Callouts & quotes from 2,101+ 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)"

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

"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"

"“The CEO is a headwind to a turnaround. Firing him is the tailwind.” — Top 10 Active Shareholder; “I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go.” — Top 10 Active Shareholder; “They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem.” — Top 10 Active Shareholder; “I have zero confidence this team can get this right and certainly not in the timeframe that is needed. I rarely call for wholesale change at a company, but that is what is needed here.” — Top 10 Active Shareholder; “Having the current CEO drive the process for a new strategy is not a good idea. I think that means we get glacial change and even if they say they are going to become SpaceX there is still going to be a fairly material overhang in the stock because of skepticism about the execution. This is a good time for the change.” — Top 10 Active Shareholder; “Would you ever see anyone issue a press release that says ‘35 year veteran of the company to drive significant strategic, operational and financial turnaround,’ which is what you would have to believe is possible if you think that Bob Jordan is the right CEO. You need a really different leader to right the ship.” — Top 10 Active Shareholder; “I don’t think this is the right CEO to lead the company and I would view his removal positively... Is this the leader you think is able to lead the company into the transformational change that is needed? I don’t think so and I am not sure other investors do either. I would be surprised if they did.” — Top 10 Active Shareholder; “So it is really [the CEO] has not done a good job running the company and what they have in front of them is considerably different than the job he came into, so this really is a natural time for a leadership succession. The Street would be widely supportive of a change.” — Top 10 Active Shareholder"

""Think, first off, on ERP, we are executing our program. We're now live with sort of 3 of our entities on our global SAP platform, corporate, CMF and Instruments. We have an active rollout plan for all of our divisions. And honestly, it's 2 to 3 a year, so that will roll out over the next couple of years here before we really start to feel that the platform is spread enough across the company that will drive significant efficiencies." — CFO Boehnlein, Q3 2019 Earnings Call. "Yes. So certainly, we've delivered the 30 to 50, but the underlying performance has been better than that, as you know, because we -- our acquisitions have had dilution. So underlying op margin has been expanding more sort of the 70, 80 bps range. And we really are just started on our -- on the big heavy lifting margin expansion. The way we've been getting it is through indirect procurement. It's been through I'd call it sort of hustle and sort of old-fashioned cost reduction. The bigger rocks, we haven't moved those yet and that has to do with the plant network. That has to do with the ERP. We've gone live with 3 of our divisions right now, but we still have a lot more to do, and frankly, globally to move to one SAP system. We had a huge implementation that occurred in July this year, which went very well. So we're really excited that we do have the right platform of ERP. We've been through some big integrations. Now it's just a question of rolling them out. That will take us 2 to 3 years to move to one ERP system." — CEO Lobo, MS Conf, Sept 10, 2019. "Impairment charges in the six months 2021 were not significant. In the second quarter of 2020, due to the significant negative impact the COVID-19 pandemic had on our operations and financial results, we suspended certain in-process investments resulting in charges of $189 to impair certain long-lived assets (primarily the portion of our investment in a new global ERP system that was in-process of being developed for future deployment) and product line and other exit costs. These charges were included in cost of sales and selling, general and administrative expenses." — Q2 2020 10-Q."

""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"

""We, therefore, encourage you to support the changes sought by our fellow shareholders at Elliott Management. We intend to support Elliott's proposed proxy slate because it serves the long-term interests of the Company and its owners." — First Pacific Advisors, February 6, 2017; "Independent members of this board, who own less than 0.1% of outstanding shares, continue to disregard the overwhelming publicly expressed desire for leadership change from the company's largest long-term owners, including Orbis." — Adam Karr, Orbis Investment Management, March 3, 2017; "Lion Point believes that Elliott's plan for value creation can reverse the past and set new Arconic on a better path to creating shareholder value." — Lion Point Capital, February 16, 2017; "It's a CEO problem—there has been no value created." — Sarat Sethi, Douglas Lane & Associates, February 30, 2017; "We also acknowledge activism could create an opportunity to highlight value that is even higher at $40 (and in the range of the activist target) to account for significant margin expansion from current levels, premised on a market P/E of 17x and earnings of $2.37." — Morgan Stanley, February 1, 2017; "In our view, a new CEO is an important positive catalyst to more expeditiously improve the company's operations and increase its margins while rationalizing capital expenditures / M&A opportunities." — Wolfe Research, February 6, 2017; "Elliott has a good case. Investor returns under Chief Executive Klaus Kleinfeld, who took over at Alcoa in 2008 and now runs Arconic, have been poor. Investors have seen their stock lose well over half its value under Kleinfeld." — Reuters, February 1, 2017; "Saving Klaus from Paul Singer is top priority for its management. Drain the swamp. Let Elliott Management's recommendations prevail. Too many good people are getting hurt throughout this Company." — Glass Door, March 17, 2017; "If I were an Arconic shareholder, I would be voting the "blue card" to bring the dissidents to power." — Pittsburgh Tribune, March 13, 2017"

""Congrats on a really nice print here. Kevin, maybe a big-picture question on pipeline. Given the strength we're seeing, what would you highlight for us when we look at the next year? I know the camera launch and some of the products you spoke about. Is there anything on Sage? I think I heard you guys talked about Sage. There was some talk about a new bed. Just help us out put these new product cycles in the context of a really strong CapEx environment." — Vijay Kumar, Evercore ISI; "...you obviously mentioned in your beds and stretchers business nice performance in the quarter and you made the comment that that was really without any new product introductions. So I guess the question is, what do you have coming there in 2019? And do you think that we might be at the beginning point of a replacement cycle? As I understand, I think the last replacement cycle certainly MedSurg was in the 2004, 2005 timeframe." — Larry Keusch, Raymond James; "I would tell you, across the board, whether it's 2019 or looking ahead to 2020, we have a number of product launches similar to prior years that are slated. And that includes Medical as well as other divisions. So I think that really is what underscores our conviction in being able to grow sales at the high end of med tech. Don't want to get into specifics around the launches for obvious reasons, but I would tell you we have a really good cadence and pipelines across all 3 of the primary businesses." — Katherine Owen, VP of Strategy & IR, Stryker; "Look, the replacement cycle is continuous, so there isn't sort of one massive replacement cycle. You have hospitals buying other hospitals that are wanting to standardize on their equipment." — Kevin Lobo, CEO, Stryker; "Our capital order book is very good. Look at something like beds and stretchers with double-digit growth and really without any significant new products. There's a couple of minor products, but nothing major. That's really our great execution and I would say fairly healthy markets." — Kevin Lobo, CEO, Stryker"

""But with the engine -- the new engines ramping up and the high level of technical sophistication, there's a lot of increased product introduction costs for qualification of the component. And at the same time, the legacy engine spares and replacements remain strong. So here, we have a different situation. We have very, very strong demand. At the same time, the ramp-up is accelerating, and we're going through the near-term teething issues here of the aero engine industry." — Dr. Klaus Kleinfeld, Alcoa Q3 Earnings Call, October 11, 2016; "So, the aero engine side, typically, in the past have always shown that there are these ramp up issues with the supply chain. In this case, we are seeing them again and we are seeing them probably a little bit more than in normal environment, very much driven by the level of technical sophistication and combined with the relatively long supply chain." — Dr. Klaus Kleinfeld, Arconic Roadshow, October 28, 2016; "Our isothermal and hot-die forge presses operated at or near record levels during the third quarter in support of growing next-generation engine builds. But on the forgings side both the hot-die and the isothermal, I mean, we're really very good at making those parts, quite frankly... we're good at it and our customers know that and where others might be stumbling a little bit as they maybe start to ramp up, we're there to support the customer...." — Richard J. Harshman, CEO of Allegheny Technologies, ATI Q3 Earnings Call, October 25, 2016; "The 2016 results were in line with what we last told you, however disappointing. Overall, we got it wrong on the non-aero side and our outlook substantially reduced for this market. On the aero side we are delayed but we will get there. We could have executed better and we recognize it and we own it and we are working diligently to improve the performance of this important asset." — Dr. Klaus Kleinfeld, January 31, 2017"

