Callouts & quotes from 584+ activist slides

""The purchase of Parex allows Sika to (a) increase its share in a highly fragmented market, (b) broaden its footprint in Asia (we estimate that Asia revenues will increase from 17% to 20% once fully integrated), and (c) further increase operating leverage." — Morgan Stanley (February 2019); "The acquisition allows Sika to gain access to Parex's distribution channels and production capacity in mortars. It will also allow Parex to gain access to 70 new markets in which Parex does not currently operate. For Sika, the cross-selling opportunity is particularly strong in China where Parex has established a strong commercial presence and brand recognition." — Bernstein Research (May 2019); "We also see the higher interest in DIY as beneficial for building material companies with exposure to such smaller-scale projects. The clearest beneficiary is likely to be Sika's newly-acquired Parex business (catering to smaller-scale projects and customers, with products largely sold through distribution channels)." — Jefferies (April 2020)"

""In the fourth quarter, we concluded -- we closed the acquisition of Actix. And today, we have signed an agreement to acquire Celcite Management Solutions. Combined, we expect Actix and Celcite to contribute between 2% to 3% of our full year revenue outlook in fiscal 2014 and drive modest earning accretions." — Eli Gelman, President and CEO, Amdocs; "For our full fiscal year, we expect total revenue growth to be within the range of roughly 4% to 8% on a constant currency basis and reported basis. This outlook incorporates the consolidation of Actix and Celcite, which in aggregate, we expect to contribute approximately 2 to 3 percentage points of the growth outlook." — Tamar Rapaport-Dagim, CFO, Amdocs; "Actix, a leader in mobile network analytics and optimization solutions, today announced record-breaking revenue levels for its fiscal year ending January 31, 2012. During the year, Actix revenues grew 29% resulting in total revenues of over $52M as the number of active customers surpassed 400." — Businesswire (Source)"

"“Stimulators have a reputation as a lease that you trade in. It’s probably the same guys who were selling opioids. They’re not the academics, not the ones coming to conferences and meetings.” — KOL; “One of their top reps is in [city redacted], Whether a patient needed it or not, he had his doctors flip those implants. He did $6-7 million in revenue in one year just because of those flips.” — SCS executive; “Medicare pays them to do the explant. If Medicare doesn’t pay, I guarantee they won’t explant. They get paid on both sides. It’s like going long and short. Premier Pain will put them in, take them out, put them in, take them out.” — Territory manager at a large Nevro competitor; “There’s a whole group of doctors down the street. They suck patients in. They implant the device at their surgery centers because they can make a fat amount of cash. They put it in and if they explant it, who cares? An explant is just another surgery they can bill for, so let’s take it out.” — High volume KOL and former Nevro implanter"

""So we will have some deployments in 2015, but I don't view them as scale deployments, they will position us for 2016 though in that market segment very strongly." — CEO MacEwen (Q1 2015 Earnings Call); "We have added now, I think 10 to 12 new channel partners that are better positioned for higher volume sales as we move forward." — CEO MacEwen (Q2 2015 Earnings Call); "We are working very hard as you know to achieve the program of record status. So we expect to see a very strong growth year for Protonex in 2016 in the $20 million revenue range and expect to see on the strength, particularly of the program of record achievement that we expect. We expect to see a very strong growth year in 2017 as well." — CEO MacEwen (Q4 2015 Earnings Call); "In Q1, we experienced significant year-over-year growth in fuel cell stack shipments to Plug power for the material handling market. We continue to strengthen our collaboration with Plug as they secure repeat and new customer business." — CEO MacEwen (Q1 2015 Earnings Call)"

""It takes five years to six years for a first program in a vertical to steady state, to get to that sort of natural peak of annual enrollment. It takes four-ish years for those programs to breakeven. But as they steady state, it is our expectation that an average 2U program will generate $16 million in top line revenue and generate mid-30s adjusted EBITDA margins." — 2017 Investor Day - 10/05/17; "So for our first program, our cumulative net negative cash investment is typically in the range of $10 million before we get to adjusted EBITDA and cash flow breakeven. . .launching a second, third or fourth program in the vertical however, our cumulative net negative cash investment usually falls by about half, more in the range of $5 million. . . the roughly $5 million to $10 million in cumulative net negative cash flow we refer to, is not an upfront investment with additional negative cash flows expected. It is the total cash investment we expect to make to a program breakeven." — Oppenheimer Conference 8/10/15"

"“It's 3 years behind Facebook and Google” — Industry feedback; “Why are they investing in Search and making search part of it?” “They don't understand search” — Industry feedback; “Until they reverse their user and engagement trends, their ad products don't matter” — Industry feedback; “They need to consolidate one ad tech platform like Google has AdWords. Cross-integrate it.” — Industry feedback; “They have all the data they need but they don't employ people to understand how to analyze it” — Industry feedback; “The revenue they claim to have here replaced Display ads which were higher margin.” — Industry feedback; “Flurry people are great at analytics but don't understand how to monetize” — Industry feedback; “We don't understand why they recently renegotiated the Microsoft search deal the way they did” — Industry feedback; “Why aren't they building a Syndication Team to sell display ads for others?” — Industry feedback; “For employing so many people, they don't know a lot” — Industry feedback"

