Callouts & quotes from 10,384+ activist slides

"Well, if you look at where we're trading today based on 2025 consensus earnings, we're trading at something like an 8.8, 8.9 multiple, that's more than one turn above our refining competitors. So, we believe there is some recognition of [the value of the midstream business] in the shares today. — Phillips 66 CEO Mark Lashier, Piper Sandler Energy Conference, March 18, 2025"

"We want to invest in technology, AI, but for us, AI is not just used to create exciting new indexes like our thematic indexes, but we use artificial intelligence also as another layer of quality assurance on our already existing very strong quality assurance processes on our indexes. — Diana Tidd, Former Global Head of Index and Executive Committee Member, Analyst Day 2019"

""The costs attached to each of the receivable balances have essentially been absorbed as we generate the revenue in any particular quarter. So as the cash comes in, there is no additional cost attached to that. And the reason that those receivables are there is because there is no meaningful service component attached to them either." — Scott Flanders Q1 2018 Earnings Call"

"With respect to Viterra, I'm not going to comment on whether it's included in those 13 or 14 assets. But what I can say is that we don't believe Viterra is accurately reflected in the value of the Glencore share price. So we are looking at ideas around Viterra to be able to provide that see-through value in our share price for our shareholders. — Glencore CEO, Feb 15, 2022"

"Well, if you look at where we're trading today based on 2025 consensus earnings, we're trading at something like an 8.8, 8.9 multiple, that's more than one turn above our refining competitors. So, we believe there is some recognition of [the value of the midstream business] in the shares today. — Phillips 66 CEO Mark Lashier, Piper Sandler Energy Conference, March 18, 2025"

"NICE, Verint’s most direct comp and competitor, also suggested that adoption of ASC 606 would not materially impact stated results. However, unlike Verint, Nice issued FY18 guidance under ASC 605 standards to provide “better transparency and comparability to 2017 financial data,” and its FY18 results confirm that its adoption of ASC 606 had little effect on its financials."

""So, there's a number of different options that we have been exploring and continue to explore. We could monetize value in some way with an existing REIT..." — CFO Mark Ohlendorf, Stephens Fall Investment Conference, November 2012. "Yeah. All else equal, we would rather own it. The problem is all else is never equal." — CFO Mark Ohlendorf, BoAML Conference, September 2014."

"I think they, in general, and what we shared was the common methodology of testing and so on. And we had been discussing also passing the blood-brain barrier and how difficult it is. And I think my impression that their finding was very similar to our findings as well. — Senior pharmaceutical executive/scientist, previously at Abbott and now at another major pharma company"

"Can we have six bottles of champagne and ten bottles of adia? Also add two bottles of vodka of whatever brand you have. What about condoms? Additionally, is it possible for me to pay to put some sexy lingerie in the room? I'd like to make a surprise and I'd give you all the sizes. That would mean a lot for me, the friends and the girls. Happy to pay — Guest email to Accor."

"We are thrilled to have someone of Allan's background and caliber joining Pivotal and taking on this critical role. With the industry becoming increasingly competitive, Allan's proven track record of tactical sales, marketing and strategic partnerships will provide us with new growth opportunities and further enhance our position as a payments industry leader. — CEO Fayer"

""Gross profit as a percentage of net sales increased to 54.0% for the year ended December 31, 2024 from 53.1% for the year ended December 31, 2023. The increase for the year ended December 31, 2024 was primarily the result of the Pricing Actions, decreased freight-in costs and decreased aluminum can costs, partially offset by production inefficiencies." — MNST SEC filings"

"Acquired intangible assets characterized as customer base assets consist of acquired customer contracts and the related customer relationships and are amortized over periods ranging from 3 years to 13 years. Acquired customer bases are amortized on an accelerated or straight-line basis depending on the expected economic benefit of the intangible asset. — CoStar Group 10-K"

""The Company stated that based on its assessment of market conditions today, management anticipates local currency sales growth in 2015 will be in the range of 4% to 5%. This sales growth will result in Adjusted EPS in the range of $12.80 to $13.05. Using the midpoint of the 2014 Adjusted EPS range, this reflects an increase of 10% to 12%." — Q3'2014 Results, Nov 16, 2014"

"「業界は依然としてアクティニックパターンマスク検査（APMI）を求めている。APMIは現存の検査装置よりも多くの欠陥を発見できるといわれている。現時点ではAPMIは存在しないが、数社はその実用化に向けて研究開発に取り組んでいる。なかでもレーザーテックがAPMI装置の実用化へ向けての研究開発を着実に進めている、と業界筋ではいわれている。また、レーザーテックは当該技術開発のために、半導体装置製造の大手企業から資金援助を得たともいう。〈中略〉レーザーテックがアクティニックパターンマスク検査装置野開発に取り組んでいるか、あるいは開発を検討しているかとの質問について、同社の浅井浩志経営企画室長はメールのやり取りで、『ご質問に対してコメントすることはありません』と答えた。」 — Semiconductor Engineering (May 2018)"

