Callouts & quotes from 37,061+ activist slides

""My question is really on the sum of the parts discount in the stock... I think it's fair to say the most diversified refiner in the space, and you combine that with some stock underperformance over the past decade. So I guess I'm a little surprised that there's not more talk about potentially looking at selling some refineries or simplifying the business overall. And really, my question is just on how do you plan to monetize the sum of the parts discount?" — TPH&Co., November 9, 2022"

"“You Want Snark With Those Fries? No One is Safe From Wendy’s Tweets” — Wall Street Journal (7/25/17); “Step Aside, Ellen DeGeneres: The New Retweet Champion Is a Nugget-Hungry Teenager” — New York Times (5/9/17); “Since we changed our tone of voice, we’ve seen a number of new consumers following us, said Wendy’s Chief Marketing Officer Kurt Kane... Social-media watchers can’t point to any [company] that challenge competitors and consumers as much as Wendy’s” — Kurt Kane, Wendy's CMO."

"So, we have, as of FY2012, spent S$4.4 billion. And based on the investments committed, an additional S$1.7 billion will be spend over the next 18 to 24 months to complete these initiatives. — Shekhar Anantharaman, Q4 2012 Call; So, as far as the total CapEx is concerned, we had given you at the end of the full-year results briefing that we'll need about S$1.7 billion in the next 12 months. I think FY2013 plus probably another six months of FY2014. — Shekhar Anantharaman, Q1 2013 Call"

""It's inefficient to take a slide or sample and drop in an envelope and have somebody drive a car to pick it up, drive the car to the airport, drop it into a box, put it on an airplane, fly to Los Angeles or New York and drive it from the airport to a Central Lab and then have it looked at. We think that's -- it's not green, it's not efficient and we think technology can make the experience better for the pet, the pet owner and the veterinarians." — Kevin Wilson, Q4 2020 Earnings Call"

""I am very impressed with both the promise and simplicity of Paragon’s growth strategy," said Steve Croskrey. "The residential mortgage industry is huge and extremely fragmented, and I am looking forward to assisting Paragon’s management team in their plan to maximize shareholder value. My experience with Armor Holdings should help to execute a disciplined acquisition program that ensures all of our subsidiary companies are effectively integrated into a single operating entity." — SEC"

""My question is really on the sum of the parts discount in the stock... I think it's fair to say the most diversified refiner in the space, and you combine that with some stock underperformance over the past decade. So I guess I'm a little surprised that there's not more talk about potentially looking at selling some refineries or simplifying the business overall. And really, my question is just on how do you plan to monetize the sum of the parts discount?" — TPH&Co., November 9, 2022"

"The Company stated that: "Ending Q1 2011, there were 401 Patches above $2,000 per month in revenue..." We arrived at our cost estimates for Patch of $160 million in 2011 based on the following statement by the Company's Chief Financial Officer at the AOL Investor Day on June 16, 2011: "...we're going to spend $160 million a year this year on Patch..." Further, in a research report published on May 10, 2012, Barclays estimated that Patch generated EBITDA losses of $151 million in 2011."

"As of December 31, 2023 and 2022, property, equipment, and software, net located in the United States was $17.0 million and $13.7 million, respectively. The remainder was located in the Company's various international locations. Included in property, equipment, and software are the capitalized costs of software development. Software development costs capitalized during the years ended December 31, 2023 and 2022 were $6.4 million and $4.5 million, respectively. — ENFN 2023 10-K, Note 4"

