Callouts & quotes from 262+ activist slides

"According to Marcus & Millichap’s First Half 2014 Net-Leased Outlook, “Corporate-owned properties can change hands in the low-6 percent range, while franchisee-occupied restaurants will trade at first-year returns approximately 150 basis points higher.” — Marcus & Millichap"

"Through Our Capital Allocation and Financial Policy Review Process, We Have Established Key Principles to Determine Amounts and Process for Returning Excess Capital to Shareholders on an Ongoing Basis — Sotheby's Capital Allocation and Financial Policy Review, January 2014."

""HbA1c followed a similar pattern, being elevated at 26 Weeks (Change from Baseline mean±SD 0.19±0.50%) and returned nearly to baseline by 65 Weeks (Baseline mean±SD 5.547%±0.4069%; 65 weeks 5.572%±0.5103%)." — Phase 3 open-label study paper - Miller et al (2024), excerpt"

"“Since the CEO transition on November 1, 2015, our team has delivered total shareholder return (“TSR”) of 27%...the weighted average return of the companies where Mr. Peltz serves as a Board member has been only 8%” — Letter From David Taylor to Shareholders, 8/14/17"

"Improved the Company’s financial health by driving companywide efforts to improve profit margins, reduce debt, secure credit rating, and increase return on capital, positioning the Company to take advantage of future growth opportunities — DuPont 2014 proxy statement"

"Bloomberg recently highlighted how three Third Point activist investments (Yahoo!, CF Industries, Murphy Oil) delivered returns for public shareholders that beat the S&P 500 in an article entitled, "Activist Investors are Good for the Stock Price" — Bloomberg"

"Over the long term, margin is really not the best measure of our profitability due to that raw material volatility. We think a more appropriate measure of our progress is return on invested capital. — Laura Thompson, Former CFO, Goodyear’s 2016 Investor Day"

"“Hess has an interesting set of assets that have not yielded competitive shareholder returns over time. And they ought to. Working with the Board to refocus Hess in order to deliver returns to shareholders represents an exciting opportunity.” — Harvey Golub"

"“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"

"We derive 59.8% from two figures. An expert in structuring renewable investments described the Tax Equity Partner's benefit to us as an ITC of 30% of project value and 14% in the form of depreciation, combined with a typical ~8% cash return. — Footnote 66"

""[T]he best way to improve the returns attainable by savers was to do what the Fed actually did: keep rates low...so that the economy could recover and more quickly reach the point of producing healthier investment returns." — Ben Bernanke, March 30, 2015"

"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"

"Quantumscape incubated at @khoslaventures with 5 time CEO and EIR Jagdeep Singh. Took patient 10yrs to deep technology, bold first product risk but can return the fund and make huge dent in EV consumer experience (2x range, 15min charge)! — Vinod Khosla"

"“..there will be times when CLR may outspend its internally generated cash flow. However, so long as it is earning the returns on investment in the incremental barrel produced by these borrowings... this should be of minor concern.” — Moody's March 2012"

"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"

"..there will be times when CLR may outspend its internally generated cash flow. However, so long as it is earning the returns on investment in the incremental barrel produced by these borrowings... this should be of minor concern. — Moody's March 2012"

"“...InternationalCo would be forced to assume all of Hess' existing debt and therefore restrict InternationalCo's financial flexibility, future growth rate, and ability to return cash to shareholders.” — Hess Presentation to Shareholders March 2013"

""We'll find the right way to deploy our shareholders' capital because in the end that's why we're all here, [is] to make sure that our shareholders get a fair risk and return from the money we deploy for them" — CEO Gus Kelly, Q2 2014 Earnings Call"

"“Longitudinal mean fasting glucose (FG) and HbA1c increased slightly over the initial 6-9 months but stabilized or returned to near-baseline levels upon continued DCCR dosing (Figure 1 and Figure 2)” — Gevers, Miller et al (May 16, 2024 poster)."

"Longitudinal mean fasting glucose (FG) and HbA1c increased slightly over the initial 6-9 months but stabilized or returned to near-baseline levels upon continued DCCR dosing (Figure 1 and Figure 2). — May 16, 2024 poster by Gevers, Miller et al"

"Phillips 66’s (NYSE: PSX) CEOs reaped an eye-popping $140M from 2020-2024—despite ongoing stock and operating underperformance and missed cost targets. Why are shareholders footing the bill for big CEO paydays in the face of lackluster returns?"

"According to Disney, “over the last 5 years, return on invested capital has nearly doubled in [its] domestic parks and [it has] seen sizable increases over that same time frame across the total Experiences portfolio.” — The Walt Disney Company"

"A WFG agent by the name of (b)(6) tricked me into investing $65,000 cash and told me it would be an investment for my future. He tried to sell me life insurance. He has not returned my money and is now disappeared. This was my life savings."

