Callouts & quotes from 10,384+ activist slides

""We always look at the numbers in the following way. That if we put great numbers up, we're in control, and if you don't have good numbers, then the outside world ends up being in control. If we want to stay on our agenda, we have to continue to hit our numbers." — Stephen Wetmore, Q2 2016 Call; "Yes. I mean we put our aspirations out a few years ago, I guess it was, for performance and bottom line and ROIC performance. It's extremely important we hit those numbers, but it was more important in our Operational Efficiency Program overall that we drove what's necessary for our customer experience... So now's the time. We've got things up and running. We feel quite confident, and so now is the time to push it, but we have to hit those numbers. It's what we published and it's how we expect ourselves to perform." — Stephen Wetmore, Q2 2019 Call"

"Absolutely. So they've at some point invented the asset-based fees coming in business. I don't know they invented it or basically acquired this idea. And it helped tremendously growth in the index business because this is lumped into the index business and as the market grows, which typically the case, obviously it just gets integrated into the spy. On the index side, I worked very closely with, well was on the same floor both in New York and San Francisco with my index colleagues. So I could hear and their challenges and obviously I am not an expert in that specific area, but they saturated the market pretty well and it was very, very hard to get really new customers. A lot of work that's been done on that side was on raising fees and as you can imagine, it's not a very pleasant conversation with all of the clients. — Former MSCI Employee"

"“To be honest, we watch their stock and we’re like ‘What are we missing?’ In our market, we don't see a ton of good outcomes. Omnia has really not done anything. We hear rumbling from Caraway [Nevro Chief Medical Officer] that they're researching more indications, and we just don't know how a one-trick pony makes any headway. We can't figure it out - they continue to do well on Wall Street, but I do not see any movement or any changes here. If anything, they're shrinking here. Frankly, there's very little discussion of Nevro at this point at Medtronic, at our national sales meeting. or really any talk about their taking business away. A lot of the reps that they hired away are now either back with Medtronic or have moved on. That's pretty common from what I can tell in territories across the country.” — Longtime Medtronic territory manager"

""Trials – that’s where the misuse is. A guy in Brooklyn had a test to permanent implant ratio of 10%. He was just taping the lead to patients’ backs and not even implanting the leads. That’s just straight up fraud and he belongs in jail. That’s one opportunity for abuse." — KOL and moderate Nevro user; "Doctors doing trials to make money was a big problem. Companies were charging $1,000 to $2,000 per lead and having doctor putting in 4 leads with no intent to do a permanent implant." — KOL and Nevro implanter; "There are doctors looking to pump bodies through the clinic and install stimulators. There absolutely are. The trial should speak for itself. I never push the permanent implant. Florida is the big abuse state not only for stimulators but opioids. There are giant billboards on highways for cataract surgery and stimulators too." — KOL"

"“There was always paperwork that had to be sent in, in addition to the enrollment form, and that's the biggie. Then you've got to have supporting documentation, and so that documentation gets faxed in...they wouldn't let us know in the salesforce; we had no idea. They completely boxed us out, which is very atypical within the rare disease biosciences, but especially in rare disease, it doesn't happen. The reps, there are no HIPAA violations, but you are aware of the situation...they just completely boxed everybody out, and you have days and weeks go on where, as a rep, you don't know what's going on. You have no clue, they won't tell you...there's nobody I can call at corporate to facilitate it, and so, I have to just keep my mouth shut...I don't know the reason behind it.” — Ex-Harmony territory manager for a large region in the southeast"

"I worked on the actinic project. I've worked on the DUV project, and I worked on the electron beam project. I worked on all three of those. I know them all very well...I would say that Lasertec definitely launched the actinic mask inspection capability sooner than KLA did; however, there are alternatives. In fact, there was an award announced at last year's EUV mask event about the work that KLA and others have done about supporting EUV mask inspection with other methods. So, there are alternatives for the inspection. Having said that, I do think that the actinic mask inspection is the best way to do that if the system is well-engineered. I do think there are current alternatives. KLA has an electron beam system, and they have a D2B system, and KLA is working on an EUV system. — Ex-KLA director of engineering focused on EUV mask inspection"

""We have developed a great working relationship with VIP and have historically been one of their hosts of business customers." — McCord Christensen, CEO, PetIQ; "We're very, very different business in the sense that we're solely products-focused and their primary business is the services side." — McCord Christensen, CEO, PetIQ; "We were introduced to VIP a couple of years ago and had been doing business with VIP across the number of our harder-to-acquire items as they've had some distribution rights that allow them to do business with us." — McCord Christensen, CEO, PetIQ; "Intercompany sales eliminations were $111 million for full year 2017. As a reminder, PetIQ previously acted as a customer of VIP for certain distributed products. This was done at the direction of PetIQ's animal health manufacturer partners." — John Newland, CFO, PetIQ"

""So first, a clarification. Charlie, I think you just said you are in Meta's newest 24,000 GPU [AI cluster]." - Simon Matthew Leopold, Raymond James; "No. I said we're in the RSC, which is 24,000." - Charles H. Giancarlo, Pure Storage, Inc.; "Meta is very, very aggressive, and they frankly do not have a mature system like the other hyperscalers. And so they're trying to throw money at the problem. My personal opinion is the other three hyperscalers may not find that solution very attractive." - Data storage manager at leading hyperscaler; "Amazon will go there only if hell freezes over...they bought Anapurna Labs many years ago, and they do everything soup to nuts." - Executive at DDN and former Pure employee; "If this was so amazing, why aren't the other hyperscalers immediately biting?" - Executive at VAST Data and former Pure employee."

