Callouts & quotes from 37,061+ activist slides

"The Company has been deficient in linking executive pay to corporate performance, as indicated by the ‘D’ grade received by the Company in Glass Lewis' pay-for-performance model. Shareholders should be concerned with this disconnect. A properly structured pay program should motivate executives to drive corporate performance, thus aligning executive and long-term shareholder interests. In this case, as indicated by the poor grade, the Company has not implemented such a program. In our view, shareholders should be concerned with the compensation committee's failure in this area. — Glass Lewis, 2016 Alcoa Proxy Paper"

"For some cynics in Chemicals who have more grey hairs than ourselves, they’ve sat through previous HUN investor days that also felt compelling but ultimately didn’t translate into results. There are a number of (fair) reasons for management to believe that “now is different” (upgraded portfolio, much cleaner balance sheet), but that is the historical challenge the stock is facing: Convincing the incremental buyer that this time is different. We think the setup into 2022-23 could be interesting if we get a few more good results on the board, but execution will be the ultimate determinant. — Barclays, November 2021"

"Triller did a last private round of capital raising just about 12-13 months ago, valuing it at over $3B — Ng. Our contribution is scaling the business. And we have a specific plan how to make money. It requires a few things. #1 people, and #2 capital. I'm fortunate to say at this moment, that we have a lot of capital chasing us. And #3 ideas. — Ng. Agba's financial expertise and Triller's AI-driven capabilities are incredibly complimentary. — Ng. As a part of this merger, the entire company will be redomiciled, relocated to Los Angeles. We have a team going around in Los Angeles looking for a campus for us. — Ng."

"Our Regulated Natural Gas segment is affected by the cost of natural gas, which is passed through to customers using a purchased gas adjustment clause and includes commodity price, transportation and storage costs. These costs are reflected in the consolidated statement of operations and comprehensive income as purchased gas expenses. Therefore, fluctuations in the cost of purchased gas impact operating revenues on dollar-for-dollar basis but does not impact gross margin. Purchased gas increased by $159,287 or 103.4% due to an increase in the price of natural gas in 2021 as compared to the prior year — 2021 10-K"

"“We’ve been working with IonQ since inception or since they made the first device available. At least two-and-a-half, three years now [...] We’ve done experiments—apologies if this is well understood—but using quantum computers in any type of production setting isn’t really real, so nobody’s using quantum computers beyond just experimenting with quantum devices. We use IonQ’s computer I would say twice a year maybe, maybe once a quarter at the highest volume. I don’t know the specific numbers, but it’s definitely in the minutes; it’s not in the hours or days.” — Senior employee of 1Qbit, an IonQ partner/customer"

"So the question is on product differentiation between us and maybe some of the other traditional orthodontic clear aligner companies. It starts with, one, we've been able to over 22 years being able to understand how to move teeth in a predictable, reliable way. ... SmartTrack material, which is a multi-layer material that moves teeth on a predictable, reliable way. So there's a lot of technology that's gone in that certainly differentiates products. — John Morici, CFO, Align Technology; I think Zendura FLX is better, but they are not that different in practice. — Orthodontic Consultant, Aligner Materials Expert"

""My concerns result in large part from the longstanding practices of two of Blinkx's key acquisitions, Zango and AdOn. But concerns extend even to Blinkx's namesake video site. In the following sections, I address each in turn. Specifically, I show ex-Zango adware still sneaking onto users' computers and still defrauding advertisers. I show the ex-AdOn traffic broker still sending invisible, popup, and other tainted traffic. I show Blinkx' namesake site, blinkx.com, leading users through a maze of low-content pages, while charging advertisers for video ads systematically not visible to users." — Ben Edelman Blog"

""We are targeting approximately $20 million of revenue synergies or just under 10% of 2020 revenues by 2025. Those synergies coupled with Itiviti's own strong momentum should sustain strong, high-single digit growth for years to come." — CEO Gokey, Itiviti M&A Call, March 29, 2021. "Last, Itiviti is delivering clear financial benefits. Fiscal '22 revenues came in ahead of our acquisition case at $256 million, and we exceeded our earnings target. We've actioned almost $10 million in synergies, including $3 million of revenue synergies and $6 million on the cost side." — CEO Gokey, Q4 2022 Conf Call, Aug 12, 2022."