"Corporate-owned properties can change hands in the low-6 percent range, while franchisee-occupied restaurants will trade at first-year returns approximately 150 basis points higher. — Marcus & Millichap’s First Half 2014 Net-Leased Outlook"

""To meet our clients' needs, we believe the companies we invest in should similarly be focused on achieving sustainable returns over the longer term. Good corporate governance is critical to that goal" — CEO Larry Fink, 2014 Letter to CEOs"

""To meet our clients' needs, we believe the companies we invest in should similarly be focused on achieving sustainable returns over the longer term. Good corporate governance is critical to that goal" — CEO Larry Fink, 2014 Letter to CEOs"

"As a general long-term guideline, we expect to retain roughly half of our free cash flow... to support the growth of our business... and return the other half to our shareholders through share repurchases and dividends. — FY 2015 20-F"

"Note: Mettler does not disclose interest income in its consolidated results, making it difficult to sanity check returns on cash. The last time it disclosed interest income was in 1998, right before current auditor PwC took control(1)"

"Note: Mettler does not disclose interest income in its consolidated results, making it difficult to sanity check returns on cash. The last time it disclosed interest income was in 1998, right before current auditor PwC took control(1)"

"Returning capital to shareholders remains a hallmark of DuPont. From 2009 to date, we returned more than $9 billion to shareholders through dividends, an increase of 12% during this period. — October 2014 Letter to Shareholders"

"Subsequent to the formation of the Joint venture the Company purchased £20,000,000 of Intellectual property from the IQE plc Group in return for 8,000,000 of A preference shares and £12,000,000 of cash. — CSC’s 2016 AR, p. 32"

"The quick headlines are $3 billion of segment operating income by 2020, and free cash flow generation of up to $5 billion for shareholder return programs and debt repayment. — Richard Kramer, CEO of Goodyear (September 2016)"

"Mr. Ströer, did you, as per publicly accessible records such as those dated May 29, 2013, transfer 2.8 million shares in our company to the Sambara Foundation without receiving any payment in return? — Shareholder at AGM"

"“...Spin-Offs (tracked through the Bloomberg US Spin-Off Index) have generated a 64% price return vs. 20% for the S&P 500 over the last five years (+26% vs. +17%, year-to-date)” — Goldman Sachs, SOTP Handbook, 5/23/2013"

"We have no Business Tangible Property or M&T Returns for Iperionx or any of its Subsidiaries for 2023, 2024 or 2025. We have a personal property bill for vehicles For 2024 and 2025. — Halifax County, VA FOIA Response"

"We have no Business Tangible Property or M&T Returns for Iperionx or any of its Subsidiaries for 2023, 2024 or 2025. We have a personal property bill for vehicles For 2024 and 2025. — Halifax County, VA FOIA Response"

"“...The key to [profitable growth] will be [that] we will be able to live within our means and deliver, I think, very attractive financial returns on a going forward basis as I said.” — John Hess, Chairman & CEO Hess"

""Elliott has a good case.... Investor returns under Chief Executive [Dr.] Klaus Kleinfeld, who took over at Alcoa in 2008 and now runs Arconic, have been poor." — Robert Cyran, Reuters Breakingviews, February 1, 2017"

""We need to make sure that this business is also a competitive business which achieves on the long-term, higher than cost of capital returns, which we will be able to achieve." — Dr. Klaus Kleinfeld, January 11, 2010"

""But at the end of the day, I think investors usually, and appropriately so, try to determine whether the company can generate higher returns than the synthetic alternative(1)." — Doug Terreson, Phillips 66 Director"

"The Company accrues for estimated sales returns based on historical results. The allowance for sales returns at December 28, 2023 and December 29, 2022, was $27.4 million and $33.3 million, respectively. — 2023 10-K"

""But at the end of the day, I think investors usually, and appropriately so, try to determine whether the company can generate higher returns than the synthetic alternative(1)." — Doug Terreson, Phillips 66 Director"

""We achieved our shareholder distribution target, returning $13.6 billion to shareholders through dividends and share repurchases from July 2022 through year-end 2024." — Phillips 66 CEO Mark Lashier, April 7, 2025"

""We achieved our shareholder distribution target, returning $13.6 billion to shareholders through dividends and share repurchases from July 2022 through year-end 2024." — Phillips 66 CEO Mark Lashier, April 7, 2025"

""The most important part of our financial strategy is, obviously, ultimately, we want to build a company to have a business that delivers first quartile financial shareholder returns" — John Hess, September 2011"

"It was really about getting a very long-term, value-added shareholder around the table, a nine-figure investor that is at the Board, really, really focused on shareholder returns. — CEO Aaron Levie, April 2021"

"“over the last 5 years, return on invested capital has nearly doubled in [its] domestic parks and [it has] seen sizable increases over that same time frame across the total Experiences portfolio.” — Disney"

"We said to our investors, in return for the privilege of having slightly lower but stable margins, you should expect some very strong, industry-leading revenue growth. — Cognizant, September 2015"

"As you'd expect, we pay a higher designer. Now they have a much higher ticket, better gross margin, better customer interaction, so you get a good return on those investments. — CFO Lang, Q3 2022"

"In 1988, Fortune magazine ranked Triangle Industries as the best performer among all Fortune 500 industrial metal products companies based on "Total Return to Investors" over the previous decade"

"In 1988, Fortune magazine ranked Triangle Industries as the best performer among all Fortune 500 industrial metal products companies based on "Total Return to Investors" over the previous decade"

"We certify that the information given in this Return (including 1 pages of Continuation Sheets and 1 pages of Schedules) is true to the best of our knowledge and belief. — Annual Return"

"holistically, this portfolio provides a platform for balanced growth, margin and return improvement...all of which leads to top-tier total shareholder return — PepsiCo Management"

"According to leading auto industry research provider, Cox Automotive, it may be several more years before the number of used car sales returns to pre-pandemic levels."

"Despite its operational challenges and abysmal shareholder returns, Avantor continues to have significant strategic value, well in excess of current trading prices."

"Presently, investors are not convinced that the company can return to its former glory based on how the stock has been trading of late. — Deutsche Bank, April 2024"