"“The KLA Xenon works. The Ushio tin source failed. ASML is different. They're using tin and they're using IR laser to ignite it. That's ASML. The KLA technology is published, It uses a frozen Xenon gas with IR laser as the originator. Ushio uses molten tin like ASML, but instead of using IR, they're using discharge electrodes, which is terrible. And the concept of maintaining two propellers creates a mess.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"“The KLA Xenon works. The Ushio tin source failed. ASML is different. They're using tin and they're using IR laser to ignite it. That's ASML. The KLA technology is published, It uses a frozen Xenon gas with IR laser as the originator. Ushio uses molten tin like ASML, but instead of using IR, they're using discharge electrodes, which is terrible. And the concept of maintaining two propellers creates a mess.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"“The KLA Xenon works. The Ushio tin source failed. ASML is different. They're using tin and they're using IR laser to ignite it. That's ASML. The KLA technology is published, It uses a frozen Xenon gas with IR laser as the originator. Ushio uses molten tin like ASML, but instead of using IR, they're using discharge electrodes, which is terrible. And the concept of maintaining two propellers creates a mess.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"the Audit Committee and the Board have determined that it would be in the best interests of the Company to make changes in the leadership for the oversight and control of its financial operations to correct the "tone at the top" and ensure it is consistent with the Board's commitment to maintaining strong corporate governance. The Company will enhance the accounting organization, both by adding personnel to that function and by increasing training for all members of the organization."

""Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past three years in both reliability, unit cost and profitability." — Scotiabank, June 30, 2023; "Marathon has been our top refining pick since initiating on the group in June 2022. Shares have led peers, driven by cost/commercial improvements and peer (and energy sector) leading capital returns, funded by strong refining margins and Speedway divestiture proceeds." — BMO, November 30, 2023"

"“Especially the vice president of regulatory, she was hired, but she was more, to speak, an ornament because she worked at the FDA before. So, you know, to be able to say on their website that so-and-so used to be at the FDA. But she was never in the office. She may be close to 70 years old, but maybe they were just using her name. She was not really involved with anything. She had never been in Boston. She was living in Washington, DC.” — Former employee in a regulatory affairs role"

"So there's no question HoLEP is the best because you remove more tissue and it's bloodless. There's temporary incontinence, but we can overcome that...So, what if somebody invents a robotic HoLEP? There is at this point a cocktail napkin design of [it]. So it's many, many years away. But that would replace ablation in five minutes because laser is better than waterjet. The waterjet is sloppy. It's imprecise. It doesn't go deep enough, but it's the best we have. Laser is just better."

"You should assume that as of the publication date of our reports and research, Muddy Waters, LLC (possibly along with or through our members, partners, employees, and/or consultants) along with our clients and/or investors and/or their clients and/or investors has a short position in all stocks (and/or options, swaps, and other derivatives related to the stock) and bonds covered herein, and therefore stands to realize significant gains in the event that the price of either declines."

"“…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"

"“Definitely...I heard a lot of complaints about how TransMedics is trying to take over the case; TransMedics is trying to take over the organ allocation; TransMedics is just pushing, and they’re rubbing people the wrong way...the OPOs, the one in Los Angeles, in particular, was starting to refuse to do that...OPOs were looking at a way to retaliate or somewhat to put some pressure onto TransMedics. You can see that relationship is already under a lot of strain.” — Transplant surgeon"

"“Waleed literally stood up and said, ‘Who are you and why do you think you can sit at my table?’ It was very upsetting and insulting” — Former executive in a key reimbursement role; “Waleed is very short-tempered. He screamed at people a lot and he could be pretty unprofessional...there was a running joke that whenever a customer is asking too many questions...he’d be like, ‘Oh my God, such and such idiots.’” — Former longtime employee in senior medical safety/clinical safety roles."

"We presume this has the obvious and intended effect: reps proliferate bogus referral forms, particularly the top performers, according to ex-employees, with one stating a current territory manager "just [told] me yesterday that...he still does it": "if you had a buddy, a doctor and say, hey listen, submit the form and then just ghost them...just submit the form and don't even worry about...the insurance information...I'll get paid for it...some representatives did that frequently.""

