Callouts & quotes from 10,384+ activist slides

"“On the other part of the question Q3, Q4, traditionally, seasonality, Q3 is always larger than Q4, and that’s how the plan rolls out in the back half of this year. Q3 is again our seasonally highest quarter, traditionally our highest quarter, and it is higher this year as it has been in all the past years.” — CEO Bemis, Q2 2018, July 2018; “Typically, our cash flow is much stronger in the second half, and we’ll -- we typically have higher earnings in the second half, so there’s some seasonality there. We expect there’ll be some working capital improvements, as we’ve seen in the first half, that will continue to flow in the second. So look, generally speaking, that’s the normal trend we see. And that’s what we expect for the second half, more around seasonality.” — Amcor CFO, H1 Earnings, Feb 11, 2020"

""I cannot imagine a scenario in the next 10 years where you are shipping a box in any way like a PC terminal. There's just no way... that's completely outrageous, at least in the current state. That to me, that seems totally absurd; just hearing it, it seems absurd to me." — Ex-IonQ employee, member of technical staff; "Yeah, that's complete bullshit... It's a very silly idea to me at the moment. Maybe in 50 years, if quantum computers work really well and everyone has an application for it that they can use, then it would make sense." — Ex-IonQ employee, physicist; "[Chuckles] This is bottom-line ridiculous." — Ex-IonQ senior technical employee; "They're nowhere near that. It's just baloney. You don't go from the big behemoth to a rack in the data center in two years; you just don't." — Ex-executive"

""Obviously, from a diabetes and weight loss perspective, GLP-1s are probably better but they haven't done the trials yet. They haven't done some of the newer GLP-1s that we know work better... the question just is, are there other options? And with GLP-1s, we know there's a lot of benefits for behaviors and brain stuff, so I think that would be fascinating to see in the future with the literature on addiction. You have to do the trials. But so, you do also wonder, will there be other options that people can use?.. And I've used some GLP-1s and had really good results. I will say the one thing is most people are pretty comfortable with GLP-1s... And just getting approval for obesity is not hard." — Pediatric endocrinologist at a Delaware academic center with eight endocrinologists and ~50 PWS patients"

"Q: When Qingqing [Changing Edu] bought Zhikang [GZ 1-1], it was an independent company, so Qingqing was the shareholder? A: No, it was a business. A business does not necessarily reside within a legal entity, so the point I just made was that the business was brought in. So, we were bringing this business of like 10-plus organizations in, but it did not have a company that was the body that was carrying them. So, at that time it was really complicated. Q: So about students from that time or their families, for example, were the original tutoring contracts changed over to Qingqing? A: Right, there were discussions of this kind, but in the end, we could not adopt this scheme. If we did there would be risks. Therefore, we avoided it and dropped it. We did not implement it. — Former Changing Edu manager"

"If you listen to the kinds of comments that I had, then I’m pretty sure many employees who I think are reasonable people would agree with my comments. In other words, I would imagine that they have some concerns. I can speak about myself. One of the main concerns is that the CEO of the company doesn’t understand quantum, and he is driving the company in some strange direction, and he says strange things, and he overpromises. Simultaneously with that, the technical leaders who are Jungsang Kim and Chris Monroe, they have their professor tenures at Duke University that is located in Durham, North Carolina, whereas IonQ is located in Maryland. So, it’s an hour’s flight away. The intellectual leadership is not even in the same location as the company. — Former employee, senior member of technical staff"

"But then, you know, to really get the numbers where they are, this is where... to use your phrase, that sleight of hand comes in—is that, you know when, when you're selling an engine, are you selling an engine or are you selling four modules? And if you start booking engine sales as module sales, and... then also you have assets that have been in the leasing portfolio for quite some time; so, you can, you can, you know, depreciate those down, and you can really boost the numbers on the aerospace side to show the strength on the aerospace to really get that valuation, and really kind of you're robbing Peter to pay Paul internally. You're kind of taking the money way out of the leasing sector and putting that into the aerospace sector and spinning it that way. — Consultant A and former FTAI executive"

""When you sell your pipelines, you enter into ‘brother-in-law terms’ with your buyer to enable continued advantaged use of those resources." — Supply Chain Leader, Major O&G Co.; "Pipeline ownership isn't necessary given the prevalence of long-term contracts, which provide the same benefits you would enjoy through ownership." — General Manager of Crude and Feedstock Supply, Major O&G Co.; "Even once contracts end, there is a limited amount of gasoline supply, so stations continue to buy from the same refineries and just re-brand at the terminal rack." — Manager of Global Supply Chain Strategy, Major O&G Co.; "Most majors don't own their own retail stations, but they sign contracts with certain price and advertising agreements in order to maintain retail volumes." — VP of Refining Division, O&G Co."

