Callouts & quotes from 37,061+ activist slides

"To effect this transaction, TeliaSonera's subsidiary Fintur would have to forgo its rights to participate in the capital increase on a pro rata basis, willingly diluting its Azertel holding from 79.8% to 51.3%, and allow Cenay Iletisim's shareholding to increase from 10.1 percent to 42.2 percent."

"One of the purposes of our national tax reform is to build a fair and impartial tax system that does not discriminate against the nature of a particular ownership; a system that can be equally applicable to all types of enterprises. — Ministry of Education (MOE) reply regarding NRRR tax treatment"

"Net "funded" debt is calculated under our Revolving Credit Facility by starting with the long-term indebtedness shown on our most recent balance sheet plus lease obligations that are set forth separately from our long-term indebtedness on our balance sheet minus cash on hand. — GFL IPO Prospectus"

""[Fiber] will dilute the quality of Crown's overall portfolio and require a meaningful equity raise to fund it... Tower and fiber are very different businesses with no synergies between them...[W]hy pay up to diversify away from one of the best businesses out there?" — MoffettNathanson, July 2017"

"Average receivables grew 19.6% over last year, faster than our pace of sales primarily due to changing the product features for yet another group of our higher credit quality Target card accounts to become higher limit Target Visa accounts. — Doug Scovanner, CFO, Q3'07 conference call, 11/20/2007"

"Analysis and opinion from Cooley LLP, a law firm with a significant practice in Cyber, Data, and Privacy, confirms this stating that SOPIPA does not provide students or parents the ability to "opt-in" to disclosures of their information that would violate SOPIPA. — Spruce Point Capital Management"

"We've established clear goals for the business. We have a set target of annually delivering 20% to 25% adjusted EBITDA growth, consisting of approximately 50% organic meaning economic growth, wallet share growth and pricing power and 50% from M&A. — Mr. Proud, CEO of Dye & Durham (September 2023)"

""I would anticipate that we are going to find one or two a year [required sidings to lengthen], where the next bottleneck arises and that's just normal stuff...for the most part, the good news is we've done a lot of the stuff in the expensive mountain siding expansions." — Fred Green, Analyst Day"

"“Trian has a long track record to help investors judge, and its record of short-slate board participation and activism appears positive and constructive, and oriented towards longer-term value creation...” — Sustainalytics Corporate Governance Company Report on E.I. du Pont de Nemours and Company"

"“...I think we're approaching [the succession process at Disney] differently, and I just don't want to... it's just not something that I feel other than saying that we're aggressively pursuing succession, there's no more detail that I want to give.” — Robert A. Iger, CEO & Director, November 2023"

""Trian has a long track record to help investors judge, and its record of short-slate board participation and activism appears positive and constructive, and oriented towards longer-term value creation..." — Sustainalytics Corporate Governance Company Report on E.I. du Pont de Nemours and Company"

"“Trian has a long track record to help investors judge, and its record of short-slate board participation and activism appears positive and constructive, and oriented towards longer-term value creation...” — Sustainalytics Corporate Governance Company Report on E.I. du Pont de Nemours and Company"

""That's bound to prove challenging given that the nation has sanctioned him and his local Freedom branch because of his ties to Russia. The Ukrainian Central Bank is willing to do business with foreigners, but only with those with an "impeccable" reputation - not sanctioned entities," — Bloomberg"

"“Products and Solutions revenue decreased $111 million, or 4%, mainly due to lower sales volume of $307 million and unfavorable foreign exchange fluctuations of $5 million, partially offset by price increases of $102 million and $99 million of revenue from First Alert, Inc.” — Resideo SEC filings"

"“...I think we're approaching [the succession process at Disney] differently, and I just don't want to... it's just not something that I feel other than saying that we're aggressively pursuing succession, there's no more detail that I want to give.” — Robert A. Iger, CEO & Director, November 2023"

