Callouts & quotes from 52+ activist slides

"“At ADP they use ‘Service’ and ‘Support’ interchangeably. They don’t understand that distinction. They don’t differentiate. Their notion of service is ‘how quickly we answer the phone,’ the number of ‘one-and-dones,’ repeat callers, etc.” — Former DVP, Business Transformation; “What they call ‘service’ is mostly support. The executives don’t understand this. They count as service: ‘you tried to run it, it’s not working, walk me through how to do this again...’ Why are you talking to the client? If you’re talking to the client because something you’re doing is broken, I’d argue you’re not providing a service.” — Former VP, Product Management; “70% of all calls or cases are for Tier 1 type support... If your product has better self-service administration tools so the client can make those changes themselves, you could get rid of a lot of folks... 80% of questions that came in are because of basic product limitations. Half of all your [Tier 1] support calls [70% x 80% = ~56%] would go away if you build a better product or enhance your [existing] product... [ADP] makes up for that with more ‘support,’ a little more hand-holding. They layer in some additional value-added services, but it’s offering ‘service’ to offset product limitations.” — Former DVP of Product Launch & Business Transformation"

""You do have fleet managers that are very savvy and they check their fuel spending. It's the guys that don't care about the PR, they care about performance. Those guys would be calling me daily being like, ‘Dude, this thing's broken down. I'm not seeing any improvement, if anything maybe 1% to 2% per $25,000.’ There's no return on investment, zero." — Former XL Employee A; "A lot of utility companies would complain about the results and say they weren't meeting expectations." — Former XL Employee D; "At 65 mph, they're done. 5 - 45 mph is their optimal range; stop and go is ideal for them. It's just sort of extra weight above 65 mph." — Former XL Employee A; "We saw specifically with the F-150s, when they came on to the fleets, I was looking at the data from it: ‘Wow, these vehicles are getting a huge amount of savings!’ Well, the bigger impact was on idling… They saved more in gas from that alone than they did from the hybrid system. It was like 30-40% in savings just from making sure people used idling shutoff." — Former XL Employee I"

"One of the systems they have actually, I would say it's an initiative that really expanded and became very big. Is called procure plus solely focused around cost savings... In my personal opinion, I thought this became, very challenging because you cannot continue to save, you know, 10% or whatever percent was it just say on average 10 to 15% year over year when you already picked up all the low hanging fruit.....especially when you merge with a company and your supplier base, is very fragmented... But we forced suppliers, with a very serious extended payment terms, 90 days and some small suppliers just have a very, very difficult time with that. — Former Employee. What I also know on the new product development... the process internal process was so broken that it takes forever. And, a lot of customers don't want to wait for that... So I think that's a drawback for Amcor to get actually the new type of revolutionary bottle that the customer wants, and they want them quick. Amcor just struggled with that. — Former Employee."

"“paresthesia-free” has backfired and resulted in a patient/doctor support infrastructure that renders the business model broken and permanently unprofitable. — Ex-executives. “paresthesia-free” is a fatally flawed concept and that he observed over half of patients failing to improve and virtually all experiencing lack of efficacy at various times. — Former regional sales director. Nevro found itself “in a bind” with the CEO and management refusing to accept that high frequency is a dud, leading to conflict with the field and sales reps leaving “in droves” despite the best compensation in the industry. — Former regional sales director. “despite repeated reprogramming sessions in the effort to achieve therapeutic optimization” — A January 2020 paper at the annual neuromodulation meeting (NANS). “differ greatly from the results we have found in real world practice.” — A January 2020 paper at the annual neuromodulation meeting (NANS). “disinformation” regarding explants, labeling Nevro’s conduct as “slimy.” — A KOL."

