Callouts & quotes from 264+ activist slides

""We believe the exit of CEO Kevin Johnson raises some concerns around execution, which has been largely uneven of late. That said, his eventual successor could be more opportunistic around costs and buybacks, while simplifying the product line. Time will tell" — Barclays (7/24/13); "Can we speak about the cost structure of Juniper and the scope for it to become more efficient? Because compared to many of the larger IT telecom equipment networking stocks, the operating expense to sales ratio ... [is] almost one of the highest of all the companies that we've looked at. ... Is it a case of direct cost-cutting?" — Credit Suisse, CS Tech Conference (12/4/13); "One of the frustrations I hear from investors is around OpEx and OpEx management. I think you have one of the highest percentages in terms of sales of R&D spend. We've seen other companies in the sector that have throttled back on OpEx, returning cash in an aggressive way, and they're being rewarded for that" — UBS, UBS Tech Conference (11/19/13); "Cost cutting should be focal. Juniper's operating margin structure has been under pressure for several years ... Over the same period revenue has grown at a CAGR of 3.3% per year which raises questions about management's ability to control operating expenses. On an absolute dollar basis, operating expenses have risen by over $300 million from $1.8 billion in 2010 to $2.1 billion in 2012 which, as a percentage of sales, is the highest within our coverage universe" — Credit Suisse (9/18/13); "The retirement of CEO Kevin Johnson, while not expected this quarter, could provide an opportunity for a new strategic approach given the difficulties the company has faced. At the very least, it gives the stock a chance to benefit from the restructuring and realignment story that usually occurs after a CEO transition" — Morgan Stanley (7/24/13); "We view the increased opex as disappointing as leverage was one of the main reasons investors were attracted to Juniper's stock" — Stifel Nicolaus (7/24/13); "We continue to believe the company's R&D level is far too high and generates below average returns compared to rivals such as Cisco and F5 which have R&D in the 10-11% of revenue range" — Wedbush Securities (6/13/12); "The main issue that is impacting Juniper's opex structure is the number of new projects the company has undertaken ..., each of which required big new investments. ... In our view, the underwhelming initial reception for MobileNext and QFabric is evidence that the company should adopt a more prudent investment strategy going forward .... We also believe that Juniper should address its cost structure ... including exiting lagging businesses" — Bank of America Merrill Lynch (5/23/12)"

""The separation of our two business units—ESM and MSM—at the beginning of 2007 provides sharper focus and greater accountability. And the operating and financial discipline we've instilled across our company makes us a faster, more agile, and more productive enterprise" — Bob Beauchamp (2007 Annual Report); "The organizational separation of our MSM business from our ESM business two years ago continues to pay dividends. Our offerings today are superior to the competition's and our people are energized and focused" — Bob Beauchamp (2008 Annual Report); "So over the course of Fiscal 2009, we significantly strengthened our sales force. We invested in the most complete and powerful sales training in our history. We brought in new management and sales professionals to upgrade an already strong and talented team" — Bob Beauchamp (2009 Annual Report); "We substantially upgraded our Enterprise Service Management (ESM) sales force and expect that we'll increase the average number of productive sales reps in fiscal 2011 by 20% over last year's levels" — Bob Beauchamp (2010 Annual Report); "We also strengthened our ESM sales team, achieving a 20% increase in the average productive sales headcount compared to the prior year, while significantly slowing attrition" — Bob Beauchamp (2011 Annual Report); "We made further progress to improve sales execution, including numerous steps taken to address sales attrition, and our tenured and overall ESM sales force capacity, excluding Numara, is up, finishing the year with 20% more total sales capacity than at the beginning of fiscal 2012.... The progress here is evidence of our efforts to address our well-documented fiscal 2012 challenges to improve sales force capacity and productivity, and it puts us in a much-improved position as we enter fiscal 2013" — Bob Beauchamp (Q4 and FY2012 Earnings Call on May 9, 2012)"

