Callouts & quotes from 131+ activist slides

"I would categorize Dropbox revenue growth as mid-growth (~20% YoY top-line growth). The interesting part is in the net income and free cash flow. The Company has guided to $1.6 billion revenue in FY19. If we apply a 20% growth rate to FY20, that would imply a ~$1.9 billion revenue. If we take management estimates of $375m of free cash flow, it would imply ~20x forward EV/FCF, below high growth profitable peers that routinely trade at 50x EV/FCF. — Seeking Alpha, "Finding Value in SaaS, Jan 2020"

""[Over] the last 10 years, our [Return on Capital Employed (ROCE)] has been higher than our refining or midstream peer sets. And we absolutely believe and are committed to ROCE as a key metric because we believe that we can accrete ROCE through disciplined investments, through disciplined asset dispositions and asset acquisitions. And we believe that ROCE is the leading indicator for increasing total shareholder return." — Phillips 66 CEO Mark Lashier, Wolfe Refining Conference, March 6, 2025"

"We’ll also continue to improve gross margins. The Company’s current gross margin is about 52%. We can earn a higher total company margin by achieving best-in-class margins in more categories and business units. Based on industry benchmarking, we believe that only about half of P&G businesses have gross margins better than their competitive peer set. As we get more of our businesses to best-in-class levels, we’ll increase our total company margin. — A.G. Lafley, Former CEO 2007 Annual Report"

"[Over] the last 10 years, our [Return on Capital Employed (ROCE)] has been higher than our refining or midstream peer sets. And we absolutely believe and are committed to ROCE as a key metric because we believe that we can accrete ROCE through disciplined investments, through disciplined asset dispositions and asset acquisitions. And we believe that ROCE is the leading indicator for increasing total shareholder return. — Phillips 66 CEO Mark Lashier, Wolfe Refining Conference, March 6, 2025"

"“I am a former employee. Left on good terms with the company. But the frustrations I had with the lack of communication and infrastructure had me shaking my head often. With more than 20 years in the restaurant industry, I was quite taken aback to learn that my two supervisors - a direct, and a vice president - had NO restaurant experience. And these were the people "leading the charge." It provided a lot of frustration to both me and my peers” — Former Buffalo Wild Wings Employee, 4/11/17"

""Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past three years in both reliability, unit cost and profitability." — Scotiabank, June 30, 2023; "Marathon has been our top refining pick since initiating on the group in June 2022. Shares have led peers, driven by cost/commercial improvements and peer (and energy sector) leading capital returns, funded by strong refining margins and Speedway divestiture proceeds." — BMO, November 30, 2023"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability... — Scotiabank, June 30, 2023; Marathon has been our top refining pick since initiating on the group in June 2022. Shares have led peers, driven by cost/ commercial improvements and peer (and energy sector) leading capital returns, funded by strong refining margins and Speedway divestiture proceeds. — BMO, November 30, 2023"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability... — Scotiabank, June 30, 2023; Marathon has been our top refining pick since initiating on the group in June 2022. Shares have led peers, driven by cost/ commercial improvements and peer (and energy sector) leading capital returns, funded by strong refining margins and Speedway divestiture proceeds. — BMO, November 30, 2023"

""...in 2019, you laid out a similar cost-cutting program, and it actually looks like costs increased over that period on an absolute basis, stripping out energy and maintenance costs on a per unit - on a per barrel basis and relative to peers. So to instill some confidence maybe in this program that you're about to embark on, can you discuss maybe what went wrong in that 2019 to 2022 program and how you expect to maybe not incur those same issues?" — Cowen, November 2022"

"“...in 2019, you laid out a similar cost-cutting program, and it actually looks like costs increased over that period on an absolute basis, stripping out energy and maintenance costs on a per unit - on a per barrel basis and relative to peers. So to instill some confidence maybe in this program that you're about to embark on, can you discuss maybe what went wrong in that 2019 to 2022 program and how you expect to maybe not incur those same issues?” — Cowen, November 2022"

