Callouts & quotes from 37,061+ activist slides

"Needham: Growth has come it at the low end, growing by ~2x, but that includes abnormal and unexplained Q4 2022 revenue that management needs to explain. Future growth is likely to be much slower. Barclays: Offices are closing. Now fewer foreign office locations are listed on the website. — Spruce Point Capital Management"

"PeptiDream then stated that it would no longer set similar short-term goals because these “included items outside the Company’s control, such as approval for clinical development candidate combinations and the commencement of clinical trials, and were judged to not be appropriate as targets set for a single fiscal year.”"

"「私の印象としては、Urashima光源が『ウシオ製の光源と少なくとも同じほどのダウンタイムです』。……Urashima光源が『ウシオ製の光源と少なくとも同じほどのダウンタイムです。検査においては両方でぴったり同じ問題が起きるので、レーザーテック製のUrashima光源はウシオ製の光源と同じ技術的な問題を抱えているでしょう。また、ウシオ製の光源と共有している問題に加えて、Urashima光源独自の弱点がいくつもあって、それもダウンタイムの原因になるでしょう。」 — インテルのオレゴン州にあるファブに設置されているレーザーテック製のACTIS A150に搭載されている、ウシオ製の光源の整備を担当するウシオのフィールド・サービス・エンジニア"

"「先方の売り込み内容とは何かというと、追加で装置を購入すれば、いくつもの優遇措置を提示してくれました。......例えば、補償期間を無償で伸ばすとか、......稼働率については、例えば60%〜70%を最低限の稼働率として保証して、それ以下になった場合、稼働時間の損失について補填してもらう、というような話だったようです。......これを聞いた私たちは、こんなレーザーテックが果たしてどうやって利益を確保できるだろうかと不思議に思いました。だって、各装置につきフィールド・サービス・エンジニアを3名も配属する他、（保証期間の内に）整備、掃除、光学系などの部品交換に何百万ドルもかけることになりますよね」 — マーベル・テクノロジーの上席従業員"

"“Behind all the words and the beautiful photos and stuff, what's happening...there's miniaturization of every experiment that's happening... What Ginkgo started doing early on was bringing in-house automation that would allow you to use 384 well plates.” — Former Ginkgo employee, longtime direct report to CEO Jason Kelly"

""But it’s the interviews — watching patients recount agonies they’ve suffered from poorly researched and regulated medical devices — that are hardest to sit through…The Bleeding Edge” isn’t an anti-medical film, but a look at calamities caused when the obsession for profit overwhelms an industry." — New York Times review"

"DWAC files its initial S-1 identifying itself as a “blank check company” and proclaiming that it had “not selected any specific business combination target and … ha[d] not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.” — DWAC S-1 Filing"

"As an investigator, you can do a lot to move the needle, even if it’s not real movement...the FDA in the past has required eight points on the hyperphagia questionnaire to be considered clinical significant and meaningful...theirs isn’t...not a giant signal. — KOL in the PWS field; involved with Soleno's clinical program"

"It's important to note that according to all existing medical literature, to date, there are NO EXISTING REPORTS OF ADVERSE EFFECTS UPON SUDDEN DISCONTINUATION OF WAKIX. Because this is a newly released, novel medication, I thought it was important to report this finding directly to the FDA. — Patient (Case ID: 18319093)"

"“Buy sticky Trustpilot reviews that don’t drop. Our Trustpilot review agency delivers 100% live, natural reviews with 1-year guarantee.” — SuperSeoteam; “Offering top-tier Trustpilot reviews starting at just $4 for non-sticky and $15 for guaranteed sticky reviews with aged accounts. Bulk discounts available!” — Seo_solve"

""This reduction of the Import Tax diminishes the protection of the national industry and, if it comes along with the reduction of the tax benefit that we have today in the Computer Law, it may be big enough that there is no longer interest of a company, multinational company to produce in Brazil" — SMART Brazil President"

"TeliaSonera defended its valuation stating it had “conducted a completely correct business deal at fair market value” adding that “The price was determined by the state of Azerbaijan as part of the privatization process and a fairness opinion was obtained from an independent international accountancy firm.” — TeliaSonera"

"As of the publication date of this report, Muddy Waters, LLC (possibly along with or through our members, employees, and / or consultants) has a short position in the stock (and / or options of the stock) covered herein, and therefore stands to realize significant gains in the event that the price of the stock declines."