""The main issues our engineers and experts are raising are trust in the data, a lack of transparency. Behavior in certain situations like extreme temperatures and so on. This is a big question mark where they're saying that we are having a lot of issues and a lot of risk. Those are [some of the] core questions that are circling around. They don't trust that you can charge it in 15 minutes, for example." — Senior member of Volkswagen’s EV battery effort. "I wouldn't say that nothing that we tried worked. I've been on a number of calls with people, a lot of them are into the hype, and they hear a hesitation in my voice, and they just can't believe that it's not real for whatever reason. But this is an extraordinarily hard thing to do to the point that most people can't really understand how hard it is...Most people who have not done some kind of industrial work in the past just have no idea how difficult this stuff is, how uncertain it is... This is a super-difficult problem like, basically, Nobel-Prize-winning work needs to be done to make solid-state batteries real." — Former employee #1. "A lot of the upper management have very good backgrounds, a lot of Stanford grads there. They absolutely wouldn't falsify data or fudge things. But the CEO, his [pause]...his [pause]...he's a different [pause]...he's different. He's different from the rest of their team, and he is totally in charge...Dissenting views have no place at the company...different interpretations of the science. You're picking up on it [the discrepancies]. I'm sure a lot of the science team there would do it differently, but it's all up to the CEO. Jagdeep is picking every slide, every picture, what the colors are...[he's] selling this vision on Jim Cramer's show and he hopes the data catches up to him...It's taking a long time, taking longer than Jagdeep wanted and his backers wanted." — Former employee #2."

""...with Starboard now nominating a slate of directors it has formally challenged HUN's board structure. These nominees are quite qualified in our view, and we think could be quite effective at aiding and improving the upstream, downstream, and financial footprint at the company...productivity should be a perpetual process, and additional oversight and guidance through its evolution could be helpful for a company that does not have a longstanding productivity culture." — BofA Securities, January 2022; "Mr. Gallogly carries high esteem for making money for Chemicals investors over the past 10+ years – As CEO of LyondellBasell (LYB), shares outperformed the S&P 500 by 382% and outperformed peer Dow Chemical by 357% from emerging out of bankruptcy in 2010 until Mr. Gallogly announced his retirement in late September 2014...We think he carries four main attributes that investors would welcome to the board of Huntsman (or any Chemical company for that matter): 1) operating acumen and focus on safety + cost, 2) a track record of prudent and shareholder-friendly capital discipline, 3) a reputation of being forthright and outspoken in his views, and 4) a track record of delivering on results." — Barclays, January 2022; "Importantly, we believe that Jim Gallogly stands out among the proposed Starboard nominees and the newly added board members with the potential to be especially impactful on investor confidence, and on the contribution that the refreshed board could make to the Company's bottom line and valuation. In our experience covering LyondellBasell when Mr. Gallogly was its CEO, his leadership was both evident in the Company's results and was rewarded by the equity market. We believe that a candidacy of Mr. Gallogly's caliber could greatly enhance the board, in particular in the areas of operational efficiency and cost control." — KeyBanc Capital Markets, January 2022"

""...with Starboard now nominating a slate of directors it has formally challenged HUN's board structure. These nominees are quite qualified in our view, and we think could be quite effective at aiding and improving the upstream, downstream, and financial footprint at the company...productivity should be a perpetual process, and additional oversight and guidance through its evolution could be helpful for a company that does not have a longstanding productivity culture." — BofA Securities, January 2022; "Mr. Gallogly carries high esteem for making money for Chemicals investors over the past 10+ years – As CEO of LyondellBasell (LYB), shares outperformed the S&P 500 by 382% and outperformed peer Dow Chemical by 357% from emerging out of bankruptcy in 2010 until Mr. Gallogly announced his retirement in late September 2014...We think he carries four main attributes that investors would welcome to the board of Huntsman (or any Chemical company for that matter): 1) operating acumen and focus on safety + cost, 2) a track record of prudent and shareholder-friendly capital discipline, 3) a reputation of being forthright and outspoken in his views, and 4) a track record of delivering on results." — Barclays, January 2022; "Importantly, we believe that Jim Gallogly stands out among the proposed Starboard nominees and the newly added board members with the potential to be especially impactful on investor confidence, and on the contribution that the refreshed board could make to the Company's bottom line and valuation. In our experience covering LyondellBasell when Mr. Gallogly was its CEO, his leadership was both evident in the Company's results and was rewarded by the equity market. We believe that a candidacy of Mr. Gallogly's caliber could greatly enhance the board, in particular in the areas of operational efficiency and cost control." — KeyBanc Capital Markets, January 2022"

""So it's really a benefit to Trinity, not to Sunnova. It's very easy to give for Trinity. It's very easy to get a Sunnova exclusive." — Industry Executive; "We mostly provide financing through Sunnova, but can also offer Sunrun, Sunlight and other financing providers." — Manager, Trinity Solar; "At year-end, the total number of dealer and sub dealers who partnered with Sunnova reached 155, a 14% increase from the end of September 2019. We currently have a growing backlog of high-quality contractors, who are looking to become Sunnova dealers and an increasing number of them desire exclusivity." — CEO Sunnova, Q4 2019 Call Feb 25, 2020; "Could you discuss, actually, a bit more on the increase in exclusivity for dealers?" — BoA Analyst; "What did come as a surprise that we recently had our dealers summit, and this was something that was a pretty strong feedback. I think, look, we're adding a lot of operational capabilities to the company. And then, again, looking at our widest product portfolio, there really isn't a need. And certainly, there is a desire to cut costs by the dealers to just plug in again to one service platform. Our strong financial position, relationships, we've proven that we're focused on the dealer and the customer and service. So all that comes together is that dealers are looking to find a home. They want to be able to pick up the phone, talk to senior management if need be because things do happen on both sides of the relationship, and they know we're totally focused on them. And so that is giving a lot more comfort to folks, and you're seeing a lot of dealers talks amongst each other that are not yet Sunnova dealers and saying, you know what, you need to come over here. This is home. This is the place you want to be. This is where you can build your business over the long term." — CEO Sunnova, Q4 2019 Call Feb 25, 2020"

""As I think about growth, so Keith, obviously, you guys have done a really good job driving very healthy organic growth and William and Steve have done the same thing and bolstering that with M&A and JV. So how does this change, given that you're going to go through an integration? I know you have an unlevered balance sheet and you alluded to that in your prepared remarks. But how should we be thinking about the growth profile of the combined company 6 months, 12 months and longer than that out?" — Brian Tanquilut – Jefferies. "Well, I'll go first and ask Steve to chime in with me here. Let's -- so I don't see this having, certainly, a negative effect. I mean, perhaps even accelerating the growth profile. Our balance sheet is clean. The volume of inbound calls and interest that we're getting from hospital and health system partners, in particular, is -- continues to increase. So I don't see anything that would curtail that. And we're really excited about the new growth opportunities. And Steve I'm going to let you all take that." — Keith Myers – Chairman & CEO, LHC Group. "This -- we've talked for a long time in our investor conferences in discussions around trajectory and continuing that trajectory. And both companies have been on pretty amazing trajectories. And so this is continuing the trajectory. So if you just think about Kanye West, bigger, faster, stronger, right, so we're delevering the balance sheet. This is going to be a straightforward integration.... So I think we're going to grow better and faster. I'd rather us do this together, because I think we can grow better, faster, lower risk, higher return profile doing this together than we could possibly do it separately." — C. Steven Guenthner – President, Principal Financial Officer, Treasurer & Secretary, Almost Family."

