Callouts & quotes from 10,384+ activist slides

"[Y]ou can see as you move to the right, national accounts spaces for clients with employees over 1,000. We have about a little over $2 billion of revenue in that space and 4,000 clients. — Chris Reidy, CFO; And so this business -- our upmarket business is a little less than 20% of our overall [ES] revenues. So just to kind of put things in context. And it's 2,000 to 3,000 clients. — Carlos Rodriguez, CEO"

"“For the lithium-ion cells, the y-axis labeling here doesn't say depth of discharge. It says "discharge energy percentage." So, all of these axis definitions need to be clearly defined. They don't follow any protocols that are commonly adopted in the field. What does discharge energy percentage mean? What's the denominator? What's on top? And how is this comparison made?” — Solid-state battery researcher"

""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"

"“...It [ANTA] has the final say on the human, on the subsidiaries and also final say on, I think the HR to how to say this. Three positions in the subsidiary have to be picked by the Anta group. One is the HR manager and one is the finance manager and that is really important to the Anta group, and also they can be, they have the final say also on the general manager and also the top management.” — Mr. A"

""We have no intention to fill Steve's job at this point," Axelrod said in a telephone interview this morning. "I'll take the time to review the organizational structure to determine our needs to grow from a $2 billion company to a $4 billion one within two to three years, and so Steve's job may or may not be filled. We are certainly not going to fill it today." — Axelrod, Home Textiles Today, Feb 5, 2003"

""in terms of the numbers, it's less material. So, that's why we didn't refer to it. It's relatively a small company at this stage, but we believe that together with the breadth of the customers' opportunity that we have that we acquired through Vubiquity now, the opportunity is significant moving forward to create those synergies. But it will take some time naturally." — Tamar Rapaport-Dagim, CFO, Amdocs"

""The Board of Directors shall have the exclusive power and authority to administer, interpret and apply this Agreement...All such actions, calculations, interpretations and determinations done or made by the Board of Directors in good faith shall (i) be final, conclusive and binding...and (ii) not subject any member of the Board of Directors to any liability to the holder of Rights" — HMA 8K May 24, 2013"

"Adnan Al-Kaisy said he had switched over to Nevro and then he started seeing what you've noted. He had seen 20 to 30 patients with no sustained benefit. He was seeing explants. So he started spreading his business around. He didn't bash Nevro completely. But he's gotten to a point where he thinks other devices like Boston Scientific are a better option. — KOL and key player in the SENZA-RCT pivotal trial"

"“nearly impossible to use”; “it has a lot more side effects”; “you have to repeatedly dose it during the day at these high levels and put the person at significant risk...DCCR was designed to get around these problems...allows us to not only have a better safety profile but also allows us to have efficacy with doses that are half to a third of what can be used with diazoxide today.” — CEO Anish Bhatnagar"

""For a lot of our clients, we saw they were willing to cut our price by almost half in order to get the brand names." — Former NuORDER Account Executive. "When we were developing multiple languages, we came across issues with translation and data implementation." — Former NuORDER Account Executive. "Instead of releasing ahead of the market, you are chasing the market." — Former NuORDER Account Executive."

""The FTC settlement is an acknowledgment that our business model is sound and underscores our confidence in our ability to move forward successfully, otherwise we would not have agreed to these terms." — Michael O. Johnson, chairman & CEO, Herbalife. "The terms of the settlement in no way change our business model as a direct selling company but simply build upon current procedures." — Michael O. Johnson"

"“At the center of our strategy is really this agent platform, the Data Vault, which allows you to experience data, view data, see data from all of its sources, taking in data in a Web 3 format where all Web 2 formats such as video and telecom and things that were not traditional data sources are able to be seen, viewed and experience within the Data Vault.” — M&A Call 5/20/25, DVLT CEO, Nathaniel Bradley"

"“Lies and fraud. In a sense, I understand why they choose such strong words.” — Former senior scientific employee of IonQ; “What I think people feel, is that the leadership has been blinded by money, maybe. This is the speculation between some of us. And what they're basically building is just a gigantic house of cards...everybody knows it's fake essentially.” — Former senior scientific employee of IonQ"

""We do have a plan to start working down some of our inventory through the back half of the year. It's nothing dramatic. It's going to take place over the next 6 months on a very gradual basis." — CFO Rowland, Q2 2022. "So we have really good insight into the inventory. The levels are healthy and normalizing and they're not sitting on any excess inventory -- is reported back to us." — COO Pine, Q4 2022."