"“The dollar store is no longer a bargain if you shop around you can by the same things cheaper or same price elsewhere quit calling it dollarama no more dollar things.” — Anonymous Internet User; “dollar tree here is drastically cheaper then dollarama” — Cody Williams; “Dollarama is not really a dollar store anymore.” — JJ Walker; “I go to Dollar Tree more often now just because everything there is $1.25” — Anonymous Internet User; “DollarRama is no longer in the same category since they sell at higher prices, more of a discounted store and not a dollar store.” — Anonymous Internet User; “They gonna have to change the Dollarama name soon” — Anonymous Internet User; “At the dollar-ish level everything I've found at DT has been a better value and equal, or better, quality.” — Anonymous Internet User"

""Again, there's also large companies looking into this from what I can tell the competency, and maybe now moving a little bit towards the company, the competency to scale such a process at IperionX is something I would, at least in my previous roles as a potential partner or customer for this, I would've been somewhat skeptical of with the information that I had. So that is to be proven. And again, this story has been around for quite a while, that hasn't really materialized." — Industry Executive; "This process that they have proposed. Again, it sounds very good, maybe too good to be true and it has to be proven." — Industry Executive; "So the interaction that I had suggested that the (additive powder) market wouldn't be big enough for it to economically make sense to them." — Industry Executive"

""This assertion is totally incorrect as MW is comparing a GROSS number of S$118 million which was stated in the Annual report to a NET number of S$87.6 million in the Q4 FY2010 SGXNET. The difference between the two is clearly explained on page 13 of Q4 FY2010 SGXNET, ‘During the period, the Company has completed the Purchase Price Allocation (“PPA”) exercise for the recently acquired tomato paste manufacturing facility (OTP) in California and the Almond Orchards in Australia. This exercise resulted in an aggregate exceptional gain of S$87.6 million in the form of negative goodwill (net of transactional and related expenses of S$29.1 million and a one off impairment for charges for certain ginning assets in the USA amounting to S$1.4 million)’. Thus, 87.6 + 29.1 + 1.4 = 118!" — Olam International"

"“Of our net sales, we believe that 73% of our business or our cost structure is highly variable. Our royalties that we pay distributors, about 36% of sales. Our product costs, 21%, and distributor facing spending, which is sort of sacrosanct. This is what Des mentioned earlier, and Michael. This is the last area that we want to touch as it relates to trying to leverage our margins. In fact, if anything, what we try to do is over-invest in this area because we do believe that complementing our royalty expense with very prudent incentives and promotion can actually drive incremental ROI on the spending. So, when we look at our essentially fixed overhead, and fixed is relative depending on what time horizon, we look at 12% of our cost structure being essentially fixed.” — Rich Goudis, CFO, Herbalife"

"Yes. If you're asking me in their sales in the next year, for instance, or most recently, is it newer customer or more upgrade? I think it has to be upgrade because new customers, again, they don't probably care as much about what Zebra has because there's lots of ways to do what Zebra did four or five years ago. So, new customers, I think Zebra will get new customers, but they're not going to get as many new customers as they got four or five years ago when they came out with it basically unseen Android platforms and other people didn't have product people on guard. Now what other people have figured out other ways, they're not the only ones that are making Android software, there's companies that make third-party Android software they do all the things that Zebra does. — Former Zebra Executive"

""Let me now make a few comments on the acquisition of Biotix, which we completed in the third quarter. Biotix manufactures and distributes plastic consumables associated with pipettes including tips, tubes and reagent reservoirs used in the life science market. Biotix's annual sales of approximately $35 million, we paid $105 million or approximately 10 times EBITDA for the business" — CFO Donnelly. "Thanks. And just one last quick one for context on Biotix. Could you give us what was the historical growth rate for the business maybe for the last two or three years?" — Analyst Zach Wachter. "I would say it was in the 10% to 12% range. I think, if you count year-to-date through, let's say, last 12 month, the LTM ended September 30, and 2016, you probably get numbers in that range." — CFO Donnelly."

