Callouts & quotes from 10,384+ activist slides

"“I mean, yeah, codebase is just a fancy word for a genetic sequencing database, and they're constantly trying to get more codebase and get more diversity. Another interesting thing is that Zymergen has way more codebase than Ginkgo. Their diversity is way higher, and that's part of why they were able to engineer that Synlogic strain and Ginkgo wasn't.” — Former Ginkgo employee; “The codebase is effectively a sequenced database...It's like accessing sequences; it's not functional.” — Synlogic executive; “We can go on the internet right now and search sequences. There are public databases for sure. So, there are lots of sequencing databases. I couldn't tell you how unique it really is, to be honest.” — Synlogic executive"

""During the fourth quarter, we continued to benefit from our ongoing investments and focus on ecommerce. Our e-comm business grew over 60% in the quarter as we benefited from consumers shifting to online purchasing." — Christine Sacco, CFO, Q4 2020 Call. "The financial profile of our online business is pretty consistent with brick-and-mortar. So although we have different tactics, the overall cost of connecting and winning with consumers is fairly similar for us." — Ronald Lombardi, Q4 2020 Call. "For Amazon, our margins would be slightly better or the same. We don't have the middleman, but when we sell direct to the consumer, the cost of the transaction goes a bit higher. For example, shipping." — Former PBH Employee."

"Ecobee claims to have captured one-third of the smart thermostat market, citing figures from NPD Group. — Amazon Gets Serious About Voice-Activated Smart Thermostats, Investing in Ecobee, Greentech Media, March 7, 2018; Today, Ecobee holds around 30% market share in smart thermostats across North America, second to Nest, the California-based smart home devices company that was acquired by Google in 2014. — 2019 Brand of the Year: Ecobee brings purpose to smart thermostats, StrategyOnline.ca, Oct 8, 2019; Ecobee still commands a 25-per-cent market share in North America. — Smart thermostat pioneer ecobee, facing growing threats from Amazon, sells to U.S. generator maker for up to $770-million, Globe & Mail, Nov 1, 2021"

""The FTC settlement is an acknowledgment that our business model is sound" — HLF CEO Michael Johnson. "[T]he crux of the FTC settlement is the injunctive relief, which requires sweeping changes to the core of Defendants’ business... Section I.A requires the fundamental restructuring of Herbalife’s business opportunity from one that is based on wholesale purchases of product to one that is based on retail sales of product." — FTC v. Herbalife International of America, Inc., et al. "The FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme" — Carl Icahn. "I do not endorse that statement [referencing Icahn’s statement]." — FTC Chairwoman Edith Ramirez."

"“Absolutely not.” — Former employee; “Let's just talk about where they're at. They're at this pre-pilot stage, and then they're going to need to build. So, they're going to spend a couple of years on pre-pilot, and then they're going to spend a couple of years on the pilot, and then they have to prove that that works, and then they have to get it designed into a vehicle, which if it's Tesla, it's three years. If it's Volkswagen, it's 5 or 6 years. They have to build a factory. They have to qualify the factory. The factory is making something that's never been made before on any kind of industrialized scale. In parallel, they need to set up the supply chain for whatever material system they land on.” — Former employee"

"The acquisitions that you've done since the beginning of the strategic cycle, are they similar margins? Or are they margin accretive to your mix? — Canaccord Analyst Q2 2023. Similar margin profile. But the cost synergies and something I perhaps should have mentioned in our -- in my remark, but the cost synergies that we are able to generate is going very, very well as well. So I think we are seeing, in all fairness, a bit more cost synergies than we were anticipating during due diligence, number one. And then the performance of the companies that we've acquired, is also up to par, if not a bit better than what we were anticipating in the first place, actually very consistent with our legacy business — CEO L'Heureux."