"[Avon's] apparent lack of succession planning is 'an extraordinary indictment of the board,' said Mark Cohen, professor at Columbia Business School and former CEO of Sears Canada. — Reuters article titled 'Avon needs bold change as Jung's CEO tenure ends,' 12/14/11. [Coca-Cola] has landed a new chief executive after a search so remarkable that another Fortune CEO, A.G. Lafley of P&G, calls it 'one of the strangest processes we've ever seen.'... [I]t has become a case study in business dysfunction. — CNN Money article titled 'The Real Story: How did Coca-Cola's management go from first-rate to farcical in six short years? Tommy the barber knows,' 05/31/04. It's a tale of how good intentions clashed with hubris and ego can erode one of the most famous organizations in the world — a case study in corporate dysfunction and succession gone wrong. As Iger and the Disney board resume their search for a successor, a critical question looms: Have they learned the moral of the story? — CNBC article titled 'Disney's wild ride: Iger, Chapek and the making of an epic succession mess,' 09/06/23. Mondelez International's orderly succession planning is sweet inspiration... Others would do well to emulate the process... — Barclays research note, 07/29/21. Mr. Moeller has been front and center in P&G's turnaround over the past decade, [and] this announcement ensures continuity of a strategy that has already been working well... — Barclays research note, 01/30/23. [Hein] must have done a good job impressing the board with his vision for the company... [And] as we have seen many times before, unexpected hires can turn out to be very good... Dirk Van de Put is another excellent CEO who is now [at] Mondelez but who also came out of left field... — Barclays research note, 01/30/23."

""The company is at a key inflection point and we cannot afford to let the Board and management be diverted from our progress and plan by creating a dysfunctional and destabilizing environment." — Heinz, June 2006; "Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan" — DuPont Press Release, Jan 2015; "[P&G] is in the best position to continue building a better Company without adding Mr. Peltz to the Board...Now is the time to focus on accelerating results, and prevent anything from derailing the work that is delivering improvement." — David Taylor, P&G CEO August 1, 2017; "I said to another CEO...who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I'd ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director." — Bill Johnson, Heinz CEO, March 2008; "I have the highest regard for Nelson Peltz and Ed Garden. Since becoming CEO of DuPont, I have talked many times with the Trian team and appreciate their insights on strategy and operations, as well as the collaborative and productive manner in which they have engaged with us." — Ed Breen, DuPont CEO, July 2017; "From day one, Nelson has been a focused, collaborative member of P&G's Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G's senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders. I'm grateful for his service and the collaborative partnership we've developed over the past few years..." — David Taylor, P&G CEO, Aug 2021"

"I think the world of the Phillips 66 refining employees, and I would love the opportunity to become a part of Phillips 66 again in a board role... — Brian Coffman, former CEO, Motiva, Elliott nominee for Phillips 66's board, April 8, 2025; This is a company that has good people, has a rich history, and great assets that don't necessarily belong together. — Sig Cornelius, former ConocoPhillips CFO, Elliott nominee for Phillips 66's board, April 22, 2025; Phillips 66 is a wonderful company with fantastic assets. And if we can change the corporate structure and unlock value, then I think that actually frees up every operation as a pure play... — Stacy Nieuwoudt, former energy and industrials analyst, Citadel, Elliott nominee for Phillips 66's board, April 15, 2025; They've got some of the best people that have been handcuffed and not allowed to succeed. — Mike Heim, co-founder of Targa Resources, Elliott nominee for Phillips 66's board, April 30, 2025; So, you've just got to give them the opportunity to spread their wings, go back out and repair a decade of damage or two decades of damage...and start to build the company again. — Mike Heim, co-founder of Targa Resources, Elliott nominee for Phillips 66's board, April 30, 2025; ...There is a pent-up frustration, but also pent-up creativity and excitement of the employee base [at companies like Phillips 66] that is just waiting to be unleashed. — John Pike, Elliott partner, head of global energy practice, May 15, 2025; We want to see this business [Phillips 66] thrive, and it would be our expectation that your career, your wealth, your sense of satisfaction at work would also thrive alongside of that. — Geoff Sorbello, Elliott's managing director of engagement, May 15, 2025"

""The company is at a key inflection point and we cannot afford to let the Board and management be diverted from our progress and plan by creating a dysfunctional and destabilizing environment." — Heinz, Jun 2006. "I said to another CEO...who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director." — Bill Johnson, Heinz CEO, Mar 2008. "Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan" — DuPont Press Release, Jan 2015. "I have the highest regard for Nelson Peltz... Since becoming CEO of DuPont, I have talked many times with the Trian team and appreciate their insights on strategy and operations, as well as the collaborative and productive manner in which they have engaged with us." — Ed Breen, DuPont CEO, July 2017. "[P&G] is in the best position to continue building a better Company without adding Mr. Peltz to the Board...Now is the time to focus on accelerating results, and prevent anything from derailing the work that is delivering improvement." — David Taylor, P&G CEO, Aug 2017. "From day one, Nelson has been a focused, collaborative member of P&G's Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G's senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders. I'm grateful for his service and the collaborative partnership we've developed over the past few years..." — David Taylor, P&G CEO, Aug 2021."

""The company is at a key inflection point and we cannot afford to let the Board and management be diverted from our progress and plan by creating a dysfunctional and destabilizing environment." — Heinz, Jun 2006; "Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan" — DuPont Press Release, Jan 2015; "[P&G] is in the best position to continue building a better Company without adding Mr. Peltz to the Board...Now is the time to focus on accelerating results, and prevent anything from derailing the work that is delivering improvement." — David Taylor, P&G CEO, Aug 2017; "I said to another CEO...who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I'd ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director." — Bill Johnson, Heinz CEO, Mar 2008; "I have the highest regard for Nelson Peltz... Since becoming CEO of DuPont, I have talked many times with the Trian team and appreciate their insights on strategy and operations, as well as the collaborative and productive manner in which they have engaged with us." — Ed Breen, DuPont CEO, July 2017; "From day one, Nelson has been a focused, collaborative member of P&G's Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G's senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders. I'm grateful for his service and the collaborative partnership we've developed over the past few years..." — David Taylor, P&G CEO, Aug 2021"

""The company is at a key inflection point and we cannot afford to let the Board and management be diverted from our progress and plan by creating a dysfunctional and destabilizing environment." — Heinz, Jun 2006; "Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan" — DuPont Press Release, Jan 2015; "[P&G] is in the best position to continue building a better Company without adding Mr. Peltz to the Board...Now is the time to focus on accelerating results, and prevent anything from derailing the work that is delivering improvement." — David Taylor, P&G CEO, Aug 2017; "I said to another CEO...who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I'd ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director." — Bill Johnson, Heinz CEO, Mar 2008; "I have the highest regard for Nelson Peltz... Since becoming CEO of DuPont, I have talked many times with the Trian team and appreciate their insights on strategy and operations, as well as the collaborative and productive manner in which they have engaged with us." — Ed Breen, DuPont CEO, July 2017; "From day one, Nelson has been a focused, collaborative member of P&G’s Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G’s senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders. I’m grateful for his service and the collaborative partnership we’ve developed over the past few years..." — David Taylor, P&G CEO, Aug 2021"

