Callouts & quotes from 584+ activist slides

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

"Okay, great. And finally, your gross margins went up sequentially, which is interesting given that your payments revenue is ramping. Can you comment that dynamic? Is that reflective of the strength within the software business [when you had some higher] ARPU in the quarter? Or are you also seeing some improvement in your payment margins based on your growing scale? — BMO Analyst, Nov 2020. Yes, a little bit of all of the above. I mean, we obviously, given the growth in customers, saw some nice increase in the subscription line churn starting to come back towards normal, again, which helped a lot. Some of the discounting measures that we had in place are going [all start there a little off balance], as you know. We do continue to kind of look for ways to drive incremental margin and payments. And I guess, the other aspect to the overall gross margin is -- as you know, we do have some legacy payment referral revenue streams. And as those volumes are covered in the quarter as well, it would have been incremental to margin? — CEO Dasilva, Nov 2020. You have the very helpful slide that shows the adoption and some of the geos and verticals. Certainly seems to be going in the right direction. I'm just kind of curious once we think about what this is going to look like maybe after we've incorporated ShopKeep and Upserve, which I believe have higher ARPUs in part because they've been successful at payments, if we should be expecting it to kick up? Or just curious on how the incorporation of those companies will impact these dynamics? — Keybanc Analyst, Feb 2021. Yes, for sure, will tick up the Upserve business in particular. The vast majority of their customers were using Upserve payments as kind of they have a really nice elegant solution that embeds Payments right into the product itself. ShopKeep, they were further along as well on the Payments journey from a customer adoption perspective, though as we've talked about, largely through a referral model, but a good percentage of their customers do use a payment solution there. And as we talked about earlier, the teams are working hard to move those or to build the infrastructure to make sure that Lightspeed Payments is available to those customers. So all told, we expect those things to really positively impact our overall penetration at a global level. And of course, that's core to what we're trying to do around here is to make sure that the vast majority of our customers worldwide take Payments. So all these things, I think, are helpful. — CFO Nussey, Feb 2021"

""Consumers increasingly see the value of a fiber broadband connection and the utility of a gig plus sort of in terms of what serves their household." — John Stratton, Executive Chairman of the Board, Frontier Communications - May 2024; "We grew ARPU because our customers are increasingly choosing gigabit speeds and value-added services to enhance their Internet experience, and they're willing to pay for it. As a result, we accelerated fiber revenue growth to 13% and lifted our overall company revenue growth to 2% year-over-year." — Nick Jeffery, CEO, Frontier Communications - August 2024; "Firstly, building 1.3 million fiber passings this year will mean we will have delivered by the end of the year exactly the build ambition that we set out at emergence 2 years ago. And secondly, we are actually accelerating our build this year...The way to think about our build ambition of 1.3 million homes passed this year is at a minimum build from here on. We think we've got plenty of operational gas in the tank to further accelerate if and when the conditions are ready for that." — Nick Jeffery, CEO, Frontier Communications, February 2023; "We are moving fast on 2 of our key value drivers, building and selling fiber and it's translating into financial growth. If you look at the left-hand side, you will see that our fiber passings are up 31% year-over-year. And customer growth for the quarter is up 17%. With data consumption expected to triple by 2025, it's a great time to be in the fiber business." — Nick Jeffery, CEO, Frontier Communications, February 2023; "The long-term trends in our business remain extremely encouraging. Our industry thesis is based on the view that the significant growth in data consumption that we've seen over the past 2 decades will continue to ramp up, tripling over the next 4 years alone. We're confident that fiber is best positioned to meet the long-term demand for data consumption." — John Stratton, Executive Chairman of the Board, Frontier Communications, November 2022; "We built fiber at a record pace again, adding 351,000 new fiber locations. And as John shared, we will hit the halfway point in our initial goal of passing 10 million fiber homes later this month." — Nick Jeffery, CEO, Frontier Communications, November 2022"

"4/7/08: “Michael the good news is we have a team here that’s really working together.”; 7/8/09: “So the good news was we believe that there was room for improvement and here we go.”; 1/10/11: “Good news is, and you’ll see some of this here on the right-hand side, Alcoa continues to be recognized for what I would call values-based management.”; 10/6/08: “The good news is if you talk about real future projects, we can continue to look at future projects because as I said before our mid- to long-term prospect in alumina and aluminum is positive.”; 7/12/10: “I mean the good news is Russia is coming back.”; 4/11/11: “And the good news, also on top of it, 32% revenue growth on a year-over-year basis.”; 10/11/11: “We are, and that’s the good news here, whatever lies ahead of us, we are prepared to take it.”; 4/10/12: “And the good news also is all of that would not be possible if we wouldn’t have driven process innovations.”; 1/8/13: “In Europe, we expect a decline of 4% to 6% in 2013, and that is also relatively good news because the decline is slowing.”; 4/8/13: “But that’s better news -- I mean, more good news than bad news, I would say.”; 10/8/13: “So good news to come and I think the orders are showing in the right direction here.”; 1/12/09: “The good news is all of those markets are our end markets in Russia.”; 10/7/10: “So with that, let’s go to the aluminum demand and see what implications the end markets drive has on the aluminum demand, and this is actually pretty good news.”; 7/11/11: “And the good news is, we’ve constantly innovated and substituted our own solutions.”; 11/9/11: “So there’s a lot of moving elements in this segment of our business, we need the productivity but we also get it, and that’s the good news.”; 1/9/12: “Well, I think the good news is we’re doing it in addition to the things that we’ve done before.”; 11/7/12: “The good news is the growth rate is exactly in those fields that are higher-margin on traditionally and will be, that’s fantastic.”; 7/8/13: “This is the good news. I mean, the good news is that we will be able to grow our aerospace business, I mean, and every one of the segments that caters to aerospace.”"

