Callouts & quotes from 1,436+ activist slides

""Because we do have a differentiated customer offering that customers love. Our NPS [Net Promoter Score] is high." — Ernie Garcia III, CEO Carvana, 1Q23 earnings conference call. "What were our differentiators early on, are no longer differentiators at all. Like, everyone will deliver a car to you now, everyone has a return policy...Everything that made Carvana what it was...CarMax? They've already caught up." — Unattributed expert source."

"So we got to put all that together when we put our 2022 guidance together formally. But I would say the initial receptivity continues to be strong. Our project remains online and on target. And the internal excitement here around what we can do with that product line is -- if you talked to Russ Minick and his team, I mean, he's incredibly bullish on what we're going to be able to do with that longer term. — CEO Jagdfeld, Q3 2021 Conf Call"

""I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Former Chairman & CEO of Marathon Petroleum, May 8, 2019; "[W]e are excited about the industry-leading small cell business in the U.S. that complements our tower business and provides substantial potential upside to our 5G growth strategy." — Jay A. Brown, Former President & CEO of Crown Castle, October 22, 2020"

""I would say for the long term, I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Former Chairman & CEO of Marathon Petroleum, May 8, 2019; "[W]e are excited about the industry-leading small cell business in the U.S. that complements our tower business and provides substantial potential upside to our 5G growth strategy." — Jay A. Brown, Former President & CEO of Crown Castle, October 22, 2020"

"“What they do is they get these foreign-trained physicians to do recoveries. They haven’t gone through the process of being licensed to practice in the United States, and that’s exactly what it is. If you’re a recovery surgeon, you’re either in the twilight of your career and you’re just like the hell with patients, or you’re somebody who couldn’t hack it.” — CEO of a major OPO (Organ Procurement Organization), longtime industry executive"

""What I can share is that we are focused on building a revolutionary aircraft, not simply a hybridized version of an eVTOL" — Archer’s CTO, Q2 2025 Earnings Call Transcript; "You cannot simply hybridize a passenger eVTOL. You have to build a new bespoke aircraft" — Archer’s CEO, Q2 2025 Earnings Call Transcript; "You cannot simply slap a heavy fuel powertrain onto an existing eVTOL design" — Archer’s CEO, Q2 2025 Earnings Call Transcript."

"Our ASP is $23,500 but for easy math that's a $10 billion annual opportunity just in the United States. Okay, that's just a huge number, we don't look at it that way. We switch up, we look at it as from a bottoms up. How can we establish a number of centers and physicians to be able to treat this population. We know we have an unlimited number of patients that need the therapy. — CEO Tim Herbert, RBC Capital Markets Healthcare Conference"

""Second, our goal has been to diversify our revenue outside of the United States and this acquisition increases our international revenue for this business by a factor of 6 and expands customer penetration into 75 additional countries. At the consolidated level, the acquisition adds an additional three points of international revenue bringing our total for the company to approximately 13% international revenues." — CEO M&A Call Feb 2020"

"With respect to our patents and intellectual property, we have a broad portfolio of patents on portion packs, on brewers, on the system of the – of both portion packs and brewers. And certainly to the extent that any other product might infringe on our intellectual property, we take that very seriously and we would, in fact, rigorously defend our intellectual property. — GMCR CEO Larry Blanford, Q3 2011 conference call on July 27, 2011"

""They all want to be omnichannel, which means that they want to gravitate towards brick and mortar over time...ALEX AND ANI, Amazon Books, Aritzia, b8ta, Ballard Design, Blue Nile, Drybar, Dyson, E.I.F Cosmetics, Frye, Kendra Scott, Monica & Andy, Morphe, Nespresso, NYX, Peloton, Sage, Shinola, SoulCycle, Superdry, UNTUCKit and Warby Parker." — Arthur Coppola, Chairman & CEO of Macerich, Macerich Q3 2017 Earnings Call, October 31, 2017"

"[We] plan to submit for Shonin approval in Japan later this year...We have also accelerated our efforts into Japan where we are moving forward with an application for regulatory approval. Japan is the second largest ambulatory cardiac monitoring market in the world, where reimbursement has historically been very good and physicians have been expressing strong interest in our technology. — iRhythm CEO Blackford on Q4 2021 Earnings Call"

""Today, 30 years after the birth of the company, Novamerican Steel is shedding the final vestiges of its outdated past and publicly marking the start of our very different journey." — Corrado De Gasperis, Barzel's CEO, Feb 13, 2009. "On September 15, 2009 (the "Petition Date"), the Company and its U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code" — Barzel Bankruptcy Filing, Sept 15, 2019."