""Invesco's size, scale and global focus results in few natural peers on the London Stock Exchange. A US listing will improve visibility and direct comparability with a more appropriate peer group of large, global investment management companies." — Invesco CEO; "The Proposal will align the place of listing with the majority of the Group's business activities. Currently over 70% of the Group's sales, operating profit and net assets are in the US. The Board considers there to be a potentially larger pool of investors in the US than in the UK who are more familiar with the Group's business model....In addition, the Board expects that the new parent company would benefit from its primary listing being amongst a more appropriate public company peer group." — Signet Group Press Release (July 10, 2008)"

"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"

"So metrics that are indicative of consumption, our visibility is always a question in direct selling...And some of the stats on this page were introduced in the last 6 months as just evidence of the type of visibility that we have. So the first row looks at the core 3 products of the foundation of Nutrition Clubs...In 2002, those 3 products represented 35% of our volume. And last year and through this year, third quarter, it represents more than half our volume. Why? Because that shows - because the expansion of daily consumption is driving our growth. In daily consumption, those 3 products are the products that are sold in Clubs...And therefore, that growth is indicative of consumption growth. That growth in those 3 core products. — John DeSimone, CFO, Investor Presentation, November 14, 2012"

""Chronic pain is such a unique and idiosyncratic thing that for a company to claim that this one method will work and be good for everyone - really, I'm surprised that Nevro was able to essentially fool the world. I'm not a believer that 10kHz is so much better than 1 or 3kHz. High frequency is just sort of keeping them afloat, and if they had not done this, the company would not have survived. But they had to do this because they realized that their initial predictions, their initial claims were just simply not true." — High volume implanter/KOL and Nevro user; "You don't need 10kHz like they claim. Once you reach 2-3kHz it works better than old systems which had 3-500Hz. You don't need the magic 10kz high frequency. Clinically, less is ok and you don't need Nevro" — High volume implanter/KOL"

""They can engineer a strain and test them with very high throughput. But how we are working with them now is as a kind of a glorified CRO." — Senior employee at Joyn; "On a high level, I don't think they're unique and special at all...it doesn't have any unique equipment. I don't think it has any really unique IP." — Former employee in a managerial role; "The foundry itself is not unique. People for many years, whether that's Amyris or Intrexon or name your favorite pharma company, people have been doing small molecule screens and high throughput and doing similar types of work for many years." — Former executive; "Yeah, I would say there's probably—it would be hard for me to point to something that they do that is totally different than anybody else in the industry." — Current Joyn executive"

""On the ShopKeep and Upserve payment amendments, I just wanted to clarify, is it sort of largely the scale now of Lightspeed that allows you to sort of kind of get that bargaining power? Or is it kind of your relative operating prowess to sort of recognize that opportunity post those acquisitions that led to those amendments?" — Analyst Tse, Q4 2021 Conf Call; "I think it is all of those things. If you think about how this naturally would play out, you've got a partner of those businesses who now gets the deal with a much larger entity where the greater opportunity is aggregating all these things together. So that creates opportunity for them/leverage for us, and then the conversation then into what's important to Lightspeed, what's important to our customers?" — CFO Nussey, Q4 2021 Conf Call"

"“Certainly, in the other condition we use diazoxide for, pulmonary edema is a massive concern of ours. We use it in babies, and we need to make sure that the children have all had echos before they go on it and at regular intervals afterwards. That, I guess, would be the main adverse event that I would be worried about with this drug and the potential for that. And what we have found is that it's difficult to predict who will develop that. I don't know enough about the UK case to be able to comment on its own, but that is the adverse event that would make me kind of make sure that I've explained that to the family, that there is that risk. And personally, I would always be ordering echos on any child before and during treatment with diazoxide.” — Trial investigator, pediatric endocrinologist"

""The Arconic Board has repeatedly demonstrated a clear commitment to good governance. It created Alcoa Corporation as a Delaware entity with a state-of-the-art, shareholder-friendly governance profile. It is seeking shareholder approval to declassify its board and eliminate all supermajority voting requirements, and if the requisite approval is not obtained, it has committed to propose a Delaware reincorporation that would achieve that result. This Board—which consists of a majority of directors who joined the board since the beginning of last year including three directors selected by a major activist shareholder—deserves the full support of investors who embrace best practices in corporate governance." — Joseph A. Grundfest, Professor of Law and Business at Stanford Law School, March 2017"

""We have the solutions the market is looking for. We have the IP. It’s just a matter of the execution to bring down admin to industry normal levels, not more, not better than the industry, but just the normal levels in the industry and also bringing cost of goods sold both in Pharmacy and MLR on the medical side to industry norms will yield enormous upside for us in the company." — CEO Barry Smith, 2019 Guidance Call; "In summary, while we’re not pleased with our results this year, I’m confident that our growth strategy is sound. After transforming our business and achieving strong top line growth over the past few years, we have significant earnings power in our current portfolio as we work to increase our margins to industry competitive levels." — CFO Jonathan Rubin, Q3 2018 Earnings Call"

