Callouts & quotes from 44+ activist slides

""Given the trends that we're exhibiting, the reversal in those trends, I'm just trying to understand what confidence that we can put in a reasonable timeframe, long term is a fairly vague definition, a reasonable time frame for evolution toward a 55% OR." — RBC; "One of the pushbacks we get in sort of recommending your stock is that there is a perception out there that maybe management is a little bit taking their time on the margin side. There isn't as much of a sense of urgency." — Bernstein; "Lance, I wonder if you could just give your investors a little bit of confidence... you guys have had some pretty significant OR targets out there for some time now." — Barclays; "Our analysis shows a significant efficiency gap between Union Pacific and its peers... This structural opportunity is execution-dependent but we sense the productivity improvement momentum currently occurring in the U.S. railroads, in part due to the management changes at CSX, provides significant incentive for management to attack this opportunity with more vigor." — BMO; "...we expect that management will begin to act with a sense of urgency to restore investor confidence (or will face increasing pressure to do so)." — Bernstein; "[on relative underperformance vs. peers] "...this is a tough question. But Lance, is there a sense of urgency that's been elevated?" — Deutsche Bank; "Ultimately, management needs to deliver better cost performance and under constant questioning they remained steadfast in their outlook to do so... we believe pressure will build on management to execute well." — Citi; "...I just want to understand what's embedded in the back-half guidance or the revised full year guidance? Because this is now the second time in, I don't know, 40-45 days that we're revising the full year outlook. ...there are a few people out there that have many decades of PSR experience that have been PSR implemented... Those guys seem to be available on a consultancy basis. I don't know if there is scope to bring in somebody on a short-term basis to accelerate some of the progress... Is that something that you're considering or looking at doing?" — Deutsche Bank; "I want to ask just a bigger picture question. I think some people are questioning the success or maybe the sustainability of PSR. ... We were supposed to do at 55% this year on our way to a lower low to mid-50s OR in a couple of years. Are those just the wrong numbers to be thinking about now for the OR over time?" — Wolfe; "And then for next year, I heard the word confident a lot. ...but not confident enough to give the OR guide for next year of 55%. ...is 55% achievable for next year?" — RBC; "...you laid out a multiyear productivity improvement for the network. ...are you confident that you can eventually obtain the aggregate plan over time? ...reset at a lower level going forward?" — Evercore ISI; "...can you talk a little bit to the longer-term transition plans? What skill sets do you think the Board really is focused on for the next leader of the business." — Susquehanna; "After a period pre-pandemic where significant improvement in operating efficiency resulted in the mgmt. team at the time boasting a forecast for an 'industry leading O/R,' mgmt. has now backed off that objective... Looking back to the period late 2016 to early 2019, that time was characterized by guidance that lacked conviction, a dearth of PSR expertise at the mgmt. level and (ultimately) sub-par operating results. Fundamentally, we are concerned that we are entering a new period characterized by the very same challenges." — RBC"

""longer works because FD is now a detriment to the combined entity's valuation, 3) management seems unwilling to acknowledge the asset is destroying value, so 4) while the only hope is activism at this point - given management's ongoing hope that FD can rebound - the potential for activism seems low...." — Barclays – August 30, 2018; "Finally, we have also begun to field questions from investors about management's ability to successfully turnaround Family Dollar and whether DLTR would consider other strategic options...we are growing concerned that such a heavy focus of time, capital, and opex is being spent on Family Dollar with little to no fundamental improvement and that it may be better spent on the core Dollar Tree segment." — Goldman Sachs – August 30, 2018; "The market's interest in sum-of-the-parts (SOTP) and a potential break-up clearly indicates that the wheels have come off the Family Dollar bull thesis. This turnaround has stalled much too early and the core business, while producing good top-line, is experiencing margin pressure...Family Dollar a Clear Disappointment: Three years after closing on this turnaround project, comps are weak, the productivity gap to DG is as large as ever, and margins are back-tracking after initial progress. We estimate the value destruction of this deal at $7 billion...We were not fans of this transaction from the start, and it's now clear that DLTR would have been much better off today if they had not done this deal." — Wells Fargo – July 11, 2018; "While very low likelihood, in our view, DLTR could go down the path of multiple price points at Dollar Tree or simply raising the single price point. This could be done with or without the divestiture of Family Dollar stores. While, on paper, we understand the attractiveness of such a move (better comps and profit dollar growth, temporarily) we don't see the current Board or management team as amenable." — Credit Suisse – June 12, 2018; "Family Dollar's performance has disappointed investors – We have been disappointed/frustrated with Family Dollar's progression.... A 10% premium to the market for Dollar Tree implies investors are essentially getting Family Dollar for FREE...In this case, investors have essentially attributed ZERO value to Family Dollar's 8,000 stores, $10 billion of sales and $512mmE of EBIT." — RBC – June 8, 2018; "The Dollar Tree concept has been highly successful, but there remains significant opportunity to unlock value by expanding price points and we see three reasons this catalyst could arrive sooner than expected...Lastly, we believe the moment of truth is here for Family Dollar, and failure to drive a more meaningful comp improvement could leave management searching for another source of growth." — Wells Fargo – May 18, 2018"