"“The explant rate is also underestimated because the device would stop working and the patient doesn’t want it pulled out.” — High volume KOL; “You have to include another population of patients when you talk about explants, something which happens a lot. You ask patients how it’s going and they say "I don't use the stimulator." I ask why and they say, I just don't feel like it's working that well." There are people that aren't explants. They just leave it in, and they don't even use it but they don't want to explant. They don't want to go back to their doctor because he sold them on the idea.” — High volume KOL"

""The software and hardware of [integrated players'] logistics assets are sometimes ~20 years out of date compared to industry best practices." — GM, Midstream Logistics Co.; "Independents will do everything they can to maximize pipeline utilization. Integrated players are more concerned about delivering proprietary crude to their refineries even if it means operating an under-utilized pipeline." — Former Pipeline VP, Major Energy Co.; "Refiners tend to trust and partner with third-party midstream players rather than risk exposing trade secrets by utilizing a competitor's terminal." — GM, Midstream Logistics Co."

"благодарю за оперативный ответ. Отправляю расчет на утверждение и как только получим документ - передам его вам. Так же еще сегодня появился вопрос из администрации - обязан уточнить. Поскольку Mercure — это отель французский, недружественной нам страны, где спасение и усыновление детей Донбасса называют кражей и за это хотят арестовать нашего Президента — мы можем быть уверены в конфиденциальности? От несогласованной прессы, если такая будет, и от вашего западного офиса? Я полагаю вы не передадите им нашу беседу и факт размещения ребят. Это был бы скандал. — Mercure Hotel staff (translated by Grizzly Research)"

"From a revenue perspective, core FFO was negatively impacted by the write-off of $500,000 of straight-line rent receivables related to nonperforming tenants, the vast majority of which was associated with The Hall at Ashford Lane. While The Hall was open and operating at quarter end, we were proactive in shifting to cash-based revenue recognition during the second quarter in consideration of their ongoing challenges. The straight-line rent receivable write-off does not impact our AFFO results, given that we've always adjusted for noncash straight-line rent in our AFFO reconciliation — CTO Q2 2023 earnings call."

"“...if growth has been decelerating dramatically while Box spent like a drunken sailor, we wonder how Box can improve margins while stabilizing growth, given the low gross margins and low sales efficiency” — D.A. Davidson, November 2019; “The company’s revenue performance has been nothing to celebrate this year. ~11% revenue growth in FY’21, while almost the entirety of the software space is parading the past year as the year of digital transformation acceleration, has left BOX shares at a standstill and is head-scratching as the pandemic should logically be a major tailwind for BOX” — Craig-Hallum, March 2021"

""No incremental debt incurred in acquisition" — TROX presentation – slide 15, 10/6/11; "Future cash flow from operations expected to be sufficient to pay cash portion of merger consideration ($12.50 per share or ~$190 million in aggregate)" — TROX presentation – slide 15, 10/6/11; "We've announced that we intend to issue dividends that are consistent with the industry peers. But with this level of free cash flow generation, there will also be opportunities for return of additional cash above and beyond the dividend to shareholders, and we will be exploring those alternatives." — TROX conference call – 10/10/11"

"“We're also excited to announce that in anticipation of this program, we are proceeding forward with the design of our next-generation silicon chip specific to DNA data storage.” — Emily Leproust, Twist CEO (Aug 1, 2019); “Now I'll move to data storage. Last year, we reported that we were pursuing the fabrication of our first silicon chip, specifically for data storage.” — Emily Leproust, Twist CEO (Aug 6, 2020); “Moving to data storage, we continue to make solid progress as we drive towards commercialization, working with a proof-of-principle chip at 1-micron pitch.” — Emily Leproust, Twist CEO (Aug 6, 2021)."