"“Phillips 66 has been pursuing a strategy for many years that emphasizes and grows midstream assets alongside its refining business, despite evidence that this structure isn’t delivering value for shareholders relative to the company’s more streamlined peers. A stronger board would have questioned why these disparate businesses – which trade at different multiples, trapping shareholder value and diluting management focus – belong together.” — Gregory Goff"

""As a leading integrated downstream energy provider with differentiated but complementary assets in highly attractive markets, we deliver consistent and compelling value for shareholders throughout economic and commodity cycles." — Phillips 66 Management, Phillips66Delivers.com; "[We're] having less volatility than refining peers when refining margins flex to the downside, so we get the best of both worlds." — Phillips 66 CEO Mark Lashier, March 6, 2025"

"“Phillips 66 has been pursuing a strategy for many years that emphasizes and grows midstream assets alongside its refining business, despite evidence that this structure isn’t delivering value for shareholders relative to the company’s more streamlined peers. A stronger board would have questioned why these disparate businesses – which trade at different multiples, trapping shareholder value and diluting management focus – belong together.” — Greg Goff"

"“while the Company’s Total Shareholder Return performance continues to significantly trail its GICS group, CEO pay is above the ISS selected peer median.” — ISS; “Overall, the Company PAID MORE than its peers, BUT PERFORMED WORSE than its peers.” — Glass Lewis; “shareholders should be deeply concerned with the compensation committee’s sustained failure in this area.” — Glass Lewis; “…we question her continued service on ANY public Board” — Glass Lewis"

"“...we believe a peer group should range from 0.5 to 2 times the market capitalization of the Company. In this case, Glass Lewis has identified 16 peers outside this range, which represents approximately 80% of the peer group.” — 2011 Glass Lewis proxy paper on AOL; “Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay.” — 2011 Glass Lewis proxy paper on AOL"

"In a somewhat surprising tactic, PSX management talked down the potential SOTP upside (i.e.. [stating that the Company is] fairly valued), with ~1.0x multiple market premium vs. peers reflective of some of that value capture... [PSX considers the] potential uplift would be further reduced by meaningful compression on the "remainco", with the stand-alone Refining business closer to a 5.0x EBITDA business... — Piper Sandler, March 2025"

"“In a somewhat surprising tactic, PSX management talked down the potential SOTP upside (i.e.. [stating that the Company is] fairly valued), with ~1.0x multiple market premium vs. peers reflective of some of that value capture… [PSX considers the] potential uplift would be further reduced by meaningful compression on the “remainco”, with the stand-alone Refining business closer to a 5.0x EBITDA business…” — Piper Sandler, March 2025"

"Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay. In general, we believe a peer group should range from 0.5 to 2 times the market capitalization of the Company. In this case, Glass Lewis has identified 10 peers outside of this range, which represents approximately 62.5% of the peer group. — Glass Lewis, Hess Proxy Paper 2011"

""We believe the new BDC (ACAP) will have inferior returns relative to peers because it has lower asset yields and a higher cost structure. As a result we believe this investment will continue to trade at a deep discount to its book value" — KBW Research Note, November 9, 2015; "We apply an 80% book value multiple to the net assets of American Capital Income" — Cantor Fitzgerald Research Note, November 9, 2015"

"“Vote AGAINST the Compensation Committee members for approving executive employment agreements that contain egregious pay practices and problematic pay-for-failure risks.” — ISS 2009 Report on Motorola; “Motorola’s executive compensation received an F grade.... Overall, the Company paid significantly more than its peers but performed significantly worse than its peers.” — Glass Lewis 2009 Report on Motorola"

""ISS' quantitative analysis indicates that CEO pay significantly outranked peer companies within similar sector and size ranges, while 1- and 3-year TSRs were at or near the bottom ranking of the same peer group. Specifically, relative TSR performance has been at the lower end of the bottom quartile of peers while CEO pay has been in the top quartile." — ISS Proxy Advisory Services, Hess Core Report 2012"