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

""We've seen [auto] revenue off of a substantial base doubled in each of the last two years. And we expect to grow, while not at that faster rate, well over 50% for several years to come" — CFO Stifel Conf June 2016; "Yes, for the automotive in MPS, as you know, we entered the market about 4 or 5 years ago, and 4 or 5 years ago, our revenue almost 0. And even 2, 3 years ago very teeny, teeny, tiny. And it takes a long time to get the revenue. And so design cycle is about 3 to 4 years. And we are total TAM in automotive, it's about $6 billion, probably a little -- now they're more than that. And so what is our percentage? It's less than 1%. So it's a total greenfield for us to grow" — CEO Hsing April 2017; "Yes, it is fair that the growth rate it will not change much. Okay, but don't quote me exactly what's the rate. It would be very similar to this year. Which applications or which segments, I think in the next couple of years we're going to expand lot more segments. Now the lighting, infotainments and the safeties, and we will have a lot more safety products come out. And as Bernie said in his script, we have an ADAS and also the battery management as well as the connectivities. And those areas have a very little revenue or some of the items have no revenue, only sampling. And we expect to have a very high percentage growth in -- a very dollar amount growth in 2019, '20 and '21" — CEO Hsing Commenting on Auto Feb 2018; "The other thing I want to also point out is we're growing so fast, okay? 55% year-on-year growth last year. Take a look at the total semiconductor market in auto. It's about 13%, right? 4x growth versus the market. And you can see the TAM that we're going after, $7 billion. ...Really, we're at this moment where the opportunity is incredible. MPS happens to be at the right place at the right time. We've learned from the last 5 years of innovation of selling. We understand the customers. We have the great products. We see the growth really continuing over the next 5, 6 years, easily, 40% to 50% CAGR" — Allan Chan MPWR Auto Marketing June 2018"

"Q3 2008 call: “What we keep seeing from operators is one, great interest; two discussing details of the projects; three, discussions between operators and OEMers about joint projects for the next year.” — DSP Group Management; Q4 2008 call: “This year's Consumer Electronic Show was an important event for DSP Group during which our XpandR product line received a clear vote of confidence and proof from the marketplace that the strategic decisions and investments we previously made were right.” — DSP Group Management; Q1 2009 call: “I can say that we shall begin deliveries and we shall begin to see revenues in the fourth quarter...we had increased tractions with customers and we are basically building on this momentum and working together with these customers in order to a) get these designs into production. But as Eli said, we will start seeing revenues coming in the fourth quarter and I would say most of these designs will -- can really mature into -- will mature into products into next year.” — DSP Group Management; Q2 2009 call: “we are still on track, so we do expect to see some revenues towards the end of the fourth quarter of this year. But as we said also in the previous call, most of these design wins will mature into revenues in 2010. But as we said, some production and revenues are expected in the fourth quarter.” — DSP Group Management; Q1 2010 call: “Now your second question was a more color on the new product line, meaning the XpandR multimedia. And as we said in the previous conference call following CS, we're seeing a lot of interest in the product...we believe that this products will gain traction in the second half and towards next year..” — DSP Group Management; Q4 2010 call: “What I can tell you is that we feel very good about the traction that we get for instance with the multimedia handsets that we showed that are several and new designs with new brands that will be launched from the beginning of 2011.” — DSP Group Management"

""As a reminder, core revenue excludes the impact of businesses that we divested or made divest in both the current and prior year. It also excludes revenue from Mortara." — Steven Strobel, CFO, Hill-Rom; "Good morning. First question. I was just curious, philosophically this idea of core growth clearly, you -- as you mentioned you are excluding divestitures non-strategic assets and FX. But presumably, I'm just kind of curious the thought process as far as including Voalte. And obviously, it's helpful that you gave the color for the updated guidance excluding Voalte. But again, just curious on that core growth first question, is why did you exclude -- or why did you include rather Voalte in those numbers?" — John Hsu, Raymond James; "Thanks for the question. We give a lot of encouragement to keep things as simple as possible with core, non-core. We felt like for the Voalte contribution, which is pretty small for this year. I mean, we've talked about how it's modestly dilutive and from a top line standpoint, it'll deliver a -- some additional growth on the top line this year. But we're estimating by 50 basis points, not much more than that. We thought it was simpler to keep it in, given the small contribution, rather than introduce a new set of metrics that would be core, non-core, organic to core, organic, non-core however you would want to go for it. So we try to keep the message as simple as possible. And the -- like we said, the Voalte contribution is small enough that by giving you insight into the core revenue growth differences, we thought that was a good compromise." — Barbara Bodem, CFO, Hill-Rom; "And John, it's Mary Kay. Non-core also is defined as things that we divested wound down on non-strategic and Voalte obviously is a strategic acquisition for us, so we didn't feel with that fit into a non-core definition." — Mary Kay Ladone, CVP of Corporate Development, Strategy, and IR, Hill-Rom."

"Look, in the end, I think the biggest risk is the technology, whether that will function or not, and whether they're able to scale the technology at a very competitive cost. And now you have to think about, right, I've told you there is already over melting, over capacity in the market. So out of the roughly 200,000 plus metric tons that are being consumed, the melt capacity is, and the U.S. melt has just have added capacity. The melt capacity is beyond 300,000 metric tons. So you already have an excess capacity in a market. If you ask me personally from an investing, investing in a market that has over capacity, you'd really have to pick your company that really stands out. So from my personal opinion, IperionX, where right now, and I think this is what they're good at, they're good at marketing. Personally, I believe, to me it's more a marketing story right now. And that's why I say the risk is will they get their operations and be able to scale. If that, yes, it can be, but I don't really know their internal cost base and also the scalability to get up to 10,000 in a market that has very large established players. TIMET is building a new plant, that is public information and probably adding anywhere between 10 and 15 thousand tons of melt capacity. So they know what they're doing. And even for them, even though they know what they're doing and it's an already established technology, as these large industrial projects, it is hard to scale. So I think with IperionX from an investment perspective also is how can they to secure funding going forward because obviously they have costs and the revenue side, the revenue side is not there. I think these are the risks. So right now I would say it's a very speculative investment and from portfolio theory, you basically know what to do. — Industry Executive in Metals and Alloy Recycling"

""On the topic of innovation, on dairy cmon, there's not a lot of innovation. On the cheese side there's a little more. But, the big push and where they made a big investment is in the plant-based foods and cheeses. They had some lofty goals for the business to achieve. We had a hard time wrapping our heads around how these goals would be met. Quite frankly, who likes the product? They have a substantial plan for retail and are pushing hard, but I think the sales team is struggling." — Former Saputo Executive; "Nobody knows the Saputo name unless you're in the business. To me that hurts them on the retail side. They were trying to do brand consolidation. They have tons of brands you've never heard. They had private label brands for stores, and some didn't make sense for the volumes. The joke at Saputo was we're going to fill you 100%, 50% of the time. I don't know if the production issues have gotten better. Labor has been an issue." — Former Saputo Executive; "Yes, it will be disruptive to Saputo. They're closer to Saputo's New Mexico footprint. Leprino makes good cheese. I do think it's going to be a problem for Saputo, especially in the Texas area." — Former Saputo Executive; "In terms of the strategic priorities and stimulating organic revenue growth, they have no advantage over anyone. Their biggest brand is Saputo Gold mozzarella, it's their best product. I just don't see it. It's not going to happen in the plant-based business. I can't think of any product differentiator for Saputo on the cheese side. The hardest thing for Saputo is to grow the business. Again, they are logistically challenged. Just to get volume on some of the mozzarella, there was almost no margin. The plants have to keep running." — Former Saputo Executive"