""On a more positive note, CTV has continued to grow albeit at a lower rate with a year over-year increase in April of approximately 10% and has also stabilized in the last several weeks." — Q1 2020 Conf Call; "Since the start of this quarter, we have observed even greater recovery, with Q3 revenue quarter-to-date nearly breakeven year-over-year on a pro forma basis. And since the start of Q3, we have observed even more rapid acceleration in CTV revenue growth, currently running at roughly 50% up year-over-year." — Q2 2020 results; "We are seeing continued strong post-election year-over-year growth in CTV, even without the benefits of political spending." and "We expect revenue for the fourth quarter to be in the range of $72 million to $75 million and we expect CTV to continue with strong year-over year growth rates." and "And so, yeah, after coming out of two quarters of extreme volatility in Q2 and Q3, I think the message for Q4 is, we are seeing a little bit of normalcy." — Q3 2020 Conf Call"

""[T]he last minute exercise of the first right of refusal to buy a big block of franchise stores in 2015 ...is a perfect example of how misguided your incentive compensation structure is and how poor strategic planning can lead to poor capital allocation decisions" — Howard Penney, Hedgeye, 10/17/16; "[T]he most recent acquisition (38 units in the 3Q15) has weighed on earnings and came with a rich multiple, adjusting for the foregone royalties" — John Glass, Morgan Stanley, 7/25/16; "[R]eturn metrics suffered from the company's FY15 decision to acquire a large number of franchisees...[which] resulted in lower operating margins and financial returns as incremental capital was deployed to eliminate a high margin royalty revenue stream" — John Zolidis, Buckingham, 7/26/16; "Acquiring franchise stores increases business risk...Why in a slowing sales[,] lower return environment would the parent company want even greater exposure to the volatility in the business?" — Howard Penney, Hedgeye, 6/13/16"

""Towards the end of the quarter, we also closed on the strategic acquisition of Utiba, a small developer of payment-related technology in the emerging markets. Utiba was acquired for $20 million in cash and the revenue contribution for the quarter was immaterial." — Tamar Rapaport-Dagim, CFO, Amdocs; "Important to our geographic expansion, we're also focused on bringing innovation to the market as another dimension of our long-term growth, both in terms of new products and new services. Along these lines, in the first quarter, Amdocs [launched] mobile financial services solutions, MFS, a new offering resounding from our internal R&D investment and the acquisition of Utiba, which we completed in the second quarter of FY14." — Tamar Rapaport-Dagim, CFO, Amdocs; "When it comes to mobile financial services, it's also in the tens of millions of dollars already was – some of it came from M&A, some of it came from new projects." — Eli Gelman, President and CEO, Amdocs"

"“But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong.” — CEO Bob Jordan on CNBC; “You know, the quarter was great ... We’re predicting record revenues again in the third quarter. Record passengers. Record flights.” — CEO Bob Jordan on CNBC; “We had a great quarter in the third quarter. We’re forecasting record revenue and record passengers again for the fourth quarter.” — CEO Bob Jordan on CNBC; “We had a great 2023. Record operating revenue, record passengers, record loyalty revenue.” — CEO Bob Jordan on CNBC; “I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company...” — CEO Bob Jordan in 2024 Proxy Statement; “We had a strong first quarter, despite the financial results.” — CEO Bob Jordan on CNBC; “I’m very proud of the Company’s progress in 2023 ... we entered 2024 a stronger company.” — CEO Bob Jordan at Annual Shareholder Meeting"

"“But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong.” — CEO Bob Jordan on CNBC; “You know, the quarter was great ... We’re predicting record revenues again in the third quarter. Record passengers. Record flights.” — CEO Bob Jordan on CNBC; “We had a great quarter in the third quarter. We’re forecasting record revenue and record passengers again for the fourth quarter.” — CEO Bob Jordan on CNBC; “We had a great 2023. Record operating revenue, record passengers, record loyalty revenue.” — CEO Bob Jordan on CNBC; “I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company...” — CEO Bob Jordan in 2024 Proxy Statement; “We had a strong first quarter, despite the financial results.” — CEO Bob Jordan on CNBC; “I’m very proud of the Company’s progress in 2023 ... we entered 2024 a stronger company.” — CEO Bob Jordan at Annual Shareholder Meeting"

"“But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong.” — CEO Bob Jordan on CNBC; “You know, the quarter was great ... We’re predicting record revenues again in the third quarter. Record passengers. Record flights.” — CEO Bob Jordan on CNBC; “We had a great quarter in the third quarter. We’re forecasting record revenue and record passengers again for the fourth quarter.” — CEO Bob Jordan on CNBC; “We had a great 2023. Record operating revenue, record passengers, record loyalty revenue.” — CEO Bob Jordan on CNBC; “I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company...” — CEO Bob Jordan in 2024 Proxy Statement; “We had a strong first quarter, despite the financial results.” — CEO Bob Jordan on CNBC; “I’m very proud of the Company’s progress in 2023 ... we entered 2024 a stronger company.” — CEO Bob Jordan at Annual Shareholder Meeting"