"(6) our belief that our competitive advantage is largely attributable to the technical, marketing, and sales competence and capabilities of our employees, rather than on any individual trademark and; (18) our belief that we are starting 2023 with a strong foundation and demand for our business remains strong; (19) our belief that strategic pricing efforts helped offset inflationary pressures we experienced in fleet, material and other people associated cost and our expectations to pull forward our price increase again in 2023 and raise prices for services in the first quarter; — Rollins Inc. 2022 and 2021 10-K"

""No question, no question, that anybody who’s not in the Nevro cult has the exact same clinical experience that I had with explants. Not a question. Additionally, you should talk to [KOL name redacted]. He is the former chairman of [redacted] at [redacted] University and then former chairman of [redacted] at the University of [redacted]. He knows every inside story about everything. His take on Nevro is slimy people, falsification of data. Everything we have talked about but amplified. He can’t stand them. He’s a real ethical guy." -- Ex-Nevro consultant/speaker and one of the most prominent KOL's in the space"

"Notable investing and operating cash flow items during the quarter included: A$10.5M cash proceeds from the sale of the Snow Lake shares, A$1.5M proceeds from the exercise of U.S. Nasdaq warrants, A$1.1M exploration and evaluation costs, principally related to the PFS test work, mining and environmental studies, sample analysis, and camp running costs, A$403k administration and corporate expenses, the majority of which are related to marketing and share registry costs, and A$301k for antimony grant consulting costs, audit, tax and legal fees. — Nova Discussion of Investing and Operating Cash Flows (March 2025)"

"In 2018, Pivotal offered to purchase the assets of Vantage Payments and acquire its executive management team and staff as an in-house sales division. During a lengthy due diligence period, me and my attorneys provided Pivotal with all requested information regarding the TelexFree litigation, including the Fourth Amended Complaint and the investigations conducted by Homeland Security and the Securities and Exchange Commission with whom Vantage Payments had cooperated. Vantage Payments and Pivotal agreed to proceed with the transaction so long as this litigation was an excluded liability in the final agreement."

"You can do a lot of simulations of quantum computers on regular computers. That’s what most people are doing right now because we don’t have good actual quantum computers to run things on... I was surprised to see a company go public that’s just quantum before that barrier was reached. IonQ hasn’t reached quantum supremacy where they have a problem that they’ve demonstrated that cannot be solved on a classical computer, and they solve it with a quantum computer. That has not happened. To my knowledge, there’s no company or research lab that has shown this example. — Ex-IonQ employee, member of technical staff"

"In the course of auditing our consolidated financial statements as of and for the years ended 2020 and 2019, we and our independent registered public accounting firm identified material weaknesses in our internal control environment driven by (i) our technology access related environment and change control processes not supporting an efficient or effective internal control framework, (ii) lack of documented policies and procedures in relation to our business processes and entity level controls as well as lack of evidence of performing controls and (iii) inadequate segregation of duties. — Oatly IPO Prospectus"

""Because CAR-T is a personalized therapy, the launch of the product is likely to be limited by (a) the medical centers which can administer the therapy and (b) the complex manufacturing process...we would expect initial revenues in the hundreds of millions, not the billions." — Morgan Stanley, August 2017. "Now both KISQALI and KYMRIAH have had slower starts, but we remain confident that with KISQALI, over time, we can build this into a blockbuster medicine...and with KYMRIAH...we feel confident...we can drive KYMRIAH's growth well into the future." — Vasant Narasimhan, CEO of Novartis, Q4 2018 Earnings Call."

"“Our ending inventory balance was $200 million, in line with our expectations and up from $98 million a year ago. The difference is primarily a combination of three things: first, as we've said in the past few quarters, we continue to build back our inventory levels to support strong consumer demand; second, our consolidated results now include Naturium, which added approximately $26 million of inventory; lastly, an additional $23 million of the increase as a result of taking ownership of inventory from China when it ships versus when it enters our distribution center here in the U.S.” — Mandy Fields, ELF CFO"

""We remain long-term bullish on MHP (and MCO) but acknowledge that it will be difficult for the shares to outperform near-term given increasing regulatory scrutiny, which has intensified meaningfully since S&P's downgrade of the US" — Piper Jaffray, August 18, 2011. "Negative headlines following S&P's downgrade of the US sovereign rating reignited regulatory fears. Here we believe incremental regulation beyond measures in Dodd-Frank seems unlikely. Also, our price target includes a modest 10% discount [to McGraw-Hill's total sum of the parts enterprise value] for these risks" — Goldman Sachs, August 18, 2011."