"At the end of the day, we believe LODE has failed to deliver on its corporate promises, has a subpar CEO, and illiquid assets of little productive value. We believe the LiNiCo transaction won't succeed and that investors should value LODE at a multiple of its cash. Our price target is approximately $0.35 - $0.70 /share."

"When we put the pieces together, including all-time high DSOs, all-time high finished goods inventory (equating to as much as 2.6 quarters of handpieces), generally flat utilization, and a smaller than estimated procedure market size, we can only surmise that Procept and its customers are stuffed with excess handpieces."

"The pattern is again similar to Sakti3 and Quantumscape: dangling groundbreaking data ("testing to over 2,000 cycles", "commercially viable formats", "high yield"); promoting its "first pilot line" just as QS has begun to do in recent weeks; and pointing to a major strategic investor, Samsung, as "a vote of confidence.""

"Southwest is led by a team that has proven unable to adapt to the modern airline industry; the Company’s release today seems to admit as much by stating that the revenue guidance reduction was the result of “complexities in adapting” to the current environment — complexities that Southwest’s peers seem able to adapt to."

"With its own broadband service priced at a premium of as much as $10-$20 above broadband services provided by the MSOs and RBOCs, it became increasingly clear that any strategy predicated on reselling access services over another company's infrastructure in competition with the infrastructure owner would be challenging."

"It’s not just the deep-pocketed private equity firms, or the top 5 largest and publicly owned pest control companies, that are looking for acquisition targets. They also compete with mid-tier players that position themselves as a better fit for sellers as smaller, family-owned businesses where culture and people matter."

"The issue with the circular revenue with Synlogic, basically, they provided Synlogic $30 million, Synlogic turned around and paid it to them, so they were registering their own money as revenue, and then they tried to make a strain for Synlogic, and it didn't work, and then they had to go to Zymergen and get the strain."

"While we attempted to engage in good faith with the Board about Norfolk Southern's future, the Company repeatedly sent its private jet to Washington, D.C. to pursue the support of regulators, requested public support from customers to bolster its planned fight against us and refused to meet our proposed management team."

"The fact that IONQ is using funds raised from investors hoping to get a first bite of the apple on a highly innovative, high-margin, secular growth story in quantum computing and using it to buy a highly cyclical low-margin business in a mature industry like semiconductor fabrication is an inconvenient fact to overlook."

"Year End 2021: "You'll recall that weather has a very direct impact on gas consumption and associated revenue. So we closely monitor the heating degree days as an indicator." — WTRG Earnings Call; "February 2023 will go into the record books for several reasons, but first on the list is for the lack of snow." — CBS News"

"As of the 2024 AGM, Misao Kikuchi has 9 public board mandates. By common investor and proxy advisor standards, this constitutes severe overboarding. As well as Keisei, these include: (1) OLC (Outside Director), (2) Keiyo Gas (Exec Chair), (3) Powdertech (Exec Chair), and (4) K & O Energy Group (Outside Director). — Note"

"“Bakken capital spending generates substantial excess tax deductions that are used to offset taxable income generated by other U.S. assets. Singer's ResourceCo would be generating unused tax deductions and InternationalCo would be paying taxes on otherwise shielded income.” — Hess Presentation to Shareholders March 2013"

"“As a board member Nelson is about the numbers, about the data and how to make operating performance better, faster. He was collegial and open minded. He was focused on the best path to increase long term value.” — Candace Kendle, Former Co-Founder and CEO, Kendle International, and former Director of H.J. Heinz Company"

"The company's FCF guidance for next year may be difficult to grow significantly in 2025 because of step-ups in NBA, higher capex in theme parks due to new cruise ship deliveries, and potential launch costs of ESPN streaming, in addition to continued declines in linear entertainment advertising. — Barclays, November 2023"

""Operating cash flows were also impacted by decreased inventory of $14.8 million resulting from continued inventory optimization efforts. These increases were offset by increased accounts and notes receivable of $67.6 million and prepaid expenses and other assets of $12.7 million during 2018" — Axon Financial Statements"

"Our products are sold through a variety of distribution channels. Generally, more technically sophisticated products are sold through our direct sales force, while less complicated products are sold through indirect channels. Our sales through indirect channels exceed our sales through indirect channels. — 2018 10-K p.8"

