Callouts & quotes from 37,061+ activist slides

""[m]ost EBAs are already on annual billing terms...we had already assumed that EBAs would all be on annual billing terms starting next year in our fiscal '23" — Then-CFO Ms. Clifford"

""[m]ost EBAs are already on annual billing terms...we had already assumed that EBAs would all be on annual billing terms starting next year in our fiscal '23" — Then-CFO Ms. Clifford"

""[m]ost EBAs are already on annual billing terms...we had already assumed that EBAs would all be on annual billing terms starting next year in our fiscal '23" — Then-CFO Ms. Clifford"

""[m]ost EBAs are already on annual billing terms...we had already assumed that EBAs would all be on annual billing terms starting next year in our fiscal '23" — Then-CFO Ms. Clifford"

"CFO: "The Cintas legacy gross margins continue to expand and the G&K gross margins will too as we realize the acquisition synergies." — Cintas CFO Q1 2018 Earnings Call Sept 26, 2017"

"“absolutely no benefit from it”; “it doesn't matter”; “I don't know what the big deal is”; “what kind of value is there? I don't see it.” — Physicians interviewed by Scorpion Capital"

"I would like to inquire about possibility of hosting four young beautiful girls from Donetsk People's Republic, Russia (14-17 years old). They will be in transit you have? — Vladimir"

"We have had a thorough discussion within the Board and Management and of course with our legal advisors regarding how transparent we should and can be. — TeliaSonera Board/Management"

"Were RUN’s basis inflation disallowed on a go forward basis, we estimate that it would have an approximate $0.50 / watt funding gap to fill, which would imperil its ability to grow."

"If any of these deal participants chooses not to participate in these transactions and RUN is unable to replace them, then RUN's money to fund its business activity will be cut off."

"Moving to a distribution model similar to O'Reilly's will allow AAP to significantly increase SSS growth, while leveraging existing boxes & infrastructure to further improve margins"

"At least three individuals affiliated with Vantage (Dustin Sparman, Nathan Shew, Moe Tassoudji) have been linked to multiple companies that have been characterized as Ponzi Schemes."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"Compensation committee IGNORES Glass Lewis and continues to allow Mr. Newman and Ms. Garcia to receive large annual guaranteed bonuses, regardless of the performance of the Company."

"We believe that synergies, excluding store closures, with a properly executed thoughtful plan could amount to between $500 million and $700 million within the first two years alone."

"Commvault is nowhere close to achieving this level of growth, and many investors question whether this goal is realistic given mid-to-high single-digit industry growth expectations."

"We believe the opposite is true. Based on Rhodes, et al, prostates grow about 1.6% per year, so earlier intervention simply means that urologists will be treating smaller prostates."

"While American Tower and SBA decided to remain pure-play tower businesses and expand into international towers, Crown Castle alone decided to venture away from towers and into fiber"

"In an industry driven by capital allocation, Crown Castle’s ROIC has underperformed that of its peers for more than a decade, and the gap is widening with continued fiber investment"

"Riot's business model is dysfunctional, characterized by seemingly endless capital spending, lack of operating leverage, unpredictable revenue, poor returns, and negative cash flow."

"Phillips not only loads more discounted crudes than peers, but also receives lower pricing on its WCS due to Central Corridor positioning vs. peers primarily running WCS in the USGC"

"Bermuda's never been part of the conversation. That is purely, and I don't say this from firsthand knowledge, but I'm throwing a dart, that's purely some type of tax evasion scheme."

"This flies in the face of the fact that the Company eliminated $111M of FY17 sales upon combining PetIQ with VIP. This would have represented just under half of PetIQ sales in FY17."

"Despite these aspects, the project has never been commercialized due to a variety of factors such as push back from community indigenous and environmental groups among other things."

"Dendrites develop gradually as a cell is repeatedly subjected to current. Experts indicate that cycling a cell with current just one time for a brief period shows basically nothing."

"We believe that IonQ’s only actual machine is a useless, experimental, error-ridden toy with far fewer qubits, similar to science projects one can use for free from its competitors."

"I mean, it just doesn’t add up; there’s no way they can use it; I don’t know what they’re going to do with it; there’s no way in hell they can use $15 million worth of compute time."

"They actually paid someone to do a deal with them, and Peter Chapman was saying that if you have to spend a lot of money to get a deal, that’s fine with me, I just want the signing."

"We recommend Autodesk target a minimum of 500bps reduction in sales and marketing spend as a percentage of revenue, which represents approximately $275 million of potential savings."

