Callouts & quotes from 37,061+ activist slides

"“We embarrassed the legacy competition but over time that forced them to create new platforms, software, better technology, better interfaces, quicker trial times. They’ve done a lot more for their customers. Nevro still feels like a boutique company. They’re not really as sophisticated as they say they are. When you go to North American Neuromodulation Society meeting every January, you’re seeing an amazing amount of new technology. All the other companies create different types of platforms for different patients. They have optionality, which is a superior sales tactic with the patient saying, ‘Hey, this didn’t work, but I have other frequencies and waveforms for you and I have this and this and this.’” — Senior Nevro ex-executive; “Nevro disrupted the industry with high frequency. Then everyone developed sub-threshold paresthesia-free waveforms. Now companies who don’t even have high frequency have these waveforms. There are lots of competitor pipelines. They’re a one-trick pony. They’re not versatile. That I truly believe. It’s hard to tell a difference clinically.” — High volume KOL"

"“Operations, I came out of operations...the goal is to be fully staffed in every restaurant with every position, with talented, skilled and experienced employees. Let them know...make sure they know...through training, through the orientation and hiring, through the training, let them know what their role is in developing the brand promise and delivering the brand promise. We want to go beyond their intellectual agreement to their emotional commitment... ...And so the key to management is making sure that you get that emotional connection... ... we’ve got several little sayings that we use here, but "brilliance with the basics" is one that I have liked for a long time. It has some possible misconnotation because it is not just the basic thing of serving food. It is the basics of your functional area. If you are in legal, you want to do it just a little better. You want to shine relative to your competition, and throughout the Company with every area... ...And we really want the general managers to know how much we appreciate them and appreciate their role.” — Joe Lee, November 9, 2005"

"“Operations, I came out of operations...the goal is to be fully staffed in every restaurant with every position, with talented, skilled and experienced employees. Let them know...make sure they know...through training, through the orientation and hiring, through the training, let them know what their role is in developing the brand promise and delivering the brand promise. We want to go beyond their intellectual agreement to their emotional commitment... ...And so the key to management is making sure that you get that emotional connection... ... we’ve got several little sayings that we use here, but "brilliance with the basics" is one that I have liked for a long time. It has some possible misconnotation because it is not just the basic thing of serving food. It is the basics of your functional area. If you are in legal, you want to do it just a little better. You want to shine relative to your competition, and throughout the Company with every area... ...And we really want the general managers to know how much we appreciate them and appreciate their role.” — Joe Lee, November 9, 2005"

"“Would you characterize most of the growth during COVID as more like an expansionary effort and like the inventory over ordering?” — Interviewer. “Absolutely.” — Zebra Former Employee. “There was less of this like refresh cycle pool forward dynamically. It was more so expansionary and supply chain build-out.” — Interviewer. “People are always refreshing. And the bigger the company, the more rigorous they are about it. They can afford to push or pull by a couple of years, depending on the economic conditions. But at the end of the day, the larger the company is, the more they can handle that. I think we're heading in the other direction as an economy. I think we're going to get into tighter times. And the timing of this contraction is pretty scary. To your point, here's Zebra takes back 2/3 of distributions inventory, as part of their contract. Now they're holding a big bag, and now they are carrying all that inventory cost. If things were to slow down even more, then they can't ship it. Then they're going to take a hit because they had to give it away, right.” — Zebra Former Employee."

""Power of One is emerging as a significant competitive advantage for PepsiCo in North America...PepsiCo offers multiple go-to-market systems and flexibility to our customers." — PepsiCo Management (10/23/2006); "We think we have...distinct capabilities at PepsiCo that give us a competitive advantage in the marketplace...Power of One is more than a catchy phrase." — PepsiCo Management (02/20/2008); "In terms of Power of One...there's so much more we can do to align merchandising efforts across beverages and snacks." — PepsiCo Management (2/11/2010); "With the acquisition of the bottling company, we can take Power of One into areas we've never done before...we can cut out redundant costs." — PepsiCo Management (3/22/2010); "PepsiCo's value is maximized as one Company...it provides compelling cost leverage across the value chain." — PepsiCo Management (2/9/2012); "We think the benefit of having the global snack and beverage business together is north of $800 million, so $800 million to $1 billion of synergies created by virtue of having those 2 together." — PepsiCo Management (2/21/2013)"

"“That’s basically the nutshell of the reason why I think the market is limited for Berkeley Lights specifically because I believe that there will be technologies that come through the pipe that are able to have the same functionality as their system but at a much, much higher throughput.” — Former BLI executive; “it’s not something that you can apply to a manufacturing process because you can get out in the order of thousands of cells, but obviously, you cannot get enough of those out for a therapy product. Even the application of growing the cells and expanding them will always be something but then used for an R&D need; it’s not compatible with manufacturing.” — Former BLI scientist; “the problem is that with the work that Berkeley Lights is doing, I mean, an immune system has billions and billions of unique cells, and so you want to screen as many of them as possible to figure out what they do and what their genotype is, but the technology is limiting to screening a few hundred to a few thousand cells, and to capturing out maybe a couple of hundred of those.” — Former BLI executive"

""Strategic initiative number four, which is our global innovation efforts. We created a new business unit called WD-40 Bike Company, LLC. WD-40 Bike will be dedicated to solving cycling maintenance problems of riders, delivering WD-40-branded solutions that are easy to use, easy to find, provide good value, and will get the job done right." — WD-40 New Bike Business Q4 2012; "In the full year, as we reported our blue and yellow can with the little red top, the Multi-Use Product, it grew in the year about 7.5%. Specialist, as we reported, was up nearly 22%. BIKE was up about 28%." — CEO Ridge Q4 2018; "And then you said that you are putting the BIKE under the new Specialist packaging, or I am assuming also manage as under the Specialist group. Why keep the financial data where it is and not including -- and not included going forward in the Specialist group?" — Analyst Q1 2020; "Well, because we report it now in the other group, and we wouldn't be a comparable because it wasn't in there before. So we've decided, at this time, to leave it out as a line on its own." — CEO Ridge Q1 2020"

"“Now, the ASML EUV source is tin-based. That's what I'm kind of telling, that yes, it's possible, but it would require hundreds of people, which are like 100 people, 10 years, and a lot of money. I don't think that, for example, Lasertec is not in a position to throw 100 people working on a source. ASML and Cymer spent 20 years, and, on average, it was probably 300 people working per year, and then 20 years. ASML spent several billion dollars on the source only - maybe a couple of billion dollars in development. That's the scale. I joined ASML at Cymer in 1999 or maybe 2000, and I worked there for 11 years. And it went into production basically in 2017. That tells you the scope. When I left Cymer, there were 250 or 300 people in the source development team engineering. Right now, if you go to San Diego, I'm sure that there are 600-700, maybe 1,000 people working on it. It's a huge development.” — Leading figure in the development of Cymer/ASML’s EUV light source; headed EUV source effort at one of the largest semicap equipment companies; one of the top scientist/experts in the field"