""I have been disappointed by what I see as a breakdown in effective corporate governance at Phillips 66." — Greg Goff; "I firmly believe the company can restore its prior stature as a leader in the energy industry, but only if it makes the kinds of operational and strategic changes that are urgently needed." — Greg Goff"

"they placed an order, I think, for 10 tools, so they cannot come out with any negative papers [about Lasertec]; even upper management who accepted the purchase order will be put in an awkward situation...TSMC is a very hierarchical company...you don’t want to make any superior people look bad. — TSMC mask shop executive"

"[O]ne should bear in mind the warning given by Carnwath LJ in the case of Derbyshire Dales District Council v Communities Secretary [2010] JPL 341 about the circumstances in which a failure to take into account a material consideration can found a basis for quashing a decision to grant planning permission. — Carnwath LJ"

""In the fourth quarter of 2022, we executed multiple restructuring programs to lower costs, increase margins and position us for growth resulting in restructuring and impairment expenses of $35 million. We expect to fully execute our restructuring initiatives and programs over the next 12-24 months." — Resideo 2022 10-K"

"The company's FCF guidance for next year may be difficult to grow significantly in 2025 because of step-ups in NBA, higher capex in theme parks due to new cruise ship deliveries, and potential launch costs of ESPN streaming, in addition to continued declines in linear entertainment advertising. — Barclays, November 2023"

"ASIC also alleged that Mr Kimelman procured the acquisition of 1,990,963 Quantum shares between 27 April 2016 and 5 May 2016, while in possession of inside information concerning Quantum’s intention to acquire Manitoba Minerals Pty Ltd, which had agreed to acquire an interest in a lithium resource in Canada (20 -145MR)."

"“Let me just give you a piece of...that's not to say that other companies did look at pitolisant. And you're correct. There is this cardiovascular signal, which was known - I'm sure it was known as soon as people profiled it.” — Longtime senior scientist at Johnson & Johnson, with global leadership roles in neuroscience"

"We've also implemented an accounts receivable monetization program for approximately $200 million of our receivables. This further progresses our balance sheet optimization goals. — Q4 2019 Conf Call, Feb 2020. The AR monetization facility contributed only $7 million during the quarter. — Q3 2020 Conf Call, Nov 2, 2020."

"In the twelve months ended December 31, 2020, Inteliquent recorded revenues of USD 533 million, Gross Profit of USD 256 million, EBITDA of USD 135 million, and capex of 32 million. Adjusted for a Covid-related uplift that is considered to be temporary, revenues are estimated to have been — Sinch Acquisition News Release"

"Two of the incumbent nominees oversaw the substantial value destruction that we believe occurred at BOTH Red Lobster and Smokey Bones, and three were on the Compensation Committee that, as described later, put into place an incentive structure we believe that encouraged excessive spending as the answer to every problem"

"Shareholders asked the Company to pause and reconsider what we believe to be a value destructive plan to separate Red Lobster with a substantial majority of shareholders formally requesting that Darden hold a special meeting to discuss this very topic, and the Board blatantly ignored shareholders’ clearly stated wishes"

"Two of the incumbent nominees oversaw the substantial value destruction that we believe occurred at BOTH Red Lobster and Smokey Bones, and three were on the Compensation Committee that, as described later, put into place an incentive structure we believe that encouraged excessive spending as the answer to every problem"

"Shareholders asked the Company to pause and reconsider what we believe to be a value destructive plan to separate Red Lobster with a substantial majority of shareholders formally requesting that Darden hold a special meeting to discuss this very topic, and the Board blatantly ignored shareholders’ clearly stated wishes"

"Valuing FSCT shares at a more conservative multiple – below that of its purported peer group – and taking into account (A) management’s unreleased guidance and (B) the potential impact of the pandemic on sales, Spruce Point believes that FSCT shares are worth 50%-60% less than the $33 price set by the merger agreement."

"I have been a surgical nurse for 40 years and have seen many patients receive SCS...and many, many fail, or return to surgery for fractured electrode wires, misplaced wires, or infected battery pockets...spinal fluid leaks...severe headaches...[they] find out in 2-8 months that they wish they never had agreed to it ..."