"“...we got to the latter part of January and spent a good part of February trying to figure out what the heck was going on and what we had to do.” — Dave Cote, Executive Chairman; “In short, we screwed up... We significantly underestimated the magnitude of the material and freight inflation...” — Robert Johnson, CEO; “Some of you may be wondering why I don't get more involved. The answer is, I have...” — Dave Cote, Executive Chairman"

""Ultimately we believe that the measures that TI has announced so far look sensible and put the company on track for improving trends." — Credit Suisse, February 27, 2019; "We have met TI management on the road, feedback from investors so far on the new CEO is positive and that he comes across well." — BAML, February 27, 2019; "Telecom Italia boss Luigi Gubitosi is sending the right signals." — Lisa Jucca, Reuters, February 21, 2019"

""As part of its lawsuit, Boots Capital sought . . . to object to the appointment of our new CEO Steven Moskowitz to the Board and its resulting expansion of the Board" — Crown Castle Inc. Investor Presentation. "Boots has interfered with the Fiber review at multiple stages through unneeded & baseless litigation . . . by seeking to keep our CEO, a critical input in the review, off the Board" — Crown Castle Inc. Investor Presentation."

""Let's address customer momentum. We expanded and extended our strategic partnership with Baker Hughes last quarter for the second time. . .This October, we increased the value of the contract again, this time by an additional $45 million to $495 million and extended this term from five to six years. Importantly now guaranteeing a minimum of $357 million in revenue to C3 over the next 3.5 years." — CEO Siebel, 2Q'22 Conference Call"

"It has to do with, I think, what's fairly typical in a major merger, which is purchase price adjustments and valuations as to fair value and life, in our case, of satellites on orbit. So that work continued on into the quarter past the point where we provided our previous guidance. And the expected life of assets on orbit was increased modestly, which reduced the annual depreciation associated with those assets. — CEO Howard Lance"

"I would absolutely agree with it. I think the awareness around cardiac issues is growing, I think, for a couple of different reasons, I think where Apple is a big part of that, I think the Apple Watch has been an incredible lead generator for folks like ourselves that bring patients into see their cardiologists saying, look, I've got an alert alarm that's going off here. — iRhythm CEO Blackford at Goldman Sachs Conference, 6/10/25"

""Do you expect any competition concerns out of any regions? And I think probably allude to Latin America more than the other regions. But do you expect to have to divest any assets in the case of any regulator issues?" — Owen Birrell, Analyst, Goldman Sachs. "No. Short answer is no. We've got a lot of experience navigating through all of that. We got good advice, good advisors and we don't expect any issues there." — CEO Response."

"Its Reputation in Tatters, Southwest Aims to Resume Normal Schedule on Friday — The New York Times; U.S. Senators blast Southwest holiday meltdown, labelled 'unmitigated disaster' — THOMSON REUTERS; Southwest Doubles CEO Pay, Neglects Boardroom Risks Despite Crisis — Forbes; Southwest Airlines meltdown highlights insular management team — FORTUNE; Southwest hit by record $140 million fine for holiday service meltdown in 2022 — CNN"

""The idea emerged that we should operate a base of ten or so stores as a company. This would give us a firm base of income in the event the McDonald brothers claimed default on our contract..." — Ray Kroc / Founder; "Some of our operators had tremendous wealth but no money. And we were using McDonald's stock that was trading at 25 times earnings to buy restaurants for seven times earnings" — Fred Turner / Former President and CEO"

"“Nelson Peltz and I worked closely together on the Legg Mason board. As a board member, Nelson was focused on improving operating results and strategy. There is no doubt that Nelson was an important contributor to Legg Mason’s turnaround.” — John T. Cahill, Chairman and CEO, Kraft Foods Group, Lead Independent Director of American Airlines Group, Inc., Director of Colgate-Palmolive Company, and former Director of Legg Mason, Inc."

""We cannot prove it. But we cannot rule it out." — CEO Dennelind (to OCCRP). "We have been as open as we believe is possible. There are many factors we need to take into account in order to act wisely and constructively," — Ms. Ehrling. "In a crisis situation such as BP’s Gulf of Mexico spill (or TeliaSonera’s corruption coming to light), company attorneys tend to counsel publicly disclosing as little as possible." — Lord Browne."