""We put a lot of their pumps in our systems. So it makes a lot of sense. They are a very complementary company with what we do with water. They've always been viewed as a peer of ours because we both operate in the water treatment segment or the water segment as a whole. But never as a competitor of ours, more of a partner." — Evoqua CEO Keating, Pittsburgh Business Journal, Jan 23, 2023"

"Elliott Investment Management has won support from a prominent Phillips 66 investor for its campaign to replace some of the oil refiner's board members. Gregory Goff said...that Phillips 66's pursuit of midstream assets alongside its refining business has failed to deliver shareholder value relative to more streamlined peers. — The Wall Street Journal"

"“The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers. We need a renewed focus on stewarding these assets while exploring the most accretive mechanisms to realize value from the midstream portfolio.” — Michael Heim"

"The midstream portfolio is made up of high-quality assets – these assets are just not getting the level of attention or capital allocation required to compete against peers. We need a renewed focus on stewarding these assets while exploring the most accretive mechanisms to realize value from the midstream portfolio. — Mr. Heim"

""If you look at our TSR performance since July of 2022, when I moved into the CEO position, TSR has been something like 66%, 65%, again, higher than the basket of our refining peers, higher than the S&P Energy Index as well. And so all of those metrics are firm and indisputable." — Phillips 66 CEO Mark Lashier, March 18, 2025"

"“If you look at our TSR performance since July of 2022, when I moved into the CEO position, TSR has been something like 66%, 65%, again, higher than the basket of our refining peers, higher than the S&P Energy Index as well. And so all of those metrics are firm and indisputable.” — Phillips 66 CEO Mark Lashier, March 18, 2025"

""If you look at our TSR performance since July of 2022, when I moved into the CEO position, TSR has been something like 66%, 65%, again, higher than the basket of our refining peers, higher than the S&P Energy Index as well. And so all of those metrics are firm and indisputable." — Phillips 66 CEO Mark Lashier, March 18, 2025"

"If you look at our TSR performance since July of 2022, when I moved into the CEO position, TSR has been something like 66%, 65%, again, higher than the basket of our refining peers, higher than the S&P Energy Index as well. And so all of those metrics are firm and indisputable. — Phillips 66 CEO Mark Lashier, March 18, 2025"

"“Our investment thesis is simple, we are a team of operators and we’ll build lasting shareholder value through consistent NOI growth” — CEO (BRX first earnings call). “10th consecutive quarter of SS NOI growth in excess of 3.5%. “No other sector peer can make this statement”” — CEO (4Q14 earnings call)."

"On the sales side, I want to talk about sales and talk about our leasing activity and our leasing spread... The moods of the retailers, and you've heard this on the other conference calls with our peers, is improving dramatically. — Art Coppola, Chairman & CEO of Macerich, November 5, 2009"

"I would have to go through at least five layers [at Bristol-Myers], whereas I would have to go through three layers at a different company to do the same thing. This would result in the same process taking 4-6 months at Bristol versus 1-2 months at [peers]. — Former Bristol-Myers Executive"

"We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025"

"We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025"

"We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025"

"The other large cap public midstream companies would all have an eye on Phillips 66’s midstream business if it were for sale. Given how underperforming the business has been, all the peers would know that $4 billion of EBITDA could easily be turned into $5 billion or more. — Michael Heim"

"We aren't going to give you a specific margin target, but it should result in between 100 to 150 bps of margin improvement annually on the pathway to narrow the margin gap with peers and deliver industry competitive margins. — CEO Alan Shaw, Q4 2023 Earnings Call, Jan. 26, 2024"

"There were 298 blood cultures included in the study, and the Accelerate Pheno system provided a definitive identification result in 218 instances (73.2%). The Accelerate Pheno system provided a definitive and correct result for 173 runs (58.1%). — Peer-reviewed article"