""There is no disclosure in the TICO announcement of the financial projections, discount rates, or tax assumptions [...]." — ACGA, July 2025; "There's huge hidden asset value in the land and other holdings at Toyota Industries." — CEO of Board Training Institute of Japan (Nick Benes), June 2025; "Dialogue between top management and investors / shareholders drives the corporate value enhancement process, and we hope that this dialogue will be held at least once a quarter." — Dalton Investments letter to TICO, May 2024; "[TICO's] historically depressed market valuation was a direct consequence of its governance and ownership structure and, therefore, should not be used as a transaction valuation anchor." — GMO, May 2025"

""Margins will expand in coming years, driven by mix shift towards premium alcohol and ingredients products..." — Apis Capital Dec 2015; "The company benefits from secular tailwinds in favor of whiskey – rye whiskey in particular" and "Existing Business Growth with Significant Market Share and Sustainable Barriers." — Apis Capital Dec 2015; "The real strategic win, however, appears on the balance sheet as "barreled distillate". These barrels are filled with distillate, booked at cost, and owned by MGP for the aging process. In a sense, this is MGP's "reserve" which they can access at any point after aging for 4 years. Aged barrels of distillate can sell for 3x the cost after ~4 years of aging." — Apis Capital Dec 2015"

""If you want to say you have solved the dendrites problem, you have to show you solved the problem in a real product, in a multiple-layer battery. [The lab prototype] is just a single layer. A prototype that has two anode layers. That's not enough. That's academic. That still stays at a university. It's not industry." — Former R&D employee; "Can they solve dendrites at scale? Can they solve it to be cost-effective? They still haven't done anything in a multi-layer pouch, which I would say is super-concerning to me from a timeliness perspective. Not having anything in a multi-layer cell is a real concern for me... What do you have in a multi-layer cell, and if not, why not? Why doesn't it work?" — Former R&D employee"

""Yes. I think the expectations are similar. Economics, as has been articulated, again, if the 5-year contracts auto renew, which a lot of our organizations have indicated they will just allow them to auto renew, auto renewals are under the same terms that we have. So what I would tell you is we're saying similar. And the reason we're using the term similar is in the discussions we're having with organizations, there may be discussions about other things, resources, do they need more -- another additional system in their institution helping them to drive savings and things of that nature, but the core economics around the GPO relationship are not changing as a result of these renewals." — Craig McKasson, CFO, Premier"

"We believe MAKO has demonstrated excellent market acceptance of their partial knee application. However, our analysis suggest there's a bigger opportunity in total hips and total knees to leverage Stryker's reconstructive implants. We look forward to sharing more regarding our plans for robotic-assisted surgery later in 2014. — IR Owen, Q4 2013. In terms of the integration, I think the most challenging part, and I think it's fair to say, we underestimated the complexity of it, but feel very comfortable with the trajectory we are on. — IR Owen, Q3 2013. Yeah, I would tell you, when we look at the performance in the quarter, I think it's just simply too soon. We are not seeing a competitive impact. — IR Owen, Q2 2019."

""The ‘key goal is to dismantle the alleged deception and unfairness built into how Herbalife does business. As the company rewrites its advertising claims and restructures its compensation system, we’ll be watching’" — FTC blog 7/15/16; "An order that requires Herbalife to restructure its business from top to bottom – and to start complying with the law" — FTC blog 7/15/16; "A major restructuring of business operations" — Edith Ramirez, FTC Chairman 7/15/16; "It’s no longer business as usual at Herbalife" — FTC blog 7/15/16; "The FTC’s settlement significantly restructures Herbalife, changing – top to bottom – how it does business" — Statement of Lois Greisman, Associate Director, FTC Division of Marketing Practices"

""You're right. You're definitely right about that. A lot of it's coming from — Soleno definitely has quite an involvement in this. And definitely a lot of it, I'm sure who's supporting the study people being supported by Soleno, they are communicating on the same message. But, I mean, that happens. You're absolutely right. The more opinions you get, the better. But most of us in the medical field are not going to get this information; we're just not going to. It sounds weird because we're prescribing the drug, but we do rely on ethical research. Maybe we are being naive to rely on it, Now I'm just — you're making me question a lot of things." — Division Chief for pediatric endocrinology at a major NE academic center"

"“We are very focused on bending our cost down again in 2024.” — CFO Tammy Romo (April 2023); “We've got a lot of opportunity to now go work on bringing out inefficiencies...” — CEO Bob Jordan (June 2023); “As we look ahead to next year, we are absolutely committed to driving our unit cost down.” — CFO Tammy Romo (July 2023); “Our [FY'24] CASMx guidance of a 6% to 7% increase year-over-year is also essentially driven by labor and maintenance cost pressures...” — CFO Tammy Romo (Jan. 2024); “[We expect] our full year CASM-X to increase in the range of 7% to 8% year-over-year, elevated from our previous full year CASM-X guidance due to lower capacity plans in the second half of the year.” — CFO Tammy Romo (April 2024)"