""No, that’s an incredibly robust prediction. TTD has been doing it longer with deeper client ties." — Anonymous Magnite Customer; "Definitely, they are not as robust in analytics as say a ROKU. I need more analytics and insights into who is watching the campaign, how often, etc. It’s a major shortcoming of CTV at the moment, as compared to say YouTube, for example." — Anonymous Magnite Customer; "CTV is growing, and we’re having a hard time finding inventory at Magnite. That is a big challenge. When inventory is tight it does make it more difficult for Magnite to make money." — Anonymous Magnite Customer; "Yeah.. Listen.. these are not big deals. If they are selling me or you that this is the growth engine of Magnite, they’d be in a lot of trouble. It’s just a re-brand, it product that kind of already exists." — Anonymous Magnite Customer"

""And actually what you should do now is if you imagine that funnel I just described with those three levers, and now tie that to the conversation we were having about the lawsuits, and this is where I think bulls and bears have different, this is where there's disagreement on the stock, which is to say a bear case is if a consumer when they connect with the premier agent is told by the premier agent, yeah, I'm happy to show you 1, 2, 3 main street that you just pinged me on. But by the way, just so you know, because of this new law change or regulatory change or whatever, you're going to have to pay me directly and it'll be, say 2% of whatever house you buy, this is a $500,000 house, so you're going to pay me $10,000 in closing. Some portion of buyers are going to say thanks, but no thanks and hang up the phone." — Former Senior Executive"

""That's, yeah I mean like I said like in any acquisition Michael, you've got your gold, silver, bronze and you get a couple of pieces lead. Right? It's what you do with the couple of lead you make a bronze, silver and silver gold. The bulk of what we're getting is gold. There's some silver and bronze and a couple of pieces of lead. We've got to figure out what to do with the lead. But you have to take the good with the bad." — GFL Management (Call Transcript). "First, I think the majority of what we're getting is stuff that is coming off of the ADS platform. ADS operates on the same operating platform as us being an operating platform called trucks. And given our experience with trucks and the integration team we have, we are believed, we are very well positioned to integrate these assets very easily." — GFL Management (Call Transcript)."

""Phillips 66 Earnings Miss Strains Refiner Snarled In Proxy Fight" — Bloomberg News, April 25, 2025. "-$0.90 vs cons -$0.73...EBITDA missed by 9%. Commentary notes 1Q results reflect one of their largest spring turnarounds with the bulk now behind them. Still, not the type of results that inspire confidence in this operating team giving ongoing proxy fight launched by one of its shareholders." — Wells Fargo, April 25, 2025. "We think PSX's 1Q25 results will have a mixed impact on near-term share price performance. On one hand, the earnings miss and poor refining and RD operations were disappointing and could lead to lower share prices. On the other hand, the market may interpret the bad news as good news because it will give more support to Elliott's case and thus provide a potential catalyst to the shares." — Scotiabank, April 25, 2025."

""Refining performance certainly has significant room for improvement and is key to improving SOTP as well as to addressing investor concerns" — Citi Research, February 13, 2025; "We agree that PSX's midstream does not reflect full value...selling some midstream assets could unlock value." — Bank of America, February 14, 2025; "An activist shareholder, Elliott, can be a positive catalyst for shareholders." — Wells Fargo, November 29, 2023; "Most investors we talked to welcomed Elliott's involvement in PSX" — UBS, December 1, 2023; "[We believe] the letter will add a level of accountability for PSX to hit its cost targets." — T.D. Cowen, December 4, 2023; "Overall, we think Elliott's involvement should likely be an overall positive for PSX as an extra push towards the goals the company has already set out." — J.P. Morgan, November 29, 2023"

"“Due to our unique product and trusted experience, we have deep loyalty within our customer base, which creates durability in revenue and gives us confidence in predicting the future of business. As we look at customer cohorts, past trends and take a prudent view, we expect a low to mid-20%s revenue growth rate for 2025.” — CEO Q3’2024 Earnings Call; “I'm hearing from consumers that they're getting ads from various companies with very similar messaging. For them then the question really becomes again, the pricing and then considerations on the product side. The payout speed and then the receive network like whomever I'm sending it to, unless it's myself, how easy is it for them to pick up? I feel like the gap on the paid marketing side is closing and I don't see that as a sustainable advantage.” — Former Employee, Regional Business Head"

""Phillips 66 Earnings Miss Strains Refiner Snarled In Proxy Fight" — Bloomberg News, April 25, 2025. "-$0.90 vs cons -$0.73...EBITDA missed by %. Commentary notes 1Q results reflect one of their largest spring turnarounds with the bulk now behind them. Still, not the type of results that inspire confidence in this operating team giving ongoing proxy fight launched by one of its shareholders." — Wells Fargo, April 25, 2025. "We think PSX's 1Q25 results will have a mixed impact on near-term share price performance. On one hand, the earnings miss and poor refining and RD operations were disappointing and could lead to lower share prices. On the other hand, the market may interpret the bad news as good news because it will give more support to Elliott's case and thus provide a potential catalyst to the shares." — Scotiabank, April 25, 2025."

