Callouts & quotes from 205+ 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)"

""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)."

"“Typically, when somebody talks about a fermenter, it's a pretty big piece of equipment. What they're doing is these micro-titer plates, which are mini-fermenters, and you can buy it. They took all of the money that they've raised, and they put it into the equipment to be able to do parallel processing of yeast cells. It's not always yeast, but yeast is their organism of choice.” — Former Ginkgo executive; “Exactly. It's a combination of a liquid handling system and analytics. It injects one sample—usually, they repeat it 10 times just to make sure. They inject it into the wells, carry out the fermentation, and then they have analytics to look at and see the results. The ones that they like the best, they further iterate on, and if those are promising, then they'll grow them up into larger fermenters. And these could be 10 mil or 100 mil bona fide fermenters where they've got agitation; they've got aeration, it's a controlled environment.” — Former Ginkgo executive; “Let's say you want to produce an ingredient that's used as a skin whitening agent. It exists in nature, but it's very expensive to isolate from the tree it grows on. What you can do is go to this tree; you can say here's a DNA sequence that encodes for it. Take that DNA sequence and put it in a yeast cell. Grow the yeast cell up in a fermenter, and it produces it. If you put it in a yeast cell, and it doesn't work, you look and say, what's wrong with it? It's a seven-step process, and each one of these steps requires an enzyme to be able to do the manipulation. You can think of it as like you're building a Lego model, and you need to put these pieces together, and each enzyme adds a different piece until you get the final product with all the pieces on there. You go, and you do your experiments, and you say what happened is the first four enzymes worked great, but the fifth enzyme just doesn't work, so I need to manipulate, I need to get a different enzyme. So, you go, and you try a different enzyme, and you put it back in the yeast cell, and you grow it up, and you try again. And then you try it again and again. It's a repetitive process.” — Former Ginkgo executive"

"“As a customer, I know how much input I have in our success in helping them be successful. If I am another company and I don't have a head of synthetic biology that's going to be really working closely with them and monitoring their progress, it's going to be risky...It's going to be risky, yes, because I see how Ginkgo works and I see how much guidance I give them, and they're not at the level of, I could just forget about them and come back in a year, and they have a strain, and they have the best thing they can do. I'm going to be paying a lot of money without overseeing anything, and it's going to be—their chance of success without me guiding them is going to be very limited.” — Current Motif executive; “I would say they are too junior, yes. They've been growing very fast; they have amazing people, don't get me wrong, there are very smart people out there, but they're very young, and there are no senior people that really have the time to look and spend time on the science and understanding what's going on and make the right decisions. And so, they always revert to their high throughput platform, and it's just like their solution is always to go and test 1000 mutants. It's good to get all those mutants, and at the same time, sometimes you need to do and add those mutants together, and you don't need a robot to do that, you just need a little time to do it, and you need to select the right ones, and move forward. So, it's not like, magically, by screening a lot of mutants, you're going to be able to move forward. If you have a strain development that requires you to improve five different things, they'll be very good at focusing on each of these individual steps and find the best one of each of those steps. But then, when it comes to merging them together, they're going to be lumped into how many best mutants they do and things, and they need guidance. They get sidetracked sometimes, I would say.” — Current Motif executive"

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

""High frequency comes with challenges. The patient doesn't get feedback from paresthesia. They either feel pain or don't. That's where the challenge comes in for Nevro. There's a whole psychological issue with paresthesia that plays into it. The patients are dependent on opioids. The device could be working, but patients say it's not working, and then the patients want opioids. Patients have to be in a mindset to be patient to be cooperative. If they had a low frequency device, they're used to making programming changes on the fly, which you can't with high frequency. Some patients are compliant. A good number are not. They just crank the device up and have more pain." — Former Nevro executive; "Nevro put together a brand new patient support and programming team. It's role was to work with patients, call the patient on a daily basis, and advise the patient to turn the stimulator on or off. It was a big organization. They would have a list of patients they were in charge of. They would call them daily during the trial, right after, after the procedure, to make sure the stim is set correctly. No other neuromodulation company had that. It was unique to HF10. A lot of times the patient had to be patient. We'd lower or increase the stimulation. We'd start at a low frequency, would wait 24 to 48 hours, would increase it by 1, then wait, then increase it again. For one algorithm, you'd spend a week and a half just on that algorithm. The reps would ask on the phone if you're getting pain coverage, take notes, then add 3 milliamps. They'd have to go through this over the next 3 to 4 weeks to get correct coverage. If they didn't get correct pain coverage, they'd have to bring the patient back in for reprogramming to see which programs work or don't work." — Former Nevro executive"

""Investors in PFE have been battered twice in the last 2 weeks - the first came with danuglipron's failure (oral GLP1),the second with the new guidance. No doubt there was an element of capitulation... In other words, despite a year of major underperformance, it's hard to say PFE's a "buy." Some credibility has been lost, and the near-term catalyst path is not a strong one." — Wolfe, December 14, 2023; "Given the high number of questions we have received on EPS and margin dynamics and the implications for 2025 results, we do not see today's update as a clearing event. Today's update essentially should provide a floor on COVID estimates and EPS, in our view. However, there remains a significant amount of uncertainty on what is driving 2024 margins & EPS so low (i.e. whether this is due to depressed COVID guidance or there is an issue with the core business margins, or a mix of both). And based on our conversations, we expect that investors will have a hard time stepping into the story until they gain further clarity." — JP Morgan, December 13, 2023; "But we don't have much conviction in the outlook, making it tough to pound the table even from these levels... Level Of Confidence In Management - Our confidence is not the highest for several reasons. PFE provided guidance on many parameters but in retrospect much of it is proving to have been too optimistic, is no longer supported, and resulted in two reductions in guidance in 2023. We were not fans of the Seagen acquisition from the start, given that each of the key assets has associated questions, making the outlook less than clear, particularly given the price paid." — TD Cowen, January 4, 2024"

