Callouts & quotes from 108+ activist slides

"What they're testing is a single-layer lithium anode battery at 45C, and that's important because 45C is not room temperature. As you can guess, there are some benefits to going higher in the temperature. The battery performs more favorably. It also can discharge and recharge more favorably at 45C versus room temperature...what is going to get the battery to that temperature? Are they putting a heater or something in the car in order to provide that? — Former R&D employee"

""it has been done in Europe for 20 years...over the last two years, Vanderbilt was the pioneer in using this technique" — Transplant surgeon at Vanderbilt. "For each organ that you recover with TransMedics, it’s almost $100,000. NRP is $3,000, and with $3,000 you can recover the heart, lung, liver, kidney, and pancreas...so $3,000 versus $300,000 if you want to recover all the organs. TransMedics cost is ridiculously high." — Transplant surgeon at Vanderbilt."

""Net cash provided by operating activities was $15.7 million this quarter compared to $11 million net cash provided in the prior quarter and net cash provided by operating activities was $11.9 million in the year ago quarter. Increase in cash was mainly a result of improvement in net profit and a decrease in accounts receivable. For the year, we generated $33.4 million of cash from operating activities versus $6 million in 2017." — Q4'2018 Conference Call"

""So we talk about LTV to CAC, and you'll see that, that has actually improved in '22 versus '21, partly a function of cost of acquisition going down year-over-year. And as Caryn mentioned, as we have added to our network, both on the airport side and on the platform side, the network effect really drives unit economics. And so we don't see anything specifically in the horizon that would change the dynamics of the business." — CFO, Q4 2022, March 1, 2023"

""Relative to our coverage group, we think that PSX (a) has a strong portfolio of assets, (b) checks all of the boxes in terms of management quality and balanced capital allocation, and (c) has an increasingly compelling valuation versus both the majors and the refiners." — J.P. Morgan, October 30, 2018; "Furthermore, PSX's refinery assets are some of the best-in-class vs overall industry with a Nelson Complexity Index of 11.1." — UBS, January 26, 2021"

""The issue for us has always been the relative return of a U.S. small cell opportunity versus our ability to deploy capital primarily on the macro side in international markets. And when we've looked at that historically, the international opportunities have tended to present a more attractive and more compelling return opportunity, and that's guided our capital deployment decisions." — Senior Director of Investor Relations, American Tower, May 2018"

"Relative to our coverage group, we think that PSX (a) has a strong portfolio of assets, (b) checks all of the boxes in terms of management quality and balanced capital allocation, and (c) has an increasingly compelling valuation versus both the majors and the refiners. — J.P. Morgan, October 30, 2018; Furthermore, PSX’s refinery assets are some of the best-in-class vs overall industry with a Nelson Complexity Index of 11.1. — UBS, January 26, 2021"

"Furthermore, PSX’s refinery assets are some of the best-in-class vs overall industry with a Nelson Complexity Index of 11.1 — UBS, January 26, 2021; Relative to our coverage group, we think that PSX (a) has a strong portfolio of assets, (b) checks all of the boxes in terms of management quality and balanced capital allocation, and (c) has an increasingly compelling valuation versus both the majors and the refiners. — JP Morgan, October 30, 2018"

""So there are a lot of benefits of separation. It really does allow a level of focus and a level of scrutiny in specific areas that you might not have as part of a broader conglomerate. And furthermore, we really get to optimize things for us specifically versus a broader organization. And so part of the reason we're going to be able to expand margin are some of the benefits of becoming a stand-alone company." — GE HealthCare (January 9, 2024)"

"So pricing has essentially been flat for us. It's still a tough pricing environment. Although with leading -- many leading brands with a 50% share, we tend to be well positioned to put them in place if needed. So pricing, again, has tended to be pretty flat. In terms of market share versus private label, we continue to gain share and win, in general, as we have for a very long period of time. — Ron Lombardi, Q2 2020 Earnings Call"

"“when you ask questions...you get a bunch of roundabout answers...oh sorry, we mixed up that time zone because it was central times versus eastern time.” ... “if you mix up the time zones, I don’t know...it’s their team that racks up the price...all these added fees like a used car salesman...it’s not what we signed up for, nor is it what we need.” — Veteran transplant administrator/executive at Massachusetts General Hospital"