""We agree with Elliott's assessment that there is more upside potential in the refining business, on both capture and opex, and we think Elliott's presence itself could refocus management towards this business." — J.P. Morgan, April 8, 2025; "Where we agree with Elliott that PSX is undervalued - at current levels we see no value for refining in the share price at current levels, under our integrated DCF analysis." — Wolfe Research, April 25, 2025; "We prefer a spin, or large selldown of non synergistic assets as we believe the volatility in Refining EBITDA swamps growth in more stable premium segments, keeping stability seeking midstream investors away." — Bank of America, April 25, 2025; "Despite the noise, expect that Elliott's pressure to execute on these targets will be a strong positive for the stock." — Piper Sandler, November 29, 2023; "We think PSX's 1Q25 results will have a mixed impact on near-term share price performance... the market may interpret the bad news as good news because it will give more support to Elliott's case and thus provide a potential catalyst to the shares." — Scotiabank, April 25, 2025; "We suspect Elliott's updated position will result in PSX having to find additional ways to close the refining performance gap vs large cap peers... A M/S spin seems like easiest to execute...A sale could be a more beneficial outcome, though requires a willing suitor." — T.D. Cowen, February 12, 2025; "Here Elliott sees Midstream assets as potentially worth ~$50B, assuming a ~10x multiple on synergized '26E EBITDA... We agree with Elliott on valuation disparity." — Citi Research, February 13, 2025"

"Quite frankly, I think [regaining the high ground] is going to require evolution. We’ve been concerned about Southwest for some time, that it has mostly, not entirely, but mostly sat out the industry’s evolution... They have a product and price points that skew more toward discount airlines but a cost structure overall that skews a bit more toward the Big 3. It’s a bit of an identity crisis. — J.P. Morgan Webcast, May 2023; Everything [they're] doing is incremental. [They] need to make radical changes. — Wolfe Research Weekly Webcast, October 2023; ...What might you consider strategically or put on the table that hasn't been on the table before? So if we think about things like seat assignments, basic economy, bags fly free, historically, those have been sacrosanct... If you have lagging margins, it may require a harder look. — Evercore Analyst on Q3 2023 Earnings Call, October 2023; There is a lot of debate about the airline's lack of a premium product vs. peers and ancillary revenue opportunities beyond boarding... The drum beat on closing the margin gap with the network airlines will continue to beat louder... — Cowen, January 2024; Time to pull the RASM lever?... The main – and perhaps only – lever they have now to overcome cost inflation is to boost RASM... LUV still remains at a relative disadvantage to all their major competitors in the pursuit of premiumization. — Morgan Stanley, January 2024; We have long made the case that the Company's inability to monetize its cabin and participate in various high-margin revenue streams was a drag on relative margin performance. — Deutsche Bank, April 2024"