""Instead of pegging itself as a thermostat maker, Ecobee wants to become a leader in the larger-but still nascent-connected home business. It's a tall order for a company with no platform of its own, working in an overhyped corner of the tech industry. But Lombard is optimistic, setting a goal of $1 billion in revenues by 2020." — Fast Company, Oct 24, 2016; "So far, the singular focus has served Toronto-based Ecobee well. Thermostats are the most popular type of self-installed smart home devices, according to The NPD Group, and Ecobee-whose revenues have been doubling every year-is not far behind Nest in sales." — Fast Company, Oct 24, 2016; "Nest generated about $340 million in sales last year, according to three people with knowledge of the matter. That's an impressive figure for a company in the very nascent market of Internet-connected devices." — CNBC, March 30, 2016; "Generac chief executive officer Aaron Jagdfeld said his company was paying 4.5 times ecobee's last 12 months revenue. 'Strategically we think we're getting a great deal,' he said. 'It really fits well with where we're going, powering a smarter world ... with a focus on energy conservation and the grid of the future.'" — Globe & Mail, Nov 1, 2021; "Yes. No, good question, Phil. And again, we're really excited about this one. Now ecobee's quite a bit bigger than that. So they're about probably closer to $125 million in revs and that's supply chain constrained, to your point on chips, they could be going higher than that, but they do have, as you would imagine, some supply chain constraints there. They're working through those like we all are." — Q3 2021 Conference Call, Nov 2, 2021"

""Enabling technologies to us, we're big believers that this is going to be important for the future. We're very excited about Mobius. That - we launched that at our sales meeting, and we're very excited about the potential of that being part of the enabling solution portfolio." — CEO Lobo, FY 2019 Conf Call, Jan 2020; "So we're actually trying to ramp our capacity of Mobius, which is, as you know, a mobile CT scan and really the only one in the market that's mobile, and they're using it for coronavirus. So we're actually ramping that capacity." — CEO Lobo, Q1 2020 Conf Call, April 2020; "Listen, we're thrilled with the Mobius acquisition. We bought a terrific technology. Our biggest challenge, honestly, has been scaling up the manufacturing. So we've had very, very high demand for Mobius. It was a small company based in Shirley, Massachusetts, and we're just -- large challenges really scale up. And it's the same challenge we've had, frankly, with TSO3, which is the sterilizing company that we've bought." — CEO Lobo, Q3 2020 Conf Call, October 2020; "Mobius was like over $200 million, you have to be pretty optimistic with what you think your revenues are going to be. And so that sells the deal and the price you want to pay for it, and gets you approval for the funds. And that's why I was telling you, it's a bit of a slight game internally in order to get the funds... We didn't realize how long training time and how manual the process this was, and supply chain and the parts, some of the lead times were almost a year to get components of this very highly electronic, specific parts for this." — Former M&A Professional on Mobius, Spruce Point Interview."

"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"

"“...[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"

""Consumer optics represent a long-term growth opportunity for Tessera and we believe we are on track for $100 million in revenue from this exciting business area in 2010." — Former CEO Bruce McWilliams, 4Q06 earnings call, 1/31/07; "We are one of the leading technology licensing and innovation providers in the imaging and optics field. And we remain confident in our goal for $100 million in revenue in total Imaging & Optics by 2011." — Former CEO Hank Nothhaft, 1Q09 earnings call, 4/30/09; "Well, I stated in June at the Cowen Conference that I felt that the [strategic alternatives and potential spin off of the Imaging & Optics business] process was in the 12 months plus or minus, probably plus timeframe." — Former CEO Bob Young, 2Q11 earnings call, 7/28/11; "... we remain on track for design wins with our MEMS auto focus actuator in the first half of 2012." — Former CEO Bob Young, 1Q12 earnings call, 4/26/12; "... we expect to get MEMS associated revenue in the fourth quarter of this year." — Former CEO Bob Young, 1Q12 earnings call, 4/26/12; "Our goal for DOC to become profitable in 2013." — Former CEO Bob Young, Vista Point acquisition press release, 3/2/12; "This transaction is a critical step in our strategy of transforming DOC from an optical and image enhancement software and components business into a vertically integrated supplier of next-generation camera modules...we believe we gain significant additional advantages when we control our own supply chain and manufacturing." — CEO Bob Young, Vista Point Acquisition Conference Call, 3/2/12"

"“The way to think about this stuff is anybody who’s tinkering with the IonQ device in AWS or Azure Quantum isn’t really doing anything. That type of access or that type of computation in the cloud is, I mean, it’s trivial or just the nature of the work that you’ve done. So, there’s no feedback necessarily. It’s not really useful.” — Senior employee of 1Qbit, an IonQ partner/customer; “Have we generated revenue for IonQ? No. Either we worked directly with them as we did the first time and then the research collaboration between the companies and it is not a paid thing or the time when we brought the customer, which was Goldman, then we brought the customer between the customer and us, there was a different contact, and with IonQ, it was a research collaboration where they agreed to demonstrate what we proposed to them as a demonstration of their hardware.” — Senior employee of QCware, an IonQ partner/customer; “The challenge with the IonQ device is that its run times are really slow by computational standards, and the problem you run into when you have really slow computation is you have something called decoherence, so your system over time, if it takes too long for you to process that system in the device, it starts to decohere, or the relationships between the qubits or the assets in the use case start to break down because the physics break down and, therefore, the relationships that you’re measuring start to break down. As a result of that, you have errors.” — Senior employee of 1Qbit, an IonQ partner/customer"