"“For a while, they were going in with the access that they had from another OPO. It depends on what sorts of permissions that OPO has and how tightly they’re monitoring the privileges that they grant. But the system is not really designed to let a third-party company into this, and once they’re in, they’re in, and the OPOs typically have the broadest level of access. They could be saving information. There’s patient-level information in there. Potential recipients, where they are. It could essentially be giving them a competitive advantage, if you can go in there and see what center has all the top listed, the sickest liver patients. I imagine that might give them an advantage as a vendor over the competition about which next transplant center you might go out and try to court.” — Executive at a West Coast OPO, longtime industry veteran"

""The comparison to companies is good. And obviously, we are a commodity company. And in the commodity space, I mean, we like it to be dependent on aluminum. We love aluminum. But unfortunately, aluminum is not gold. But fortunately, aluminum also isn't plastic, right? So we are at a good spot here. But if you want to compare our performance, we believe you've really got it compared against the peers. And the peers that you see here are really our competitors. Those are the aluminum and alumina companies that exist around the world. So when you look at that, you actually do see that Alcoa has gained 9.6% on the total shareholder returns. Whereas our peers, the real peers have lost 7.5%. That I think is an important way to look at it, and I think it's the only way to look at it in a fair, fair fashion." — Dr. Klaus Kleinfeld, May 6, 2011"

"“An NGS is what you mentioned where you make a probe, and you put a piece of biotin on it, and that sequence, it’s specific to a sequence that the customer defines, and I’ll use an example like BRCA 1, BRCA 2. You want to sequence only that. You have two ways of doing it. One, you can order a primer, and you can get a primer set to amplify it and then sequence it. Or you order a hybrid capture probe that has the sequence of BRCA defined in it. Build the library up and pull it out, and then put it on a sequencer and sequence only what you pulled out using the probes.” — Former employee now at a key competitor; “Specifically, hybrid capture, it’s hundreds of millions. I would say probably less than 500 million, and it’s dominated by four key players in the market: IDT, Twist, Roche, and Agilent.” — Former employee now at a key competitor"

"There are three key takeaways for the right-hand side of this slide. For each cohort, the take rate remains almost unchanged versus 2020. Different cohorts have different pricing points depending on the business mix. And we continue to see that there are multiple factors that make our merchants want to do business with us, and pricing is just one of them. The drop in our average take rate from 5% in 2020 to 4% in 2021 is mainly explained by changes in the underlying business mix. The cohorts that grew the most in 2021 were the 2018 and 2020 vintages. And these cohorts came with a lower take rate, mainly driven by the business mix of higher payouts and local to local payment flows. Third, it is worthwhile to highlight that the 2021 cohort of merchants posted a higher take rate than our overall take rate in 2021. — Sumita Pandit, DLO COO"

"“...The turnaround would be astonishing in any industry, but especially in the beverage-marketing business, where short-lived brands are depressingly common...Snapple's durability raises a number of questions. How did Triarc restore most of that value in less than three years? What did Triarc do with such apparently effortless grace that Quaker, with all its resources, could not?...I posed those questions to Triarc's top executives: chairman and majority owner Nelson Peltz, CEO Mike Weinstein...Their answers led me to a conclusion that many marketing professionals are likely to resist: There is a vital interplay between the challenge a brand faces and the culture of the corporation that owns it. When brand and culture fall out of alignment, both brand and corporate owner are likely to suffer...” — John Deighton, Harvard Business Review"

""The Board of Directors sincerely appreciates the constructive perspectives Jeff has brought to our group...he has been a valuable contributor to the Board and provided a focus on the long-term best interests of the company and its shareholders. We thank him for his service and wish him continued success." — Nigel Travis, Chairman and CEO of Dunkin' Brands; "On behalf of our management and Board of Directors, I want to thank Jeff for his significant contributions to Office Depot and its shareholders. Jeff has been an integral part of our accomplishments and provided important perspectives that helped to define strategies that position the company for long-term growth and profitability. I have appreciated our time working together and wish Jeff well in his existing and future projects." — Roland Smith, Chairman and CEO of Office Depot"

"“The Board of Directors sincerely appreciates the constructive perspectives Jeff has brought to our group...he has been a valuable contributor to the Board and provided a focus on the long-term best interests of the company and its shareholders. We thank him for his service and wish him continued success.” — Nigel Travis, Chairman and CEO of Dunkin’ Brands; “On behalf of our management and Board of Directors, I want to thank Jeff for his significant contributions to Office Depot and its shareholders. Jeff has been an integral part of our accomplishments and provided important perspectives that helped to define strategies that position the company for long-term growth and profitability. I have appreciated our time working together and wish Jeff well in his existing and future projects.” — Roland Smith, Chairman and CEO of Office Depot"

"“Porch also announced two smaller and equally strategic acquisitions in PalmTech and iRoofing. Both acquisitions are consistent with Porch’s strategy to go deeper into existing industries and expand its vertical software platform into new home service categories.” — Press Release. “IRoofing closed on December 31, got it in right at the end of the year there, and then V12 closed on January 12. The HOA deal was also announced on January 13. And you asked about PalmTech was October 20.” — Porch's COO Q1 2021 Call. “In the third quarter of 2020, the Company completed two other acquisitions that are not material to the consolidated financial statements.” — 2020 10-K. “Additionally, in January 2021, the Company purchased a smaller home inspection company. This acquisition is not material to the Company’s financial statements.” — 2020 10-K."