"“...The very important message here is, there is value creation here, both for the owner of the stores, the parkings and I think where new activity is created, this is us and there is value creation as well from Mercialys. So the message here is we expect these renovations to continue and we expect to generate some profits from these projects in the future as well. I think in the interest of the investor community, we might organize, together with Régine and the team of Mercialys, a site visit so people realize that this is not financial engineering...” — 15 October 2015 Casino Q3 Sales/Trading Statement Call"

"One instrument is $2-million. That’s very, very challenging to get approved. I think that’s one of the main reasons [they’ve sold so few machines], as well as the cost of running the experiments, which is not cheap. Let’s say one instrument has four chip holders. One chip for one process is between $1500 to $1750. So, one chip, one run. And then you have the critical reagents; they are between $200 to $500 depending on which process you are running. And then, of course, the FTEs and then all the other areas. The overall cost is high, and I think that’s the hesitation as well as the budget. — Amgen employee #1"

"KLA improved a lot...they have a very good scan, and now their resolution is getting much, much better. — TSMC executive. Are they going to use Lasertec? I have some doubts because they were under a lot of pressure to use KLA...if they go to KLA...there will be more bad news for Japan. — TSMC source. this is actually super, super big time for suppliers; Japanese suppliers are in a bit of trouble...KLA definitely has a super advantage...the Lasertec guys are going to be put into second choice...KLA is very, very strong...in terms of EUV...under the CHIPS Act...KLA becomes the favorite. — TSMC's ex-head of R&D."

"We had that $30 million to spend. We want to spend it eventually, and we are. I would go to them for certain things or at least consider them for certain things. It's expensive to do work there without the prepaid component of it; it would be hard to do everything there because it would get expensive pretty quick. But there would be some things, I can say for sure that we would consider doing work with them, and we are, and we will. Will that change when we get through all the money that we've pre-allocated? We will probably have a higher level of scrutiny for what we do for sure. — Current Synlogic executive"

""why should it cost $70,000 to $80,000 for disposables" when they are just "plastic tubings and plastic containers...it is, no question, overpriced." — Surgeon and director of a leading transplant center in the Northeast. "ridiculously expensive...I could argue predatory"; "outrageously overpriced"; "completely unreasonable, to be very, very clear"; "yeah, it is pretty polarizing". Regarding the CEO Waleed Hassanein, he noted "a level of arrogance...I think they are generally known to be fairly assertive and aggressive." — Transplant hepatologist and director of the liver program at a Midwest academic center."

""The same market forces that have sent former Bob Evans and Bravo Brio patrons to faster, cheaper and more convenient options like Wendy’s and Panera are also apparent in grocery stores... the two Bob Evans’ divisions have diverged: At the grocery store, the brand name doesn’t matter; product perception is everything in the cold case." — John Rand, Kantar Retail (The Columbus Dispatch, 2/5/16). "It is time to sell the division now that a new CEO, Saed Mohseni, is on board... Gordon sees all those side dishes as a distraction." — John Gordon, Pacific Management Consulting Group (The Columbus Dispatch, 2/5/16)."

"“The Executive Committee shall consist of the Chairman and Chief Executive Officer and not less than four other directors who shall from time to time be appointed by the Board of Directors. The Executive Committee shall have and exercise in the intervals between the meetings of the Board of Directors all the powers of the Board of Directors, except as prohibited by applicable law. All acts done and powers conferred by the Executive Committee from time to time shall be deemed to be, and may be certified as being, done and conferred under authority of the Board of Directors” — BlackRock, Article of Association"

""The Executive Committee shall consist of the Chairman and Chief Executive Officer and not less than four other directors who shall from time to time be appointed by the Board of Directors. The Executive Committee shall have and exercise in the intervals between the meetings of the Board of Directors all the powers of the Board of Directors, except as prohibited by applicable law. All acts done and powers conferred by the Executive Committee from time to time shall be deemed to be, and may be certified as being, done and conferred under authority of the Board of Directors" — BlackRock, Article of Association"