"By definition, many of these patients are going to be susceptible to full-blown diabetes and impaired glucose tolerance. I have one patient who I saw last week. She's a 28-year-old who's living at home, who weighs about 340 pounds with Prader-Willi. She actually is on a GLP-1 and she's on insulin. I have run a GLP-1 and I've had some success. But she has diabetes. And you're concerning me even more in terms of the information you're giving me from the primary investigators. Obviously, I don't think it's a miracle drug, but I have some patients where I exhausted everything else. And I felt that it's something that I need to at least give it a shot and see what happens. — Endocrinologist based in NYC, 15 PWS patients"

"So we feel good about the portfolio overall. Semiconductor, we knew when we acquired Matrox, was heavily customer base was in the semiconductor area. We had hoped we'd we have a bit longer before the semiconductor market declined to diversify that business. But we've worked hard to diversify outside of consumer conductor and that's what we're continuing to do today, and we see opportunities in electric vehicle manufacturing. There's a lot of inspection around things like battery and others, pharmaceutical, food and beverage, a lot of spending still happening to upgrade production lines, they're kind of longer-term projects, and not held back as much as other areas today across our customer environment. — CEO Burns"

"“We are very focused on bending our cost down again in 2024.” — CFO Tammy Romo (April 2023); “We've got a lot of opportunity to now go work on bringing out inefficiencies...” — CEO Bob Jordan (June 2023); “As we look ahead to next year, we are absolutely committed to driving our unit cost down.” — CFO Tammy Romo (July 2023); “Our [FY'24] CASMx guidance of a 6% to 7% increase year-over-year is also essentially driven by labor and maintenance cost pressures...” — CFO Tammy Romo (Jan 2024); “[We expect] our full year CASM-X to increase in the range of 7% to 8% year-over-year, elevated from our previous full year CASM-X guidance due to lower capacity plans in the second half of the year.” — CFO Tammy Romo (April 2024)"

""Omnia is a joke I think to most doctors...even the doctors that were loyal Nevro users." — KOL; "a marketing move" — Nevro implanter; "an attempt to save market share with a beleaguered cohort of doctors that are sick of explanting the device." — Former Nevro user; "window dressing with Grossman" — Former Nevro executives and sales reps; "just re-packaging of an old product," — Former Nevro executives and sales reps; "nobody’s going to buy Omnia" — Former Nevro executives and sales reps; "a lie." — KOL; "it’s impossible to capture" — KOL; "so stupid" — KOL; "just dopey." — KOL; "value to Wall Street and no one else." — KOL; "putting lipstick on a pig," — KOL; "smoke and mirrors" — KOL; "trying to hoodwink," — KOL"

"“There have been situations where they have even stated that they have not needed to report it based on the volume that they have, which to me doesn’t make any sense because these are never events. These are situations where patients are not able to get a life-saving heart because of an issue. And, on top of that, because the transplant world is small, we all talk to each other. We all know what’s going on. And the fact that we know of three or four situations where that’s occurred with other transplant programs, and TransMedics has not even self-reported that. I mean, any type of recall...TransMedics has not done that and I’m a bit taken aback.” — Veteran transplant administrator at Massachusetts General Hospital"

"“I don't think it's going to be a game changer...I don't think it's going to be a complete dud...I don't think it's going to be as successful as the company would hope for”; “I'm speaking very transparently here...they didn't have a whole lot of time to get out in the field and really do the education before the GLP-1's just really took over”; “I would be concerned...about being able to really, truly keep the company going...I just don't think the demand is that great...the market is just not that big...it's not...it's a nice little product as many rare disease products are...I just question how a small single-product company can really make a go of it...” — Former Soleno employee in a senior medical affairs role."