"We agree with Elliott’s assessment that there is more upside potential in the refining business...and we think Elliott’s presence itself could refocus management towards this business. — J.P. Morgan, April 2025; Where we agree with Elliott is that PSX is undervalued...we see no value for refining in the share price at current levels. — Wolfe Research, April 2025; We think that selling non-core assets, enhancing capital returns to shareholders, and improving refining profitability would result in significant outperformance. — TPH & Co., February 2025; We agree that PSX’s midstream does not reflect full value. We reinstated coverage of PSX in October and can attest that few midstream investors follow it, as it trades predominantly like a refining stock...selling some midstream assets could unlock value. — Bank of America, February 2025"

"First of all, when we made the announcement about the results for the third quarter in January of this year, we made an announcement about how we would be changing our profit structure. And then, from the third quarter onto the fourth quarter, we carried out, throughout our entire group, the structural reforms and other adjustments. [Japanese] I am strongly confident of the fact that we have been able to completely come through with those structural reforms and other adjustments. [Japanese] So therefore, we have increased our confidence that for fiscal year 2013, we'll be heading towards a V-shaped recovery. [Japanese] And it was possible for us to clear the objective which we had set of a 30% improvement here. [Japanese] So therefore, we have been able to achieve a record breaking operating cash flow of JPY 110.3 billion. — Nagamori"

"“Along with our sales growth came lots of debt which eventually crippled the company when fashion trends changed in the late 90's” — Eric Lefkofsky (blog post, Sept 2012). “This move positions us just where we want to be long term, which is to dominate this entire industry.” — Brad Keywell. “Lets start having fun ... lets get funky ... lets announce everything ... lets be WILDLY positive in our forecasts ... lets take this thing to the extreme ... if we get wicked on the ride down – who gives a shit ... THE TIME TO GET RADICAL IS NOW ... WE HAVE NOTHING TO LOSE....” — Eric Lefkofsky. “Often you have to iterate your way into a business model that actually works to the extent it's disruptive, so every early iteration is in fact destined to be a failure. As a result, you might as well fail fast.” — Eric Lefkofsky (blog post, Aug 2012)."

""Our cash balance at the end of the fourth quarter was approximately $1.4B. However, this includes the benefit of $200M that we drew down on our credit facility for tactical financing purposes in September. We have since repaid the $200M, which was only outstanding for a few weeks. Our net cash, therefore, was just over $1.2B on September 30." — Tamar Rapaport-Dagim, CFO, Amdocs; "I think the revolver drawing of about $200M, does that have anything to do with this big expansion [with Sprint] that you announced today or a portion of it?" — Shaul Eyal, Oppenheimer & Co.; "No, just the cash efficiency, we repaid it a few weeks later." — Tamar Rapaport-Dagim, CFO, Amdocs; "We drew down $120M on our credit facility during Q2 for short-term funding purposes, and the balance has since been fully repaid." — Tamar Rapaport-Dagim, CFO, Amdocs"

""The strong leadership of President and CEO Yoshihiro Hasebe, and with the appropriate oversight and advice from the current Outside Directors" — Kao Corporation. "What we want to hear from the Company is why we should expect the next step to be different." — Foreign Buyside Analyst. "How do I rate the strategic competence of management? I would give them a zero. Actually, can I give them a negative? They failed to deliver on guidance and the board made no change to management. It’s horrible." — Foreign Buyside Analyst. "My sense is none of the management team are really what you would call ‘professionals’… they should bring in specialist personnel with knowledge of global business" — Domestic Buyside Analyst. "The management team's abilities are extremely low… Global skills are practically non-existent." — Domestic Buyside Analyst."

""[T]he stock the way we look at it, it's so dislocated relative to its sum-of-the-parts value. The question we consistently get is what ultimately is going to unlock that value. So, going back a couple of years, there was a talk about dis-integration and whether there is value in doing that. But Gary what are your latest thoughts there? I'm just saying if there is -- if the stock is just discounted relative to its sum-of-the-parts, how do you pull forward that value. Is MPC better together or apart?" — Neil Mehta, Goldman Sachs. "Well, you're right. Neil, the stock is discounted when you look at it on a sum-of-the-parts-basis. But I also want you to take a strong look at the first quarter's performance... I'd rather be invested in a company that has that type of a portfolio balance." — Gary Heminger, Marathon Petroleum Corporation."