""We understand from reading their proxy statement that any continuing agreement between Elliott and their nominees will be purely executory and such nominees will not owe any duty or allegiance to Elliott. Moreover, we find that the compensation provided by Elliott to their nominees is consistent and comparable to that of the company's continuing directors; specifically, continuing directors have similar upside potential on historical share grants received during their tenure as directors. We believe Elliott's nominees and your continuing directors are all compensated in a manner consistent with their fiduciary duties to all the shareholders." — David H. Batchelder, Hess shareholder, Relational Investors LLC; "Hess has portrayed these bonuses as somehow objectionable...it is difficult to see the merit in management's arguments. The bonuses seem surgically tailored to tie the payoff to Hess's stock price performance compared to competitors. That is intended to align the interests of those directors with those of the company's shareholders. Elliott makes the promise at the outset and then has no role to play afterwards, other than to pay up if milestones are met. No one is beholden to Elliott and the independence of those directors is not compromised." — Lawrence A. Cunningham, Professor, George Washington University Law School; "The Elliott approach makes sense for Hess shareholders. It's a straightforward and objective incentive plan that clearly connects the interests of independent nominees with the interests of shareholders over the medium and long term. This kind of approach lends itself to allowing these nominees, if elected, to focus on independent decision-making and fulfilling their fiduciary obligations on behalf of shareholders." — Randall Thomas, Professor, Vanderbilt Law School"

""The story of the quarter is one of service revenue miss as it was essentially flat on a year-over-year basis. Our core offerings were affected primarily by channel disruption associated with cloud adoption. We did see some spending pull back late in the quarter and then we saw some underperformance in the U.K. So we're trying to be very transparent here to tell you why the miss." — CEO Shirley Singleton; "Total gross margin in the third quarter of 2016 was 35% compared to 38% in the year ago quarter, while gross margin related to service revenue in the third quarter of 2016 was 37% compared to 40% in the third quarter of 2015. The year-over-year change in both total gross margin and service gross margin during the third quarter of 2016 were primarily attributable to the current year increase in project and personnel cost and a decline in the software revenue margin contribution due to the change in the comparative quarterly software revenue mix." — CFO Tim Oakes; "Net income for the third quarter of 2016 was $43,000 or $0.00 per diluted share compared to net income of $1 million or $0.08 per diluted share during the third quarter of 2015. The change in periodic net income is in large part attributable to the previously discussed flat year-over-year third quarter 2016 service revenue combined with the increases in projects and personnel costs." — CFO Tim Oakes"

"PBI has not provided shareholders with a convincing, substantive reason to conclude that future performance will depart from the disappointment of the past decade. [...] In summary, shareholders have endured a decade of underperformance and disappointment, there are unanswered questions and serious concerns about the path forward, and power on the board is concentrated in the hands of those directors who objectively have the most potential for a conflict of interest by virtue of their past experience and tenure. — Institutional Shareholder Services (Hestia/Pitney Bowes ISS report, Apr. 26, 2023). The company's TSR has varied when compared with peers, but over all time periods, it has substantially underperformed that of the Nasdaq Biotech Index. [...] The most immediate need for Progenics is sufficient board change to a) get a second opinion on the merger, and b) establish the possibility of a compelling alternative path, which the current board and management has failed to articulate. The most effective way to accomplish this may be by removing CEO Baker and adding dissident nominees Ende, Ber, and Mims to the board. — Institutional Shareholder Services (Velan Capital/Progenics ISS report, Nov. 8, 2019)."

""Going forward, the Kao Group will aim to be a company that can contribute to minimizing the period of illness" — President Hasebe, June 2021 Small Meeting with CEO; "We need a new engine for the future. With this in mind, we aim to enter the medical (treatment/diagnosis) field" — President Hasebe, Nikkei Business Interview, March 2022; "Kao has great technology and many interesting products, but management has yet to translate this expertise into strong revenue-generating products" — CLSA, February 20, 2024; "We want to be a company that is not compared to P&G or Unilever" — President Hasebe, Weekly Economist Interview, April 2021; "Kao conducts world-class enzyme research... I think enzyme-driven batteries will be useful in unexpected places" — President Hasebe, December 2021; "Another Kao is intended to strengthen three categories: Circular economy, digital and health care" — President Hasebe, June 2024 Small Meeting with CEO; "Mondrian was concerned that Kao risks losing focus on its core consumer goods business, which is under tremendous pressure related to raw material prices and increased competition" — Mondrian Investment Partners, Stewardship Report 2023."