"Turning to Slide 9, as we bring Vocera into Stryker, we will be a category leader in the fast growing digital care coordination and communication segment. The global digital care coordination and communication segment is in its infancy and is estimated to be approaching $1 billion today. However, we believe that the addressable opportunity is significantly larger and will further expand over time as hospitals prioritize investment in more modern communication and workflow solutions. The annual rate for the category is in the mid-teens and is accretive to the total Stryker growth rate making it an attractive market adjacency to continue to drive our growth profile. — Andy Pierce, Stryker Group President on M&A Call"

"“The key goal is to dismantle the alleged deception and unfairness built into how Herbalife does business. As the company rewrites its advertising claims and restructures its compensation system, we’ll be watching” — FTC blog 7/15/16; “An order that requires Herbalife to restructure its business from top to bottom – and to start complying with the law” — FTC blog 7/15/16; “A major restructuring of business operations” — Edith Ramirez, FTC Chairman 7/15/16; “It’s no longer business as usual at Herbalife” — FTC blog 7/15/16; “The FTC’s settlement significantly restructures Herbalife, changing – top to bottom – how it does business” — Statement of Lois Greisman, Associate Director, FTC Division of Marketing Practices"

"“We are very focused on bending our cost down again in 2024.” — CFO Tammy Romo (April 2023); “We've got a lot of opportunity to now go work on bringing out inefficiencies...” — CEO Bob Jordan (June 2023); “As we look ahead to next year, we are absolutely committed to driving our unit cost down.” — CFO Tammy Romo (July 2023); “Our [FY'24] CASMx guidance of a 6% to 7% increase year-over-year is also essentially driven by labor and maintenance cost pressures...” — CFO Tammy Romo (Jan 2024); “[We expect] our full year CASM-X to increase in the range of 7% to 8% year-over-year, elevated from our previous full year CASM-X guidance due to lower capacity plans in the second half of the year.” — CFO Tammy Romo (April 2024)"

"<Q - Paul Steep>: Okay. And on the GEO side, you talked about a strategic alternative process. How should we think about the timing for that, Howard? <A - Howard L. Lance>: It's actively in process now. It has been for a while. I won't predict again and we haven't made any determination what the final outcome will be but it's fair to say we're looking at a range of options, all of it trying to accomplish one thing: position Maxar for growth and value creation going forward. We do not believe at this point we will see much in the way of a market recovery for GEO. So at a minimum, we are downsizing, continuing to cut staff to align with the workload, cutting our footprint, making available — Q2'2018 Conference Call"

"“No. You can get it from other companies... There’s nothing we can’t do easily—it would be a similar process, a similar approach, similar synthesizing. DNA is like traditional chemistry, just typical DNA synthesis method using phosphoramidite. So, there is no advantage.” — Former Twist employee, director-level. “They’ve certainly positioned themselves as a commodity provider. They certainly have positioned themselves as maybe not quite McDonald’s. They’re like an In and Out Burger, maybe.” — IDT ex-regional sales manager, left recently. “Twist is for their very low-priority screening projects to where they don’t have the ability to devote their internal resources.” — IDT ex-regional sales manager, left recently."

""In terms of profit margin, it’s got to be one of the lowest. There’s a lot of competition in the market, and over time, people expect the price to drop and drop, so we keep dropping it. Relative to other types of more sophisticated services, we cannot charge a lot of money for that. We cannot say we are truly differentiated in gene synthesis. That’s not something that is conventional to say...I don’t think for gene synthesis, and I think we have gone past that time point where we can say that. So, I think going forward; it will probably continue to be a commodity. Just banking on the one service to make all of the profit is not a successful strategy at this point." — Executive at Genscript, key Twist competitor"

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

"I haven't worked with the company in some time, but my understanding is it's still pretty high. Like during the time I worked there, it was in the 40%, 50% range. And I mean, I can tell you, everywhere I go, I noticed you go to Walgreens, they're using a Zebra handheld. You go to Walmart, I mean they have FedEx. They have some really big customer names on their customer list. And they're clearly the dominant player. I know their sales have gone down now that COVID has broken, and I know that was one of the things that you want to talk about, but we can talk about that later. But basically, what happened was interesting. When I was working at Xplore, we only made tablets. — Former Senior Product Manager at Zebra"

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

""No other home security company is a significant cash tax payer. Importantly, we expect to be very efficient from a cash tax rate perspective. That's going to be driven by two things. First, we expect that we're going to inherit between $1 billion and $1.2 billion NOL at the time of the spin. In addition to that, we have the opportunity to accelerate certain deductions that will allow us to minimize that cash tax rate for a period of time beyond fully utilizing that initial NOL that we inherit... Overall, we expect our cash tax rate will be driven by federal AMC taxes, state taxes and Canadian income and withholding taxes resulting in an overall cash tax rate of between 6% and 8%." — Kathryn A. Mikells, 9/18/12"