""But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong." — CEO Bob Jordan on CNBC; "You know, the quarter was great ... We're predicting record revenues again in the third quarter. Record passengers. Record flights." — CEO Bob Jordan on CNBC; "We had a great quarter in the third quarter. We're forecasting record revenue and record passengers again for the fourth quarter." — CEO Bob Jordan on CNBC; "We had a great 2023. Record operating revenue, record passengers, record loyalty revenue." — CEO Bob Jordan on CNBC; "I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company..." — CEO Bob Jordan in 2024 Proxy Statement; "We had a strong first quarter, despite the financial results." — CEO Bob Jordan on CNBC; "I'm very proud of the Company's progress in 2023 ... we entered 2024 a stronger company." — CEO Bob Jordan at Annual Shareholder Meeting"

"“We see these estimates (Marcato’s) as ambitious but plausible in the context of international opportunities, potential in other categories helped by improved segmentation (to begin Spring '18), and revenue recapture from closed stores… …Cost savings initiatives over this period are more aggressive than those of management but, in our view, a fair directional assessment of opportunity. We are in directional agreement with Marcato on opportunities for financial engineering given the durable cash flow of the business (which could be helped by net working capital benefits from retail closures). While cash balances are principally overseas, the company could both borrow against these cash balances and use foreign cash to support foreign working capital needs. A revolving line of credit or the combination of revolver and term-loan could both accommodate working capital demands and be used to reduce the share count with accretive results.” — Stifel 10/19/17"

"“But for the ops disruption, we would have had a very strong profit in the first quarter. Second quarter, our guide is really strong.” — CEO Bob Jordan on CNBC; “You know, the quarter was great … We’re predicting record revenues again in the third quarter. Record passengers. Record flights.” — CEO Bob Jordan on CNBC; “We had a great quarter in the third quarter. We’re forecasting record revenue and record passengers again in the fourth quarter.” — CEO Bob Jordan on CNBC; “We had a great 2023. Record operating revenue, record passengers, record loyalty revenue.” — CEO Bob Jordan on CNBC; “I am extremely proud of our progress and accomplishments in 2023—we ended the year a better Company…” — CEO Bob Jordan in 2024 Proxy Statement; “We had a strong first quarter, despite the financial results.” — CEO Bob Jordan on CNBC; “I’m very proud of the Company’s progress in 2023 … we entered 2024 a stronger company.” — CEO Bob Jordan at Annual Shareholder Meeting"

"“Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year.” — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022. “In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022” — Mark Costa, Chairman & CEO – Eastman, January 2022. “Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges.” — James Fitterling, Chairman & CEO – Dow, January 2022."

""Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year." — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022; "In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022" — Mark Costa, Chairman & CEO – Eastman, January 2022; "Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges." — James Fitterling, Chairman & CEO – Dow, January 2022"

"“Today, I am pleased to report record 2021 adjusted earnings of $18.12 per share and record free cash flow of $1.3 billion. To surpass the previous record adjusted earnings per share by 65 percent is a remarkable achievement in any year.” — Lori Ryerkerk, Chairman & CEO – Celanese, January 2022; “In the face of unprecedented supply disruptions, logistics challenges, labor shortages, COVID variants, and rapid, broad-based inflation, the Eastman team delivered all-time record revenue and adjusted EPS and is positioned to build on this growth in 2022” — Mark Costa, Chairman & CEO – Eastman, January 2022; “Our performance in the fourth quarter capped a record year for Dow, which you will see highlighted on Slide 4. In 2021, Team Dow capitalized on the economic recovery, achieving record sales and earnings performance despite pandemic-driven uncertainty and industry-wide weather-related challenges.” — James Fitterling, Chairman & CEO – Dow, January 2022"

""In terms of growth, I would say, growth is reflective of engagement. We don't have a strategy necessarily to grow the e-commerce revenue. We have a strategy to grow the engagement in the marketplace and the customer share of wallet and customer engagement and we're using both channels to do that. So we're not targeting a specific growth rate..." — Allan MacDonald, EVP, Retail. "So literally hundreds of initiatives that we have in motion and have identified can now be placed in an organized structured program for execution and tracking. And of course we are continuing our extensive programs targeting internal and external expense reduction." — Stephen Wetmore, CEO. "even operational efficiency programs that generate 20% and 30% return on invested capital are extremely valuable" — Stephen Wetmore, CEO. "You know where to Steven's opening remarks, we now have hundreds of initiatives identified in size" — Gregory Hicks, President of Retail."

