Callouts & quotes from 10,384+ activist slides

"Lower net per litre fuel margin at Petroleum reflecting a more competitive marketplace and the impact of the newly implemented carbon tax in some regions, lower growth in profit from the Company's margin-sharing arrangement with its Dealers, the impact of IFRS 16, and higher interest expense. — 2019 Second Third Quarter Earnings Presentation (slide 7)"

"Days Sales Outstanding (DSO). DSO is a metric we use to evaluate the efficiency of our working capital. It represents the average number of days to convert our trade and other receivables, unbilled receivables, contract assets, and deferred revenue to cash. We calculate DSO by annualizing gross revenue for the quarter as reported under IFRS. — Stantec"

"“DNA Script has an enzymatic process that they're making at benchtop, so it'll be kind of like an Illumina sequencer model... Molecular Assemblies—I know a little bit about them, actually a lot about them. Their enzymatic synthesis process and their service model are going to work.” — Longtime executive in Twist's space; ex-founder of a key competitor"

"We supported Mr. Pease’s appointment to the Board, in part because we were encouraged by his outlook on corporate governance. For example, during the interview process with us, Mr. Pease shared the very clear and widely held view that having a CEO also serve as Board Chair was detrimental to a company in need of change. — Elliott Investment Management"

"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"

"For select Premier Agent revenue transactions included within Residential revenue, we tested the amount of revenue recorded by developing an expectation for the amount by applying the percentage change from an independent variable to historical amounts recorded and comparing our expectation to the amount recorded by management. — Deloitte & Touche LLP"

"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"

"guarantee the then approximately $1.3 billion value of the securities to CVC and certain affiliates thereof until such time the securities are purchased by or sold at the direction of Hamblin Watsa, prior to the end of 2022. The company, through Hamblin Watsa, continues to manage and have direction over these securities, including their voting rights."

"Some adjustments we would make to the standalone financial projections include the financial impact of potential operational improvements post-LBO (such as cost reductions), elimination of public company costs (if any), Amortization of Financing Fees, and adjusting the Balance Sheet for the new capital structure. — Financial Modeling Course References"

"“The ‘UAM Future Team’, which included Kakao Mobility, LG Uplus, and GS Engineering & Construction, which previously completed Phase 1 of the demonstration, also completed only the integrated operability demonstration excluding the aircraft. This is because the UAM Future Team also failed to secure the aircraft.” — News outlet (translated from Korean)"

"Our manufacturing capabilities in Brazil consist of receiving unmounted ICs in wafer form from third-party wafer fabs, preparing and packaging the ICs into semiconductor components, testing the components, and in some cases placing these components on substrates or printed circuit boards to make modules or multi-chip packages. — SGH 2018 SEC Form 10-K"

"So I guess when you think about ecobee and you look at -- as we ramp that up and they grow, their margin profile in the out years looks very similar to our clean energy business. We've talked about how that will probably be in the mid- to high teens EBITDA margins from a gross margin standpoint, closer to that mid-30% range. — Q3 2021 Conference Call"

"“...And for the overall business planning, we have our own team, in-house team for the e-commerce. In terms of the management of all the other aspects, we also continuously to consolidate. We believe in the e-commerce, in the future, it's going to be at least about 20%, 30% of the total revenue.” — Jie Zheng, ANTA Executive Director & Brand President"

"“The challenge is, can they scale it up? Do they have all the right pieces and approach to scale it up? And more importantly, can it be manufactured cheaply enough that it’ll fit where the market is right now? There’s a number out there for lithium-ion batteries for electric vehicles that the price point needs to be below $100/KWh.” — Former employee"

"“You are absolutely right. You are right. There are two separate steps: gene synthesis, and once you synthesize the gene, Twist is not the cheapest one because their cost is much higher than, say, GenScript, for whom most of their products are generated in China, and their labor cost and everything is cheaper.” — Former Twist employee, director-level"

"Leading a global member compliance team across 91 markets, Harbour will develop and enhance policies and infrastructure that ensure effective education, training and mentoring programs for the nearly 4 million independent Herbalife members worldwide, underpinned by robust and consistent monitoring and enforcement procedures. — Herbalife Press Release"

"I am choosing to devote my time and energy to this effort because I believe Phillips 66 is not only a strong investment, but also a company where my support for Elliott's campaign can make a difference for employees and investors alike. I have been disappointed by what I see as a breakdown in effective corporate governance at Phillips 66. — Greg Goff"