""Norfolk Southern was the worst-performing stock last year of all the so-called Class 1 railroads that include Union Pacific, CSX and Canadian National Railway." — WSJ; "[I]f the company just hit the high end [of guidance] every year for the next three years, NSC’s OR would still be below where its East Coast peer was in 2023. We do not view new financial guidance as closing the gap with competitors as management suggested..." — TD Cowen; "Norfolk has long been an underperforming self-help story that simply can’t figure out how to help themselves, and this quarter that trend looks to be continuing." — Stifel"

""The actinic tool requires at least four skilled field service engineers for the laser source, chamber, hardware, and others." — Former Lasertec product engineer; 20 years in the industry and previously part of the EUV task force at one of the top 3 semiconductor companies in the world. "[T]he actinic and EUV tools remain at 60%." — Former Lasertec product engineer; 20 years in the industry and previously part of the EUV task force at one of the top 3 semiconductor companies in the world. "Yeah. That kind of came with the territory." — Former Lasertec field service engineer who worked in the Intel mask shop."

"“...Kalai, a mathematician at Hebrew University in Jerusalem, is one of the most prominent of a loose group of mathematicians, physicists and computer scientists arguing that quantum computing, for all its theoretical promise, is something of a mirage. Some argue that there exist good theoretical reasons why the innards of a quantum computer — the “qubits” — will never be able to consistently perform the complex choreography asked of them. Others say that the machines will never work in practice, or that if they are built, their advantages won’t be great enough to make up for the expense.” — Quanta Magazine"

""During the fourth quarter, we achieved our strategic priority targets for shareholder distributions and asset dispositions." — Mark Lashier, January 31, 2025; "Yesterday afternoon PSX announced it will acquire Pinnacle Midstream for $550mm... While the deal looks fine on its own, we suspect investors will react negatively to PSX's decision on capital allocation. PSX had previously laid out a plan to sell at least $3B of non-core assets, which likely would include some non-op midstream, in an attempt to focus its portfolio and provide support for capital returns to shareholders..." — TPH & Co., May 21, 2024"

"The BEF spin-off, it goes without saying, exhibits none of the characteristics that the IRS finds so objectionable. It is, as far as we can tell, a "textbook" spin-off which should have no trouble at all satisfying each of the requirements imposed by the statute and the regulations for tax-free treatment. Thus, in our view, while tax issues are always a consideration in deciding whether to proceed with a transaction, it is inconceivable to us that executing the spin-off that Sandell is advocating could, under any theory, "result in hefty (or for that matter, any) taxes." — The Willens Report, March 11, 2016"

"“to be honest, a lot of things in pediatrics are off-label, specifically pediatric endocrine... diazoxide, to be honest, I'm super comfortable with it...most people should be pretty comfortable with it...we use it a lot...we all are pretty familiar with it...and the cost...I think that will make people say, huh”; “her line was extended-release...and because it's salt, it's different in talking about penetration to the brain...that's what she said...she said something about the salt form being able to penetrate the brain better and be more effective.” — Pediatric endocrinologist at a Delaware academic center"

"The insurer cannot rely on its specialized knowledge of the jurisprudence to advance an interpretation that goes beyond the clear words of the policy. The overriding principle for the interpretation of standard form insurance contracts is that where the language of the disputed clause is unambiguous, reading the contract as a whole, effect should be given to that clear language. The words used must be given their ordinary meaning, as they would be understood by the average person applying for insurance, and not as they might be perceived by persons versed in the niceties of insurance law. — Sabean decision"

""There's a lot of interest around Viacom in your upcoming contract renewal. How are those talks going, and is there a chance the two sides decide to part ways?" — Shalini Ramachandran, The Wall Street Journal. "Viacom has been a long-term partner, so it'd take a lot for us not to do a deal with them, but they have to be realistic that their ratings have deteriorated over the last three years or four years in some cases in a material way... We know there's alternatives for their product today that weren't there three years ago or four years ago." — Charles William Ergen, Executive Chairman, President & CEO."