"Renee Pearson joined us 6 to 9 months ago as a Head of Technology. She joins us and brings a wealth of knowledge on that front. And we continue to make more changes across the back office. We think those people will drive further change, further productivity improvements and improvement in overall margin profile as we think about the future. — JP Morgan Conf Sept 19, 2023"

"(3) Non-cash impairment charges recorded in operating expenses and in other expenses in the consolidated statement of earnings by the insurance and reinsurance companies and Non-insurance companies reporting segment, respectively. During 2022 the company recognized non-cash goodwill impairment charges of $133.4 on Farmers Edge. — Fairfax Financial Holdings Ltd. (Footnote)"

"I think both from the company standpoint, psychologically, legally, financially, but also I think from your standpoint as an investor, what I saw over and over was the complexity of this business and the complexity by which I mean, you have two very distinct business units that are pretty different in terms of their makeup and their business model. — Former REZI Executive"

"In sum, Defendants' compensation structure incentivizes Distributors to purchase thousands of dollars of product to receive recruiting-based rewards and to recruit new participants who will do the same... — FTC v. Herbalife International of America, Inc., et al. (July 15, 2016). Case No.2:16-cv-05217, Complaint for Permanent Injunction and Other Equitable Relief, at p.38."

"Basically, for these, we acquired, as you know, on the 2nd of November. We acquired the companies, so we had 2 months, November and December. And for the 2 months, basically, the contribution was, in terms of revenues, more than EUR 25 million, and in terms of EBITDA, it was more than EUR 10 million, between EUR 10 million and EUR 15 million. — 2015Q4 transcript in 2016/2"

"“Trian does not intend this election to be a referendum on separating the businesses, but rather a referendum on DuPont's performance. If elected to the Board, the Trian nominees will seek to work collaboratively with the other Board members to determine whether value can be optimized in the current structure or through a separation” — Trian Press Release, January 8, 2015"

"“With the Lasertec system, the reliability is very difficult to work with...the reliability is bad. So, they don’t meet the high 90%’s reliability at all. That’s the general thing that I hear that I can share overall. It matters. People spend lots of money based on what’s going to make their production work.” — Ex-KLA director of engineering focused on EUV mask inspection"

"Fun place, poor leadership, male dominated... There’s a mold- white men and young women. Lacks diversity in tight and leadership. Unsupportive over the pandemic in various ways... Advice to Management: Rob and the leadership team lack empathy and diversity - which is oh so needed especially during a pandemic. Get on board mentality or else. — Glassdoor (January 14, 2022)"

"Talk about a fall from grace. Of all the US airlines, Southwest has evolved the least since 9/11, relative to an industry that has undergone a massive profit transformation ... We believe substantive changes to its business model are required if margins are ever going to reclaim the high ground, but management (thus far) appears uninterested. — J.P. Morgan, December 2023"

"The people over there were never able to solve that because it was a materials problem. [Solving it] is sort of like saying I've made a time machine work. It just isn't possible... If you're going to say it satisfactorily performs at low temperatures as well, that's definitely reason for doubt because it's just not possible from a materials perspective. — Former employee"

"“We know that it [QS solid-state separator] is an oxide and whether it's LLZO or some other oxide, most oxides and ceramics are going to be very dense, and why is that relevant? Whether it's LLZO or some new oxide material that is amazing and they own outright, the challenge is that you have to get to a very thin layer. So, they talk about 400Wh/kg.” — Solid state expert"

""Pioneer management has delivered [a] text book repositioning of a portfolio previously spread across more than seven countries to become a 100% US focused resource player." — David McManus, Shareholder Nominee; "Golub and his management team orchestrated one of the most impressive turnarounds of a large public corporation in history." — Harvey Golub, Shareholder Nominee"

"ISS is a leading North American water treatment solution and services provider that brings access to a durable and highly recurring revenue stream as well as a diverse and attractive industrial verticals. With approximately 75% recurring revenue, ISS is known for dependability and bringing mission-critical water treatment expertise to our customers. — CFO Rowland Q2 2023"

"Talk about a fall from grace. Of all the US airlines, Southwest has evolved the least since 9/11, relative to an industry that has undergone a massive profit transformation ... We believe substantive changes to its business model are required if margins are ever going to reclaim the high ground, but management (thus far) appears uninterested. — J.P. Morgan, December 2023"

