Callouts & quotes from 240+ activist slides

"“…with Marcato establishing a 6% position in the stock, we think it is likely that 1) management will be under pressure to realize a more meaningful portion of the cost savings to EPS versus potential reinvestment 2) initiates a dialogue around the strategic value of DECK's non-core brands in its portfolio including potential alternatives 3) creates a greater sense of urgency around shareholder value enhancing initiatives including accelerated share repurchases.” — Buckingham 3/3/17"

"“I was a consultant and speaker for Nevro from [redacted] to [redacted]. I was on the board of [society name redacted]. I just got tired of the company. I’m really well published in the field and it’s nothing personal against Nevro. Their devices just stopped working. Nevro is like a cult, like us versus them. It’s crazy. It’s like Scientology. They’ll cut you out, jump all over you. They’ll ostracize you and they’re very intense about it.” — Former Nevro consultant and KOL"

"What they're testing is a single-layer lithium anode battery at 45C, and that's important because 45C is not room temperature. As you can guess, there are some benefits to going higher in the temperature. The battery performs more favorably. It also can discharge and recharge more favorably at 45C versus room temperature...what is going to get the battery to that temperature? Are they putting a heater or something in the car in order to provide that? — Former R&D employee"

"…with Marcato establishing a 6% position in the stock, we think it is likely that 1) management will be under pressure to realize a more meaningful portion of the cost savings to EPS versus potential reinvestment 2) initiates a dialogue around the strategic value of DECK's non-core brands in its portfolio including potential alternatives 3) creates a greater sense of urgency around shareholder value enhancing initiatives including accelerated share repurchases."

""it has been done in Europe for 20 years...over the last two years, Vanderbilt was the pioneer in using this technique" — Transplant surgeon at Vanderbilt. "For each organ that you recover with TransMedics, it’s almost $100,000. NRP is $3,000, and with $3,000 you can recover the heart, lung, liver, kidney, and pancreas...so $3,000 versus $300,000 if you want to recover all the organs. TransMedics cost is ridiculously high." — Transplant surgeon at Vanderbilt."

""Net cash provided by operating activities was $15.7 million this quarter compared to $11 million net cash provided in the prior quarter and net cash provided by operating activities was $11.9 million in the year ago quarter. Increase in cash was mainly a result of improvement in net profit and a decrease in accounts receivable. For the year, we generated $33.4 million of cash from operating activities versus $6 million in 2017." — Q4'2018 Conference Call"

"As we discussed earlier, just 4% of men over 70 have prostates above 100g, and our research found that Aquablation is most competitive versus MISTs and other resective procedures for larger prostates, above 80-100g. Thus, even if we assume 10% of active patients have large prostates, 9.6 million patients, and a 2% annual intervention rate, that implies only 19,200 of the annual 192,000 estimated annual BPH interventions are “best suited” for Aquablation."

""So we talk about LTV to CAC, and you'll see that, that has actually improved in '22 versus '21, partly a function of cost of acquisition going down year-over-year. And as Caryn mentioned, as we have added to our network, both on the airport side and on the platform side, the network effect really drives unit economics. And so we don't see anything specifically in the horizon that would change the dynamics of the business." — CFO, Q4 2022, March 1, 2023"

""Relative to our coverage group, we think that PSX (a) has a strong portfolio of assets, (b) checks all of the boxes in terms of management quality and balanced capital allocation, and (c) has an increasingly compelling valuation versus both the majors and the refiners." — J.P. Morgan, October 30, 2018; "Furthermore, PSX's refinery assets are some of the best-in-class vs overall industry with a Nelson Complexity Index of 11.1." — UBS, January 26, 2021"

""The issue for us has always been the relative return of a U.S. small cell opportunity versus our ability to deploy capital primarily on the macro side in international markets. And when we've looked at that historically, the international opportunities have tended to present a more attractive and more compelling return opportunity, and that's guided our capital deployment decisions." — Senior Director of Investor Relations, American Tower, May 2018"

"Relative to our coverage group, we think that PSX (a) has a strong portfolio of assets, (b) checks all of the boxes in terms of management quality and balanced capital allocation, and (c) has an increasingly compelling valuation versus both the majors and the refiners. — J.P. Morgan, October 30, 2018; Furthermore, PSX’s refinery assets are some of the best-in-class vs overall industry with a Nelson Complexity Index of 11.1. — UBS, January 26, 2021"

