Callouts & quotes from 332+ activist slides

""Despite Juniper's strong fundamental performance this year that has driven the Street's EPS estimates higher versus a year ago, Juniper's stock (up 10% YTD) has underperformed relative to the S&P 500 Index (up 26%) in 2013. As such, we discussed the opportunity for an accelerated stock repurchase program with Juniper. ... We believe a $3 billion stock repurchase program could be 15-20% accretive to EPS" — Cantor Fitzgerald (12/11/13); "With respect to uses of cash, is there an argument for giving a committed level of cash return to shareholders out of free cash flow, given the healthy cash balance you have, given that it feels like cash flow, as a trend, should be rising going forward?" — Credit Suisse, CS Tech Conference (12/4/13); "Over the past three years, free cash flow generation at Juniper has averaged over $550 million per year. Further, the company has a relatively strong balance sheet with $2.8 billion of net cash at the end of the June quarter or 26% of the current market cap. ... we believe Juniper could and should institute a more formal capital return strategy" — Credit Suisse (9/18/13); "We believe there is scope for increased cash distribution" — Credit Suisse (9/18/13); "Healthy cash flow, no dividend. A quarterly dividend of $0.08/share would be very reasonable (potential yield 1.6%), but nothing's planned as yet" — RBC (8/12/13); "Juniper is a member of a club that most investors would like to see it resign from: Out of the 35 largest Hardware & Equip companies globally, JNPR is one of only four that is not expected to pay a dividend over the NTM. We believe it is time for JNPR to quit this club. ... we think a dividend would be viewed as a much-needed sign of mgmt's longer-term confidence. ... The knock-on positive effect of paying a dividend is bringing a whole new class of shareholders into the ownership base" — Citi (6/7/13); "We think it is time that Juniper quits the non-dividend payers and joins the overwhelming majority of global peers that directly return cash to shareholders" — Citi (6/7/13); "Risks to our Sell rating include a stronger carrier spending environment, improved competitive positioning, or a more aggressive capital allocation strategy, including the introduction of a dividend or a large buyback" — Goldman Sachs (4/24/13); "What would make us more positive? More aggressive capital allocation and/or activist shareholder involvement. Juniper's strong balance sheet ... and cash flow generation (estimated 7% FCF yield in CY13) make it a strong candidate for a significant buy-back or initiation of a dividend" — Goldman Sachs (3/19/13); "Juniper's share repurchases are typically used to offset stock option dilution resulting from the company's employee stock plans rather than being opportunistic buybacks based on price" — Goldman Sachs (6/13/12)"

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

""On the product portfolio side, is there an argument that Juniper should be somewhat more focused?" — Credit Suisse, CS Tech Conference (12/4/13); "Juniper's current product cycle ramp seems to be the result of efforts to out-innovate the competition beyond what the business organization structure could support." — FBR (9/18/13); "The Security business has been a very difficult one. ... Is that a core business for Juniper? Or could it be a candidate for divestiture at some point?" — Citigroup, Citi Global Technology Conference (9/4/13); "We wonder if a new CEO would initiate a restructuring. Specifically, we believe that the company has too many products that continue to underperform, especially on the security side" — Stifel Nicolaus (8/20/13); "And when QFabric came along, there was a very big promise. And yet it hasn't really delivered to where your expectations were" — Oppenheimer, Oppenheimer Technology Conference (8/13/13); "Juniper has been donating market share in security for several years now implying a new strategic direction may be considered" — RBC (8/12/13); "In security, Juniper has been trying to stabilize the business for some time. You have $2.8 billion in cash, which incidentally is the check that Cisco wrote this morning to acquire Sourcefire. So with that in mind, how do you accelerate change for the security division with the limited resources?" — RBC, Q2'13 Earnings Call (7/23/13); "Is it possible to separate [enterprise security] from the carrier security side and sort of run it for cash as opposed to for growth?" — Morgan Stanley, Q2'13 Earnings Call (7/23/13); "As the networking market has shown sort of below trend growth over the last several years, if it continues to be sluggish how will you guys think about right-sizing your business or restructuring to fit this new level of growth" — Investor Q&A, BAML Conference (6/5/13); "Juniper has had higher than average senior management turnover over the last 3 years. While change is constant in Silicon Valley, we are focused on future execution in the switching business, as two executives who led their entry into the market, Hitesh Sheth and David Yen, departed to competitors in 2009 and 2011" — Goldman Sachs (3/19/13); "Loss of focus, loss of share - We attribute Juniper's share losses to a number of factors... Beyond product deficiencies, we believe the company's dispersed efforts on multiple fronts (new routers, data center switches, MPLS, etc) restricted funding availability for sales efforts, exacerbating the problem" — Bank of America Merrill Lynch (1/8/13)"

""The large variability in capex versus original guidance (just set six months ago) demonstrates some lack of capital discipline within the company." — Citigroup (July 25, 2012); "On the upstream side, we question whether the company has the bandwidth to operate in over 20 countries... We do not believe a company of Hess's size will get credit in the market for a shotgun approach to investing across the world." — Citigroup (July 20, 2012); "The key issue for HES in our mind is capital intensity and the inability of management in recent years to live within the limits of its cash flows. Furthermore, given the lack of growth in oil and gas production over the last 5 years, there is a case to be made that the company should return more cash back to shareholders instead of attempting to grow at all." — Citigroup (July 20, 2012); "We are skeptical that Hess's current global growth strategy will yield superior returns or growth, as its organization appears to be spread thin and we think it is unlikely that Hess can have a competitive advantage in all the areas it is pursuing." — Goldman Sachs (June 11, 2012); "We believe Hess should consider further reducing its exploration program beyond what has already been announced. It is not clear to us given the levels of exploration spending versus cash flows that a mid-sized oil company can successfully pursue a global exploration strategy as Hess has attempted... The company's high-risk/high-potential exploration and acreage strategy since 2009 is thus far not yielding favorable results." — Goldman Sachs (June 11, 2012); "The 7% pullback in the stock was severe, and in our view, is indicative of a loss of investor confidence in HES's execution capabilities, following a string of production misses and a lack of notable exploration success, in addition to a growing deficit between capex and cash flow. Entering 1Q'12, HES had missed its production guidance for four of the preceding 5 quarters, meaning execution was at a premium." — Simmons (April 26, 2012); "Although we think the company's underlying asset value is worth significantly higher than our near-term price target, we now believe the shares will likely continue to struggle throughout this year and will trade substantially below our estimate of its fair asset value due to the lack of visible catalysts as well increased investor skepticism over management's execution record..." — Barclays (April 26, 2012)"