"“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"

""...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"

""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"

"“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"

""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"

""It looks like Now will overtake Momo, no other platforms look likely to overtake Momo. Now has the huge Tencent platform for promotion." — Large Agency #1; "Now is becoming much better. The audience is fresher and the broadcasters are more authentic. Now only approves 30% of broadcasters compared with Momos 45%. The big spenders spend more on Now." — Small Agency #6; "We are trying out other channels, Now is really good at the moment, Douyin has just started doing live broadcasting, so we are just monitoring it. Douyin is the hottest channel recently." — Small Agency #4; "Now platform traffic development is really good. Their traffic is constantly increasing. Momo's traffic is not as good. For us older agencies we can make money, new agencies cannot make money." — Super Agency #7; "Momo growth is stabilizing after rapid expansion, current growth is very weak and it is a very risky period. Momo was the No 1 it is not. Now entertainment media is the leading content online. Fans like Douyin the most." — Super Agency #8"

""The problem, compared to what you can do with NRP or other technologies, is that the heart on the TransMedics device is beating, but it's empty. It's not doing any work. It's not supporting circulation. It's not generating a pressure. So, you're guessing at that part, which is beating on the device based on the lactic acid level dropping, that it will function well enough that your recipient patient doesn't end up on ECMO or an Impella or on something else." — Prominent surgeon, director of leading academic transplant center; "30-40% of heart programs in the U.S. are doing now is we're using NRP, normothermic regional perfusion... you can assess the heart function completely because you're putting the donor who's arrested, you're opening their chest and cannulating them and going on bypass rapidly, but you're doing it in three to four minutes... and you can assess all the normal physiologic parameters: is the heart beating again in the patient." — Prominent surgeon, director of leading academic transplant center"

"When the price was set at U.S. $220 million this meant, however, a higher price than would be applied under the pricing model in the shareholders’ agreement. The pricing model was reportedly perceived more as a reference point when the transaction was negotiated ... The future value of Coscom was deemed to be very positive. The higher price compared to an application of the pricing model in the shareholders’ agreement was motivated by the fact that Takilant was not forced to sell the shares while TeliaSonera, given a comprehensive strategy to increase their holdings in partner companies where possible, desired increase its interest ... Furthermore, the higher price was motivated by the importance of having a continued good relationship with the local partner. According to the repurchase agreement, Takilant was also provide certain services, including to assist in currency exchange—something that had proven to be a practical problem. — TeliaSonera internal document translation"

""One thing that concerns me is the huge amount of Nevro's valuation associated with PDN. It seem like half the valuation is linked to their PDN study. That study shows amazing results, but if you look at their control it's always CMM [conservative medical management] so these studies are always a layup." — Former Nevro executive; "And then the study also doesn't compare a Lamborghini to a Ferrari. They compared a stimulator to not another stimulator, but against just medication management. It is the dumbest study design. It's greaseball. And as doctors we just shake our heads and say, "Why doesn't Nevro just come out with a normal study?" — KOL and speaker; "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 Nevro executive"

""Crown Castle’s stock has meaningfully underperformed that of American Tower and SBA over the last several years, and this divergence merits attention. Crown Castle’s organic domestic tower growth has lagged its peers. It bought into fiber in a big way just as the sheen on that business model was wearing off and fiber solution solutions growth has come in shy of investor expectations." — MoffettNathanson, January 2020; "We believe CCI shares could underperform near-term as the surprising pull-back in fiber leasing combined with unchanged capital investments may raise new questions as to whether or not fiber assets should trade at a discounted multiple to Towers, despite the positive long-term demand narrative for fiber infrastructure & small cells." — Citi, July 2019; "The Tower stocks have enjoyed a strong run so far in 2017,though CCI has lagged with a ~16% gain compared to over 30% for both AMT and SBAC." — BAML, October 2017"

"“...the situation that we have right now, and we foresee into the future, which is strong, strong demand for our Parks products...we keep an eye out on those macroeconomic trends on recession, but we are not seeing any indication right now that it’s going to be impacting us...” — Bob Chapek, Former CEO, Disney. “...if you came down from Mars and looked at theme park numbers, you would not think there's a challenging macro environment. It is astounding.” — Jeff Shell, CEO NBC Universal Media. “...what drives our optimism for 2023 is solid momentum...we've always seen that good momentum leads to better next year's performance...I think it's a really good sign.” — Richard Zimmerman, CEO, Cedar Fair. “At the end of October 2022, our pass base was at a record level for October, up approximately 26% compared to October of 2019, a very healthy indicator of consumer demand for our parks...” — Michelle Adams, CFO, SeaWorld."