""It was about 2010 that this whole cybersecurity thing came in... And Forescout ends up being - it's just nice to have, instead of a must-have." — Cybersecurity Expert, Former Forescout Employee; "And [end-point is] almost the last thing you're going to build out when you build out your whole security approach... Tanium is going to come in and offer a dozen different services, and end-point security is just one of them." — Cybersecurity Expert, Former Forescout Employee; "They're mostly on-campus, they're mostly on-prem. And as I shift to the cloud, a lot of those security requirements go away - not go away, but shift away from who's responsible, now to the cloud provider.... [Forescout] will get hurt and they don't shift more to the cloud." — Cybersecurity Expert, Former Forescout Employee"

""Rollins has about 25% drop off and retains 75-78% on an annual basis. 10-15% drop off in the first year. Door-to-door has a bigger drop off in year one. Rollins doesn't have as big of a drop off in year one, but does in year two and three." — Pest Industry Expert. "So you can see that we certainly are successful at gaining share, and we're gaining share across our market. But also in addition to gaining share, our focus is reducing churn, reducing the churn we have in our business. And so we're focused on reducing churn because the less customers we lose, the less customers we need to add. And so that's certainly a focus for us." — Stifel Conf, June 2023. "So churn and cross-sell are 2 really big important areas for us as we think about growing our business." — Wells Fargo Conf, June 2023."

""As a result of a reporting error, the previously furnished Prior Investor Presentations and the investor presentation used by Company management dated as of May 2017 referenced 4 million registered users in the Ubiquiti Community, and the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2017 reported that the Ubiquiti Community included over 4 million entrepreneurial operators and systems integrators. In actuality, as of December 31, 2016, the Ubiquiti Community included approximately 609,000 registered users, while there were approximately 4 million registered user sessions at https://community.ubnt.com during the calendar year ended December 31, 2016. The information on https://community.ubnt.com is not part of this Current Report on Form 8-K." — Ubiquiti Community"

"Under the terms of the agreement, Perion acquired all the shares of CIQ for a total consideration of $73.05 million, of which $15 million in cash was paid upon closing, with an additional maximum $11 million will be paid as a retention incentive. As part of the total consideration, there is a maximum of $47.05 million in earn-outs over a period of two years. The earn-outs are tied to revenue and EBITDA-based metrics that would be paid in full if CIQ generates $158 million in revenues and more than $17 million of EBITDA in aggregate, over the next two years. Further details on the agreement terms and earn-out provisions as well as a reconciliation between GAAP and non-GAAP financial measures are included in a Form 6-K furnished to the Securities and Exchange Commission. — Deal Press Release"

"We have a cold perfusion pump for kidneys. They cost less than $2,000 each so that just gets absorbed into the OPO cost, but it's $2,000. — Transplant surgeon and transplant program director at a major academic center in Pennsylvania; The bills from TransMedics could be $110,000-120,000, and that’s in addition to the transplant center’s organ acquisition fee that they’re getting from the OPO, which in itself is $50,000 to $70,000. — Prominent surgeon, leadership role at a major West Coast academic transplant center; We were looking at the cost of an organ on the NOP of over $100,000 - that’s not including the organ. That’s the cost of just procuring the organ through the TransMedics program. — One of the top liver transplant surgeons in the world, based at a leading Midwest academic center"

""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"

"“I also got a sense this wasn't a role that he was expecting and that he's very busy on a lot of other things he's doing. A lot of other things, and I don't know how much attention - I mean obviously he's spending a lot of time on Nevro - but I think there are other people who are running the ship largely and that's sort of the sense I got from these people on the leadership team” — Former Nevro executive; “I don't think he has an appreciation for what motivates the spinal cord stimulator customer...I know for a fact, on the inside, Grossman has said he's scratching his head over why the stock has done what it's done.” — Longtime C-level executive in the space; “It's that they were losing market share, and they didn't know how to explain it away.” — Longtime C-level executive in the space"

"“if you ever have someone telling you that they have something that treats all prostate sizes, that is not correct” — Two Urologists (Spruce Point Interviews). “we are going to be flexible with HYDROS pricing... we're willing to negotiate on price.” — CFO Waters (Piper Conf. 12/5/24). “I can't imagine the replacement cycle is going to be massive” — CFO Waters (Piper Conf. 12/5/24). “HYDROS is currently costing about 10% more than AQUABEAM. To clarify some, I would say, misinformation that was out there in August regarding the cost being the same.” — CFO Waters (Q3 2024 Earnings Call). “while HYDROS does have some efficiencies regarding setup and ease of use, that hour block time is probably still what's going to be blocked for a HYDROS system as well.” — CFO Waters (Piper Conf. 12/5/24)."