"Q4 2011 call: "We anticipate BoneTone's business will generate modest revenues starting in 2012." — DSP Group Management; Q1 2012 call: "We're happy to update you about our first design wins for our HDMobile Audio products with a leading Korean OEM customer for Bluetooth headset product with revenues that are expected in early 2013...Now, we did not want to talk about any specific names because we cannot, but these discussions are ongoing and will continue...we have very high expectations of a commercial success." — DSP Group Management; Q2 2012 call: "Now because of certain confidentiality agreements and certain NDAs, we are not able today to disclose anything, but I'm sure that once these products are going to be designed in, and also will be launched into the market, it will be pretty much apparent to where we are and where we are not." — DSP Group Management; Q4 2012 call: "We expect to deliver engineering samples in the second quarter of 2013...And we are going to start delivering engineering samples, basically begin the design-in process in a significant way during the second half of the year with a target to achieving design wins during the second half and converting that to mass production in late 2013, early 2014." — DSP Group Management; Q1 2013 call: "And so we believe that we will see this year the evaluation, the designing process – the design-win process, and revenues as early as fourth quarter 2013 into first, second, third, fourth quarter of 2014." — DSP Group Management"

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

""Deal terms, a $710mm upfront payment that we believe reflects certainly the value of this drug...So for us a very exciting opportunity, one that we believe will contribute significantly to the building of our I&I franchise..." — COO Perry Karsen, May 2014; "We had some thought leaders in the U.S., top-top thought leaders help us do the diligence and look at the data...We've done a tremendous diligence about it. We're very excited about it, and that's where Celgene should be." — Chairman & CEO Robert Hugin, June 2014; "Relative to GED, I think again, just to reiterate, we feel very strongly about the program, GED. It's our lead program in the Crohn's portion of IBD. We feel very strong about our ability to execute on it. We're excited. We're moving forward as fast as we can with all aspects of that program." — Chairman & CEO Robert Hugin, July 2015; "Key questions around the path to Ph3, the reproducibility of the data due to clinical site concentration and activity in broader set of patients remain unanswered." — Morgan Stanley, October 2014; "Expect upside for CELG as data support long-term $1.5-2B revenue promise as novel oral entrant in unmet Crohn's market." — Wells Fargo, October 2014; "We believe at peak GED-0301 could reach $3B++ in peak WW sales. Although Wall Street consensus includes very little for the drug, we believe investor expectations are much, much higher than zero." — Evercore ISI, October 2014"

"Each new corridor, use case and service increases our TAM, differentiates us from the competition, and creates new revenue streams, driving even more growth. — CEO on TAM, Q4'24, Feb 19, 2025; So I think you're seeing that increased mix which is exciting from -- for a whole host of reasons, but most importantly, kind of sustainable long-term growth because the 900 corridors we launched last quarter, they are not going to materially contribute to revenue this quarter, next quarter. They're going to contribute to revenue in the years to come. — CEO, Q2'2022, Aug 3, 2022; So quite honestly, the top 20% of corridors, we as marketers would know and have a gut sense like, oh, yes, U.S. to India versus U.K. to India versus U.S. to Philippines, we just had this gut sense of their value, what was different in the marketing, all of that. But the other 80%, we put into this bucket called long-tail corridors, and they got essentially the same sort of marketing with obviously replacements...But a lot of those corridors were added kind of in large groups and they say, well, this is an additional corridor to continue to expand, but we don't know that it's going to be a massive corridor. So it sort of grow into our default bucket. And it would be marketed too, but it would be marketed with the same formula of all of our other long-tail corridors. — Former Remitly Channel Executive, Tegus Interview, June 14, 2024"

"“Considering that the average Remitly transaction size is around $350, we believe that the proposed rule change would impact the majority of Remitly's customer base.” — Letter To FINCEN Nov 27, 2020; “But when you're comparing why's, which was the question to Remitly or banks to Remitly, the average transaction size will bring down the take rate significantly even though the revenue and profit per transaction would be more similar.” — JP Morgan Conf May 23, 2023; “And the reason I mentioned that the $200 to $300 kind of average transaction size is our customer segment, unlike some other customer segments, the more affluent bank customers might have the privilege to wait to send money when rates are good.” — Goldman Conference Sept 7, 2023; “So the last 12 quarters, which is -- goes as far back in terms of when we've shared that as a public company, the take rate has been between 2% and 2.5%. So a lot of stability there between 2% to 2.5%. That's point one, stability in pricing.” — Goldman Conf Sept 2023; “So I'll break out pricing and take rate separately. On the take rate side, it makes sense, investors look at it because you've got revenue and you've got total volume. But the kind of take rate fluctuations, which were within a few basis points in Q1 is mainly due to mix shift because take rate is so heavily influenced by average transaction size.” — JP Morgan Conf May 20, 2024"

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

""The story of the quarter is one of service revenue miss as it was essentially flat on a year-over-year basis. Our core offerings were affected primarily by channel disruption associated with cloud adoption. We did see some spending pull back late in the quarter and then we saw some underperformance in the U.K. So we're trying to be very transparent here to tell you why the miss." — CEO Shirley Singleton; "Total gross margin in the third quarter of 2016 was 35% compared to 38% in the year ago quarter, while gross margin related to service revenue in the third quarter of 2016 was 37% compared to 40% in the third quarter of 2015. The year-over-year change in both total gross margin and service gross margin during the third quarter of 2016 were primarily attributable to the current year increase in project and personnel cost and a decline in the software revenue margin contribution due to the change in the comparative quarterly software revenue mix." — CFO Tim Oakes; "Net income for the third quarter of 2016 was $43,000 or $0.00 per diluted share compared to net income of $1 million or $0.08 per diluted share during the third quarter of 2015. The change in periodic net income is in large part attributable to the previously discussed flat year-over-year third quarter 2016 service revenue combined with the increases in projects and personnel costs." — CFO Tim Oakes"

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

""Well, obviously, NGEN is a needle mover for us, right? That's a $400 million a year in revenue. That's -- I was talking to some folks in the back, there is a lot to play out on something like that, but that certainly provides us kind of step function potential upside. And that is why we think we can take markets that are growing at 3% and 4% and produce 5-or-better percent organic growth. So it is things like NASA NEST, also another big annual revenue, it is NGEN, it is those kind of big step functions that allow us to really outperform the market." — Roy Stevens, Investor Day, May 14, 2019; "So for example, if you think about it, on contract growth and the growth of kind of the smaller contracts that range from $10 million to $500 million, that will give us a core growth rate of 4% to 5% organic. Layer on top of that things like the ramp-up of the NGEN program that can yield us between 2 and 3 points. There's going to be a couple of points undoubtedly from the carryover of backlog work from COVID-19. That can be as much as $250 million, $270 million. And then other new business wins like the STAMP program that is still under protest and RHRP and others, that should yield us -- the larger programs, that you yield is another 2%. So that racks up to easily a 10% to 12% organic growth for next year." — CFO Reagan, Credit Suisse Conference, Dec 2, 2020"