""Ultimately, we think that a typical point that we run will mature to a point where it's got a very, very solid consistent number of pets that'll treat on a weekly basis, and we're estimating that it takes roughly a little over a year to get to that point. And in a slow environment, it could take upwards of 18 months to get there." — McCord Christensen, CEO, PetIQ; "If you look at the right side of this chart, this shows the clinic rollout schedule as we've organized ourselves internally. For 2018, we believe we'll open between 20 and 30 locations; 2019, 80 to 120; and you can see the schedule out through 2023 to be able to have over 1,000 locations operating by the end of 2023." — McCord Christensen, CEO, PetIQ; "This is kind of mechanical in nature, but if I am looking at the way you discussed adjusted net income and excluding, I guess the clinics primarily, before you were using clinics have been open or now opened for a year, now that's shifted to what seems to be 18 months. Why that shift?" — Brian Nagel, Oppenheimer & Co.; "Yes. Brian, this is John. That's a great question and thanks for bringing it up. We looked at ourselves internally, and we said, we've been messaging all along that the maturity model on our clinic whether it's our new wellness center or when we enter into new markets or with new retail partners, the maturity model is 18 months. So, therefore when we evaluate the same-store sales add-back it should be looking at the exact same way." — John Newland, CFO, PetIQ; "As Cord mentioned, we expect [to] open more than 80 new wellness centers in 2019 beginning in Q2 with a vast majority of wellness centers opening weighted towards the second half of 2019." — John Newland, CFO, PetIQ"

""There's a lot of people right now that can help you accelerate that process that have decades of experience with PSR, whether it's Jim Vena or Sameh Fahmy or other people that have a lot of experience that would be willing ... to come in on a 3-month, 6-month consultancy basis to accelerate to help the existing team." — Amit Singh Mehrotra, Deutsche Bank AG (Aug. 17, 2022); "We brought in somebody. We brought in Paul Duncan from another railroad. And you see the impact that he's had on our franchise. We changed out our VP of Transportation, you see the impact that that's had. Now we understand PSR." — CEO Alan Shaw, Deutsche Bank 2022 Transportation Conference (Aug. 17, 2022); "Do you think you need to bring in PSR expertise to handle some of that network resiliency that seems to be the thing that PSR does, right?" — Kenneth Scott Hoexter, BofA Securities (Oct. 25, 2023); "Look, I've been CEO for 1.5 years ... We've refreshed our Operations' leadership. We've implemented a new operating plan. We've launched a brand-new strategy something that's never been done in this industry ... We brought in a number of outsiders and leadership roles ... I believe we've got the right team going forward." — CEO Alan Shaw, Q3 2023 Earnings Call (Oct. 25, 2023); "John is a deeply respected and accomplished leader, and is the right chief operating officer to ensure execution of our strategy of balancing safe service, productivity, and growth ... I have full confidence Norfolk Southern is positioned to execute our ground-breaking strategy, leveraging our unique franchise strengths." — CEO Alan Shaw, Press Release: Norfolk Southern appoints industry veteran John Orr as chief operating officer (Mar. 20, 2024)"

""Hey, Cord, just to kind of clear up a couple of things. Can you let us know for the quarter what percentage of your sales or product came from the gray market, and it related to how your relationships have changed for better for worse over the past few months with the animal health companies in terms of now that you own VIP, is there any way to qualify that?" — Bill Chappell – SunTrust; "Yes. We've tried to answer this question numerous times over the last few months and I'll try and put it to that once and for all.... if you take the isolated items that we distribute where we're supporting animal health manufacturers, 2% -- less than 2% of our current product that we distribute would be considered secondary sourced or gray market as you referenced it. We would have a little bit less than 8% today based on our Q1 results that we'd be done through what we're calling an authorized distributor. For a designated distributor, where an animal health manufacturer has asked us to purchase through a specific distributor partner as their authorized distributor. The balance of the product that we distribute we have direct relationships with the manufacturers that we are in multi-year contracts and those terms are significantly better than what they've been historically with the companies. And it has put us in a place where we've never had stronger relationships with the company. So roughly 90% of our distribution business is through a direct relationship with the animal health manufacturers. Very different than the rumors or are things that have been implied out in the marketplace about how the company is currently being supported." — McCord Christensen – CEO, PetIQ"

""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."

""I can state unequivocally that the insight Mr. Fahmy has provided to our senior management has been exceptionally valuable and has already translated into millions of dollars of costs savings to CSX." — James M. Foote, CSX President and CEO – Jul. 23, 2018; "Sameh's focus, energy and passion for outstanding performance played a key role in KCS' success, and he is leaving behind a strong and capable cross-functional team that he helped to recruit, develop and mentor." — Patrick J. Ottensmeyer, KCS president and chief executive officer – Oct. 13, 2021; "He contributed to our successful Tier4 launch strategy, helped define a RailConnect360 vision built on railroads' processes and needs, and was part of the team behind our Movement Planner win with BNSF. Sameh also had the thought leadership for the 'self-aware train' concept, and helped build partnerships with other industry vendors to start delivering on its components. We've relied on Sameh as a trusted advisor and expert in railroad operations, costing and value." — Dave Tucker, VP Commercial at GE Transportation – Jan. 15, 2016; "[His] role was integral to the company and involved his review of vendor relationships, cost containment, inventory reductions and the overall revamp of the supply chain process. [...] in addition to supply chain, he gained responsibility for both the engineering and mechanical aspects of the business. In this new role as SVP, Engineering, Mechanical and Supply Management, he quickly undertook substantial efforts to further improve CN's performance." — E. Hunter Harrison, former CSX President and CEO and former Canadian National Railway COO and CEO – Aug. 2, 2017"

""It’s like racketeering or something, right? That’s what it feels like...I’m sure other surgeons have used some pretty dramatic words...they’re playing like mafia-style...very deliberate and a thug-style way of getting things done...I would call him Waleed’s enforcer. He’s someone you wouldn’t be surprised to find out is knee-capping people...you see those movies where the guys go around and collect their protection money. That’s what he reminds me of - the guy who’s going around to collect the protection money." — Transplant surgeon at a high-volume academic center; one of TransMedics largest customers; in process of moving to another device. "You should see Waleed arrive at conferences. They show up in these blacked-out cars...and you think the president is showing up. It’s like three blacked-out SUVs. They all get out. They all look the same in their suits. Yeah, it’s like Waleed and his secret service, but it’s the TransMedics folks." — Executive at a leading OPO (Organ Procurement Organization), industry veteran. "There’s so much that’s going to be found out. Do you know everything that’s going on with the OIG and the DOJ and the IRS?...it’s deeper than [the Washington Post], and I’ll let you know because I’ve been interviewed for it...here’s all the drama. I recently interviewed with the Department of Justice, the OIG, and the IRS. And with the DOJ out of Washington and out of New York...and then the state attorney general is getting involved in this as well because if there’s Medicare fraud...and probably the most prominent attorney general that’s getting involved is Virginia." — CEO of a major OPO, longtime industry executive."