"“These independent directors agreed to join our board, because they believe in our outstanding plan, and they recognize that our plan is the right plan for all of our shareholders.” “We have had this strategic transformation, as my remarks noted, underway, really going back...since I became Chairman...In fact, Elliott got on the train after it really left the station...This is a culmination of a multi year strategy...” — John Hess, March 4th 2013(1); “While this letter presents Elliott’s perspectives, Shareholder Nominees will form their own, independent views on the Company, its assets, and its strategy. These five accomplished individuals bring deep knowledge and experience in areas that are severely lacking in the existing board.” — Elliott Letter to Shareholders, January 29th 2013(2)"

"“A hospital comes in and says we want to use NGS to detect the mutation... It takes them probably three to six months to develop those assets and validate those.” — Ex-Twist director-level employee; “It involves a lot of people just given that from sequence origination to supporting their algorithms to go to their chips, and then the post-manufacturing formulation, QC testing. It touches a lot of hands, and it is laborious.” — Former employee now at a key competitor; “It takes them months to turn around a pool, and it’s a full-scale synthesis, so it’s quite expensive... If you don’t like the pool once they’ve made it for you, the rework time on it to make another pool and tune it is the same months and the same cost.” — Ex-employee in senior product management and sales leadership roles"

"“Distributorship sales were generally accomplished by high-pressure sales methods applied at golden opportunity meetings and on golden opportunity tours (GO-Tours). The opportunity meetings were carefully contrived and scripted to create a highly-charged emotional atmosphere in which prospects were persuaded that Koscot offered a fantastic opportunity to ‘achieve financial success beyond [their] greatest expectations’ (CX 11, p. 1). Koscot was presented as an opportunity for ‘ordinary men and women’ to earn from $5,000 to $20,000 a month (CX 15, p. 13; CX 11, p. 5; CPF 70, 76, 82). Scripts were generally followed, but even the exaggerated figures that they contained would sometimes be further exaggerated by overly enthusiastic distributors (CPF 71-72).” — In Koscot, 86 F.T.C. at 1136-37"

"The Company recognizes the importance of innovation and renovation to its long-term success and is focused on and committed to research and new product development activities, primarily in its maintenance product group. The Company's product development team engages in consumer research, product development, current product improvement and testing activities. The product development team also leverages its development capabilities by partnering with a network of outside resources including the Company's current and prospective outsource suppliers. In addition, the research and development team engages in activities and product development efforts which are necessary to ensure that the Company meets all regulatory requirements for the formulation of its products. — WD-40 Company Filings"

"“The fact that they got 2% errors with 11 qubits in a trap might be an improvement because it might have been five years ago; it was that kind of performance out of 2 or 3 qubits. And to get it at 11, that’s harder, and that’s good. But you can kind of see it’s not this amazingly rapid improvement. It’s slow; it’s difficult, it’s not quite sure exactly what’s happening there. That concerns me.” — Leading expert in quantum computing; “I don’t see how they’re going to get there with their current system. That two-qubit error is maybe 100 times lower than what they’re seeing now, and I know that the errors are going to get worse when they scale it up to more qubits. The progress on errors has been really slow. I just don’t see how it’s going to work.” — Leading expert in quantum computing"

"“For very long periods of time, I think that Fannie and Freddie have been well run without creating risk to the government, as well as they’ve played an important role...I believe these are very important entities to provide the necessary liquidity for housing finance and what I’ve committed to is that I will work with both of the Democrats and Republicans. What I’ve said and I believe, we need housing finance reform, so we shouldn’t just leave Fannie and Freddie as is for the next 4 or 8 years under government control, without a fix. I believe we can find a bipartisan fix for these so on the one hand we don’t end up with a giant bailout, on the other hand that we don’t run the risk of completely limiting housing finance.” — Steve Mnuchin, Treasury Secretary nominee, on Jan. 19, 2017"

""Our business in Canada also continues to perform well. The team is moving quickly to modernize the store base and expand omni-channel capabilities with a focus on gaining greater access to urban markets." — C. Douglas McMillon, Walmart; "In Canada, 1 plus a year [long-term club growth potential]. We thought we were a saturated at 80 in Canada and now we have 101 or 102. So that will keep increasing." — Richard A. Galanti, Costco; "In Canada, we posted negative comp sales for the quarter. Our negative comps was driven in large part by our ongoing RONA integration" — Marvin Ellison, Lowe's; "Clearly, there are pressures in Canada from a housing standpoint... We're seeing terrific online growth in Canada as the Canadian customer embraces e-commerce as well." — Craig Menear, Home Depot."