""So when our marketing team is thinking, hey, do we increase or decrease some of our, call it, paid search or digital channel investments, they're not looking at the average customer acquisition cost. They're looking at the marginal, meaning that next dollar spent, either higher or lower, and seeing what the return on is -- on that marketing dollar is. And so I think that's a big part of our secret sauce." — CEO GS Conf Sept '24"

""So if you look at our used business, the FICO on our used business which represents about 52%, 53% of all the business that we originate today is coming on at an average FICO of 680. Our new business is coming on an average FICO of 700. So it's very steady across the board. You don't see big barbells in our portfolio, which again gives us confidence when the environment does turn." — Jeffrey Jonathan Brown - CEO, Ally Financial"

"“...we benefited this past quarter from a continued spike in our component MDI. We said in our third quarter call that we believe we benefited by approximately $40 million of extra margin due to this temporary spike...We believe that the fourth quarter benefited by approximately $85 million due to these constraints. We believe that these one-off conditions will abate...” — Peter Huntsman, Chairman, President & CEO, February 2018"

"“...we benefited this past quarter from a continued spike in our component MDI. We said in our third quarter call that we believe we benefited by approximately $40 million of extra margin due to this temporary spike...We believe that the fourth quarter benefited by approximately $85 million due to these constraints. We believe that these one-off conditions will abate...” — Peter Huntsman, Chairman, President & CEO, February 2018"

""There is massive opportunity within the national home service marketplace for Cinch and our partners at Porch," said Steve Upshaw, Cinch CEO. "Both of our companies share a deep passion for making life easier and providing added transparency for our clients, partners and service providers. Together, we can better anticipate, meet and exceed the expectations of today's ever-more sophisticated consumer." — Steve Upshaw, Cinch CEO"

""Can the Omnipod be configured with Libre 2.0 if they receive a high designation?" — Suraj Kalia, Analyst, Northland Securities; "Yes, that's a beautiful thing about this pathway that the FDA has created. If they were able to reach special controls then certainly it could be a very easy clinical path to integration of their sensor in, for example, Horizon down the road." — Shacey Petrovic, President and CEO, Insulet Corporation"

"Nelson Peltz and I worked closely together on the Legg Mason board. As a board member, Nelson was focused on improving operating results and strategy. There is no doubt that Nelson was an important contributor to Legg Mason’s turnaround. — John T. Cahill, Chairman and CEO, Kraft Foods Group, Lead Independent Director of American Airlines Group, Inc., Director of Colgate-Palmolive Company, and former Director of Legg Mason, Inc."

"Nelson Peltz and I worked closely together on the Legg Mason board. As a board member, Nelson was focused on improving operating results and strategy. There is no doubt that Nelson was an important contributor to Legg Mason’s turnaround. — John T. Cahill, Chairman and CEO, Kraft Foods Group, Lead Independent Director of American Airlines Group, Inc., Director of Colgate-Palmolive Company, and former Director of Legg Mason, Inc."

""My question is just on your M&A pipeline. You had a very busy first half in '23, but it seems like the pace of M&A has slowed and maybe just talk through that. I know it's lumpy, but is there a lack of appropriate targets out there, factor valuation? Just maybe some thoughts there." — CIBC Analyst; "No, no, absolutely not. I think it's not about the weak pipeline or the weak backlog of potential acquisitions." — CEO L'Heureux"

"“the package insert specifically talks about all of these things...the idea is that physicians need to take care of that.” — Soleno CEO; “so far, the company has received reports of 7 patients experiencing SAE"s that led to hospitalizations, out of hundreds of start forms (646 by June 30); all of these patients have since recovered.” — Guggenheim Securities (Aug 18, 2025: “Flash Note”/“SLNO: Notes from Mgmt/Investor Meetings”)"

"“The last set of initiatives that we took you through several years ago, the $1 billion to $1.5 billion in EBIT this year, are paying off.” — CEO Bob Jordan, October 2023; “... About $1.5 billion in incremental year-over-year pre-tax profit from our network optimization efforts and the contributions from our portfolio of strategic initiatives, is driving us to expect additional revenue records.” — CEO Bob Jordan, January 2024"

""The last set of initiatives that we took you through several years ago, the $1 billion to $1.5 billion in EBIT this year, are paying off." — CEO Bob Jordan, October 2023; "... About $1.5 billion in incremental year-over-year pre-tax profit from our network optimization efforts and the contributions from our portfolio of strategic initiatives, is driving us to expect additional revenue records." — CEO Bob Jordan, January 2024"