""Investors in PFE have been battered twice in the last 2 weeks - the first came with danuglipron's failure (oral GLP1),the second with the new guidance. No doubt there was an element of capitulation... In other words, despite a year of major underperformance, it's hard to say PFE's a "buy." Some credibility has been lost, and the near-term catalyst path is not a strong one." — Wolfe, December 14, 2023; "Given the high number of questions we have received on EPS and margin dynamics and the implications for 2025 results, we do not see today's update as a clearing event. Today's update essentially should provide a floor on COVID estimates and EPS, in our view. However, there remains a significant amount of uncertainty on what is driving 2024 margins & EPS so low (i.e. whether this is due to depressed COVID guidance or there is an issue with the core business margins, or a mix of both). And based on our conversations, we expect that investors will have a hard time stepping into the story until they gain further clarity." — JP Morgan, December 13, 2023; "But we don't have much conviction in the outlook, making it tough to pound the table even from these levels... Level Of Confidence In Management - Our confidence is not the highest for several reasons. PFE provided guidance on many parameters but in retrospect much of it is proving to have been too optimistic, is no longer supported, and resulted in two reductions in guidance in 2023. We were not fans of the Seagen acquisition from the start, given that each of the key assets has associated questions, making the outlook less than clear, particularly given the price paid." — TD Cowen, January 4, 2024"

""Programming is usually done by the rep. I have a programming computer, but the reps do it all day long. Legally, ethically, appropriately, the rep is supposed to meet the patient in my office. The reality is that some of them meet at the patient's house. They're not supposed to do that. They'll go to their house and they'll hook up their programmer and they'll program right there." — KOL; "Who has more experience programming the device - me or somebody who spends their entire life programming stimulators? Being a stimulator rep is not like being a pharma rep selling Viagra. You have clinic hours. It's a very unique sales position. You actually have patients. You actually come into clinic. I'll walk by a room and go, oh, Mike the rep is in room three and he's programming somebody. Cool, I didn't even know. I can make recommendations to reps but they're really the experts in programming." — KOL; "If a patient is not responding or the pain comes back, I have the rep come talk to them. They can check in a rough way whether the leads have moved so in most cases, they get an X-ray of the leads before they come in so they have a better idea of how to program it. If it's just that the therapy has diminished, then Nevro has a special group of clinical specialists that manage those cases remotely and guide the representatives on what to do if they cannot solve the problem themselves. Now, if everything is in place and everything is functioning as expected, but a patient is not getting pain relief, that's when they start trying other programs and they start engaging the Therapy Optimization Team as Nevro calls it." — High volume Nevro implanter"

""According to a 2019 contract obtained by the German language paper, California-based Nevro...offered Swiss doctors CHF10,000 ($10,181) for each Nevro spinal cord stimulator implanted in a patient...The kickback scheme, which has now been terminated, has been running since 2017 under the auspices of the “Nevro Partnership Program.”" — Swiss Broadcasting Corporation; "Nevro keeps explant rates very well hidden from the field reps...The explant rate was a hell of a lot higher than [the stated] 2%. I don't know that people asked for it, because ignorance is bliss. I didn't want to know. Don't ask questions you don't want to know the answer to. My peers in the field felt the same way." — Former Nevro regional sales director; "If you put doctors into boxes, Money Mike couldn't care less if there's a high explant rate. It's just about the price you give him for the device. He could care less about whether it works or not. Yes, there are unethical, corrupt doctors. In that population, Nevro is the best thing since sliced bread." — Physician #4; "A lot of doctors in Germany are saying that Nevro's device only works for 2 to 2 ½ years and then the patient comes back with more pain...People have become nervous and become afraid to use Nevro." — Physician #5; "We went to Nevro's headquarters to discuss the explants...I realized this shit doesn't work...His take on Nevro is slimy people, falsification of data...I don't understand how Nevro can continue to keep the smoke and mirrors going, I really don't. I mean, it's crazy." — Physician #3"

""The company’s ‘string of pearls’ acquisition and partnering strategy are part of what has gained it a more favourable valuation than most of its peers." — Jefferies, January 2012; "We view BMY as the leader in immuno-oncology..." — Goldman Sachs, February 2014; "We believe BMY’s investments in therapeutic areas with significant unmet need position it to become a leader in these areas and to deliver strong growth." — Deutsche Bank, August 2014; "Our DCF-based PO of $58 indicates BMY can trade at roughly 34x our 2015E EPS of $1.73, higher than BMY’s current 2014 multiple and at a significant premium to the US major pharma group average on 2014E, which we believe is warranted due to the potentially higher quality of BMY’s R&D pipeline relative to its peers." — Bank of America, October 2014; "Overall, we continue to see Bristol as a leader in the PD-1 and broader I-O space both in terms of time-to-market and breadth of clinical program." — JP Morgan, December 2014; "We remain bullish on BMY ahead of these upcoming data releases as we see the overall opportunity for immuno-oncology (I-O) in general still being underappreciated by investors while the depth and breadth of BMY’s I-O portfolio leaves them as the clear leader in the space." — Credit Suisse, October 2014; "The portfolio could give upside to another solid growth outlook for BMY and generate much news flow. A management team that has a solid track record of reshaping the business provides additional appeal to this powerful product story." — Cowen, December 2014"

"You know, MPS carries a certain buyout premium. It's already baked into the price. Pick a number, 20%, 25%, assuming it's going to be bought. I think that's in there. Otherwise I can't figure out the P/E ratio. Uh, so, so the biggest issue is Michael not interested in selling the company. I mean, it's not the money. He does it because he likes to run it and the executives are with him I would say are not necessarily executives who would succeed at another company. I don't know how to put it in any other way that's just based on their culture and style. They would not necessarily show up at Intel and get a job. Right? So, so they all, I'm just being straight forward with you. Well, there's, as you said, the numbers. I think the thing that kept people from buying it, it's like, what happens if all these guys leave. And then what do we got? So that's always the biggest thing is the magic sauce leaves then really getting anything from the deal, right? The whole different culture, I think that's the biggest thing that keeps anybody from even trying to buy it. And so they're not, they're not sure. Uh, you know, and particularly since all the engineering now is mostly done in China and if you're not Chinese, you're not exactly sure if you're not speaking the language, if that's true or what's going on or who your key people are, all those kinds of things. So I think, uh, I think that's the strength of MPS, but also something that would keep a buyer away. — Former Senior Executive (Post IPO era)"