""It depends on the asset, but most of those would be carried at original cost." — Mr. Walton (May 29th conference call); "We write loans down to the amount that we believe we will collect. We record unrealized depreciation to show shareholders what we think has been lost." — Mr. Walton (May 29th conference call); "There is no time limit on our investments...we could keep them at some level of value as long as something is being done to try and recover the investment." — Ms. Sparrow"

"CCME Rep: The situation is just what I’ve told you. Say for example we have 1,000 vehicles, 1,000 is the number we quote to outsider. But I have only quoted 500 vehicles to you, because these 500 vehicles are already signed with contracts and installed with devices. The other 500 vehicles don’t have devices installed, so the number I quoted to you is the actual number, installed with devices, but our company has asked us to claim based on 1,000 vehicles. — CCME Sales Representative"

"Volkswagen has become the largest shareholder of QuantumScape. Our US$100 million investment is a key building block in the Group’s battery strategy. One of the long-term targets is to establish a production line for solid-state batteries by 2025. — Herbert Diess, Volkswagen AG CEO; The Volkswagen Group has established a joint venture with QuantumScape, a manufacturer of solid-state batteries. The shared goal of the companies is large-scale production... — Oliver Blume, Porsche CEO"

""live cam site for sex and this is something it cannot wash off" — Agent Interview #2. "Lastly, mobile marketing business bottomed out in the fourth quarter, both the effective CPM and the number of that in question sold increased meaningfully from the third quarter. While we think there is still potential in driving further growth in eCPMs and increasing the ad world. We won’t get aggressive in doing so as the focus in 2018 is on building user engagement." — Q4 ‘2017 Earnings Call"

"“The subject of the anticipatory mandatory takeover offer published on 12 January 2022 of CPIPG relates to the acquisition of all outstanding ordinary shares (Stammaktien) of IMMOFINANZ admitted to trading on (i) the Vienna Stock Exchange (Wiener Börse), Official Market (Amtlicher Handel) (Prime Market), and (ii) the Warsaw Stock Exchange, Main Market, which are not held by the Bidder or WXZ1 as Party Acting in Concert with the Bidder.” — Deloitte-issued “Independent Expert Report”"

"“I feel like they fly for almost everything, but most of the time, the surgeon is not local, and the perfusionist isn't local, and that may be something that we’re trying to change for us where if the donor’s just down the street from us but you have to bring in a surgeon from California to do the donor and the perfusionist is from wherever, that’s what seems to happen....since they’ve gotten their own jets, everybody just flies in their own jets.” — Transplant surgeon, Utah center"

"“Why should it cost $70,000-80,000 for disposables? The disposables are essentially plastic tubings and plastic containers and cartridges, and that's more than the cost of a brand-new luxury car that you're paying for a set of things you throw in the garbage, essentially. It is, no question, overpriced...there’s lots of precedence for this sort of stuff happening in the healthcare industry.” — Transplant surgeon and transplant program director at a leading Northeast academic center"

"Purely illustrative, as we do not believe book value correctly reflects the significant value of TICO’s operating business and book value is overly punitive on the tax leakage on publicly listed stakes that would be realized, as it includes a deferred tax deduction broadly at the 31% Japanese statutory tax rate, and not at the much more beneficial deemed dividend tax structure under an issuer buyback unwind of cross-shareholdings. TICO deserves a much higher valuation than 1x PBR."

"The OCS Specialist stated that the practice occurred nationally, not just at the Seattle hub, and was cloaked in secrecy, given "upwards of 100 OCS Specialists across the country" who could observe questionable aircraft movements on an internal phone app for case assignment and who "probably have the same questions" – "it just doesn't make any sense...we've just not been told...I could see on our app planes being assigned but not understanding why...I could see the whole country.""

