Callouts & quotes from 229+ 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)"

""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)."

""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)."

"Today, the Microsoft Cloud is differentiated and is leading with industry and cross-industry solutions and our opportunity is to take Nuance's momentum and add Microsoft Cloud for Healthcare. Six months ago, we introduced the Microsoft Cloud for Healthcare, which brings together the breadth of our offerings and adds new capabilities, customizations and standards unique to the industry. Nuance and Microsoft complete the end-to-end patient-provider workflow, capturing the patient interaction, converting into clinical documentation and conducting follow-up actions. Together, Nuance's momentum and growth in these key areas, paired with Microsoft's scale across the enterprise, will increase our total addressable market and expand our AI leadership. Nuance will double our TAM in healthcare provider space and increase our TAM across healthcare to nearly $500 billion [ph]. This acquisition brings our technology directly into the physician/patient loop, which is central to all healthcare delivery. The acquisition will also expand our leadership in cross-industry enterprise AI and biometric security. Nuance is a recognized leader in conversational AI for intelligent customer engagement through interactive voice response, virtual assistants and voice biometrics. Most importantly, together, we will drive increased customer benefits by augmenting the Microsoft Cloud for Healthcare with Nuance and by combining Nuance's deep enterprise AI expertise with the Microsoft Cloud, we will deliver powerful next generation services and accelerate the growth of Nuance's business and drive growth across our complete tech stack. — Microsoft / Nuance Deal Presentation"

""When you dig a little bit deeper, you still have to go back and do some other activities. You're not done just because you put some cells into a Berkeley. I can say from the feedback I've gotten, they feel that yes, it doesn't shorten it." — Lonza scientist; "The primary issue is just now once you've identified for example new antigens that are associated with tumors , now again, you have to take it offline and then do some additional workflows, whether that be sequencing, proteomics—whatever, you're just going to have to do that. So, that was the major shortcoming for us." — Lonza scientist; "They can look and see the secretion of the antibodies, but they can't tell, for instance, the general cell line stability, whether or not there's stable expression, whether it has some of the other ancillary characteristics you're looking for. They do need to take it offline to do some additional testing. they just don't have every capability we like to look for. I would say that what Berkeley does is it helps us narrow down the number of candidates to a manageable number that we then go back to some of the more traditional testing for it. And I would say that's the same for cell therapies. It's not going to be able to do everything." — Lonza scientist; "I think the major shortcoming for us was the cost of the hardware was fairly prohibitive for the work that we're doing with it; I mean, we'd really have to do a lot of testing of different programs in order to recoup any investment into the Beacon itself. Any decision given the price point, we weren't going to use it." — Lonza scientist"

""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"

"“...abrupt material lapse in operational and financial discipline within the Company.” — Vivendi Presentation, Page 5; “Announcing a profit warning a week after issuing a bond has alienated market participants, who are losing trust in TIM.” — Vivendi Presentation, Page 8; “The three-year strategic plan presented by the former management in March 2018 had broad market support.” — Vivendi Presentation, Page 10; “...important need for any plan to contain key pillars, such as focus on enhanced FCF generation, deleveraging, digitalization and improved customer satisfaction, in order to drive value creation.” — Vivendi Presentation, Page 15; “The opaquely worded outlook for 2019 suggests that the bad news is likely to keep flowing as the company seems rudderless and adrift in turbulent waters.” — Vivendi Presentation, Page 36; “New CEO Luigi Gubitosi is throwing the kitchen sink at his predecessor’s ambition to grow domestic EBITDA....” — Vivendi Presentation, Page 36; “These procedures were not followed for the nomination of Luigi Gubitosi as CEO, [whose nomination was] pre-packaged during the shadow meetings held by Elliott representatives and Elliott-nominated Board Members.” — Vivendi Presentation, Pages 37, 39; “None of the new candidates want to be the CEO...and none of the independent directors wants to be Chairman....in other words the chairman will be chosen among the five proposed independent directors and the CEO between the two not-independent directors (De Puyfontaine and Genish).” — Vivendi Presentation, Page 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"