"“I would say that's almost certainly the case. It certainly was the case when I worked there. We built 300 cells a day, and a few of them were okay to test.” — Former employee; “The chances of this getting broken are probably astronomically high. For sure it was high in what I saw. The separator itself would break for manual labor reasons.” — Former employee; “I believe them for a sample or two or maybe three or maybe four or maybe 10, but I don't believe that they can do that pretty consistently. It's not a robust process at the moment. So, even with a non-robust process, you will probably get some good cells. I don't doubt that part. It's just, can you do it robustly? And from the people that I still talk to, they can't.” — Another former employee"

"I haven't worked with the company in some time, but my understanding is it's still pretty high. Like during the time I worked there, it was in the 40%, 50% range. And I mean, I can tell you, everywhere I go, I noticed you go to Walgreens, they're using a Zebra handheld. You go to Walmart, I mean they have FedEx. They have some really big customer names on their customer list. And they're clearly the dominant player. I know their sales have gone down now that COVID has broken, and I know that was one of the things that you want to talk about, but we can talk about that later. But basically, what happened was interesting. When I was working at Xplore, we only made tablets. — Former Senior Product Manager at Zebra"

""It's not exactly science, what they're doing," says Christopher Monroe... "It's high-level engineering, and I think it's high-level salesmanship, too"... "There's no evidence that what they're doing has anything to do with quantum mechanics," he says. — Christopher Monroe (2013). "The big quantum computing discoveries that will most impact society are still years away. In the meantime, we will see breathless announcements of records broken... But too much hype risks disillusionment that may slow the progress." — Christopher Monroe (2019). "The field is still waiting for something that's useful and having only about 15 qubits is maybe not so useful." — Christopher Monroe (2012)."

"Listen, why are we not going to take action against this employee that we fired is because that's not we want to be focused on from the management team, and that's not what we want to do with shareholder equity and shareholder capital. Our focus is to deliver results. At the end of the day, our stakeholders will judge us not by an anonymous blogger, right, but by our results. If he's broken any laws, then I think it's the regulators' responsibility to pursue that. It's just- — Mr. Alireza"

"Ironically, AOS is covered by small regional U.S. stock brokers, many which do not have a physical presence in China. Thus, we believe their ability to have on the ground and up-to-date intelligence on the key aspect of AOS’s China business may be limited. It does not appear that analysts have come to grips with the broken nature of the China business, and many hold out hope for 20% upside in the stock."

"“Someone who still works on that project says that it's still a very arts and crafts-like process, which means it's very sensitive to who's doing it, so that's why it's probably not robust.” — Former employee; “The chances of this getting broken are probably astronomically high. For sure it was high in what I saw. The separator itself would break for manual labor reasons.” — Former employee"

"Sometimes things end up with public companies and public real estate investment funds, and they don't necessarily invest the capital to keep them refreshed. The sidewalks get broken, buildings' color changes. You have to go out there and invest the money to do the upkeep. — Karahan (quoted in Local Profile)"

"“The lines are broken. The line is not continuous. It’s break, break, break. Look at the short lines - each duration is very short. They apply some current and then pulse - apply current, wait, apply current, wait, versus continuously increasing the current.” — Leading expert"

"The lines are broken. The line is not continuous. It’s break, break, break. Look at the short lines - each duration is very short. They apply some current and then pulse - apply current, wait, apply current, wait, versus continuously increasing the current."

"Payables to foreign suppliers are broken down as follows in the following countries: Germany (48%), China (18%), Czech Republic (16%), Poland (10%), Spain (2%), Republic of Korea (2%), and other countries with lower percentages for the remaining 4%"

"The longstanding resistance to the separation seemingly represents another symptom of the broken company culture experienced under Dr. Kleinfeld, who has historically utilized his place at the top of large iconic organizations to promote himself"

"The allegations from a former Revenue Analyst at Dropbox are so specific, it’s hard to believe they aren’t true. Notably, data quality issues, broken systems, and key human capital defections will compound Dropbox’s transition plans."