"“Third Point was the largest pre-transaction shareholder at ~60 million shares and the architect of the 2012 Board reorganization (which we continue to applaud),” and, later, “With its 2012 reorganization, Third Point brought a shareholder advocate and adult supervision to the table.” — Gabelli & Co. report; “These were good directors, and they were part of needed change at Yahoo!.” — The New York Times"

""The rumors are true! Dropbox has acquired stealth collaboration startup Cove for its talent, namely the brilliant engineering duo and couple Aditya Agarwal and Ruchi Sanghvi." — Tech Crunch. "It's important for us to integrate deeply into a variety of different experiences, as we transition to Dropbox not being just an app on your phone. Our ambitions are much larger than file-sharing," — Drew Houston."

"Our primary competitors include EmbanetCompass and Deltak, which were acquired in 2012 by Pearson and John Wiley & Sons, respectively, both of which are large education and publishing companies. There are also several new and existing vendors providing some or all of the services we provide to other segments of the education market, and these vendors may pursue the institutions we target. — S-1 offering"

"“Electra signed an agreement For the construction of an office campus for the Amdocs Israel company in Israel, the activities of Amdocs Israel's employees will be concentrated in the center. The campus will include 4 offices, development areas and 3 underground floors. The total expected consideration in respect of the execution of these projects is NIS 330 million” — Google Translate (from TASE filing)"

"they had big trouble with the light source; they were struggling because of the short lifespan and then it needed replacement and after replacement they needed one month to tune the light source...so the tool was only available for maybe 60% or 70%...customers needed to buy more equipment than they originally planned to cover their requirements. — Longtime semiconductor industry executive based in Japan"

"“And we also have a large number of members who are quite long in the tooth who were very jaundiced shall we say about BHP’s ability to pick mergers and acquisitions over the years. We’ve seen a lot of essentially investments wasted and many of the members think that we could invest better than you guys…” — Australian Shareholders’ Association Member at BHP’s Retail Shareholder Presentation, May 4, 2017"

""Capital expenditures were $190 million for the year ended December 31, 2019 compared to $169 million in the year ended December 31, 2018. The increase in capital expenditures is primarily driven by increased investment to drive growth and improve cost productivity. Free Cash Flow in 2020 is expected to be approximately $350 million, with capital expenditures of approximately $200 million." — Sealed Air"

"No, it's a great question. So here's kind of how I roughly look at it. Active subscriptions leads me to look to retention and market share... And so months under subscription gives me a little snapshot there to say are we meeting that mission of having long-term proximity being closest to the veterinarian. And so that's how I look at that metric and that's a key success metric. — Kevin Wilson, Heska CEO"

"Beyond the impact of a large project sales in New England in the first quarter of last year, we orchestrated a managed reduction of new sales activity in Southern California and Tampa. Our actions in Southern California were intended to reduce risk while we transition management and stabilize the operation, similar to the plan we executed successfully in the Mid-Atlantic operation. — Q1'20 Earnings Call"

"Correct. Unfortunately, that's not uncommon. Take a look at the weight loss drugs Contrave and Qsymia which have generics. And we do that all the time for patients for weight loss and we just put them on the generic, and it cost them almost nothing as opposed to — it's nowhere near what Vykat cost, but it's the same idea. I'm very, very familiar with that. — Endocrinologist based in NYC, 15 PWS patients"

"According to Confidential Witness No. 1, a number of high-ranking Amdocs employees in the United States and Israel--including Gelman and Daunov, Division Presidents Shaul Ganel and Dani Keret, Division Vice President Richard Norris, and Vice President of Sales, North America, Joshua Behar--were involved in a scheme to overstate Amdocs' backlog by 30-50%, with successive quarters increasingly overstated."