"In the Investment Cast Products segment, our principal competitor is Howmet, a subsidiary of Alcoa Inc. Howmet produces superalloy, titanium, stainless steel and aluminum investment castings principally for the aerospace and IGT markets. We believe that Howmet is capable of producing investment castings comparable to all but the largest and most complex of our structural investment castings. We also believe Howmet has the financial and technical resources to produce structural castings as large and complex as those produced by us, should they decide to do so. — Precision Castparts FY 2010-2015 10-K filings"

"And then the third source of cost synergies is in G&A. And I want to just repeat something I said earlier, and there is an element of conservatism here because we've excluded the commercial side of the business for the purposes of assessing the opportunity here. We've gone at a very detailed level through the duplication in corporate costs that arises when two public companies come together and the duplication and operational costs associated with running regional businesses in two separate companies. And we've been able to pencil out exactly what that opportunity represents. — CEO Dalia Deal Call Aug 2018"

"“There are definitely some doctors —they're business spend first—that's probably the easiest way to describe it, and they really know how to maximize every patient that walks through that door. So, they switch them to Nevro. Bad actors are putting in implants over and over and switching brands. Selling that patient on there's something better, always keeping that carrot out there, that there's something new, there's something different that might be the magic pill. And then he also says, if you don't do what I recommend, I'm going to cut you off from your opioids, so there's that.” — Former Nevro executive"

"Our goal at ______ is really to transform healthcare, as I said, and to reduce administrative cost and to increase clinical efficiency. We believe, we are well positioned with leadership in each of our divisions. Today ______ is the leading provider of integrated claims management services to payers and revenue cycle management services to providers. We are also at ______ the leading provider of practice management and now electronic health record software and services for the provider community. And at ______ we are the leader in providing consumers and providers with healthcare information and education."

"It's interesting because I was pretty busy. When I was in [redacted], I was doing almost a case a day to the point where I was like this is overwhelming. Like any day I was on call, I was getting called on a case. But out of seven days on call, I was probably doing three to four cases or two to four cases a week. Before I left, I hadn't done a case in almost two months because cases that were scheduled for Seattle were being assigned elsewhere. ... it wasn't unusual for them to go a month or more without doing a case...I would say more so after they got the planes. — Former OCS Specialist who left recently"

"the leading college, career, and life readiness solution, reaching over 40% of high school students in the US. Through Naviance, counselors help students prepare for life after high school through career discovery and assessments, counseling curriculum, course planning, and facilitating the college application process — PowerSchool description of Naviance. an innovative admissions solution with exclusive integration with Naviance that helps Higher Education institutions understand student interests and helps make personalized connections during the admission process — PowerSchool description of Intersect."

"“The CEO is a headwind to a turnaround. Firing him is the tailwind.” — Top 10 Active Shareholder; “I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go.” — Top 10 Active Shareholder; “They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem.” — Top 10 Active Shareholder"

""The CEO is a headwind to a turnaround. Firing him is the tailwind." — Top 10 Active Shareholder; "I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go." — Top 10 Active Shareholder; "They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem." — Top 10 Active Shareholder"

"“I don’t know how they an make it”; “their process and method are not sustainable.” — Ex-manufacturing employees. “When I went out there and saw what they were doing, I was shocked.” — A longtime industry executive. “an overengineered solution that they called a chip.” — A longtime industry executive. “the problem is that the whole process is labor intensive”; “what they do is very low margin” and takes “manual labor.” — Ex-employees. “that’s labor and you need people to do that in each tube” — Ex-staff. “one-week process” — Ex-staff. “customers frustrated because they cannot deliver on time.” — Ex-staff."

""The CEO is a headwind to a turnaround. Firing him is the tailwind." — Top 10 Active Shareholder; "I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go." — Top 10 Active Shareholder; "They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem." — Top 10 Active Shareholder"

""We believe board independence is essential to good corporate governance. In addition to having a board's majority made up of independent members, we generally prefer an independent board chair" — Capital Group. "Northern Trust generally leaves the choice of chairman to the board's discretion... Northern Trust will vote case by case on whether to support shareholder resolutions seeking the separation of chairman and CEO" — Northern Trust. "MFS believes boards should include some form of independent leadership responsible for amplifying the views of independent directors and setting meeting agendas" — MFS."