"In a key 1983 Policy Statement on Deception, the FTC explained that deceptive acts or practices involve three elements: 1. A representation, omission or practice 2. Likely to mislead reasonable consumers under the circumstances 3. And that is material, meaning likely to affect a consumer's choice or conduct with respect to the goods or services — FTC"

"I am choosing to devote my time and energy to this effort because I believe Phillips 66 is not only a strong investment, but also a company where my support for Elliott’s campaign can make a difference for employees and investors alike. I have been disappointed by what I see as a breakdown in effective corporate governance at Phillips 66. — Greg Goff"

"These issues should be troubling to shareholders, and also cast doubts for prospective buyers of the Core Business as to whether the process is genuine and whether they should commit the time and resources to evaluating a bid and making a proposal. — Francis Shammo (CFO of Verizon, Deutsche Bank Media, Internet, and Telecom Conference, March 8, 2016)"

"So the fact that having the program of record and the Army investment on the R&D to come to a selection of us, which we appreciate, now opens the doors for the other services to adopt that program of record potentially and do their own fielding upwards and in addition to what we're going to be doing with the Army. — Red Cat Management (SRR Town Hall)"

"“shortcomings in the documentation provided on the pharmacokinetics of pitolisant”; “many discrepancies”; “gaps in the understanding of the pharmacokinetics of the drug, introducing uncertainty...in the safety and efficacy...when administered to different subgroups or when co-administered” — EMA’s Committee for Medicinal Products for Human Use (CHMP)"

"RCT_KHAN's camera variously shows him doing paperwork at his desk, sits trained on his wall, or gets pointed upward at his ceiling. Occasionally, he will also chat with another Bigo performer on stream. We observed him on over 50 occasions over the span of nine months, and as far as we can tell, these are the extent of his “entertainment” activities."

"plasma based sources are the dirtiest parts in EUV tools. In inspectors, the problem of isolating the mask from source debris is more severe than in scanners — bounced/released micro-particles, liquid tin splashing, and accumulation (and sputtering) of deposited tin at the walls. — KLA presentation "Source performance metrics for EUV mask inspection""

"This Sn-based plasma emits Sn ion and neutral debris, which can damage the collector optic in three ways: sputtering, implantation, and deposition. The first two damage processes are irreversible and are caused by the high energies (1–10 keV) of the ion debris [8]. — 2017 paper by plasma physicists and others at U.C. Berkeley, Applied Materials et al"

"Its scope of business includes “wood and wood product purchasing, processing, and sales; forestry and forestry-related product planting, purchasing, processing, and sales; specialized economic forestry and wood project development and construction…” (“木材及木材制品收购、加工、销售；林业及林下产品种植、收购、加工、销售；特种经济林木及制品基地建设和项目开发…”) — Yunnan agent business scope description."

"First of all, I think that multiples are very important in a stock price, obviously. But let's not get too transfixed on the multiple. If I look at the companies that have improved the greatest shareholder value that have gone up over the course of the last 2 1/2 years, 2 years, I think number one on that list is Lyondell. — Peter Huntsman, May 2014"

""They also push you to crank out numbers, and patient safety is not a concern at this place. There have been missed critical rhythms because people are just burnt out and exhausted. Run from this place as fast as you can. If you don't get fired the FDA will probably investigate you for even working here." — EKG Technician, iRhythm, Glassdoor, 4/2/24"

"Management reiterated that its distributors are independent, as each has its own management team that makes independent business decisions and its own financial and human resources management functions. This is also verified by KPMG, who has been auditing Anta and performing on-the-ground assessments of the distributors since 2004. — ANTA Management"

"Gross margin for the quarter was 44.8%... Our gross margin for the quarter was approximately $25.2 million or 44.8% of revenue as compared to 40% in Q3 FY '21 and up from 38.3% in Q2. The increased gross margin reflects the impact of higher revenues in particular higher NGS revenues and thus leveraging our fixed costs. — James M. Thorburn, Twist CFO"

"“was singled out as having one of the worst records for suicides in England and Wales.” — Wikipedia entry for HMP Styal. “reveals extraordinary levels of attempted suicide and self-harm at the prison and asks why so many women are driven to kill themselves when they end up inside.” — BBC documentary “Women On The Edge: The Truth About Styal Prison”."