""10kHz is not a magic number. The PROCO study by Simon Thompson shows that. It was a crossover study design that evaluated 1,4,7, and 10kHz stimulator frequencies. Each patient received each frequency for 2 to 4 weeks at a time and then rated their pain. Patients had no preference, suggesting there was no difference in pain relief by frequency. Nevro has tried to bash the study. Simon has consulted with Boston Scientific, so there's some of that. Boston didn't fund the trial and I believe the PROCO study. Nothing has convinced me to date that 10kHz is better than 1kHz." — KOL and key player in Nevro's pivotal SENZA-RCT trial; "The Boston Scientific data throws a monkey wrench in Nevro's data. It creates reasonable doubt even for someone like me who likes Nevro." — High volume implanter and significant Nevro customer; "There was a revolution with Nevro's HF10. It was very attractive initially. Then Boston Scientific showed there's nothing magical with 10kHz. Nevro was the first kid on block with their paresthesia-free, kind of like Tesla with the first electric vehicle. Now everyone has electric vehicles. The advance Nevro had is now outweighed by the compromises of it. It's the biggest device by far. It requires way, way more recharging. It needs a lot more reprogramming than any other device. If reps spend a lot of time reprogramming in your office, they need a lot more reps to support docs. It's a business model issue." — KOL and high volume implanter"

"“Right now we just can’t [get behind the Company] because we’re again disdained and there’s very little concern right now at the C-suite, you know, outside of their jobs. There’s not a concern for the employees. And that’s something we can never forget and really won’t.” — SWAPA Leadership, The SWAPA Number Podcast (July 1); “I’m a retired Southwest Captain and I couldn’t agree with you more on the next steps for Southwest... When I started at Southwest in 1997, it was ‘us against the world!’ Now it’s every man for himself as our famous culture is dying a slow, painful death. I believe it can be fixed, and I’m hoping you and your group can make it happen.” — Former Employee; “Not only do I have a vested interest in the success of the company (my SWA stock has lost over half of its value) but I have spent 50% of my life flying and working for a company that was once the envy of every other airline operating in the world. Without any doubt I agree that a new leadership team is needed.” — Current Employee; “As a SWA employee of more than 23 years, I am in complete agreement with your analysis. I have been screaming this for 15 years.” — Current Employee; “I am a former 21 year employee retiree and stock holder of SWA who completely agrees with your perspective of current senior management at SWA. [Bob Jordan] has driven the airline into the ground. Thank you for taking a bold stance and insisting on making some changes.” — Former Employee"

""Right now we just can’t [get behind the Company] because we’re again disdained and there’s very little concern right now at the C-suite, you know, outside of their jobs. There’s not a concern for the employees. And that’s something we can never forget and really won’t." — SWAPA Leadership, The SWAPA Number Podcast (July 1); "I’m a retired Southwest Captain and I couldn’t agree with you more on the next steps for Southwest... When I started at Southwest in 1997, it was ‘us against the world!’ Now it’s every man for himself as our famous culture is dying a slow, painful death. I believe it can be fixed, and I’m hoping you and your group can make it happen." — Former Employee; "Not only do I have a vested interest in the success of the company (my SWA stock has lost over half of its value) but I have spent 50% of my life flying and working for a company that was once the envy of every other airline operating in the world. Without any doubt I agree that a new leadership team is needed." — Current Employee; "As a SWA employee of more than 23 years, I am in complete agreement with your analysis. I have been screaming this for 15 years." — Current Employee; "I am a former 21 year employee retiree and stock holder of SWA who completely agrees with your perspective of current senior management at SWA. [Bob Jordan] has driven the airline into the ground. Thank you for taking a bold stance and insisting on making some changes." — Former Employee"

"Typically, someone can get up to speed in a quarter, and you probably need one to two FTEs working on it. It's not like a PCR machine that you can set it up and go. So, you need one expert or two, and there is a lot of headache on the downstream. By that, I mean, even if you can get the cell out, it's not that easy once you have the cell to do something. You need to do some large steps to actually do the sequencing. That is not that straightforward. — Former BLI product manager; The need for FTEs is much higher typically because you probably need three to five FTEs to do the same job, maybe something like that, and also some of them may need some skill that is specific, not just easily transferable. The ongoing cost to do the same experiment probably is—depending on how you do it—maybe half of a person. — Former BLI product manager; When it comes to the limitations, it's a tool that's not like a PCR machine; it's a little more like a FACS machine, which means you need a special operator. It's not like anyone can just jump in and do it. And that also maybe creates some pushback from the regular customers. Also, you need to plan a lot before getting something on the machine because you need to do a bunch of assays. These are not easy assays. Even though you're doing bulk format, so when you're trying to do a single-cell level, it gets pretty complicated. — Former BLI senior scientist"

""We have years of disdain from leadership, and that’s how labor has been treated... I mentioned the word disdain before and I’m going to say it again because that’s the only way that really we can describe how labor has been treated and SWAPA and our data-driven analysis has been treated." — SWAPA Leadership, The SWAPA Number Podcast (July 1); "I’m a retired Southwest Captain and I couldn’t agree with you more on the next steps for Southwest... When I started at Southwest in 1997, it was ‘us against the world!’ Now it’s every man for himself as our famous culture is dying a slow, painful death." — Former Employee; "Not only do I have a vested interest in the success of the company (my SWA stock has lost over half of its value) but I have spent 50% of my life flying and working for a company that was once the envy of every other airline operating in the world. Without any doubt I agree that a new leadership team is needed." — Current Employee; "As a SWA employee of more than 23 years, I am in complete agreement with your analysis. I have been screaming this for 15 years." — Current Employee; "I am a former 21 year employee retiree and stock holder of SWA who completely agrees with your perspective of current senior management at SWA. [Bob Jordan] has driven the airline into the ground. Thank you for taking a bold stance and insisting on making some changes." — Former Employee"