""We believe the status quo at NSC will lead to continued underperformance of the railroad. We also believe that Board refreshment and Jim Barber's and Jamie Boychuk's leadership are essential for enhancing safety and for ensuring outstanding long-term achievements for the benefit of all NSC's shareholders and other stakeholders." — EdgePoint Investment Group; "[W]e believe a change in management and refreshment of the board at NSC are warranted and could stimulate improved operations and thus equity performance. For these reasons, we intend to support the election of dissident nominees Betsy Atkins, James Barber, Jr., William Clyburn, Jr., Sameh Fahmy, John Kasich, Gilbert Lamphere, and Allison Landry." — Neuberger Berman; "Important from yesterday's town hall was commentary that PSR implementation is going to be slower than what we saw at CSX given in our view changes to the regulatory environment and the proposed management team's focus on the customer [...] Overall, we view this plan as contrasting heavily against Norfolk's Resilience Model and expect headcount reduction can be achieved on the back of attrition, in addition to head office cuts." — RBC Capital Markets note issued on April 19th; "NSC's activist campaign appears to have unanimous support from institutional investors." — Deutsche Bank Research note issued on April 15th; "We see value in potential management change with Jim Barber as CEO and Jamie Boychuk as COO as proposed by the activist investor Ancora, especially given the historical margin underperformance of Norfolk Southern." — Barclays Equity Research note issued on March 25th"

""I said to another CEO... who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director." — Bill Johnson, Heinz CEO from 1998 - 2013; "During his time at Disney, Rasulo was known for his blunt, forthright leadership style. He rose in prominence as CFO just as Disney was becoming more reliant on building out franchises like the animated 'Frozen' series and plugging them into Disney’s famous 'flywheel.'" — The Wall Street Journal, December 2023; "Nelson is a highly experienced and collaborative Board member who recognizes Unilever’s strengths and has a strong desire to help the company unlock its full potential." — Hein Schumacher, Unilever CEO from 2023 - Present; "Jay was always a maniac about excellence... [He] was an activator and a motivator." — Regynald Washington, former VP for Disney Parks and Resorts; "I thought that [Nelson Peltz] was a major contributor to our board...he comes up with ideas and he tries to challenge the CEO, but I always welcome his ideas, and I enjoyed a very good working relationship with him." — Dirk Van de Put, Mondelēz Chairman and CEO from 2017 - Present; "Trian's nomination of Jay Rasulo for 1 of 2 board seats (along with Peltz) killed two birds with one stone. As former CFO (predecessor to McCarthy), Rasulo is highly credible regarding Trian's 2 primary complaints - that Disney lacks efficiency, and that the Board lacks important expertise." — Wolfe Research Analyst, December 2023"

""I said to another CEO... who had called me and inquired about Nelson, that if I were to form the board today, Nelson would be one of the first Directors I’d ask to serve because he is an insightful, communicative, enthusiastic, energetic and available Director." — Bill Johnson, Heinz CEO from 1998 - 2013; "During his time at Disney, Rasulo was known for his blunt, forthright leadership style. He rose in prominence as CFO just as Disney was becoming more reliant on building out franchises like the animated 'Frozen' series and plugging them into Disney’s famous 'flywheel.'" — The Wall Street Journal, December 2023; "Nelson is a highly experienced and collaborative Board member who recognizes Unilever’s strengths and has a strong desire to help the company unlock its full potential." — Hein Schumacher, Unilever CEO from 2023 - Present; "Jay was always a maniac about excellence... [He] was an activator and a motivator." — Regynald Washington, former VP for Disney Parks and Resorts; "I thought that [Nelson Peltz] was a major contributor to our board...he comes up with ideas and he tries to challenge the CEO, but I always welcome his ideas, and I enjoyed a very good working relationship with him." — Dirk Van de Put, Mondelēz Chairman and CEO from 2017 - Present; "Trian's nomination of Jay Rasulo for 1 of 2 board seats (along with Peltz) killed two birds with one stone. As former CFO (predecessor to McCarthy), Rasulo is highly credible regarding Trian's 2 primary complaints - that Disney lacks efficiency, and that the Board lacks important expertise." — Wolfe Research Analyst, December 2023"

""This process will unlock the tremendous value of our real estate portfolio as we create two distinct public companies, which allows us, to attain a much lower blended cost of capital and allows us to move into markets and places and - where we cannot go today." — Peter Carlino, Chairman and CEO, Nov 16, 2012; "The Company's board of directors believes that a REIT conversion could provide substantial benefits to the Company and its shareholders given its significant real estate holdings." — Press Release, August 25, 2014; "Investors favor companies with greater strategic focus on our core businesses. We are exploring the opportunity to improve upon the excellent shareholder return created since MSG's spin-off over four years ago by separating our business into two companies, each with its own distinct value proposition for investors." — Tad Smith, CEO, October 27, 2014; "We believe the separation would provide a lower weighted average cost of capital and an attractive financial platform to take advantage of future opportunities to create long term shareholder value" — Anthony Sanfilippo, CEO, November 6, 2014; "We, together with our board, have been working with our financial and legal advisers, to make sure we are best positioned to increase shareholder value over the long term, including potentially, through the formation of a REIT." — Keith Smith, CEO, October 30, 2014; "The structure of the agreement enables us to capture the value of Red Lobster and establish a market validated valuation of its real estate" — Chuck Ledsinger, Lead Director of Darden's Board, May 16, 2014"

""Element AIM continues to make solid progress for manufacturing at scale and for installation of general release to our anxiously awaiting subscribers on schedule in the fourth quarter... While we did experience some supply chain disruption and delays for things like advanced computer chips and displays and general freight delays, which moved out our installation volume ramp....we did meet our goal of putting analyzer in a third-party clinical environment by the end of the quarter. But in all candor, just barely. And so again, I think we're probably delayed on that by a few weeks, but we've got a handful operating and running samples and we think the results support our forecast that we'll be at manufacturing release by the fourth quarter." — CEO Wilson, Q2 2021 Earnings Call Prepared Remarks. "We've managed through it so far, we've lost weeks that may add up to a month or two, and I've called that out, really, the net effect, what we think is we'll probably be able to install fewer Element AIMs in the October, November, December period, largely just as a constraint of ramping up the volume, and then running them through the initial installation and volume process... I think, we've secured the major components. But gosh, you could be delayed by a minor component. You just simply can't ship because screw number 212 is sitting on a freighter somewhere. There's always that possibility, but we're really not thinking that's where we are right now. I think I answered the question." — CEO Wilson, Q2 2021 Earnings Call Response to Question About Supply Constraints."