""Always. It's always a concern. Walmart, they're the big 800-pound gorilla. They are a big customer, so price is always a concern. For a Walmart customer, it's very difficult to tell them the value [of named brand products]. For some mid tier stores we could give some concessions. So if price was not delivered, we'll come up with some other ways with volume rebates, IRC, coupons to drive those kinds of things to make up the margin." — Former PBH Employee; "For Walmart there is a lot of price pressure there and there's a lot of price pressure on off-invoice discounts. You can't get too creative with Walmart because you need them to help grow your top line. You can be creative with out mid-tier segments, but you can't be too creative with Walmart. Their expansion was hitting our margin with those big retailers." — Former PBH Employee"

"“If you have an EUV mask and you decided not to put pellicle, so your P1, and P2/P3 inspection changes. You have only P1 and P2, and P2 now because you don’t a have pellicle, so you just use the KLA tool. After you finish, you clean the mask. You hope that there is nothing on top of it because you checked it with the KLA tool. You pattern it carefully. You move it to the fab. You put it on the scanner and start to print wafers. However, you print only 2000 wafers, not 10,000, and then stop to inspect them, almost all of them, to make sure that during printing, nothing was added and all the wafers are okay—and usually, more than 50% of the time, some of the wafers will be lost. Then you need to discard those wafers. It’s really a huge issue for the fabs.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"The estimate of net realizable value of inventory is impacted by assumptions regarding general semiconductor market conditions, manufacturing schedules, technology changes, new product introductions and possible alternative uses, and require management to use significant judgment that may include uncertain elements....The principal considerations for our determination that performing procedures relating to the valuation of product inventory is a critical audit matter are (i) the significant judgment by management when developing the estimated obsolescence used for determining the net realizable value of product inventory and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's assumption related to the future demand for product inventory. — PwC (KLA 10K Audit Report)"

"“Great. And maybe just kind of very high level here, during the road show you had kind of guided to 7% to 11.5% EBITDA margins and CarMax probably your closest competitor is around 7.8% last year... So, without opening a capital finance company you are running your own auctions, how do you kind of think about getting to the midpoint or the higher end of your long-term EBITDA guidance?” — Mike Levin, Deutsche Bank; “So I think it's a reasonable question to ask kind of what's the gap there, that gap part of that is made up by pricing differences... We built a pretty unique finance platform that allows us to while not taking credit risk monetize finance originations across the entire credit spectrum, not just to the top end of the credit spectrum, while passing that credit risk on to third parties.” — Ernie Garcia III – CEO, Carvana"

""We believe fedratinib represents a significant opportunity for patients and has the potential to be a billion-dollar blockbuster for Celgene." — Nadim Ahmed, Celgene President of Hematology and Oncology, January 2018; "In our view, the drug will be a more modest seller and we model $400mm peak sales as there are several JAK inhibitors entering late stage development for MF." — Cowen, February 2019; "We have not included any sales impact to Celgene from Juno’s JCAR017 or Impact’s fedratinib through 2022 at this time..." — Oppenheimer, May 2018; "Investors are likely to again focus on risks to fedratinib with mgt. delaying the filing to confirm with FDA the information communicated to Impact." — Morgan Stanley, May 2018; "Approval and launch of fedratinib in MF will likely only provide incremental growth." — Barclays, January 2018"

"“Solid State is at the same level or even further advanced than Quantumscape, I would say. When I spoke with [redacted], they also have the same opinions of Solid Power, that it’s at least on the same level as QuantumScape.... It’s a head-to-head race.” — VW employee; “There are quite a lot of players like QuantumScape, Solid Power and Solid Energy. I think SDI and Toyota are also on it. I think they’re quite close from laboratory results. At this moment, only based on the laboratory results, I would say there’s not a big difference.” — VW employee; “Solid Power and Quantumscape are close, frankly speaking, although it’s a different and not a purely apples-to-apples comparison of their chemistry, but I think they’re quite close. Based on our scouting results they are close.” — VW employee; “Who knows, I would say.” — VW employee"

"“And then thinking about the big deals you did last year and now with Almost Family, are you expecting any -- I don't want to say issues or integration issues with billing and collections? Will it take a little bit of time?” — Kevin Ellich – Craig-Hallum Capital Group; “No. We actually feel really good about that. There's -- I'll take Almost Family since it's the most current and pressing and the largest. They have a, as you would imagine being a public company, they had a very robust and sophisticated billing and collections back office support system in Louisville and although over time, we'll be able to kind of take the best of both worlds and make some enhancements, that is still running like clockwork like it was it before April 1, so don't really envision any hiccups there at all.” — Joshua Proffitt – CFO & Treasurer, LHCG"

"“Every baby less than a year old, we put on diuretics, so it's a known side effect. When they get older, we actually stop it. Most of the time they don't still need it, which I was a little bit surprised that they were talking about treating kids with diuretics as a standard of care with this medication — that was one of the things that the rep said. I was surprised about that because if I have somebody with congenital hyperinsulinism that has a mutation that responds to diazoxide, and we continue to treat them, and there's a couple later on in life, I would not treat that kid with a diuretic. Usually, they're old enough and they're old enough and they do fine. And maybe it's because it's twice a day and it's not extended-release.” — Pediatric endocrinologist at an academic center with eight endocrinologists and ~50 PWS patients"