""To summarize, the key growth assets underperform, expectations are lowered, and a key investor fear – Hess's propensity to outspend cash flow – is stoked by an early upward revision to the 2012 budget." — Deutsche Bank (April 25, 2012); "Flowing through from the high capex and low growth, the company has the lowest yield and lowest dividend growth combination amongst major oils." — Deutsche Bank (July 27, 2011); "The company has continued to be a net issuer of equity...at a time when most of the other majors have been buying stock back... and has produced low return on capital employed for most of the present decade." — Bernstein (October 22, 2009); "The company's refining and marketing assets remain emphatically not for sale, despite the fact that redeploying downstream invested capital...to the much higher returning upstream would make solid business sense." — JP Morgan (September 17, 2009); "Hindsight: We can't believe you're back to more hedging." — Deutsche Bank (September 29, 2008); "Notwithstanding the romance of Leon Hess's development of the company from one oil delivery truck into a multi-billion dollar enterprise, by the early 2000's the company's reputation with investors was one of a struggling oil essentially run as if it were private." — Deutsche Bank (August 7, 2007); "Historic mistrust, with certain major potential shareholders reluctant to invest based on the issues faced in the past with a distinctly mixed record of shareholder value creation to say the least. Ultimately, John Hess is still in charge, and that provides a major link to the past. Hess has historically shown poor performance on operational metrics..." — Deutsche Bank (August 6, 2007); "The change in 2008 estimated EPS is due to our belief in the industry-wide cost pressures being sustained into next year and the company's inability to manage them quite as successfully as do the Majors." — Bank of America (April 26, 2007); "Continued exploration losses are value destructive." — Deutsche Bank (October 25, 2006); "It is important to highlight that the highest paid companies are also the best performers, with the arguable exception of Hess. He is a dynastic executive left in a business that resonates with family fortunes..." — Deutsche Bank (August 24, 2006)."

"Other than these efforts, we are also working to strengthen our collaborations with professional agencies in building our talent pool and improving the content offerings. Historically, agencies have a limited role in Momo's live streaming ecosystem. We have noticed, since earlier this year that some quality talent agencies and MCNs are becoming increasingly mature in terms of talent management and content development. As a result, we are adjusting our operational policies to better support the high value-added agencies in traffic and other resources, as well as economic incentive. We believe that such adjustment will give the quality agencies bigger room to develop and does better motivate them to help us in developing talent and driving constant quality and diversity. It will also allow them to grow their business in a bigger way within our ecosystem, which in turn will grow ours. In November, we rolled out a trial plan, whereby the qualified agencies are provided with a different level of additional cash incentives if they reach certain growth targets. Although such incentives will likely cause cost in revenue to continue to fluctuate in the future, we believe it will better motivate the agencies and individual broadcasters to invest and grow their business within our ecosystem, which in turn will grow ours. Moving on to mobile marketing business, the new homepage design of 8.0 has diverted traffic from nearby people to other product modules. At the same time, we have also reduced the number of ad units in the nearby posts from 3 to 1. As nearby people and nearby posts are the two major carriers of the ad impressions. The 8.0-related changes have led to a significant decline in the ad inventory supply resulting in a sequential decrease in mobile marketing revenues during the third quarter. On the product side, one of the key hurdles that we had in improving the long-term user retention was the fact that our core use case, which was pretty much based on nearby people and instant messaging was kind of limited. In the past two years' time, we have made a lot of progresses in expanding the social use cases. — Tang Yan Q3 '17 Earnings Call"

""HES has been what we call a 'value trap' for some time." — Societe Generale (January 30, 2013). "In multiple client conversations throughout the day we found literally no one that defended the shape, nor global strategy of Hess." — Deutsche Bank (January 30, 2013). "The simple fact is the market doesn't trust Hess to run its business well, and thus places a discount on everything the company controls." — Morningstar (January 29, 2013). "This is the most undermanaged major oil company in the world." — Jim Cramer, CNBC Faber Report (January 29, 2013). "And so, one of the problems is the board is stuffed with incredibly long-serving members, none of whom seem to have any experience outside the company running an oil company, so there's a real lack of oil industry depth here. And coincidentally, they also happen to have very strong financial connections with the Hess family, helping to run the charitable board, helping to run the estate of the founders." — Reuters Breakingviews (January 29, 2013). "Hess' board has consistently failed its shareholders and has never brought management to task, ever... In light of the company's poor performance the last decade, this is clearly a board that gives John Hess what he wants, rather than doing what is good for shareholders." — Morningstar (January 29, 2013). "The stock price reflects concern about ballooning capital costs, chronic lack of free cash flow, a high oil price breakeven, and recent difficulty executing against guidance and expectations." — Deutsche Bank (October 17, 2012). "We think the market will largely adopt a wait and see approach and not give any free passes to management until clear path towards their cash flow targets and execution capability is evidenced... From a valuation perspective, we think the stock is relatively cheap as a result of the company's less-than-stellar historical performance record and perceived execution risk." — Barclays (July 26, 2012)."

"“Now, the integration value [of Speedway] is, I would say, proprietary. I can't give out a number from a competitive reason of that integration value, but I can say it is very significant...” — Gary Heminger, July 28, 2016; “So we look at the integration value [of Speedway]. We look at kind of the dis-synergy if we were to do something different with Speedway, and we still believe that it has a very strong fit in our system.” — Gary Heminger, October 27, 2016; “There have been some questions about a sale of Speedway and we have such a low tax basis in Speedway. We would find that hurdle hard to overcome...” — Gary Heminger, February 14, 2017; “The bottom line is that there is no compelling valuation opportunity in separating our retail business, and that any potential separation will cause loss of integration synergies, additional cash needed to maintain appropriate balance sheet strength, increase volatility in the remaining business, and, we believe, result in long term value disruption.” — Gary Heminger, September 5, 2017; “As part of this exploration process, MPC and Speedway negotiated a potential post-spin supply agreement. Our analysis indicates any supply agreement structured in pursuit of a tax-free spin would be market-based and arm's length. Such a conventional supply agreement would be limited in term and in volume. As a result, the supply agreement only temporarily and partially mitigates the loss of integration synergy, and the synergy value lost beyond the term of an initial supply agreement is substantial. In short, such a transaction, even with the supply agreement, would destroy significant value.” — Gary Heminger, September 5, 2017; “...we completed the very comprehensive review of Speedway and the conclusion, the unanimous conclusion by the board was that Speedway would remain in the vertical integration of MPC.” — Gary Heminger, February 13, 2018"