""With respect to ADT, that's a critically important relationship to us. They've said the same about the relationship from their side." — CFO, Investor Day March 2021; "Security was clearly the strongest. ADT is a terrific and significant customer of that business." — CFO, May 6, 2021; "Additionally, we have reached an agreement in principle at ADT to amend our current agreement to provide ADT with products through 2023" — CEO, Aug 4, 2022; "Based on this agreement, we expect our 2024 security hardware sales to ADT to decline by approximately $100 million compared with 2023 levels with a similar additional reduction in 2025." — CFO, Feb 13, 2024; "We saw better results than expected from ADT in 2024, and we also expect a better than previously communicated impact in 2025." — CFO, Feb 20, 2025; "This includes ADT with whom we recently signed a new multiyear commercial agreement." — President P&S, Nov 5, 2025"

"It seems our products are so popular that we struggle to meet the demand. If people love Oatly and want more, we want to be better at getting it to them. And we’re off to a decent start: In 2019 we produced around 165 million liters of product, a whopping 93% increase compared to 2018. We’ve built two new production sites—one in Vlissingen in the Netherlands, and one in Millville, New Jersey in the US—both of which opened in 2019. Because the focus was on finalizing and starting up these sites, the increased production capacity initially had a negative impact on our overall environmental footprint. But we always think long-term, and the plan is to catch up and make things right again with various improvements at these locations. During 2020, we also plan to start building two additional production sites—another in the US and our first one in Asia (Singapore). — 2019 Sustainability Report"

""it's all knife fights in phone booths... you're not really taking share any longer; you're just trading share amongst those three primary players." — Former Pure employee; "You can quote it from all three of those vendors, Dell, Pure, and NetApp and get a similar solution with a similar price. So, you're looking at Toyota, Honda, and Nissan, right? They're really close." — Field CTO at IT reseller/integrator; "[Pure was] beating up NetApp. I've heard this from my friends at NetApp. Then NetApp did something brilliant. They [licensed] their ONTAP code very attractively to Amazon and the other hyperscalers... They crushed it. That was something that Pure was lacking." — Former data storage architect at AWS; "The problem with Pure has always been unstructured data...especially compared to VAST which started from unstructured data..." — Data storage product manager at leading hyperscaler"

""No, that’s an incredibly robust prediction. TTD has been doing it longer with deeper client ties." — Anonymous Magnite Customer; "Definitely, they are not as robust in analytics as say a ROKU. I need more analytics and insights into who is watching the campaign, how often, etc. It’s a major shortcoming of CTV at the moment, as compared to say YouTube, for example." — Anonymous Magnite Customer; "CTV is growing, and we’re having a hard time finding inventory at Magnite. That is a big challenge. When inventory is tight it does make it more difficult for Magnite to make money." — Anonymous Magnite Customer; "Yeah.. Listen.. these are not big deals. If they are selling me or you that this is the growth engine of Magnite, they’d be in a lot of trouble. It’s just a re-brand, it product that kind of already exists." — Anonymous Magnite Customer"

""The comparison to companies is good. And obviously, we are a commodity company. And in the commodity space, I mean, we like it to be dependent on aluminum. We love aluminum. But unfortunately, aluminum is not gold. But fortunately, aluminum also isn't plastic, right? So we are at a good spot here. But if you want to compare our performance, we believe you've really got it compared against the peers. And the peers that you see here are really our competitors. Those are the aluminum and alumina companies that exist around the world. So when you look at that, you actually do see that Alcoa has gained 9.6% on the total shareholder returns. Whereas our peers, the real peers have lost 7.5%. That I think is an important way to look at it, and I think it's the only way to look at it in a fair, fair fashion." — Dr. Klaus Kleinfeld, May 6, 2011"

""The main issues our engineers and experts are raising are trust in the data, a lack of transparency. Behavior in certain situations like extreme temperatures and so on. This is a big question mark where they're saying that we are having a lot of issues and a lot of risk. Those are [some of the] core questions that are circling around. They don't trust that you can charge it in 15 minutes, for example." — VW employee; "The data we have received in this early stage cannot be compared to an established supplier, where the testing and validation we're normally doing is on a completely different level. That's why there are so many question marks and not everybody is supporting it 100% because it's really early stage and not all the facts and figures are on the table, and sometimes there's also a lack of transparency." — VW employee"