"“Consider that the Lightning was launched in 2019, a couple of years after the Beacon. By end of 2020, we probably had placed six to eight platforms. I think one of the reasons why was that we were still trying to find the optimal target for that one. Lightning is cheaper than the Beacon, but it’s still an expensive machine by academic standards.” –Former BLI scientist; “The choices that were made at the launch of the platform turned out to be not the best because the potential market that was targeted and the applications that were launched with the platform initially were probably not the ones they should have focused on. The platform was supposed to be the best of the Beacon with less automation, but also a more inviting price point. I think that's not what happened ultimately. The machine was still too expensive in comparison with others.” –Former BLI employee; “It's still a sizable amount of money and a fairly expensive piece of equipment for a facility, for a university. For academic purchases, it always had to be tied to some kind of grant application.” –Former BLI scientist"

"We’re at the final stages of construction, which we expect to be completed by the end of January, we are adamantly working on gearing up for our Grand Opening. At this point, we have spent over $2M of equity on construction and over $1.3M in dark rent. As Landlords ourselves, [We] understand that the likelihood a tenant blows out after paying over a year’s worth of dark rent is extremely high. The eviction process, leasing efforts, new TI package, and lag time until new rent is collected is an arduous and expensive process, so we understand that it’s in no one’s best interest that we default. As a result, we’d like to respectfully request your help in bridging that gap before us in the form of rent relief and additional TI. We’ve estimated that we will require $400k to complete construction by January and ask that CTO help alleviate the burden by increasing our TI package. We also request that past-due rent for Nov. and Dec. be abated, and that future rent be deferred until the venture is operating, which we anticipate will occur in February. — Email from Food Hall investors to CTO"

"It is perceived harshly. And I think people who are sort of new to the field, they're very excited about it because, I think on the face of it, it can be very flashy and very interesting. I think people who are really well-established in the field of single-cell analysis have a very realistic approach, like, 'Hey, if you've got time and money to burn, and you can make it work for your particular application, that's great.' You'll be able to really at least churn through some experiments, hopefully, demonstrate with some validated data that what you're seeing is pretty realistic. But in terms of why your application or applicability in some of these critical areas, things that require FDA approval, anybody who is familiar with the field tends to be very skeptical, and rightfully so. — Leading Academic Institution/Ex-BLI Scientist; This is the most unnatural assay I think I've ever seen before. You absolutely cannot expect—anybody with a biological background is going to look at that and be like, the cells are going to behave normally. — Leading Academic Institution/Ex-BLI Scientist"

"“Most quantum computers, if you talk with IBM, Rigetti, they can do very simple quantum algorithms. They are mock problems; for example, Quantum Fourier Transform is an algorithm similar to for Fourier Transform, where you go from frequencies into numbers, the value of the frequency. Here you can go from one phase, the phase information into a number information. It’s a toy problem. The number of qubits is your limiting factor on the kind of problems you can solve, and I’m only talking from a quantum type of algorithm because these are not going to solve any real-world problems with 11 qubits.” — Quantum computing expert; user of IonQ’s machine; quantum computing faculty member. “The ones that have been demonstrative so far are artificial problems that are specifically designed to showcase the capabilities of quantum computers. Real-world problems, no one has still done anything that cannot already be done faster on the classical computer or supercomputer for that case. Always remember that technology is an infant.” — Physicist at Google working on their quantum computing effort"

""We expect PFE to trade lower today following disclosure of topline results from the phase 2b obesity study of the company’s twice daily oral GLP-1 receptor agonist, danuglipron. Despite the study meeting its primary endpoint of body weight change from baseline vs placebo, we view the results as markedly negative for the program, with PFE discontinuing further development of the twice daily formulation." — Goldman Sachs, December 1, 2023. "This morning, PFE announced that it is advancing the development of its QD formulation of danuglipron (oral GLP-1) based on recent PK data, and we wanted to provide our thoughts. Overall, while we are not surprised that PFE is moving forward with this program, we remain skeptical on the asset with questions remaining on the tolerability profile... Net-net, we are not surprised by today’s news but continue to see a limited role for the asset absent more clarity on the tolerability profile of the new formulation and based on LLY’s significant time-to-mkt advantage for orforglipron (ph3 data expected in mid-2025)." — J.P. Morgan, July 11, 2024."

""I also don't like the hype, even though I know the people at IonQ and it just disturbs me when I see that...I must say I was kind of appalled by this prospectus that IonQ put out...the kind of stuff they're putting out there is just a no-no for a research paper, you would get killed if you said that... I mean, so far they haven't done anything that can't be done on a classical computer." — Leading scientist in the quantum computing field; "There's a lot of concern about what IonQ is saying and that IonQ seems to have worried more about their stock price and hyping what they're doing than being scientifically accurate...I think it's going to give the field a bad name." — Leading expert in quantum computing; "...don't listen to the hype, don't listen to everything that they put out in the articles...People that are in the industry, the researchers, the scientists, the PhDs that are working on this, are very skeptical of all the marketing hype because it's kind of almost getting out of control." — Quantum computing expert; user of IonQ's machine; quantum computing faculty member"

""We expect PFE to trade lower today following disclosure of topline results from the phase 2b obesity study of the company’s twice daily oral GLP-1 receptor agonist, danuglipron. Despite the study meeting its primary endpoint of body weight change from baseline vs placebo, we view the results as markedly negative for the program, with PFE discontinuing further development of the twice daily formulation." — Goldman Sachs, December 1, 2023; "This morning, PFE announced that it is advancing the development of its QD formulation of danuglipron (oral GLP-1) based on recent PK data, and we wanted to provide our thoughts. Overall, while we are not surprised that PFE is moving forward with this program, we remain skeptical on the asset with questions remaining on the tolerability profile... Net-net, we are not surprised by today’s news but continue to see a limited role for the asset absent more clarity on the tolerability profile of the new formulation and based on LLY’s significant time-to-mkt advantage for orforglipron (ph3 data expected in mid-2025)." — J.P. Morgan, July 11, 2024"

