Callouts & quotes from 37,061+ activist slides

"The Company is ramping up its U.S. manufacturing facility in Richmond Hill, Georgia with both lines operating at a higher pace. This ramp will enable the Company to better serve the U.S. market and support the Company's ongoing growth. — Caesarstone Q4'15 Results (Feb 2016)"

"Through Our Capital Allocation and Financial Policy Review Process, We Have Established Key Principles to Determine Amounts and Process for Returning Excess Capital to Shareholders on an Ongoing Basis — Sotheby's Capital Allocation and Financial Policy Review, January 2014."

"I think swarms are perhaps more adaptable than Roman legions, because they can quickly readjust to cope with new situations. And I think the same is true for a culture – you just have to accept that a company can no longer be organized in a completely uniform way. — C. Sch."

"Source: Morgan Stanley & Co. estimates as provided to Greenlight in April 2014 and Greenlight calculated adjustments to Morgan Stanley & Co. estimates. Greenlight's adjustments to Morgan Stanley's methods, factors, and calculations were in the sole discretion of Greenlight."

"“my prescribing of Wakix has really started to peter off quite a bit.” ... “it’s just not as effective as we wanted it to be...and I was somebody who was pretty bullish on it...I really liked the idea of it.” — Physician and professor of neurology at a large academic center"

"Although the resulting leverage exceeds the level appropriate for a ‘BBB-’ rating on an ongoing basis, the ratings incorporate S&P's expectations that Cox has the capacity and commitment to reduce consolidated debt to EBITDA within two years to the low-to-mid 4x area. — S&P"

"I have had my inspire for 1.5 years. I am very unhappy with my Inspire. It is impossible to get a good nights sleep with the devise on. It causes severe dry mouth. During the day my tongue does not work correctly. I have difficulty talking. How do I get this devise removed?"

"The Woodlands, TX – Peter R. Huntsman, President and CEO of Huntsman Corporation (NYSE: HUN), announced today that the company has entered into a definitive agreement to acquire the global Textile Effects business of Ciba Specialty Chemicals Inc. for CHF 332 ($253 million)."

"Total IBM R&D spending in 2024 was $7.5bn and quantum computing is a key pillar of IBM research (alongside AI and semiconductors). Even assuming 1% was spent on quantum research it would equate to multiples more than D-Wave has ever generated in annual revenue. — Footnote 1"

"If you look at the reticle space, for EUV...at the end of this year, I was adding up the numbers as CFO, you kind of roll your eyes you go holy -- wow, over $1 billion across multiple products to solve the reticle challenge in terms of R&D investment. — KLA CFO Bren Higgins"

"Moreover, we believe that there is a material risk that any insurance covering potential claw backs may be void if there is a determination of tax fraud, which could subject RUN and the tax equity investors to significant liabilities, and ABS holders to reduced cash flows."

"Xylem's financial reporting has become even more opaque specifically around gross margins. Notice carefully that, not only does Xylem not quantify the impact of the Evoqua acquisition on its gross margin, but also it provides no quantitative measures of any impacts at all."

"Xylem is trying to pass off $70 million of transaction costs in Q2 2023 as an addition to Adjusted Free Cash Flow. However, we take issue with this figure because it appears to be on a pre-tax basis when added to operating cash flow, which is an after-tax financial result."

"In our opinion, MAXR’s 2018 Adj. EPS expectation of $4.75/sh is pure fiction. The Company has made numerous aggressive accounting choices that inflate its Non-IFRS results. Based on our forensic review, we estimate EBITDA and EPS are overstated by 17% and 79%, respectively"

"Spruce Point finds that, for large-volume orthodontists, printing in-house could produce over 50% more savings over Align compared to sourcing from third-party labs, and would allow most orthodontists even of lesser tiers to save over 60% compared to Align fees themselves."

"Waiting until construction commencement to change your valuation reporting for land and vacant buildings from the comparative method to a potential residual valuation method would greatly aid lenders and bondholders as it would more accurately reflect potential recoveries."

"Between May 1, 2008 and November 23, 2015, the date Elliott filed its 13-D and brought the prospect of regime change to the fore, Alcoa had 1,905 trading days. On 99% of those days, shareholders would have been better off buying the S&P 500 index as opposed to Alcoa stock."

"Despite a recent Board overhaul, we believe the fundamental dynamic remains unchanged: there is no effective counterweight to the Greenbergs, who have consistently demonstrated a disregard for adhering to best practices in public company and corporate governance practices."

"Everybody knows. Fujian companies are all like this. To put it directly, we call this a “left hand-right hand” relationship. The ListCo is the right hand, and these subsidiaries, a lot of subsidiaries are not in the ListCo’s system, and they’re equivalent to the left hand."