"IN THE PAST DECADE, THE SINGLE MOST COMMON CAUSE OF THE WITHDRAWAL OR RESTRICTION OF THE USE OF DRUGS THAT HAVE ALREADY BEEN MARKETED HAS BEEN THE PROLONGATION OF THE QT INTERVAL ASSOCIATED WITH POLYMORPHIC VENTRICULAR TACHYCARDIA, OR TORSADE DE POINTES (FIG. 1), WHICH CAN BE FATAL. — NEJM (2004)"

"For these reasons, I am supporting Elliott Investment Management in its engagement with Phillips 66. I believe Elliott's nominees to the Board - some of whom I know personally from my time at ConocoPhillips - have the potential to instill a new culture in the Phillips 66 boardroom. — Gregory Goff"

""You will recall that length of stay is among the most important return on investment considerations for hospital administrators as it represents an opportunity to reduce non-reimbursed costs, while also freeing up beds more quickly for the next reimbursed patients." — Mehren (Q119 earnings call)"

"Low compensation levels as indicated by Carvana’s filings is confirmed by employee reviews posted online: it appears that management is trying to attract talent without offering attractive compensation by creating a “fun” startup-like culture and hiring young people with low salary expectations."

"In a meeting dated on or around 16th February 1998 between inter alia Mr. Guido Ferrando, a Director of the 1st Plaintiff and Mr. Wilson Kam, a manager of the Defendant, the Defendant produced a schedule entitled "Freight Calculation for Gaoyao Project" setting out the amounts it claimed to owe."

"In Joe Lee’s final public appearance as Darden’s Chairman, he said the following words, which reveal the most critical flaw in Darden’s current mindset – you must be a great restaurant operator to run restaurants that create a great experience while simultaneously generating significant profits."

"The central element in the scheme which is now proposed is that Certificates of Indebtedness, which are issued by the Exchange Fund to the note-issuing banks to be held as cover for their note issues, should henceforth be issued and redeemed against foreign currency (US dollars) at a fixed rate."

"Given the Company’s tendency to ignore its hardware business activities and propensity for creative accounting, it should come as no surprise that CFO Phillips has suggested on several occasions that investors simply ignore the cash flow impacts of the Company’s hardware transactions altogether."

"At the current level of g-fees and a 2.5% equity ratio, the GSEs’ guarantee business could have maintained a positive net worth while absorbing the same level of credit provisions (an accounting charge that represents an estimate of future credit losses) they incurred during the financial crisis"

"Cognizant's operations and capital allocation strategies are remnants of its history as a nascent industry “challenger” that invested at all costs to gain share. Today, however, Cognizant has evolved into a scale industry leader, and its business choices must also evolve to reflect this reality."

"As of the original publication date of this document, investors should assume that the Authors are short shares of the Covered Issuer and stand to potentially realize gains in the event that the market valuation of the company’s common equity is lower than prior to the original publication date."

"Our 2025E Low forecast assumes sustained weakness in North American new life sales, stronger than expected outflows from the UK-based adviser platform, and further challenges for the international business, which has been under pressure recently due to macro-related headwinds in China and Spain."

"Spruce Point believes BR has also experienced operating expense bloat in the past few years that will amplify the downside risks. We observe that its SG&A margin has creeped back to levels not seen since the 2014-2016 period. This is even despite efforts to rationalize its real estate footprint."

"We find this particularly brazen, as Kalo was only formed 2 weeks earlier as an entity, according to its Massachusetts corporate registry filing, which further indicates that the entity’s “Principal Offices” are Ginkgo’s headquarters, and its 3 ‘Managers’ are Ginkgo’s CEO and two Ginkgo cronies."

"Management has collected ~$35 million dollars in performance compensation, growing at an 11% CAGR vs. organic growth CAGR of ~1%, tied to revenue and EBITDA targets while PBH has missed organic growth estimates for 4 out of 5 years and missed FCF guidance in 3 out of 5 years between 2015 – 2019."