"“Now, the integration value [of Speedway] is, I would say, proprietary. I can't give out a number from a competitive reason of that integration value, but I can say it is very significant...” — Gary Heminger, July 28, 2016; “So we look at the integration value [of Speedway]. We look at kind of the dis-synergy if we were to do something different with Speedway, and we still believe that it has a very strong fit in our system.” — Gary Heminger, October 27, 2016; “There have been some questions about a sale of Speedway and we have such a low tax basis in Speedway. We would find that hurdle hard to overcome...” — Gary Heminger, February 14, 2017; “The bottom line is that there is no compelling valuation opportunity in separating our retail business, and that any potential separation will cause loss of integration synergies, additional cash needed to maintain appropriate balance sheet strength, increase volatility in the remaining business, and, we believe, result in long term value disruption.” — Gary Heminger, September 5, 2017; “As part of this exploration process, MPC and Speedway negotiated a potential post-spin supply agreement. Our analysis indicates any supply agreement structured in pursuit of a tax-free spin would be market-based and arm's length. Such a conventional supply agreement would be limited in term and in volume. As a result, the supply agreement only temporarily and partially mitigates the loss of integration synergy, and the synergy value lost beyond the term of an initial supply agreement is substantial. In short, such a transaction, even with the supply agreement, would destroy significant value.” — Gary Heminger, September 5, 2017; “...we completed the very comprehensive review of Speedway and the conclusion, the unanimous conclusion by the board was that Speedway would remain in the vertical integration of MPC.” — Gary Heminger, February 13, 2018"

""Management's initial announcement on asset sales and increased payouts to shareholders, while significant, appeared to undershoot the high expectations that had buoyed the share price at the start of the year" — Border to Coast. "Keisei initially announced it would sell 1% of its OLC stake, which disappointed the market. The value of the OLC stake has different meanings for different shareholders of Keisei; however, if it continues this path, they can unlock capital to fund growth in capex or return funds to shareholders." — MFS Investment Management. "In our view, Keisei Electric Railway is a discounted asset with the potential to unlock significant value by reducing its 20% stake in Oriental Land." — Franklin Templeton. "We also expect the company to monetize its 20% stake in Oriental Land, which equals Keisei's entire enterprise value" — Boston Common Asset Management. "The entire market capitalization of Keisei is $6.6bn, and they've got this $8bn post-tax investment sitting there. On top of that you're also getting this profitable rail business thrown in there basically for free." — Fidelity International. "The Fund considers that the valuation [of Keisei Electric Railway] is extremely inaccurate." — Sparx Japan Small-Cap Fund. "...it's remarkable that Keisei Electric trades at about a 50% discount to the value of that stake in Oriental Land, as well as the value of the land and the railway line business as well." — AVI Asset Value Investors. "Keisei Railways ... have significant latent value hidden in net cash or cross-holdings. Through the efforts of both ourselves and others, we believe this value has a strong chance of being unlocked amidst this new atmosphere of reform in Japan." — M&G Investments."

""First, we're excited about the prospect of operating a smaller group of stores at the corporate level, but also excited about our franchisees growing sales and growing the performance of these stores they've acquired from us as well as the new store counts that will result with these refranchised units" — Sonic Q2'17 Earnings Call, 3/28/17; "Over the long term the financial resources and capabilities brought by our expanded network of developmental licensees create opportunities for accelerated expansion and innovation" — McDonald's Analyst Day, 3/1/17; "The material financial benefits [of refranchising] to highlight [are that it] will reduce volatility, will increase free cash flow, will accelerate its growth off a higher base, and return excess capital to shareholders. We're upping our franchise mix target, now to at least 98% from at least 96%" — YUM! Analyst Day, 10/11/16; "[R]efranchising [is] intended to mitigate the trough associated with transformation and fund investments and initiatives that improve the guest experience and create opportunities for growth" — Panera Q1'16 Earnings Call, 4/27/16; "And what we found is that by refranchising, we were able to put restaurants back in the hands of some of the best operators in the system. We were able to accelerate a remodeling initiative that we thought was very strategically critical to us. And it allowed us to refocus...on developing the brand around the world, and supporting our franchisees, not trying to run 1,200 restaurants all over the world" — Burger King Worldwide at Piper Jaffray Conference, 6/10/14"

"“...[Huntsman] trades at a relatively discounted valuation vs. peers as shares have lagged the group YTD. While we see these characteristics as favorable, in the context of HUN’s margins and FCF generation that we view as low relative to peers, we see this underperformance as fair...” — Wolfe Research, June 2021; “Huntsman is unlikely to trade at hybrid/diversified chemical multiples. We attribute this primarily to differences in margins and thus the market's perception of the degree of specialization of the company's products. From a segment or portfolio mix perspective it is not self evident that Huntsman meaningfully differs from diversified chemical peers Celanese or Eastman...Not withstanding our view that Huntsman has meaningfully improved its earnings stability and margin structure over the last few years, the company's margin remains well below that of hybrid/diversified peers such as Celanese and Eastman...” — Morgan Stanley, September 2020; “We feel part of the issue is that HUN’s cost structure has not changed as dynamically as its revenue...the elevated cost structure is dampening margins and impeding free cash flow conversion.” — BofA Securities, June 2020; “On cash conversion, we remain skeptical. Free cash flow conversion from Adj. EBITDA for Huntsman has historically lagged, as sizeable restructuring efforts and capital investments have hindered cash flow...We believe the market needs to see a longer track record of solid cash generation before fully underwriting a structural change in the company's cash flow profile...” — Barclays, October 2018"