"As we examined the individuals who were sanctioned and “publicly condemned by the Securities Bureau,” we noted that two - Lin Zhihai and Qin Li - appear to be listed in Twist’s prospectus as having “voting and dispositive power over the shares held by Ever Alpha Fund L.P.”"

"Our view is that most to all of the cash transfer never happened, and that by purporting to have somehow circumvented China's capital controls in order to transfer the money directly to the VIE, it makes it easier for NQ to carry out its fraud by forging its cash balances."

"It had large losses it refused to account for. It had invented its own proprietary grading system that helped it hide its losses. It fooled its auditors, who were asleep, and it fooled investors by aggressively returning large amounts of capital that it didn't really earn."

"In all three proxy contests, we heard substantially the same rhetoric from the companies and their advisors prior to the proxy contest. However, management's views of Trian and Nelson Peltz changed dramatically after we began to work with them to enhance shareholder value."

"We are concerned that three of Parkland's directors have served on the Board for twelve years or more, including Chairman Jim Pantelidis who has served on the Board for 24 years, and Mr. Spencer and Mr. Bechtold who have been on the Board for 21 and 17 years, respectively."

"Stryker is adding more buckets for charges. If the effects of COVID-19 and any recent headwinds were short-term, we don't believe they'd be “terminating sales relationships in certain countries”, “eliminating product lines” and “impairing long-lived and intangible assets.”"

"Acquisitions in return for newly issued BHP shares finally being possible – regardless of management's bogus claims that BHP currently has "two acquisition currencies", when in fact no acquisitions using BHP shares as consideration have ever occurred during the DLC period."

"ROAD initially touted its “Attractive Financial Profile with High Return on Capital” by showing Free Cash Flow (FCF) Conversion and Return on Capital Employed (ROCE). By 2023, ROAD’s FCF Conversion definition markedly changed, and it ceased to provide a chart showing ROCE."

"The sell side values VRNT on a P/E basis against Non-GAAP EPS. This approach fails to take into account Verint's poor organic growth, the widening disparity between GAAP EPS and (low-quality) Non-GAAP EPS, and the Company's failure to grow cash flow despite a flood of M&A."

"Nevro’s response to its explants crisis appears to be marked by denial, cover-up, retaliation, and attempts to manipulate and pressure doctors and patients into believing the device works – behavior suggestive to us of a company sitting on an explosive, existential secret."

"AOL has used the valuable cash flows generated by its declining Access and Search businesses to fund what we believe are massive losses of more than $500 million per year in its Display advertising business in pursuit of its goal of becoming a premium online media company."

"I would be very surprised if it's a blockbuster, and if it was, it would be on the back of the hype and the sense of need, not on the basis of effectiveness...the risk of elevated blood sugars or worth the risk of hair growth or whatever it is — that I would struggle with."

"I wouldn't say this is something...every patient of mine...should receive...this is still case-by-case...why don't I just trial regular diazoxide...[it has] the same kind of pharmacological profile as DCCR...I will probably just trial normal diazoxide and see what happens."

"When patients become aware of the option of PAE vs AQUA, they choose PAE >80% of the time...many large urology groups are just now opening their own PAE suites and will preferably steer BPH patients to their ASC PAE suites rather than sending them to the hospital for Aqua."

"In short, due to the poor quality of data and documentation on the forest plot, until there is an opportunity to both verify the forest's physical characteristics and use satellite imagery on all forest claims, that the sample sizes are too small to establish significance."

"The P66 folks need to focus on growing their base business. They've spent a lot of money in the last few years on acquisitions, on M&A deals that, depending upon what time frame you look at, many of them look like they're dilutive because P66 trades at such a low multiple."

"At best, Archer is where Joby was a full two years ago. This is generous, as it at that time, Joby had reported 15% completion but had a larger fleet and evidence indicates they had done more R&D and amassed far more flight hours and miles flown than Archer has at present."

""The y-axis is discharged energy percentage because you know they have only one layer, so it's 70x85-millimeter, so it's about 56 or 60 centimeters square. So, for the entire pouch cell, the total energy is about 200 milliamp-hour." - Leading solid-state battery researcher"

"Watch out for claims that a new battery is high-energy and high-power. Researchers and engineers can design battery materials and electrodes to be suitable for either high-energy or high-power uses, but generally not both. — A guide to deconstructing the battery hype cycle"

""We note that strategic initiatives suggested by Elliott are not necessarily leveraging or detrimental to credit quality. As such, we believe the company could carry out these steps while maintaining an investment grade rating." — J.P. Morgan Credit Research, February 2013"

"Google strikes $60 million deal with Reddit, allowing search giant to train AI models on human posts — MoneyWatch. News Corp Inks OpenAI Licensing Deal Potentially Worth More Than $250 Million — News Corp. OpenAI may pay Reddit $70M for licensing deal — Search Engine Land."