"“The main issues our engineers and experts are raising are trust in the data, a lack of transparency. Behavior in certain situations like extreme temperatures and so on. This is a big question mark where they're saying that we are having a lot of issues and a lot of risk. Those are [some of the] core questions that are circling around. They don't trust that you can charge it in 15 minutes, for example.” — VW employee; “The data we have received in this early stage cannot be compared to an established supplier, where the testing and validation we're normally doing is on a completely different level. That's why there are so many question marks and not everybody is supporting it 100% because it's really early stage and not all the facts and figures are on the table, and sometimes there's also a lack of transparency.” — VW employee"

"On a portion of the fixed price-completion contracts, revenue is recognized in accordance with Topic 605 using the percentage-of-completion method based on the ratio of total costs incurred to date compared to estimated total costs to complete the contract. Estimates of costs to complete include material, direct labor, overhead, and allowable indirect expenses for government contracts. These cost estimates are reviewed and, if necessary, revised on a contract-by-contract basis. If, as a result of this review, management determines that a loss on a contract is probable, then the full amount of estimated loss is charged to operations in the period. As of December 25, 2016 and December 27, 2015, accrued expenses included the accrual for losses on contracts of $17.7 million and $3.5 million, respectively. — 10-K, F-8"

"Essentially, the way that Twist was able to elbow its way into the market compared to other competitors like IDT or GenScript is they came in operating at a loss, offered the DNA at half the price, expecting that their technology would improve over time and enable them to make a profit. But if you want to enter a market, you either have to offer something that is differentiated, or you have to offer something at a lower price. In the case of synthetic DNA, there is not a very good way to differentiate the product. The sequence is the sequence. It's hard to say we offer a better-quality DNA product because the quality is the sequence, and if you meet the specs—is it clear what I'm trying to say? — Former Twist manager in a manufacturing role, previously and currently employed by key competitors"

"“We continue to be focused on current trends, adding inspirational and user-generated content and expanding into new categories by recently extending our outdoor category with pool options.” — Lang Q1’23 May 4, 2023; “The discretionary components of our business, which are the most affected by general economic conditions, have been challenged by cautious consumer spending on big ticket items like swimming pools and outdoor living projects resulting in sales of building materials declining 11% for the year compared to the same period in 2023.” — Pool Corp June 25, 2024; “We now believe that new pool units could be down 15% to 20% in 2024, and remodeling activity for 2024 may be down as much as 15% compared to our previous estimate of flat to down 10% compared to 2023.” — Pool Corp June 25, 2024"

"“Basically, every ion is talking to every other ion, so if one ion is doing something that it's not quite supposed to be doing, that induces basically an error in every other ion. And there are theoretical ways that potentially you can get around that, but no one has really demonstrated that that theory has been actualized in any meaningful way, so it's a real hurdle to imagine scaling these things up right now.” — Former IonQ employee, physicist; “The difficulty of going to 100 or 500 or thousands of qubits, it doesn't scale linearly. It's not just twice as hard to do 1000 qubits compared to 500. I can tell you my experience going from 5 to 11 and from 5 to 11, took about three years of work.” — Former IonQ employee, senior member of technical staff"

""Gross profit increased by $62.7 million, or 94.1%, to $129.2 million for the year ended December 31, 2020 from $66.6 million. Gross margin decreased by 1.9%, to 30.7% for the year ended December 31, 2020 from 32.6% for the year ended December 31, 2019, which is due to a number of factors, including a change in channel mix from foodservice to retail, our greater reliance on co-packer outsourcing production compared to 2019 as well as an increase in logistics costs. The COVID-19 pandemic and changing consumption patterns increased demand for logistics services, resulting in higher freight rates during the second half of 2020 across our segments. We also experienced higher container rates for our shipments from EMEA to Asia during 2020." — Prospectus"

"As I mentioned, I was not physically there. But I was talking daily about the due diligence process. And I remember that everybody was kind of astonished by the way the due diligence was accomplished, the time frame, because it is very short compared to the amount of documents. And also, my view – the reason why I’m saying probably didn’t ask the right questions because it pretty – my view was pretty superficial. Basically, once they had some information, the first level information, they (unintelligible) and from a product perspective, in my view, they didn’t really look detail, in detail what was needing, what was the view of the future of the production, that was actually the integration of the solar and wind parts. — ASI Source A transcript"