"So there are a lot of benefits of separation. It really does allow a level of focus and a level of scrutiny in specific areas that you might not have as part of a broader conglomerate. And furthermore, we really get to optimize things for us specifically versus a broader organization. And so part of the reason we're going to be able to expand margin are some of the benefits of becoming a stand-alone company. — GE HealthCare"

"“...We’re committed to four quarters of brand support. The fourth quarter we increased meaningfully our media investment versus previous year and we’re going to continue that in FY17” — Q4 '16 Earnings Call; “We’ve stepped up digital [advertising]. Why? Because it’s working, and we’re getting the returns, and we can see the returns both in volume and in sales and importantly, in terms of profit.” — August 2017 (Clorox)"

"The 2027 timeline is beyond optimistic...it's not credible. It will probably take at least 4 years for a license to be granted...especially with Oklo's record of not answering any questions. — Former NRC Commissioner; Unfortunately, advanced nuclear has a bad track record of putting out projections of when they think they're going to deploy a reactor versus when they actually do. — Former Oklo employee"

""For the fiscal year ended June 30, 2022 and June 30, 2021, a hypothetical 10% decrease in the value of the Canadian dollar, the British pound, the Euro, the Indian Rupee and the Swedish Krona versus the U.S. dollar would have resulted in a decrease in our total pre-tax earnings of approximately $12.8 million and $19.3 million, respectively." — Broadridge Financial Solutions, Inc. (SEC filings)"

"“Nevro cherry-picked the lowest hanging fruit at launch. They went to the 25 best places like New York, Los Angeles, Atlanta. They went to teaching institutions who are receptive to new stuff. It’s a lot easier to get from 0% to 15% share than from 15% to 30%. Zero to 3% is hard, 3% to 10% is easy, and after 15% it’s trying to grow in Buffalo versus New York City.” — Medtronic SCS executive"

"“They’re going for a cost win versus a quality one right off the bat. IDT’s pitch is more quality, a little bit more expensive, and is able to compete with Twist. There are customers that won’t sacrifice quality over cost because what they’re doing is extremely important in the syn-bio space and extremely well-funded in the academic market.” — Former employee now at a key competitor"

"If I had to pick one platform, say hybridoma versus Berkeley Lights, for our antibody discovery effort, I tend to be more comfortable with the hybridoma approach, just because it's more robust, it's more reliable. Some of the issues we often encounter are the reliability of the instrument, and we haven't really gotten good hits derived from Berkeley Lights. — Pfizer senior scientist"

"We saw an accelerating trend of new users as we ramped up our awareness efforts during the second half of the year and pharmacy insurance coverage continued to increase including an emerging trend of seeing Libre granted preferred co-pay status versus competitive systems due to its compelling overall value proposition. — Abbott 4Q FY18 Conference Call (Jan 23, 2019)"

"ATTR-ACT Showed that Tafamidis Significantly Reduced the Combination of All-cause Mortality and Cardiovascular-related Hospitalizations Data Showed a 30% Reduction in the Risk of Mortality and 32% Reduction in the Rate of Cardiovascular-related Hospitalizations with Tafamidis in People with Transthyretin Amyloid Cardiomyopathy versus Placebo — Pfizer Press Release"

"ATTR-ACT Showed that Tafamidis Significantly Reduced the Combination of All-cause Mortality and Cardiovascular-related Hospitalizations Data Showed a 30% Reduction in the Risk of Mortality and 32% Reduction in the Rate of Cardiovascular-related Hospitalizations with Tafamidis in People with Transthyretin Amyloid Cardiomyopathy versus Placebo — Pfizer Press Release"

""Helly Hansen's Canadian business grew at a remarkable 60% versus last year. Now this was our plan all along. Capitalizing on opportunities at SportChek and Mark's, as they built their inventory positions for key following winter seasons and introduce fantastic new displays and merchandise." — Allan MacDonald, EVP, Retail, Q3 2019 Call, November 7, 2019"

"As pediatric endocrinologists, we are familiar with the short-acting form of diazoxide...we have used that for quite some time...with congenital hyperinsulinism.... side effects that have been a concern...it mostly may present as a lymphedema versus congestive heart failure; hyperglycemia...we know that diazoxide causes it. — Pediatric endocrinologist"

"“... I'm sure it does add a little bit to it [cost] because if you're talking about retention call, you might be looking at an outbound call, maybe 15 minutes or something like that, 15 to 30 minutes versus an enrollment call is anywhere from 30 minutes to an hour so your cost should be a little bit lower on that front.” — EHTH Former Executive A."