""As Gary mentioned, there is a lot of opportunity there. There's a legacy gathering and processing capital in MarkWest that typically run $1.5 billion to $2 billion organic projects per year. So that's part of the projects and EBITDA available as well as the drops. We also spoke at the time of the merger about $6 billion to $9 billion of projects that could be done either at the MPLX or MPC level, likely this will be done in MPC, incubated there and then dropped down to the partnership. As well with the opportunities in the marketplace today and our cost of capital, we'll continue to look at acquisitions. So there's an enormous amount of opportunity for growth at the partnership level that will continue to support the MPC business." — MPLX CFO (J.P. Morgan Energy Conference, 6/27/16)"

"“For very long periods of time, I think that Fannie and Freddie have been well run without creating risk to the government, as well as they’ve played an important role...I believe these are very important entities to provide the necessary liquidity for housing finance and what I’ve committed to is that I will work with both of the Democrats and Republicans. What I’ve said and I believe, we need housing finance reform, so we shouldn’t just leave Fannie and Freddie as is for the next 4 or 8 years under government control, without a fix. I believe we can find a bipartisan fix for these so on the one hand we don’t end up with a giant bailout, on the other hand that we don’t run the risk of completely limiting housing finance.” — Steve Mnuchin, Treasury Secretary nominee, on Jan. 19, 2017"

""Interest expense increased by $3.5 million, or 122%, from $2.9 million in the six-months ended June 30, 2019 to $6.4 million in the six-months ended June 30, 2020... several of the Company's loans were in technical default and interest expense was computed at higher default interest rate levels." — S-4 filing, October 14, 2020; "At December 31, 2018 and 2019, the Company was in violation of certain covenants under this senior secured lending arrangement." — S-4 filing, October 14, 2020; "Based on the factors described above, and after considering management's plans, there is substantial doubt about the Company's ability to continue as a going concern within one year from the date the unaudited condensed financial statements were available to be issued" — S-4 filing, October 14, 2020"

"“For very long periods of time, I think that Fannie and Freddie have been well run without creating risk to the government, as well as they’ve played an important role...I believe these are very important entities to provide the necessary liquidity for housing finance and what I’ve committed to is that I will work with both of the Democrats and Republicans. What I’ve said and I believe, we need housing finance reform, so we shouldn’t just leave Fannie and Freddie as is for the next 4 or 8 years under government control, without a fix. I believe we can find a bipartisan fix for these so on the one hand we don’t end up with a giant bailout, on the other hand that we don’t run the risk of completely limiting housing finance.” — Steve Mnuchin, Treasury Secretary nominee, on Jan. 19, 2017"

""While this letter presents Elliott's perspectives, Shareholder Nominees will form their own, independent views on the Company, its assets, and its strategy. These five accomplished individuals bring deep knowledge and experience in areas that are severely lacking in the existing board." — Elliott Letter to Shareholders, January 29th 2013. "These independent directors agreed to join our board, because they believe in our outstanding plan, and they recognize that our plan is the right plan for all of our shareholders." "We have had this strategic transformation, as my remarks noted, underway, really going back...since I became Chairman...In fact, Elliott got on the train after it really left the station...This is a culmination of a multi year strategy..." — John Hess, March 4th 2013."

"“These independent directors agreed to join our board, because they believe in our outstanding plan, and they recognize that our plan is the right plan for all of our shareholders.” “We have had this strategic transformation, as my remarks noted, underway, really going back...since I became Chairman...In fact, Elliott got on the train after it really left the station...This is a culmination of a multi year strategy...” — John Hess, March 4th 2013. “While this letter presents Elliott’s perspectives, Shareholder Nominees will form their own, independent views on the Company, its assets, and its strategy. These five accomplished individuals bring deep knowledge and experience in areas that are severely lacking in the existing board.” — Elliott Letter to Shareholders, January 29th 2013."

""Stryker is fantastic at buying really inexpensive crummy companies, so for them to think about buying a $2, $3, or $4 billion dollar company like Nevro, I don't see it. I just don't. I don't think it's in the culture. I don't think it's who they are. When Nevro stock was down in the $30's and low $40's, that would have been a great m&a target but now it's an incredibly expensive platform. If another technology comes up and beats them, it's really not worth much. All the other stim companies are scaling bigger and they have more options for doctors. Nevro is still pretty much a one-trick pony. They're going to have to cut costs to shore up the bleeding, so they're not going to pay reps $350,000. They're going to pay $185,000 and you'll see low-quality reps." — Former Nevro executive"

"“four of us that trained at CHOP and diazoxide.” — Pediatric endocrinologist at a Delaware academic center with eight endocrinologists and ~50 PWS patients; “It wasn't me; it was one of my colleagues. I think she was waiting to hear back on what happened. A couple of my patients are young, and they don't have hyperphagia. I've been following them since they were two months old for growth hormone. Whereas her patients are a little bit older...she just spoke up and shared because we know how this goes, sometimes, when newer things come out, everybody's excited about it. But then if there's a lot of hurdles for insurance and things like that, then people become less enthusiastic.” — Pediatric endocrinologist at a Delaware academic center with eight endocrinologists and ~50 PWS patients"