"“And I can tell you the point the investigator made on the Vykat cost is very poignant. Honestly, I feel very similar. There's a medication called Crenessity, which just came out, and they have just been pushing hard. And with Vykat, they are pushing hard. I got so much stuff in the mail, so many emails for stuff. And I feel very similar in that they're both pressing. And the Crenessity thing is for kids with CH, they can't come off hydrocortisone, but it can help a little bit. And we talked about it as a group. There's a couple of patients that, sure. But the price tag was $400,000 or $500,000 a year. And we all agreed this may be a nice adjunct for a couple of kids, but do we really think it's worth that price tag? And we all said no. And it was funny when I asked, oh, what does it cost? And I did actually ask the medical rep what Vykat cost. But the salespeople had stepped out and she's like, oh, I don't know. I can't answer that. I'm like, "Come on, you don't know?"” — Pediatric endocrinologist at a Delaware academic center with eight endocrinologists and ~50 PWS patients"

""In the event such sale-leaseback transaction were to occur, the Company would realize substantial proceeds from such sale, which would further enhance its liquidity." — Press Release, November 7, 2014; "So we have, since the beginning, believed that we have very undervalued real estate assets locked up inside the Hudson's Bay Company, and our job is to be able to show our shareholders the value of the substantial real estate assets that the Hudson's Bay company owns." — Richard Baker, CEO, September 12, 2014; "This strategic initiative positions Loblaw's core businesses well for the future. We expect the REIT to not only unlock value for our shareholders, but also increase our financial capacity to pay-down debt, buy back shares, and create a long-term source of capital to invest and grow." — Galen Weston, CEO, December 6, 2012; "Today's announcement regarding a REIT would increase CTC's financial flexibility, providing us with the ability to access funds at an attractive cost of capital as we continue to invest in and grow our business." — Stephen Wetmore, CEO, May 9, 2013"

""On the North America auto sheets, we see continued strong growth, as you can see here, next year as well as over the 3 years, in the 22% range. There we made a conscious decision after capturing the first wave of automotive light-weighting with Ford, when we saw that our other competitors there, Constellium, were investing when we held back, because we did not want to create overcapacity. We know very, very, very painfully what that means to our results from packaging. So that's why we made the conscious decision to instead focus on the commercialization of the Micromill, which I will talk about a little later. The growth potential that we have left in automotive is during the ramp-up of Tennessee and to close the remaining capacity that we have there or fill it, plus we will also continue to creep our capacity in both Davenport and Tennessee." — Kay Meggers, Global President of GRP at Arconic, December 14, 2016. "Second fact is we do not intend to build out or change the packaging side of the Tennessee mill into an automotive line." — Dr. Klaus Kleinfeld, January 31, 2017"

"“Imagine a piece of paper that's ridiculously thin, and you need to heat it up into a ceramic. Any ceramicist will tell you that you need to sinter and solidify that in an oven. You're taking it to a couple of thousand degrees so that ceramic can harden, stiffen, and typically shrink.” — Former employee; “But when you're doing something that's so thin over that big of a form factor, it makes an irregular shape, or it shrinks too much in certain areas. If there's a defect or debris, you can create a pinhole. Imagine if there's even a particle of dust that gets onto the surface. Trying to get the chemistry right to put into a furnace at that high of a temperature, and have it perfectly come together in order to make something that's super uniform, super-flat - imagine if the sample isn't 100% flat and you put it into a battery. If it's not flat, it's not going to interact with the cathode and anode in different places, and the pressure points are where you can definitely see a crack or a pinhole forming. Those pinholes will instantly short the battery.” — Former employee"

""While we had greater than normal backlog during certain periods of fiscal year 2022, historically, our net sales are difficult to forecast because we do not have sufficient backlog of unfilled orders or sufficient recurring revenue to meet our quarterly net sales targets at the beginning of a quarter. Rather, a majority of our net sales in any quarter depend upon customer orders that we receive and fulfill in that quarter." — SMC Risk Factor. "This emerging segment represents a vast long-term opportunity for us, and our design win momentum and backlog continues to grow, but short-term quarter-to-quarter results can fluctuate depending on the timing of new customer adoptions and qualification cycles." — CFO Weigand. "Looking ahead, I anticipate fiscal year '24 revenue may reach the range of $8 billion to $10 billion, considering the current economic headwind may be lasting for many quarters. As we continue to gain IT market share with the best rack scale plug-and-play IT total solutions, I believe we will soon become a $20 billion revenue company." — CEO Charles Liang."

"“What assisted Nevro with the Kapural study was interaction bias. It’s all about how the study was designed and how the study team interacted with patients in the Boston Scientific arm versus the Nevro arm... They compared Nevro to CMM [conservative medical management], and CMM is a very low bar.” — Former executive; “I have concerns and issues with how Nevro manages data especially around clinical research. If a study didn’t produce results congruent with their high frequency trial, they wouldn’t publish it. I feel that’s highly unethical.” — Former executive; “Another factor is how Nevro managed patients post-implant is create their own placebo effect... My concern is that they do this during clinical trials.” — Former executive; “The RCT patients were so closely followed up, so closely managed and optimized with full time field clinical engineers dedicated to them, that then going to a general population and not having that same support infrastructure, yeah, of course you’re going to see some fall off [in efficacy versus the pivotal trial].” — Former Nevro executive"

"“Then you have Kaiser docs like one who said to me that he thinks patients like Nevro. I said, "You think patients like it because you do 10 implants a year and you really don't know." So there are a lot of Nevro doctors that don't do many implants, and then you have higher volumes ones at these surgery centers where it's a financial decision because of the price.” —KOL, former high volume Nevro implanter; “For the low volume implanters, Nevro said, hey you don't have to test, you don't have to elicit paresthesias, you just put it in this one place T9/10 and that’s all you have to do. The ease of implanting took the whole thought process out. When we used to teach neuromodulation 10-15 years ago, there were all kinds of algorithms. So that was incredibly attractive to implanters who didn't really do many - this is easy. You just put it in. And initially those few implants did really well. You thought things are good. After a while it didn't do so good, but you weren't doing enough neuromodulation to really pay attention to it.” —KOL, former high volume Nevro implanter"

"The biggest problem of that molecule, the receptor, is interesting. The class is interesting. Narcolepsy is a huge need. Here is the problem. This product has a huge patient-to-patient variability in terms of how it's absorbed and how it actually passes the blood-brain barrier or moves past the blood-brain barrier. So, the biggest problem here is what we call the DDMPK, Drug Distribution and Metabolism, the mechanism of action. In a lab, it works wonderfully. In cells, it works, even in rat models, and we've even done models in dogs, and it works. The problem is in humans, the metabolism of such drug classes allows very high variability and very, very low bio-availability to reach even a 1% maximum. And that's why you'll never be able to take that product into clinical program to bring a reasonable effect to the patient, except by having to give patients something like 900 grams of the drug because the bio-availability is too low, and the variability is very high. — Senior pharmaceutical executive/scientist, previously at Abbott and now at another major pharma company"