""Boustead Securities, rightly so, insisted on lockups for all the existing shareholders and the option holders and warrant holders, et cetera. There were a few people released from their lockups. But we still have, I believe it's in excess of 95, 96 percent of the entire pre-IPO group of shareholders that are locked up for a minimum of six months and more likely for closer to a year." — Mr. Menerey, CFO"

"With regards to what bookmakers spend with data providers, here is what a sportsbook will pay as a revenue share. The only way to reach 5% of GGR is for Genius to fully trade for the sportsbook (this is called outsourced trading services and is a tiny part of GSG's business). My sportsbook and every other one would never outsource their trading to Genius and not pay 5% of GGR. — Betting Industry Expert"

"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"

"As the in-vehicle devices do not have value to the customer on a standalone basis, the delivery or installation of the in-vehicle devices does not represent the culmination of a separate earning process associated with the payment of the up-front fee. Accordingly, we record the amount of the up-front fee as deferred revenue upon invoicing and recognize that amount as revenue ratably. — Fleetmatics 10-K"

"Es wird hierdurch gemäß § 40 Abs. 2 Satz 2 GmbHG bescheinigt, dass die geänderten Eintragungen in der Liste der Gesellschafter den Veränderungen entsprechen, an denen ich in meiner Eigenschaft als Notar mitgewirkt habe (UR. Nr. MS 236/2015 vom 4. November 2015) und die übrigen Eintragungen mit dem Inhalt der zuletzt im Handelsregister aufgenommenen Liste übereinstimmen. — Dr. Matthias Santelmann, Notar"

""It's more about the demographics and the out migration and the location and being nonurban that drive our decision-making" — HMA CFO, July 24, 2012 Earnings Call; "Increases in uninsured outpatient and emergency room volumes, and decreases in the collection of deductibles and co-pays impacted bad debt expense, particularly at hospitals recently acquired" — HMA 1Q13 pre-release announcement, April 2013"

""Reps will hammer patients with questions... According to my patients that have a Nevro trial, they'll get on average of ten calls over the course of two days." — KOL; "Nevro was strict on patient selection early on then they started recommending their device for everything. They overshot... There's pressure on them. They have to generate X number of patients. The industry is not well regulated." — KOL"

"The fact that I didn't want to really work with TransMedics anymore is due to their not respecting the professional judgment of the surgeon and pushing for stuff that might not be reasonable or safe from the perspective of a transplant surgeon. They don't want you to give professional judgments. They want you to do the job, that's it. — Transplant procurement surgeon previously working with TransMedics"

""It is because and Square give free hardware. Lightspeed is going to have to change, and they are going to have to give away free hardware. They are still using printers that haven't changed in the last two and a half decades. When you look at the decrease in software ARPU and take into account the negative margin on the hardware, ARPU as a whole has dropped significantly." — Former Lightspeed Employee"

"The consolidated financial statements for Qutoutiao are prepared in accordance with U.S. GAAP. Dianguan and Jifen are both wholly owned subsidiaries of Qutoutiao and any internal transactions between the two are fully eliminated upon consolidation. It is incorrect to simply sum up the accounts of subsidiaries on a standalone basis and draw comparisons with the consolidated statements. — Qutoutiao, Inc."