""The main issues our engineers and experts are raising are trust in the data, a lack of transparency. Behavior in certain situations like extreme temperatures and so on. This is a big question mark where they're saying that we are having a lot of issues and a lot of risk. Those are [some of the] core questions that are circling around. They don't trust that you can charge it in 15 minutes, for example." — VW employee; "The data we have received in this early stage cannot be compared to an established supplier, where the testing and validation we're normally doing is on a completely different level. That's why there are so many question marks and not everybody is supporting it 100% because it's really early stage and not all the facts and figures are on the table, and sometimes there's also a lack of transparency." — VW employee"

"“The main issues our engineers and experts are raising are trust in the data, a lack of transparency. Behavior in certain situations like extreme temperatures and so on. This is a big question mark where they're saying that we are having a lot of issues and a lot of risk. Those are [some of the] core questions that are circling around. They don't trust that you can charge it in 15 minutes, for example.” — VW employee; “The data we have received in this early stage cannot be compared to an established supplier, where the testing and validation we're normally doing is on a completely different level. That's why there are so many question marks and not everybody is supporting it 100% because it's really early stage and not all the facts and figures are on the table, and sometimes there's also a lack of transparency.” — VW employee"

"“The gap with [PCC] is a bit of a different question. Because the biggest difference, to keep it simple here is, that PCC has the luxury of having a business of titanium and nickel, large structural cast. And they have almost a virtual monopoly in this business... And we will be working it and we would be gaining share in this, and we will continue to close the gap. But that's the biggest point there in terms of that PCC comparison.” — Dr. Klaus Kleinfeld, Arconic Q4 2016 Conference Call, January 31, 2017; “In the Investment Cast Products segment, our principal competitor is Howmet, a subsidiary of Alcoa Inc... We also believe Howmet has the financial and technical resources to produce structural castings as large and complex as those produced by us, should they decide to do so.” — Precision Castparts FY 2009 10-K, May 28, 2009"

""I feel that Skechers' problem is chaotic pricing. There's the online, agents, self-operated stores, affiliates, so there are many price differences." — Distributor; "I think there are two deficiencies in Skechers. One is that they don't refresh the styles very often. The other is channel conflict: there are a lot of agents in each region, and the competition is intense." — Distributor; "First, they are constantly holding promotions... Sometimes we want to order 10,000 pieces, but the company can send only 5,000. We are always begging for supply." — Distributor; "I feel that Skechers is not very good at stocking. Each store should have more SKUs." — Affiliate; "I feel the quality of Skechers products is poor, especially the shoes. There isn't a lot of variety, and the success rate of their new products is not high." — Affiliate"

"“There is a direct relationship between the absence of celebrity and the presence of good-to-great results. Why? First, when you have a celebrity, the company turns into ‘the one genius with 1,000 helpers.’ It creates a sense that the whole thing is really about the CEO. At a deeper level, we found that for leaders to make something great, their ambition has to be for the greatness of the work and the company, rather than for themselves. That doesn’t mean that they don’t have an ego. It means that at each decision point—at each of the critical junctures when Choice A would favor their ego and Choice B would favor the company and the work—time and again the good-to-great leaders pick Choice B. Celebrity CEOs, at those same decision points, are more likely to favor self and ego over company and work.” — Jim Collins, Fast Company"

"It’s not so easy to change the process. If they have an established process and an established yield number of, let’s say, 19% or something, phasing in the new technology should improve the yield. So, everything needs to be fine-tuned to surpass the existing solution. And that’s not so easy with a new technology like actinic inspection. It’s going to take time, so they will have to run parallel inspections of the same masks, for example, every day, just to make sure that they get the same results... Yes. Just to make sure there are no defects that go through without detection. If that happens, the same defect will print on every single semiconductor. And if it’s a fatal defect, it can cost them billions. They cannot ship wafers anymore. — Longtime, senior semicap equipment executive in Japan who is friendly with Lasertec’s CEO"

""At this point, Vivendi appears to be more of a liability than an asset for TIM... The declining relationship with the Italian government, the ever-present conflict of interest, and the fact that having a media company as de-facto controlling shareholder has apparently restricted TIM's strategic alternatives, all make a case for supporting Elliott's nominees." — ISS Special Situations Research, April 9, 2018; "On balance, we consider there is a dearth of redeeming commentary available in relation to Vivendi's continuing involvement with Telecom Italia..." — Glass Lewis Proxy Paper, April 7, 2018; "We welcome Elliott's intention to challenge Vivendi's direction and coordination over TI as we agree that Vivendi's conflict of interest implied governance issues and capped TI's share price performance." — Banca IMI, March 19, 2018"

"If you tell management something different from what they want to hear, you will quickly find yourself out of a job. A long tenure at DND requires you to be a yes man to Matt Proud. — Former employee of Dye & Durham – January 2024; Matt has absolutely no respect for anyone’s life and his decisions are erratic – he would call me on a Saturday afternoon and ask me to do a bunch of work for Monday morning. And on Monday morning, he would have changed his mind already, and the work was no longer relevant. He makes decisions very quickly and doesn’t care what his team thinks. He told me he was going to raise prices on customers right before he did it. Within 24 hours, prices were raised without the rest of the team knowing. That’s a snapshot of his approach to managing the business. — Former employee of Dye & Durham – January 2024"