"We are short POET Technologies Inc. (POET) because the management for this obvious stock promotion, now on what appears to be its seventh business pivot this decade, is not just diluting US investors, but sticking them with a massive tax liability and a potential lifetime of misery with the IRS."

"Cintas' share price appears to be fully valued with limited upside at the current level. There are more downside risks than appreciated by the investment community, including growing financial strain and fraudulent business practices giving rise to greater competitive threats in fire inspection."

"While the clinical literature on normothermic perfusion-induced liver necrosis is lacking – and surgeons told us TransMedics is refusing to publish the data even though they’ve pushed - we note a handful of papers that reference “cradle signs” that appear on livers from being jammed into a pump."

"The notion that AST has a financial opportunity remotely related to "$1.1 trillion" in global wireless service revenue as included in AST investor decks, or that 5.3 billion unique cellular subscribers on the planet is an appropriate figure to applying penetration rates to, is complete nonsense."

"The KOL expressed cynicism about the Vykat’s label’s “interesting claim” to not substitute inexpensive diazoxide suspension; questioned why anyone would pay for Vykat versus using the suspension; and expressed “amazement” that ChatGPT spits out an equivalent dosing table for suspension vs. Vykat"

"These new results, together with the facts that suing firms rarely achieve profitable settlements and firms can refute allegations conveniently without legal filings, provide further support for Brendel and Ryans’ hypothesis that target firms predominantly file lawsuits as a “bluffing strategy.”"

"The forces on these eVTOL propellers, and a helicopter tail rotor are strong and cause bending moments on the blades of the propeller. When rigidly attached, these bending moments can manifest as substantial vibrations and noise, and lead to blade failure or other objectionable resonance issues."

"All these points reflect the complex and unfavorable situation that comes with Ceres' business model and technology: overreliance on uncontrollable facts, competing with traditional technology, burdening licensees with significant risk and competing in a small market with an unproven technology."

"Lasertec's reported margin is significantly higher than every one of the five largest semiconductor equipment companies in the world by revenue – even eclipsing ASML's, a $350 billion market cap giant which invented EUV lithography systems and has a real monopoly unlike Lasertec's fictional one."

"“By far the worst merchant company. Not honest at all for anything” — Rana K. (BBB Review). “Horrible Company, Unprofessional, Rude.” “Has no business ethics whatsoever” — Krisha B. (BBB Review). “They also don't tell their clients when the machines need to be updated” — Charity C. (BBB Review)."

"We didn't think it was commercially viable. We didn't think there's sufficient value just because of the nature of the NFL game that the incremental revenue upside didn't justify the additional investment it would have required us to get that official data stages. — Strategy Director, Sportradar"

"I'm not going to comment on the specifics of the financing package itself. One reason, I'm not well versed in the details of the financing package as others are. But I -- obviously, Phil, we can take you offline, we can get you more comfortable with that as well going forward here. — Generac CEO"

"“We have tried to do everything we could earlier this year when they went to every landlord and asked for rent reductions and concessions,” Mr. Chilelli said. “If they are able to reduce their footprint, it will hurt the office market again.” — Joey Chilelli, Managing Director at Vanbarton Group"

"Ted Miller is attempting to gain control of Crown Castle . . . and install himself as Executive Chair, or Chair in some capacity. Please revise to provide support, given that Mr. Miller is only seeking a minority of Board seats. — Division of Corporation Finance, Office of Mergers & Acquisitions"

"It is not yet established that patients at high risk of developing AF by a validated risk score benefit from screening and interventions to improve rates of ischemic stroke, systemic embolism, and survival. — 2023 ACC/AHA/ACCP/HRS Guideline for the Diagnosis and Management of Atrial Fibrillation"

""[T]he HKMA might choose a hot and boring Friday afternoon in mid-summer, when most fund managers and top government officials had gone vacationing, and announce the floating of the Hong Kong dollar." — Shu-ki Tsang, Academic Economist and HKMA Advisory Board Member, Currency Board Sub-Committee"

