Callouts & quotes from 37,061+ activist slides

"Beyond the impact of a large project sales in New England in the first quarter of last year, we orchestrated a managed reduction of new sales activity in Southern California and Tampa. Our actions in Southern California were intended to reduce risk while we transition management and stabilize the operation, similar to the plan we executed successfully in the Mid-Atlantic operation. — Q1'20 Earnings Call"

"Correct. Unfortunately, that's not uncommon. Take a look at the weight loss drugs Contrave and Qsymia which have generics. And we do that all the time for patients for weight loss and we just put them on the generic, and it cost them almost nothing as opposed to — it's nowhere near what Vykat cost, but it's the same idea. I'm very, very familiar with that. — Endocrinologist based in NYC, 15 PWS patients"

"According to Confidential Witness No. 1, a number of high-ranking Amdocs employees in the United States and Israel--including Gelman and Daunov, Division Presidents Shaul Ganel and Dani Keret, Division Vice President Richard Norris, and Vice President of Sales, North America, Joshua Behar--were involved in a scheme to overstate Amdocs' backlog by 30-50%, with successive quarters increasingly overstated."

""Boustead Securities, rightly so, insisted on lockups for all the existing shareholders and the option holders and warrant holders, et cetera. There were a few people released from their lockups. But we still have, I believe it's in excess of 95, 96 percent of the entire pre-IPO group of shareholders that are locked up for a minimum of six months and more likely for closer to a year." — Mr. Menerey, CFO"

"Bunge’s historical EV / Revenue multiple averaged 0.35x before the Viterra deal was rumored in May 2023. We believe that the combined Company’s fundamentals have weakened since food consumption trends have changed and Bunge has reported lost market share in certain regions and segments. As a result, we believe Bunge’s new multiple should be structurally lower than its historical trading multiple range."

"With regards to what bookmakers spend with data providers, here is what a sportsbook will pay as a revenue share. The only way to reach 5% of GGR is for Genius to fully trade for the sportsbook (this is called outsourced trading services and is a tiny part of GSG's business). My sportsbook and every other one would never outsource their trading to Genius and not pay 5% of GGR. — Betting Industry Expert"

"The 2027 timeline is beyond optimistic...it's not credible. It will probably take at least 4 years for a license to be granted...especially with Oklo's record of not answering any questions. — Former NRC Commissioner; Unfortunately, advanced nuclear has a bad track record of putting out projections of when they think they're going to deploy a reactor versus when they actually do. — Former Oklo employee"

"As the in-vehicle devices do not have value to the customer on a standalone basis, the delivery or installation of the in-vehicle devices does not represent the culmination of a separate earning process associated with the payment of the up-front fee. Accordingly, we record the amount of the up-front fee as deferred revenue upon invoicing and recognize that amount as revenue ratably. — Fleetmatics 10-K"

"Es wird hierdurch gemäß § 40 Abs. 2 Satz 2 GmbHG bescheinigt, dass die geänderten Eintragungen in der Liste der Gesellschafter den Veränderungen entsprechen, an denen ich in meiner Eigenschaft als Notar mitgewirkt habe (UR. Nr. MS 236/2015 vom 4. November 2015) und die übrigen Eintragungen mit dem Inhalt der zuletzt im Handelsregister aufgenommenen Liste übereinstimmen. — Dr. Matthias Santelmann, Notar"

""It's more about the demographics and the out migration and the location and being nonurban that drive our decision-making" — HMA CFO, July 24, 2012 Earnings Call; "Increases in uninsured outpatient and emergency room volumes, and decreases in the collection of deductibles and co-pays impacted bad debt expense, particularly at hospitals recently acquired" — HMA 1Q13 pre-release announcement, April 2013"

""Reps will hammer patients with questions... According to my patients that have a Nevro trial, they'll get on average of ten calls over the course of two days." — KOL; "Nevro was strict on patient selection early on then they started recommending their device for everything. They overshot... There's pressure on them. They have to generate X number of patients. The industry is not well regulated." — KOL"