""While we are just getting started, we are proud of the scale we have achieved to date. In 2020 our customers completed approximately 31 million remittance transactions using Remitly." — Remitly IPO Prospectus. "We manage more to revenue per transaction, profit per transaction, LTV. And when you look at it from that lens, it's business as usual in Q2. No major shift in competitive pricing. It wasn't due to any sort of pricing pressure." — Remitly CEO Q2'24. "And what we're focused on is things like ARPU and specifically average revenue per transaction, the profit per transaction and fewer trends there as much as how we think about modeling the business." — Remitly CFO Q1'24. "For them (Remitly), the biggest challenges are I think players like Wise. Then on the pricing side, something like Atlantic Money, I don't know whether you've heard of them, that's a fairly new player with even lower pricing..." — Former Remitly Regional Head, Tegus: Nov 11, 2024. "Our discipline and focus in reducing unit costs allowed us to lower prices in the first half of FY25, which was the main driver of the cross border take rate reducing by 11bps YoY to 56bps in Q3." — Wise Plc Trading Update Jan 16, 2025. "Across all providers/corridors/payment methods we examined, pricing was down on average to 3.25% (vs. 3.46% last Q)." — J.P. Morgan Research Feb 3, 2025."

""PFE best positioned for top-line growth among large cap pharma with the pipeline capable of replenishing 41% of the FY17 revenue base by FY25 (vs. peers 7%), well in excess of the 16% of sales exposed to generic/biosimilar headwinds (vs. peers 42%). While near-term growth will be depressed by the loss of Lyrica, we believe investors will look through this to a period of renewed growth. Post-Lyrica LOE, we model revenue CAGR rising to 7.7% (FY20-25) from 2.7% (FY17-20)." — Atlantic Equities, November 27, 2018; "Perhaps the greatest legacy of outgoing CEO Ian Read is a reinvigorated R&D pipeline that should sustain top-line growth beyond key patent expirations. We expect new CEO Bourla to leverage this significant boost in late-stage R&D assets to a level that could preclude the need for M&A or financial engineering" — Oppenheimer, December 11, 2018; "Pfizer has had pipeline success in 2018 with surprisingly good data from Tafamidis, Tanezumab meeting efficacy endpoints in smaller duration phase-3 trials but with questions on safety remaining, early encouraging data from next-gen JAK's for Inflammation and advancement of 20-valent pneumococcal vaccine into phase-3. We believe these events have a played a key role in changing the narrative on Pfizer from an M&A/Split story to a pipeline/growth story." — UBS, January 22, 2019"

""PFE best positioned for top-line growth among large cap pharma with the pipeline capable of replenishing 41% of the FY17 revenue base by FY25 (vs. peers 7%), well in excess of the 16% of sales exposed to generic/biosimilar headwinds (vs. peers 42%). While near-term growth will be depressed by the loss of Lyrica, we believe investors will look through this to a period of renewed growth. Post-Lyrica LOE, we model revenue CAGR rising to 7.7% (FY20-25) from 2.7% (FY17-20)." — Atlantic Equities, November 27, 2018; "Perhaps the greatest legacy of outgoing CEO Ian Read is a reinvigorated R&D pipeline that should sustain top-line growth beyond key patent expirations. We expect new CEO Bourla to leverage this significant boost in late-stage R&D assets to a level that could preclude the need for M&A or financial engineering" — Oppenheimer, December 11, 2018; "Pfizer has had pipeline success in 2018 with surprisingly good data from Tafamidis, Tanezumab meeting efficacy endpoints in smaller duration phase-3 trials but with questions on safety remaining, early encouraging data from next-gen JAK's for Inflammation and advancement of 20-valent pneumococcal vaccine into phase-3. We believe these events have a played a key role in changing the narrative on Pfizer from an M&A/Split story to a pipeline/growth story." — UBS, January 22, 2019"

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

""CLEAR has been able to grow as a result of the airline partnerships when you look at their airport growth following the Delta partnership and then their airport growth following the United partnership as well as Hawaiian expanding in Hawaii, Portland expanding after the Alaska partnership. There tends to be a high degree of ability to launch airports accompanied by airline support. Why? Because while the airport may be interested in having another retailer, which that's what CLEAR is for an airport, another retailer that pays revenue share, the airport is not willing to move forward with introducing CLEAR in the checkpoint without the TSA support and the support of the airline that manages that checkpoint. So while the checkpoint is a TSA environment, the TSA delegates some entity, usually an airline or a consortium of airlines, the management of the queue and the allocation of space ahead of the TSA point, therefore the airline needs to have a vested interest in sacrificing real estate of the lines and creating additional lines and creating additional segmentation for its own benefit. So that's how CLEAR has been able to grow so rapidly at Delta hubs and Delta Airports as well as United and so forth because these airlines move lean forward in supporting the entrance of CLEAR." — Spruce Point research interview"

""While Box was once one of the fastest-growing companies in software (70% growth at $225M+ in ARR at IPO), growth has dramatically decelerated, even prior to COVID. Growth did improve in the most recent quarter (with some COVID headwinds fading), but we do not believe Box will be able to sustain double-digit growth and find its FY24 12%-16% revenue growth target difficult to underwrite... Part of the reason we struggle to underwrite Box's story of accelerating growth and expanding margins is the fact that Box has discussed initiatives to accelerate growth in the past, but not delivered on it, and has had several different target models, consistently needing to walk them back... Based on our due diligence, we do believe that Box has competitively differentiated technology for content management at the enterprise end of the market and like the company's vision but take the view that a mixture of competitive pressures (namely OneDrive) and an underperforming GTM motion are the primary contributors to the company's underwhelming execution. Additionally, considering the nature of Box's solutions, if the rise of remote work and digital transformation trends haven't yet translated into an improved environment for the company we are not sure what Box needs to see to start executing." — RBC Capital Markets, July 2021"

"Another area where we may have lost focus is around patient trials. As most of you know, I think patients enter our treatment pathway via a trial, the success of which leads to payor approval for the implantation of our device which is the principal driver of our revenues. Our trials begin to flatten out in the middle of 2018 and this activity is obviously an important one to two quarter predictor of future implant revenues...we have focused and reengaged our field team very intensely on patient trial growth. And I think trials got kind of lost in the noise, and we simply weren't focused on it. And I think what is encouraging is that -- is that as we have focus on it in very short order, we've seen very rapid and I think very important responsiveness to trial volume based on our results. I think that's an encouraging sign. It's also very early. And so that's something that we've been focusing on for the better part of the last two months and we've seen a very quick response but we need to we need to better understand that. But I really think it was just for lack of focus. We weren't directing and incentivizing our sales force to do what they should have been doing in my view, which was to grow trials. — Keith Grossman, CEO"