"Question, Justin Post: "I know one of the initiatives of the Company is to move up to team sales. Just wondering how you are thinking about enterprise sales force and whether you might accelerate hiring there. And then on the CapEx versus the capital leases, maybe talk about why you choose to use capital leases, what are the advantages to the Company and how you think about the cash flow around those? Thank you." Answer, CFO Ajay Vashee: "This is Ajay. I'll jump in on the question on capital leases and thank you for the question. So the high level update there is that in the last quarter we added $25.5 million to our capital lease lines, and we made close to $30 million in payments against our capital lease obligations. And as a result, our ending capital lease balance was $170 million in Q1, and that was down about $4.3 million from Q4. And at a high level, while there may be some variances within a given quarter and between quarters, we expect to generally maintain our outstanding capital lease balance over the long-term, as capital lease repayments will roughly offset capital lease additions. And to your question on how we choose to buy equipment versus leverage a capital lease, we receive favorable financing terms on our capital leases. And we believe that for a portion of our infrastructure hardware, that they better match our capital investments with our cash inflows, and so that's why we leverage them. And we of course continue to evaluate our capital allocation strategy on an ongoing basis." — Q1 2018 Dropbox Call"

""our team continues the integration of insurance reimbursement as part of the Hims & Hers platform...Expect to hear more about this rollout in the second half of this year." — CEO Dudum on Q2 2021 Earnings Call; "But with that said, we are continuing to work on that insurance reimbursement. The team is actively involved in that for very specific conditions and specific categories." — CEO Dudum on Q3 2021 Earnings Call; "It's a great question. I'm glad you asked. We are continuing to invest in that integration on the insurance side. We believe that, that's a critical part of having a cost-effective platform for a very wide range of conditions. So I think it's something that you can look to hear from us with confidence in the coming months on where we stand, but I'm very energized by the team's progress on that initiative." — CEO Dudum on Q4 2021 Earnings Call; "And so -- we're continuing to look to your point, and we're always very open to find those opportunities where insurance might benefit our customers. But in the categories we're operating today in today and the categories we're most excited about, we actually think we can deliver cash pay prices that are easier and more beneficial." — CEO Dudum on Q2 2022 Earnings Call; "payers and insurance, it's something that we need to continue to explore. I think it goes alongside all of the different avenues that also we could invest in. So, I think at this point in time, we've opted to pursue other avenues of investment..." — CEO Dudum on Q1 2023 Earnings Call"

"As the company matures, we believe management needs to offer a more sophisticated capital allocation strategy to reflect its size (both revenue and market capitalization) and stage of development. — Goldman Sachs, Sept. 2016; As Cognizant matures and its topline growth slows, the company’s overall capital return profile is increasingly important to investors. — Bernstein, Aug. 2016; Cognizant’s investors increasingly expect the company to return cash in the form of dividends and buybacks, specifically as its growth rates slow down and the stock transitions from being a growth story to a GARP/value stock — J.P. Morgan, Sept. 2016; …We believe the introduction of a regular dividend could broaden the appeal of the stock to new investors, while enhancing total shareholder return. In our view, gone are the days when investors look at the initiation of a dividend by a growth company as a negative. — Jefferies, Oct. 2016; In the recent past (last six to nine months), our positive bias of the company was largely driven by our belief that Cognizant would take on a more Accenture-like model, prioritizing capital returns to shareholders, especially in the form of a consistent dividend. On that front, we are disappointed with the company and have not seen any signs of the company moving in that direction. Given that this aspect of the story was a big driver of our Outperform rating, our diminished confidence has contributed to the downgrade. — William Blair, Nov. 2016"

""The large variability in capex versus original guidance (just set six months ago) demonstrates some lack of capital discipline within the company." — Citigroup (July 25, 2012); "Our view is that exploration spending should at least come down by 50%." — Citigroup (July 20, 2012); "The key issue for HES in our mind is capital intensity and the inability of management in recent years to live within the limits of its cash flows." — Citigroup (July 20, 2012); "Our valuation includes a ~$6 per share penalty for uneconomic exploration activity." — Citigroup (November 2, 2012); "We then discount that number [Hess value] by 20% to account for Hess's high exploration spending." — Deutsche Bank (November 6, 2012); "To summarize, the key growth assets underperform, expectations are lowered, and a key investor fear – Hess's propensity to outspend cash flow – is stoked by an early upward revision to the 2012 budget." — Deutsche Bank (April 25, 2012); "We believe Hess should consider further reducing its exploration program beyond what has already been announced." — Deutsche Bank (November 6, 2012); "A significant reduction in its global exploration program we also think is needed, as we do not believe Hess has a competitive advantage in all the areas it is currently exploring." — Goldman Sachs (June 11, 2012); "The company's high-risk/high-potential exploration and acreage strategy since 2009 is thus far not yielding favorable results." — Goldman Sachs (June 11, 2012)"

"We view nearly all aspects of the Red Lobster transaction as not particularly compelling. — UBS, May 20, 2014; $2.1billion represents a seemingly compelling 9.0x EBITDA multiple, but it's on artificially depressed F14 ests and offers no premium to a conservative DCF. — Credit Suisse, May 20, 2014; It is unconscionable that the Darden Board would allow the Company to sell its Red Lobster business for what amounts to a 'fire sale' price after shareholders clearly indicated that they did not want the Company to enter into a transaction unless it was subject to their approval. — Barington, May 19, 2014; In short, in our eyes, “the taxman stole the show” by taking 25% of the gross proceeds. — Stifel, May 16, 2014; Today, Darden announced that it has entered into a definitive agreement to sell its Red Lobster business and related assets to Golden Gate Capital for $2.1 billion in cash. Destroying a business and giving it away for free is a familiar practice for CEO Clarence Otis. He first did it with Smokey Bones and has done it again with Red Lobster. — Hedgeye, May 16, 2014; Management's decision to ignore shareholder concerns and go forth with an undervalued sale of Red Lobster as opposed to waiting for operations to improve or entertain monetization without fully disposing the brand during a depressed earning's period will likely result in meaningful changes at the board level and among senior management. — Buckingham, May 16, 2014"

"“CapEx for the year was $27 million, including $13 million for Wilsonville, mostly for equipment deposits and facility improvements...Our CapEx for FY '22 is projected to be $80 million to $90 million with approximately $75 million investment in Wilsonville.” — James M. Thorburn, Twist CFO; “CapEx for the quarter was $22 million, mostly associated with our Factory of the Future investments.” — James M. Thorburn, Twist CFO; “CapEx for the quarter was $22 million, mostly associated with our Factory of the Future investment...In terms of CapEx, we're projecting approximately $90 million to $100 million for CapEx. So that should help you frame the cash burn. So if you step back and look at that, it's approximately around about $260 million for the year...I mean, obviously, a good chunk of that is being invested in ramping up R&D for biopharma, reinvesting in the core business. We're investing about $40 million in Data Storage. And obviously, for overall CapEx, the bulk of the CapEx investment, approximately $75 million of the $100 million this year is for the Factory of the Future.” — James M. Thorburn, Twist CFO; “CapEx for the quarter was $40 million including approximately $30 million for the factory of the future. And this now brings a [sic] factory to future CapEx investment to approximately $73 million.” — James M. Thorburn, Twist CFO"