"The fact that I didn't want to really work with TransMedics anymore is due to their not respecting the professional judgment of the surgeon and pushing for stuff that might not be reasonable or safe from the perspective of a transplant surgeon. They don't want you to give professional judgments. They want you to do the job, that's it. — Transplant procurement surgeon previously working with TransMedics"

""It is because and Square give free hardware. Lightspeed is going to have to change, and they are going to have to give away free hardware. They are still using printers that haven't changed in the last two and a half decades. When you look at the decrease in software ARPU and take into account the negative margin on the hardware, ARPU as a whole has dropped significantly." — Former Lightspeed Employee"

"The consolidated financial statements for Qutoutiao are prepared in accordance with U.S. GAAP. Dianguan and Jifen are both wholly owned subsidiaries of Qutoutiao and any internal transactions between the two are fully eliminated upon consolidation. It is incorrect to simply sum up the accounts of subsidiaries on a standalone basis and draw comparisons with the consolidated statements. — Qutoutiao, Inc."

"The big thing is the light. For production, for productivity, and for economic considerations, KLA performs better than Lasertec in TSMC. So, that’s why I say already two-thirds of the business migrated from originally Lasertec to KLA already. I have to say Lasertec has continued to decrease their share in TSMC. — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC"

"Rather than engaging in a multi-year public battle – a process that will inevitably end with representatives chosen by common stock shareholders being elected to the Board at the Company’s contested 2028 annual meeting – we believe it would be far more constructive to work together now, add a shareholder representative immediately, and focus on maximizing the value of the Croatti family's life's work."

"The video itself shows a group of prepubescent girls in fashionable bikinis in a luxury spa. While the 14-seconds clip does not reveal any criminal activity and the connection to Kappy seems mostly inferred from the timing of publication, we find it noteworthy that, as Daniel points out, the location of the scene seems to be identical with Epstein’s masseuse training location at Rixos Antalya, Turkey."

"In a Star story last fall, GFL president and CEO Patrick Dovigi said his company chose to be a good corporate citizen by cleaning up the mess left on farmer Ruco Braat's land... After pleading guilty last week, Earthworx and its director, Claudio Villa, were fined $84,500... for offences related to the deposit of soil contaminated with metals and organic compounds on the sheep farm. — The Toronto Star"

""Critics have said the updated logo is generic, with some saying it looks like a logo created by a first-year design student." — Advertising Age Magazine, March 17, 2014; "Olive Garden's new logo looks like a second-grader's cursive practice." — Howard Penney @HedgeyeHWP; "Is Olive Garden's New Logo as Wretched as Everyone Says? Criticism is as unlimited as the breadsticks...." — AdWeek, March 6, 2014"

""Investors have been overwhelmingly supportive of this campaign...I've been covering the [energy industry] for over 20 years, I've attended thousands of meetings with management teams. 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." — Stacy Nieuwoudt, Streamline 66 Podcast"

"“Numerous commission [HK’s Commission on Strategic Development – One of the HK government’s most prominent] members who, in Fung’s words, ‘have the ear of senior officials’ are arguing that the HKD-USD peg should be floated shortly after the Chinese RMB surpasses the HKD in value.” — Internal US Treasury Memo, “Hong Kong Dollar Peg’s Future Under Consideration by Government Advisory Body” – April 2006"

""If in fact prescriptions exceeded the supply cap and lacked state authority, I believe the DEA administrator will revoke Truepill’s DEA registration," — Ronald Chapman II. "I think that the industry is a really good target for some pretty strict regulation. Thanks to Cerebral, when the DEA investigation finally concludes, I suspect that'll happen." — Spruce Point Interview With Former HIMS Executive."

"Operating systems dated — Glassdoor Review (Jun 18, 2019). Computer programs and processes are antiquated, Very little support when it comes to fixing system concerns — Glassdoor Review (Aug 13, 2018). Some growing pains but moving to SAP and in to a new building will help! — Glassdoor Review (May 4, 2017). Outdated computer programs, but SAP implementation has begun — Glassdoor Review (Apr 18, 2018)."