"PDN wouldn't be a Nevro-driven market. If the numbers increase, you will probably see a distribution relatively equally over all the manufacturers and perhaps down the road, perhaps a little bit more for Abbott. It's not necessarily a uniquely Nevro type of thing. I don't think all of a sudden it's going to dramatically change Nevro's numbers. The way the game works is that if company A gets FDA approval for indication X, the insurance companies do not really ask which device you're using, so you can technically use another device for an indication approved by Nevro. Very rarely will an insurer ask which device you're using. I've only seen that once in a 100. — KOL and high volume implanter, moderate Nevro user"

"“It must be appreciated however that pre-operative ejaculatory dysfunction is common in men undergoing TURP being estimated around 30–35%.” — DeLay, et al. “...I spent so much time counseling these men that ejaculation is stupid, it's not orgasm...I say your wife doesn't want that slop anywhere near her...if you're not sexually active, who cares what we do.” — Major Hospital Urologist, Nov 2024. “Most of these patients are either already on Flomax, which itself can cause retrograde ejaculation, or are beyond their childbearing years...the average 70-year-old is not going to care about [ejaculatory dysfunction] as long as they still have good libido and good erections.” — Community Hospital Urologist, Nov 2024."

"We continue to remain focused as a Company and our Board of Directors on deleveraging. I think that when you look at our targets going out 2015 and 2016, our leverage ratios during that time period, particularly when you take into account an IPO during that time period, that our leverage ratios go to our long-time stated objective of 2.0 times our EBITDA. It is our intention within the 24-month period to be able to take this combined business, this pigments business, which will be in excess of $3.5 billion in sales and have a normalized EBITDA in excess of $0.5 billion, take this Company public and use that as an opportunity to create further shareholder value. — Peter Huntsman, President & CEO, September 2013"

"One of the important aspects of the current ACTIS design is that it uses projection optics with asymmetric NA and resolution in the X and Y directions to maximize sensitivity and resolution. This feature is highly compatible with the inspection of anamorphic patterns, which have different sensitivity requirements in the X and Y directions. As shown in Figure 2, the next-generation ACTIS will follow the same design concept but with a higher NA, mainly to meet the high sensitivity requirements in the X direction for anamorphic patterns. This will provide optimal inspection for anamorphic patterns while allowing for further pattern width reduction in future technology nodes. — Lasertec Corporation technical paper"

""Military schools still have the reputation as a dumping ground for boys in trouble, and a significant number of current Valley Forge cadets fit the profile," and further that "Honor codes that prohibit lying, cheating and stealing are fixtures at all military schools." — Baltimore Sun, May 31, 1998. "He started Pivotal Payments during what was supposed to be a semester off while studying at Concordia University. 'I definitely felt like my age was, and still is, a disadvantage,' Fayer said. 'It just means I have had to recruit talented people that can help guide and build the business and who I can continue to learn from.' He didn't return to complete his undergraduate degree." — National Post, April 7, 2010."

"In July, the DOJ filed a petition for order to show cause, an application for enforcement of administrative subpoena, seeking the production of certain documents that the company has withheld on the basis of legal privilege. The company disagrees with the DOJ's attempt to invade the attorney-client privilege and the protection afforded to attorney work product. In partnership with our top tier outside counsel, we determined that it is in the best interest of the company to continue to maintain our position that certain documents are privileged, not only as it pertains to this case, but for the precedent it sets in other outstanding and future matters. — iRhythm CEO Blackford on Q3 2024 Earnings Call, 10/30/24"

""In 2018, we entered China, focusing again on penetrating specialty coffee and tea shops and quickly generating a powerful brand resonance with consumers. We have since used premier foodservice partnerships to rapidly expand across the broader Asian region and facilitate market education for consuming plant-based milks as alternatives to dairy products, particularly with coffee and tea." — Oatly IPO prospectus, p. 5; "Zhang Chun, who was in charge of introducing Oatly into China, recalled with emotion that when it entered the Chinese market in 2018, Oatly first entered Ole, a high-end boutique supermarket owned by China Resources, but "basically no one was interested in it."" — China Food Press, Sept 27, 2020"