"I think there’s a lot of window-dressing with Grossman and that’s why you’re not seeing this big uptake in revenue. If Omnia is so good and you’re got a hundred more reps out on the field and you’re doing all this great selling and all these customers are happy, why is it not going up? They’ve eroded their price. Nobody’s going to buy Omnia, unless you’re getting paid a couple thousand bucks to be put in a study to use it. — Former Nevro executive; When I listen to earnings calls, it’s “the business has stabilized, we’re excited about all these new platforms and new disease states, we’re going to do more of this” but at the end of the day, I just don’t see it. I really don’t see it. You’ve seen massive losses in Australia where that business used to be number one and now they’re number three or four. In Europe, high percentages of business are just going away because they don’t have the core competency in leadership. Here in the US, they’re going to have to start making changes in leadership and when that happens and stock options expire, then Keith is back in a corner. They’re going to lose a lot of their high-quality reps that have been on guarantees. For their management team, the stock options have already hit. They’re going to sell those and get out of there and then you’re back to pretty average people with pretty average performance. — Former Nevro executive"

""A bunch of the guys that are [titles redacted] at Nevro used to work for me. I hired them into the neuromodulation space. Grossman's chief commercial officer doesn't know this space. I don't know that she understands the war that she's in for [...] Internally at Nevro, I don't think they see the substance, based on what I've been told, and they're scratching their heads and saying, "Hey, whatever. I'll take it. I hope the stock keeps going." There aren't fundamentals behind it." — Longtime SCS executive; "On his first two quarterly calls he basically said, 'I'm too new to give you numbers. I'm not going to commit to anything.' I've said all along; eventually, this guy is going to have to perform. His timing [in getting a pass from COVID] is pretty damn good because I know the people on the street at Nevro who are selling product, and I know the roadblocks they're up against. They haven't out-performed from a revenue standpoint. They've been given a 24-month pass. Rami was the scapegoat, and then it was, "Okay, let's give Grossman a year to get his feet under him," and now it's COVID. So, when does Nevro actually have to perform in Wall Street's eyes? They were the first company to say that that SCS market was shrinking and that just wasn't true. It's that they were losing market share, and they didn't know how to explain it away." — Longtime SCS executive"

"They think Omnia's going to be a big thing. I just don't see it. Grossman even said on the earnings call that non-high frequency is utilized only 15% of the time. There's nothing new...Nevro does not feel that a lot of these other waveforms are going to be utilized with Omnia. It is rather to provide physicians with the perception that they have more options. The utilization of low-frequency and other waveforms besides high frequency will be very low, because one, a lot of Nevro's people don't know how to program those patients well because they've been utilizing the high-frequency algorithm and two, most of the time Senza is what people want. — Senior Nevro ex-sales executive; The market's not changing because of Omnia. The spinal cord stim market is what the spinal cord stim market is. You're not going to get more patients because of Omnia. Right now, you're just playing around in the same old market you've always been playing in, the same market I've been playing in my whole career, and the market's not really changing. — Former Nevro territory manager, one of the longest tenured SCS reps; I don't hear anything, from my team or anyone in my territory, that Nevro's adoption with Omnia is now so much better. Some doctors are trying it out but I haven't heard anything revolutionary about it. — Former Nevro territory manager now at a key competitor"

""So Danimer, Full Cycle, Newlight, you name it, we can produce PHA, but how consistently can you produce the same grade of PHA day in and day out regardless of climatic conditions, regardless of any operational snafus, if the power surges or power goes out, how does that impact your consistency? So, again, if I were you, I would ask those questions of any producer, from a quality control and quality assurance perspective. And then, of course, it's price." — Senior Executive Danimer Competitor; "When a CPG guy like Pepsi or Nestlé makes a decision on something like this, what are they doing? I mean from what I gather, the differentials and sort of product characteristics of the top guys is pretty minimal. What are they looking for? Are they looking for scale? Are they tendering out on a cost basis? How are they making those decisions right now?" — Question; "It's scale, it's cost and it's a reliability of inputs. And when I say reliability on inputs, I mean, availability and quality. So the biggest thing that Pepsi is afraid of is that they go-to-market and they say, 'By the way, our place bottles are biodegradable.' And then something happens where the central plant for Danimer goes down, and then they have to start using regular oil-based plastics. And suddenly, all their marketing is wrong and they've done false advertising." — Industry Expert"

""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"

""People know I don't take money and other doctors aren't so much like that. If you look up [name redacted] in my area on doctors for dollars he gets paid for talks. He tells reps to their face wont that he won't prescribe unless they put him on as a speaker. He goes 3 talks a day at $3,000 each. [Doctor name redacted] is Nevro's whore for California. He does lots of studies for them. They promote him. He gets on their papers. He's not part of the KOL crowd. [Prominent Nevro implanter] is a guy who takes money." — KOL; "It's borderline unethical what they do with [name redacted]. They pay him all kinds of stock options. He runs a lot of meetings and programs. He was the head of [redacted]. He makes a lot of decisions on papers and conference presentations. You could blow the whistle on these guys. NANS finally beat on these guys but they're still doing same stuff. He's now doing that with [company name redacted]" — Key Nevro pivotal trial investigator; "The physician that's on stage at a society meeting is usually a consultant for the company. [Name redacted] as an example out of San Francisco, during Nevro's rise, was one of their strongest consultants. He's coin-operated, and he will say what he benefits from, as do most of these guys." — Longtime executive in the SCS space"