""Nevro cherry-picked patients. The criteria to be in the HF10 study was one or less back surgeries... It wasn't a real world study." — Longtime head of one of Medtronic's largest territories; "I mean, they ruled out workers comp patients. They ruled out a significant opioid use. They ruled out even prior spinal cord stimulation." — KOL and one of Nevro's highest volume KOL's/accounts; "They programmed the Boston Scientific patients the same as they had always been done. But in the Nevro arm, we'll pick our patients, like virgin patients with only one back surgery... They did a good job in cherry-picking patients." — Longtime head of one of Medtronic's largest territories; "The biggest problem with their study was the exclusion criteria. They committed the cardinal sin, which is to cherry-pick." — KOL and high volume implanter"

"More than 350,000 backup portable power generators sold across the U.S. and Canada are being recalled after eight injuries, including seven finger amputations and one digit getting crushed, according to the U.S. Consumer Product and Safety Commission. An unlocked handle on the equipment can pinch a user's fingers against the generator frame when moving the product, posing finger-amputation and crushing hazards, Generac Power Systems stated in a notice posted Thursday by the CPSC. The Waukesha, Wisconsin-based company has received eight reports of injuries related to the 6,500-watt and 8,000-watt Generac portable generators. The Generac Power Systems products were purchased online and at major home-improvement and hardware stores from June 2013 through June 2021 for between $790 and $1,480 each, the company said. — CBSNews.com"

""At the present time with the current forecast we have, our 2019 should be within 5% to 7% of our 2018 EBITDA..." — Peter Huntsman, Chairman, President & CEO; "When the price gets substantially higher than it is today, we'll make a decision to sell [Venator]....And I think it will gradually see improving fundamentals here, and we will judiciously look at our shares, and we'll sell them at a time that makes sense for us." — Peter Huntsman, Chairman, President & CEO; "Putting it all together, if Europe does improve as the Americas returns to plan, our full year EBITDA will be close to the lower end of our initial EBITDA guidance of down 5% to 7% from 2018. However, if the economic conditions within those region stays at current levels, our current year EBITDA maybe down 10% or so..." — Peter Huntsman, Chairman, President & CEO"

"Internally, it was also difficult for us to keep up, and we were super-users, and we were the ones that were actually requesting features for the software. I think we never reached a good balance between implementing new features because they were needed to improve the capability of the software and the machine but also keeping the system stable enough that a simple update doesn't affect the major functionality. — Former BLI employee; And then there's software issues. It's not transparent. So, as they need their process to be more and more workflow-based, there's no transparency into why things go wrong. So, it's not uncommon that something just happens that's completely unexpected based on what you've told the instrument to do; something unexpected has happened, and it's some sort of a software issue. — Former BLI scientist"

""Our Energy Marketing and Retail Marketing businesses remain a long-term strategic part of our portfolio...So we are very happy having it in the portfolio and it is a strategic part of the portfolio." — John Hess, November 2012; "...we have morphed our fuel marketing business into an energy marketing business... which obviously will help us if we find gas in the Utica... So they're going to be some strategic benefits there... We have a strong brand. We think it - if anything it enhances the company from a financial and reputational point of view." — John Hess, January 2013; "Today we are announcing the culmination of that process by exiting our downstream businesses and becoming a pure play E&P company. Specifically, we will be divesting our retail, energy marketing, and energy trading businesses..." — John Hess, March 2013"

""Current ratings reflect support provided by the U.S. Treasury Department under the Senior Preferred Stock Purchase Agreements (PSPAs) and Fitch's view of the GSEs' policy role in the U.S. housing market. The PSPAs require the U.S. Treasury to inject funds if either GSE's net worth drops below zero, up to the agreement limits. As of 3Q24, aggregate availability under the PSPAs exceeded $250 billion, with the housing GSEs' combined net worth at $147 billion, currently indicating strong U.S. government backing. Fitch expects the incoming Trump administration to potentially explore options for taking the GSEs out of conservatorship. If the GSEs were to exit conservatorship while maintaining the PSPAs or similar support, their ratings could remain aligned with the U.S. sovereign rating." — Fitch Ratings, 1/8/25 (emphasis added)"

""Current ratings reflect support provided by the U.S. Treasury Department under the Senior Preferred Stock Purchase Agreements (PSPAs) and Fitch's view of the GSEs' policy role in the U.S. housing market. The PSPAs require the U.S. Treasury to inject funds if either GSE's net worth drops below zero, up to the agreement limits. As of 3Q24, aggregate availability under the PSPAs exceeded $250 billion, with the housing GSEs' combined net worth at $147 billion, currently indicating strong U.S. government backing. Fitch expects the incoming Trump administration to potentially explore options for taking the GSEs out of conservatorship. If the GSEs were to exit conservatorship while maintaining the PSPAs or similar support, their ratings could remain aligned with the U.S. sovereign rating." — Fitch Ratings, 1/8/25 (emphasis added)"

