Callouts & quotes from 10,384+ activist slides

"The retail segment contributed approximately 44% of total USA Sector revenues. Two of its retail brands maintained their #1 market share positions. Frigo Cheese Heads continued to lead the string cheese brand category in the USA market and Treasure Cave continued to lead the crumbled blue cheese category. — 2018 Annual Report"

""If you look at our TSR performance since July of 2022, when I moved into the CEO position, TSR has been something like 66%, 65%, again, higher than the basket of our refining peers, higher than the S&P Energy Index as well. And so all of those metrics are firm and indisputable." — Phillips 66 CEO Mark Lashier, March 18, 2025"

"“If you look at our TSR performance since July of 2022, when I moved into the CEO position, TSR has been something like 66%, 65%, again, higher than the basket of our refining peers, higher than the S&P Energy Index as well. And so all of those metrics are firm and indisputable.” — Phillips 66 CEO Mark Lashier, March 18, 2025"

""If you look at our TSR performance since July of 2022, when I moved into the CEO position, TSR has been something like 66%, 65%, again, higher than the basket of our refining peers, higher than the S&P Energy Index as well. And so all of those metrics are firm and indisputable." — Phillips 66 CEO Mark Lashier, March 18, 2025"

""Had we stopped the sweep of capital day one, by the time we got to the fourth year of the Trump administration, we easily could have done a secondary offering or two and fully capitalize the companies, or get very close it." — Craig Phillips, Counselor to the US Treasury Secretary from 2017 to 2019, in May 27, 2021 interview"

"In 2023, Parkland was a top performer on the Toronto Stock Exchange, achieving a total shareholder return of approximately 50 percent — Parkland Press Release. The outstanding share performance of Parkland in 2023 is a clear expression of our shareholders' support of Parkland's direction and strategy — Parkland Press Release."

"Finally, our dedicated business development teams continue to identify and execute on tuck-in acquisitions. During the quarter, we completed the acquisition of TMJ Concepts, a medical device company that manufactures a patient-specific temporomandibular joint reconstruction prosthesis system. — Stryker Q1 2021 Conference Call"

"We're making great progress on integration planning for our announced combination with Viterra. The teams are working well together, confirming our confidence that we will be a more complete, one combined company. Their commitment will ensure that we can effectively serve our customers from day 1. — CEO, Q3'24 Conference Call"

"Well, I'm not being a wise guy, but that's the question actually. And we've talked a lot about that when I was at TSA because little by little as TSA gets better at biometric identification... the differentiator that CLEAR provided six or seven years ago is just going to get narrower and narrower. — Former Senior TSA Employee"

""It took me two months to get a call with IR, much less an independent director" — Foreign Buyside Analyst; "They need to do more to promote diversity... The current situation is not at global levels... (and) it would be good to see the benefits of diversity and inclusion reflected in the top line" — Domestic Sellside analyst"

""Had we stopped the sweep of capital day one, by the time we got to the fourth year of the Trump administration, we easily could have done a secondary offering or two and fully capitalize the companies, or get very close it." — Craig Phillips, Counselor to the US Treasury Secretary from 2017 to 2019, in May 27, 2021 interview"

"“Yeah. I saw the pictures. This is like, I could do it better than this. They were procuring for the heart. You see what I'm saying? It's not device malfunction, but it's the experience and expertise of the team and the surgeon who's procuring it.” — Veteran transplant administrator/executive at Massachusetts General Hospital"

"“Well, if you don’t— he got really kind of nasty. He’s like, ‘Well, if you don’t like it, then leave,’ when somebody was asking questions about improving things, and that was just their answer to it, which I thought was weird that you’re not worried about turnover in a job like this.” — Former OCS Specialist who left recently"

"bARR & ARR should not be considered as predictors of future revenues but only as indicators of the direction in which revenues may be trending. Actual revenue results in the future as determined in accordance with GAAP may be significantly different to the amounts indicated as bARR or ARR at any time. — authID Inc. Disclaimer"

"You know the way they always announce the sales; they're not sales [...] They'll give them [the co-creators] money and then with the money that they gave them [the co-creators] buy the car. Plus, they give them fees to be the [co-creator], so every car that was sold we would lose like a million dollars. — Former FFAI employee"

"В вашем регионе весной (весенние каникулы) будет оформление усыновление трех сирот из ЛНР. Хотим сделать детям праздник и экскурсии у вас в городе. Их принимает их новые семьи после всех формальностей. Хотим чтобы несколько дней пожили у вас пока документы будут оформляться по усыновлению 5-7 дней. Можете предоставить скидку?"