"In 2016, Deckers combined its e-commerce and retail segments into a single segment called Direct-to-Consumer (DTC). This combination in reporting makes it very difficult to isolate retail results. Allowing for a modest decline in e-commerce margins would still imply a single digit margin for retail in FY2016 and FY2017"

"By changing accounting policies for acquisitions, LSPD's transaction-based ARPU would be artificially inflated. LSPD provided a chart showing how the transaction-based ARPU grew from 23% to 37%. However, it doesn't disclose how much of this increase came from changing from "Net" to "Gross" accounting from acquisitions."

"While the difference between separating all or parts of beverages is ~$8 per share in value, we believe the intangible benefits of separating the entire business are considerable: 1) creates two pure-plays; 2) preserves global brands; 3) maximizes probability of value-add strategic moves for each business in the future"

"He stated that during his role in the KLA’s EUV mask inspection group, key Lasertec customers were coming “crying” to KLA and “begging us to expedite”: “I’m talking about customers coming to KLA… saying, guys, we need you to develop this tool…P2 can only be done by a clean tool…they were really begging us to expedite.”"

"During the second quarter of 2020, we became aware of a foreign withholding tax regime that could be interpreted to subject us to withholding tax compliance requirements on certain cross-border intellectual property transactions for years remaining open under the applicable statutes of limitations. — Avery 2020 Q2 10-Q"

"The directors of [Superb Summit] are solely responsible for the preparation of the Discounted Future Cash Flows with the Valuation which the directors have adopted the Valuation prepared by the Valuer with those bases and assumptions stated in the Valuation with input from the Company and the Valuer. — Auditor's letter"

"The Company defines adjusted earnings as net earnings excluding the impact of specified items affecting comparability, including, where applicable, non-operational income and expenses, amortization of acquisition related intangible assets, share-based compensation, and other gains or losses. — Maxar 2017 annual results"

""I think we have to start by remembering that the basic requirement for any business hasn't changed. The fundamental test of success and sustainability is performance - the delivery of real results, quarter by quarter, year by year against promises..." — Rodney Chase, Shareholder Nominee, Former Deputy CEO BP, May 2000"

"“And frankly, when you look at the capital situation today, the construction in the retail sector is at a 20-year low. We certainly anticipate it will remain there, and the lack of new supply can only hopefully help the demand side for the existing product.” — Rick Sokolov, COO of Simon Property Group, December 4, 2009"

"But for ANTA and the Jinjiang companies, their development history is different. Because they started out in the business of making shoes, so in the market they could not find those distributors who would be interested and with the ability to sell with which they could cooperate (because their brand is weaker). — Mr. D"

"CFO Vashee Q3’19 Conf Call: “We announced a number of new product features across our Plus and Professional plans and with the additions we made to our Plus plan, we raised the price of that SKU by approximately 20%. We're happy to announce that those enhancements are being well received by our customers.” — CFO Vashee"

"“In China, there was a production site, an investment was made on it, and then eventually, during my time there, it was retooled to be a distribution center, an R&D center to supplement the pharma business. But originally, it was intended for manufacturing.” — Ex-Twist employee involved with Twist’s activities in China"

""And frankly, when you look at the capital situation today, the construction in the retail sector is at a 20-year low. We certainly anticipate it will remain there, and the lack of new supply can only hopefully help the demand side for the existing product." — Rick Sokolov, COO of Simon Property Group, December 4, 2009"

""E.l.f. was born to disrupt, and E.l.f. has a built-in renegade badass spirit in our veins," said Kory Marchisotto, E.l.f CMO — Adweek. "Kory gives Heide and me a ton of headlines, including "Bright, Sassy, Badass" and "Curiosity, Courage, Conviction"— not to mention plenty of "elfisms" and the elf-bombs!" — Glossy.co."

"THE FIRM FAILED TO PROVIDE ADEQUATE TRAINING TO ITS REPRESENTATIVES REGARDING HOW TO COMPLETE DISCLOSURE FORMS THAT WERE REQUIRED WHEN RECOMMENDING A VARIABLE ANNUITY EXCHANGE AND FAILED TO PROVIDE ADEQUATE TRAINING TO SUPERVISORS REGARDING HOW THEY SHOULD VERIFY THE INFORMATION ON THE DISCLOSURE FORMS — FINRA Findings"

"“No recession, I would think [Mailchimp revenue grows] probably 5% to 10%. And I'm really just thinking there about pricing increases. Unless they solve for some reason why more customers are going to start like coming to them again. That's really through pricing increases.” — Former Manager at Mailchimp, Tegus, 2/6/23"