"Quite frankly, I think [regaining the high ground] is going to require evolution. We’ve been concerned about Southwest for some time, that it has mostly, not entirely, but mostly sat out the industry’s evolution... They have a product and price points that skew more toward discount airlines but a cost structure overall that skews a bit more toward the Big 3. It’s a bit of an identity crisis. — J.P. Morgan Webcast, May 2023; Everything [they’re] doing is incremental. [They] need to make radical changes. — Wolfe Research Weekly Webcast, October 2023; ...What might you consider strategically or put on the table that hasn’t been on the table before? So if we think about things like seat assignments, basic economy, bags fly free, historically, those have been sacrosanct... If you have lagging margins, it may require a harder look. — Evercore Analyst on Q3 2023 Earnings Call, October 2023; There is a lot of debate about the airline’s lack of a premium product vs. peers and ancillary revenue opportunities beyond boarding... The drum beat on closing the margin gap with the network airlines will continue to beat louder... — Cowen, January 2024; Time to pull the RASM lever?... The main – and perhaps only – lever they have now to overcome cost inflation is to boost RASM... LUV still remains at a relative disadvantage to all their major competitors in the pursuit of premiumization. — Morgan Stanley, January 2024; We have long made the case that the Company’s inability to monetize its cabin and participate in various high-margin revenue streams was a drag on relative margin performance. — Deutsche Bank, April 2024"

"Quite frankly, I think [regaining the high ground] is going to require evolution. We’ve been concerned about Southwest for some time, that it has mostly, not entirely, but mostly sat out the industry’s evolution... They have a product and price points that skew more toward discount airlines but a cost structure overall that skews a bit more toward the Big 3. It’s a bit of an identity crisis. — J.P. Morgan Webcast, May 2023; Everything [they’re] doing is incremental. [They] need to make radical changes. — Wolfe Research Weekly Webcast, October 2023; ...What might you consider strategically or put on the table that hasn't been on the table before? So if we think about things like seat assignments, basic economy, bags fly free, historically, those have been sacrosanct... If you have lagging margins, it may require a harder look. — Evercore Analyst on Q3 2023 Earnings Call, October 2023; There is a lot of debate about the airline’s lack of a premium product vs. peers and ancillary revenue opportunities beyond boarding... The drum beat on closing the margin gap with the network airlines will continue to beat louder... — Cowen, January 2024; Time to pull the RASM lever?... The main – and perhaps only – lever they have now to overcome cost inflation is to boost RASM... LUV still remains at a relative disadvantage to all their major competitors in the pursuit of premiumization. — Morgan Stanley, January 2024; We have long made the case that the Company’s inability to monetize its cabin and participate in various high-margin revenue streams was a drag on relative margin performance. — Deutsche Bank, April 2024"

"Quite frankly, I think [regaining the high ground] is going to require evolution. We’ve been concerned about Southwest for some time, that it has mostly, not entirely, but mostly sat out the industry’s evolution... They have a product and price points that skew more toward discount airlines but a cost structure overall that skews a bit more toward the Big 3. It’s a bit of an identity crisis. — J.P. Morgan Webcast, May 2023; Everything [they’re] doing is incremental. [They] need to make radical changes. — Wolfe Research Weekly Webcast, October 2023; ...What might you consider strategically or put on the table that hasn't been on the table before? So if we think about things like seat assignments, basic economy, bags fly free, historically, those have been sacrosanct... If you have lagging margins, it may require a harder look. — Evercore Analyst on Q3 2023 Earnings Call, October 2023; There is a lot of debate about the airline's lack of a premium product vs. peers and ancillary revenue opportunities beyond boarding... The drum beat on closing the margin gap with the network airlines will continue to beat louder... — Cowen, January 2024; Time to pull the RASM lever?... The main – and perhaps only – lever they have now to overcome cost inflation is to boost RASM... LUV still remains at a relative disadvantage to all their major competitors in the pursuit of premiumization. — Morgan Stanley, January 2024; We have long made the case that the Company's inability to monetize its cabin and participate in various high-margin revenue streams was a drag on relative margin performance. — Deutsche Bank, April 2024"