"Furthermore, PSX’s refinery assets are some of the best-in-class vs overall industry with a Nelson Complexity Index of 11.1 — UBS, January 26, 2021; Relative to our coverage group, we think that PSX (a) has a strong portfolio of assets, (b) checks all of the boxes in terms of management quality and balanced capital allocation, and (c) has an increasingly compelling valuation versus both the majors and the refiners. — JP Morgan, October 30, 2018"

""So there are a lot of benefits of separation. It really does allow a level of focus and a level of scrutiny in specific areas that you might not have as part of a broader conglomerate. And furthermore, we really get to optimize things for us specifically versus a broader organization. And so part of the reason we're going to be able to expand margin are some of the benefits of becoming a stand-alone company." — GE HealthCare (January 9, 2024)"

"So pricing has essentially been flat for us. It's still a tough pricing environment. Although with leading -- many leading brands with a 50% share, we tend to be well positioned to put them in place if needed. So pricing, again, has tended to be pretty flat. In terms of market share versus private label, we continue to gain share and win, in general, as we have for a very long period of time. — Ron Lombardi, Q2 2020 Earnings Call"

"“when you ask questions...you get a bunch of roundabout answers...oh sorry, we mixed up that time zone because it was central times versus eastern time.” ... “if you mix up the time zones, I don’t know...it’s their team that racks up the price...all these added fees like a used car salesman...it’s not what we signed up for, nor is it what we need.” — Veteran transplant administrator/executive at Massachusetts General Hospital"

"So there are a lot of benefits of separation. It really does allow a level of focus and a level of scrutiny in specific areas that you might not have as part of a broader conglomerate. And furthermore, we really get to optimize things for us specifically versus a broader organization. And so part of the reason we're going to be able to expand margin are some of the benefits of becoming a stand-alone company. — GE HealthCare"

"“...We’re committed to four quarters of brand support. The fourth quarter we increased meaningfully our media investment versus previous year and we’re going to continue that in FY17” — Q4 '16 Earnings Call; “We’ve stepped up digital [advertising]. Why? Because it’s working, and we’re getting the returns, and we can see the returns both in volume and in sales and importantly, in terms of profit.” — August 2017 (Clorox)"

"In short, shareholders are demanding change now, and Elliott remains committed to providing them with a clear choice between continued industry-lagging performance under an incumbent leadership team that has repeatedly failed to deliver on its promises, versus fundamental leadership change involving new and proven airline industry executives capable of returning Southwest to its rightful place as an industry leader."

"The 2027 timeline is beyond optimistic...it's not credible. It will probably take at least 4 years for a license to be granted...especially with Oklo's record of not answering any questions. — Former NRC Commissioner; Unfortunately, advanced nuclear has a bad track record of putting out projections of when they think they're going to deploy a reactor versus when they actually do. — Former Oklo employee"

""For the fiscal year ended June 30, 2022 and June 30, 2021, a hypothetical 10% decrease in the value of the Canadian dollar, the British pound, the Euro, the Indian Rupee and the Swedish Krona versus the U.S. dollar would have resulted in a decrease in our total pre-tax earnings of approximately $12.8 million and $19.3 million, respectively." — Broadridge Financial Solutions, Inc. (SEC filings)"

"“Nevro cherry-picked the lowest hanging fruit at launch. They went to the 25 best places like New York, Los Angeles, Atlanta. They went to teaching institutions who are receptive to new stuff. It’s a lot easier to get from 0% to 15% share than from 15% to 30%. Zero to 3% is hard, 3% to 10% is easy, and after 15% it’s trying to grow in Buffalo versus New York City.” — Medtronic SCS executive"

"“They’re going for a cost win versus a quality one right off the bat. IDT’s pitch is more quality, a little bit more expensive, and is able to compete with Twist. There are customers that won’t sacrifice quality over cost because what they’re doing is extremely important in the syn-bio space and extremely well-funded in the academic market.” — Former employee now at a key competitor"

"If I had to pick one platform, say hybridoma versus Berkeley Lights, for our antibody discovery effort, I tend to be more comfortable with the hybridoma approach, just because it's more robust, it's more reliable. Some of the issues we often encounter are the reliability of the instrument, and we haven't really gotten good hits derived from Berkeley Lights. — Pfizer senior scientist"

"We saw an accelerating trend of new users as we ramped up our awareness efforts during the second half of the year and pharmacy insurance coverage continued to increase including an emerging trend of seeing Libre granted preferred co-pay status versus competitive systems due to its compelling overall value proposition. — Abbott 4Q FY18 Conference Call (Jan 23, 2019)"