""And maybe a follow-up on Libre. This is a product that's been wildly successful. You're now over $100 million run rate in the U.S., over $1 billion globally, and you really have one major competitor here that's -- let's call it at the upper end of the technology scale. And Abbott, I view as the low-cost, easy-to-access, very easy-to-use product in continuous glucose monitoring. So, as we think about the evolution of Libre over the next few years, how do you think about Libre staying at the lower end of the cost and ease-of-use curve versus moving up and trying to compete with your main competitor there? Thanks." — Robbie Marcus, Analyst, J.P. Morgan; "Well, I'll tell you, interestingly enough, I don't actually look at it the way you just described. I think Libre is a pretty different product. It's got tremendous capability, but given that value point that we have it priced at, it is accessible to patients all over the world.... And in our case, we have a much lower cost and far greater automated manufacturing capability to not only allow that cost, but to allow for mass production. So I'd say, at this point, we're making healthy profits on this product. We have no intention of changing the value proposition at all. And your question sort of suggests that we would raise price in order to be competitive, I'd say, you want to be asking the other side, what they're going to do to make themselves a value proposition, because this product is incredibly good value proposition, which is why it's got such high demand." — Miles White, CEO, Abbott Laboratories"

""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"

"“...abrupt material lapse in operational and financial discipline within the Company.” — Vivendi Presentation, Page 5; “Announcing a profit warning a week after issuing a bond has alienated market participants, who are losing trust in TIM.” — Vivendi Presentation, Page 8; “The three-year strategic plan presented by the former management in March 2018 had broad market support.” — Vivendi Presentation, Page 10; “...important need for any plan to contain key pillars, such as focus on enhanced FCF generation, deleveraging, digitalization and improved customer satisfaction, in order to drive value creation.” — Vivendi Presentation, Page 15; “The opaquely worded outlook for 2019 suggests that the bad news is likely to keep flowing as the company seems rudderless and adrift in turbulent waters.” — Vivendi Presentation, Page 36; “New CEO Luigi Gubitosi is throwing the kitchen sink at his predecessor’s ambition to grow domestic EBITDA....” — Vivendi Presentation, Page 36; “These procedures were not followed for the nomination of Luigi Gubitosi as CEO, [whose nomination was] pre-packaged during the shadow meetings held by Elliott representatives and Elliott-nominated Board Members.” — Vivendi Presentation, Pages 37, 39; “None of the new candidates want to be the CEO...and none of the independent directors wants to be Chairman....in other words the chairman will be chosen among the five proposed independent directors and the CEO between the two not-independent directors (De Puyfontaine and Genish).” — Vivendi Presentation, Page 3"

""From day one, Nelson has been a focused, collaborative member of P&G’s Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G’s senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders. I’m grateful for his service and the collaborative partnership we’ve developed over the past few years and wish Nelson and the Trian team the best in future endeavors." — David Taylor, Procter & Gamble CEO from 2015 - 2021; "[Rasulo] has well-rounded experience and he’s a strong strategic thinker. He’s not going to be a patsy." — Larry Murphy, Former Disney Chief Strategic Officer, December 2023; "Jay has been a valued colleague and friend, as well as a vital contributor to Disney’s success, particularly in his roles as chief financial officer and chairman of our Parks and Resorts division." — Robert A. Iger, Disney CEO, June 2015; "My relationship with Nelson Peltz and Trian dates back almost 20 years. I have consistently found Nelson and his team to be collaborative partners and have appreciated their insights in navigating our changing industry. They have been supportive of our vision and strategy and have provided a differentiated perspective, which has been invaluable. On topics ranging from operations and strategy to brand and culture, Trian has a firm understanding of what will drive long term value for all shareholders." — Ali Dibadj, Janus Henderson CEO from 2022 - Present"

""From day one, Nelson has been a focused, collaborative member of P&G’s Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G’s senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders. I’m grateful for his service and the collaborative partnership we’ve developed over the past few years and wish Nelson and the Trian team the best in future endeavors." — David Taylor, Procter & Gamble CEO from 2015 - 2021; "[Rasulo] has well-rounded experience and he’s a strong strategic thinker. He’s not going to be a patsy." — Larry Murphy, Former Disney Chief Strategic Officer, December 2023; "Jay has been a valued colleague and friend, as well as a vital contributor to Disney’s success, particularly in his roles as chief financial officer and chairman of our Parks and Resorts division." — Robert A. Iger, Disney CEO, June 2015; "My relationship with Nelson Peltz and Trian dates back almost 20 years. I have consistently found Nelson and his team to be collaborative partners and have appreciated their insights in navigating our changing industry. They have been supportive of our vision and strategy and have provided a differentiated perspective, which has been invaluable. On topics ranging from operations and strategy to brand and culture, Trian has a firm understanding of what will drive long term value for all shareholders." — Ali Dibadj, Janus Henderson CEO from 2022 - Present"

""Elliott's nominees assure greater accountability and are more likely to continue to explore all avenues to enhance shareholder value while providing more pertinent E&P experience." — David H. Batchelder, Hess shareholder, Relational Investors LLC (March 27, 2013); "We currently believe the best way for Hess shareholders to maximize their value is through the election of Elliott Management's nominees to the board." — Citigroup (April 5, 2013); "Elliott disclosed 5 impressive candidates for the Board..." — UBS (January 30, 2013); "...a who's who list of corporate fixers and experienced oil execs." — Bank of America Merrill Lynch (January 31, 2013); "In our view, the industry experience available in the slate of nominees Elliott is proposing for HES's Board of Directors is impressive and as a result, the nominees could bring industry insight unavailable on the current Board." — JP Morgan (January 30, 2013); "...[We] believe that the slate of new directors that it has proposed can bring a lot to the table." — Societe Generale (January 31, 2013); "We believe a new investor with the intent to make new nominations to the board is a move in the right direction for Hess's corporate governance." — Citigroup (January 28, 2013); "Proposed directors have street cred. In proposing its alternate slate of directors, Elliott nominated four individuals with various management backgrounds in the oil patch and Harvey Golub, the former CEO of American Express." — Bank of America Merrill Lynch, Credit Research (January 29, 2013)"

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

"So there's obviously, even within our base, right, customers grow and change. And their complexities change, and therefore, their requirements change. So we have a big opportunity within our portfolio already to make sure we graduate customers even from our free product, right, to an assisted product. And we see that happening today. And so there is a big opportunity for us there. It drives a lot of retention. — Mark Notarainni, Intuit Executive VP & GM of Consumer Group at Citi Global Technology Conference, 9/6/23; For us, serving free tax customers remains an important strategic priority for us...The growth in free is key to our strategy of bringing in more customers to the platform, especially as we move towards solving a broader set of consumer problems. — Michelle Clatterbuck, Intuit Executive VP & CFO at Morgan Stanley Tech Conference, 3/2/21; Bringing customers onto our platform via our free offering remains a key element of our long-term strategy, as we seek to solve a broader set of customers' financial needs and disrupt consumer finance with Turbo, Mint and, upon closing, Credit Karma. — Greg Johnson, Intuit Executive VP & GM of Consumer Group at Investor Day, 9/30/20; I think the second thing that I would say is we -- because of our Credit Karma and TurboTax platform, we actually see the customers that are just really looking for a free tax software and are bouncing between platforms, and we are not interested in those customers. — Sasan Goodarzi, Intuit CEO on FQ3 2024 Earnings Call, 5/23/24"

"“Okay. Where are you at - and where would Bemis be at in terms of its CAPEX cycle? ... And that would cause a drain on sales.” — David Errington, Analyst, Aug 2018; “David, we have been spending at just a tad above D&A. And this year in 2018, we've brought it down significantly below D&A.” — Bemis CEO, Aug 2018; “David, I just want to come back to the point about capital because I just wanted to mention the comment that I made... the math would suggest $350 million to $400 million of CAPEX.” — Amcor CEO Delia, Aug 2018; “Hi, guys. So, firstly, I wanted to ask a little bit about the CapEx, it seems it was a little bit lighter than expected this year...” — Analyst, Bemis Q4'18 Call; “Yeah. Salvator, we were right on target with where we've expected to be with our CapEx plans in 2018... we're talking somewhere between the $150 million to $180 million level of CapEx as you go forward.” — Bemis CEO, Jan 2019; “And we invest at about depreciation level in terms of CapEx or, call it, 4% of sales.” — CEO Delia, Dec 2019; “I think previously, you talked about D&A being similar to CapEx in the kind of $450 million range. It looks like after stripping out the amortization from deals, it was only $96 million in 2Q and kind of ran just a little bit north of $200 million in the first half.” — Analyst, Feb 2020; “Look, yes, typically, we would spend CapEx kind of in line with depreciation, so around that $450 million mark. We're a little behind that in the first half, just slightly behind.” — CEO Delia, Feb 2020."