"“We will improve gross margin by optimizing our data center footprint, public cloud infrastructure and the cost to serve our customers. In addition to the data center migration that we've discussed over the past year, we'll be driving efficiencies in various aspects of delivering our service such as storage, search and conversion. We also expect more of our business to come from add-on products, which will naturally drive higher margins.” — CFO Dylan Smith, Q3 FY2020 Earnings Call"

"Vehicles need to homologated in each and every single market, and there are so many questions also when it comes to the lifetime and other aspects of solid state batteries. We have no clue how solid state technology behaves in extreme temperatures, in crash situations, over a longer period of time, and this needs to be tested and evaluated. This foundation will take at least five more years, and then production needs to be planned, ramp-up, the facilities, and so on. — VW employee"

"“I arrived at Siemens at a very difficult moment... Siemens needed to execute more rapidly, and to do that we had to take a hard look at both our organizational structure and whether we had the right people in the right jobs. Within months of my taking over, we replaced about 80% of the top level of executives, 70% of the next level down, and 40% of the level below that.” — Peter Löscher, The CEO of Siemens on Using a Scandal to Drive Change, Harvard Business Review, November 2012"

""[O]ne of the things about Alcoa Corp. that is fundamentally different than Alcoa Inc. is that we were given the opportunity to come out with a much better governance structure. So as a new company, we separated the Chairman and the CEO role. I personally believe that's the right way to have the business set up.... In addition to that, we've decided to incorporate in Delaware.... Delaware is much more shareholder-friendly." — William F. Oplinger, CFO Alcoa Corp., November 16, 2016"

"Bigo is a fast-growing global tech company. Headquartered in Singapore, Bigo owns BIGO LIVE, a leading global live streaming platform excluding China, LIKE, a leading short form video social platform worldwide, and other social apps. Bigo has created a video-based online community for global young generation users. It has established footprints in South-Eastern Asia, Southern Asia, the Middle East and America, paving the way for further global expansion. — Press release, June 2018"

"Additionally, in January 2023, our compensation committee considered our equity award program and determined that, for FY 2024, shifting our standard equity vesting schedule from four to three years, and proportionately reducing the associated annual target, would better suit our compensation needs. These changes will help us manage equity dilution while still offering a meaningful opportunity for reward predicated on creating long-term stockholder value. — Samsara Proxy Statement"

""China is 1.3 billion people, you can recruit for a long time there before we had what was called the classic ‘pop-and-drop’ in that marketplace. So we're trying to build in right away a retailing base into that marketplace. I would say initially there is going to be a lot of recruiting, a lot of business opportunity development... I think our opportunity is tremendous in that marketplace for local product development, for some very creative ideas." - Michael Johnson (August 2008)"

"“Nelson Peltz and Trian have played an important role in Wendy’s brand transformation and financial improvement. I greatly value the thought leadership and strategic insight that Nelson and the Trian team provide. Nelson and Trian are passionate advocates for the brand’s growth and success. We work collaboratively on key strategic decisions and our company benefits from Trian’s insight on financial and global opportunities.” —Emil J. Brolick, President and CEO, The Wendy’s Company"

"“Our resources that are working at customer sites, the feedback is actually very on-point. The biggest thing that they're seeing is that Berkeley Lights is still the old system. They haven't really evolved the technology stack, and the data that is coming is not very user-friendly. There is no innovation. It's completely outdated. The user interfaces, the way they see the data, how they're collecting it, and that's where the errors are coming from being on-prem.” — IQVIA executive"

"His understanding of the technology that he’s speaking to, and the way that’s going to be received by physicians, is naïve. Grossman describes Omnia as really just the marketing, like the same marketing spin that was being presented at NANS. I don’t think he understands the way that these physicians work and their desire to have new and innovative products. Omnia is not a new or innovative product. It's basically just a repackaging of an old product. — Former Nevro sales executive"

"September 12th, 2022: We are currently switching from PVT: production validation tests to ramp and mass production... We believe that having a maiden USA factory up and running at mass production is a strategic advantage... November 29th, 2022: We're reporting here live from the Teal factory... We are about to start being able to ship over the next 4 to 6 weeks... March 7th, 2023: The Salt Lake City factory is complete and ready to go. We now have a state-of-the-art drone factory."

"The United States has significant concerns with the planned rule changes under the Proposed Settlement. Evidence from other multiple listing services suggests that merely tweaking a buyer-broker commission rule to allow zero-percent commissions does little to “unfetter a market from anti-competitive conduct and ‘pry open to competition a market that has been closed by defendants’ illegal restraints.’” — DOJ Statement of Interest in Nosalek v. MLS Property Information Network, Inc."

