when the targeting of the advertising is based upon any information, including covered information and persistent unique identifiers, that the operator has acquired because of the use of that operator’s site, service, or application described in subdivision (a). (2) Use information, including persistent unique identifiers, created or gathered by the operator’s site, service, or application, to amass a profile about a K-12 student except in furtherance of K-12 school purposes. — California SOPIPA Language"

""Many of these deals were significantly back-end loaded because nobody wanted to pay an upfront payment for a technology that they didn't really understand or believe in." — Former Ginkgo executive; "Many of these companies weren't out much, if anything, when it came to money. We signed these collaborations to get the name on the marquee so that Jason could use that for the next round of funding." — Former Ginkgo executive; "The first thing is that they don't have any unique technology that other companies don't have. The second is that they don't have any product. The products that they do have or what they call their products are strains that they've delivered to customers that generate revenue. But because there aren't many of those successful strains, I believe that their actual revenue coming from those strains is something like $500,000 a year. Customers, if they're using their strains, are using them in a very limited capacity because they're not happy with them. And they're not using them for the original purposes. So, lack of platform uniqueness, lack of product." — Former employee"

""GCP will focus largely on the non-residential construction market, with a smaller business in packaging materials as ballast. Longer-term, GCP should be able to lean on its market leading position and new product pipeline to out-pace end market growth, support margins, and grow EPS at an estimated 10% CAGR through the end of the decade." — Jefferies, February 2016; "We view this US non-residential construction exposure (particularly exposure to cement and concrete demand) as a positive, since cement volumes are still 25% below levels 10 years ago and 3% below the 20-year average prior to the 2008/09 recession." — Goldman Sachs, February 2016; "Despite some indications that non-residential construction spending growth in the U.S. could be entering a mature phase of the cycle, there are some spots of steady growth in significant markets for GCP, such as the multifamily market and infrastructure spending with the passage of the Federal Aid Highway Program. These markets may help to boost overall growth above rates for total construction, in our opinion." — KeyBanc Capital Markets, May 2016"

"The revised performance goals were set at aggressive levels that reflected our realistic expectations at the height of the COVID-19 pandemic. Achievement levels between threshold and target result in payouts from 0% to 100% of target awards. Achievement levels between target and maximum result in payouts from 100% to 200% of target awards. If we achieve corporate adjusted EBITDA of less than 85% of target, the payout for all other components may be capped at target. If corporate adjusted EBITDA is less than 75% of target, the threshold goal, then payment of any other component of the award would be at the discretion of our CEO and the Compensation Committee. The Compensation Committee believes that requiring a minimum adjusted EBITDA threshold be met to receive any payment with respect to the annual cash performance awards both aligns executives' interests with those of stockholders and prevents excessive annual cash performance award payments in times when our financial performance fails to meet our expectations. — Board's Annual Cash Bonus Compensation Philosophy (2021 Proxy Statement)"