"While the clinical utility of RNA testing is recognized, our concern lies with Ambry's corporate practices, specifically the mandate for concurrent RNA and DNA testing in all cases."

"Spruce Point estimates that Evoqua’s run rate revenue for the quarter would have severely missed Street estimates by ~8%. In addition, Evoqua contributed a $49 million pre-tax loss."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"Based on the request, the Company believes the focus of the inquiry concerns certain revenue recognition practices and the Company’s relationship with one of its fulfillment vendors"

"The frackers' Wall Street story demands that they keep spending in a desperate effort to grow or at least maintain reserves and production, even though that spending destroys value."

"Since 2014, the delta in operating underperformance is now ~1,500 bps as the core Expedited LTL OR has deteriorated ~825 bps and LTL peers have seen ORs improve ~675 bps on average."

"Management's public commentary suggests that (a) investors benefit from its conglomerate structure and (b) the Company has achieved its stated operating goals. Neither claim is true"

"Thin Noodle's IP traveled from China to Chile in minutes, which would be impossible for a real person (assuming he's not in orbit) and shows Thin Noodle is part of a FU Bot network."

"These positions each contributed positively to 2017 returns, but would have made much larger contributions if we had been able to establish full-sized positions at attractive prices"

"This amount, astoundingly, is approximately 90.3% of Edgewater's cumulative Earnings Before Interest and Tax ("EBIT") and 172.3% of cumulative Net Income (excluding one-time items)."

"If you only listened to iRhythm, you might believe that the entire healthcare system and cardiologists support primary care physicians prescribing monitors to asymptomatic patients."

"We expect that the ability to perform PW ablation rapidly and safely via catheter will put the final nail in the coffin of minimally invasive surgical procedures such as Convergent."

"BK should benefit from the long-term global growth of financial assets, growing diversity of financial instruments, rising regulatory complexity and increasing cross-border activity"

"The impossibility of following this advice, which Walsh claims is part of Herbalife’s “core training,” reveals that failure in the Herbalife business opportunity is a fait accompli."

"Brian Coffman, Elliott nominee for Phillips 66's (NYSE: PSX) Board and former CEO of Motiva Enterprises, doesn't buy the argument that Phillips' refining assets are "old and tired.""

"At the current price of $78/share, we believe P&G’s stock has very limited downside as it trades at only 18.8x its current level of depressed earnings and has a dividend yield of 3%"

"And when we take a look at AGO's estimates of expected losses to be paid, not much has been reserved for the rest of the U.S. public finance portfolio once you back out Puerto Rico."

"Spruce Point's reservation about valuation appears to be mirrored in the current majority of recommendations from sell-side analysts with a "Neutral / Hold / Market Perform opinion."

"Spruce Point raises further concern that language seems to be carefully selected around the 3rd amendment as the prior language that included non-cancelable is no longer being used."

"Elliott has assembled a purpose-built slate of independent directors who collectively bring expertise and perspectives urgently needed to address the issues Phillips 66 faces today."

"We suspect that the Company may be treating its campus-related spending as, in part, a "black box" capex item into which it can funnel more capitalized costs under investors’ noses."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"With only 1,000 residential lots and 750+ commercial acres remaining, The Woodlands represents one of HHC's most mature and well-established MPCs. It is twice the size of Manhattan."

"As a result of the Board’s numerous failures, Engine has reached the conclusion that Parkland is unlikely to reach its full potential as a public company and should consider a sale."

"Upon announcement of the Fox deal, a new compensation package for Mr. Iger provided him a total compensation opportunity more than 2.5x the median of Disney’s General Industry Peers"

"Elliott has assembled a purpose-built slate of independent directors who collectively bring expertise and perspectives urgently needed to address the issues Phillips 66 faces today."

"We believe the Company should develop a plan to transition the remaining non-core employees in Basel to lower-cost locations, including potentially centralizing R&D in The Woodlands"

"The Company despite the reaffirmation of its ratings and despite achieving its target in the 2nd quarter of 2004, continued to pursue debt reduction as its sole financial objective."

"PeptiDream also obfuscates by refusing to set goals for the business. In the past, the Company would set development goals, but discontinued this practice because it never met them."

"The nice thing is that we don't have to make a bet on which auto manufacturer will win in the race for electric vehicles. We just own Peanut Butter and gain significant EV exposure."

"What company’s goal is to recruit as many inexperienced sales-people as possible (on full commission with limited oversight) without regard for the ultimate demand for its products?"