"“CEOs or other top executives who serve on each other’s boards create an interlock that poses conflicts that should be avoided to ensure the promotion of shareholder interests above all else” — Glass Lewis 2017 Proxy Paper Guidelines; “While many companies have an independent lead or presiding director who performs many of the same functions of an independent chair (e.g., setting the board meeting agenda), we do not believe this alternate form of independent board leadership provides as robust protection for shareholders as an independent chair.” — Glass Lewis 2017 Proxy Paper Guidelines; “If the person [Lead Director] is not independent or lacks substantive duties, the position is simply cosmetic.” — ISS 2016 U.S. Proxy Voting Manual; “One particular relationship that should raise a red flag is when the CEO of company A sits on the compensation committee of company B whose CEO is a director of company A or the converse. ISS typically categorizes such directors as affiliated outsiders.” — ISS 2016 U.S. Proxy Voting Manual; “The nominee [Russo] is an incumbent member of the nominating committee and the chair of the board is not independent. The nominee is an incumbent member of the compensation committee and the ratio of CEO compensation to compensation of the average named executive officer is inequitable. The nominee sits together on more than one board with another director. The nominee sits on five or more public company boards..” — NEI Investments 2015 Proxy Voting Report"

"In fact, Dynetics' technical capabilities address 5 of the 7 technology priorities laid out by the Under Secretary of Defense for Research and Engineering, specifically, hypersonics, space, directed energy, artificial intelligence and machine learning and microelectronics. — CEO Krone, Deal Announcement Conf, Dec 17, 2019; Dynetics, it's an industry-leading Applied Research and National Solutions company. The high-growth areas that we're engaged in, you see over on the right-hand side of this chart, the development and manufacture of components for hypersonics and space solutions. — Leidos CFO Reagan, Goldman Conf, May 12, 2020; That said, if you look back at Joe Biden's history in the Senate, he's been typically, historically a strong supporter of the DoD. And what you're hearing out of the transition team is that they're going to continue to support modernization initiatives at the DoD, a lot of emphasis on space, a lot of emphasis on things like hypersonics, that would help us realize the promise of our investment Dynetics, for example. — Leidos CFO Reagan, Credit Suisse Conf, Dec 2, 2020; The Missile Defense Agency has selected Northrop Grumman to join L3Harris Technologies for the next phase of the Hypersonic and Ballistic Tracking Space Senor project, a move that bumps Raytheon and Leidos from a contest to develop a next-generation, orbiting, infrared system to track ultrafast and maneuvering threats from launch to impact. — Missile Defense Cuts Leidos, Jan 22, 2021"

""We think point-of-care fecal combined with urine product is unique, its innovative. It's something that we've done internally. We haven't partnered with outside people because we don't think it exists out there on the human side, just veterinary eyes it. So we designed a kind of a purpose fit product for that." — CEO Kevin Wilson (Stifel Conference June 2021); "And then the big innovation that investors who have followed us for a while, we worked on this product for the last three or four years, is an in-house innovation. We think we've invented some very unique things here to tackle what we consider to be one of the largest problems of veterinary healthcare, which of course, would be analyzing urine, but more importantly, analyzing fecal. And so, we've invented the Element AIM. It is in the process of being launched this quarter after several years of research and development. We're manufacturing this product in the United States, up in New England and that's underway." — CEO Kevin Wilson (Jefferies Conference June 2021); "We did experience some supply chain disruption and delays for things like advanced computer chips...I'm sure my R&D and operations teams are thrilled that you ask, because they live it every day...I think, we've secured the major components." — CEO Kevin Wilson (Q2 2021 Earnings Call); "Collaborating with third-parties for the development and manufacturing of the Element UF urine and fecal analyzers." — Heska 2019 10-K"

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

""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"

"[We] continue to view U.S. fiber assets as inherently less attractive due to the expensive availability of competitive fiber supply in the U.S. and the resulting less attractive growth and return characteristics of domestic U.S. fiber. — Former CEO James Taiclet, May 2019; With respect to outdoor small cells and fiber in the U.S., we've been a little bit less aggressive than some of our peers, in large part because when we run the numbers and input all of the modeling assumptions into our 10-year DCF, which we use for all of our investment evaluation, we arrive at overall returns that don't quite hit where we need them to hit. And for that reason, we've chosen to deploy our capital elsewhere. — Senior Director of Investor Relations, March 2019; To be big in fiber, by necessity, you probably have to have an enterprise business, which is a very, very different business. It’s just different. And we tend to stick with the stuff we know. — CEO Jeffrey Stoops, August 2019; We continue to be focused on macro sites...I mean, you used the word small cells, but really what small cells is, is fiber. And our shareholders want us to be a tower company, so we are very much focused on that. We will continue to look at exclusive pieces of real property where we might have some advantages that could lead to small cells, but to move into the fiber business is not something that we're pursuing today. — CEO Jeffrey Stoops, May 2017"

"We use [a lower EBITDA multiple] for MPC given its relatively less desirable refining asset footprint. — Jefferies, August 2016; Rain or Shine, Buybacks through Cycle; Upgrade to Buy — Jefferies, March 2023; MPC is a top-tier refining operator with commercial excellence...MPC [is our] top refining pick even after dramatic outperformance over roughly the past two years. — Raymond James, January 2023; [With] SU's older asset base and the current rising cost environment, it could be difficult to lower absolute operating costs. — J.P. Morgan, April 2022; SU continues to execute well under CEO Kruger, with strong operational results at nearly every Upstream and Downstream asset... — J.P. Morgan, November 2024; While our unchanged target price of $40 drives an attractive total return including dividends of ~19%, we remain In Line rated as we gain more comfort with the newly acquired business line and company's ability to execute on its pro forma financial plan. — Evercore, June 2023; During 2023 and 2024, NRG has been steadfast in executing against their operational and financial framework, which has yielded benefits as the company exceeded its adj. EBITDA guidance mid-point in '23 and raised its '24 guidance. — Evercore, January 2025; In a somewhat surprising tactic, PSX management talked down the potential [sum-of-the-parts] upside (i.e., [stating that the Company is] fairly valued). — Piper Sandler, March 2025"

"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"

"“What they did was use an optical tool from KLA – the Teron product line. And this is an optical tool with a 193-nanometer light source. So, there's a limitation to what defects it can detect. Very small defects, it cannot clearly distinguish. For something that looks like a defect, they record the coordinates, and then these coordinates are transferred to an electron beam inspection tool, which is only looking at these suspicious-looking defect locations. Is the defect on print or not? So, they need a combination of optical DUV and electron beam inspection to inspect the mask.” — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec's CEO; “The current KLA systems are pretty good, but they're not as good as actinic. Having said that, a well-engineered system is more important than the wavelength...they're using the current DUV tools, and it was announced at the most recent conference that people who are appreciating all the work that KLA did on supporting EUV with the DUV tools. EUV and DUV are different but for supporting EUV inspection, the DUV tools actually do work...Those tools work really well and have been well-engineered for a long period of time. That's what people use. I think today, I think people are using the Lasertec actinic pattern mask inspection tool - they use that when it works...” — Ex-KLA director of engineering focused on EUV mask inspection"