"Hassanein vehemently denied each specific allegation in turn, thereby underscoring the gravity of the charges Gosar leveled: that he “prohibited transplant centers from training their personnel on the OCS procedure” – “this statement is not correct”; stated that “transplant centers had the option to either use NOP or continue to operate the OCS on their own”; and that “it couldn’t be further from the truth” regarding “pressuring hospitals to utilize our more expensive logistics.”"

"Overall, the sensitivity of smart devices for atrial fibrillation detection is remarkably high. A recent meta-analysis found that smartphones detected atrial fibrillation with a sensitivity of 94% and a specificity of 96%, and there was no difference in atrial fibrillation detection between devices that use PPG and single-lead ECG. — Excerpts from "Consumer-grade wearable cardiac monitors: What they do well, and what needs work", Cleveland Clinic Journal of Medicine, January 2024"

""A second factory should open in Utah before the end of the year, Messersmith said, though the timeline for completion and beginning production was slowed down significantly by the coronavirus pandemic." — Fooddive.com, Nov 16, 2020. "I think Utah is the wrong place and location... I know they spent too much. The original budget was $50 million. With a year and a half delay and costs increases related to COIVD, I heard they are close to $100 million." — Former Oatly U.S. Manager."

"Nelson Peltz and Trian have played an important role in Wendy’s brand transformation and financial improvement. I greatly value the thought leadership and strategic insight that Nelson and the Trian team provide. Nelson and Trian are passionate advocates for the brand’s growth and success. We work collaboratively on key strategic decisions and our company benefits from Trian’s insight on financial and global opportunities. — Emil J. Brolick, President and CEO, The Wendy’s Company"

"3. If a plan purports to sell a product or service, check to see whether its price is inflated, whether new members must buy costly inventory, or whether members make most “sales” to other members rather than the general public. If any of these conditions exist, the purported “sale” of the product or service may just mask a pyramid scheme that promotes an endless chain of recruiting and inventory loading. — Debra A. Valentine, General Counsel for the U.S. Federal Trade Commission"

"Nelson Peltz and Trian have played an important role in Wendy’s brand transformation and financial improvement. I greatly value the thought leadership and strategic insight that Nelson and the Trian team provide. Nelson and Trian are passionate advocates for the brand’s growth and success. We work collaboratively on key strategic decisions and our company benefits from Trian’s insight on financial and global opportunities. — Emil J. Brolick, President and CEO, The Wendy’s Company"

"Yeah, when we -- our thoughts on working capital are when we are growing, we're going to use some working capital. So for example, if we're growing the way we want to grow. Accounts receivable is going to grow. Inventories are going to grow, in-service inventory is going to grow because we are injecting new inventory into new customers and penetrated customers. So generally speaking, we expect in a growth environment, we expect to use working capital. — CFO, Q1 2020 Earnings Call"

"the leader was a German doctor...he was not able to continue medical practice in Germany and then went to China...he was saying he was trying to be a pioneer of transplants at this Chinese hospital....I mean, the way he spoke...somewhere between Wuhan and Beijing...when the Chinese doctors disappeared, we felt kind of easy because we didn't want to do anything illegal...exporting to any country illegally could shut down the business. — Former employee in a regulatory affairs role"

"The sales rep was also kind of a little bit concerned and said, geez, we know it can do this, but one of the things he said was, not in very healthy people, it's usually people who have some other issues going on, but we know it can cause this. So, that was kind of it, and he just kind of said, well, obviously, even if we don't know for sure, that this is what caused it, and I'm hoping the patient is off of the medicine. — Neurologist at a large hospital system in a Midwest state"

"The sales rep was also kind of a little bit concerned and said, geez, we know it can do this, but one of the things he said was, not in very healthy people, it's usually people who have some other issues going on, but we know it can cause this. So, that was kind of it, and he just kind of said, well, obviously, even if we don't know for sure, that this is what caused it, and I'm hoping the patient is off of the medicine. — Neurologist at a large hospital system in a Midwest state"