"“Apply a 10% premium to the resulting theoretical value to reflect the high visibility of medium-term earnings growth. Reflecting the strong growth potential of the company’s business, especially its automotive operations.” — July 22, 2016; “Nidec emphasized organic growth and lifted FY20 organic growth goal by 20% to JPY 600 billion.” — October 25, 2016; “We believe the main factors that put the company in sight of FY 3/21 autos-related sales of JPY 600 billion via organic growth are rising share for existing offerings such as electrical power steering motors, as well as increasing orders for items including motors for new-generation brake systems, and products combining ECUs and sensors.” — October 25, 2016"

""finding it and then involves a lot of subsequent chemically testing to essentially determine how you can separate and extract this ... the trick is that you be able to economically separate that and that's the quest we're on right now...but we anticipate probably within the next 12-24 months being in a pretty good position to analyze exactly which extraction techniques may be the right one to deploy" — Randall Atkins, December 6th, 2023 Bloomberg TV Interview; "The frustration for us is that there are dozens of explorers who continue to drill, and drill, and release assay results who aren't doing the simple test required to establish whether you can bring rare earths into solution" — Rick Pobjoy, AR3 Founder"

"As of March 31, 2022, 744,845 warrants remained outstanding, with a total of 856,572 shares underlying the un-exercised warrants. For the three months ended March 31, 2022, the Company issued 64,861 shares of common stock resulting from exercises of its warrants and, pursuant to the terms of the underlying warrants agreement, withheld 91 of the issued shares in satisfaction of the warrant exercise price and in lieu of fractional shares, which were subsequently reclassified as treasury stock. As of March 31, 2021, 801,370 warrants remained outstanding, with a total of 921,576 shares underlying the un-exercised warrants. For the three months ended March 31, 2021, there were no warrants exercises — Q1 2022 10-Q"

"From a product and tech perspective, I was very concerned with a few of the earlier acquisitions. Lightspeed e-commerce was a very challenging product and very difficult to onboard. ... Ecwid is to become their new e-commerce solution and they will probably write off the SEOshop acquisition. ... ReUp acquisition has very similar challenges to SEOshop. ... My biggest fears about their very aggressive M&A strategy is integrating these companies, not only the financials but integrating systems and how they are going to support all these different products. It is just too much. With all the acquisitions they probably have 6 restaurant POS offerings. It’s just not scalable. — Former Employee >5yrs With Lightspeed"

"“We have a huge engineering talent in India. And if we were bringing all of that talent to the U.S., instead of spending 17% of our revenues in engineering, we’ll be spending 42%. So, you realize it's significant engineering muscle, as I call it, that we have built.” — Philippe Courtot, Former CEO of Qualys, May 2020 Cowen Technology & Media Conference; “We're going to transition their engineering teams... we're going to put those engineers in our international locations where our average cost of engineer is less than $50,000 a year... Most of our engineering talent is located in Eastern Europe, where we can get great talent.” — Kevin Thompson, Former CEO of SolarWinds, December 2019 Solar Winds Analyst Day"

"In the event of fraud or other intentional misconduct on the part of an NEO that necessitates a restatement of our financial results, the NEO would be required to reimburse our company for any AIP or LTI awards paid or granted in excess of the amount that would have been paid or granted based on the restated financial results. These remedies would be in addition to, not instead of, any other actions taken by our company (through the imposition of any discipline up to and including termination), law enforcement agencies, regulators or other authorities. This clawback policy has been contractually acknowledged by our NEOs upon the execution of their LTI award agreements since 2010. — AVY 2019 Proxy Statement"

""Director Tenure: Boards should consider all relevant facts and circumstances to determine whether a director should be considered independent - these considerations include the director's years of service on the board - extended periods of service may adversely impact a director's ability to bring an objective perspective to the boardroom. We believe director independence can be compromised at 12 years of service - in these situations a company should carry out rigorous evaluations to either classify the director as non-independent or provide a detailed annual explanation of why the director can continue to be classified as independent." — CalPERS, Governance and Sustainability Principles, September 2019."