"“Yes...on #OTC. Uplisting soon.” — Director Batstone; “We are planning on uplisting in the next three months. We have a lot of people circling the wagons, I should say, to give us money. We are looking for the right money now, at this point in time. We already have the money to uplist. We want to get bigger.” — CEO Doug Cole"

""Part of the reason we struggle to underwrite Box’s story of accelerating growth and expanding margins is the fact that Box has discussed initiatives to accelerate growth in the past, but not delivered on it, and has had several different target models, consistently needing to walk them back" — RBC Capital Markets, July 2021"

"“The $14,992,000 due from the LFB [Leizhou Forestry Bureau] represents cash collected from the sale of wood chips on behalf of the Leizhou EJV. As originally agreed to by Sino-Wood, the cash was being retained by the LFB to fund the ongoing plantation costs of the Leizhou EJV incurred by the LFB.” — 1996 Annual Report, p. 20"

"In addition, these loans are priced at market rates, which not only helps to diversify our balance sheet, but also provides an additional return above our cost of funding and a yield similar to the net interest margin of our loans, which are unsecured. — CFO Lapointe, SOFI Technologies, Inc., Q4 2023 Earnings Call Transcript"

"“Japan is a massive opportunity for us. Today, Holters are reimbursed at a higher rate in Japan than what they are reimbursed in the U.S. I think that bodes very well for the reimbursement rate we're likely to see get established in the Japanese market for long-term patching.” — CEO Blackford, J.P. Morgan Conference, 1/13/25"

"What we acquired is an opco. So, the propco has been maybe sitting on Tenet's balance sheet due to the accounting for leases...We acquired this opco for GBP10 million enterprise value and we have a propco arrangement with another real estate company for the next 25 years. — NMC CEO remarks on H1 2018 Earnings Call, Bloomberg"

"Underperforming multi-segment players trade at a lower value, underperforming pure play companies trade at a lower value. The common denominator between the two groups is not structure, it's performance. So, in our case, if we perform better, there will be no conglomerate discount. — Paul Keel, then-CEO (at 2021 Analyst Day)"

"But remember, the funny accounting is that, we could only recognize the operating profit and net sales for the first four months. And so it's really less than -- it's around half of that. So we can go through it in more detail if you like offline. But it's -- that's why it's less than maybe what you think. — CFO Rick Dierker"

"NRP is going to rapidly skyrocket in utilization... as more and more big academic centers... start spreading their surgeon graduates... around to other centers... we're going to see smaller programs that don't have an NRP program to start building their own. — Transplant cardiologist at one of the top centers in the US/world"

"PATIENT WAS IN THE IDE FEASIBILITY STUDY FOR THE INSPIRE UPPER AIRWAY STIMULATION SYSTEM AND HAS BEEN IMPLANTED WITH THE SYSTEM FOR 4 YEARS. RECENTLY HE CALLED HIS PHYSICIAN AND STATED THAT HE WAS HAVING TROUBLE MOVING THE RIGHT SIDE OF HIS TONGUE FOLLOWING A NIGHT IN WHICH HE AWOKE FROM A SHARP PAIN ON THE SIDE OF HIS NECK."

"A lot of doctors think it's a waste of money...I think a lot of doctors are unfamiliar with it or not so excited about it. There's not so many subscribers of it, and I'm starting to think that some doctors also think that Xywav is it. He doesn't think it works at all. — Neurologist in New York with 70-80 narcolepsy patients."

"It's much harder to do molecular cloning on a single cell than a pool of cells like you would from hybridoma. So, from there, you try to generate recombinant even if you can get recombinant for reasons that are still quite mysterious; the result is not consistent with what Berkeley Lights is saying. — Pfizer senior scientist"

"When I first got there, I was sitting there and everyone was there, and I asked one of the German people. I was like “man [YT] owns all these homes.” He’s like “No. He doesn’t”. He gave me a little smile. He goes, “the cooks and the maids own them, otherwise they would have been taken away a long time ago.” — Former Employee"

""As a result, our company, in cooperation with the UAE defense-specialized company Calidus, has achieved a meaningful outcome of signing, with Australia's world-class defense company EOS, the nation's first contract for technology transfer and production of a 100-kW laser drone air defense system." — Goldrone official notice"

"No, I have not seen a live demonstration... I have not seen a working device or any pictures or images from or computerized tomography pictures of this, or images with this device yet. I don't think that's something that is done yet. As far as I know, no one has gotten scanned by this device yet. — NNOX Advisory Board Member"

"A "longtime friend of Petters," Per court documents, Christensen served as President of Petters Consumer Brands / Polaroid from 2003-04. He was simultaneously a principal of Lancer Financial Services, LLC, an entity formed in 2001 which was ultimately among the largest funnels into, and beneficiaries of, the Petters scheme."