"Booms and busts in stock prices are often greatest in speculative mining and technology plays that tantalize investors with optimistic revenue and profit outlooks, yet often come from unproven claims and companies with a history of failure. We saw this in 2012 and have a proven record of calling out stock promotions in these sectors, namely Liquidmetal Technologies (OTCBB: LQMT) and US Antimony (AMEX: UAMY). We see extreme parallels between these promoted failures and American Battery Metals Corp (OTCBB: ABML) and Comstock Mining Inc.(NYSEAmex: LODE). These companies appear to have hitched their wagon to investor enthusiasm for electric vehicle battery recycling, and their prospective plant’s proximity to Tesla and its Gigafactory in Nevada . We recommend investors exercise extreme caution at these extended valuations and urge shareholders to closely examine why we believe companies are Strong Sells. — Ben Axler, CIO Spruce Point"

"“We notice the SD&A revenues are down a lot. Do you think they bought the business at the wrong time because of COVID-19 and the slow down in travel?” — Spruce Point Capital Management. “I can’t imagine how hard that business has been hit. One of the reasons we wanted the L3 business is because they had a lot more products with TSA in all the airports. I’m sure now the new products aren’t being bought, and less maintenance services on existing products because they’re not being used. I’m certain this has had a big impact on their business. I don’t know this for certain, but hopefully, they’re making a shift to do more security at buildings and events, as opposed to airports.” — Former Senior Leidos Executive. “Do you think a preponderance of the business came from the TSA airport and border security?” — Spruce Point Capital Management. “Oh yeah, I’m sure a majority of it came from TSA.” — Former Senior Leidos Executive."

"“I also want to reiterate what our fiscal '23 targets are; 16% to 18% revenue CAGR, $2.4 billion in free cash flow, roughly a 40% operating margin, and again a sum of revenue growth in free cash flow that stays between 55% and 65%. We are confident in these targets at this point, and I want to make sure that you understand that it is our goal to achieve these to the same degree that we achieved our FY '20 targets that we set over three years ago.” — Andrew Anagnost, CEO, 2020 Digital Investor Day; “We continue to manage our business using a Rule of Forty framework with a goal of reaching 45% or more over time. We are taking significant steps towards our goal this year and next. We think this balance between compounding revenue growth and strong free cash flow margins captured in the Rule of Forty framework is the hallmark of the most valuable companies in the world…” — Andrew Anagnost, CEO, Q1 FY2025 Earnings Call"

"“I also want to reiterate what our fiscal '23 targets are; 16% to 18% revenue CAGR, $2.4 billion in free cash flow, roughly a 40% operating margin, and again a sum of revenue growth in free cash flow that stays between 55% and 65%. We are confident in these targets at this point, and I want to make sure that you understand that it is our goal to achieve these to the same degree that we achieved our FY '20 targets that we set over three years ago.” — Andrew Anagnost, CEO, 2020 Digital Investor Day; “We continue to manage our business using a Rule of Forty framework with a goal of reaching 45% or more over time. We are taking significant steps towards our goal this year and next. We think this balance between compounding revenue growth and strong free cash flow margins captured in the Rule of Forty framework is the hallmark of the most valuable companies in the world…” — Andrew Anagnost, CEO, Q1 FY2025 Earnings Call"

"“In 2020, we incurred significant operating and capital expenditures in launching our biosecurity offering, which includes COVID-19 testing products…” — SPAC prospectus; “Covid testing was also just a ploy to get into pharma because for years they've tried to get into pharma and nobody wanted to work with them. It's still just like a commodity business that they're in, sort of NGS of viral samples; it's like the Quest Diagnostics and all these other labs, it's a race to the bottom for pricing and things like that. They've got some inflated revenues or short-term revenues but I don't see that as building long-term value.” — Former director-level employee; “I don't even know why Ginkgo is doing Covid-19 testing. PCR testing, you can do that at any university lab, really at any company. It just requires a couple of DNA sequencers, I mean, Illumina instruments, nothing special.” — Former employee in a managerial role"

""We are skeptical that TXN can achieve their revenue targets given its growth rate of mid-single digits. Given elevated capex and depreciation, we believe TI’s margins will remain under pressure through 2026 unless capex is cut." — Citi; "Texas Instruments (TXN): We wish we could all have a 15-year investment horizon...downgrading to Underperform" — AB; "We are initiating coverage of TXN with an Underweight (UW) rating and $150 price tgt. Our rating reflects a concern TXN can’t achieve rev tgts & related utilization; i.e., 300mm capacity expansion plans intended to reach $30B FY26 rev. 19% CAGR." — Wells Fargo; "We still believe investing in mature node capacity is the right strategic decision long-term. That said, with a 20% CAGR off 2024 Street estimates needed to reach 2030's $45B capacity target, we think the magnitude of the development is difficult for investors to underwrite, even with subsidies." — Cowen"

"“There was fear that Ginkgo would not be able to go public, or it would be slammed by regulators for having too many of these little companies.” — Former employee; “I was always confused. I've never done accounting, but some of the ways they count revenue, I was like, okay, if you say so. I don't know if money actually passed hands because we now own another part of a company, and then they just get platform services for free, is that revenue?” — Former Ginkgo engineer; “There are probably three different divisions of people. The first is the people that completely got it [the circularity] and were open about it and were getting in trouble and getting fired... the second group is aware of it but trying to be more careful... And then the last group were people that were just completely buying into the hype... I think they were psychologically brainwashed by their huge equity grant.” — Former employee"

"We sold our holding in Kao as the company continues to underperform its peers — AVA Investment Managers. Killer Strengths, Just Needs a Killer Growth Strategy — SMBC. We believe Kao can do much more to raise the profile of its successful brands outside of Japan and expand overseas consumer product sales, especially given population demographics in Japan provide a headwind to future domestic growth. Historically Kao’s dominant position in its domestic market may have given it a ready source of stable cashflows, but the company needs to look abroad for its growth in the future. — LINDSELL TRAIN. Kao has great technology and many interesting products, but management has yet to translate this expertise into strong revenue-generating products — CLSA. the operating margin now looks likely to stop falling. However, we see no signs of next-generation growth businesses or other growth drivers — J.P.Morgan."