"“One machine per $50B of market cap sounds like about a good bellwether. Typically, the customers that you'll see coming through first, big pharma that have $2 billion-plus research budgets a year, they buy one of everything, and they validate it. I'm pretty sure Berkeley Lights is in almost all of the big pharma's now. Big pharma's with a budget that size, there are 30-odd of them globally. Of course, the MAB space is a lot bigger than that, But that said, 30 of them have the budget to be buying pieces of equipment like that in that price range.” — Former BLI executive; “While I believe the company has announced deals with smaller biopharma's now, it's still a stretch for the people with smaller research budgets. It's just a matter of what sort of assumption can you make on the penetration into medium biopharma's and CROs. If I had to rank the segments, I'd say large biopharma—yes—and they're in most of them.” — Former BLI executive; “In 2016 we found a pretty good fit with cell line development. Over a year or so, through the process, I realized that there aren't enough pharma companies to keep doing this forever. You start off with cell line development, you have in the high tens of companies, maybe 60, 70. And then, you do about 10-20 campaigns a year and then have a 50 to 100 installed base... They've seen enough penetration, and it's kind of obvious that there's a certain ceiling to the growth. You can have some flow through, but the growth turns out to be not much” — Former BLI senior scientist"

""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)"

""They've got these ideas around cell therapy - I laughed when I took a peek at their S-1. That's so far out. Not only do you have to get a pharma to buy this thing and use it, you have to get somebody to take it through the FDA, a novel device. Is Berkeley Lights going to pay for that? Are they going to do their own first to get it approved in some application? A pharma company who's building the therapeutic has to take the risk of using something new at the FDA. The FDA could be like, 'Nah, no. We don't know about that. That sounds complicated.' It's just a risk. In cell therapy to introduce new modes of testing or production are likely going to take a very long time and I think it's going to be hard to get the incentives appropriately. Who are the companies who are going to build knowing that's a risk? That's a platform risk. They will crawl up the rear end as a class 1 device. It's a heavy lift." — Former executive; "A lot of work was focused on generating datasets that could confirm that the Beacon platform could generate data that would support an IND filing with the FDA, comparable to traditional methods that are employed right now. They got to a point where they really needed to prove that you could replace completely the standard cell line development workflows with the Beacon workflow and have the same likelihood of success with the FDA or, in general, with a pharma company. That was mostly the focus." — Former employee/scientist"

"“Berkeley Lights uses a microfluidic device that has some chambers that are etched literally into the device. The limiting factor is how many of these chambers you have on the chip, and over time, they've developed chips with up to 13,000 or 14,000 chambers. The maximum number of cells that you can screen is actually right now, I think, only up to 13,000.” — Former BLI scientist; “Another issue that limits throughput is export of the cells from the microfluidic device to a plate, like on a culture plate. That process is also relatively time-consuming. It takes several hours to export a few hundred cells. Ultimately, those are the points where there's not much more optimization of the system that can be done to speed up the process. There are one or two main bottlenecks that we never really brought the throughput on par with a flow cytometer or sorter or some kind of droplet-based technology.” — Former BLI scientist; “Understanding the way technology actually works, which is by moving cells individually, that takes a certain amount of time. It can take up to a couple of minutes to process one cell. So, that gives you a massive throughput limitation. Just to screen one chip and to take a couple hundred cells off of that, that's an all-day process. And the cells only stay alive for a day or two maximum, depending on which immune cell type you're working with.” — Former BLI executive"

""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"