""You need to support the volume to attract the capital," said David Field, chief executive of OneRoof Energy Inc., a solar firm that is in the process of liquidating after it ran out of money late year. "You find yourself in a vicious cycle." — David Field, OneRoof Energy Inc. CEO; "There has been a shift in customer preference for loans" rather than leases, Mosaic Chief Executive Billy Parish said. — Billy Parish, Mosaic CEO"

"“The last set of initiatives that we took you through several years ago, the $1 billion to $1.5 billion in EBIT this year, are paying off.” — CEO Bob Jordan, October 2023; “... About $1.5 billion in incremental year-over-year pre-tax profit from our network optimization efforts and the contributions from our portfolio of strategic initiatives, is driving us to expect additional revenue records.” — CEO Bob Jordan, January 2024"

"“The last set of initiatives that we took you through several years ago, the $1 billion to $1.5 billion in EBIT this year, are paying off.” — CEO Bob Jordan, October 2023; “... About $1.5 billion in incremental year-over-year pre-tax profit from our network optimization efforts and the contributions from our portfolio of strategic initiatives, is driving us to expect additional revenue records.” — CEO Bob Jordan, January 2024"

"“The last set of initiatives that we took you through several years ago, the $1 billion to $1.5 billion in EBIT this year, are paying off.” — CEO Bob Jordan, October 2023; “... About $1.5 billion in incremental year-over-year pre-tax profit from our network optimization efforts and the contributions from our portfolio of strategic initiatives, is driving us to expect additional revenue records.” — CEO Bob Jordan, January 2024"

"“As you move clients off of the legacy platforms onto the new platforms across all your client segments, do you ultimately get a margin benefit?...” — Rod Bourgeois, Sanford C. Bernstein & Co. “...[P]art of the reason we're moving our clients to common platforms is to eliminate costs that today are being really used to maintain old legacy platforms that aren't focused on innovation.” — Carlos Rodriguez, ADP President & CEO"

""Third, Helly Hansen's earnings performed as expected in Q2 and year-to-date." — Dean McCann, CFO, Q2 2019 Call; "It's now our fastest-growing asset." — Dean McCann, CFO, Q2 2019 Call; "But in reference to Helly Hansen, our integration efforts and their financial performance are both proceeding on plan." — Stephen Wetmore, CEO, Q1 2019 Call; "they in fact did hit their stretch targets" — Stephen Wetmore, CEO, Q4 2018 Call."

"We’re a very simple compensation structure: sales gross, margin, cash from operations and EPS [been] like that for years, 25% each. That’s for our annual bonus. By having those four, particularly gross margin, it creates financial literacy within the company. Given all employee bonus[es], and when one component is gross margin, the natural thing to ask is what’s gross margin and how do I get it? — CEO DB Conf June 11, 2019"

"On USM, it's been -- we've indicated in the past that we -- it was roughly previously about 25% of EBITDA from Aerospace Products, but as we have ramped up the MRE business that percentage is going down to where it less than 15% of EBITDA at this point. And we'll continue as a percentage to decline because that's not a high-growth business. So hopefully, that helps. — FTAI Aviation Q1 2024 Earnings Call April 26, 2024, CEO"

""So again, I know that some are very anxious that we hold those shares. Others, very anxious that we sell those shares or swap those shares and so forth. We've got a very close handle on that, and it is our objective to be able to monetize those shares this year and. And to bring in another, at least, $1 billion into the company and into the cash flow of the company." — Peter Huntsman, Chairman, President & CEO, May 2018"

""So again, I know that some are very anxious that we hold those shares. Others, very anxious that we sell those shares or swap those shares and so forth. We've got a very close handle on that, and it is our objective to be able to monetize those shares this year and. And to bring in another, at least, $1 billion into the company and into the cash flow of the company." — Peter Huntsman, Chairman, President & CEO, May 2018"

""the fundamental challenge is dollars per kilogram," and by that metric, it simply costs a lot more to launch a single small rocket with a single small satellite than it does to launch a single large rocket bundling many small satellites aboard it." Said Bruno, "While it is disheartening, a huge number of start-ups for micro launchers" are going to be "destroyed" and "that market [will not] recover." — ULA CEO Tory Bruno"

"“So, I really think the government is going to come in, and they’re really going to shake this up, and I think the glory days of we’re going to charge $100,000 for a TransMedics device, and you have to use our people, and you’ve got to use our expensive jet - I think all that is over. I think the gravy train is coming to an end, honestly.” — CEO of a major OPO (Organ Procurement Organization), longtime industry executive"

"We love to make investments alongside incredible partners like Twist. Over the past four years, we ordered approximately one billion base pairs of synthetic DNA from Twist, allowing us to test hundreds of thousands of proteins across dozens of programs for our customers, resulting in many completed programs spanning vaccine manufacturing, food, flavor, fragrance and even cannabigerol (CBG). — Jason Kelly, CEO of Ginkgo."