""Consider using return on invested capital ("ROIC") as a long- term performance metric instead of revenue or relative TSR." — Shareholder Request, FY19 Proxy; "We recognize that ROIC has a good correlation to share price in many industries, however we do not currently use ROIC as an internal performance measurement and we believe that, where possible, compensation metrics should match the day to day metrics used to run the business. We also note that return on investment metrics like ROIC are not common in the technology industry where it is critical to continuously reinvest for growth and to maintain leading edge products. We continue to believe that revenue growth is the most significant driver of our business performance and we pair revenue metrics with profitability metrics to ensure that management is focused not only on growth, but on profitable growth." — Management Response, FY19 Proxy"

""It was a maze. We were doing a disservice selling a 1,200 employee client Vantage when we would have done a better job selling Workforce Now... I'm not sure that the customer is at the center of the decision." — Former SVP Product Strategy; "Why are margins so low? Overhead. So many layers, so many inefficiencies with regards to the same people doing the same thing... each product or team has its own duplicative organization. There are still silo's." — Former Sr. Director of Business Transformation; "There were always turf wars at the seams. Imagine a 49 employee client moved into Majors and is now being sold Workforce Now. Who owns that client? Is this an SBS or a Majors upsell opportunity? Consider it – there’s separate sales leaders. Everything is segmented by size. The revenue is ‘owned’ by regional GMs with their own P&L. It’s a mess." — Former DVP, Business Transformation"

"“Today, we believe that we have the best pipeline in our history.” — Dr. Bourla, October 30, 2018; “At the same time, we have likely the best pipeline we've ever had at the corporation.” — Dr. Bourla, January 3, 2019; “...what we believe is the best pipeline in our history with good breadth and strong innovation.” — Dr. Bourla, January 29, 2019; “...this company will be, from day 1 after the separation, a best-in-class revenue growth, long term, sustainable story with a relatively unlevered balance sheet at this company and the best pipeline we ever had.” — Dr. Bourla, January 14, 2020; “And if you take a big picture view, over the last decade, we have changed and refocused our approach to R&D. We have improved dramatically its productivity, and we have developed the best pipeline we ever had and one of the best, I believe, in the industry.” — Dr. Bourla, January 28, 2020."

"Near the end of each quarter, beginning on or about December 2002~ Vitesse routinely shipped large amounts of inventory to Nu Horizons. As the close of each quarter approached, Tomasetta and Hovanec directed Vitesse employees to ship product to Nu Horizons in order to close the gap between Tomasetta's internally forecasted revenue target and Vitesse's actual quarterly revenue. During weekly revenue meetings, Tomasetta and Hovanec instructed members of the sales staff to maximize the amount of inventory Vitesse shipped to Nu Horizons. Tomasetta, Hovanec, Mody, Kaplan and others then discussed in smaller, closed-door meetings, specific product shipments to Nu Horizons that would be made in order to close the revenue gap identified by Tomasetta and Hovanec. The defendants sometimes referred to these quarterly shipments as quarterly stocking packages ("QSPs"). — SEC complaint"

""Omnichannel commerce leader grows customer base by more than 20,000 customer locations worldwide, entrenches leadership position in Asia-Pacific." — Press Release, March 11, 2021. "Subsequent to the closing of the acquisition, Lightspeed will serve as the technology partner of choice for over 135,000 customer locations worldwide" — Press Release, March 11, 2021. "Lightspeed Payments had another record quarter and grew revenues both year-on-year and from the previous quarter. And we are now present in over a 140,000 customer locations when we include the recent acquisition of Vend." — Q4 2021 Conf Call, May 2021. "Looking at the building blocks of our business, everything starts with customer locations, which grew to approximately 119,000 at March 31, and is now over 140,000 on a pro forma basis, including our recent acquisition of Vend." — Q4 2021 Conf Call, May 2021."

""They are having a big problem there, they can't outsell their churn, and that was a problem a year and half ago and they can't provision right now to get things installed." — Former GTT Regional VP. "If you're coming up on a contract, they are holding a gun to the head of their customer... it's ostracizing their customers like crazy and as a result, they are losing revenue and they are losing trust with customers and it's a really big issue." — Former GTT Regional VP. "[The hardest part of this business] is, by far and away, sales. It's the ability to hire a sales force, train them, retain them, motivate them, keep them focused, promote them, give them a career path. It's an awful job, it's an outbound, tele-sales model, where you're making 100 cold calls per day to people that don't want to talk to you. And that's a really hard thing to do." — GTT Competitor."