"ATTR-ACT Showed that Tafamidis Significantly Reduced the Combination of All-cause Mortality and Cardiovascular-related Hospitalizations Data Showed a 30% Reduction in the Risk of Mortality and 32% Reduction in the Rate of Cardiovascular-related Hospitalizations with Tafamidis in People with Transthyretin Amyloid Cardiomyopathy versus Placebo — Pfizer Press Release"

"ATTR-ACT Showed that Tafamidis Significantly Reduced the Combination of All-cause Mortality and Cardiovascular-related Hospitalizations Data Showed a 30% Reduction in the Risk of Mortality and 32% Reduction in the Rate of Cardiovascular-related Hospitalizations with Tafamidis in People with Transthyretin Amyloid Cardiomyopathy versus Placebo — Pfizer Press Release"

"If I had to pick one platform, say hybridoma versus Berkeley Lights, for our antibody discovery effort, I tend to be more comfortable with the hybridoma approach, just because it's more robust, it's more reliable. Some of the issues we often encounter are the reliability of the instrument, and we haven't really gotten good hits derived from Berkeley Lights."

""Helly Hansen's Canadian business grew at a remarkable 60% versus last year. Now this was our plan all along. Capitalizing on opportunities at SportChek and Mark's, as they built their inventory positions for key following winter seasons and introduce fantastic new displays and merchandise." — Allan MacDonald, EVP, Retail, Q3 2019 Call, November 7, 2019"

"As pediatric endocrinologists, we are familiar with the short-acting form of diazoxide...we have used that for quite some time...with congenital hyperinsulinism.... side effects that have been a concern...it mostly may present as a lymphedema versus congestive heart failure; hyperglycemia...we know that diazoxide causes it. — Pediatric endocrinologist"

"“... I'm sure it does add a little bit to it [cost] because if you're talking about retention call, you might be looking at an outbound call, maybe 15 minutes or something like that, 15 to 30 minutes versus an enrollment call is anywhere from 30 minutes to an hour so your cost should be a little bit lower on that front.” — EHTH Former Executive A."

""they [PCS] don't have any standing authority to designate one event versus another unless it's something in their contract says that's the case, but that would be unusual." — Reinsurance expert; "many of the homes [destroyed] are bespoke and high value, so it will take extra effort to understand designs and replacement costs." — BMS"

"The fact that a well-respected medical device company in the diabetes space sees the Libre as sufficiently accurate to include within its own closed-loop system as an exclusive partner gives us confidence that the Libre's slightly higher MARD versus the G5 and G6 is neither a significant technological nor competitive disadvantage."

"Companies that consistently invested their cash flow and resources in a share repurchase program have generated material outperformance over the past 5, 10 and 15 year periods, leading to an average of more than 4% greater annualized returns versus the S&P 500 index and 4x the amount of investor gains over the 15-year period"

"The recent explosion of normothermic regional perfusion (NRP) – an inexpensive way to retrieve DCD organs, the entire use case for TransMedics and driver of its growth – renders TransMedics essentially obsolete, given NRP is $3,000 per case versus $80-90K for OCS plus another $40-100K or more for its NOP procurement service."

"We believe the Company’s stock price underperformance versus both peers and the broader market indices is due to consistently poor financial performance, a lack of credibility from repeatedly failing to deliver on commitments to shareholders, and a history of problematic governance that fails to demand accountability."

"The increase was reflective of building inventory to support net sales growth, as well as $8.7 million related to Naturium inventory, and $27.7 million related to a change in certain vendor arrangements where we now take ownership of inventory at shipment from China versus when it enters our U.S. distribution center."

"Novartis cell and gene therapy (cont’d): Views the machine as a “failed purchase” and would have sent it back if they could; has no value proposition versus traditional flow cytometers that are a fraction of the price and have lower operating costs, can run more assays, and have higher throughput and better data."

"Like driving cross country in first gear, pushing a glider with mosquito wings, and sending a carrier pigeon versus email. — Propulsion experts. You can't get anywhere fast with electric propulsion...using [electric propulsion] as part of rideshare? People talk about it, but no one uses it. — Launch broker."

"The former NRC Commissioner we interviewed described senior management as "Nuke Bros.," individuals who overhype the benefits of SMRs and possess Silicon Valley mindsets more suited to software development versus the challenges of navigating an uncompromising, capital intensive, highly technical industry."

""Stack it high and watch it fly" — Canadian Tire Dealer. "We had strong revenue performance in the quarter and while we were left with some excess inventory versus last year, the vast majority of that has been shipped to dealers in Q3." — Allan Angus MacDonald, EVP of Retail, Q2 2019 Call, August 8, 2019."