""There is no proof that any optimization problem is solved faster using [D-Wave's] system compared to classical solvers." — Former D-Wave senior data scientist; "Adding quantum slows down the solution because you have to send it to the [quantum computing] device...And there’s a real nuance that you have to crush all your variables down in some semi-principled way so that you can fit a representation of the problem on the quantum computer. And then you have to reconstitute that solution into the larger landscape. And so, in all of that there’s never been any great evidence that D-Wave has provided internally, or externally to be honest, that that was doing any good." — Former D-Wave engineer, technical consultant"

""We experienced an improving sales trend in each month of the quarter and generated increases in year-over-year transactions in the months of September and October" — Nordstrom Q3'09 Earnings Call; "Given the difficult economic climate, we had an excellent quarter. Our business improved progressively each month during the period and we are entering the holiday season confident in our locally focused organizational structure and the high caliber of our talent" — Macy's Q3'09 Earnings Release; "Our comparable store sales turned positive in the month of October with a 3.1% increase as compared with last year, a good month following improvements in sales trends in August and September" — Bon-Ton Q3'09 Earnings Call"

"“You cite increasing cash flow, earnings, taxable income and free cash flow as drivers of your dividend increases. ... We note that operating cash flow decreased in 2023 and income before income tax benefit (expense) decreased in 2022 and 2023 compared to 2021.” — SEC comment letter to CTO Realty. “The Company acknowledges the Staff’s comment and to be more consistent with its use of non-GAAP financial measures, the Company will update this information in future filings to reference Core FFO and AFFO as opposed to “cash flow”, “earnings”, “free cash flow” and “taxable income,” as Core AFFO and AFFO are clearly defined and reconciled to net income in the Company’s filings.” — CTO Realty response to SEC."

""We expect China to eventually be $100 million revenue, so we will gain the leverage there." — CEO Ridge, Q1 2016; "Today, the China market is our third largest market for WD-40 in the world." — CEO Ridge, 2018 Shareholder Meeting; "We made an investment in China 14 years ago to open our own subsidiary there. China is now the second largest market in the world for our blue and yellow can with the little red top. We anticipate we'll continue to see double-digit growth in China going forward." — CEO Ridge, Q4 2019; "In China, net sales in U.S. dollars decreased to $2.3 million in the first quarter, down 23% compared to last year due to the timing of customer orders." — CEO Ridge, Q1 2020"

"3M is offering me cases at a $500 lab fee compared to my Invisalign Lab fee of $1,000. If I can start doing more cases with 3M and it will save me money, why not just switch? 3M software is excellent. It is very easy to use. They brought a lot of people over from Invisalign. It’s getting to the point where it will be as good as Invisalign. — Orthodontist, Diamond Plus Align Tier; 3M came to me and said that we can do all of your cases for $600... I expect my Invisalign volumes to be down going forward — Orthodontist, Diamond Plus Align Tier; We are going to see major price compression with lab fees in the next one to two years. — Senior Employee, Major Dental Equipment Supplier"

"3M is offering me cases at a $500 lab fee compared to my Invisalign Lab fee of $1,000. If I can start doing more cases with 3M and it will save me money, why not just switch? 3M software is excellent. It is very easy to use. They brought a lot of people over from Invisalign. It's getting to the point where it will be as good as Invisalign. — Orthodontist, Diamond Plus Align Tier; 3M came to me and said that we can do all of your cases for $600... I expect my Invisalign volumes to be down going forward — Orthodontist, Diamond Plus Align Tier; We are going to see major price compression with lab fees in the next one to two years. — Senior Employee, Major Dental Equipment Supplier"

""They're both high-single-digit growers upper extremity and lower extremely, accretive to overall Stryker's organic growth." — Spencer Response, Wright Medical Deal Call, November 4, 2019. "As it relates to sales expectations for Wright Medical, we now expect comparable growth for trauma and extremities to be in the mid-single digits for the full year when compared to the combined results for 2019." — CFO Boehnlein, FY 2020 Conf Call, Jan 2021 and Q1 2021 Conf Call, April 2021. "And we sort of moved it up to mid-single, and now we're kind of thinking it's really going to be 6-plus percent for this year." — Spencer Response, Q2 2021 Conf Call, July 2021."