"“Doctors have been using spinal cord stimulation for PDN for a while, but notoriously it’s very bad for the foot. It doesn’t get to the foot. You can’t get spinal stimulation into the foot without having to stimulate everything along the way, Stimulation doesn’t change the plumbing. Diabetic neuropathy causes pain because there’s shitty blood flow which affects the nerves, which get rewired and interpret it as pain. What’s going to happen with Nevro is what happens with every other spinal cord stimulator for the foot. You can’t get to the foot, so you have to jack up the current, and then you get tolerance and [any pain relief] goes away.” — KOL and high volume implanter; “For diabetic neuropathy, DRG is 100 times better than any other neuromodulation system. Without question. Nevro has one size fits all. It’s not even a question – DRG is the answer, at least anything neuromodulation-related for neuropathy. At least with DRG you are going to have increased blood flow because it’s a real system.” — KOL and former high volume Nevro implanter; “The other thing is that a lot of patients with diabetic neuropathy have pain in their feet, the actual feet themselves, and I personally don’t believe Nevro is the best for the feet as the Abbott DRG is better.” — KOL and high volume implanter, who still uses Nevro moderately"

""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"

"“The process used to make a thin ceramic layer is expensive. It's more expensive than what their competitors are using. So, they could have a cost structure issue. It also turns out that it's hard to achieve that thin dense layer, so there could be quality issues in addition to cost issues. That's the biggest risk they face. The thin ceramic layer is expensive because it uses high-temperature furnaces to essentially keep the crystals near their melting point so that they can flow, and it's through that flow that they stick to each other. The sulfide, another electrolyte that Solid Power and Sion are using, doesn't require the same high temperature, so it's cheaper. Finally, the ionic material is plastics, and that's the cheapest of all.” — Former employee; “Because they use an oxide-type, it's a true ceramic-type separator material, and they have to sinter that material. Sintering is a high-temperature process. It's not something that's commonly done. I have not investigated at length the CAPEX and throughput required in a way that it can be achieved with sintering. However, it is an additional step, it is an additional CAPEX item, and it is not insignificant step of sintering the separator layer in order to densify it.” — Solid state expert"

""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"

"“I think -- well, it's inevitable that for every CEO, the success is measured through -- with total shareholder return, how much your stock was appreciated and how much dividend were you able to pass to the shareholders. But let's not forget that this is only a surrogate point, a very good one because the market really knows how to value your operational value creation. But it is a surrogate point, where fundamental it is how much you can stay true to your purpose. And the purpose of the pharma company is to bring breakthrough products that change patients' lives. So the operational measurement of success will be our ability to have a constant flow of breakthrough innovation that significantly changes the current standards of care, and that's for the long term. So a way to measure it, for us, it is we have put out there a list of 15 potential blockbusters that could come by the year -- in 5 years, so it is by 2022 when we put it out in '18. And I think my focus would be to make sure that we deliver more than our fair risk adjustment of this number, and that will be success.” — Albert Bourla, Pfizer Chair and CEO"

""AbCellera is a big one. In terms of a technology competitor, like think of who else can do that single-cell secretion assay and then identify that cell. AbCellera can do that, but it's so damn hard that they could not productize, so they did a very good job in making it as a service...Customers who want to just outsource everything; they go to AbCellera." — Former senior scientist; "For antibody discovery, there is obviously AbCellera that has a similar system for – it's a comparable system for evaluation of single cells. AbCellera also is based on a microfluidic device. But again, AbCellera's business model is different because they don't sell platforms." — Former scientist; "And, of course, then there's the service providers like AbCellera, which is already doing two or three-fold Berkeley Lights revenue, has a slightly different technical approach, but effectively, it does exactly the same workflow—screens cells for antibodies, picks out the ones that are making the relevant antibody and allows the research and development teams to then go and further characterize those antibodies." — Former executive"

""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 whole industry is being encouraged during this time to re-examine their expenditures and work flow efficiencies." — Dentist; "The orthodontists coming out of school are more in debt than ever in the history of the profession. They are very tech savvy. If they know that they can save money, they will." — Senior Employee, Major Dental Equipment Supplier; "I talk to between 5-15 dentists a day, and they are greatly reducing their Invisalign numbers. For those dentists that are not yet switching, they are thinking about it." — Dental Consultant; "The younger to midcareer guys, a lot of them are switching away from Invisalign." — Dentist, DSO; "The biggest risk to Invisalign is the core base of users are looking for alternatives. There are study clubs in my area that are called 'Invisalign alternative study clubs,' meaning you have a roomful of 30-40 of the heaviest hitter orthodontists in [region redacted] come together every 2-3 months to sit there and talk about other companies other than Invisalign that you can use." — Orthodontist, Diamond Plus Align Tier"

