Callouts & quotes from 37,061+ activist slides

""We're not running the company for the OR, we're running the company for EPS growth, operating income, free cash flow" — Jean-Jacques Ruest, CEO, Q2 2021 earnings conference call"

"We believe that in terms of the structural reforms and other adjustments, then there'll be an effect realized per year of between JPY 10 billion to JPY 15 billion. — Mr. Nagamori"

"According to TheInformation, Mail, Tumblr & Search have 10 million DAUs to its apps and mobile web properties; and Fantasy and Sports crack 10 million DAUs in the Fall and Winter"

"As the data stands and as the reliability stands, you wouldn't really use the data to file with the FDA or any other reputable agencies to prove your scientific finding. — Expert"

""believes that Adjusted EBITDA provides a simple and understandable measure of our recurring profitability and it is highly correlated to our stock price performance" — HMA Proxy"

"According to an EY July 2023 market update on the impacts of IFRS 17 and 9 adoption by insurers, the three P&C insurers it studied had Book Value swings of -2% to +3% (at right)."

"“So with this satellite thing and then the electric engine thing and the launch business, when do you worry about spreading yourself too thin, right?” — Sell-side analyst to Kemp"

"We view this facility as an asset which could allow us to control our cost of goods on any pharmaceuticals and vaccines that we may commercialize in the future. — Heska 2020 10-K"

"“Element i+ is now shipping the full commercial quantities this quarter and we are working to quickly expand Element i+'s very exciting menu.” — CEO Wilson, Q2 2020 Earnings Call"

"「花王は世界トップクラスの酵素研究を行っており、...酵素駆動形の電池は思いもよらぬ場所で役に立ちそうですね。」 — 長谷部佳宏社長、2021年12月; 「...新しいエンジンが将来のために必要だ」こうした思いから、これまで踏み込まなかったメディカル（治療・診断）領域への参入を目指す。 — 日経ビジネスによる長谷部佳宏社長へのインタビュー、2022年3月"

"So in the online advertising, right now, we say, I would say, 95% -- 90% third-party inventory and probably 10% first-party inventory — Udo Müller, Ströer FQ4 2014 Earnings Call."

"Ich persönlich glaube, der größte Wert unserer Firma steckt am Ende in dem, wo wir herkommen, und das ist sicherlich diese Außenwerbe-Infrastruktur — C. Sch. (Christian Schmalzl)"

"“Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay.” — Glass Lewis 2011 proxy paper on AOL"

"Raising 2016 capex for better demand in 2017: TSMC raised 2016 capex to US$9.5-10.5bn from US$9-10bn as the company sees better demand in the mobile market next year. — Macquarie"

"The plant, which cost nearly $400 million to build, is next to ADM's wet corn mill in Clinton. Its startup has been delayed several times over the past four years. — Plastic News"

"Allowing anyone to remotely own a cutting edge mining rig and mine crypto 7/24, Exabit stands out with its high profitability, security and transparency mining features. — Exabit"

"Beginning in the first quarter of 2021, our default platform subscription contract has had a multi-year term and did not allow termination for convenience — Enfusion Q2 2022 10-Q"

"It now seems absurd to discuss the company's expectations for organic growth, given that it seems wholly incapable of (or uninterested in) calculating organic growth accurately."

"Revenue is much harder to manage vs. “Adjusted” EPS. We see that Avery has started to consistently miss revenue expectations while regularly beating “Adjusted” EPS expectations."

"Approximately 35% of total India revenue is reimbursements from carriers for energy costs, this has been grossed up in the AMT 10-Ks. AMT's local accounts only show net revenue."

"The U.S. tower industry is now mature with modest new build activity. Today, growth is primarily driven by increased tenancy, amendment activity and contractual price escalators"

"Across all relevant markets, we estimate an annual licensing opportunity in excess of $500 million using royalty rates in-line with what we believe Tessera has achieved in DRAM."

"As manager of funds that hold a $2.5B+ stake in Phillips 66 (NYSE: PSX), Elliott believes there's a clear path to a stock price of $200+ and regained credibility with investors."

"Elliott, which manages funds that collectively hold a stake of $2.5B in Phillips 66 (NYSE: PSX), sees a potential gain of 65% or more in PSX's stock from the #Streamline66 plan."

"We find this lack of communication concerning because, unfortunately, this is the same pattern of behavior we experienced when we tried to get the company to engage in November."

"Complacent leadership that does not see any upside opportunity vs. Highly credible independent directors nominated by a shareholder that sees a clear path to a $200+ share price"

"How could VetIQ wellness centers, which conduct only smaller-ticket, lower-margin procedures, possibly be so much more profitable than VCA's more comprehensive animal hospitals?"