""The cost of orthodontics is coming down across the board. The demand for orthodontic treatment is growing but the suppliers is growing exponentially, so costs again are going to come down. So we are going to see an absolute decrease in the cost of treatment. This is the problem with Invisalign, they keep raising their fees every year. This is opposite of the rest of the market. I am getting squeezed by Invisalign, I am charging less for it and they keep raising their prices..." — Orthodontist, Diamond Plus Align Tier; "I don't think the customer really cares which clear aligner treatment they are getting." — Dentist, DSO; "From a patient perspective, they are relatively impartial to the brand of clear aligner. If the doctor recommends Clarity or ClearCorrect, the patient is not going to care." — Dentist, DSO; "Align has been so arrogant over the last three to five years. They raise prices every summer and have done it every summer. If they don't adjust their prices, they are going to see major market share erosion." — Senior Employee, Major Dental Equipment Supplier"

""One of the things that we are going to try to do differently within Alcoa Corp... is to try to drive down overheads as significantly as we can." — Bill Oplinger, Alcoa Corp. CFO, October 20, 2016; "And if I could just add to that -- mentions the word overhead gets me excited. It's -- when we've been part of the primary products business. And in plants, we spend a lot of our time complaining about overheads and the fact that there's way too many of them. So one of the fun things we've been able to do is look at every single line item and think about what that needs to be at the moment of separation. And then what are we going to do in order to continue to drive it down. And I would say that we've got a good start. We've been able to imagine how we should run the business, but we've got more to do. And we've got additional overhead to squeeze out, whether it's the location of business units around the world or any other number of places, we got more work to do when we're not satisfied with where the overhead sits today." — Roy Harvey, Alcoa Corp. CEO, October 20, 2016"

""It's my legacy. I'm the seventh generation of Bolloré's, and I can't imagine a world where I don't pass the torch to my daughters one day." — Yannick Bolloré, as reported by New York Times, October 26, 2015; "It's official: Vivendi is Vincent Bolloré's family fiefdom. Shareholders can come along for the ride, but they must accept the risk that the chairman -- and largest holder with a 14 percent stake -- puts his interests before theirs." — Leila Abboud, Bloomberg, May 17, 2016; "Vivendi's hereditary chairmanship is a strange approach to corporate governance. The episode [anointing Yannick the next CEO of Vivendi] is pretty bizarre by usual corporate governance norms. But, when it comes to Vivendi, unsurprising. Needless to say, Yannick was approved. The nomination committee is four strong, of whom three are Bolloré appointees (including Vincent himself). For years, Bolloré denied he was trying to build a media dynasty through his minority stake in Vivendi. Then last June, he admitted his aim was to place Yannick at the helm." — Alex Webb, Bloomberg, April 20, 2018"

""Well, listen, I think you're going to see our valuations and a rerating of our multiple move up without this volatility. I think actually, in a funny way, you're going to see rerating of multiples for TiO2. We're concentrating at 1 or 2 turns higher than Huntsman is. And Huntsman pure play comps like Celanese, Eastman, Dow are 1.5 turns higher than we are. I think you're going to see multiple expansion on both sides." — Kimo Esplin, Former CFO, May 2017; "We think we look at it and awful lot like a Dow and Eastman and the Celanese and I'd encourage you to look at the quality of the business as you heard today relative to their portfolio." — Kimo Esplin, Former CFO, March 2016; "I think if anything, perhaps we've been looked at as a large TiO2 company with a bunch of other chemicals off to the side. I think that when you look at the quality of our business, particularly in those non-TiO2, we believe that we deserve a multiple that would be akin to a Celanese, an Eastman, a Dow Chemical, some of our traditional peers." — Peter Huntsman, President & CEO, December 2013"

"The prime rate as of today is 5.75%. This rate, therefore, will be the applicable base rate. The risk premium, per Till, will normally fluctuate between 1% and 3%. The appropriate size of the adjustment, per Till, will depend on factors such as the circumstances of the estate, the nature of the security and the duration and feasibility of the reorganization plan. The creditor bears the burden of proof on this issue. In this instance, [the Creditor] has raised certain legitimate questions as to the feasibility of the Debtor's plan; however it has done little to overcome the evidence which indicates both that the Debtor's operations are improving apace, and that the value of Fremont's collateral is appreciating steadily. The Court thus views the risks attendant to the proposed loan as neither negligible nor extreme. Based upon this, the Court will require the addition of a 1.5% risk premium to the aforesaid prime rate for the recast [Creditor] loan. — Opinion of Judge Raslavich, United States Bankruptcy Court, E.D. Pennsylvania, In re Prussia Associates, April 5, 2005"

""Agrium is attractive because JANA looks likely to win board seats" — Credit Agricole / CLSA, 12/14/12; "JANA's interest in Agrium has certainly been a boon for investors" — Financial Post, 12/21/12; "After speaking with four of the five directors that JANA Partners is nominating for Agrium's board, we came away impressed with the group's clear industrial distribution experience and competence and their ability to articulate the kinds of operational improvements they would seek to implement at Agrium Retail" — Barclays, 12/13/12; "While activist shareholder JANA Partners' proposals have been met with stiff resistance from Agrium management, we believe that significant shareholder value creation may come from surfacing some of the issues raised by JANA" — Piper Jaffray, 12/2/12; "JANA's proposed board members possess solid retail distribution experience and could help unlock value" — CIBC, 1/15/13; "JANA is nominating a retail ‘dream team’ to Agrium's board, which currently does not have one independent member with retail distribution experience" — Barron's, 11/26/12"

""Well, listen, I think you're going to see our valuations and a rerating of our multiple move up without this volatility. I think actually, in a funny way, you're going to see rerating of multiples for TiO2. We're concentrating at 1 or 2 turns higher than Huntsman is. And Huntsman pure play comps like Celanese, Eastman, Dow are 1.5 turns higher than we are. I think you're going to see multiple expansion on both sides." — Kimo Esplin, Former CFO, May 2017; "We think we look at it and awful lot like a Dow and Eastman and the Celanese and I'd encourage you to look at the quality of the business as you heard today relative to their portfolio." — Kimo Esplin, Former CFO, March 2016; "I think if anything, perhaps we've been looked at as a large TiO2 company with a bunch of other chemicals off to the side. I think that when you look at the quality of our business, particularly in those non-TiO2, we believe that we deserve a multiple that would be akin to a Celanese, an Eastman, a Dow Chemical, some of our traditional peers." — Peter Huntsman, President & CEO, December 2013"