"“Okay, so the strategy started before, first of all, the strategy started before TSA Digital ID. The strategy for CLEAR to get TSA PreCheck goes way a long time ago when Congress actually required TSA to open that bid and accept more partners. So CLEAR's been in the running to accomplish this year after year after year with a reluctant TSA to allow it to do so as that evolved.” — Former CLEAR Employee"

""The company with the highest profits and the most repeat customers actually has high loyalty and uses almost no marketing fees in their business. This may be a bit idealistic, but if you have an intensively researched product that for example that once it’s out there can be used for a long time due to high loyalty, the marketing fees you need will actually be very small." — President Hasebe, 2023 AGM"

"“It’s a great question, at least when it comes to DCDs because really you only do NRP for DCDs, that has the potential to really eat into the overall volume for TransMedics. Personally, I feel quite confident that the outcomes are better with NRP than they are with OCS...NRP, I think, is better. And it’s obviously significantly cheaper.” — Transplant surgeon at a high-volume West Coast academic center"

"“one recurrent theme that I seem to be hearing about...is the reliability of these machines...while an organ is on a machine, things can go very, very wrong...I’ve seen maybe...10-20% have some sort of issue...if we had to discard an organ due to a machine error, that gets reported full stop...it’s take a very loud voice to do that...I don’t know if TransMedics has that.” — Medical director at OrganOx"

"We find it interesting that Tempus recently updated its image for HUB: One of two of its external facing applications and its clinical application for physicians and other healthcare providers and used primarily in the Genomics product line. In showcasing its “Gen AI” feature, we are alarmed to see that the product incorrectly identifies the patient’s age as 65 when the record shows the age to be 54."

"Despite Heska raving about the Biotech Labs team, we could find only six employees on LinkedIn, and only two of those have a recent, relevant scientific background. When we called the corporate phone number, only six employees are listed in the directory, and that excludes two with LinkedIn profiles claiming current employment. Biotech’s Twitter account has been suspended for violating Twitter Rules."

"As FMV of assets value goes up, politicians want to sell their assets for top dollar, but then the rate payers are stuffed with a bill that is ultimately high. The fatal flaw in FMV is through time the public gets frustrated with transactions that result in higher bills, and there is an incentive for the decision-makers to sell them regardless. So there’s this tension at play. — Former WTRG Executive"

""You have to meet with each plant manager and find out what their P&L is. Once you know that – then you have find out what the drivers of that P&L are. Ask them. They will know. If there is some sort of misalignment with those answers, and what we’re doing as an organization, give that plant manager some room to make tweaks that work for his/her actual plant." — Bernd Kessler, Nominee for New Arconic"

""We unified our dual listed company structure. In doing so, we removed a 10-20% discount on the 40% of the company that was primary listed in London, and it has made us simpler and leaner. Now, as flagged at the time, it has also made it more practical for BHP to pursue scrip-based acquisitions as we are now doing with our proposal for Anglo American." — Mike Henry, Chief Executive Officer, BHP Group"

"2010 Year End Call: “Going forward, we do anticipate year-over-year gross margin improvement, partly resulting from our focus in our manufacturing operating model.”; 2011 Year End Call: “For gross margins, we are calling for the underlying range to remain steady, with a subtle, favorable bias subject to the variations driven by currency, business mix and global operations investments” — Stryker Corp."

"Stockholders may use information about corporate mismanagement, waste, or wrongdoing in several ways. For example, they may “seek an audience with the board [or directors] to discuss proposed reform or, failing in that, they may prepare a stockholder resolution for the next annual meeting, or mount a proxy fight to elect new directors.” — Seinfeld, 909 A.2d at 119-20 (quoting Saito, 806 A.2d at 117)."