"In addition, the Credit Agreement contains customary representations and warranties, financial and other covenants, and events of default, including but not limited to, limitations on earnout, milestone, or deferred purchase obligations, dividends on preferred stock and stock repurchases, cash investments, and acquisitions. The Company is required to maintain a minimum liquidity of at least $25 million and maintain specified amounts of consolidated revenues for the trailing twelve month period ending on the last day of each fiscal quarter. Minimum consolidated revenues shall equal either $1.0 billion for the immediately trailing twelve month period or $1.0 billion on a pro forma basis and for the fiscal quarters ending March 31, 2025 through December 31, 2025, and shall equal $1.1 billion for the fiscal quarters ending March 31, 2026 through December 31, 2026."

""This week we're celebrating three years since we announced the acquisition of inContact which was pivotal point for NICE and represented a seismic shift in the customer engagement market. The acquisition and the ensuing delivery of CXone gave us the first and only true native cloud platform that seriously incorporates the marketing and routing, workforce optimization and analytics into a single platform for enterprises of all sizes. With all these assets combined together with substantial investment in R&D since the acquisition CXone has become the most complete platform in the market. ...It is clear that the execution of our strategy is working as reflected in our strong results, including in Q1, where we reported year-over-year double-digit growth in all key metrics. This included a 12% increase in revenues to $378 million." — NICE Q1 FY19 Earnings Call"

"“This week we're celebrating three years since we announced the acquisition of inContact which was pivotal point for NICE and represented a seismic shift in the customer engagement market. The acquisition and the ensuing delivery of CXone gave us the first and only true native cloud platform that seriously incorporates the marketing and routing, workforce optimization and analytics into a single platform for enterprises of all sizes. With all these assets combined together with substantial investment in R&D since the acquisition CXone has become the most complete platform in the market. ...It is clear that the execution of our strategy is working as reflected in our strong results, including in Q1, where we reported year-over-year double-digit growth in all key metrics. This included a 12% increase in revenues to $378 million.” — NICE Q1 FY19 Earnings Call"

"“So overall, like do you feel like the profitability from the Zimmer's perspective is like vastly different in terms of, it sounds like the business model is slightly different because there's kind of capital purchase upfront and then what are sort of the ongoing sort of revenue streams which are there?” — Tegus Question; “Yes, initially, it was a capital sale only, right? And just kind of walking back a little bit, what they realized quickly is that in order to adapt change and not have to deal with that six- to 18-month hospital capital budget process... I can place a unit in your surgery center at no cost to you other than just a commitment for growth on the implant side of things at a competitively priced implant... And then I can backtrack and pull it into the hospital based on that surgeon's commitment to using my implants.” — Former Zimmer Employee"

"“Thanks for the question. So on the safety side, as many of you, I'm sure know, monitoring for safety data in the post-marketing setting is quite different from clinical trial settings. So one typically relies on reports from caregivers or health care providers and the patients that you're treating are also often not as controlled and may have more comorbidities, et cetera. So we are pretty early in the launch. But that said, I can tell you that we have not seen anything in the post-marketing setting that is different from the clinical trial setting. So there are no new safety signals. And once again, just to reiterate, what we have seen with the discontinuation rates at this time are substantially lower than what we have seen in the clinical trials. And Jim, I'll let you take the revenue question.” — Soleno CEO Anish Bhatnagar, Aug 6, 2025 earnings call"

"“Ginkgo was kind of allowed to do what they wanted to do for the first period of the company [Joyn] at least, and that was really something that Jason Kelly and the group really sort of had pushed for, especially in Motif, at Allonnia, and the subsequent ventures, Ginkgo really needs to control these entities because if they can't then—what they want is for these subsidiaries or for these joint ventures, these supposedly independent companies to be obligated to use Ginkgo services, and Ginkgo services are very expensive.” — Former director-level employee; “From a business perspective, they want all the revenue, and they want to control the entity, for sure... the whole Ferment Consortium, this $300 million slush fund to start child companies of Ginkgo, I would say for sure Ginkgo controls all of those almost certainly.” — Former director-level employee"

""I think IDEXX is a brilliant company... I think we can out execute [them] going forward." — CEO Wilson at BAML conference in February 2021. "But I mean, honestly, it's hard to get out of IDEXX, and it's hard to steal an IDEXX customer. They just have done a really good job of locking customers in. They'll pay whatever money they need to keep a customer. They'll do a lot of things to keep this revenue going. So they're definitely not easy to break." — Former Sales and Ops Heska Employee. "IDEXX, which in my mind, has always been like the, for want of a better expression, like the white shoe player in the space, [with] the integration of all of the major elements and the ability to bundle them, the integration of the reference labs, of the in-office equipment and analyzers and the point-of-care rapid test." — Former Senior Vice President, Zoetis"

"“Due to our unique product and trusted experience, we have deep loyalty within our customer base, which creates durability in revenue and gives us confidence in predicting the future of business. As we look at customer cohorts, past trends and take a prudent view, we expect a low to mid-20%s revenue growth rate for 2025.” — CEO Q3’2024 Earnings Call; “I'm hearing from consumers that they're getting ads from various companies with very similar messaging. For them then the question really becomes again, the pricing and then considerations on the product side. The payout speed and then the receive network like whomever I'm sending it to, unless it's myself, how easy is it for them to pick up? I feel like the gap on the paid marketing side is closing and I don't see that as a sustainable advantage.” — Former Employee, Regional Business Head"