""The Contact Solutions was a tuck-in acquisition we did earlier in the year. OpinionLab is another company we did in Q4, I believe in November. And you know, our M&A strategy has been since we - the last deal, relatively big deal we did was over three years ago with Kana. Since then our strategy is to do tuck-in acquisitions, basically buy small companies with good products. Those companies typically do not make money, and when we bring the product to our large sales force and large customer base, we have an opportunity over time to scale the business and make it profitable." — Doug Robinson – CFO, Verint"

"I hate flying their team all over the fucking country. I hate it. I hate paying for private jets to fly their surgeons all over. I don't know why we have to pay for all these ridiculous transportation invoices...they just started flying their teams and sending us these invoices; very little transparency...they couldn't tell us what the rates were...we just get a piece of paper that says you owe us for this flight...it doesn't say anything about what kind of aircraft it was, how long it was in the air...it's just a number...they could have just made it up...very frustrating. — UCSF transplant administrator"

"“To do your due diligence, you should look at the European market. The Europeans have been using pumps a lot longer than the Americans and they use a variety of different pumps at their disposal: normothermic, hypothermic. And you know what market share TransMedics has in Europe? Zero because they understand that they don’t have a shot at competing in the European market because there are so many other competitors and options for a transplant center to use that are much cheaper. They cost 20% of TransMedics.” — Transplant surgeon and division head at a major transplant center; high-volume TransMedics user"

""The CEO is a headwind to a turnaround. Firing him is the tailwind." — Top 10 Active Shareholder; "I would rate them as the worst-performing management team in the airlines. This was a Company that has destroyed more value based on their own inaction than anyone else in the industry. They need to go." — Top 10 Active Shareholder; "They need a new look across the board and you are only going to get that with [a CEO] who is not from Southwest... This is a classic example of where a disruptor stayed in the original model as the industry passed them by and now they have a problem." — Top 10 Active Shareholder"

""We're shrinking fast, and there's not enough urologists. So nobody can grow their volume for anything because we all have a three month wait to get to see me and a two month wait or three month wait for surgery. So that's my only negative on this whole market. Nobody's going to grow it because the bottleneck is the number of urologists...you might see my BPH volume going up 1% per year just because of demographics, but I can't see more patients. Bottom line is I can see 25 patients a day and do eight surgeries a week, and I can't do more." — Spruce Point Interview with Major Hospital Urologist, Nov 2024"

"The CPoM presents a significant concern to physician business ventures as failure to comply with a state's CPOM laws can result in: Physician licensure action or revocation. Civil (and in extreme cases, criminal) liability for non-physician business partners (e.g., a MSO) for engaging in medical practice without a license. Voiding of an underlying business arrangement (e.g. a management services agreement) for illegality. Commercial or government insurers (e.g., Medicare and Medicaid) seeking to recoup reimbursement payments due to illegality of the underlying business structure. — Chapman and Cutler LLP"

"We have invested with and alongside Trian and have seen them create long-term value for shareholders. They constructively engage with leadership teams and their analysis of companies is incredibly in-depth. Trian as an active manager plays a beneficial and important role in today’s capital markets as a catalyst for change. We see the performance of the companies they engage on a positive trajectory, from the time Trian initially takes a position to well after they exit. Very simply, Trian is top notch. — Anne Sheehan, Director of Corporate Governance, CalSTRS, the largest teacher pension fund in the U.S."

"We have invested with and alongside Trian and have seen them create long-term value for shareholders. They constructively engage with leadership teams and their analysis of companies is incredibly in-depth. Trian as an active manager plays a beneficial and important role in today’s capital markets as a catalyst for change. We see the performance of the companies they engage on a positive trajectory, from the time Trian initially takes a position to well after they exit. Very simply, Trian is top notch. — Anne Sheehan, Director of Corporate Governance, CalSTRS, the largest teacher pension fund in the U.S."

"We have invested with and alongside Trian and have seen them create long-term value for shareholders. They constructively engage with leadership teams and their analysis of companies is incredibly in-depth. Trian as an active manager plays a beneficial and important role in today’s capital markets as a catalyst for change. We see the performance of the companies they engage on a positive trajectory, from the time Trian initially takes a position to well after they exit. Very simply, Trian is top notch. — Anne Sheehan, Director of Corporate Governance, CalSTRS, the largest teacher pension fund in the U.S."