"The big thing is the light. For production, for productivity, and for economic considerations, KLA performs better than Lasertec in TSMC. So, that’s why I say already two-thirds of the business migrated from originally Lasertec to KLA already. I have to say Lasertec has continued to decrease their share in TSMC. — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC"

"In a Star story last fall, GFL president and CEO Patrick Dovigi said his company chose to be a good corporate citizen by cleaning up the mess left on farmer Ruco Braat's land... After pleading guilty last week, Earthworx and its director, Claudio Villa, were fined $84,500... for offences related to the deposit of soil contaminated with metals and organic compounds on the sheep farm. — The Toronto Star"

""Critics have said the updated logo is generic, with some saying it looks like a logo created by a first-year design student." — Advertising Age Magazine, March 17, 2014; "Olive Garden's new logo looks like a second-grader's cursive practice." — Howard Penney @HedgeyeHWP; "Is Olive Garden's New Logo as Wretched as Everyone Says? Criticism is as unlimited as the breadsticks...." — AdWeek, March 6, 2014"

""Investors have been overwhelmingly supportive of this campaign...I've been covering the [energy industry] for over 20 years, I've attended thousands of meetings with management teams. I've never had a management team suggest to me that their stock was fully valued. That just inherently highlights the disconnect between the investor mindset and the management." — Stacy Nieuwoudt, Streamline 66 Podcast"

"“Numerous commission [HK’s Commission on Strategic Development – One of the HK government’s most prominent] members who, in Fung’s words, ‘have the ear of senior officials’ are arguing that the HKD-USD peg should be floated shortly after the Chinese RMB surpasses the HKD in value.” — Internal US Treasury Memo, “Hong Kong Dollar Peg’s Future Under Consideration by Government Advisory Body” – April 2006"

""If in fact prescriptions exceeded the supply cap and lacked state authority, I believe the DEA administrator will revoke Truepill’s DEA registration," — Ronald Chapman II. "I think that the industry is a really good target for some pretty strict regulation. Thanks to Cerebral, when the DEA investigation finally concludes, I suspect that'll happen." — Spruce Point Interview With Former HIMS Executive."

"Operating systems dated — Glassdoor Review (Jun 18, 2019). Computer programs and processes are antiquated, Very little support when it comes to fixing system concerns — Glassdoor Review (Aug 13, 2018). Some growing pains but moving to SAP and in to a new building will help! — Glassdoor Review (May 4, 2017). Outdated computer programs, but SAP implementation has begun — Glassdoor Review (Apr 18, 2018)."

"“Okay, so the strategy started before, first of all, the strategy started before TSA Digital ID. The strategy for CLEAR to get TSA PreCheck goes way a long time ago when Congress actually required TSA to open that bid and accept more partners. So CLEAR's been in the running to accomplish this year after year after year with a reluctant TSA to allow it to do so as that evolved.” — Former CLEAR Employee"

""The company with the highest profits and the most repeat customers actually has high loyalty and uses almost no marketing fees in their business. This may be a bit idealistic, but if you have an intensively researched product that for example that once it’s out there can be used for a long time due to high loyalty, the marketing fees you need will actually be very small." — President Hasebe, 2023 AGM"

"“It’s a great question, at least when it comes to DCDs because really you only do NRP for DCDs, that has the potential to really eat into the overall volume for TransMedics. Personally, I feel quite confident that the outcomes are better with NRP than they are with OCS...NRP, I think, is better. And it’s obviously significantly cheaper.” — Transplant surgeon at a high-volume West Coast academic center"

"“one recurrent theme that I seem to be hearing about...is the reliability of these machines...while an organ is on a machine, things can go very, very wrong...I’ve seen maybe...10-20% have some sort of issue...if we had to discard an organ due to a machine error, that gets reported full stop...it’s take a very loud voice to do that...I don’t know if TransMedics has that.” — Medical director at OrganOx"

"As FMV of assets value goes up, politicians want to sell their assets for top dollar, but then the rate payers are stuffed with a bill that is ultimately high. The fatal flaw in FMV is through time the public gets frustrated with transactions that result in higher bills, and there is an incentive for the decision-makers to sell them regardless. So there’s this tension at play. — Former WTRG Executive"

""You have to meet with each plant manager and find out what their P&L is. Once you know that – then you have find out what the drivers of that P&L are. Ask them. They will know. If there is some sort of misalignment with those answers, and what we’re doing as an organization, give that plant manager some room to make tweaks that work for his/her actual plant." — Bernd Kessler, Nominee for New Arconic"