"“There was a liver a month ago...it was an infarction, that part of it had died...one of my colleagues was already at a point of no return in the recipient operation. He had already started before realizing that this was happening...we ended up having to use that liver and, sure enough, post-transplant...the right lobe of the liver just was completely dead... The [TransMedics] procuring surgeon could feel it, but it was not reported...that’s just the first part of the story. Fast forward three weeks later, another colleague, we had another liver on pump for a different patient...and again, this time, the right lobe of the liver felt off...we called TransMedics...we’re nervous because of what happened with our previous patient...the response was ‘Wow, yours is the only center that is having these issues,’ which is an outright lie… it’s just a fucking lie. It’s a lie that we’re the only center that’s having these problems but that was the communication to us.” — Head of transplant surgery at a major center; high-volume TransMedics user, who intends to terminate usage"

""...we are skeptical that management will be able to deliver on the promise of a "higher growth, higher value" DuPont and achieve the promised 7% top line and 12% EPS...[and] we are concerned that management will continue to miss promised performance targets as "new DuPont" remains an inherently complex collection of disparate businesses with a high-cost corporate overhead structure and that it will trade at a conglomerate discount as it will be neither a growth play, nor a recovery play." — Trian Fund Management (February 2014 letter to DuPont's Lead Director). "To clarify our discussion that day [Trian's meeting with Sandy and management in December 2013] relative to our five year, long-term rolling growth targets of 7 percent revenue growth and 12 percent operating earnings growth, which were announced publically on December 9, 2010 at our Investor Day, we continue to believe these goals are both appropriate and achievable. We fully endorse management's plan and are encouraged by the progress against them." — DuPont's Lead Director (March 2014 letter to Trian)."

""The diabetic neuropathy study is an example of putting lipstick on a pig. It really is. They're saying, wow we have a study that shows us what we already know. I mean, please. It won't change my use or anyone else's of stimulators in any way." — KOL and high volume implanter; "I have been treating idiopathic peripheral neuropathies, diabetic peripheral neuropathies, complex regional pain syndrome, and other types of painful neuropathies with spinal cord stimulation for a long time." — High volume Nevro implanter and loyalist; "We're the biggest stimulator implant unit in Europe. Our experience with Nevro started in 2009 with their EU study. We use it mainly for back pain, back surgery syndrome, and upper/lower neuropathic pain." — High volume Nevro implanter and consultant; "Boston Scientific has been doing stimulators for neuropathy in diabetics for close to 10 years, even with Precision-Plus back in 2004. Now all of a sudden, Nevro has some amazing thing? They're trying to hoodwink. I wish they would have gone after something innovative, something new." — KOL"

""What can they do now that will help them longer-term? In terms of execution, I want them to have a much more independent board...I want them to continue divesting. I don't want them to have a conglomerate discount...They just have too many unrelated businesses, and I think that's just not good for them longer-term." — Phillips Shareholder C; "The biggest issue for Phillips, in my opinion, is that they are not at all focused on creating shareholder value. They are focused on status quo." — Phillips 66 Shareholder D; "Look at the performance. They have issue after issue after issue. It's not a question of the management is the problem... Look, they have a management problem. I don't know any other investor who doesn't think that is true." — Phillips Shareholder E; "There is definitely a lot of upside. Their market position is pretty good. Despite financial challenges that they have been facing, they remain a very key player...So as long as they handle their strategic directions and improve their cost performance, they should do well." — Phillips 66 Shareholder F"

"July 27th, 2023: we do 100 a month no problem at ease right now. And that number is already growing slightly. But what you can't -- you don't often build 1,000 drones because there's different frequencies... If we had to, if we got an order for 1,000, we would ramp that up dramatically in a few months. — Red Cat Management. I don't personally recall us ever saying we could produce 1,000 a month. 1,000 a month at $15,000 per drones, I don't have a calculator in front of me, but that's an incredible amount of revenue. — Joseph Hernon, then-CFO. March 18th, 2024: The production facility in Salt Lake City is in full mass production mode. We are now running 1.5 shifts to meet production goals... We are now demonstrating that we can build tens of thousands of drones yearly. — Red Cat Management. September 23rd, 2024: Our management, engineering and manufacturing teams quickly developed a plan to scale production for 2025. Over the past 4 months, our engineering and manufacturing teams have been retooling and preparing for high-volume production. — Red Cat Management."

""I would be very surprised if it's a blockbuster, and if it was, it would be on the back of the hype and the sense of need, not on the basis of effectiveness...there have been others who clearly feel closer to how I have felt about it. I haven't had a sense of an absolutely glowing endorsement...it's not going to remove the need for controlling access to food....the risk of elevated blood sugars or worth the risk of hair growth or whatever it is — that I would struggle with." — Trial investigator, key opinion leader for PWS; "My own feeling and from our research, I feel that a treatment is possible, but I don't think it's this treatment...it's just that the satiety system in people with Prader-Willi Syndrome is very inefficient. What you've got to do is find something that makes it more efficient. You can bring about satiety in people with Prader-Willi Syndrome if you allow them to have enough food. That just happens to be far too much. You've got to try and improve efficiency. And I think Vykat doesn't do that." — Trial investigator, key opinion leader for PWS"

""The whole industry is being encouraged during this time to re-examine their expenditures and work flow efficiencies." — Dentist; "The orthodontists coming out of school are more in debt than ever in the history of the profession. They are very tech savvy. If they know that they can save money, they will." — Senior Employee, Major Dental Equipment Supplier; "I talk to between 5-15 dentists a day, and they are greatly reducing their Invisalign numbers. For those dentists that are not yet switching, they are thinking about it." — Dental Consultant; "The younger to midcareer guys, a lot of them are switching away from Invisalign." — Dentist, DSO; "The biggest risk to Invisalign is the core base of users are looking for alternatives. There are study clubs in my area that are called 'Invisalign alternative study clubs,' meaning you have a roomful of 30-40 of the heaviest hitter orthodontists in [region redacted] come together every 2-3 months to sit there and talk about other companies other than Invisalign that you can use." — Orthodontist, Diamond Plus Align Tier"