""So if you look at, for instance, our new 32 qubit system..." — IonQ CEO Chapman; "In our system, what we’re doing is we’re addressing the qubits directly. So, we’re not moving the qubits during computation. What there is, is there’s 32 laser beams, which come down and address each one of the qubits. And you can do that without actually moving the qubits themselves. In our next generation system,..What you’ll see is more qubits. And then there will be a qubit address selector technology that allows you to take the 32 qubits and address any one of the qubits that are sitting in the ion trap chip. Again, not moving them." — IonQ CEO Chapman; "And so, you could kind of think of it as the Honeywell system is... Maybe a good analogy would be they have a two qubit bus and we have a 32 qubit bus. And maybe trying to take a bit of a classical analogy, as well." — IonQ CEO Chapman; "We put our first customers onto the 32 in June, which was on private. So, we’ll continue to do that with private customers through the beta period." — IonQ CEO Chapman; "I mean, it’s that stark when you go from 32 to 64 qubits and you have two to the power of 32 more power in a year. I mean, imagine the pricing power that IonQ is going to have, right? These are the things that really get investors out of bed, get customers out of bed and, of course, are why we’re so excited about the space." — dMY CEO De Masi"

""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"

""The New York office of Alcoa is best characterized as stale and unchanging, filled with protected mediocre talent who couldn't compete elsewhere." — Glass Door, April 10, 2015; "Management lives in a bubble, reactive, no planning, no support, it is like working with hands tied to your back and wearing blindfolds." — Glass Door, July 24, 2014; "Get some plant experience so you and your staffs learn that cost reductions often cost plants more than the savings you take credit for. Senior management is failing to deliver on promises to shareholders since company separated from Alcoa. Visit the plants and listen to the plant management to find a profitable path forward" — Glass Door, March 4, 2017; "While the C-suite enjoys an ever increasing suite of luxurious perks, they are consistently reducing benefits, withholding raises and cutting back for the regular employees who actually make the company run. The board needs to fire the CEO and stop his lavish spending." — Glass Door, July 13, 2016; "Stop putting non-technical background people in high leadership positions. They will run your plant into the ground and someone else will have to fix it." — Glass Door, January 16, 2016; "Unfortunately, without the engagement of your people that actually do the work and make your products, you can never achieve the excellence that you aspire to." — Glass Door, May 25, 2014"

""The data does not support the board's argument that the integrated strategy results in superior returns over the long-term..." — ISS; "In a campaign inextricably predicated on the notion that P66's asset mix is a favorable differentiator, the board's inability to draw what we consider to be a strong, straightforward throughline to shareholder value is a bust." — Glass Lewis; "Phillips 66's current conglomerate structure appears to be suboptimal for sustained financial growth." — Egan-Jones; "PSX has established a track record of providing selective and ambiguous disclosure that obfuscates results, makes it difficult to assess decisions, and creates impediments to evaluating performance." — ISS; "These issues stack on what we consider to be fairly disconcerting corporate governance considerations, including a dubious commitment to good faith engagement, a questionable and counterproductive realignment of key oversight roles and a late-stage candidate pivot which seems to call into question the board's prior candor. These issues should, in our view, be of significant concern to P66 investors." — Glass Lewis; "Currently, the Company has a combined Chairman and CEO leadership structure, a classified board, and over-tenured directors. A plethora of these problematic governance practices appear to be a driving force in the Company's underperformance." — Egan-Jones"

""High marks for management. CEO Mark Donegan has a manufacturing background and graduated from the GE manufacturing management program in 1979, two years prior to Jack Welch becoming CEO. His chief success prior to taking the reins at [PCC] was at the helm of Wyman-Gordon, a [PCC] subsidiary where he led the business to historically high operating margins and growth. We think the most notable aspect of Mark Donegan’s career was his ability to manage a manufacturing concern profitably through the aerospace decline in the 1990’s." — Goldman Sachs, October 10, 2007; "From there, we want to take that baseline cost structure and we want to go back into the market where we want to drive for market share. We'll also take and add to that the ability we have on vertical integration... So market share is key and then we take that and drive that back across the assets that we created more capacity... We're not looking for just sales growth. We're looking for key assets that give us an expanding portfolio, attack our costs, long-term market share gain and growth." — Mark Donegan, December 3, 2014; "[PCC] generally leverages superb execution for market share gains through pricing strategies and long-term contracts. We believe [PCC] is one of the best operators in our space, as operating margins are generally above peer companies." — Bank of America, June 4, 2014"

"Your letter characterized our NOP program as a means to reduce access to the OCS technology and increase prices and profitability. This is not correct. Contrary to the Your letter accused TransMedics of pressuring hospitals to utilize our more expensive logistics. This couldn’t be further from the truth. TransMedics presents the logistics quotation to transplant centers using our NOP service. The transplant centers then have the final say on whether they want to use our services or not. We are confident, given the above efficient way of operating our fleet, and our cost-sharing model with transplant centers that our quotes are lower than competitors who use the outdated brokerage model. Your letter painted an inaccurate picture of the charter flight logistics for organ transplants in the US and accused TransMedics of creating a logistical network with newer aircrafts to unjustly increase cost on our clinical users. Again, this is not correct. Here are the facts. Transplant centers had the option to either use NOP or continue to operate the OCS on their own by sending their own teams. Over the past 24 months, more and more centers elected to transition to NOP due to its more efficient cost profile, better clinical outcomes, and the ability to increase their transplant volumes without surgical fatigue of their staff. — TransMedics CEO Waleed Hassanein"

""Jamie was an exceptional partner to me for many years, especially when I promoted him to operations chief at CSX. He was a driving force behind our operational transformation into a top-performing rail, thanks in large part to him successfully implementing operational improvements that were critical to generating strong efficiencies. He is one of the best operators I've seen in the rail industry, and any Class I would be fortunate to have him as COO." — Jim Foote, Former CEO of CSX; "When I think about Jamie, I think about one of the country's top railroad operators. His ability to take operational strategies from ideation to implementation to ongoing management is second to none. If I was looking to turn around a railroad or put a new network in place to improve service and value creation, Jamie would be my first call. He is at the top of the next generation of transformative railroad leaders." — Tony Reck, Former CEO & Chairman of P&L Transportation; "Jamie has demonstrated great skill in producing industry-leading results in service, safety and efficiency gains throughout his 20+ year career. As a board member of CSX, I was able to see firsthand how he is truly an expert in rail operations and a stronger leader of large organizations." — John McPherson, Former CSX Director, Former CEO of Illinois Central and Former COO of East Coast Railway"

"The guys that you would consider key opinion leaders in the field like [3 names redacted] - if they weren't going to get paid, you're not working with them. A KOL is a marketer in disguise as a physician, They pit companies against each other to get more out of each. They'll say, “I don't need to meet with your regional manager or VP. I want to meet with your CEO because to get me working with you, I need to have high-level communications on how much I’m getting paid.” ... If they don't get paid, they're not in the game. That's almost what it has become like with the big KOLs, not just with the number of implants that they do, but the clout that they have in the pain management community. ... I was privy to conversations like, you've got to make sure he does X volume over this period of time or we can't have him as a KOL. But I don't believe it would have ever been anything in writing. If the doc didn't ante up over that period of time, they would have cut him off. The verbal conversations would never have been with the territory managers. It would have been the area vice president's, with a couple of people in the room. ... I hoped that all of this was going to go away with clinical evidence. That's what my stupid belief was. I truly believe money trumps the evidence every day of the week, unfortunately. — Former Nevro district sales manager"

""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."

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