"We ended up selling our entire position in DND. I simply couldn’t stomach the risk that management wouldn’t try to pull something in the midst of your activist campaign. — Former shareholder (Sept 2024); Matt keeps saying he wants to delever the balance sheet to 4x but in the meantime, he keeps making acquisitions and increasing the leverage. We have told the Board for years they need to pay down debt, but they just don’t get it. — Top 10 shareholder (June 2024); As long as Matt is involved, I am not touching this stock. — Former shareholder (June 2024); The Board is a joke. Colleen seems like a nice person, but she is in over her head and can’t manage someone like Matt. Matt controls this Board and unless we have a clean fresh reset, nothing will ever change. This is why this stock trades at such a discount to the peers. — Top 20 shareholder (June 2024); I asked Matt in December 2023 if he would issue equity to delever the balance sheet. Stock was around $14 per share. Matt replied – at this price, no way, it’s way too cheap. Barely a month later, company announced a bought deal at $12.10 per share. — Top 10 shareholder (May 2024); Matt says one thing and does just the opposite. It’s so frustrating. The stock is uninvestable. — Former shareholder (May 2024)"

""Nevro has boxed themselves into a corner and now they’ll die of a thousand cuts. because unless they start seeing some increased sales, which they’re not going to at the price point that they’re at, because the high-volume doctors are not going to overpay for Omnia. Maybe the diehard Nevro guys hold on, but how many of those diehard guys are also consultants for the company? How many new customers are they getting? Who are they converting from Boston, from Medtronic, from Abbott? Where are those customers? And you don’t see it." — Former Nevro executive; "The only reason why Grossman stabilized the salesforce was because the stock price went up and those reps had options. Those options were in general in the high 60’s...that’s $200,000-$300,000 to those reps, so they’re going to stay. Interesting enough, most all those options are going to expire at the end of this year and its going to be a bloodletting. All those reps are going to leave, because they want to get out of their non-competes and then in a year they go back into the Saluda’s, the Nalu’s and everything else. It’s kind of a rinse and wash type philosophy. If the price of the stock goes down, you’ll see a major amount of reps leave the company, and they’ll go elsewhere." — Former Nevro executive"

""Nevro had a rep in [area redacted] who was reprogramming their devices to use low frequency to try and save failed [high frequency] patients, and Nevro threatened him with an injunction. Like, if you tell anybody that it worked we're going to sue you and take away your 401k, Stuff like that. Nevro was afraid it would disprove their entire clinical trial. Several of their reps were doing that." — KOL and former high volume Nevro implanter; "In order to grow the business, some reps would do the paresthesia [low-frequency], and some reps were doing high frequency just like the textbook, and then they wouldn't get cases because the docs were asking them, "Can you program the patient, so they feel it? Give them both options." Well, the clinical team of Nevro, if they saw that you were doing that, that would be a reduction in your commission percentage." — Former district manager and part of Nevro's launch team; "Nevro didn't want the patient to feel paresthesia because what you'll find is that they crave the paresthesia. Once they feel it, they think that that's the indication of whether the device is working or not. You can't just get rid of paresthesia unilaterally and say it's a great thing because there are definitely reasons for it." — KOL"

"“The other aspect is how much do these PDN patients really want to have an implant? The back and leg pain patients are constantly getting bombarded with the idea of simulation. Here it's like a one-time consult, maybe a referral from a from a primary care doc and then the patient says "Well that's not really what I expected to hear" and they walk out. The back and leg patient keeps coming back to you and you can keep talking about stim as an option.” “For PDN it will have to be determined how they do in terms of negotiating with the payers. Are they going to get a label exclusivity on it? Because yes, you can code it today as neuropathic pain of the leg. The commercial payers are not interested in engaging with diabetic neuropathy right now. The trouble is that the diabetic population that has significant enough pain tends to be the Medicare, Medicaid population. You can use any device for Medicare. With the bulk of the population being Medicare, doctors can use the device for PDN today. And commercial-insured patients don't mean much, because commercial insurance usually means an employed person that generally is not the one that's usually a severe diabetic.” — KOL and one of Nevro’s highest volume implanters"

"“I have not seen a big uptick for Omnia in our territory. I think it'll be a dud. We've been pushing hard against their being all in on high frequency, and now allowing low-dose and multiple waveforms even though everything they've done and all their studies are around 10khz. They're trying to get Omnia into some of their old accounts now. If a patient comes in requesting Nevro, that's about the only time that Nevro is getting implanted in other accounts” — Regional sales manager at one of Nevro's largest competitors; “Part of Nevro's messaging is that it's easy to implant. You throw the leads in; you scan T9/T10; there's no in or out testing. It's very simple. But if you need to switch to low-dose and you need to do mapping, you have no idea what you're getting into as a doctor. Nevro never trained a lot of their reps on it. Now they're asking their field to retrain on classic spinal cord stimulation. We leverage that. You've done an about-face and now all of a sudden you're trying to do what every other company is doing. At least in our market, high frequency hasn't been the silver bullet you promoted and now you're just like everybody else.” — Regional sales manager at one of Nevro's largest competitors"

"“There were only 4 reps in capital asset sales before the RCA deal. The staff went to like 30 post closing. RCA was strong at the time, but we started to see as time went on the market took a turn, a large amount of cancellations started to occur. CoStar is the main product they are competing with. They are more dominant. RCA has flexibility for pricing, but most go to CoStar because it is the flagship product. To make sure at times clients didn't go to CoStar we did discount or had to do multiyear agreements. The RCA deal was not the best or easiest transition. It was pretty disorganized. It was like a dumpster fire. There were a lot of mismanaged accounts. I don't think they did enough due diligence, like on their run rate, and what they are producing. There were a lot of outdated or accounts that weren't updated. They were getting billed but were not an active client. Like one client said they cancelled a year and a half ago but were still getting billed. From my perspective, a lot of the RCA people left because it wasn't what they expected and they were getting paid better under the private vs. public company structure.” — Former frontline sales and business development executive"