""When it comes to acquisitions, what are the key attributes you're sort of looking for here? Is it geographic reach and opportunity to up-sell existing products that you have in that base, technology, people? Just trying to get an understanding of what you're sort of prioritizing when it comes to acquisitions?" — Analyst Tse. "Yes. And so we've never changed our strategy there. We have 3 categories in which we acquire. But I think even before we go into those categories, first of all, the DNA of the company needs to be like Lightspeed. This means it needs to be a high-growth company, needs to be a cloud-based system. So we wouldn't acquire a legacy platform as an example. And we need to be sure that kind of culturally speaking, we're very aligned." — LSPD President Jean-Paul Chauvet"

""And then can you talk a little bit more about the profitability in your clean energy business and with PWRcell? ... And just how should we think of it more on like a 2 to 3-year basis as you continue to ramp?" — Roth Analyst. "Yes. Ross, it's York. So yes, making very good progress on gross margin optimization... we do expect to ramp up our gross margins to somewhere in the mid-30% range... maybe hitting double digits there by the end of the year for EBITDA margins." — CFO York, Q4 2020. "Today, clean energy, just thinking storage, that is a profitable business today. We haven't quoted exactly what margin profile is. It's profitable today. But over time, over the next call it, few years, that will also grow into that mid- to high teens EBITDA margins as well." — CFO York, Q3 2021."

""These independent directors agreed to join our board, because they believe in our outstanding plan, and they recognize that our plan is the right plan for all of our shareholders." "We have had this strategic transformation, as my remarks noted, underway, really going back...since I became Chairman...In fact, Elliott got on the train after it really left the station...This is a culmination of a multi year strategy..." — John Hess, March 4th 2013; "While this letter presents Elliott's perspectives, Shareholder Nominees will form their own, independent views on the Company, its assets, and its strategy. These five accomplished individuals bring deep knowledge and experience in areas that are severely lacking in the existing board." — Elliott Letter to Shareholders, January 29th 2013"

"“Eighty-seven years of FDIC, FSLIC, and RTC history demonstrate that conservators are caretakers who are not meant to operate an institution indefinitely. A conservatorship is supposed to be a ‘temporary measure’ leading either to rehabilitation or to a receivership and ultimately payment of creditors and shareholders.” “Nor do federal conservators or receivers act for the benefit of a single preferred shareholder (the government) to the detriment of all of the institution’s other shareholders. Such ‘unprecedented deviations from settled insolvency practices and creditor protections undercut one of the critical foundations of a market economy, and could call into question the reliability of the government as a resolution authority.” — Amicus Brief of Thomas P. Vartanian, 9/23/2020"

"“Eighty-seven years of FDIC, FSLIC, and RTC history demonstrate that conservators are caretakers who are not meant to operate an institution indefinitely. A conservatorship is supposed to be a ‘temporary measure’ leading either to rehabilitation or to a receivership and ultimately payment of creditors and shareholders.” “Nor do federal conservators or receivers act for the benefit of a single preferred shareholder (the government) to the detriment of all of the institution’s other shareholders. Such ‘unprecedented deviations from settled insolvency practices and creditor protections undercut one of the critical foundations of a market economy, and could call into question the reliability of the government as a resolution authority.” — Amicus Brief of Thomas P. Vartanian, 9/23/2020"

""On May 22, 2013, Starboard entered into a Settlement Agreement with Tessera Technologies, Inc. pursuant to which the six Starboard nominees, which included only one Starboard employee, would constitute a majority of the 10 person Board. One of the incumbent directors who remained on the Board was Rick Hill. Hill was Chairman of Tessera and by far the most vocal opponent of Starboard’s involvement in Tessera. After being on the Tessera Board with Starboard for six months, Hill did a complete one-eighty and even agreed to be a member of Starboard’s dissident slate at TriQuint Semiconductor. Since the Starboard slate went on the Board, the Company’s stock has appreciated by 43.15% versus 16.22% for the S&P500." — The Activist Report's “The Independent Majority” article, August 2014"

""On May 22, 2013, Starboard entered into a Settlement Agreement with Tessera Technologies, Inc. pursuant to which the six Starboard nominees, which included only one Starboard employee, would constitute a majority of the 10 person Board. One of the incumbent directors who remained on the Board was Rick Hill. Hill was Chairman of Tessera and by far the most vocal opponent of Starboard’s involvement in Tessera. After being on the Tessera Board with Starboard for six months, Hill did a complete one-eighty and even agreed to be a member of Starboard’s dissident slate at TriQuint Semiconductor. Since the Starboard slate went on the Board, the Company’s stock has appreciated by 43.15% versus 16.22% for the S&P500." — The Activist Report's “The Independent Majority” article, August 2014"