"“Margins will be the same because that is how they are managing the business. Net profit on legacy business may slowly shrink because as their costs come down, the total dollar or margin might shrink. 40% of a penny versus two pennies is just less money.” — Former Avery Dennison RFID Sales Manager"

"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"

"In short, shareholders are demanding change now, and Elliott remains committed to providing them with a clear choice between continued industry-lagging performance under an incumbent leadership team that has repeatedly failed to deliver on its promises, versus fundamental leadership change."

"In short, shareholders are demanding change now, and Elliott remains committed to providing them with a clear choice between continued industry-lagging performance under an incumbent leadership team that has repeatedly failed to deliver on its promises, versus fundamental leadership change."

"In short, shareholders are demanding change now, and Elliott remains committed to providing them with a clear choice between continued industry-lagging performance under an incumbent leadership team that has repeatedly failed to deliver on its promises, versus fundamental leadership change."

"Nevro claims that the SENZA-RCT data showed ongoing, dramatic back and leg pain reduction at longer intervals of 12 and 24 months versus traditional low-frequency stimulators. A Nevro press release touted the paper's selection by the journal Neurosurgery as its “Top Pain Paper of the Year.”"

"Quarterly analysis highlights the growing deviation between COGS and inventory and the historically low level of accounts payable / inventory. Moreover, an analysis of sequential and YoY changes in inventory in Q1 2022 versus past Q1 levels shows a sharp departure from historical averages."

"The table below showing Casino's market share versus its "Real" EBITDA (i.e., excluding our estimate of gains on sale in 2014 and 2015) strongly casts doubt on the notion that there's any relationship between Casino's present market share and EBITDA generated by selling products in stores."

"I would have to go through at least five layers [at Bristol-Myers], whereas I would have to go through three layers at a different company to do the same thing. This would result in the same process taking 4-6 months at Bristol versus 1-2 months at [peers]. — Former Bristol-Myers Executive"

"KLA’s actinic inspection tool was in development circa 2015/2017 but put on hold as they believed the market for such a tool was too small – a prescient view given the insignificant amount of Lasertec revenue that actually comes from EUV actinic tools versus its old DUV and other systems."

"Pre-portioned boxes cost ~50% more than delivered supermarket groceries and even more versus in-store shopping. This premium is inherent to the added logistics layer and widely known (e.g., The Guardian, Reddit threads, viral YouTube clips). No amount of efficiency can close this gap."

"Lasertec’s purported lack of finished goods inventory and reporting methodology is highly abnormal and lacks credibility versus the five largest semicap equipment players, for whom finished goods has averaged 30% as a percent of total over the last 5 years versus 0% for Lasertec"

"Doctors more amenable to using stimulators for PDN – including Nevro loyalists - were vocal in stating that Abbott's DRG is the best waveform for PDN versus high frequency: “without question”; “it’s not even a question”; “100 times better than any other neuromodulation system.”"

"To further emphasize its size advantage versus competitors, IonQ adds other pictures for the avoidance of doubt. Its presentation indicates that its ion trap and vacuum chamber package is only 2 inches wide, versus IBM and Google’s hardware at 6 feet and 20 feet, respectively."

"We believe a meaningful share of NCAA handle is driven by college students, since Kalshi is 18+ versus OSBs at 21+. The result: Kalshi is capturing would-be DKNG users three years before they can legally bet on sportsbooks, potentially hurting DKNG’s future pipeline of users."

"“The lines are broken. The line is not continuous. It’s break, break, break. Look at the short lines - each duration is very short. They apply some current and then pulse - apply current, wait, apply current, wait, versus continuously increasing the current.” — Leading expert"

"He indicated little interest in prescribing the drug unless a patient pushes for it, and that despite the one Vykat start form submitted, physicians may "try it once or twice" and quickly move on or prescribe generic diazoxide suspension off-label versus chasing insurers."

"I don’t think having another of the same product with other issues in terms of safety versus JAKAFI is really changing fundamentally the big picture, because the big picture is JAKAFI has probably the best profile in terms of safety, efficacy for the disease. — Incyte CEO"

"Racketeering strikes us an appropriate term given the conduct MGH described – a label another customer used directly: “when you ask questions...you get a bunch of roundabout answers...oh sorry, we mixed up that time zone because it was central times versus eastern time.”"

"Versus the current outstanding offshore debt of $1.893 Billion, the “real” best case net asset value is around $92 million. Divided by the current number of shares outstanding – 245 million - that leaves a share value of approximately C$0.38 at current exchange rates."