"One way to look at this is, in the beginning Brazil was the largest market, and they solved the issue for so many merchants, because of the regulatory change. Then the focus shifted quite a bit into the rest of the world, because the merchants who were large enough had finished the process to become local in Brazil for card, and kept Dlocal for alternatives. And then went with their own kind of local processors for Brazil, for local card, because it became such a critical market and so focus came up on all other areas from a large merchant perspective. So, if I’m talking about the Googles, the Amazons, the Facebooks, the Netflixes of the world don’t necessarily use Dlocal for card processing in Brazil, but they use them for alternative processing in Brazil. — Source B, a former DLO senior executive responsible for revenues"

""Without exception in across the board, we’ve either maintained or grown share throughout 2023, and we would expect that to continue...whether it’s in the lab or whether it’s in the production, I think we’ve had another year of good share gains in ’23." — CEO Michael Stubblefield, 2023 Analyst Day, 12/8/2023; "We’re confident we certainly have a leading [lab solutions] platform here and we remain focused on leveraging our capabilities to continue to grow share. And I think there’s certainly a lot of data points here to support our view here that we’ve got a nice share story." — CEO Michael Stubblefield, 3Q 2024 Earnings Call, 10/25/2024; "They have said for years [LSS] is not losing share, but do the math since 2018 when both were +/- $5bn of revenue. TMO is now $9bn and LSS is still <$5bn." — Sell-Side Analyst, May 2025"

"“Substantial long-term operating leverage: Longer term, our hypothetical margin expansion analysis shows the potential for a significant ramp in pro forma operating margins from 12% currently to 30-40%, in theory, as revenues grow to scale and sales and marketing (S&M) costs normalize. We strongly believe that the SaaS business model can ultimately achieve a margin structure similar to that of traditional on-premise software businesses—a view that we believe is underappreciated by the Street.” — Nomura, Aug 2012; “Performing the same analysis for Ultimate Software Group, with its current renewal margins between 48% and 50% over the last four years, this would imply long-run, fully- scaled potential operating margins in the low-30% range (Ultimate’s non-GAAP operating margins today are ~20%).” — Goldman Sachs, July 2017"

"“Holger Mueller of Constellation Research Inc. said Box’s revenue growth of just 10% was ‘measly’ and that shareholders such as Starboard were right to ask why the company has not performed better...‘But the question needs to be asked, why has Box only grown by 10% during pandemic times, while the global economy is restarting and reinventing itself around digital processes?’” — Silicon Angle, May 2021; “Box has guided to a meaningfully improved financial model, expecting to achieve the ‘Rule of 40’ by FY24 and calling for accelerating growth with meaningful margin expansion. While we would certainly like to see that, the problem is Box has always ranked low on sales efficiency and seen declining net retention rates, which makes it tough for us to underwrite the combination of the two.” — RBC Capital Markets, July 2021"

"“Holger Mueller of Constellation Research Inc. said Box’s revenue growth of just 10% was ‘measly’ and that shareholders such as Starboard were right to ask why the company has not performed better...But the question needs to be asked, why has Box only grown by 10% during pandemic times, while the global economy is restarting and reinventing itself around digital processes?” — Silicon Angle, May 2021; “Box has guided to a meaningfully improved financial model, expecting to achieve the “Rule of 40” by FY24 and calling for accelerating growth with meaningful margin expansion. While we would certainly like to see that, the problem is Box has always ranked low on sales efficiency and seen declining net retention rates, which makes it tough for us to underwrite the combination of the two.” — RBC Capital Markets, July 2021"

"Second, our goal has been to diversify our revenue outside of the United States and this acquisition increases our international revenue for this business by a factor of 6 and expands customer penetration into 75 additional countries. At the consolidated level, the acquisition adds an additional three points of international revenue bringing our total for the company to approximately 13% international revenues. — CEO M&A Call Feb 2020; Sales to customers in international markets represented approximately 8% of total revenues for the three and nine months ended October 2, 2020. Our international customers include foreign governments and their agencies. Our international business increases our exposure to international markets and the associated international regulatory and geopolitical risks. — Oct 2, 2020 10-Q p. 33"

"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"

"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"

"“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"

"“On the Olapic side, we are adjusting our expectations downward to account for the delay in revenue recognition from project deployments that was not previously considered in our guidance...So as a purchaser of SaaS technologies, when you deal with the sales forces as in a work days, once you sign, they are getting their revenue right away, even though as you are putting your development resources against integrating that product. If you look at the Olapic business, and with them being in startup mode, their contracts currently do not have the clause in there where their revenue starts clicking right away, so you're basically deferred up until when the client actually deploys usually on their e-commerce site and that can take 120 days.” — Scott Landers (July 28th, 2017)"

""So Premier Agent revenue is our core media business where we monetize this 2 billion visits a month we get on our apps and sites. And it's mainly buyer monetization that we do, and we basically sell leads to estate agents. We have monetized that historically by collecting credit cards from agents upfront, getting them to buy on a subscription basis and then sending them leads." — CEO Rich Barton, 11/20/2019; "So Premier Agent overall, which is our revenue workforce, has always been focused on the buyer side of the transaction, the buyer leads that we're sending to real estate agents." — Fmr. CFO Kathleen Phillips, 2/16/2017; "Historically, the Premier Agent product has -- been mostly about acquiring buyer leads." — Fmr. CEO Spencer Rascoff, 11/01/2016"