"“Zymergen is not doing the circular revenue thing, but when I was there [at Ginkgo], I saw it being done on several projects, even ones that aren't completely public yet. I would say it was being done; I would say, maybe even more often than not. I don't know for sure the exact numbers, but I wouldn't be surprised if 50% to 60% of Ginkgo's revenue this year is that circular revenue. That, to me, explains a lot, like why are Amyris and Zymergen and Berkeley Lights struggling with such little revenue from the platform side, and yet Ginkgo has all this revenue. I think that can help explain a lot. Personally, I would not invest in a company that has mostly circular revenue. So, that's one example; the circular revenue is a big red flag.” — Former Ginkgo employee in a managerial role"

"“The drug takes a long time to work. So, sometimes people think, in the first three months, that there isn't a change, but then you will see their behavior change or their weight go up, either one.”; “I think it takes about 8 to 12 weeks to work, probably more towards 12 weeks. And that's also what you see when you look at data. At 12 weeks, you start to see a significant difference between placebo and the drug. Then the effect is more clear by 16 weeks, and it only plateaus at about 35, 40 weeks. It's a slow drug.”; “I think that the hypertrichosis, clearly, it's hypertrichosis. And over time, all the patients have developed hypertrichosis...the patients that I saw, most of them developed some degree of hypertrichosis. Yes.” — Trial investigator/author, pediatric endocrinologist"

"“These eight CEOs were not charismatic visionaries, nor were they drawn to grandiose strategic pronouncements. They were practical and agnostic in temperament, and they systematically tuned out the noise of conventional wisdom by fostering a certain simplicity of focus, a certain asperity in their cultures and their communications. Each ran a highly decentralized organization; made at least one very large acquisition; developed unusual, cash flow-based metrics; and bought back a significant amount of stock. None paid meaningful dividends... All received the same combination of derision, wonder, and skepticism from their peers and the business press. All also enjoyed eye-popping, credulity-straining performance over very long tenures...” — William N. Thorndike, Jr., The Outsiders"

"“One CEO whose board includes Mr. Peltz has publicly disclosed what it’s like to deal with activists such as Mr. Peltz: ‘I think the single biggest disconnect that I found is that many activists simply sit in conference rooms and do calculations and analysis, independent of the reality of the fact that we are dealing with human beings and people’s lives.’” — P&G Shareholder Letter, September 20th, 2017; “My quote was taken out of context. My statement was referring to the many activists who have not run businesses or are not close enough to the realities of operating a business. I was not referring to Nelson Peltz, who is a knowledgeable director, an experienced operator and, as a member of our board, is fully informed about our business.” — Irene Rosenfeld, September 20th, 2017"

"In our opinion, except for the effects of the question described in the In the Basis for Qualified Opinion section of our report, the accompanying annual accounts present fairly, in all respects significant, the image faithful of the heritage and of the financial situation of the Society to December 31, 2024 — Deloitte Auditor Report. The attached report does not contain the information required by Article 260 of the Capital Companies Law and the General Accounting Plan, in relation to the amount of advances and loans, as well as salaries, allowances, pension obligations or payment of life insurance premiums and other remuneration of any kind accrued by the Directors and the members of the Senior Management of the Society in the exercises 2024 and 2023 — Deloitte Auditor Report."

"“This is my take-home message to you - that this is just a matter of time. Back in the '90s Blackberry dominated. Now it's history. TransMedics is going to be like Blackberry. TransMedics is going to die because people are so pissed off with the company and this predatory behavior. People are just going to quit using it. They're very upset, and it's going to be, “Screw you, I don't want to use this product anymore.” People are not happy with the management of the company. Everybody hates the CEO, the CFO, and all the people in the upper level...it's run by the wrong people...doctors are going to run from this company.” — Transplant surgeon in a leadership role at Vanderbilt, one of the top centers in the US, which has already wiped out TransMedics usage in heart, lung, and liver"

"“For very long periods of time, I think that Fannie and Freddie have been well run without creating risk to the government, as well as they’ve played an important role... I believe these are very important entities to provide the necessary liquidity for housing finance and what I’ve committed to is that I will work with both of the Democrats and Republicans. What I’ve said and I believe, we need housing finance reform, so we shouldn’t just leave Fannie and Freddie as is for the next 4 or 8 years under government control, without a fix. I believe we can find a bipartisan fix for these so on the one hand we don’t end up with a giant bailout, on the other hand that we don’t run the risk of completely limiting housing finance.” — US Treasury Secretary Steve Mnuchin on Jan. 19, 2017"