""I realized there was a large gap between the products we were developing, the products we were marketing and the products we were selling." — Former Lightspeed Employee #2; "So SEOshop, when it moved to the North American market for initial testing, it became very clear that the needs of North American retailers are very different than European retailers in the ecommerce space. There was a lot of work to integrate and adapt features to make sure it was ready for the North American merchants that they have. To be fully transparent, it was a rocky start." — Former Lightspeed Employee #2; "Regarding acquisitions, there were ones that once under the hood, I would say there was a lot more work than was estimated. In terms of actual functionality and meeting the needs of the market, there were expectations that were poorly set, meaning the delivery time to bring back to market was much longer and more difficult. They are very particular about what products are going to be brought to market. There have been ones that were completely stalled weeks before a launch because they were just not up to par with what the experience needed to be." — Former Lightspeed Employee #2"

"We’re at the final stages of construction, which we expect to be completed by the end of January, we are adamantly working on gearing up for our Grand Opening. At this point, we have spent over $2M of equity on construction and over $1.3M in dark rent. As Landlords ourselves, [We] understand that the likelihood a tenant blows out after paying over a year’s worth of dark rent is extremely high. The eviction process, leasing efforts, new TI package, and lag time until new rent is collected is an arduous and expensive process, so we understand that it’s in no one’s best interest that we default. As a result, we’d like to respectfully request your help in bridging that gap before us in the form of rent relief and additional TI. We’ve estimated that we will require $400k to complete construction by January and ask that CTO help alleviate the burden by increasing our TI package. We also request that past-due rent for Nov. and Dec. be abated, and that future rent be deferred until the venture is operating, which we anticipate will occur in February. — Email from Food Hall investors to CTO"

"“...only recently has CMS initiated changes to the regulations to address IDTFs like iRhythm that furnish “indirect tests” that do not require in-person interaction and involve technicians performing computer analyses offsite or at another location. The changes, however, do not address all gaps identified by CMS relating to IDTF operations and the Medicare billing requirements. For example, CMS has not addressed billing for remote diagnostic tests that are performed from one or more IDTF or other remote locations. Our failure to comply with the applicable Medicare regulations, or regulators’ disagreement with our interpretation of the regulations as applied to indirect tests, such as the Zio Services, could result in the discontinuation of our reimbursement under the Medicare program, a requirement to return funds already paid to us, civil monetary penalties, criminal penalties, and/or exclusion from the Medicare program.” — Excerpt From iRhythm 2024 10-K"

"It seems our products are so popular that we struggle to meet the demand. If people love Oatly and want more, we want to be better at getting it to them. And we’re off to a decent start: In 2019 we produced around 165 million liters of product, a whopping 93% increase compared to 2018. We’ve built two new production sites—one in Vlissingen in the Netherlands, and one in Millville, New Jersey in the US—both of which opened in 2019. Because the focus was on finalizing and starting up these sites, the increased production capacity initially had a negative impact on our overall environmental footprint. But we always think long-term, and the plan is to catch up and make things right again with various improvements at these locations. During 2020, we also plan to start building two additional production sites—another in the US and our first one in Asia (Singapore). — 2019 Sustainability Report"

""It's not just about cost, as you well know. And on the cost side, our people are very efficient." — John Hess, Chairman & CEO Hess, April 2012; "Not really familiar with what you are talking about [in response to question about Hess closing gap with other Bakken operators]. I will tell you that our data shows us as very competitive with other operators in North Dakota [Bakken]." — Gregory Hill, EVP Worldwide E&P Hess, April 2012; "Essentially [we are] always focusing on how we're working on the cost side of the margin equation... [the bakken is] our oil factory, [we]continue to work on our oil factory way of driving down costs." — Harold Hamm, Founder/Chairman/CEO Continental, October 2012; "The big focus is driving down costs." — Michael Lou, CFO Oasis Petroleum, November 2012; "Our focus right now is getting our well cost down." — Jim Brown, COO Whiting Petroleum, November 2012."