"“Nevro throws around this number of 2 million diabetics a year, but not all of those are painful diabetics seeking out treatment beyond other therapies... The sick population Medicare, Medicaid practices have them. So you go into Harlem, you go into the Bronx or any hospital that has a sort of Medicaid clinic, they have them. But then the challenge is, they have cardiac disease that keeps them on blood thinners or they have recurrent infections or they are likely to amputate and so it just becomes challenging as to what are we going to do with those patients.” — KOL and one of Nevro’s highest volume implanters; “The issue that everyone going into PDN has are the primary care physicians responsible for the patient group. They are not interventional pain physicians. It's convincing that primary care doctor to refer that patient off to another physician to manage that condition. There's a huge amount of skepticism from the actual physicians managing these PDN patients. There is a genuine financial disincentive for them to send a patient to another person to manage something that they feel they can manage themselves.” — Former Nevro executive"

""GCP will focus largely on the non-residential construction market, with a smaller business in packaging materials as ballast. Longer-term, GCP should be able to lean on its market leading position and new product pipeline to out-pace end market growth, support margins, and grow EPS at an estimated 10% CAGR through the end of the decade." — Jefferies, February 2016; "We view this US non-residential construction exposure (particularly exposure to cement and concrete demand) as a positive, since cement volumes are still 25% below levels 10 years ago and 3% below the 20-year average prior to the 2008/09 recession." — Goldman Sachs, February 2016; "Despite some indications that non-residential construction spending growth in the U.S. could be entering a mature phase of the cycle, there are some spots of steady growth in significant markets for GCP, such as the multifamily market and infrastructure spending with the passage of the Federal Aid Highway Program. These markets may help to boost overall growth above rates for total construction, in our opinion." — KeyBanc Capital Markets, May 2016"

""Power of One is emerging as a significant competitive advantage for PepsiCo in North America...PepsiCo offers multiple go-to-market systems and flexibility to our customers." — PepsiCo Management (10/23/2006); "We think we have...distinct capabilities at PepsiCo that give us a competitive advantage in the marketplace...Power of One is more than a catchy phrase." — PepsiCo Management (02/20/2008); "In terms of Power of One...there's so much more we can do to align merchandising efforts across beverages and snacks." — PepsiCo Management (2/11/2010); "With the acquisition of the bottling company, we can take Power of One into areas we've never done before...we can cut out redundant costs." — PepsiCo Management (3/22/2010); "PepsiCo's value is maximized as one Company...it provides compelling cost leverage across the value chain." — PepsiCo Management (2/9/2012); "We think the benefit of having the global snack and beverage business together is north of $800 million, so $800 million to $1 billion of synergies created by virtue of having those 2 together." — PepsiCo Management (2/21/2013)"

"The biggest problem of that molecule, the receptor, is interesting. The class is interesting. Narcolepsy is a huge need. Here is the problem. This product has a huge patient-to-patient variability in terms of how it's absorbed and how it actually passes the blood-brain barrier or moves past the blood-brain barrier. So, the biggest problem here is what we call the DDMPK, Drug Distribution and Metabolism, the mechanism of action. In a lab, it works wonderfully. In cells, it works, even in rat models, and we've even done models in dogs, and it works. The problem is in humans, the metabolism of such drug classes allows very high variability and very, very low bio-availability to reach even a 1% maximum. And that's why you'll never be able to take that product into clinical program to bring a reasonable effect to the patient, except by having to give patients something like 900 grams of the drug because the bio-availability is too low, and the variability is very high. — Senior pharmaceutical executive/scientist, previously at Abbott and now at another major pharma company"

""...we are skeptical that management will be able to deliver on the promise of a "higher growth, higher value" DuPont and achieve the promised 7% top line and 12% EPS...[and] we are concerned that management will continue to miss promised performance targets as "new DuPont" remains an inherently complex collection of disparate businesses with a high-cost corporate overhead structure and that it will trade at a conglomerate discount as it will be neither a growth play, nor a recovery play." — Trian Fund Management (February 2014 letter to DuPont's Lead Director). "To clarify our discussion that day [Trian's meeting with Sandy and management in December 2013] relative to our five year, long-term rolling growth targets of 7 percent revenue growth and 12 percent operating earnings growth, which were announced publically on December 9, 2010 at our Investor Day, we continue to believe these goals are both appropriate and achievable. We fully endorse management's plan and are encouraged by the progress against them." — DuPont's Lead Director (March 2014 letter to Trian)."

"“Nevro put together a brand new patient support and programming team. It’s role was to work with patients, call the patient on a daily basis, and advise the patient to turn the stimulator on or off. They would have a list of patients they were in charge of. They would call them daily during the trial, right after, after the procedure, to make sure the stim is set correctly. No other neuromodulation company had that. It was unique to HF10. A lot of times the patient had to be patient. We’d lower or increase the stimulation. We’d start at a low frequency, would wait 24 to 48 hours, would increase it by 1, then wait, then increase it again. For one algorithm, you’d spend a week and a half just on that algorithm. The reps would ask on the phone if you’re getting pain coverage, take notes, then add 3 milliamps. They’d have to go through this over the next 3 to 4 weeks to get correct coverage. If they didn’t get correct coverage, they’d have to bring the patient back in for reprogramming to see which programs work or don’t work.” — Former Nevro executive"

""Nevro didn’t want the patient to feel paresthesia, but what you’ll find is that they crave the paresthesia. Once they feel it, they think that that’s the indication of whether the device is working or not. You can’t just get rid of paresthesia unilaterally and say it's a great thing because there are definitely reasons for it." — High volume implanter/KOL; "The HF10 results don’t pan out over time, correct. Again, that’s my personal opinion. It's the reason Omnia is out. A lot of people wanted the paresthesia. Even right from the start, probably 50% of the doctors that I came across wanted paresthesia as an option for patients. They were saying, what if a patient wants it? We’d say, no, no, we have to follow the evidence and we can only do it this way." — Former Nevro territory manager; "If the leads move even a little bit the Nevro reps get lost and they don’t know where to program because there’s no buzzing or tingling, no paresthesia. So they don’t know what to do. They’re programming blind." — High volume implanter/KOL"

"“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"

"“paresthesia-free” has backfired and resulted in a patient/doctor support infrastructure that renders the business model broken and permanently unprofitable. — Ex-executives. “paresthesia-free” is a fatally flawed concept and that he observed over half of patients failing to improve and virtually all experiencing lack of efficacy at various times. — Former regional sales director. Nevro found itself “in a bind” with the CEO and management refusing to accept that high frequency is a dud, leading to conflict with the field and sales reps leaving “in droves” despite the best compensation in the industry. — Former regional sales director. “despite repeated reprogramming sessions in the effort to achieve therapeutic optimization” — A January 2020 paper at the annual neuromodulation meeting (NANS). “differ greatly from the results we have found in real world practice.” — A January 2020 paper at the annual neuromodulation meeting (NANS). “disinformation” regarding explants, labeling Nevro’s conduct as “slimy.” — A KOL."