""While the majority of products sold on our platform today are generic formulations in nature, we believe the future is one where proprietary formulations and truly personalized products not available anywhere else makes up the majority of our business." — CEO Andrew Dudum, Q2 2022 Earnings Call"

"“And I think you made a comment that there's significant tax leakage around monetization. Is that in the case of spin as well? And then can you provide a little bit more detail or help us quantify a framework for thinking about tax leakage associated with Midstream monetization.” — Goldman Sachs"

"“So, when I look at Phillips, I would say that Phillips is the worst of the bunch we are talking about. I don't like Phillips, and we are really big holders. The biggest issue for Phillips, in my opinion, is that they are not at all focused on creating shareholder value.” — Anonymous Shareholder"

""For the Company though, we do see, right. So we do see the segments that can provide Herbalife a broader base. So, for example, the African-American initiative that we're doing, it started about three years ago." — Amy Greene, VP-IR, Barclays Capital Retail and Restaurants Conference, 4/24/2012"

"「レーザーテックは危ないと思います。同社には完成品の在庫が滞留していますが、KLAは各社に向けて次のように予告しています。『発注を2025年の中旬まで待っていただけるなら、新しいシステムを商業的に提供できます』。KLAはレーザーテックのマーケットシェアに食い込みます。当然です。また、レーザーテックは在庫の減損処理をしなければならなくなります。......もしKLAがその気になれば、価格に関してはたいへんなプレッシャーをかけることができるでしょう。そうなると、レーザーテックは減損処理して、在庫資産の評価を大きく切り下げなければならなくなるでしょう」 — グローバルファウンドリーズの元幹部"

""I think they sell between 60 and 80 engines a year and they report 95% into the Aerospace business." — Source C, former Senior FTAI executive. "...I think it's 80/20, right. So, I think they do 80 [whole] engine sales a year that they count as modules." — Source C, former Senior FTAI executive."

"the businesses were "smushed together" for the spin-off and "operationally behind the scenes there were a lot of growing pains in terms of how to harmonize these businesses" — Former high-level executive. "bit of a rat nest that spun out in terms of those back office systems" — Former executive."

"“Notwithstanding Defendants’ express and implied representations that Herbalife offers a retail-based business opportunity, in truth the only way to achieve wealth from the Herbalife business opportunity is to recruit other Distributors.” — FTC v. Herbalife International of America, Inc., et al."

"We send Ms. Miles a letter about how Norfolk Southern's management team contacted "regulators and customers to encourage them to publicly support [Mr. Shaw] in a proxy fight, warning them that our nominees would cause the company to have a worse relationship with them." — Ancora Alternatives LLC"

"“I was really upset, to be very honest with you. I saw that price, and I actually reached out to people at Soleno thinking maybe there was a typo...I thought it might be 46k a year, and they’re like, no, that is actually the price.” — KOL in the PWS field; involved with Soleno’s clinical program"

"In the spirit of transparency and strong corporate governance, we encourage you to gather all of the facts, assess these questions holistically and independently and reach your own conclusions. Sincerely, Independent Directors of the Phillips 66 Board of Directors — Phillips 66's April 24 Letter"

"“At TSMC, the demand is around 500 masks per day for production, for the 5-nanometer. TSMC highly relies on KLA. I will say KLA's share, KLA's tool is around 20 in 5-nanometer. And Lasertec is around 10.” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC"

"Hackett left Riverstone’s Board to form, and become, the CEO of Alta Mesa Resources - created through a blank check company called Silver Run Acquisition Corp. II Alta Mesa fell into distress and the SEC is conducting a formal investigation into its financial controls and an "impairment charge""

"Employer Services' overall margin increased from 30.4% to 30.6% for fiscal 2017, as compared to fiscal 2016. This 20 basis point increase was driven by operational efficiencies partially offset by 30 basis points of pressure from dual operation costs related to our Service Alignment Initiative."