""It’s a bit of a quagmire because they announced a PDN study with the potential for a new indication. Well, the physician community is using it for that anyhow. Okay, maybe if the physician community is reimbursed for it, but they’re coding funky anyhow. I don’t know how much of an uptick it’s going to give them in revenue." — C-level executive in the SCS space; "I did twenty PDN cases in my territory in 2019. Stimulation is already approved for PDN. With Medicare, you need a primary and secondary pain indication. You just put in foot and the second as PDN and it will get approved. You can say today that the secondary indication is neuropathic pain. I don’t see how a PDN indication changes the market. I’ve been walling to podiatrists and endocrinologists for years on PDN. It’s the same indication as regular stimulation. Foot pain is the same codes, same delivery system, same placement of leads. It’s nothing new or different. Doctors who want to use stimulation for PDN are already using it. If you have tingling in your hands and feet, they already use it. Off label, on label, they use it. A new PDN indication just allows you to have more of a conversation." — Territory manager at one of Nevro’s 3 key SCS competitors"

"And then, at the beginning Mr. Ding Shizhong was working as a sub-contractor [OEM] for international brands, and then after he was able to accumulate his original [capital]: he could then lend money to these distributors and partners to support these dealers/distributors to expand their business. By developing personnel and building the channels, these distributors very successfully established a foothold in local markets and expanded the business. So this history cannot be separated from these connections, so this kind of connection and control between the brand and the distributors is very strong, and later when they went public, at the time, Li Ning also was going public. The Jinjiang companies came up with a strategy to separate out these semi-subsidiaries from the ListCo, so they would be outside of the ListCo, and let the companies' profits look more attractive. For example, when they ship product they can book revenue, in this way they could more quickly generate more revenue, at the same time the distributors' costs would not have to be inside the ListCo's system. So, they reduced expense and accelerated income, so their financials were all much better looking. — Mr. D (former ANTA senior executive)"

"I mean our small business -- small, medium business, we think as a run rate continues to be strong, right? We've seen that throughout the year, which is a good sign of the underlying business. The same business that Anders has talked about is served by our partners and distributors around the globe. And we haven't seen any change there — Burns, Stevens Conf Nov 16, 2022. Particularly (organic net sales growth) strong growth from small business through the channel, partially driven by pent-up demand. — Q2 2021 Earnings Presentation. Yesterday, we announced the launch of Zebra's first cloud connected label printer designed specifically for the small business, home office customer. Featuring eco-friendly cartridges and mobile application software to easily design and print labels from anywhere. With the launch of the ZXP Series printer, we enter an approximately $400 million market with an attractive recurring supplies revenue stream. We have been innovating at a record pace despite the pandemic, and this so called label printing offering is a proof point of our focus on expanding into attractive adjacent markets where we can provide a differentiated offering. — CEO Gustafsson, Q1 2021 May 5, 2021"

""Just wanted to ask about the new product revenue numbers that you gave.... Within those cards you have a sense of how much of that is sort of incremental revenue versus how much of that is just cannibalizing or replacing existing product sales?" — Michael Matson – Needham & Company; "The biggest piece that probably falls into the gray area is Centrella... If I look at the rest of the product growth from where we are today going forward, most of it is nonreplacement new product growth. So of the ones on that slide that was in the LRP deck, Centrella is probably the only one that materially falls into the cannibalization bucket, if that helps." — John Greisch – President & CEO, Hill-Rom; "And I think John also mentioned in his opening comments, the new product momentum has been -- we're very pleased with that. $300 million this year. We exceeded our goal. If you recall, our original goal was about $200 million. So great performance in 2018, and now we're expecting $400 million in 2019. So not all of that is incremental. As you know, we're cannibalizing some of our products, but about half of it will be incremental." — Mary Kay Ladone – VP of Investor Relations, Hill-Rom"

"I feel it probably is more revenue. And I'll kind of expand on that cost synergies happen way late in the game. Okay. At Stryker, they had this internal group called, it's kind of like PLCM group, like a project lifecycle kind of group. We would look at which products needed to be sunsetted, other synergies, reduction of plants. So one of the biggest challenges that Stryker requires is the footprint. With Wright, the amount of sites that were acquired, was intense and the cost associated with it. So there's a lot of redundancies and cost associated with, for example, Mobius was Shirley outside of Boston, Massachusetts, the rent was exorbitant. It was not a very optimal facility. It took almost 2 years to move it to Kalamazoo. Only more recently within the last few years, have they really been focusing on streamlining operations with respect to how many plants are open in sites, and consolidating those due to cost. So initially it's a revenue play, because divisions, aren't looking at it as a siloed kind of company within Stryker from the cost perspective, right. Corporate looks at cost, which then happens after an acquisition is done. — Former Stryker M&A Professional"

""Going forward, the Kao Group will aim to be a company that can contribute to minimizing the period of illness" — President Hasebe, June 2021 Small Meeting with CEO; "We need a new engine for the future. With this in mind, we aim to enter the medical (treatment/diagnosis) field" — President Hasebe, Nikkei Business Interview, March 2022; "Kao has great technology and many interesting products, but management has yet to translate this expertise into strong revenue-generating products" — CLSA, February 20, 2024; "We want to be a company that is not compared to P&G or Unilever" — President Hasebe, Weekly Economist Interview, April 2021; "Kao conducts world-class enzyme research... I think enzyme-driven batteries will be useful in unexpected places" — President Hasebe, December 2021; "Another Kao is intended to strengthen three categories: Circular economy, digital and health care" — President Hasebe, June 2024 Small Meeting with CEO; "Mondrian was concerned that Kao risks losing focus on its core consumer goods business, which is under tremendous pressure related to raw material prices and increased competition" — Mondrian Investment Partners, Stewardship Report 2023."