""It illustrates when you have a down market like the refining sector has been in the last couple of quarters, how important having a diversified portfolio and a diversified value chain is to a business like ours." — Q2'16 Earnings Call, 7/28/16; "Across that entire complex, we were able to really lessen the amount of RIN exposure....[T]hat gives us tremendous advantage having all of these options in order to be able to meet or exceed our RIN requirements." — Barclays CEO Conference, 9/6/16; "$1 billion of cash flow, of EBITDA within Speedway takes care of all of our dividends and takes care of all of our interest on the debt." — Barclays CEO Conference, 9/6/16; "Speedway is MPC's most ratable distribution channel, provides a solid base to enhance overall supply reliability and allows us to optimize our entire refining, pipeline and terminal operations." — Q2'16 Earnings Call, 7/28/16; "In periods of volatility...we have a great flexibility and optionality to be able to move our products into the market, away from those markets, probably faster than anyone else in our business. And of course, that leads to a synergy or that leads to the value." — Barclays CEO Conference, 9/9/15; "Our large integrated platform provides us excellent access to price-advantaged domestic crude oil and low-cost natural gas." — Q1'15 Earnings Call, 4/30/15"

""As a reminder, we've been working on a number of finance alternatives to eliminate the need for new restricted cash or PPA deals where Plug Power finances the assets directly. In some, or likely all, of the new financing scenarios the cat profile of the transaction will be much better. The accounting rules dictate we cannot recognize revenues up front as we've done with traditional sale-leaseback arrangements. The presentation of adjusted numbers is intended to show our performance as if we finance a transaction as we have in the past. Again, we believe it provides a clearer picture of the sales and implementation progress of the Company and a consistent comparison to past performance." — Andrew Marsh - CEO, Plug Power; "Before I get started, I want to highlight that beginning this quarter, Plug Power's quarterly financial results will no longer include the non-GAAP measures of adjusted revenue, adjusted gross margin, adjusted EBITDAS, or adjusted EPS to reflect the impact of deployed Power Purchase Agreement transactions under alternative financing arrangements. However, we will continue to provide supplemental information to all external stakeholders as we believe it's important we convey the company's overall progress in growth and cost-downs and to maintain complete transparency." — Andrew Marsh - CEO, Plug Power"

""However, logic suggests that once the plc:Ltd discount exceeds 14%, as it presently does (although only slightly), it becomes incrementally harder to justify an off-market Ltd buyback to a large portion of the total BHP Billiton shareholder base" — Macquarie, February 17, 2011; "If the DLC were to be collapsed, then every dollar returned via a buyback would be done through the buyback of Ltd shares which provided sufficient franking credits existed, could be done at a ~14% discount to the prevailing share price on the day." — UBS, July 14, 2014; "Despite having a comparable average dividend yield of ~2.5%, over the past 10 years, Exxon returned a further ~US$225bn via buybacks taking its overall average annual dividend and buyback yield to 7.3%" — Macquarie, July 29, 2014; "No capital return (this time) We think the market is (quite) disappointed with the lack of buyback / capital return." — Bank of America, August 19, 2014; "Despite >US$30b spent, failed tilts at RIO and Potash Corp and overpaying for US Shale suggest M&A is not BHP's raison d'être." — Citigroup, May 27, 2016; "At spot prices BHP would have even stronger free cash flow generation, largely thanks to iron ore, and be able to significantly increase shareholder returns." — Citigroup, Feb 21, 2017"

""Better positioning on the APP. Sometimes we can add value and get 100% free. So if we add 10,000 they will give us 10,000 or a rebate of 5%. We don't work with Momo as their take is too high. We also have to pay 6% tax. We care about our ability to make money on a channel. Agents and broadcasters care more about how much money they can earn than traffic." — Large Agency #11; "We are both aiming to make money. Momo will give us better positioning and place us on hottest lists. When we add value on Momo we will get a 5% rebate. In the back end system we can take this out as cash." — Super Agency #6; "Yes there are. Momo has one official agency. You will notice broadcasters that are called "official" broadcasters. Momo's own staff open agencies. They do this privately. They keep it out of the spotlight. To do the agency business relies on your relationship with the platform. If you have a good relationship with the platform than you can get anything passed. Every platform has the underground agencies." — Small Agent #2; "Yes, Momo directly contracts broadcasters. Momo gave these people money to establish their own agencies. This agency is in Qingdao. For confidentiality reason I cannot tell you the name. This is Momo's largest agency." — Small Agency #9"

""Now, the integration value [of Speedway] is, I would say, proprietary. I can't give out a number from a competitive reason of that integration value, but I can say it is very significant..." — Gary Heminger, July 28, 2016; "So we look at the integration value [of Speedway]. We look at kind of the dis-synergy if we were to do something different with Speedway, and we still believe that it has a very strong fit in our system." — Gary Heminger, October 27, 2016; "There have been some questions about a sale of Speedway and we have such a low tax basis in Speedway. We would find that hurdle hard to overcome..." — Gary Heminger, February 14, 2017; "The bottom line is that there is no compelling valuation opportunity in separating our retail business, and that any potential separation will cause loss of integration synergies, additional cash needed to maintain appropriate balance sheet strength, increase volatility in the remaining business, and, we believe, result in long term value disruption." — Gary Heminger, September 5, 2017; "...we completed the very comprehensive review of Speedway and the conclusion, the unanimous conclusion by the board was that Speedway would remain in the vertical integration of MPC." — Gary Heminger, February 13, 2018"

""Although we think the company's underlying asset value is worth significantly higher than our near-term price target, we now believe the shares will likely continue to struggle throughout this year and will trade substantially below our estimate of its fair asset value due to the lack of visible catalysts as well increased investor skepticism over management's execution record..." — Barclays (April 26, 2012); "The 7% pullback in the stock was severe, and in our view, is indicative of a loss of investor confidence in HES's execution capabilities, following a string of production misses and a lack of notable exploration success, in addition to a growing deficit between capex and cash flow. Entering 1Q'12, HES had missed its production guidance for four of the preceding 5 quarters, meaning execution was at a premium." — Simmons (April 26, 2012); "We think the market will largely adopt a wait and see approach and not give any free passes to management until clear path towards their cash flow targets and execution capability is evidenced...From a valuation perspective, we think the stock is relatively cheap as a result of the company's less-than-stellar historical performance record and perceived execution risk." — Barclays (July 26, 2012)"