"“The reservoir that holds the liver, sometimes the liver can be big, and it’s just scrunched into a small area, and with the other machine, it happens even more than with TransMedics; a portion of this liver is necrotic - it doesn’t have enough blood supply and gets necrotic. The reservoir of the liver itself, where they put the liver in the machine, can be tight, or the liver can be under pressure. And a portion of the liver can get necrotic before or after transplant. Before transplant, that’s unfortunate, but you can’t always tell from looking at the liver. If it happens after transplant, the outcome could be bad. It’s reported only in the normothermic machines. I know for sure that happened. I don’t know how many times…I know for sure that it happens.” — Transplant procurement surgeon previously working with TransMedics"

"Importantly, we'll have strong cash flow generation as a result of this transaction, about $1 billion in operating cash flow in the second year and accelerating, which means we can quickly de-lever from approximately 5 times to less than 3 times by the end of the second full year post-close... — CEO Jeff Simmons on Acquisition of Bayer by Elanco 8/20/2019; The global diversified strength of the combined business will generate enough cash flow for us to bring our leverage below 3 times adjusted EBITDA by the end of 2022. We realized the timing of our deleveraging is different than what we planned at the IPO by approximately two years. But we believe this delay is warranted by the compelling value proposition that our combined focused animal health company creates. — CFO Todd Young on Acquisition of Bayer by Elanco 8/20/2019"

"One way to look at this is, in the beginning Brazil was the largest market, and they solved the issue for so many merchants, because of the regulatory change. Then the focus shifted quite a bit into the rest of the world, because the merchants who were large enough had finished the process to become local in Brazil for card, and kept Dlocal for alternatives. And then went with their own kind of local processors for Brazil, for local card, because it became such a critical market and so focus came up on all other areas from a large merchant perspective. So, if I’m talking about the Googles, the Amazons, the Facebooks, the Netflixes of the world don’t necessarily use Dlocal for card processing in Brazil, but they use them for alternative processing in Brazil. — Source B, a former DLO senior executive responsible for revenues"

"The [press] releases made several false representations, including that a COVID-19 screening test that Parallax purported to be developing would be “available soon,” and that the company had personal protective equipment (“PPE”) and ventilators and other medical equipment for “immediate sale.” In fact, when the company issued the releases, Parallax was insolvent and did not have the capital to develop a test. Parallax’s own internal projections also estimated that, even if the company had the funds, it would take it more than a year to develop a test. Moreover, Parallax did not possess the PPE and medical equipment that it offered for sale, and had neither the money to purchase the equipment nor the Food and Drug Administration (“FDA”) registrations needed to import and distribute the equipment — Excerpt from SEC complaint"

"“Mgmt speculated that some SAEs may have occurred in patients that have not been titrated adequately onto the drug” — Guggenheim note. “Per mgmt, SLNO is encouraging slower titration and a lower max dose in order to minimize titration-related AE exacerbation.” — Guggenheim note. “He too is severely overweight and so the side effects weren’t noticeable until it was too late.” — Report, p.25. “started with wheezing [sic] hard to breathe etc.” — Report #1. “then just boom” — Report #1. “The commonest adverse effect of GH replacement is fluid retention, which arises because of the anti-natriuretic action of GH.” — Ho et al (Journal of Endocrinology, 2023). “Growth Hormone and Fluid Retention”: “a major side effect of growth hormone (GH) administration is fluid retention.” — Moller et al (Hormone Research in Pediatrics, 2004)."

"In China, our independent service providers are compensated for marketing, sales support, and other services instead of the distributor allowances and royalty overrides utilized in our global marketing plan. The service hours and related fees eligible to be earned by and then paid to independent service providers are based on a number of factors including the sales generated by them and by others to whom they may provide marketing, sales support and other services, the quality of their service and other factors as well as any potential future sales generated from the recently announced and expanded online ordering platform. Total compensation available to our independent service providers in China can generally be comparable to the total compensation available to other sales leaders globally. — Herbalife Q1'2017 Form 10-Q"

""Without exception in across the board, we’ve either maintained or grown share throughout 2023, and we would expect that to continue...whether it’s in the lab or whether it’s in the production, I think we’ve had another year of good share gains in ’23." — CEO Michael Stubblefield, 2023 Analyst Day, 12/8/2023; "We’re confident we certainly have a leading [lab solutions] platform here and we remain focused on leveraging our capabilities to continue to grow share. And I think there’s certainly a lot of data points here to support our view here that we’ve got a nice share story." — CEO Michael Stubblefield, 3Q 2024 Earnings Call, 10/25/2024; "They have said for years [LSS] is not losing share, but do the math since 2018 when both were +/- $5bn of revenue. TMO is now $9bn and LSS is still <$5bn." — Sell-Side Analyst, May 2025"

""It is time for shareholders' voices to be heard, for accountability to be introduced in the Taubman Centers boardroom, and for a clear message to be sent to the Taubman family that shareholders will no longer tolerate abysmal corporate governance, misguided operations, lavish developments and inferior total returns," said Land and Buildings Founder and Chief Investment Officer, Jonathan Litt. "Taubman continues to deliver suboptimal value for shareholders with 57% stock underperformance versus Class A Mall Peers over the last five years. We believe our two independent and highly-qualified director nominees, Charles Elson and myself, will bring the fresh perspectives and objectivity that we believe is currently lacking on the Board and can help reverse this trend of value destruction." — Jonathan Litt, Land and Buildings"