""The contract is currently suspended. It’s been signed by COMIBOL and the company but without (parliamentary) approval it does not enter into effect. Until there’s a framework regulation, I personally don’t think this will get approved by parliament." — Hector Cordova, Former COMIBOL chairman (2011-2012) and former Vice Minister of Mines (2010-2011)"

"“...the only region in the world showing clear signs of increased E&P investments in 2017 is North America land...” — Schlumberger CEO Paal Kibsgaard; “...the market is a tale of two cycles. North America activity increased rapidly but not without growing pains, while activity in the rest of the world declined...” — Halliburton President Jeff Miller"

"On the other end, the spin/sale of the Midstream business is by far the single largest source of potential value creation ($40B-$45B of proceeds at a potential multiple - 10x - that offers by far the largest multiple uplift/arbitrage), but is also the strategy to which the management has been the most strongly opposed. — Piper Sandler, February 2025"

"I would say Resideo was a disaster. It was operational efficiency. From an operational standpoint, it was absolutely horrific. It was meetings all day long, the same meeting over and over again. Nothing was ever accomplished. It was just disorganized, and you have people calling you from all angles, asking the same questions. — Former Newell Manager"

"the structure – it’s totally crazy...if they for pay for an OCS system on the NOP with the flight, all of these costs get paid at cost plus back to the hospital; Waleed will talk about it all the time...his investor calls...he will talk about how Medicare pays the cost...what are you guys worried about? — Former executive in a key reimbursement role"

""And so, here's the new brand, keep it really simple, no mask, no hose, just sleep. We don't talk about implant, we don't talk about surgery, we talk about a therapy that will -- you'll use every night in your -- procedure, and... so, here's two commercials that we ran." — CEO Tim Herbert, SVB Leerlink Global Healthcare Conference, February 26, 2020"

"“I would say that is false. Again, I’m not a lawyer, but if somebody gave me that statement and you tell me it either has to be true or false, then I’ll say that’s really false...to me, when you say you unveil something, it implies you have it, but by the time the PR released, I do not believe we had it.” — Former senior scientific employee of IonQ"

"Right now it takes an average of 18 months between a researcher inquiring about using our systems to us designing a circuit that can carry out their idea to publishing a paper on the experiment. We’d like to get that down to weeks or months and build multiple systems and qubit technologies that are tailored for specific applications. — Chris Monroe"

""Several of the BWW expats have had communication over the last couple of days. Just wanted to let you know that the assessment of you and your team, as it relates to the challenges with Buffalo Wild Wings, are spot-on and things that literally we have been talking about and trying to change for years" — Former Buffalo Wild Wings Executive, 8/19/16"

""Where we've fallen short was on MCT, right, with the Zio AT product. In our long-range plan, when we put those expectations out, we actually expected to have the new MCT product in the market about 2 years ago. So we're almost 24 months delayed from where we thought we were going to be." — iRhythm CEO Blackford at Goldman Sachs Conference, 6/10/25"

"Why would you do pools anymore if you get the whole genome for $100? There’s no use buying something to do a panel, which will cost you $20 when the whole genome is $100. So, I’d be worried about enzymatic DNA synthesis. I’d be worried about the desktop synthesis. And I’d be real worried about the price of whole genome sequencing. — Previous expert"

"We are radically simplifying our end-to-end organization design so there are now only three handoffs going from global concept to regional tailoring to local execution... This gives us better line of sight from design to execution with clearer responsibilities, fewer internal transactions, fewer roles and stronger results. — P&G at CAGNY, 2/21/2013"

"“If we want investors to believe in the Phillips 66 story and have confidence in the Company as a best-in-class operator – this confidence starts with the Board and Management setting and meeting clear performance objectives. Investors are fed up with the lack of accountability and oversight from the current Board and Management.” — Stacy Nieuwoudt"

"Our total cost of services are tied to increases in headcount as we hire people who deliver specialized services to our clients. The cost of service as a percentage of revenue is not heavily influenced by the service offering mix. Instead, it is primarily influenced by the geographic location from which services are provided. — CFO, Q2'21 Conf Call"

""Pyramid schemes now come in so many forms that they may be difficult to recognize immediately. However, they all share one overriding characteristic. They promise consumers or investors large profits based primarily on recruiting others to join their program, not based on profits from any real investment or real sale of goods to the public." — FTC"