"“I’ll be very candid with you, if I was the product lead on the hook for these kinds of [80%] margins, I would be very, very scared...this is just not a believable scenario even with the scale of a hyperscaler...this is definitely a very sort of utopian best-case scenario.” — Former Engineer at CoreWeave; “The illustration appears to indicate the revenue from the residual assets in year 5 and beyond will represent 75% of the revenue in years 1-4 of the original contract. We will reserve our language to simply indicate that is highly unlikely.” — D.A. Davidson Research, June 9, 205; “Wishful thinking. That’s how old data centers worked before AI chips.” — Former Principal Architect at Nvidia; “Totally bullshit.” — Former Senior Product Manager at Nebius"

""Our business historically has been built on increasing our recurring revenue. Almost 80% of the revenue we recognize each month is for scheduled services that are on the books as of the first of the month. I'd like to think of this as the gift that keeps on giving. In a sense, we're much like the phone company or cable TV business." — CEO Rollins Q1 2014; "Yes, one thing I might add, we also implemented a new pay plan for our commercial sales, people that much more greatly incentivize them to pursue recurring revenue. We kind of got hooked on that bed bug revenue for a period of time. And while that's great to get, it's not recurring and as you guys know, we really prefer that recurring revenue to build." — Fmr COO / Vice-Chairman Wilson On Bed Bugs"

"“We’re in the very lucky situation that in our seven target market we have everywhere opportunity to grow…from concrete to roofing to waterproofing, great opportunities.” — Sika (May 2018); “So we have a market growth rate that is a little – still growing but a little softer than this year. So if we see a stronger construction market, that clearly would be a positive.” — GCP (November 2018); “SBM's revenue was down 11% year-over-year. Our project-based Building Envelope business was down 12% as growth in EMEA was more than offset by declines in North America and Asia Pacific.” — GCP (November 2019); “The reduction of the Building Envelope business contributed significantly to the margin reduction as well as the overall mix.” — GCP (February 2020)"

""Included in transaction revenues was the impact of a newly negotiated contract with our payments partner at Upserve and ShopKeep. This new contract did two things, provide us with better economics than the businesses who are achieving on their own and also brought us better control over the end customer relationships. As a result of this, we were able to realize an uplift in revenue of approximately $7 million in the quarter and greater gross margins as well. This is a great new story that reflective of how our scale has improved our negotiating power. But it's worthwhile noting that even without this, our revenue performance for the quarter handily beat our previous guidance of $68 million to $70 million." — CFO Nussey, Q4 and FY 2021 Conf Call"

""We want a Hall of Fame guy. I think the specs are pretty obvious...you want someone who's an absolute proven leader, somebody who's run a major business, somebody who in the past has not only demonstrated their ability to control thoughts and innovate, but someone that can build revenue. You'd like to find somebody that has both retail, and what I'll call, BSD experience. And our expectations are...we're going to find a superior CEO to come in and take the company to the next level." — Neil Austrian. "We find the hire to be very surprising and we believe the market will as well. In recent meetings with Mr. Austrian, we came away believing he was not interested and not a candidate for the full time position." — Deutsche Bank report, May 23, 2011"

"Grossman has a history of working with Bess Weatherman of Warburg Pincus who's on the board, and I think they look for companies that are really ground down. They move some people in, move some people out, but at the end of the day, they really control cost. They don't really add true value and that's kind of how I see Grossman. I don't see Grossman adding value to spinal cord stimulation. I don't think he really understands the market. He'll reformat all those guarantees that the reps have. From a revenue point of view, the company should be a lot bigger than it is, but I'm very underwhelmed because when I look at sales capacity, there's 150 more field team now, for about the same amount of revenue. It's crazy. — Former Nevro executive"

"Exiting Thermal Coal Producers - Thermal coal is significantly carbon intensive, becoming less and less economically viable, and highly exposed to regulation because of its environmental impacts. With the acceleration of the global energy transition, we do not believe that the long-term economic or investment rationale justifies continued investment in this sector. As a result, we are in the process of removing from our discretionary active investment portfolios the public securities (both debt and equity) of companies that generate more than 25% of their revenues from thermal coal production, which we aim to accomplish by the middle of 2020 — BlackRock, Sustainability as BlackRock's New Standard for Investing, 2020 Letter to Clients."

"“While GSE revenues and earnings are significantly higher now vs pre-GFC levels driven by much higher guarantee fees and meaningfully larger guarantee portfolios, required minimum capital levels have increased far more meaningfully, resulting in a sharp decline in run-rate ROEs. We believe that the only realistic way to solve for this is to remove the stability buffer and take the minimum capital level back to 2.5%. The other alternative is to increase guarantee fees, but we estimate that the increases would have to be in the 20-25 bp range (from the current 65 bp level), which is likely to be politically unacceptable since it would increase mortgage rates by an equivalent amount.” — Keefe, Bruyette & Woods (emphasis added), 1/5/2025"