""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)"

"By proceeding to comprehensive and in-depth research, investigation and analysis on the issue of standardization of the current transaction flow in sawn wood and major wood-based panel, making reference to the relevant information in domestic and overseas timber trade standardization as well as conducting on-site investigation and study, the following five sets of standards to China’s timber trading activities were proposed by the Study and being reviewed by experts of the National Technical Committee 41 on Timber of Standardization Administration of China, which served to lay the foundation in facilitating related industry standards in the future and in establishing a well-regulated timber trading market: 1. Standardization in trading of sawn wood; 2. Standardization in trading of medium density fibreboard; 3. Standardization in trading of particle board; 4. Standardization in trading of joinery board; and 5. Standardization in trading of plywood;” — June 19, 2008 announcement"

""And to your second question on color on churn in the quarter, we don't disclose churn on a regular basis. We did provide some color on gross retention rates as part of the IPO process. Churn for us has been stable and improving for many quarters and for a long period of time." — CFO Vashee, Q2 2018 Conference Call; "Our latest outlook incorporates some really positive early signals related to both conversion and churn that we're seeing. And the second thing I will say, we provided some color on churn back when we went public last year. Directionally, churn has been very stable for us since then. It did, in fact, improve across the business in Q2, so those rates have improved." — CFO Vashee, Q2 2019 Conference Call; "Because we're such an important part of how our users get work done and we're mission critical to so many business workflows, our churn rates have remained very stable, in the mid-teens, since our IPO." — CFO Vashee, Analyst Day Sept 2019"

"“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."

"“...there have been a lot more changes into the Medicare and kind of guidelines and an increase in Medicare audits for Aquablation, as well as commercial insurance audits, because strictly Aquablations are indicated for certain sizes of the prostate, but this past year some more restrictive guidelines were released, including size criteria, objective urinary flow assessment criteria, objective questionnaire criteria to allow for approval of Aquablation. So that may be a trend that we continue to see, just more restrictive requirements to offer Aquablation to patients because I feel like that's happening more and more as technologies are more available. I don't know if CMS wants to prevent physicians from kind of abusing this, but it's been a little bit more difficult to get the surgery for patients. I think there are a lot of headwinds for allowing Aquablation to reach more people.” — Spruce Point Interview with Private Practice Urologist, Dec 2024"

""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"

"“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."

"“I think it's an interesting observation because one of the things—in my mind, a cell line development workflow really starts you're penning single cells, you're observing something about them, in many cases, division rate or growth rate, things like that. And then the idea is that you can take the cells off of the chip, put them in a plate, and then grow them up in a GMP-compliant type facility. It's been interesting because there's honestly a lot of problems with that. It's not really all that surprising to me that they kind of de-emphasized that pipeline because there are issues with contamination, there are issues with growth, and the cells don't necessarily behave off-chip the same way they do on-chip, and so what may be a great growth candidate on-chip may behave differently in so-called chip emissions and things like that.” — Leading academic institution/ex-BLI scientist"

""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)"

"“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."

"“Due to the superiority of our workflows, Amgen has shut down legacy cell line development process and converted wholly to Berkeley Lights, and we're working through a similar process in antibody discovery. I think this is a great example of how we expand across our customers' organizations…” — BLI CEO, 1/12/21, JP Morgan conference; “They [Amgen] had a big problem there. And we solved that problem. Now Amgen, the -- all cell lines are coming out of Amgen are made on Berkeley Lights Beacon, right?” — CEO, 3/4/21, Cowen conference; “And case in point is that we worked on cell line development with Amgen early on. That was one of our early partners. And once they got a hold of our technology and saw how they could use it, they've dramatically -- they've switched wholesale over to Berkeley Lights to make cell lines at Amgen.” — BLI CEO, 3/24/21, KeyBanc conference"

"“...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.”"