"In addition to the accelerated growth we anticipate from PDGM disruption in the marketplace that Keith discussed earlier, another significant incremental organic growth opportunity as we head into 2020 is, of course, our expected admissions acceleration from the Almost Family locations. In the 130 Almost Family locations fully converted to LHC Group's instance of Homecare Homebase prior to the third quarter, we demonstrated sequential organic growth in home health admissions of 1.2% in the quarter as compared to the second quarter despite the fact that Q3 is typically a seasonally lower volume quarter than Q2. — Joshua Proffitt - CFO & Treasurer, LHCG"

""So they have many different models out, both camera models and vehicle telematics models. So then rapidly upgrading which maybe is a little bit different compared to what this industry is used to, but they are essentially sort of like rapidly upgrading...So they are constantly upgrading and improving their hardware because like they're innovating very rapidly...So I think that's (a) headwind because, like I said earlier, they're essentially treating the hardware kind of like software. They're upgrading that pretty frequently and making sure the customers have the latest." — Tegus Interview with Former Samsara Senior Finance Manager, 11/16/22"

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

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

""The software and hardware of [integrated players'] logistics assets are sometimes ~20 years out of date compared to industry best practices." — GM, Midstream Logistics Co.; "Independents will do everything they can to maximize pipeline utilization. Integrated players are more concerned about delivering proprietary crude to their refineries even if it means operating an under-utilized pipeline." — Former Pipeline VP, Major Energy Co.; "Refiners tend to trust and partner with third-party midstream players rather than risk exposing trade secrets by utilizing a competitor's terminal." — GM, Midstream Logistics Co."

"I don't know that it's going to grow much...compared to the percentage of the market it already had; any monumental growth that it was going to make probably would have happened by now...it's probably just going to keep doing kind of what it's been doing. — Neurologist who is a speaker for Harmony and one of their highest volume prescribers. My last start on Wakix was probably late last year or early this year. I can't recall; it's been a while, and we're at the end of this year. It's been almost a year, I have not started anyone. — Neurologist and professor at a large academic institution"

"They’re [Sumitomo Realty] interested in growing and expanding. But they are not efficient when it comes to profitability. — Participant A; Their [Sumitomo Realty] capital allocation policy is less transparent than the other two. They care very much about growth investment and less about the dividend or shareholder returns. — Participant B; They [Sumitomo Realty] have goals for reduction of cross shareholdings but are not proactive compared to other companies. They express the willingness to get rid of the shareholdings but don't seem serious about implementing it. — Participant C"

""The initial report documented blocks of numbers on the Onvoy network used to facilitate Spectrum and later Xfinity customer support scams, all acquired by scammers operating out of illegal call centers in Pakistan. It highlighted Sinch's lack of communication, the limitations of its sole reporting method, the Sinch webform, and compared it with other telecom providers that acted quickly and offered accessible reporting channels to the average consumer. This updated report confirms that the issues identified in 2024 remain unresolved." — December 2025, Demurrage Report"

"Total revenue was $51.6 million for the year ended December 31, 2021, an increase of $50.8 million compared to $0.8 million for the year ended December 31, 2020. The increase in revenue was primarily due to $41.2 million of non-cash revenue recognized under our license agreement with SanReno and a development milestone of $10.0 million recognized under our agreement with Merck and Co, Inc., or Merck. The agreement with Merck was acquired through the Merger. For additional information, refer to Note 11 “Collaboration and License Agreements”. — Chinook 2021 10-K, Pg. 77"

"Income tax expense was USD 33.5 million in fiscal year 2016 compared to USD 9.4 million in fiscal year 2015. The increase was mainly due to accrued one-off income tax expense of USD 12.5 million related to gains from disposal of one-on-one business in Guangzhou and...we used the Guangzhou one-on-one business as investment in Changing Education to exchange their stake. So this is kind of a disposal in accounting. So we gained $50 million from there, and we need to apply 25% tax rate over there, which is a kind of special case. — 2016 Q4 earnings call, CFO, Rong Luo"