"“And we've had a couple of these situations in the past where I've had to have very candid conversations with their leadership. Many times, there have been situations where they've apologized profusely, so sorry that this has occurred, never our intention, won't ever happen again. We won't have any disagreements at all for a couple of months, and then again, there will be a situation where someone had made a call independent of our surgeons, and it just would continue to occur at a higher frequency, almost once a month, sometimes even a couple of times a week where now I have to get involved whenever there's a certain threshold that gets crossed as far as costs go where I would then have to bypass the entire team, go straight up to their leadership, and say, this is not what we discussed, we either need to end this or address this,...these types of issues continue to sprout, and I'll be honest, part of me also—I've been in situations where “never events” should never have occurred.” — Veteran transplant administrator/executive at Massachusetts General Hospital"

""I think fundamentally, if the goal is to reduce obesity and obesity-related disease, which is why hyperphagia is the primary focus of all these programs, even though it is a really multifactorial disease that affects a multitude of symptoms. The main side effects for this drug are hypertrichosis, peripheral edema, and hyperglycemia. If you're creating hyperglycemia by giving the drug then, really, what is the benefit if the long-term goal of reducing obesity is to prevent obesity complications like diabetes, hypertension, and cardiovascular disease. But if you're causing hyperglycemia, to me, that is the salient point. I do think if there are patients with extreme hyperphagia, there may be physicians who are willing to take that risk and put them on this drug. But I think there's so much variability within hyperphagia itself that, unless a patient has an extreme level of hyperphagia that is not under control through any other means, yeah, I think the value is minimal compared to what you're risking." — Ex-Soleno employee #2, key role in clinical trial program"

""The Omnia works best for heavy Nevro users who stopped being users. My share is 10% Nevro, 40% Boston, 25% Medtronic and 25% Abbot. Nevro's share will stay at 10%. I wasn't that happy with the anchor. If takes an extra half hour with the anchor it's a hassle. It's the biggest rechargeable there is. The only bigger stimulator is the Abbot non-rechargeable. The Nevro device is still big, just not as big as it was. They're just going from zero share to 10% of my share. These are chronic pain patients and if you give them something uncomfortable they'll complain about it a lot more. It's the population you're dealing with." — KOL, former heavy Nevro user who now uses it sparingly; "Now all of a sudden Nevro realizes that with their explants rate, they're going to have to do something new and sexy with Omnia [...] They're basically turned themselves into Boston Scientific which has offered multiple waveforms ever since Spectrum launched in 2013. This is old stuff. They're saying 'I guess we better be competitive because our differentiation at 10khz failed." — KOL"

"“Lightspeed had to decide on what their strategy was going to be. And frankly, it's clear, they gobbled up, especially on the retail side, they've gobbled up the majority of the competitors now and the hospitality side in Europe, but they have no choice, but to go toe-to-toe with Shopify. And that's why I think they're taking such an aggressive stance on that M&A strategy. You know, it's all fun to have Shopify as a competitor, but at some point someone will prevail. And I mean, I don't know if you saw maybe the most recent posts that Shopify CTO posted..... they literally posted a screenshot of one of Lightspeed's quotes that they've sent to a customer purchasing API access and Shopify CTO posted that picture and said, “how can a company like Lightspeed be charging their customers for API access?” So like both companies have dropped the gloves now. Lightspeed has made it very clear they're going after Shopify. For a C-suite to post a copy of a Lightspeed quote and make that remark. like they're going toe-to-toe plain and simple.” — Former Lightspeed Employee"

""One of the challenges we’ve had with ALXN shares has been the existential nature of the investment debate, and that the bull / bear discussion – even as management execution has been strong – seems largely focused on the stock's terminal value" — Stifel, August 30, 2019; "We expect ALXN to remain in its current trading range until there is greater visibility in the strategy beyond C5" — MS, May 6, 2020; "The shares are not expensive. However, we remain neutral given yet-to-be materialized success in pipeline diversification beyond the C5 franchise (~86% of revenue) & potential entry of competitors for the C5 franchise" — Jefferies, May 6, 2020; "Still, we think the lowered guidance will overshadow the 1Q results and along with persistent doubts about the longer-term future of the C5 franchise prior to competitor launches we would remain on the sidelines for now" — BAML, May 6, 2020; "We expect execution to remain strong, though the stock suffers from a so-so near term catalyst path, as well as a theoretical (hard-to-refute) bear case" — Stifel, May 6, 2020."

""One of the things that is really setting us apart [from our competitors] post-transformation is the fact that we do have one global platform...When we spend dollars to build the future functionality, we do it once. And then we leverage it across the world. If you have six accounting platforms and you were doing a regulatory change six times, that's 1/6 the IT efficiency" — Gunjan Kedia, State Street EVP, 2/25/15; "And I think I've mentioned about the challenges with the merger & acquisitions is we have so many different fragmented technology in various businesses and various products...I think the nature of the acquisitions have resulted in lots of fragmentation of technology" — Suresh Kumar, BNY Mellon CTO, 3/13/13; "The traditional approach for any of these acquisitions is steeped in the thesis that you'll see more synergies the more simplified your back end, and the more common systems you share, especially those that benefit from scale. That's been time-tested in the trust banking business" — Tim Keaney, Former BNY Mellon CEO Investment Services, 2010"

"we have some relationships with some builders on a direct basis. But that largely has not been that successful. In fact, many of the really large builders, the production homebuilders, they're not even really builders. They're in that classification of a builder, but they're really developers, they're really land developers. And so by and large, what they do is they're buying tracks of land and they're subcontracting the actual construction of the home on that land and they're putting -- they're putting together a property that can flip and they can turn so that they can get the value of the land out from underneath it. So they're less about building and more about developing. And that doesn't really fit in with us trying to talk about, "hey, we want to add a $4,000 product to the cost of a home." They want to make the home affordable so they can flip the land underneath it. That's really what they're interested in. So we're -- we have a misalignment of interest when it comes to talking to big production builders. — CEO Response, Analyst Day, Sept 4, 2019"

"I'm going to come back to the number you're not going to give in a second, but before I do that, this topic of restructuring, most of your company, you've hinted at this notion of there's cost inside Stryker, largely SG&A cost that can come out, but you've been sort of hesitant to give us that number. Why not come out and say, "We have a $500 million cost plan, it's got a 3-year term, thank you very much, this is what you're going to get?" — Morgan Stanley Analyst Lewis, Sept 2016. "I have a new CFO we named earlier this year, and he's -- we're working through our plans. And at this stage we're not really ready to sort of throw out a number. What I'm telling you is each year I have -- the cost transformation that we have underway, with moving from 41 different ERP systems to 1 ERP system, having indirect procurement, rationalizing some of our products, closing some of our factories, all of this activity that we have underway will deliver. That gives us the confidence that we can year after year deliver leveraged earnings." — CEO Lobo, MS Conf, Sept 2016."