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

"“Another issue is the complexity the DLC structure can add to M&A. In particular, scrip transactions; that's partly a function of the valuation gap between the two companies. Another challenge is that each jurisdiction has parameters about how much stock can be issued in each country.” — AFR, May 2024; “...[Rio] needs to build a dynamic growth acquisition partnership model to attract many agreed acquisitions to rapidly diversify their iron ore exposure... The current wave of acquisitions would shape the next quarter of a century... not a time for major mining companies to be idle.” — Janus Henderson Investors, May 2024; “...remaining on the sidelines of sector consolidation would leave [Rio] open to suffering the same fate as Barrick Gold, which has seen its traditional rival, Newmont Corporation, open up a significant valuation gap...” — AFR, May 2024"

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

"“Great. And maybe just kind of very high level here, during the road show you had kind of guided to 7% to 11.5% EBITDA margins and CarMax probably your closest competitor is around 7.8% last year... So, without opening a capital finance company you are running your own auctions, how do you kind of think about getting to the midpoint or the higher end of your long-term EBITDA guidance?” — Mike Levin, Deutsche Bank; “So I think it's a reasonable question to ask kind of what's the gap there, that gap part of that is made up by pricing differences... We built a pretty unique finance platform that allows us to while not taking credit risk monetize finance originations across the entire credit spectrum, not just to the top end of the credit spectrum, while passing that credit risk on to third parties.” — Ernie Garcia III – CEO, Carvana"

"“The gap with [PCC] is a bit of a different question. Because the biggest difference, to keep it simple here is, that PCC has the luxury of having a business of titanium and nickel, large structural cast. And they have almost a virtual monopoly in this business... And we will be working it and we would be gaining share in this, and we will continue to close the gap. But that's the biggest point there in terms of that PCC comparison.” — Dr. Klaus Kleinfeld, Arconic Q4 2016 Conference Call, January 31, 2017; “In the Investment Cast Products segment, our principal competitor is Howmet, a subsidiary of Alcoa Inc... We also believe Howmet has the financial and technical resources to produce structural castings as large and complex as those produced by us, should they decide to do so.” — Precision Castparts FY 2009 10-K, May 28, 2009"

""Tax transparency is important to engender the trust and understanding of the communities in which we operate." — Peter Beaven, CFO, March 14, 2016. "[I]n light of the tenacious endeavors of well-resourced multinationals to resist disclosing their tax arrangements, the committee is of the view that more should be done to place stronger disclosure obligations on them.... BHP exemplified this approach when Mr. Cudmore [BHP’s then-President of Corporate Affairs] refused to answer a question in a public forum about the profit made on the Singapore marketing hubs.... Such attitudes, particularly from Australian multinationals that see themselves as good corporate citizens and taxpayers, are particularly disappointing." — Senate Inquiry into Corporate Tax Avoidance, April 22, 2016"

"“So, does Eurofins use factoring? The answer is a resounding 'yes'. Absolutely. Okay. If you look at the growth we had starting 2014, a billion company going up to 7 billion, there’s no way you can finance everything through your own operations, so especially the working gap...However, I, in our discussions we came across it was not [sic] until 2016, 2015, 2016 when we started factoring on the receivable side. And of late, when I was in the company, we were doing on both sides [sic], from the receivables and [unintelligible] the general supply chain... I think our goal was to get to around 20 to 30% of the old receivables.” — Source G, a former major BU head"

""There IS a large margin gap between Arconic's engineered product business... Kleinfeld SHOULD face questions about why he got 2016 guidance so wrong for Arconic." — Bloomberg, February 7, 2017; "I think there is a legitimate question that's being raised by Elliott which is how long before Klaus really delivers versus his peers...I think it would be a better company if the Elliott guys got on this board than this current board." — Jim Cramer, February 1, 2017; "We see as much as 20% downside if Kleinfeld continues as CEO." — Gordon Haskett, February 13, 2017; "It is hard to see him [Dr. Kleinfeld] surviving." — The New York Times, February 28, 2017"

""Norfolk Southern was the worst-performing stock last year of all the so-called Class 1 railroads that include Union Pacific, CSX and Canadian National Railway." — WSJ; "[I]f the company just hit the high end [of guidance] every year for the next three years, NSC’s OR would still be below where its East Coast peer was in 2023. We do not view new financial guidance as closing the gap with competitors as management suggested..." — TD Cowen; "Norfolk has long been an underperforming self-help story that simply can’t figure out how to help themselves, and this quarter that trend looks to be continuing." — Stifel"