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

"All the differences between the unaudited accounts and AR that have been referred to in the CLSA’s Report, are essentially re-classification changes between subsidiary accounts in different jurisdictions as compared to Group consolidation; and/or re-classification between line items within the Group accounts. However, this does not lead to any inaccuracy in reported profits, net assets or point to any lack of internal controls, as has been stated in the CLSA report. None of these adjustments have any P&L impact. — Olam response to CLSA Analyst Report"

"Compared to an independent midstream pipeline operator, refiners want to keep more excess capacity than they could possibly use on their pipelines. This guarantees that they won't have any system bottlenecks impacting the refinery. Conversely, when a midstream operator owns those pipelines, they want to keep assets as full as possible. — Industry Expert; Utilization just isn't a concern for a proprietary pipeline like it is for an independent. Independent operators are hyper-focused on maximizing utilization. — Industry Expert"

"Research and development expenses for the year ended December 31, 2024, were $111 million, an increase of $2 million as compared to the same period in 2023. The increase was primarily driven by $17 million from the acquisition of Snap One, which was partially offset by $15 million from lower third-party spend and personnel costs. Key drivers of the lower spend relate to optimization efforts and a realignment of IT resources towards maintenance projects within the Products and Solutions segment. — REZI 2024 Disclosure"

"The discretionary components of our business, have been challenged by cautious consumer spending on big ticket items like swimming pools and outdoor living projects resulting in sales of building materials declining 11% for the year compared to the same period in 2023. and We now believe that new pool units could be down 15% to 20% in 2024, and remodeling activity for 2024 may be down as much as 15% compared to our previous estimate of flat to down 10% compared to 2023. — Pool Corp Warning, June 24, 2024"

""Our guidance includes the following assumptions related to the acquired G&K business: no transaction and integration expenses; revenue of $870 million to $900 million, compared to a prior year run rate of $965 million; synergies of approximately $50 million to $55 million; purchase price amortization expense related to intangible assets of $50 million; interest expense on G&K acquisition debt of about $65 million; and an EPS contribution of $0.15 to $0.17." — CFO Q4 2017 Earnings Call, July 20, 2017"

"During fiscal 2018, we generated $43.3 million in cash from operating activities compared to $59.1 million in cash generated from operating activities in fiscal 2017. The decrease was primarily a result of higher cash uses for income tax payables, accounts payables, accounts receivables and inventory. The decrease was partially offset by higher comparable net income, additional depreciation and amortization expense and deferred revenues and customer advances. — Mercury Systems FY 18 10-K, p. 41"

"So, it's a great question. So I'll take it in the order that you asked it. So there are two things with sample size... And that's why just a raw sample size matters, and so compared to the competition in the devices out there, broadly, we think we look at more samples. We know we look at more sample size, there's just more urine, there's just more fecal material prepared to look at. So I think that's good. The second part of your question. And I'm sorry, I just forgot. — Kevin Wilson, CEO"

"Regarding non-food activities, our sales have declined in the context of soft discretionary spending by Brazilian households. Nevertheless, we succeeded in limiting the decline in sales of Via Varejo in Q4 2015 compared to previous quarters, thanks to targeted action plans aimed at finding a better price positioning, particularly through more effective promotions. As in 2015, our priority for 2016 is to maintain a positive operating FCF for all our Brazilian Activities — Casino Management"

"Maxar’s 2017 Annual Report: “Consolidated revenues were $1,631.2 million in 2017 compared to $1,557.5 million in 2016. Revenues increased due to the inclusion of DigitalGlobe revenues of $221.6 million for the period October 5, 2017 to December 31, 2017 and from higher revenues from contracts with the U.S. government and other customers to supply spacecraft and perform design studies for scientific research and development missions.” — Maxar 2017 Annual Report"

""Net cash provided by operating activities was $15.7 million this quarter compared to $11 million net cash provided in the prior quarter and net cash provided by operating activities was $11.9 million in the year ago quarter. Increase in cash was mainly a result of improvement in net profit and a decrease in accounts receivable. For the year, we generated $33.4 million of cash from operating activities versus $6 million in 2017." — Q4'2018 Conference Call"

""Moving on to China, first quarter volume points increased 17% compared to the previous year. As stated previously, this was primarily driven by volume in the month of March, which was pull[ed] forward ahead of our 5% price increase effective April 1. We estimated that this impact to be approximately 40 million to 45 million volume points, which will lead to a lower than previously planned second quarter for China." — John DeSimone, CFO (May 4, 2017)"