""[PCC] generally leverages superb execution for market share gains through pricing strategies and long-term contracts. We believe [PCC] is one of the best operators in our space, as operating margins are generally above peer companies." — Bank of America, June 4, 2014"

"HGV is trading at a material discount to its closest peer, Marriott Vacations Worldwide Corp. (NYSE: VAC) ("VAC"), based on 2022 EBITDA, whereas HGV historically traded at a comparable multiple to VAC. — HGV's Response to 4.20.21 Land & Buildings statement"

"“made Sinch the largest independent voice network in the United States. Inteliquent is one of the major backbones of any voice calling provider in the US and is also trusted by the major US mobile operators to power their peer-to-peer calling.” — Sinch"

"“Despite’s Crown’s massive investment in fiber and small cells, which we acknowledge are less attractive relative to towers, we view the company’s underlying domestic macro business as under-appreciated relative to peers.” — JPMorgan, November 2019"

""I’ve heard it said that there’s a belief that maybe the assets are old and tired. And I don’t buy that argument. Phillips 66 refineries are every bit as good as [those of its peers], Valero and Marathon." — Brian Coffman, Streamline 66 Podcast"

"I’ve heard it said that there’s a belief that maybe the assets are old and tired. And I don’t buy that argument. Phillips 66 refineries are every bit as good as [those of its peers], Valero and Marathon. — Brian Coffman, Streamline 66 Podcast"

"We use modestly above-peer multiples of 12.5x and 7.6x for each of XPO's respective parts in recognition of organic growth opportunities in a diverse number of large markets bolstered by high-quality management — JP Morgan"

""Anadarko, perhaps Hess' most comparable peer..." — Wood Mackenzie (September 2012); "In particular, we believe Noble Energy provides the most appropriate benchmark..." — Bank of America Merrill Lynch (April 1, 2013)"

"The New Peer Group Index is a self-constructed peer group consisting of companies in the consumer products industry with comparable revenues and market capitalization — Prestige Consumer Healthcare Inc. Filings"

"Within Keisei’s peer group, “Adjusted PBR” has been recognised as an appropriate metric for capital efficiency, with Seibu Holdings MTP transparency having been endorsed by the TSE — Palliser Capital"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability. — Scotiabank, June 30, 2023"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability. — Scotiabank, June 30, 2023"

"Under CEO Mike Hennigan, MPC has shown the most visible improvement among their peers over the past 3 years in both reliability, unit cost and profitability. — Scotiabank, June 30, 2023"

"AOL's existing peer group, which serves as the foundation for benchmarking executive compensation, consists of companies that are too large. — Independent compensation consulting firm"

"AOL's existing peer group, which serves as the foundation for benchmarking executive compensation, consists of companies that are too large — Independent compensation consulting firm."

"“Shareholders need to be satisfied that the peer group is appropriate and not cherry-picked for the purpose of justifying or inflating pay.” — Glass Lewis 2011 proxy paper on AOL"

"Huntsman has received an “F” from Glass Lewis on executive compensation for two consecutive years as pay was more than its Proxy Peers, notwithstanding poor relative performance"

""[We're] having less volatility than refining peers when refining margins flex to the downside, so we get the best of both worlds." — Phillips 66 CEO Mark Lashier, March 6, 2025"

""[We're] having less volatility than refining peers when refining margins flex to the downside, so we get the best of both worlds." — Phillips 66 CEO Mark Lashier, March 6, 2025"

"“retail is evolving, and no one knows exactly where the transition will take it” — Taubman; “strong demand for our real estate from a wide and growing area of tenants” — Peers"

"We[re] having less volatility than refining peers when refining margins flex to the downside, so we get the best of both worlds. — Phillips 66 CEO Mark Lashier, March 6, 2025"

"Since our CEO transition, we have consistently outperformed what an investor could have earned by buying a synthetic basket of our segment peers. — Company Proxy Materials"