""A lot of the OCS specialists struggled...a lot of these people were coming in and they've never navigated an OR...so much stuff they don't know about an OR...it is stressful because you only get that one week of training...it kind of blows your mind...you do it once and then you're kicked out of the nest." — Former OCS Specialist who left recently"

"I would be most concerned about starting this medicine in someone that was pre-diabetic...the people that I'm the most concerned about are those borderline A1c patients that are obese and pre-diabetic...and I hesitate to start this medicine, and if I am, then I'm having a conversation about stopping it if they develop diabetes. — Endocrinologist #6"

"“Pyramid schemes now come in so many forms that they may be difficult to recognize immediately. However, they all share one overriding characteristic. They promise consumers or investors large profits based primarily on recruiting others to join their program, not based on profits from any real investment or real sale of goods to the public.” — FTC"

"Figs is a certified B-Corp, and for every set of scrubs sold, you give a set to a healthcare provider in need around the world. How does this define the brand to your customers and stakeholders? — brandchannel. This is at the core of our company and our brand. It’s the thing that gets us all out of bed in the morning and inspires us. — Trina Spear"

""The company is focused and executing on the following initiatives:.... Second, innovation; we're focused on further product development and innovation in each of the pet categories that we participate in and continue to broaden our portfolio across each of our factories' manufacturing disciplines." — Scott Adcock - President and Co-Founder, PetIQ"

"Hess is unmistakably materially undervalued, with oversight and discipline lacking. But at the end of the day, everyone wants to see Hess succeed. I believe my background and experiences have particular relevance to the difficulties at Hess and believe I can make a substantial contribution to unlocking the upside potential at Hess. — David McManus"

""We'll have fairly technical conversations with folks building AI clusters, and even if we can make a case about TCO or performance or energy efficiency or whatever the salient issues are for that customer or potential customer, at the end of the day they just don't think that deeply about storage..." — Marketing executive at SSD supplier Solidigm"

"“Extremely Toxic Work Environment and Unprofessional Leadership. The management, particularly the CEO, fostered an extremely toxic work environment. Employees were often fired on the spot in front of their colleagues, which not only created a climate of fear but also caused significant mental anguish among staff.” — Former Employee – Sept. 1, 2024"

"「豊田自動織機の発表には、財務予測、割引率、税務上の前提の開示が一切ない[...]」 — ACGA、2025年7月; 「豊田自動織機には、土地やその他の保有資産に多大な隠れた資産価値が存在する。」 — 会社役員育成機構 CEO (Nick Benes)、2025年6月; 「トップマネジメントと投資家・株主との対話は企業価値向上プロセスのエンジンであり、私共はこれを少なくとも四半期に1回程度の頻度を確保して頂くことを希望します。」 — Dalton Investmentsによる豊田自動織機宛て書簡、2024年5月; 「(豊田自動織機の)歴史的に低迷してきた市場評価は、そのガバナンスと所有構造の直接的な結果であり、したがって取引評価の基準として用いるべきではない。」 — GMO、2025年5月"

"“... 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."

"CLEAR showed off all the data that it collected on customers who enter stadiums, with the title “Identity Dashboard — Valuable Marketing Data.” That data includes favorite foods and beverages at sports stadiums, when they arrive at games, what kind of credit card they have, whom they attend games with, and how often they fly first class. — OneZero"

"“The overwhelming sense in the company is they are fudging the numbers. I couldn't really get a sense whether that - basically, they're clouding, obfuscating, fudging the numbers around two things: how many patients are on drug at any one time and what is the discontinuation rate.” — Ex-Harmony territory manager for a large region in the northeast"

"“You know, sometimes, patients bring it up, but I don’t think there’s any big deal because, for me, I’ve still got to prescribe medicine, so I see absolutely no benefit from it.” — Neurologist who is a sleep specialist and professor at a leading institution; “What kind of value is there? I don’t see it.” — Sleep physician in great Los Angeles area"

"“Sales and marketing expenses in the first quarter of 2015 were US$114.2 million, an increase of 255.9% from US$32.1 million during the same quarter in 2014. Within sales and marketing expenses, advertising expenses accounted for US$61.9 million and US$12.6 million during the first quarter of 2015 and 2014, respectively.” — 58.com earnings release"