""they [PCS] don't have any standing authority to designate one event versus another unless it's something in their contract says that's the case, but that would be unusual." — Reinsurance expert; "many of the homes [destroyed] are bespoke and high value, so it will take extra effort to understand designs and replacement costs." — BMS"

"Like driving cross country in first gear, pushing a glider with mosquito wings, and sending a carrier pigeon versus email. — Propulsion experts. You can't get anywhere fast with electric propulsion...using [electric propulsion] as part of rideshare? People talk about it, but no one uses it. — Launch broker."

""Stack it high and watch it fly" — Canadian Tire Dealer. "We had strong revenue performance in the quarter and while we were left with some excess inventory versus last year, the vast majority of that has been shipped to dealers in Q3." — Allan Angus MacDonald, EVP of Retail, Q2 2019 Call, August 8, 2019."

"“Margins will be the same because that is how they are managing the business. Net profit on legacy business may slowly shrink because as their costs come down, the total dollar or margin might shrink. 40% of a penny versus two pennies is just less money.” — Former Avery Dennison RFID Sales Manager"

"Nevro claims that the SENZA-RCT data showed ongoing, dramatic back and leg pain reduction at longer intervals of 12 and 24 months versus traditional low-frequency stimulators. A Nevro press release touted the paper's selection by the journal Neurosurgery as its “Top Pain Paper of the Year.”"

"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"

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

"I don’t think having another of the same product with other issues in terms of safety versus JAKAFI is really changing fundamentally the big picture, because the big picture is JAKAFI has probably the best profile in terms of safety, efficacy for the disease. — Incyte CEO"

"“just entirely unethical,” beginning when the NOP was established: “it’s a big reason why I decided to get out of the company”; “since they purchased aircraft, they were flying in nonlocal teams versus driving the local team.” — Former OCS Specialist who left recently"

"“Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500.” — 13D Monitor"

"Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.5% versus 14.8% for the S&P500. — 13D Monitor"

"Starboard's average return on a 13D filing is 28.9% (versus an average of 8.8% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 34.3% versus 13.1% for the S&P500. — 13D Monitor"

"Starboard’s average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 27.8% versus 8.4% for the S&P500. — 13D Monitor"

"Starboard's average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 27.8% versus 8.4% for the S&P500. — 13D Monitor"

"Starboard’s average return on a 13D filing is 22.3% (versus an average of 2.9% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 31.6% versus 1.5% for the S&P500. — 13D Monitor"

"Starboard’s average return on a 13D filing is 22.2% (versus an average of 5.0% for the S&P500 during the same time periods). However, when they have received a board seat, their average 13D return has been 27.8% versus 8.4% for the S&P500. — 13D Monitor"

"“we were afraid that they had bugged our Slack channel”; the article “picked up on all of the things that we were concerned about Ginkgo, about their grandiose claims” and “versus the reality of what we see day to day.” — Senior employee at Joyn Bio"

"Zebra describes its Chief Accounting Officer (“CAO”) as comfortable operating in “gray areas” and “willing to tailor accounting practices to business processes versus having to re-engineer business processes.” — Spruce Point Capital Management"

""In addition approximately $37 million of the increase is the result of taking ownership of inventory from China when it ships versus when it enters our distribution center here in the US." — Many Fields, ELF Q2 FY24 Earnings Call Nov. 1, 2023"

"Based on the synergy plan, we are confident that the combined entity will generate about a 24% operating margin by the end of this decade versus the 18.5% P&G delivered in fiscal 2004-5. — A.G. Lafley, CEO, Gillette M&A Presentation 10/3/05"

"According to Morgan Stanley research, historical list prices for the Deluxe, Premium, and Self-Employed Online SKUs rose at 15%, 17%, and 9% CAGRs from 2020 to 2024 versus just 7% for Live. — Morgan Stanley"

"“a change in certain vendor arrangements where we [ELF] now take ownership of inventory at shipment from China versus when it enters our U.S. distribution center.” — ELF Beauty, 2Q FY2024, 10-Q"

"Peltz or Trian involvement on boards resulted in TSR underperformance versus the S&P 500 in ~68% of cases. — VoteDisney.com, 02/28/24"

"Peltz or Trian involvement on boards resulted in TSR underperformance versus the S&P 500 in ~68% of cases. — VoteDisney.com, 02/28/24"