""And if we were a business today that we're separated from our TiO2, we would be going into 2016 saying...2016 will be a record EBITDA margin year in the history of this company." — Peter Huntsman, President & CEO; "...as much as this is a business that when you start looking at the core performance, if you look at Huntsman without TiO2, we would be going into 2016 here...with some of the highest margins we've ever had in our history and with better than GDP growth." — Peter Huntsman, President & CEO; "So I'll end my remarks on where I started with wanting this slide to be emblazoned in your mind. Again, as I look at the 4 steps that I think get this company another $20 to $30 a share, I think that these are all eminently doable." — Peter Huntsman, Chairman, President & CEO; "We remain very confident in delivering on the 2020 plans that we shared with you then. We are committed to the significant value creation upside of more than $27 per share by the end of 2020." — Peter Huntsman, Chairman, President & CEO"

"“...we're looking to – and working to consolidate, meaning make less, focus more on quality. We're all rolling up our sleeves, including myself to do just that.” — Robert A. Iger, FQ4’23 Earnings Call; “Permit me to throw a couple of cliches your way...ESPN has always aimed to serve the sportsman effectively...And so all of the steps that we've been taking and that we announced today and that we will continue to take are aimed at doing just that.” — Robert A. Iger, FQ1’24 Earnings Call; “In terms of how we get there, it's really in many ways the way that we've gotten from where we were to the point we're at right now...Not going to put a specific time frame on that right now.” — Hugh F. Johnston, FQ1’24 Earnings Call; “We're already hard at work at basically determining where we're going to place our new investments and what they will be. You can pretty much conclude that they'll be all over...I'm not going to really give you much more of a sense of timing....” — Robert A. Iger, FQ1’24 Earnings Call"

"“...we're looking to – and working to consolidate, meaning make less, focus more on quality. We're all rolling up our sleeves, including myself to do just that.” — Robert A. Iger, FQ4'23 Earnings Call; “Permit me to throw a couple of cliches your way...ESPN has always aimed to serve the sportsman effectively...And so all of the steps that we've been taking and that we announced today and that we will continue to take are aimed at doing just that.” — Robert A. Iger, FQ1'24 Earnings Call; “In terms of how we get there, it's really in many ways the way that we've gotten from where we were to the point we're at right now...Not going to put a specific time frame on that right now.” — Hugh F. Johnston, FQ1'24 Earnings Call; “We're already hard at work at basically determining where we're going to place our new investments and what they will be. You can pretty much conclude that they'll be all over...I'm not going to really give you much more of a sense of timing....” — Robert A. Iger, FQ1'24 Earnings Call"

"I do and I always debate with myself about whether I should even have the rep in the room when a patient discussion is going on. It is a valid concern. The rep is kind of an extension of your practice. I've seen some really egregious things where the feedback is really negative about what the rep did in terms of steering a patient that was unsure and pushing them towards implant. The reps will certainly try to be there every time because that's their opportunity to steer the conversation. My concern is that they're potentially doing things that I don't like, on the phone with he patient. Sometimes practices don't have a bandwidth to engage with their patient every day for a week. The rep gives text message updates saying "Hey Mr. Jones is going great" and then you call Mr. Jones and he's like "Oh no I am doing terrible. I don't like this". Sometimes the doc is not really paying attention. They start to get misinformation. — KOL and high volume Nevro implanter"

"“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"

""If a doctor says I use Medtronic, Boston Scientific, or Abbot, the outcomes would be relatively similar... the reality is they are so similar that it's not that different." ... "But with Nevro, two things made them the big bang success at the beginning. They came out with the Senza study which showed just amazing outcomes... I know how this works, and in everything we did we would augment [the data] a little bit to get manipulation of statistics and so forth, but for this kind of number, this was like...what??" ... "We subsequently found out, as we spoke to former Nevro reps who were involved in the Senza study, that the manipulation in statements from the patients was crazy... So, it was a big scam. The way that they manipulated the data was criminal. I would say that the bigger names in neuromodulation who weren't getting paid by them, think of Nevro with disgust." — Ex-Nevro consultant/speaker and one of the most prominent KOL's in the space"

"“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"

""L'Oréal is proud to announce the development of the very first paper-based cosmetic tube... We plan to improve the environmental or social impact of 100% of our new products by 2020." — L'Oréal (Bioplastics News, October 18, 2019); "PepsiCo, Inc. today announced a new target to reduce 35% of virgin plastic content across its beverage portfolio by 2025" — PepsiCo (September 13, 2019); "Halve its use of virgin plastic, by reducing its absolute use of plastic packaging by more than 100,000 tonnes and accelerating its use of recycled plastic" — Unilever (July 10, 2019); "Coca-Cola and PepsiCo, two major sellers of plastic bottles, have made sweeping sustainability commitments. Now they are stepping away from a plastics lobbying group." — CNN (August 5, 2019); "Company Aims to Make 100% of its Packaging Recyclable, Reusable or Compostable by 2025; Increase Usage of Recycled Materials." — Kraft Heinz (July 31, 2018)"