""When I was a general manager Joe Lee would come into my restaurant and would actually work with me. He was the CEO of Darden Restaurants at the time... I think that’s the piece, the excitement around being a hospitality company, the passion behind delivering [a] great guest experience... I think those are the pieces that Darden has always been missing." — Former SVP of Darden, investor conference call, August 14, 2014"

""When I was a general manager Joe Lee would come into my restaurant and would actually work with me. He was the CEO of Darden Restaurants at the time... I think that’s the piece, the excitement around being a hospitality company, the passion behind delivering [a] great guest experience... I think those are the pieces that Darden has always been missing." — Former SVP of Darden, investor conference call, August 14, 2014"

""The acquisition of Temptime advances the integration of smart supplies into our Enterprise Asset Intelligence vision as we incorporate temperature-monitoring capabilities... We have the unique ability to scale this technology deeper into the healthcare industry and drive it into other key opportunities such as food safety that can benefit from increased asset visibility." — Anders Gustafsson, CEO of Zebra Technologies"

"So again, I know that some are very anxious that we hold those shares. Others, very anxious that we sell those shares or swap those shares and so forth. We've got a very close handle on that, and it is our objective to be able to monetize those shares this year and. And to bring in another, at least, $1 billion into the company and into the cash flow of the company. — Peter Huntsman, Chairman, President & CEO, May 2018"

"Now when it comes to the second question that has to do with what we are doing better when it come to search advertise. So what we are doing better very much has to do with our partners, Microsoft advertising. So Microsoft identified that there is the time and they are putting a lot of effort behind it, it has to do with new products that we launched during -- in this quarter, it's called Microsoft Trends. — Perion CEO"

""As we are thinking about the future and the new platform, we are envisioning that the new platform would exist for some time with our current platform." — Larry Blanford, CEO on Q1 2011 earnings call dated February 2, 2011; "If you want to come into the system, how comfortable are you investing in your R&D, CapEx, go to market and that might eventually be obsolete?" — Fran Rathke, CFO at conference on March 15, 2011"

"“When a company is paying us with SaaS fees, they’re paying us around $4 per customer today... $25 is great in terms of what we generate per homebuyer on average.” — Porch CEO, Analyst Day Dec 2021; “Each inspector was paying probably anywhere from a $1 to $3 per inspection to use that software. So if you knew your average lead was worth $14 - $15 bucks you could easily give that product away” — Former Porch Employee"

""Value-In-Kind (VIK) means the goods and/or value other than the actual form of cash received" — Law Insider. "We have a unique rights strategy, whereby, as I mentioned before, we work with a vast number of sports to collect the underlying data that's required for sportsbooks through contra-relationships or swapping our software with those sportsbooks." — Mark Locke, CEO Genius Sports (M&A Call, October 28th, 2020)."

"“...we are also thrilled to announce the formal opening of our Global Business Services Center in Manila that took place during the third quarter...our Manila team now includes almost 150 team members, who are part of iRhythm's global clinical operations, customer care, finance, human resources, information technology, and revenue cycle management functions.” — iRhythm CEO Blackford on Q3 2023 Earnings Call, 11/2/23"

"Ballard will contribute approximately $1.0 million for its 10% interest in JVCo. Under the terms of the agreement, Ballard has the right to appoint one of the three JVCo board directors and Ballard's CEO was appointed to the board of JVCo effective as of closing. Ballard has veto rights over certain key JVCo decisions and has no further obligation to provide future funding to JVCo. — Ballard Press Release, Oct 2016"

""You simply don't achieve results like this without a high functioning, deeply engaged board." — Bob Pease, Independent Director, March 28, 2025; "Although it is common operating practice in the US to have the CEO also be the Board Chair, and for a past CEO to hang around on the Board, I feel they are both detrimental to a company in need of change." — Bob Pease, Written Assessment of Phillips 66, November 13, 2023"

""You simply don't achieve results like this without a high functioning, deeply engaged board." — Bob Pease, Independent Director, March 28, 2025; "Although it is common operating practice in the US to have the CEO also be the Board Chair, and for a past CEO to hang around on the Board, I feel they are both detrimental to a company in need of change." — Bob Pease, Written Assessment of Phillips 66, November 13, 2023"