"“This seems to be very, very logical with this medication. But you're exactly right. This is a generally obese patient population, and if they don't have diabetes already, they're certainly at high risk to become diabetic. They have a limited life expectancy to begin with. But they are, as a general rule, at least high risk to develop diabetes with a drug that's known to cause your blood sugars to go up...Yeah, it's a real risk with this group... your child is already at high risk to become diabetic. It's probably only going to go up with this medication. That probably means that eventually you're going to be on diabetes medicines and the like.” — Endocrinologist in TX, private practice with 5 PWS patients"

"“With the power to couple arbitrary pairs of qubits, comes the responsibility to ensure that qubit couplings are properly calibrated and can perform accurate gate operations. Therefore, the duty cycle of an ion-trap QC interchanges operational periods and rounds of recalibration...In more mature QC systems with improved coupling quality, more subtle faults will complicate fault detection...Testing (N2) qubit couplings, now already at a quarter of the ion-trap QC duty cycle, is going to consume a larger fraction of time as QC systems scale up....Brute-force diagnosis that checks qubit couplings one at a time scales poorly...” — Detecting Qubit-coupling Faults in Ion-trap Quantum Computers (IonQ staff paper)"

"Risk Factor: “Additionally, our ERP and CRM SaaS offerings are highly concentrated within our Inspection Support Network (ISN) brand, and reductions in the user base of these offerings or failure to grow such user base may adversely impact our ability to access and collect personal information. If we are unable to collect information from our customers or our service providers and commercial partners do not continue to provide us with information of their customers, or if applicable laws prohibit or materially impair our use of such information, our ability to provide services to consumers and drive early consumer access to service providers may be materially impacted” — Porch Group Inc. Prospectus (p. 72)"

""We will get our financial house in order. I have seen other CROs and there's nothing in pricing or operations-wise, that's unusual or concerning here. This is a disciplined operations organization that can deliver programs with quality... In general, what our goal is here 2024 is a year that we would like to return to the kind of performance you saw in 2022 by the time we exit the year. And then on top of that, as we exit the TSAs, we'd like to start moving toward those industry benchmarks of our competitors. I think we publicly said there are a couple of competitors who have a business mix, it's a little bit more like ours, and we would go ahead and target those over time." — Tom Pike, President and CEO"

""We will get our financial house in order. I have seen other CROs and there's nothing in pricing or operations-wise, that's unusual or concerning here. This is a disciplined operations organization that can deliver programs with quality... In general, what our goal is here 2024 is a year that we would like to return to the kind of performance you saw in 2022 by the time we exit the year. And then on top of that, as we exit the TSAs, we'd like to start moving toward those industry benchmarks of our competitors. I think we publicly said there are a couple of competitors who have a business mix, it's a little bit more like ours, and we would go ahead and target those over time." — Tom Pike, President and CEO"

""The length of our sales cycle, from initial evaluation to payment for our subscriptions is generally six to nine months but can vary substantially from customer to customer and can extend over a number of years for some customers." — C3 10-Q, December 2021. "And the cycle of sale here have been continually decreasing, okay, over the last 5 years, right, from like 17 months down to -- I think last quarter, it was something like average sales cycle, 4.5 months, and it's decreased every month." — CEO Siebel, DB Bank Tech Conference, Sept 2021. "So the next is 18 months of pain. It's a very, very long sales cycle because it is a strategic decision." — Former VP, Financial Services, Tegus Interview, Oct 2020."

"“I think more people are seeing people walk around with Herbalife on their chest, and approaching them. And people are now asking us, and that is what I talked about the paradigm shift, what is Herbalife? And that is a new paradigm for our distributors, where someone walks up to them and says, you know, what is Herbalife? Who are you? We have become in a way a cool company like almost over night, which is very gratifying and confidence-building for our distributors. When they see that name Herbalife everywhere all the time, they get excited about that, and they get less – what should I say – less cautious about saying who we are, what we are.” — Michael Johnson, Herbalife CEO, Q2’07 Earnings Call (8-7-07)"

"I would definitely say I am neutral to a little negative. I worked for a competitor that started acquiring companies and I can see MSCI going down that path. They are going to slow on organic growth and make growth artificial by acquiring typically private companies that are good, but where integration behind it is lacking and down the line is going to cause issues. But for right now, they are a strong company and do have a grip in the ESG and Climate, but from my perspective seeing the competitive products coming, it will be challenge keeping those projections up. Especially from the RCA side, when I was there the product was already struggling. — Former frontline sales and business development executive"

"Trade accounts receivable, notes receivable and non-securitized orbital receivables include amounts totaling $113,325,000 (December 31, 2015 - $45,744,000) due from two customers in the Communications segment who are in process of securing external project financing to fund their respective satellite construction contracts signed with the Company. As at December 31, 2016, notes receivable include $69,144,000 (December 31, 2015 - $7,717,000) relating to payments due under a satellite construction contract. In accordance with the terms of the contract, the customer elected to convert certain milestone payment obligations into interest bearing notes receivable with extended payment terms — MDA Annual Report"