""Could you sort of give us an overview of how that's going? I think there was a lot made of kind of Amazon moving to the capital region. How much competition are you seeing from kind of the tech industry?" — Analyst Barcap Conf Feb 2020; "Yes. Look, hiring's tough. Again, this is one of the areas that we view is the thing that keeps our CEO and CFO up at night... So them coming to DC maybe intensifies that competition a little bit, but the idea that we've never seen Amazon before, and we've never competed for talent until they announced HQ2 is just not true." — Former VP Booz Allen Response; "Early indication is that our fourth quarter productivity levels may remain closer to historical norms... This was critically important because the labor market, as we often appreciate, is very competitive. Pre-pandemic and in the midst of COVID, it has remained so." — CFO Comments Q3 2021 Jan 29, 2021"

""Reps engaging in the practice of medicine has always been the concern. It’s very time consuming to schedule the patient with a doctor to reprogram them. The majority of the doctors don’t know how stimulators work or how to program them. The rep is in the operating room doing the programming. The doctors are not involved in the programming. They understand at a high level that they’re driving a current through the spine. From a technical standpoint to use the programmer or remote control, not so much." — Former Nevro executive #1; "They’re not health care providers in any way, shape, or form. Some of them are not educated in medicine or science at all, and they’re responsible for the care of patients. You can say that’s definitely not a great thing. If the patients knew what the credentials of some of the caregivers are they would probably be pretty concerned." — Former Nevro executive #2"

"“Not robust enough to ensure good results”; troubleshooting was difficult... The system should have been a little bit more resilient and a little bit more flexible to accommodate for a suboptimal sample. At that point, troubleshooting was also fairly difficult.” — Former BLI scientist. “It always required a lot of support materials in terms of documentation... You couldn’t really run everything perfectly because there were just too many steps.” — Former BLI scientist. “They did, yes, they did occasionally because consider that in a workflow that can last up to five to six days or more, 500 hours of a target for consistent and reliable usage, that basically means five or six runs. That is something that can be reached. That limit can be reached fairly quickly. If 1 out of 6 or 7 runs doesn’t work, then it starts to be an issue for the customer.” — Former BLI scientist."

"“The UK, our oldest market in EMEA, continues its impressive performance. This quarter we experienced 92% growth in volume, and a 56% increase in average active sales leaders.” — Des Walsh (July 2013); “Net sales in the United Kingdom decreased $15.2 million, or 21.8%, for the year ended December 31, 2015... Following significant growth the United Kingdom market in 2013 and 2014, we have seen a decline in 2015. This decline is attributed to the impact of recent changes to the Marketing Plan, including the shift in focus to our longer-term sales leader qualification method to which Members continue to adapt. The underlying business metrics remain solid...” — 2015 Form 10-K; “Net sales [in the United Kingdom] decreased $9.9 million, or 18.1%, for the year ended December 31, 2016... We are taking steps to improve Member leadership engagement.” — 2016 Form 10-K"

""John Dowdy was a know it all... I looked at all his financial models and they were just really bad... He was a good accountant but not a good CFO." — Former Danimer Employee; "It was the same thing back then. It was all about name dropping. We were already working with Pepsi back then. We had big clients but they were small orders.... I am amazed the Company is worth so much money now and its still doing the same thing." — Former Danimer Employee; "PHA by itself does not satisfy the technical requirements of most applications where normal polymers are used right now... When you take gluten out of bread and use wheat flour or whatever doesn't have gluten and try to make bread, it just breaks and there is no elasticity. That is pretty much the same thing when you remove petrol from polymers. That’s the really hard part." — Former Danimer Employee"

"“To be honest, we watch their stock and we’re like ‘What are we missing?’ In our market, we don't see a ton of good outcomes. Omnia has really not done anything. We hear rumbling from Caraway [Nevro Chief Medical Officer] that they're researching more indications, and we just don't know how a one-trick pony makes any headway. We can't figure it out - they continue to do well on Wall Street, but I do not see any movement or any changes here. If anything, they're shrinking here. Frankly, there's very little discussion of Nevro at this point at Medtronic, at our national sales meeting. or really any talk about their taking business away. A lot of the reps that they hired away are now either back with Medtronic or have moved on. That's pretty common from what I can tell in territories across the country.” — Longtime Medtronic territory manager"

"“There was always paperwork that had to be sent in, in addition to the enrollment form, and that's the biggie. Then you've got to have supporting documentation, and so that documentation gets faxed in...they wouldn't let us know in the salesforce; we had no idea. They completely boxed us out, which is very atypical within the rare disease biosciences, but especially in rare disease, it doesn't happen. The reps, there are no HIPAA violations, but you are aware of the situation...they just completely boxed everybody out, and you have days and weeks go on where, as a rep, you don't know what's going on. You have no clue, they won't tell you...there's nobody I can call at corporate to facilitate it, and so, I have to just keep my mouth shut...I don't know the reason behind it.” — Ex-Harmony territory manager for a large region in the southeast"

"“I don't think anyone got a return on their investment. It was more for a sustainability perspective, so they could say we bought a cleaner vehicle… My opinion is the demand has definitely slowed from municipalities.” — XL Former Employee E; “For hybrids, they're squashing all that because hybrids aren't really proving to be that successful. They're pushing that money into full electric now. The clock is ticking away on hybrid technology and incentives.” — Former XL Employee A; “Why would FedEx agree to expand what XL has when they could just go fully electric and get beyond 25 miles per gallon from 14? Same for a Coca-Cola, Pepsi, or Verizon. I think all these companies, there's natural limits what check size they would send for XL hybrids as a product, because the benefit is fairly limited.” — Former XL Employee D"

"“We subsequently found out, as we spoke to former Nevro reps who were involved in the Senza study, that the manipulation in statements from the patients was crazy. They had very leading questions like, ‘in certain times of the day do you feel that your pain is this much better, that much better?’ It wasn’t an overall global pain assessment scale. These were very, very specific questions to manipulate the answer that they wanted. I wasn’t the only one who found this out. Other doctors who I respect greatly in the field also got the same input from other reps who were formally working for Nevro. So, it was a big scam. The way that they manipulated the data was criminal. I would say that the bigger names in neuromodulation who weren't getting paid by them, think of Nevro with disgust.” — KOL and former Nevro implanter"

""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)"

"“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)"