"If you speak to reps from other stim companies, they’ll tell you that Senza had all of that capability in there and just never used it. I met with [a key Nevro engineer] a few weeks ago to have him explain to me what’s in the guts of the Omnia and he admitted to me that a lot of its capabilities were there in the previous device but they never marketed it. — KOL and former high volume Nevro implanter"

""The real competition based on everything I know of the Columbia Presbyterian data, and I know James Guarrera, who is the lead investigator for that, is LifePort... TransMedics did this hard sell, push down your throat approach to the surgical community... people who would say I’m using LifePort just because it’s not TransMedics." — Transplant surgeon, Director of a leading academic transplant center"

"In a research note on Friday, Forsyth Barr analysts Matt Montgomerie and Andy Bowley said the performance of Fonterra's Chile business continued to improve, with annual profit before interest and tax of $92m - more than double the $42m in 2020. The analysts valued the Chile business at $840m, which is seven times its estimated $120m profit before interest, tax, depreciation and amortisation (ebitda)."

"NEW: "We believe we are a leading cloud-native, SaaS provider within the alternative investment sector, and expect that as that sector grows, we will continue to extend our position." — Enfusion 2023 10-K. OLD: "We believe we are the leading cloud-native, SaaS provider to the global hedge fund sector and expect that as the alternative investment sector grows, we will continue to extend our position.""

"They’re trying to turn the business around. But to me, the technology is old and it’s going to be outperformed by true gate-based quantum...they [D-wave] were great at starting off quantum, but they’re in the ending arc of their business, they’re not in the expanding arc. — Industry consultant, 20 years in quantum computing business development for IBM, Quantinuum, and several others in the industry."

"Solumbra has been the fastest-growing category of first-pass mechanical thrombectomy techniques, and it is currently the largest. Accordingly, most neurovascular thrombectomies which include aspiration also include stent retrievers, meaning that doctors and purchasing officers may prefer to source from vendors which can supply both high-quality aspiration catheters AND high-quality stent-retrievers."

"Should Dexcom set its CGM sensor + transmitter prices on par with Libre's sensor prices through the next three years without improving its cost efficiencies, the Company may be able to continue to grow its patient base at a steady rate as it participates in the T2 market , but growth would be slowed to a ~3% CAGR over the next five years, with annual growth shrinking by the year as prices fall back."

"The Commission's complaint alleges that from approximately 1999 through 2003, Black, Radler and Hollinger Inc. engaged in a fraudulent and deceptive scheme to divert cash and assets from Hollinger International, Inc., a U. S. public company and a subsidiary of Hollinger, Inc., and concealed their self-dealing from Hollinger International's public shareholders. — SEC Press Release (November 15, 2004)"

""Every trust department in the United States panicked," explained this 35-year-old hedge fund manager, "the stock just poured out" — 35-year-old hedge fund manager; "As described in other sections of this report, the extremely complex warehousing situation has not interfered with the continued growth and attainment of record highs in our main lines of business" — American Express, 1964 Annual Report"

"BIGO Technology (BIGO) is one of the fastest-growing Singapore technology companies, with more than 30 offices and 6 R&D centres around the world. Powered by Artificial Intelligence technology, BIGO's video-based products and services have gained immense popularity, with users in more than 150 countries. These include Bigo Live (live streaming) and Likee (short-form video). — BIGO Technology website"

"Yes, to do what they had to do to come to market. They were very aggressive when Chobani came to the market with oat milk. Immediately they went to (retailers) and said you can't take them, take us. And that has a price. You can't go to places like Whole Foods, because they would say sorry. In places like Starbucks, yes they can do it because they are partners. — Former Oatly Accounting Professional"

"The Phillips 66 refineries are every bit as good as the Valero, Marathon refineries. I think that the logistics, product placement capabilities of these refineries, the high-margin product capabilities of some of these refineries is outstanding. And there's no reason why these refineries, why this refining system, these assets can't match up with the competitors, Valero and Marathon. — Brian Coffman"

"The Phillips 66 refineries are every bit as good as the Valero, Marathon refineries. I think that the logistics, product placement capabilities of these refineries, the high-margin product capabilities of some of these refineries is outstanding. And there's no reason why these refineries, why this refining system, these assets can't match up with the competitors, Valero and Marathon. — Brian Coffman"