"“The Ushio light source is DPP. Discharge produced plasma. Think of the old days with a spark plug in a car with a gap where you apply voltage and you have a spark. Now imagine tin in the middle of the spark and using electrical energy to light the tin and get plasma. It's not a well controlled process. That's why people can't harness energy from lightning - it's uncontrolled. It was painful but we would get some light. If you choose a bad technology you just can't get there. DPP has inherent issues.” — One of Intel's most senior and longtime engineers with leadership responsibility for EUV"

"Look, we love Amex. We think having a credit card partner is important. It's been a valuable brand awareness and distribution for us. But our business has scaled significantly since 2019. And as we've talked about, the gap between the wholesale and the retail price has widened to a fairly significant level. And we believe it depresses our bookings and EBITDA, obviously benefits our working capital. The wholesale price is so low relative to the $199 retail. Look, we believe the renewal rates at full price would be larger than the percentage discount rate. — Q4 2024 CFO Commentary On AMEX"

""The fun thing about Aerospace is that the innovation never stops. Arconic management loves to speak about innovation, the future of space exploration, 3D printing. They even started a venture capital fund. But for the Company to actually have the capital it needs to be a sustainable innovator, it will need to also have sustained operating improvements. Leveraging the momentum of early improvements, Arconic should eventually leave the goal of ‘closing the gap’ in the rearview mirror and aim for being the best operator and supplier in the industry." — Elmer Doty, Nominee for New Arconic"

"“Elliott renewed its call, first made in November 2023, for PSX to close its EBITDA/bbl gap vs. peers including VLO and MPC on a like-for-like basis.” — Citi Research, February 13, 2025; “An activist shareholder, Elliott, can be a positive catalyst for shareholders.” — Wells Fargo, November 29, 2023; “We agree that PSX’s midstream does not reflect full value...selling some midstream assets could unlock value.” — Bank of America, February 14, 2025; “Most investors we talked to welcomed Elliott's involvement in PSX.” — UBS, December 1, 2023"

"Other sales and revenues, which includes gains on the sales of loans we originate, GAP waiver coverage and sales commissions on VSCs and totaled $33.4 million and $13.0 million during the years ended December 31, 2017 , respectively. We expect other sales and revenues to increase with retail units sold and as we improve our ability to offer attractive financing solutions and ancillary products to our customers. Other sales and revenues are 100% gross margin products for which gross profit equals revenue. — CVNA FY 17 10-K, Pg. 54"

"Bigo is a fast-growing global tech company. Headquartered in Singapore, Bigo owns BIGO LIVE, a leading global live streaming platform excluding China, LIKE, a leading short form video social platform worldwide, and other social apps. Bigo has created a video-based online community for global young generation users. It has established footprints in South-Eastern Asia, Southern Asia, the Middle East and America, paving the way for further global expansion. — Press release, June 2018"

""ClearScan is the first checkpoint CT solution to receive both Transportation Security Administration (TSA) Tier II and European Civil Aviation Conference (ECAC) C3 certifications. Its multiple detection algorithms and auxiliary hardware have scanned more than 10 million bags at major airports in the U.S., the Netherlands, Singapore, the U.K., Germany, Japan, Switzerland, Turkey and South Africa." — L3Harris, May 30, 2019"

"BIGO Technology (BIGO) is one of the fastest-growing Singapore technology companies, with more than 30 offices and 6 R&D centres around the world. Powered by Artificial Intelligence technology, BIGO's video-based products and services have gained immense popularity, with users in more than 150 countries. These include Bigo Live (live streaming) and Likee (short-form video). — BIGO Technology website"

""The legacy biz is either slowing or in decline, so you need to offset that with different things." — Former Verint Employee; "One topic to be concerned of would be if you continue to see small acquisitions [by Verint].... That would indicate that [those acquisitions] are used to cover up gaps in growth as opposed to a [well thought-out] growth strategy." — Former Verint Employee"