""Pershing Square's operating ratio targets for Canadian Pacific are unrealistic and lack credibility." — CP Proxy Circular, Mar. 22, 2012; "Pershing Square's stated OR target is both unrealistic and unachievable by 2015." — Former CP Chairman, Mar. 27, 2012; "If Canadian Pacific were to implement its short-term strategy, it would cause Norfolk Southern to lose substantial revenues from our service-sensitive customer base." — Norfolk Southern press release, Dec. 4, 2015; "The Norfolk Southern board remains confident that the continued execution of its strategic plan is superior to Canadian Pacific's grossly inadequate and high-risk proposal." — Norfolk Southern press release, Dec. 7, 2015; "The math around Ancora's short-term targets that were advertised to our investors ... only works with significant and immediate employee furloughs..." — Norfolk Southern press release, Mar. 20, 2024; "Our relationships with customers, employees, and regulators would be at great risk, and lead to the deterioration of shareholder value." — Norfolk Southern press release, Mar. 20, 2024; "We have a clear path for further progress..." — Norfolk Southern press release, Mar. 20, 2024."

""I think Tempus will have its Nvidia moment, this moment where people are like, wait a minute, like how big could that be? I don't know if it's going to come in a year, or two, or three or four? I don't know. But, at some point it will be when these models start to get paid for and ordered at scale and we start generating large unforeseen amounts of revenue." — Eric Lefkofsky. "I use the Tesla example because I think it's really interesting. ... The technology wrapped around that Tesla was just demonstrably better than other EVs 5 or 10 years ago which led in large part to the growth. It's the same things with Tempus. We have a technological advantage over our competitors." — Eric Lefkofsky. "I think over time, these kind of models that make EKGs smarter, make genetic tests smarter, make blood tests smarter, make CAT scan smarter, these will become pervasive and 100s or 1,000s. They will be reimbursed and I suspect if Tempus is ever a really big company, like as big as Tesla, it's because we have lots of these models and they are routinely being reimbursed. Given what I saw a few weeks ago, I think that will happen, it's just a matter of time." — Eric Lefkofsky."

"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"

""UNP operates undoubtedly one of the best rail franchises on the continent..." — Evercore ISI; "...the inherent structural advantages of UNP's network that has made UNP our top pick in Rails for a long time." — Deutsche Bank; "...we continue to think that UNP has a structurally advantaged network with its very long length of haul and diversified biz mix." — Credit Suisse; "...stellar franchise..." — Raymond James; "A well-diversified asset base... we recognize the competitive dynamics of UNP's network– unparalleled access to Mexico and the chemicals sector in the U.S. Gulf Coast – and diversified revenue stream..." — RBC; "The most diversified franchise with a higher level of return, UNP is in a very good position..." — Bernstein; "Bottom line, we believe UNP should generate near the high end of rail OR improvement... based on UNP's premium rail franchise..." — Goldman Sachs; "...a franchise advantage over other rails..." — UBS; "Union Pacific has a desirable long-haul network with a more lucrative mix of business..." — BMO; "...consider upgrading the stock... based on the very high quality of the company's network franchise." — TD Securities"

"“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)"

""Buying a Biotech on the Cheap Not Helping to Restore Investor Sentiment ... While we expected ALXN would remain active on the BD front, we were surprised to see it go after a beaten down story ... Portola's early commercial struggles will likely induce skepticism that today's deal can meaningfully diversify ... accordingly, client feedback on the deal has been mixed at best" — JPM, May 5, 2020; "Portola acquisition provides mgt. with an additional revenue generating product, but at a high initial cost... [ALXN] has no cardiovascular exposure, is acquiring a product that has struggled for multiple years given narrow utilization criteria and mgt. is paying a 12.5x trailing revenue multiple ... we expect a material earning contribution to take time" — MS, May 5, 2020; "From our discussions with investors we've heard almost universally negative feedback on this deal, ranging from concerns that Andexxa could be over-priced (a reason behind weak initial uptake/reimbursement), to broader reservations surrounding ALXN levering itself to a hospital-based product in the midst of an ongoing pandemic" — Stifel, May 6, 2020"

"“I don’t think they have the talent right now to [meet their revenue goals]. Each class of vehicle at the time required a significant amount of research, testing. If they want to introduce 10 new vehicle models, that’s a several-year project. They would need really good relationships with the OEMs to do that. And they would probably need to get the outfitter network to be more robust. The upfitters have to be trained to do these upfits. For each incremental model they have to re-teach the upfitters. The upfitter model is attractive, but what goes unsaid is if you don’t have good upfitters, customers return the vehicles... Two [XL] guys... were traveling around the country to make up for upfitter fuck-ups. Up-fitters were fucking up all the time.” — Former XL Employee D; “Rivian, etc. has a skateboard chassis—it’s all flat. They’ve really packaged it in such a way that it’s pretty clean. You don’t have that... every vehicle that XL wants to do, they need a different package for, because it’s different underneath... bracketry’s different, dimensions are different, everything’s different.” — Former XL Employee H"

""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"

"On the conservatism in the FY '24 guide comment that was made in the shareholder letter and the prepared remarks. Really, what I am saying is if you go back to like FY '23, we initially guided 30% to 32% revenue growth and we ultimately finished that 52% growth. So that entailed beats of 8%, 7%, 9%, 9% in Q1, Q2, Q3 and Q4, what we are seeing for FY '24 is we are starting the guidance at 28% to 30%. We will not have those same level of beats in FY '24. So, it is less conservative than that initial FY '23 guide. There is a lot of obviously macro uncertainty. If we see a lot of those headwinds, we won't need to reduce our guidance, that is why we call it de-risked, we do not think we will go below 20% to 30%. If we don't see those headwinds, we will have the opportunity to move that guidance up throughout the year, similar to what we did in FY '23 but we do not expect the same magnitude of beats. And so that's really the point that I was trying to drive home, more in that kind of low to mid single-digit revenue beats on a quarterly basis if we do not see any sort of macro uncertainty. — Samsara CFO Phillips"

"With the Flex model, Premier Agent partners are provided with validated leads at no initial cost and pay a performance advertising fee only when a real estate transaction is closed with one of the leads, generally within two years. With this pricing model, the transaction price represents variable consideration, as the amount to which we expect to be entitled varies based on the number of validated leads that convert into real estate transactions and the value of those transactions. We estimate variable consideration and record revenue as performance obligations, or validated leads, are transferred. We do not believe that a significant reversal in the amount of cumulative revenue recognized will occur once the uncertainty related to the number of transactions closed is subsequently resolved. We record a contract asset for our estimate of the consideration to which we will be entitled when the right to the consideration is conditional. When the right to consideration becomes unconditional, upon the close of a real estate transaction, we reclassify amounts to accounts receivable. — Zillow Group 2023 10-K"