"I'm sure we're going to talk about FDA remediation activities. There is incremental $15 million of spend going towards those activities. Ideally, we're wrapping those up by this year, and that will fall off and be a nice source of leverage for 2026. — iRhythm CEO Blackford"

"Interview with Mr. D: Peng Qingyun, Peng Qingqi these two are brothers. Peng Qingyun should be one of the distributor bosses, but at to which area I don't recall. Peng Qingqi is one of Anta's shareholders. 47:19 G : 彭清云彭清其这两个是兄弟，彭清云这个人是代理商的老板之一，具体哪个区忘记啦。。彭其安踏的股东之一。 — Mr. D"

"“By accepting this Agreement, you acknowledge and agree that Hims & Hers is not a healthcare provider and that by using the Service, you are not entering into a doctor-patient or other health care provider-patient relationship with Hims & Hers.” — HIMS Terms and Conditions"

"“Almost no one reorders... it’s maybe 10%. To get your order in the first place, it’s a months and months wait, you’re angry, and then the thing doesn’t work as promised. ‘6% improvement for $15,000? We’re not going to buy any more of these things.’” — Former XL Employee A"

"The Company currently purchases both off-the-shelf and custom components, including finished circuit boards assemblies and injection-molded plastic components, primarily from suppliers located in the U.S., Mexico, China and Taiwan. — 2017 Annual Report: Filed March 1, 2018"

"if Upwork eliminates half of the Vice Presidents, guts advertisement (and only uses performance marketing), cuts Human Resources by 50%, and simplifies product development, it will end up with a healthier, faster growing, and more profitable organization. — former employee"

"Google strikes $60 million deal with Reddit, allowing search giant to train AI models on human posts — MoneyWatch. News Corp Inks OpenAI Licensing Deal Potentially Worth More Than $250 Million — News Corp. OpenAI may pay Reddit $70M for licensing deal — Search Engine Land."

"In a 2015 opinion column in the El Diario newspaper, former Mines Minister and private mining industry consultant Jorge Espinoza publicly accused Prophecy Development Corp. (now OTC:ELEF) of manipulating mineral values at its Pulacayo-Paca prospect, near the city of Uyuni."

"“Yes. Great question. And I think that -- obviously, we'll let Telaria speak to their direct experiences. But I think it's, net-net, a very positive for the whole industry, including our slice of it. It shows that it's only growing in appeal to media owners.” — Magnite CEO"

"All that we know is that we run a clean and honest business and we are completely and utterly confident of that. Our auditors are confident of that. Our board's audit committee is confident of that. Our whole board and management team is confident of that. — Sunny Verghese"

"Rollins failed to devise and maintain sufficient internal accounting controls to prevent and detect the improper accounting and inadequately supported, period-end journal entries described herein, resulting in the underlying violations of the federal securities laws. — SEC"

"Other factors that may contribute to differences in fertility outcomes include infertility diagnosis, which may include diminished ovarian reserve, endometriosis, male factor, uterine factor, tubal factor, ovulatory dysfunction, or unexplained infertility — Milliman Report"

"“That was really surprising to me. I did not expect — and I don't know how insurance companies are going to react...how is that going to pan out if we get denial after denial after denial...It's a little bit unclear to us what's happening here.” — Pediatric endocrinologist"

"We are all proud that in Q1, we sold a Forte Enterprise system to EPB of Chattanooga, Tennessee. Last month, EPB purchased half of the compute capacity of a Forte Enterprise system for $22 million, bringing our latest quantum computer to their city and customers. — de Masi"

"we've been talking about the atrium, for which I think micro-second, nano-second both would be OK. But when we get into the ventrical, there are reasons to think that the nano-second would be able to make deeper lesions. So, again this still needs to be proven. — Dr. Reddy"

"“if we build that tool and there’s not a market for it...”; “we’re coupled to our customers on this and talking closely with them about their needs...to date, we have not seen compelling interest on their part to want to make that investment.” — Richard P. Wallace, KLA CEO"

"As of the last financial statements filed by Smart2Pay in the Netherlands, we see that it was experiencing double digit declines in key profitability metrics through 2019, and before the impact of COVID-19. The ratio of EBIT to Gross Margin contracted by 680 basis points."

"A close look at Nuvei's working capital and balance sheet reveals that payables are being increased at a faster rate than receivables. Working capital is turning more negative. We believe this is helping to generate cash flow in the near term which may not be sustainable."

"Notice carefully that Generac made three modifications to its PWRcell whole home comparison slide in 2021. With the introduction of Tesla Powerwall+ in April 2021, we see that Generac’s stated advantage to Tesla with regard to Peak and Continuous Power noticeably dropped."

"There is much more work to be done that can produce even more value for shareholders. Unfortunately, the current Board has refused to work constructively with Starboard to reconstitute the Board in a manner consistent with the best interests of the Company’s shareholders."