""Great. And then maybe in the final minute or so, just weigh in on capital deployment." — Analyst Jack Meehan; "I didn't see share repurchases come up." — CFO Vadala; "You guys are very disciplined there, too. So how does the environment look for deals? It's been a couple of years since your last notable acquisition. Is it tougher to find the quality deals or is it valuation." — Analyst Jack Meehan; "I think it's availability. Our definition of strategic fit continues to be the same which is tight. We're looking for – we tend to like the bolt-ons. We like the adjacencies in the Lab and the product inspection space. We like targets that can leverage our Spinnaker program, serve the same end markets, so we have good cross-selling capabilities. But the pipeline hasn't changed. Typically when you're looking at that profile of company, it's an availability, whether it's a private company or something like that. In terms of capital deployment, we also do like share repurchases. We continue to use our free cash flow plus option proceeds to buy back our stock. We've been very consistent about that over the years. We don't try to time the market. We're in the market every single day." — CFO Vadala"

"As Steve said at Investor Day, we introduced a new transaction model for Flex, which gives Autodesk a more direct relationship with its customers and more closely integrates with its channel partners. We began testing the new transaction model across our product suite in Australia a couple of weeks ago. Assuming the launch proceeds as expected, in fiscal '25 and '26, we intend to transition our indirect business to the new transaction model in all our major markets globally. In the new transaction model, partners provide a quote to customers but the actual transaction happens directly between Autodesk and the customer... In the near term, the new transaction model results in a shift from contra revenue to operating costs that provide a tailwind to revenue growth, while being broadly neutral to operating profit and free cash flow dollars, and mechanically result in percent operating margins taking a step or 2 backwards. Over the long term, optimization enabled by this transition will provide a tailwind to revenue, operating income and free cash flow dollars, even after the cost of setting up our building platform. — Andrew Anagnost, CEO, November 21, 2023"

"“The unaudited pro forma revenue and net loss for the years ended December 31, 2017 and 2018 is not presented as the historical financial information of the acquired business of Skymoons prepared under US GAAP is not available without undue cost, given the acquiree underwent a reorganization prior to the Company’s acquisition.” — IQ 2018 20-F, p. F-32; “The Target Companies have delivered to the Purchasers: (i) all capital verification reports of the Group Members and all relevant notes and schedules thereto issued by the accountants engaged by them from the date of incorporation of the Target Companies, the details of which are set forth under Schedule VIII: List of Financial Reports; (ii) the audited balance sheets of the company for 2016 and 2017 prepared on a consolidated basis under the US GAAP, and the relevant audited income statements and cash flow statements, together with all relevant notes and schedules, and in the absence of audited statements, the management statements shall be provided (hereinafter collectively referred to as the “Financial Statements”)” — IQ 2018 20-F, Exhibit 4.66, Section 4.1.1(j)(ii) (p. 19)"

""We remain intent on excellence in execution, being disciplined in allocating our capital, and our firm belief that free cash flow per share is the best long-term indicator of shareholder value." — January 2015; "If your competitive advantages are truly working, your free cash flow per share should outgrow your best competitors over the long term." — November 2016; "As we have said, our capital management objective is to maximize long-term growth of free cash flow per share, which I believe is the best metrics to judge our financial performance and to drive higher intrinsic value for the owners of the company." — February 2017; "As we have said, our objective is to maximize long-term growth of free cash flow per share, which we believe is the best metric to judge our financial performance and to drive higher intrinsic value for the owners of the company." — February 2018; "It's been a key mantra for us for many, many years. Our focus is on free cash flow, and we think that is the way we increase the value to the owners of the company. In fact, free cash flow per share is the key component on that." — February 2019"

"As a result of past acquisitions, we carry a significant goodwill and other acquired intangible assets on our balance sheet. In addition, we also defer certain costs to onboard a client or convert a client’s systems to function with our technology. Goodwill, intangible assets, net and deferred client conversion and start-up costs accounted for approximately 71% of the total assets on our balance sheet as of June 30, 2022. We test goodwill for impairment annually as of March 31st and we test goodwill, intangible assets, net and deferred client conversion and start-up costs for impairment at other times if events have occurred or circumstances exist that indicate the carrying value of goodwill may no longer be recoverable. Although no indications of an impairment have been identified, there can be no assurance that we will not incur impairment charges in the future, particularly in the event of a prolonged economic recession or loss of a key client or clients. A significant non-cash impairment could have a material adverse effect on our results of operations. — Broadridge Financial Solutions, FY2022 10-K"

""Waste Industries strongly complements GFL’s brand with an over 47-year history of providing excellent customer service to its local communities and has a management team with a proven track record of harnessing technology, processes and systems to drive operating efficiencies. We are excited to welcome the management team and the more than 2,850 employees of Waste Industries to the GFL family." — GFL Press Release. "We do not believe Decatur County’s allegations are supported or accurate. The Waste Industries Parties are vigorously disputing the merits of Decatur County’s claims, but we cannot predict the final outcome of this dispute." — F-1 Filed Nov 1st, 2019. "In the normal course of business activities, the Company is subject to a number of claims and legal actions that are made by customers, suppliers or others. Though the final outcome of actions outstanding or pending at the end of the period is not determinable, management believes the resolutions will not have a material effect on the financial position, statement of operations or cash flow of the Company." — F-1 Filed Nov 1st, 2019."