""Many of these deals were significantly back-end loaded because nobody wanted to pay an upfront payment for a technology that they didn't really understand or believe in." — Former Ginkgo executive; "Many of these companies weren't out much, if anything, when it came to money. We signed these collaborations to get the name on the marquee so that Jason could use that for the next round of funding." — Former Ginkgo executive; "The first thing is that they don't have any unique technology that other companies don't have. The second is that they don't have any product. The products that they do have or what they call their products are strains that they've delivered to customers that generate revenue. But because there aren't many of those successful strains, I believe that their actual revenue coming from those strains is something like $500,000 a year. Customers, if they're using their strains, are using them in a very limited capacity because they're not happy with them. And they're not using them for the original purposes. So, lack of platform uniqueness, lack of product." — Former employee"

""While we had greater than normal backlog during certain periods of fiscal year 2022, historically, our net sales are difficult to forecast because we do not have sufficient backlog of unfilled orders or sufficient recurring revenue to meet our quarterly net sales targets at the beginning of a quarter. Rather, a majority of our net sales in any quarter depend upon customer orders that we receive and fulfill in that quarter." — SMC Risk Factor. "This emerging segment represents a vast long-term opportunity for us, and our design win momentum and backlog continues to grow, but short-term quarter-to-quarter results can fluctuate depending on the timing of new customer adoptions and qualification cycles." — CFO Weigand. "Looking ahead, I anticipate fiscal year '24 revenue may reach the range of $8 billion to $10 billion, considering the current economic headwind may be lasting for many quarters. As we continue to gain IT market share with the best rack scale plug-and-play IT total solutions, I believe we will soon become a $20 billion revenue company." — CEO Charles Liang."

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

"July 27th, 2023: we do 100 a month no problem at ease right now. And that number is already growing slightly. But what you can't -- you don't often build 1,000 drones because there's different frequencies... If we had to, if we got an order for 1,000, we would ramp that up dramatically in a few months. — Red Cat Management. I don't personally recall us ever saying we could produce 1,000 a month. 1,000 a month at $15,000 per drones, I don't have a calculator in front of me, but that's an incredible amount of revenue. — Joseph Hernon, then-CFO. March 18th, 2024: The production facility in Salt Lake City is in full mass production mode. We are now running 1.5 shifts to meet production goals... We are now demonstrating that we can build tens of thousands of drones yearly. — Red Cat Management. September 23rd, 2024: Our management, engineering and manufacturing teams quickly developed a plan to scale production for 2025. Over the past 4 months, our engineering and manufacturing teams have been retooling and preparing for high-volume production. — Red Cat Management."

""One of the challenges we’ve had with ALXN shares has been the existential nature of the investment debate, and that the bull / bear discussion – even as management execution has been strong – seems largely focused on the stock's terminal value" — Stifel, August 30, 2019; "We expect ALXN to remain in its current trading range until there is greater visibility in the strategy beyond C5" — MS, May 6, 2020; "The shares are not expensive. However, we remain neutral given yet-to-be materialized success in pipeline diversification beyond the C5 franchise (~86% of revenue) & potential entry of competitors for the C5 franchise" — Jefferies, May 6, 2020; "Still, we think the lowered guidance will overshadow the 1Q results and along with persistent doubts about the longer-term future of the C5 franchise prior to competitor launches we would remain on the sidelines for now" — BAML, May 6, 2020; "We expect execution to remain strong, though the stock suffers from a so-so near term catalyst path, as well as a theoretical (hard-to-refute) bear case" — Stifel, May 6, 2020."

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

""Strategically, the combination of PEP's SnackCo and MDLZ would create a global snack giant with leading market share positions across several sub-snack categories, with limited portfolio overlap." — Judy Hong, Goldman Sachs 3.25.13; "Assuming ~$3+ billion in 2016 synergies, a 25% deal premium... we determine that a PEP acquisition of MDLZ could be accretive by ~15%-20% in the first full year." — Alexia Howard, Ali Dibadj, Steve Powers, Bernstein 4.22.13; "The potential for revenue synergies could reach ~$3 billion, based on the benchmark set by Mondelez / Cadbury." — Kevin Grundy, Dara Mohsenian and Matthew Grainger, Morgan Stanley 3.25.13; "The cost synergy opportunity is real. In our work published a few weeks ago, we embedded 9% of Mondelez revenues as synergies (or $3.4B)." — Bill Pecoriello, Consumer Edge 3.17.13; "A Merger Could Yield Significant Cost Savings: ...MDLZ's overall margins are well below those of its scaled global Food peers... leaving significant runway for cost savings, in our view." — Andrew Lazar, Barclays 3.22.13"

"27x EBITDA, 22x on an adjusted basis, and 17x with $140m of synergies, that is crazy expensive and that actually surprised me. We prided ourselves on being disciplined. If you looked across water deals, that's a stand-out. In a league of its own. It's all stock, dilutive, and won't be accretive for at least a year and half. There's a scarcity and ESG argument for it. — Fmr. Xylem Executive (1); I have mixed feelings. They certainly overpaid, but that's what it took to get it done. Patrick needed something transformational. He's not operational. He wants to take big swings and this was the only sizeable asset. My challenge with the deal that this is not a revenue synergy deal. This is a roll-up your sleeves and rip out costs, mess with channels. They have to get $200m of costs out in my opinion, or I would be disappointed as a shareholder. Its hard work to pull out $200m. I really think they need to do $200m not $140m. The revenue synergies aren't going to happen. Mark them at zero, there's a little, not much. — Fmr. Xylem Executive (2)"

""We are not surprised to see the involvement of an activist...An activist investor presents Box with an opportunity to improve sales execution...We note that Box has one of the lowest sales efficiencies across our entire coverage universe." — D.A. Davidson, September 2019; "...we’re not at all surprised that value-oriented investors have taken a significant stake...with Box spending ~41% of revenue on sales and marketing (higher than most SaaS peers in the ~30% range), we think a shift towards margin expansion could provide an avenue for unlocking shareholder value." — Raymond James, September 2019; "Although we have maintained a positive view on Box’s positioning and product portfolio, the company’s go-to-market execution has been consistently disappointing...if the solution selling strategy under COO Stephanie Carullo fails to materialize in a meaningful reacceleration in growth, we would expect Starboard to increasingly pressure Box’s management team to reevaluate its growth vs. margin framework." — Wells Fargo, September 2019"