"There are three key takeaways for the right-hand side of this slide. For each cohort, the take rate remains almost unchanged versus 2020. Different cohorts have different pricing points depending on the business mix. And we continue to see that there are multiple factors that make our merchants want to do business with us, and pricing is just one of them. The drop in our average take rate from 5% in 2020 to 4% in 2021 is mainly explained by changes in the underlying business mix. The cohorts that grew the most in 2021 were the 2018 and 2020 vintages. And these cohorts came with a lower take rate, mainly driven by the business mix of higher payouts and local to local payment flows. Third, it is worthwhile to highlight that the 2021 cohort of merchants posted a higher take rate than our overall take rate in 2021. — Sumita Pandit, DLO COO"

"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"

"Internally, it was also difficult for us to keep up, and we were super-users, and we were the ones that were actually requesting features for the software. I think we never reached a good balance between implementing new features because they were needed to improve the capability of the software and the machine but also keeping the system stable enough that a simple update doesn't affect the major functionality. — Former BLI employee; And then there's software issues. It's not transparent. So, as they need their process to be more and more workflow-based, there's no transparency into why things go wrong. So, it's not uncommon that something just happens that's completely unexpected based on what you've told the instrument to do; something unexpected has happened, and it's some sort of a software issue. — Former BLI scientist"

"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)"

"“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)"

"“The retailers that we are dealing with are certainly focused on sales, but they are far more focused today on profitability and cash flow, which leads to capital allocation for new stores or remodeled stores upon renewal. What we faced in 2009 was, most retailers saying we are preserving our cash because we are unsure about our line [of credit]. And we are insecure about our ability to finance. Now that they have better cash margins and better cash on deposit, we are now hearing that they are allocating money for new open-to-buys. And I think David gave you a list in his comments of those stores that are looking at that. So I think it is going to be less correlated with sales and more correlated with profitability and cash flow generation.” — Rick Sokolov, COO of Simon Property Group, October 30, 2009"

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

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

"“2 million? 5 million?” — John Tartol (current board member); “[T]his opportunity can provide persons with a career level / residual income of an average of $100,000 per year.” — Financial Success System publication (affiliated with Doran Andry); “Cash flow of “$10,000+ by month 6th [sic] is common.” — Freedom Team Presentation (affiliated with Kurt & Cindy O’Connell); “Just after six months in the business, our income was over $6,000 a month... And over the last nine years, we have made millions... And what I know, you could have the same opportunity as we had.” — Michael Burton (later went into personal bankruptcy); “[I]t was crazy, it was unbelievable, I mean, we were able to pay cash for a £80,000 Ferrari... It really is a life, it’s all you dream, really.” — David Bevan"

""Sportradar is dependent on acquiring sports rights, which represents a high fixed cost of the business. Although the upfront commitment does not guarantee cash flow, and the investment can underperform leading to impairment (for example the recent €38 million impairment of sports rights licenses for the NBA and NFL due to slower than expected development of US sports betting)" — Moody's (October 30, 2020). "The two ratings opinions also provide a partial glimpse into Sportradar's financials. Among them, the company has experienced a $42 million "impairment" of its NBA contract, according to Fitch. That likely means Sportradar has had to write down a portion of its NBA deal to account for being unable to monetize basketball data as expected." — Sportico (October 14, 2020)."

""Yes, remember, we -- you could arguably say we had 10 to 15 key patents burn off at the last -- last part of last year and I call those CAD/CAM patents which means you could design something on a computer screen and then 3D print it and that's what choked most companies from getting into the marketplace because you really couldn't scale." — Joseph Hogan, CEO, Align Technology. "In the future, we are going to see a change where a company is going to develop software that is so easy to use where I will pay a monthly fee and then I will be able to print the aligners in my office. We are not that far away from that. It is coming." — Orthodontist, Diamond Plus Align Tier. "Better software and alternative workflows are what will take over Invisalign." — Orthodontist."