"You will earn your salary based on the number of gifts you receive each month. This is broken down in a tier structure so that when you hit each of the individual goals, you reach a higher salary. — Recruitment ad for Bigo performers"

"While we acknowledge that Monster is 6x larger and Celsius was trading between 10x-12x revenues at the time, it is still instructive to see what can happen once investors embrace a fundamentally broken growth story."

"Mr. Shaw has changed Norfolk Southern from an efficient - albeit lagging - railroad with a low 60s operating ratio in 2021 to a broken railroad with a plan that only gets it back to those levels in the 2027 range."

"Fixing Phillips 66's broken corporate governance and culture of hostility toward shareholders who advocate for needed changes is a critical element of setting it on a path to a dramatically higher stock price."

"Lin said he feels heartbroken on shareholders' losses, due to the great decline of NetQin's stock price, but that the loss is caused by investors' fears, induced by Muddy Waters's defamatory statements."

"Spruce Point is concerned that Stryker has never cleanly broken out Mako’s revenues, but historically the three revenue buckets were within the Reconstructive (renamed: Orthopaedics segment in 2014)."

"Why didn't management think investors would be interested in seeing acquisition-related expenses broken out for a serially-acquisitive company? Aren't acquisition costs core to its business strategy?"

"Despite McDonald's' hollow attempts to miscast some of our "demands," the reality is our asks are completely reasonable and can help the Board restore its broken credibility with shareholders"

"Site visit findings also implied little deployment of refurbishment or maintenance capex, with graffiti and broken windows left unaddressed by Reuchlinstraße 10-11's management."

"The business is not broken – the valuation of the business is broken and fixing the stock’s valuation is entirely in the hands of the Board and management"

"According to Morgan Stanley, athenahealth is worth $192 per share in a base case DCF. This is broken down into $120 for Ambulatory and $72 for Inpatient."

"For us to be as clear as possible about the length GTT goes to obscure its organic growth rate, we have broken it down quarter by quarter since Q1 2017."

"Edgewater's legacy directors represent a tired and broken Board that has failed to maximize shareholder value despite having over ten years to deliver"

"Another year of empty rhetoric and broken promises is unacceptable. We believe that Phillips must pursue the following initiatives without delay:"

"JCP is not fundamentally broken. In fact, the company has many competitive advantages, but has suffered from years of mismanagement"

"Arconic’s poor performance originates in its broken company culture. From this broken culture flows many of the Company’s problems"

"Dr. Kleinfeld’s broken culture, incoherent strategy and low asset utilization results in profoundly poor operating performance"

"Another year of empty rhetoric and broken promises is unacceptable. — Elliott's letter to Phillips 66's Board, 2/11/25"

"Another year of empty rhetoric and broken promises is unacceptable. — Elliott’s letter to Phillips 66’s Board, 2/11/25"

"Another year of empty rhetoric and broken promises is unacceptable. — Elliott’s letter to Phillips 66’s Board, 2/11/25"

"Another year of empty rhetoric and broken promises is unacceptable. — Elliott's letter to Phillips 66's Board, 2/11/25"

"The executive described the resulting patient support burden as a driver of Nevro's broken business model."

"This level of executive turnover is yet another clear sign of a broken culture and terrible leadership."

"Yet mere months later once subject to the pressures and influence of a broken governance culture..."

"Yet mere months later once subject to the pressures and influence of a broken governance culture..."

"The Company’s intransigence at every turn is an illustration of its broken governance culture."

"The Company’s intransigence at every turn is an illustration of its broken governance culture."

"We believe DND’s culture is deeply broken and requires a reconstitution of the Board."

"Another year of empty rhetoric and broken promises is unacceptable."

"Another year of empty rhetoric and broken promises is unacceptable."

"Another year of empty rhetoric and broken promises is unacceptable."

"Another year of empty rhetoric and broken promises is unacceptable."

"Another year of empty rhetoric and broken promises is unacceptable."

"Another year of empty rhetoric and broken promises is unacceptable."

"Zillow has a history of broken promises."

"Broken Medical Trust in America"