"They can assign different values to different modules.... They may be assigning a really low book value to modules to show, like, a 35% EBITDA margin on that module, and a really high book value to the part, [spare parts for consumption not resale] because, you know, they don't need to make money on parts. They don't get the valuation for the company out of it, right? — A former senior FTAI employee"

"So to go roll out a bunch of markets, which is why we took a massive step back, it's like Zillow would've been not profitable for a very long time to be able to not only flip these markets, get these agents, identify the top agents that actually can convert, get these agents to convert with the lack of inventory on the market, wait for these leads to actually convert. — Former Senior Zillow Employee"

"“the liver is supposed to go on the pump in the operating room right after recovery...it’s not supposed to be shipped and then go on the pump four or five hours later...that’s been our experience lately...they’re like, we’re going to put it on and then...transplant in the morning and then the lactic acid is too high,” — CEO of a major OPO (Organ Procurement Organization), longtime industry executive"

""The association did not help write the amendment. What (the association) did was throughout the session was to emphasize to legislators that if it was going to move forward on any type of medical marijuana bill, what they needed to do was ensure Florida agriculture, and especially nurseries that have greenhouse infrastructure, are not left on the cutting room floor." — Ben Bolusky, association CEO."

"CEO Cole has put none of his own money into this venture and was willing to sell stock at $0.10.(1) In addition, his employment agreement gives him a special bonus for raising capital without a broker and M&A deals.(2) Aren't these traditional responsibilities of a CEO? More importantly, there are no timeline stipulations upon which he should be held accountable for delivering results to investors."

"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, affiliates, 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."

"Assuming Samsara’s LTV:CAC was 9x before declining to 7x in FY2023, we estimate that: (1) Samsara’s churn has nearly doubled since FY2020, (2) Its current quarterly churn of nearly 8% is relatively unattractive, (3) Samsara’s YoY growth in new ARR added has slowed to historic lows, and (4) the Company’s churned ARR relative to new ARR has increased dramatically, from 14% in FY2020 to 46% in FY2023."

"We do not have sufficient, qualified personnel to prepare and review complex technical accounting issues and effectively design and implement systems and processes that allow for the timely production of accurate financial information in accordance with internal financial reporting timelines to support the current size and complexity (e.g., acquisitions, divestitures and financings) of the Company."

"they are very high pressure...they just want somebody to use it so that they get paid...so, they start making their calls...they're going down their own Rolodex of their paying customers. If my mom is listed at a transplant center down the road, she doesn't get a call. Patients are being skipped routinely and often. The calls are only going to the centers that are willing to pay for these machines."

"Now, in times of Corona, you found out that live sports being shut down suddenly became an issue. No one had thought about it before, but if there are no live events, there's no betting data. That's why Sportradar in 2020 roughly has the same numbers as 2019. So that was a year of no growth. That is because there were two to three months with no live sports. —Former Sportradar employee (12/28/2020)"

""What you don't know is I met VIP Petcare, because Susan, the President of Merial said, you need to be with VIP Petcare, because what they're doing and what you're doing will change the industry. So, it's not hard that she gets excited when we follow some of those instructions and put the piece of the puzzle together to show up and help us execute on that strategy." — McCord Christensen, CEO, PetIQ"

"It is possible, using clinical data and insulin delivery information, to trust a CGM system to provide a balance between hypoglycemic detection sensitivity and reasonable specificity that minimizes false alarms under a wide range of glucose profiles. — Patent US 9,913,619 B2. I had a CGM (Dexcom 5) yet had to stop using it due to it going off too often in public places with low readings! — JT Titus"

""I'm thrilled to be leading Edgio at this exciting time for the company" ... "We've already seen some impressive successes executing very large live events with Uplynk" ... "We have some customers who want us to manage much of their day-to-day operations for them" ... "We will continue to aggressively add new security features to our application development environment" — Todd Hinders, January 2024"