""We unified our dual listed company structure. In doing so, we removed a 10-20% discount on the 40% of the company that was primary listed in London, and it has made us simpler and leaner. Now, as flagged at the time, it has also made it more practical for BHP to pursue scrip-based acquisitions as we are now doing with our proposal for Anglo American." — Mike Henry, Chief Executive Officer, BHP Group"

"2010 Year End Call: “Going forward, we do anticipate year-over-year gross margin improvement, partly resulting from our focus in our manufacturing operating model.”; 2011 Year End Call: “For gross margins, we are calling for the underlying range to remain steady, with a subtle, favorable bias subject to the variations driven by currency, business mix and global operations investments” — Stryker Corp."

"Stockholders may use information about corporate mismanagement, waste, or wrongdoing in several ways. For example, they may “seek an audience with the board [or directors] to discuss proposed reform or, failing in that, they may prepare a stockholder resolution for the next annual meeting, or mount a proxy fight to elect new directors.” — Seinfeld, 909 A.2d at 119-20 (quoting Saito, 806 A.2d at 117)."

"If you speak to reps from other stim companies, they’ll tell you that Senza had all of that capability in there and just never used it. I met with [a key Nevro engineer] a few weeks ago to have him explain to me what’s in the guts of the Omnia and he admitted to me that a lot of its capabilities were there in the previous device but they never marketed it. — KOL and former high volume Nevro implanter"

""The real competition based on everything I know of the Columbia Presbyterian data, and I know James Guarrera, who is the lead investigator for that, is LifePort... TransMedics did this hard sell, push down your throat approach to the surgical community... people who would say I’m using LifePort just because it’s not TransMedics." — Transplant surgeon, Director of a leading academic transplant center"

"In a research note on Friday, Forsyth Barr analysts Matt Montgomerie and Andy Bowley said the performance of Fonterra's Chile business continued to improve, with annual profit before interest and tax of $92m - more than double the $42m in 2020. The analysts valued the Chile business at $840m, which is seven times its estimated $120m profit before interest, tax, depreciation and amortisation (ebitda)."

"NEW: "We believe we are a leading cloud-native, SaaS provider within the alternative investment sector, and expect that as that sector grows, we will continue to extend our position." — Enfusion 2023 10-K. OLD: "We believe we are the leading cloud-native, SaaS provider to the global hedge fund sector and expect that as the alternative investment sector grows, we will continue to extend our position.""

"They’re trying to turn the business around. But to me, the technology is old and it’s going to be outperformed by true gate-based quantum...they [D-wave] were great at starting off quantum, but they’re in the ending arc of their business, they’re not in the expanding arc. — Industry consultant, 20 years in quantum computing business development for IBM, Quantinuum, and several others in the industry."

"The Commission's complaint alleges that from approximately 1999 through 2003, Black, Radler and Hollinger Inc. engaged in a fraudulent and deceptive scheme to divert cash and assets from Hollinger International, Inc., a U. S. public company and a subsidiary of Hollinger, Inc., and concealed their self-dealing from Hollinger International's public shareholders. — SEC Press Release (November 15, 2004)"

""Every trust department in the United States panicked," explained this 35-year-old hedge fund manager, "the stock just poured out" — 35-year-old hedge fund manager; "As described in other sections of this report, the extremely complex warehousing situation has not interfered with the continued growth and attainment of record highs in our main lines of business" — American Express, 1964 Annual Report"

"BIGO Technology (BIGO) is one of the fastest-growing Singapore technology companies, with more than 30 offices and 6 R&D centres around the world. Powered by Artificial Intelligence technology, BIGO's video-based products and services have gained immense popularity, with users in more than 150 countries. These include Bigo Live (live streaming) and Likee (short-form video). — BIGO Technology website"

"Yes, to do what they had to do to come to market. They were very aggressive when Chobani came to the market with oat milk. Immediately they went to (retailers) and said you can't take them, take us. And that has a price. You can't go to places like Whole Foods, because they would say sorry. In places like Starbucks, yes they can do it because they are partners. — Former Oatly Accounting Professional"