Callouts & quotes from 356+ activist slides

"We believe that Bristol-Myers spending on R&D per employee needs to be reduced through organizational changes"

"We believe UFPT's largest customer, ISRG, will materially reduce their spending with ISRG over the next year."

"Peers have been able to reduce advertising costs per tire, while Goodyear's advertising costs have increased"

"Media Ventures has an agreement that enables them to buy advertisements from Ströer at a reduced price, etc."

"Elliott scenarios reduce total Capex from 7.6% (Company guidance) to 6.0% of revenues (in Elliott Mid-case)"

"PSCM intends to launch new investment funds which could substantially reduce PSH performance fees over time"

"We expect companies in which we invest to have a credible, publicly-disclosed plan to reduce GHG emissions."

"If PHA suppliers reduce prices to compete with conventional plastic, their margins will surely take a hit."

"However, more aggressive targets are needed to reduce absolute GHG emissions and GHG emissions intensity."

"With a more efficient R&D process, we believe Bristol-Myers could accelerate innovation and reduce costs"

"We view this as an indication that FND may be stretching for ways to reduce costs and increase revenues."

"Will reduce her board commitments to ensure that, if elected, she will not be on more than four boards."

"Remodeling program will reduce Music category exposure by ~50% and improve Coffee and Paperchase sales"

"PRB and NAPP capex was mysteriously reduced upon divestiture, while NAPP capex mysteriously increased"

"We believe there is an opportunity to reduce costs by increasing regional manufacturing capabilities."

"Our nominees would help the Board explore paths for McDonald's to reduce its environmental footprint"

"Management significantly reduced sales guidance for new stores from $4M to $3M+ in just two years."

""optimize resource allocation" and "reduce complexity" — Zimmer Biomet press release, Feb 5, 2021."

"We believe investors should be worried when companies reduce business and financial transparency."

"We believe Fluor has materially reduced its risk profile and positioned the business for success"

"BOOT has significantly reduced sales guidance for new stores from $4M to $3M+ in just two years."

"We believe Fluor has materially reduced its risk profile and positioned the business for success"

"There are many areas where Olive Garden can both improve the guest experience and reduce costs"

"There are many areas where Olive Garden can both improve the guest experience and reduce costs"

"Outsourcing prep in selected areas will reduce costs while improving quality and consistency"

"Outsourcing prep in selected areas will reduce costs while improving quality and consistency"

"We believe such actions result in reduced transparency and may foreshadow future challenges."

"Anything that reduces the aging time to bring new whiskey to market is bearish for supply."

"McOpCo's subsidized economics reduce the impact of lower margin product pricing decisions"

"So, June 2022 brought different blue areas; and a reduced blue area nearest the village."

"For example, the prevalence of cash buyers has reduced the impact of mortgage LTV caps"

"Viacom Still Needs to Reduce Headcount by Another 10% to Bring it in Line With Peers"

"Investors are still paying for the Fox deal as Disney works to reduce its leverage"

"Permanent capital significantly reduces percent of AUM available for redemption"

"Permanent capital significantly reduces percent of AUM available for redemption"

"Permanent capital significantly reduces percent of AUM available for redemption"

"Reduce leverage to industry-standard levels of approximately 5x gross leverage."

"If properly managed, we believe that Bristol-Myers can reduce its SG&A expense"

"We expect Fannie and Freddie to continue to reduce loss reserves in the future"

"Salemville is another specialty cheese brand with a reduced product offering."

"We believe low revenue per merchant reduces the opportunity for cross-selling"

"We believe the Arconic Board size of 13 should be reduced to 11 directors"

"Sizable guaranteed annual pension benefits further reduce accountability."

"Analyst price targets have not been reduced since the impact of COVID-19"

"In the U.S., wall of maturities has been pushed out but not reduced"

"We also see a substantial opportunity to reduce capital intensity"

"BMI alone reduces Inspire’s addressable market by more than 30%."

"PF GGP’s leverage will be meaningfully reduced upon emergence"

"Technology and network sharing will reduce amendment revenue"

"The Board reduced targets by 41% in the MIDDLE of the year!"

"The Board reduced targets by 41% in the MIDDLE of the year!"

"Yogurt stocker told us that Oatly SKUs are being reduced"

"Reduced Switching by 50% to Match CSX Efficiency"

"Planned Actions Reduce Diesel Usage by 18.2%"

"Faster turn times reduce active cars online."

"2016: Employee count reduced from 72 to 60"