""Importantly, physicians are moving more and more to oral therapies, are looking more and more to oral therapies. And in those oral therapies, routinely, physicians select S1P modulators over JAK inhibitors. And when we put blinded profiles in front of physicians, they routinely select etrasimod over ozanimod." — Amit Munshi, CEO & President of Arena Pharma, January 2019"

"Talk about a fall from grace. Of all the US airlines, Southwest has evolved the least since 9/11, relative to an industry that has undergone a massive profit transformation ... We believe substantive changes to its business model are required if margins are ever going to reclaim the high ground, but management (thus far) appears uninterested. — J.P. Morgan, December 2023"

"However, in reality, Defendants conduct their business by way of a massive pyramid scheme: once prospective Associates pay the required $100 application fee to join Defendants and are approved, one of the Associates' primary duties is to recruit more Associates for the benefit of the Defendants – a duty for which they receive no compensation. — Recent Lawsuit Allegations"

"“There are also issues because it's microfluidic, and that also means the cells could be sticky and have other issues. That happens. There are a few factors. It's definitely not the most robust, and that's not because of the instrument itself; that's because of the kind of things customers can put on it, and then that may push it to break it.” —Former BLI product manager"

"Our independent registered public accounting firm has identified material weaknesses in our internal controls that, if not remediated, could affect our ability to prepare timely and accurate financial reports, which could cause investors to lose confidence in our reported financial information and have a negative effect on the trading price of our stock. — KANA 2006 10-K"

"Talk about a fall from grace. Of all the US airlines, Southwest has evolved the least since 9/11, relative to an industry that has undergone a massive profit transformation ... We believe substantive changes to its business model are required if margins are ever going to reclaim the high ground, but management (thus far) appears uninterested. — J.P. Morgan, December 2023"

"if I say I want to use the NOP to get that liver in Seattle, but I don't want to use their transportation company, the only option they give me is traveling from San Diego...that's a round-trip ticket that's...$50,000...rather than just using their team in Seattle to recover the liver and fly it down to me. — Transplant surgeon at a high volume West Coast academic center"

"“if I were Waleed’s people, I’d be selling stock like mad” – “I think they know damn well” that they’re in trouble. Another surgeon: “they’re sort of riding a wave right now...the stock is way over-priced and that thing is going to fall because once these devices come in and NRP catches on, people will see....” — Prominent surgeon, director of a leading transplant center"

"A better option might be the trash bin, but few Americans have access to landfills equipped to ensure that bioplastics degrade. The remaining option is disposing the bottles into the environment - say, in the ocean. That’s not much of an option at all, even if the bottles will eventually disintegrate. “I don’t think we want to start ‘designing for litter;” Croke told me."

"In April 2018, a putative class action lawsuit, Sean Wilson, et al. v. Playtika LTD, Playtika Holding Corp. and Caesars Interactive Entertainment, Inc. was filed against us in federal district court that is directed against certain of our social casino games, including Caesars Slots, Slotomania, House of Fun and Vegas Downtown Slots. — Sean Vilson, et al. v. Playtika LTD"

"A former insider with intimate knowledge of the internal processes claimed that during her/his time at the company the founder touted that the content integrity team is “50 people strong”, while, due to Chinese Wall reasons, staff employees never saw a detailed list of these individuals. However, the insider believed that the team had “6 people at most.” — Former Insider"

""Elliott has made false claims and mischaracterized an ordinary course agreement [with Oak Hill] in a deliberate attempt to divert attention away from what is really at stake in this proxy contest: who are the best qualified director nominees to oversee the execution of the Company's strategy to enhance shareholder value." — Arconic Letter to Shareholders, April 5, 2017"

"“whether it was manipulative or not...all people, to a degree, are trying to sell something...”; “I did feel like they were overemphasizing the horror stories...in my experience, my current patients don't have that...”; “they told a lot of horror stories...the amount of mailings and things I've got... I don't remember the last time I got this much...” — Endocrinologists"

"In the United States, we provide maintenance and support directly to our customers. In the EMEA region, we provide maintenance and support to approximately half of our customers, depending on their location. In the Asia Pacific region, our independent distributors provide initial maintenance and support, and we provide second-line support when needed. — Kornit 2018 20-F"

"This is not a scalable investment. The initial plan was to use it in this particular setting, and then widen use to other discovery programs, and then eventually make its way to manufacturing, which is where the biggest bang for the buck. If we start using this machine in a manufacturing setting, that's where the real big money is. It never panned out. — Novartis Expert"

"During the year the Group acquired mature sandalwood trees from existing growers and re-acquired mature sandalwood trees from growers who had defaulted on their loan repayments and part of the proceeds ($40.08m) was offset against amounts the growers owed to the Group (included in Current Trade and Other Receivables). — Note 25(iv) TFC Annual Report to Shareholders 2014"