"As such, we believe Board change is necessary at Autodesk, and we intend to nominate a minority slate of experienced director candidates for election at the 2025 Annual Meeting."

"Since December 2013, with the exception of announcing CEO Clarence Otis’ “retirement”, essentially every major announcement Darden has made resulted in a decline in stock price."

"Our discussions with industry experts suggest Phillips needs to dramatically improve its commercial function and reduce refining costs to achieve best-in-class operating results"

"Site visit findings also implied little deployment of refurbishment or maintenance capex, with graffiti and broken windows left unaddressed by Reuchlinstraße 10-11's management."

"Red flag that co-founders haven't committed 100% to the company; skeptical how "they can actually just hold both positions"; potential recruits are skeptical for the same reason"

"10 of the 37 CLO borrowers (27% by number, 29% by NBV) are unable to cover SOFR at present ("Group A"). On average, they would only be able to cover interest if SOFR were ~0.5%."

"McDonald's' recent behavior validates our belief that the Board must be held accountable to meet its prior commitments and provide transparency regarding its business practices."

"With respect to irrefutable numbers, Norfolk Southern’s operating ratio has consistently lagged that of CSX and the Class I average before and after Mr. Shaw’s promotion to CEO."

"I've never had a management team suggest to me that their stock was fully valued. That just inherently highlights the disconnect between the investor mindset and the management."

"Since December 2013, with the exception of announcing CEO Clarence Otis’ “retirement”, essentially every major announcement Darden has made resulted in a decline in stock price."

"You'd expect the oil frackers like Pioneer to be cutting capex faster than the gas companies. Nope. Instead, while CONSOL has stopped drilling new wells, Pioneer has added rigs."

"As in-house 3D printing grows increasingly mainstream, Spruce Point believes that the major selling points of in-house 3D printing will drive significant demand for this option."

"As in-house 3D printing grows increasingly mainstream, Spruce Point believes that the major selling points of in-house 3D printing will drive significant demand for this option."

"It seems that reporting this as another €1 transaction and omitting that the purported lender is indeed Vitek is intended to obscure material facts from lenders and bondholders."

"What this tells us is that BWLD could improve its valuation if operations were adapted to run like efficient franchise units – potentially increasing dollar EBITDA double-digits"

"Who is best suited to implement the changes needed to reverse Arconic’s historic track-record of epically poor performance and maximize value to the benefit of all shareholders?"

"Elliott has constructed a peer group of comparable companies that best represent, in our view, peers for each area of the Company's business units prior to the split of AA/ARNC."

"Our discussions with industry experts suggest Phillips needs to dramatically improve its commercial function and reduce refining costs to achieve best-in-class operating results"

"As a result of the small onshore cash balance at year-end 2018, we know that that almost all of the RMB 1.298 billion total cash balance was offshore: namely, RMB 1.160 billion."

"CEO Mr. Fink may rightfully bask in the memories and celebrate his past successes, but shareholders, given the underwhelming results of the last fifteen years, must look forward"

"Warning: At best, we estimate that Oatly's Gross Margin is on par, to slightly below, its peer plant and dairy specialty foods peers after adjusting for outbound shipping costs."

"STARBOARD ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"Sadly, the Red Lobster Sale is only the most recent, and most egregious, example of the current Board and management’s extended record of poor performance and value destruction."

"We have invested significant time and resources in underwriting our investment in TICO and in crafting a compelling plan for the business to unlock significant shareholder value"

"When we attempted to inquire with Skillz about the developer competition, we received a notice that the email address SKLZ included in its press release had not been set up yet."

"We suspect that most of Twist’s holders have little clue what it actually makes or sells, much less any grasp of the so-called “silicon DNA chip” that the entire story rests on."

"But the reality is this is nothing special. It’s like any other biotech company that provides antibody engineering or library services. So, there’s not much of a differentiator."

"Trian believes management can achieve at least 16.0% operating margins by 2018 and ultimately reach 18% operating margins over time...gross margins are a substantial opportunity"

"How much deterioration is a matter of opinion. AGO’s 10-K has this strange disclosure, which says that AGO uses its own internal credit ratings, rather than third party ratings."

"Samsara’s largest government contract generated just $1.7 million over the past three years. In contrast, all of Geotab’s largest government customers generated over $3 million."

"Spruce Point believes investors should be concerned by various claims made by C3 and its management that appear to be exaggerated, or don't reconcile with our research findings."

"According to a former industry executive, FND’s focus on adjacent product opportunities may be a signal it is starting to struggle with comps as it runs out of new store growth."

"However, based on our assessment, it appears that Monster didn't embrace the SEC's request and provided no quantitative disclosure on factors that affected gross profit in 2023."