""But life has changed. It's changed dramatically in the last few years. And our model needs to change to reflect that. The supply of vets is super challenging. And that's led to salary growth not just in vets, but in nurses and in practice managers. And if your already a young practice, that solid growth hits you disproportionately harder than it does in mature practices. That path to profitability of younger practices has lengthened and has delayed returns to our JVPs. It's also increasing that cash support that we've had to put into those businesses. We've been too focused on practice rollout rather than driving cash from our invested practices. And given the recent high number of openings, we have so many startup practices and we expect them to be loss-making in their early years. Typically, a practice becomes cash-generative around year five, and we expect that revenue to build as the customer base builds, remembering that our practices start off with no clients whatsoever. People don't easily change their vet." — PETS:LN Earnings Call, Nov 27 2018"

"They will arrest the heart before the rest of the team is ready. That’s happened multiple times in operating rooms where I was. And then, it’s usually a particular surgeon. In order for them to collect the blood that they put onto their pump, they put the other teams in a tough bind because it’ll arrest early and it’ll start draining the blood, and then everybody else is kind of sitting around, which is not ideal. And sometimes, that doesn’t always go smoothly. They don’t always get the amount of blood they need, or they need more time to get the blood they need, and it kind of puts everybody else in a pinch because it’s not ideal for the organs that they’re trying to procure. It consistently pisses off all the teams. For some reason, there are certain TransMedics surgeons that will do that before everybody is in place and ready to go on a regular basis. I don’t know if it’s bad surgical skill, which is a possibility. Or if it’s strategic. It just consistently happens. — Organ procurement technician at a high volume Northwest academic transplant center"

"“Nevro put together a brand new patient support and programming team. It’s role was to work with patients, call the patient on a daily basis, and advise the patient to turn the stimulator on or off. They would have a list of patients they were in charge of. They would call them daily during the trial, right after, after the procedure, to make sure the stim is set correctly. No other neuromodulation company had that. It was unique to HF10. A lot of times the patient had to be patient. We’d lower or increase the stimulation. We’d start at a low frequency, would wait 24 to 48 hours, would increase it by 1, then wait, then increase it again. For one algorithm, you’d spend a week and a half just on that algorithm. The reps would ask on the phone if you’re getting pain coverage, take notes, then add 3 milliamps. They’d have to go through this over the next 3 to 4 weeks to get correct coverage. If they didn’t get correct coverage, they’d have to bring the patient back in for reprogramming to see which programs work or don’t work.” — Former Nevro executive"

""So yes, like just period full stop, we saw a number of takeaways this year. What's much more common, however, is that we would hear from a company and they would say, look, we've got Progyny in the U.S. We've got two more years on our contracts. We're pretty happy with them, but they can't support us globally. So we'll give you the global business. And then when the time is right, we'll have a competitive bid for the U.S. business.. that happens all the time." — Vice President of Sales, Carrot Fertility, Tegus, 3/28/22; "Maven is an example of that broader family building offering as opposed to just infertility...they are one of the best in terms of navigation and advocacy...they were started by a woman who really understood the issues...I think they do a wonderful job." — Benefits Consultant, Willis Towers Watson, Spruce Point Interview, 11/21/22; "That will be the wave of the future if you can tie into the OB-GYN and get the referrals from their practice, which is really what Maven's trying to do." — Consultant, Spruce Point Interview, 11/17/22"

"There is just something that is off about the place... Unethical is also a word I'd used to describe the actions here. — Full Time Employee on Glassdoor; Our finance team barely exists at this point. They [the co-founders] are distrustful of almost everybody. — Anonymous Employee on Glassdoor; It's a culture of fear... — Sales on Glassdoor; With my insight into leadership, it's easy to see rampant favoritism, unethical behavior and excessive micromanaging starting at the top with founders. — Former Manager on Glassdoor; Extremely inexperienced leadership. Lack of transparency. Lots of fear based practices. — Anonymous Employee on Glassdoor; Understand that the founders will stop at nothing to succeed and that means lying to press, vendors, employees and glassdoor. — Teams Sales Manager on Glassdoor; I would say, like for numbers, the general respect for the truth was low. I would say that if there is a number where there's an opportunity to kind of be aggressive with something, they probably will be. — Former Executive Interviewed by Spruce Point"

""Whey is byproduct of the sour cream production. We would often send it to the cheese plants into the cheese making process. It would be an inter-company sale." — Former Saputo Executive; "I see both side of the coin... Was it a good idea? If I were CFO, the numbers probably looked tantalizing, but from a business perspective, I think they will have growing pains until they fully harmonize where they need to be." — Former Saputo Executive; "Chuckle, have you heard of unplanned re-supply?... The biggest driver is unplanned re-supply. Overall, I'd rate Saputo overall on a 1 to 10 basis with 10 being good, I'd say they're right in the middle – five." — Former Saputo Executive; "Danone has become more of a competitive threat. They've been pricing business more competitively to win business." — Former Saputo Executive; "Recalls are the absolute worst. It's very costly and damaging to the business reputation. If you've seen an uptick, it's indicative of losing key talent in their quality department. Listeria is the big one." — Former Saputo Executive"

"“Look, the 11-qubit quantum computer performance they provide; I can do this much faster on my cell phone. So, it is not surprising to me that people are just kind of tinkering around because you can’t really do any meaningful work in any of these machines other than for demonstration purposes. Strictly speaking, my cell phone is million, a billion times more powerful than the quantum computers offer today on any of the platforms, with the exception of some of these contrived experiments made to demonstrate quantum advantage. But that is not what people normally consider computation. I mean, it is a contrived problem that has no physical meaning or commercial value.” — Former senior scientific employee of IonQ; “I was surprised to see them go public, personally because in my experience with working with quantum hardware...the state of the hardware right now is very fledgling. I would be surprised if there were really clear and profitable use cases for quantum any time in the next five years.” — Former IonQ employee, member of technical staff"

"“they were replacing them every, give or take, two weeks...being able to work on the system became rather challenging.” — Former field service engineer. “you replace the collector and send it to Germany”; “I’ve seen a bunch of these unbelievable amounts of collectors there from Lasertec”; “it costs hundreds of thousands of dollars” to clean each collector every month; “takes almost two days to chisel all this debris.” — Industry executive. “I’m telling you, the problem...started two years ago and they said that we cannot ship...they are not shipping because it’s a liability...it’s consuming all the margin.” — Industry executive. “...it coats the source of the EUV light until it develops a few mono-layers of coating...and gradually you lose it...and have to replace it”: “I heard every year that they have to replace the optics...the refurbishing of those optics costs at least a million dollars or more...they need to replace mirror number two, mirror number four, and that could cost at least half a million dollars each.” — Research interview."