"The revised performance goals were set at aggressive levels that reflected our realistic expectations at the height of the COVID-19 pandemic. Achievement levels between threshold and target result in payouts from 0% to 100% of target awards. Achievement levels between target and maximum result in payouts from 100% to 200% of target awards. If we achieve corporate adjusted EBITDA of less than 85% of target, the payout for all other components may be capped at target. If corporate adjusted EBITDA is less than 75% of target, the threshold goal, then payment of any other component of the award would be at the discretion of our CEO and the Compensation Committee. The Compensation Committee believes that requiring a minimum adjusted EBITDA threshold be met to receive any payment with respect to the annual cash performance awards both aligns executives' interests with those of stockholders and prevents excessive annual cash performance award payments in times when our financial performance fails to meet our expectations. — Board's Annual Cash Bonus Compensation Philosophy (2021 Proxy Statement)"

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

"“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"

""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"

"In the third quarter of 2018, the Company changed its policy related to the cash flow presentation of foreign currency option contracts as the Company believes cash receipts and payments related to economic hedges should be classified based on the nature and purpose for which those derivatives were acquired and, given that the company did not elect to apply hedge accounting to these derivatives, we believe it is preferable to reflect these cash flows as Investing activities. Previously, these cash flows were reflected within Operating activities. Net cash used by investing activities for the nine months ended September 30, 2018 includes a reclassification of $13 million of cash usage that had been reflected within Operating activities for the six months ended June 30, 2018. Prior years' impact were not material. With this change in presentation, all cash flows related to the foreign currency contracts are included in Investing activities on the Condensed Consolidated Statements of Cash Flows. — XPO Q3 10-Q"

"During 2017, sales and operating profit performance for Garden Fresh Gourmet... were well below expectations, and we lowered our outlook for the second half of 2017 due to customer losses and failure to meet product distribution goals. Based upon the business performance in 2017, our reduced near-term outlook, and reduced expectations for sales, operating margins and discounted cash flows, we performed an interim impairment assessment in the second quarter, which resulted in a $64 million impairment charge. — Campbell Soup (FY18 10-K); In 2018, sales and operating performance were well below expectations due in part to competitive pressure and reduced margins. In the fourth quarter of 2018, as part of a strategic review initiated by a new leadership team and based on recent performance, we lowered our long-term outlook for future sales. In the fourth quarter of 2018, as part of our annual review of intangible assets, we recognized an impairment charge of $54 million. — Campbell Soup (FY18 10-K)"

""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"

"“Amdocs is currently evaluating various alternatives with respect to the future development and construction of the new campus, including structures for ownership or long-term lease arrangements. The acquisition costs are not expected to have a material impact on Amdocs' cash position or operating results.” — Press Release Sept 13, 2017; “This investment, if consummated, will be financed from internal cash resources. Moreover, we believe our decision to build a new campus will be accretive to non-GAAP diluted earnings per share over the long term and is a reflection of our confidence in the future success of Amdocs.” — Tamar Rapaport-Dagim, CFO, Amdocs; “During fiscal year 2018, as a result of funding decisions for the construction of the Company's new campus in Israel, see also Note 2, the Company recorded a tax benefit of $28,795 related to the release of withholding and income tax reserves for unremitted earnings.” — FY 2018 20-F page F-30 Dec 10, 2018"

"“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"

"“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"

"The revised performance goals were set at aggressive levels that reflected our realistic expectations at the height of the COVID-19 pandemic. Achievement levels between threshold and target result in payouts from 100% to 200% of target awards. If we achieve corporate adjusted EBITDA of less than 85% of target, the payout for all other components may be capped at target. If corporate adjusted EBITDA is less than 75% of target, the threshold goal, then payment of any other component of the award would be at the discretion of our CEO and the Compensation Committee. The Compensation Committee believes that requiring a minimum adjusted EBITDA threshold be met to receive any payment with respect to the annual cash performance awards both aligns executives' interests with those of stockholders and prevents excessive annual cash performance award payments in times when our financial performance fails to meet our expectations. — 2021 Proxy Statement"

""With specific regard to the [short-seller] Report, the Committee concluded that the allegations were either factually incorrect or that there were reasonable explanations as to their non-materiality." — China Agritech, Inc. press release. "FTI independently obtained and reviewed documents which state that as of June 30, 2011, ChinaCast had cash, cash equivalents and term deposit balances reported in the Company's form 10-Q for the second quarter ended June 30, 2011." — ChinaCast Education Corp. press release. "We believe the findings contained in the FTI report should provide some comfort to shareholders as to the integrity of the Company's financial reporting and should serve to distinguish the Company from other Chinese companies that have received adverse publicity after failing to provide adequate verifications with respect to their financial statements." — Daniel Tseung, Chairman of the Audit Committee, ChinaCast Education Corp."

"Number one is the state of accuracy of the information that Oatly provides. I would make emphasis on division by division. EMEA, Europe, including Sweden. The U.S. is right now number one contributor to sales. The marketing channel and expectations from China from the Company; that's from a sector perspective. If I were to invest, want to make sure the financials are accurate and telling the right story. Coming back to your question about net sales. What is included in the net sales? I think the operating expenses make sense. In the balance sheet, I would like to see the composition of the fixed asset, to see plant by plant, and what is the depreciation are they taking. I would like to see the accounts receivables because normally Oatly is in the 30 day process, but with some customers we have to pay immediately. The cycle of the cash is not in the favor of the Company. — Former Oatly Accounting And Control Professional"

"“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"

"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."

""Since confirming the scale of the modernization impact on free cash flow from Egypt, the guidance provided... for the period 2022-24 is the first time management has laid out the implications of what it has described as 'the most attractive incremental investment opportunity in its portfolio'... this is the primary driver of a 50% increase in free cash flow capacity of the portfolio." — BofA Securities (22 February 2022); "[Apache's PSC modernization] is a win-win for both parties and will help to drive increases in investment and production to the benefit of Egyptians." — H.E. Tarek El Molla, Minister of Petroleum & Mineral Resources, Arab Republic of Egypt (May 2021); "The most important and material event in the Company's 15-year history in Egypt" "Field netbacks will improve by >100% over price range of Brent $40-$60" — TransGlobe Energy Corporate Presentation (April 2021)"

"“CapEx for the quarter was $22 million, mostly associated with our Factory of the Future investment...Projected CapEx for fiscal '22 is expected to be in the range of $90 million to $100 million, associated with increased investment in our Biopharma business.” — James Thorburn, Twist CFO; “...In terms of CapEx, we're projecting approximately $90 million to $100 million for CapEx. So that should help you frame the cash burn. So if you step back and look at that, it's approximately around about $260 million for the year... I mean, obviously, a good chunk of that is being invested in ramping up R&D for biopharma, reinvesting in the core business. We're investing about $40 million in Data Storage. And obviously, for overall CapEx, the bulk of the CapEx investment, approximately $75 million of the $100 million this year is for the Factory of the Future.” — James Thorburn, Twist CFO"

""The start-stop nature of NFL games means that the latency issues that arise from data providers offering a feed from television coverage don't come into play as they might do in other sports... The fact remains that most betting on a match, even in-play, is on the final result. Thus, the case in favor of new types of in-play bets is, as yet, only the stuff of start-up pitch decks." — BettingUSA.com (June 14, 2021); "I do believe the data is being over-valued, and the NFL is not familiar with the challenges of running a profitable sports betting business." — Matt Para, sports betting consultant (BettingUSA.com article); "What I can say to you, is that on a cash basis we anticipate the NFL to be breakeven in 2021, and cash generating thereafter. And indeed, on of course, the life of the contract we anticipated to be profitable." — Mark Locke, CEO (GENI earnings call Q1 2021)."