"You churn through every seven or eight years is how long customer lasts on average. We decided to move away from both Alarm.com and Resideo, not primarily for price reasons, although the equipment and the software is cheaper than those, but because we wanted control of what our product offering was so we could differentiate ourselves. — VP, Large Public Security Company"

""During 2014, we did not get there. We did great, we did huge but we didn't get all the way to that 30% growth rate that we wanted . . . enterprise fell a little short." — 4Q 2014 earnings call; "Although we fell short of our 30% bookings growth goal in 2014, we were able to finish the year strong and have entered 2015 with positive momentum." — 4Q 2014 prepared remarks"

"“I often leave, and I’m like, ‘There’s no way they’re going to be able to use that organ’…I feel like they just keep going and going and going, keep trying and trying and trying…it’s going to be in an operating room with a recipient hours and hours later when the heart function is off.” — Organ procurement technician at a high-volume Northwest academic transplant center"

"“Examples where it hasn't gone so great are situations where the liver is on pump. The numbers may be favorable but there's something we don't like about the liver. There was a liver a month ago where the right lobe felt very firm, like it was infarction, that part of it had died.” — Chief of transplant surgery at a major transplant center; high-volume TransMedics users"

"“Examples where it hasn’t gone so great are situations where the liver is on pump. The numbers may be favorable but there’s something we don’t like about the liver. There was a liver a month ago where the right lobe felt very firm, like it was infarction, that part of it had died.” — Chief of transplant surgery at a major transplant center; high-volume TransMedics users"

"“Well, that's interesting, isn't it? I've been around a long time, five decades of work in this area, that I want to take a wait and see attitude. Now, these are the things we have to look out for, don't we? We have 100 patients [in the trial]...six months from now, we'll know more, won't we?” — Trial investigator and physician; one of the leading KOL's in the PWS field"

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"“Capital discipline is key and it’s an area in which Solvay excels. We have a demonstrated track record in the art of making prudent and strategic use of cash and implementing comprehensive cash allocation strategies. These considerations will remain at the forefront of our thinking, helping us safeguard dividends and create greater value for stakeholders.” — Solvay.com"

""Our pricing in November [2015] really tried to price in some of the labor costs that we anticipate and that are happening...but if you're not going to add some price with, whether it's minimum wage, whether it's overtime...you are going to have to get it somewhere." — Sally Smith, Buffalo Wild Wings CEO and President, Bernstein Strategic Decisions Conference June 2016"

"Why do you only expect 2% to 3% organic sales growth in fiscal '18? And does that really signal that the ultimate payoff from all these areas is unlikely to move P&G above that 2% to 3% range longer term? I guess, to put it simply, [is P&G] now a structurally lower top line growth company, more in that 2% to 3% range? — Dara Mohsenian, Morgan Stanley Analyst, 7/27/2017"

"“We’re supportive of the new draft MBO guidelines which increase minority shareholder protection. We believe these guidelines and other such measures focused on improving corporate governance will improve Japan’s capital markets as an investment destination,” Seth Fischer, Chief Investment Officer of Oasis Management in Hong Kong, told this news service. — Seth Fischer"

"Expanding Our International Presence. We intend to continue to grow our presence in international markets in order to meet the needs of our existing customers and accelerate new customer acquisition in key geographies outside of North America. We expanded into ten countries during 2019 and 2018, which has accelerated our revenue growth in those markets. — DV Prospectus"

"The sale of these surgical products will strengthen our ability to focus our resources across our portfolio... This transaction underscores our strategic focus on high-growth, high-margin categories where Hillrom can demonstrate leadership and supports our commitment to deliver on our promise of Advancing Connected Care. — John P. Groetelaars, Hillrom President and CEO"

"Well, let's step back. If you're familiar with the Mako robot that Stryker had. When Stryker brought that robot out, and I happened to be at Stryker at the time. The plan was garnish these implants by requiring these doctors to do a minimum of 400 implants in order to get a free machine. And they were taking that model out everywhere. — Former Zimmer / Stryker Employee"

""It is massively important that EnVe's can be easily connected to eGates, something we have been passionate about for a long time. eGates drive automation, security and member experience. We are piloting eGates in select airports today and absolutely believe this technology should be a cornerstone of modernized airport infrastructure." — CLEAR CEO (Q4'24 earnings call)"

"Mango is among the dozens of firms attempting to create an industry around polyhydroxyalkanoates (PHAs), a class of biodegradable, biobased polymers. Executives with these firms are well aware of the PHA firm Metabolix, now called Yield10 Bioscience, which burned through hundreds of millions of dollars before it failed in PHAs 3 years ago. — Chemical & Engineering News"