"“I think something that you might want to pay a little attention to...the randomized withdrawal approach...you kind of look at things in a pretty short time frame for what could be a potentially lifetime drug use. You just don’t know what will happen over the next several years. The side effects of the drug that require it to be up-titrated very slowly are a challenge...the side effects, like the hyperglycemia and edema, are not particularly benign conditions...And if you have to bump up somebody’s metformin and all that just to deal with the drug, it’s okay to do it for a few weeks, a few months. But when you say, I’m going to have hyperglycemia for very long periods, then you don’t know what’s going to happen to your kidneys and eyes over time. And also the very long list of excluded drugs because of the cytochrome liability. I think there’s a Cyp1a2 and CYP3a4 and an inducer as well as the inhibitor, it can have quite a difficult effect on how to prescribe and how to navigate.” — Ex-Soleno employee #1, key role in clinical trial program"

"“The overwhelming sense in the company is they are fudging the numbers. I couldn't really get a sense whether that - basically, they're clouding, obfuscating, fudging the numbers around two things: how many patients are on drug at any one time and what is the discontinuation rate. Nobody that I talked to is privy to those numbers. What I thought was really interesting because it deviates from anything I've seen in specialty pharma...I think maybe on their earnings calls, they are referencing the number of patients that have formed new starts that were faxed in. So, they're using that as a bellwether for a proxy for success. In the compensation structure, there is no component of the bonus tied to overall volume. So, the sales consultant have no skin in the game to keep a patient on drug, and, even more importantly, no sales consultant has any transparency or visibility into how many patients are on drug in their territory. I have never seen that before in a pharma company.” — Ex-Harmony territory manager for a large region in the northeast"

"“How did Xu Rong come to own Yidatong? In 2007 she bought 75% of Yidatong. Did Xu Rong work at NQ? Yes, in 2007, when NQ was a very small company, they did not have a good person running marketing. They asked Xu Rong to join as an advisor directing the marketing of the business. She was with NQ for less than six months before leaving and buying her interest in Yidatong.” — NQ Mobile (July 31, 2013). “The principal shareholder of Yidatong was our consultant in 2006 and 2007 and received certain share options and consulting fees in connection with her services. In addition, we provided Yidatong with an interest-free advance in order to fund Yidatong’s short-term liquidity needs and to further cultivate our long-term commercial relationship with Yidatong.” — NQ IPO Prospectus. “Yes, Xu Rong, I can get you the exact details, but she was an employee of NQ. In fact, on a previous short report that came out, I provided a very detailed look at her employment. I can give you the exact start date, end date. I can” — Matt Mathison (Conference Call)."

""You need a large enough electric motor to help propel that vehicle, and for that, you need a larger battery. Soon enough, the battery becomes heavier than the vehicle... They really lose it in those plug-in pickup trucks. It works okay for the [Ford] Transits because they're lightweight anyway, but once you start getting to your pickup trucks, any weight past the stock factory body, your numbers go to shit." — Former XL Employee A; "Electrification does get more difficult the larger the vehicle. It's not that the ability isn't there, because the EV possesses a lot of torque, providing the ability to get the weight moving. It's the amount of energy that is required to move that much weight. That is why companies like Nikola are looking at hydrogen fuel cell technology over straight electric." — Former XL Employee B; "Electrification of semis is not a good choice today because you need a huge battery with 600-800 kWh, which even at very, very low prices is approximately 100-150% of the base cost of a Class 8 truck." — EV Industry Employee"

""Strategically, the combination of PEP's SnackCo and MDLZ would create a global snack giant with leading market share positions across several sub-snack categories, with limited portfolio overlap." — Judy Hong, Goldman Sachs 3.25.13; "Assuming ~$3+ billion in 2016 synergies, a 25% deal premium... we determine that a PEP acquisition of MDLZ could be accretive by ~15%-20% in the first full year." — Alexia Howard, Ali Dibadj, Steve Powers, Bernstein 4.22.13; "The potential for revenue synergies could reach ~$3 billion, based on the benchmark set by Mondelez / Cadbury." — Kevin Grundy, Dara Mohsenian and Matthew Grainger, Morgan Stanley 3.25.13; "The cost synergy opportunity is real. In our work published a few weeks ago, we embedded 9% of Mondelez revenues as synergies (or $3.4B)." — Bill Pecoriello, Consumer Edge 3.17.13; "A Merger Could Yield Significant Cost Savings: ...MDLZ's overall margins are well below those of its scaled global Food peers... leaving significant runway for cost savings, in our view." — Andrew Lazar, Barclays 3.22.13"

""You do have fleet managers that are very savvy and they check their fuel spending. It's the guys that don't care about the PR, they care about performance. Those guys would be calling me daily being like, ‘Dude, this thing's broken down. I'm not seeing any improvement, if anything maybe 1% to 2% per $25,000.’ There's no return on investment, zero." — Former XL Employee A; "A lot of utility companies would complain about the results and say they weren't meeting expectations." — Former XL Employee D; "At 65 mph, they're done. 5 - 45 mph is their optimal range; stop and go is ideal for them. It's just sort of extra weight above 65 mph." — Former XL Employee A; "We saw specifically with the F-150s, when they came on to the fleets, I was looking at the data from it: ‘Wow, these vehicles are getting a huge amount of savings!’ Well, the bigger impact was on idling… They saved more in gas from that alone than they did from the hybrid system. It was like 30-40% in savings just from making sure people used idling shutoff." — Former XL Employee I"

"“They absolutely would take it because it represents - even if it's a wash financially, it gets your numbers up, particularly if you're not already a high-volume center. You get your numbers up. You will, in the eyes of your institution and of payors, take on enhanced status, at least for being viewed as a higher volume center and potentially can enhance your margins accordingly. In a way, this is kind of like a loss leader where you've got to do a bunch of these perfusion-supported cases so that you can put yourself in a position to compete for contracts so that you can get even more of the conventional risk cases that don't require perfusion. In a way, it's kind of like one way of getting the good stuff, so to speak, to take on larger numbers aided and abetted and improved by perfusion It's a really interesting calculus that's being practiced by these kinds of centers that want to get bigger.” — Transplant hepatologist in a leadership role at Harvard/Massachusetts General Hospital; key role in oversight of the liver transplant program"