""This s**t is magic (...) It's so healing, nourishing, and moisturizing." — MakeupAlley (Curél, USA); "This product is so innovative." — Try&Review (Freeplus, Singapore); "Would eat it if I could. Gorgeous! A lovely treat to use." — Cult Beauty (Molton Brown, UK); "I love this sunscreen! This is the first sunscreen that I wear everyday." — Kokoro (Bioré, Japan)"

"“shortcomings in the documentation provided on the pharmacokinetics of pitolisant”; “many discrepancies”; “gaps in the understanding of the pharmacokinetics of the drug, introducing uncertainty...in the safety and efficacy...when administered to different subgroups or when co-administered” — EMA’s Committee for Medicinal Products for Human Use (CHMP)"

""Investors suffer in the Vincent Bolloré game of thrones. . . . it begs the question of whether others should go along on his opaque quest." — John Gapper, Financial Times, April 13, 2016; "Shareholders who want transparency, certainty, and good corporate governance should probably look elsewhere." — Leila Abboud, Bloomberg, December 16, 2015"

"“I’ve known Monroe and Kim for probably about 20 years... Quantum computing currently is absolutely going through a major hype phase. There’s no question about that. There are a lot of promises regarding what it can deliver, and there’s a big gap with respect to the reality of what’s actually out there.” — Leading quantum computing scientist"

""My focus is scalability and manufacturability and that's a huge gap... They're not manufacturing folks. They are not process engineers. They're closer to R&D scale." — Former employee; "I think they're buying time to show that they can do these [cells] repeatedly or reproducibly. So, I'm very skeptical of the scale part" — Former employee"

"Our contracts generally take four to nine months to complete — Prospectus May 4, 2018. Our smaller average project size and shorter duration contracts provides us greater stability in our financial results without large surprises from megaprojects or long periods of working through underperforming jobs. — Q4'18 Dec 11, 2018"

"Due to the competition for high-quality content between video platforms, there is also a clear gap for the pricing of the episodes’ copyrights between the TV station and online network-end. The price of some episodes on the online networks is more than twice that on the TV side. — 36kr.com"

"Limiting director tenure allows new directors to the board to bring fresh perspectives. An excessive tenure is considered to potentially compromise a director's independence...For the US, Canada, Hong Kong, and, Singapore, lengthy tenure is defined as nine or more years. — ISS Guidelines"

"“several technical challenges and infrastructure gaps that need to be resolved to make EUVL suitable for high volume manufacturing...these gaps relate to...a stable and reliable high power EUV source...” — March 2021 conference paper jointly authored by Ushio and Intel employees"

"We aren't going to give you a specific margin target, but it should result in between 100 to 150 bps of margin improvement annually on the pathway to narrow the margin gap with peers and deliver industry competitive margins. — CEO Alan Shaw, Q4 2023 Earnings Call, Jan. 26, 2024"

"「この製品はまさに魔法です(...) とても癒され、成分豊富で、かつ潤いも与えてくれます」 — MakeupAlley (Curél, US). 「実に革新的な製品です」 — Try&Review (freeplus, Singapore). 「食べられるのなら食べてしまいたいほど、最高！使うことが楽しくなるご褒美です」 — Cult Beauty (Molton Brown, UK). 「この日焼け止めが大好き！日焼け止めを毎日使うのはこの製品が初めてです」 — Kokoro (Bioré, Japan)."

"“We recently began production at our facility in Ogden, Utah, and we expect to begin production at a new facility in Singapore in the first half of 2021 and at a facility in Maanshan, China in the second half of 2021.” — Oatly China Per Prospectus"

"The Amdocs deal reports, in which it reported a 16% drop in billing revenue, to $251 million. Comverse does not fill any gaps in Amdocs' technology portfolio, nor was it a competitive threat to Amdocs. — Sheryl Kingstone, 451 Research director"

""In the BHP 2022 Reunification, the valuation gap closed not through the Australian listing de-rating to the lowest UK level, but rather vice versa." — Morgan Stanley, November 2024"