"So, we were building—and we had four salespeople in North America and one or two salespeople in Europe that were just starting to get to the market. I think the strategy was to take market share and assume you could raise the price later. Average cost for a non-complex gene was somewhere between 18 cents and 25 cents a base, and they were charging 10 cents a base. — Ex-employee in senior product management and sales leadership roles; Oh, of course. As a new entrant, they were trying to penetrate, but they had on their belt the fact that they intuitively at the beginning, look, we can do so much more in such a short amount of time that it makes logical sense if the economics play out. — Ex-Twist executive"

"“Thus, unlike the coerced loan, presumptive contract rate, and cost of funds approaches, the formula approach entails a straightforward, familiar, and objective inquiry, and minimizes the need for potentially costly additional evidentiary proceedings. Moreover, the resulting ‘prime-plus’ rate of interest depends only on the state of financial markets, the circumstances of the bankruptcy estate, and the characteristics of the loan, not on the creditor’s circumstances or its prior interactions with the debtor. For these reasons, the prime-plus rate best comports with the purposes of the Bankruptcy Code.” — Opinion of Justice Stevens, Supreme Court of the United States, Till v. SCS Credit Corp, May 17, 2004"

"I'm sorry. The breakdown within EUV-related systems is not disclosed. — Lasertec CEO (Aug 5, 2022, Jefferies analyst Q&A); I hope you understand that we do not disclose information by product type, such as the destination of each product. — Lasertec CEO (Jan 31, 2023, CLSA analyst Q&A); In that sense, although we do not disclose the ratio between ACTIS and MATRICS, I think investment overall will...recover... — Lasertec CEO (Jan 31, 2024, CLSA analyst Q&A); Yes, unfortunately we do not disclose the ratio between High-NA and conventional ACTIS, but we have continued to receive orders for High-NA ACTIS this fiscal year, and we expect more orders to come in... — Lasertec CEO (Apr 30, 2024, CLSA analyst Q&A)"

""The other thing I would point out is before we'd even sell stock, that there's a lot of value in these assets. I hear people talking to me about regional malls selling at six cap rates or parking garages selling at five cap rates or 20 times cash flow and you think about -- or highways selling at 50 times cash flow, you think about prisons as infrastructure or some type of real estate asset, I think these could be even sold and harvested in some fashion to avoid selling stock in the future. So there are a number of things that we could do to finance our growth, but just with respect to cash flow and leverage, we could go quite a ways." — Irving Lingo, Former-CFO of Corrections Corp, Q2’06 Earnings Call"

"We will get our financial house in order. I have seen other CROs and there's nothing in pricing or operations-wise, that's unusual or concerning here. This is a disciplined operations organization that can deliver programs with quality... In general, what our goal is here 2024 is a year that we would like to return to the kind of performance you saw in 2022 by the time we exit the year. And then on top of that, as we exit the TSAs, we'd like to start moving toward those industry benchmarks of our competitors. I think we publicly said there are a couple of competitors who have a business mix, it's a little bit more like ours, and we would go ahead and target those over time. — Tom Pike, President and CEO"

"“diabetes is not an insignificant side effect...that is a very serious side effect in this patient population...and it’s very contrary to the articulated goal of therapy in the first place...we did see that as a side effect...clearly....and I think it is significant...I felt like it makes no sense to have this as one of your primary side effects for the drug, given its goal...it really did not make sense to me”; “it makes no sense...why would you even want to go down that route? It just made no sense to me...I think for a lot of people, they’ve kind of drunk the Kool-Aid, and they just want to believe that this is an insignificant side effect.” — Ex-Soleno employee #2, key role in clinical trial program"

"We will get our financial house in order. I have seen other CROs and there's nothing in pricing or operations-wise, that's unusual or concerning here. This is a disciplined operations organization that can deliver programs with quality... In general, what our goal is here 2024 is a year that we would like to return to the kind of performance you saw in 2022 by the time we exit the year. And then on top of that, as we exit the TSAs, we'd like to start moving toward those industry benchmarks of our competitors. I think we publicly said there are a couple of competitors who have a business mix, it's a little bit more like ours, and we would go ahead and target those over time. — Tom Pike, President and CEO"