""Yes, they did. The reason being like they were kind of in the head-to-head [competition with] KeepTruckin [nka Motive]. And the idea is it's a land grab where we don't want people to be able to say they have 20,000 customers, and we only have 5,000 customers...I don't know that Samsara have really thought about, okay, like this is the cost like when do we recoup the cost of buying, I don't think they did that math." — Former Samsara Enterprise Executive, Tegus Interview 7/21/23"

""We have a series of Vice Presidents who have sat right in front of Kathryn and I and stared us in the eyeballs and told us how they're going to deliver the types of improvements that Brock referred to. And because of that level of attack, level of effort, and that level of commitment, we're able to sit here today and say that we've got a program [Execution Excellence for Efficiency or “E3”] that over the next couple of years, is another C$100 million." — Fred Green, Analyst Day"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability... — Scotiabank, June 30, 2023; Marathon has been our top refining pick since initiating on the group in June 2022. Shares have led peers, driven by cost/ commercial improvements and peer (and energy sector) leading capital returns, funded by strong refining margins and Speedway divestiture proceeds. — BMO, November 30, 2023"

""[TWC's] strength as the second largest US cable system operator, with strong operating trends, healthy liquidity and strengthening credit metrics." — Moody's. "the cable TV business is gaining subscriber units with its digital video and high-speed data services. Capital needs of this business should remain relatively stable, but video programming costs and new-service rollout costs are likely to hamper meaningful improvement in OIBDA margins over at least the near term." — S&P."

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability... — Scotiabank, June 30, 2023; Marathon has been our top refining pick since initiating on the group in June 2022. Shares have led peers, driven by cost/ commercial improvements and peer (and energy sector) leading capital returns, funded by strong refining margins and Speedway divestiture proceeds. — BMO, November 30, 2023"

""Happy they got to orbit on last launch a few weeks ago, that's great, but there's just a lot of issues with their rocket and their business model...claims of launching every day? It's pretty exciting when a launch provider can launch once a month – and sure, everyone would love for rockets to be like airplanes – that's not going to happen for at least another decade. So yes, I have some serious concerns about Astra's claims." — Mission Manager for a broadband mega-constellation"

"“insulin resistance should be improving...I’m just really surprised they haven’t reported either the HOMA-B, the insulin production rate and the insulin resistance...I don’t know why they haven’t...I would like to have seen some effect in insulin resistance....they just didn’t report those...that was very odd to me...are they hiding something...it’s really weird....it’s such an obvious thing...that’s very odd...I don’t quite know what was going on there.” — Trial investigator #4"

""well, one [patient]...and I wouldn't call it a wow response." — Trial investigator, pediatrician/geneticist, professor. "the other geneticists who are in town are, I think, very unlikely to go prescribing on their own. They're probably going to ask me to do it." — Trial investigator, pediatrician/geneticist, professor. "not going to be helpful at all to the families who don't have the ability to control the environment." — Trial investigator, pediatrician/geneticist, professor."

"AS OF THE PUBLICATION DATE OF THIS REPORT, GRIZZLY RESEARCH (POSSIBLY ALONG WITH OR THROUGH OUR MEMBERS, PARTNERS, AFFILIATES, EMPLOYEES, AND/OR CONSULTANTS) ALONG WITH OUR CLIENTS AND/OR INVESTORS HAS A DIRECT OR INDIRECT SHORT POSITION IN THE STOCK (AND/OR OPTIONS, SWAPS, AND OTHER DERIVATIVES RELATED TO ONE OR MORE OF THESE SECURITIES) OF THE COMPANY COVERED HEREIN, AND THEREFORE STANDS TO REALIZE SIGNIFICANT GAINS IN THE EVENT THAT THE PRICE OF GSX TECHEDU'S STOCK DECLINES."