""Can you talk about if the Company through this process discussed taking the Company private through a leveraged buyout and how you decided that this was the better alternative?" — Gary Lieberman, Analyst, Stanford Financial Group. "Yes, this is Bill Schoen speaking. We absolutely did, and we had several conversations with several people regarding that. And we came to the conclusion because of our extraordinary, outstanding balance sheet, that it would be a better approach -- the directors felt it would be a better approach to go ahead and give this cash dividend to our shareholders and then allow our shareholders to continue in the growth of our Company." — Bill Schoen, HMA Chairman. "In a bold move, Schoen fended off private-equity investors that have snapped up rival hospital companies, such as HCA last year, by using some of the same tactics." — Business Observer."

"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."

"“...The key to [profitable growth] will be [that] we will be able to live within our means and deliver, I think, very attractive financial returns on a going forward basis as I said.” — John Hess, July 2012; “Our Company has always been disciplined, always has had the goal of living within our means.” — John Hess, February 2009; “We want to live within our cash flow. We usually moderate the spending based upon what we expect the cash flow to be for the year.” — John Hess, February 2008; “Our finances, we want to live within our cash flow. If you look at our company’s past you’ll see that we’re pretty disciplined about that.” — John Hess, September 2006; “...We basically have a philosophy of managing the capital spend for the Corporation within the cash flows that the businesses throw off.” — John O’Connor, Fmr President Worldwide E&P Hess, January 2005"

"FBR, July 2013: “CLB is one of the most attractive secular growth stories as its core competency of improving reservoir recovery fits in the sweet spot of our technology thesis.”; RBC, April 2014: “The company continues to establish itself as one of the best secular growth stories in the oilfield service sector with a suite of technologies geared toward the exploration and development of offshore and onshore unconventional oil plays with out-sized leverage to deep water field development.”; Morgan Stanley, September 2013: “Given our expectation for long-term secular growth, we believe the appropriate valuation methodology for CLB is discounted cash flow analysis. This differs from most of the stocks in our coverage universe, which we value on multiples (typically P/E and EV/EBITDA) because they tend to exhibit cyclical rather than secular growth.”"

"First of all, when we made the announcement about the results for the third quarter in January of this year, we made an announcement about how we would be changing our profit structure. And then, from the third quarter onto the fourth quarter, we carried out, throughout our entire group, the structural reforms and other adjustments. [Japanese] I am strongly confident of the fact that we have been able to completely come through with those structural reforms and other adjustments. [Japanese] So therefore, we have increased our confidence that for fiscal year 2013, we'll be heading towards a V-shaped recovery. [Japanese] And it was possible for us to clear the objective which we had set of a 30% improvement here. [Japanese] So therefore, we have been able to achieve a record breaking operating cash flow of JPY 110.3 billion. — Nagamori"

""Our cash balance at the end of the fourth quarter was approximately $1.4B. However, this includes the benefit of $200M that we drew down on our credit facility for tactical financing purposes in September. We have since repaid the $200M, which was only outstanding for a few weeks. Our net cash, therefore, was just over $1.2B on September 30." — Tamar Rapaport-Dagim, CFO, Amdocs; "I think the revolver drawing of about $200M, does that have anything to do with this big expansion [with Sprint] that you announced today or a portion of it?" — Shaul Eyal, Oppenheimer & Co.; "No, just the cash efficiency, we repaid it a few weeks later." — Tamar Rapaport-Dagim, CFO, Amdocs; "We drew down $120M on our credit facility during Q2 for short-term funding purposes, and the balance has since been fully repaid." — Tamar Rapaport-Dagim, CFO, Amdocs"

"Importantly, we'll have strong cash flow generation as a result of this transaction, about $1 billion in operating cash flow in the second year and accelerating, which means we can quickly de-lever from approximately 5 times to less than 3 times by the end of the second full year post-close... — CEO Jeff Simmons on Acquisition of Bayer by Elanco 8/20/2019; The global diversified strength of the combined business will generate enough cash flow for us to bring our leverage below 3 times adjusted EBITDA by the end of 2022. We realized the timing of our deleveraging is different than what we planned at the IPO by approximately two years. But we believe this delay is warranted by the compelling value proposition that our combined focused animal health company creates. — CFO Todd Young on Acquisition of Bayer by Elanco 8/20/2019"

"“As for our financial position, past scenario planning has ensured that we have ample liquidity and the strong balance sheet, and we're targeting free cash flow in 2020 of more than $500 million comparable to what we delivered last year.” — AVY CFO Q1 2020; “And finally, we're targeting to generate roughly $500 million of free cash flow this year, roughly comparable to what we delivered last year, with our target including an increase in cash restructuring costs associated with new initiatives and a higher cash tax rate related to repatriation of foreign earnings.” — AVY CFO Q2 2020; “The company has initiated cost control and cash management actions to partially offset the decline in demand for certain of its businesses, and is targeting to deliver free cash flow of more than $500 million in 2020.” — AVY Q3 2020"

""Valuation: Our price target is based on a DCF that includes a bolt-on sensitivity, with the increase due to a higher DCF with SLXP more than offsetting a slightly more conservative bolt-on analysis [of $50 dollars in present value per share]." — Goldman Sachs (Apr-12-2015); "While management appears focused on tuck-in deals in the near term, we would not be surprised to see VRX evaluate larger M&A over time. We calculate that continued deployment of cash flow and fully leveraging the company's balance sheet could drive 2017 EPS near $20." — JPMorgan (Apr-2-2015); "Valeant's diversified, global platform gives it the unique flexibility to consider a number of small and large transactions in branded pharma, generics, branded generics, OTC, and aesthetics all around the world." — Morgan Stanley (Feb-27-2014)"