"Analyst: “We always talk about incremental margins with you.... You got all this operating leverage. How do we think about operating margin then?” Mark Donegan (PCC CEO): “And again they move, but I think that the range in which you should expect to see it move is somewhere between that 35% and 45%, 48%.” — December 3, 2014"

""[There] is no value for refining in PSX at current levels... This has periodically opened debate on whether PSX should be viewed on a Sum Of The Parts basis: but no part of its assets are public, and with no obvious intent to monetize individual assets and disposal / deleveraging plans..." — Wolfe Research, January 2, 2025"

"“Right now we just can’t [get behind the Company] because we’re again disdained and there’s very little concern right now at the C-suite, you know, outside of their jobs. There’s not a concern for the employees. And that’s something we can never forget and really won’t.” — SWAPA Leadership, The SWAPA Number Podcast (July 1)"

"As you’ll be aware, 2025 Brent strip is at around $75 per barrel, and other commodities and prices, including refining margins, are under pressure. Were these prices to play out, the rule of thumb impact in 2025 would be around $4 billion – but that’s a price call that we don’t know at this stage. — BP Q2 2024 Earnings Call"

"Growth is everywhere... As for CeraVe, it recorded a 39% growth, becoming number one in cleansing and body in the dermocosmetics market. Growth is everywhere at 25% in the US and 61% internationally. — Myriam Cohen-Welgryn, President, Dermatological Beauty Division, L'Oréal, Q4 2023 Earnings Conference Call February 9, 2024"

"So [the customer] can basically pay a financer monthly, and the financer obviously pays Samsara directly upfront. So Samsara recognizes that revenue or that purchase immediately, while the [customer] and the financer have the kind of payment relationship. — Former Samsara Senior Account Executive (Tegus Interview, 11/10/22)"

"If you look at our TSR performance since July of 2022, when I moved into the CEO position, TSR has been something like 66%, 65%, again, higher than the basket of our refining peers, higher than the S&P Energy Index as well. And so all of those metrics are firm and indisputable. — Phillips 66 CEO Mark Lashier, March 18, 2025"

""We will come for you, for your assets and we will make the environment you live in difficult." — UK security minister. "The NCA’s use of UWOs may ... also [have been] causing considerable nervousness about past dealings that may come back to haunt them." — Anna Bradshaw, AML expert and partner with Peters & Peters, London."

"“This is a huge black eye for Intuit because you’re going to question their entire system.” — Infuriated marketing executive quoted in New York Post. “Have they implemented the same policies and procedures at all portfolio companies? Is it a back door into the parent company?” — Ron Geffner, former SEC enforcement attorney."

"Activist Investor Irenic Builds Stake in Forward Air — THE WALL STREET JOURNAL. Activist Ancora Pushes Forward Air to Pursue Sale — THE WALL STREET JOURNAL. Alta Fox Calls for Immediate Strategic Review at Forward Air Corporation — Alta Fox. Forward Air retains investment bankers to sell company, sources say — FREIGHTWAVES."

""According to the 'Capital Increase Agreement', Hexie Anlang (和谐安朗) will subscribe for 10.00% of Xin'ai Sports' equity at 300 million yuan, corresponding to the new registered capital of Xin'ai Sports of 12 million yuan, and the excess of 288 million yuan will be included in Xin'ai Sports Capital Reserve" — Auditor's Letter"

"“...in June 2015, after Skymoons Interactive and IQ's mobile game ‘Journey of the Flower’ was launched, Snail Digital received reports from players about the game. After conducting a comparison, its staff found numerous instances where the game ‘Journey of the Flower’ plagiarized content from ‘Taiji Panda.’” — Snail Digital"

"According to Abramge's complaint, Defendant Stryker, a Michigan corporation, masterminded an "illicit scheme, which was planned and run from Michigan, designed to increase its market share by making improper payments and paying bribes and kickbacks to Brazilian doctors to induce the use of Stryker products." — Court Opinion"

"Our contracts generally take four to nine months to complete — Prospectus May 4, 2018. Our smaller average project size and shorter duration contracts provides us greater stability in our financial results without large surprises from megaprojects or long periods of working through underperforming jobs. — Q4'18 Dec 11, 2018"

""...[for] the others, like MultiPlan, it’s just a business. They neglected the member side of it, and the member sensitivity, whereas Naviguard is very engaged with the member about the explanation of benefits. It’s not just they get the bill and there’s some black box." — Senior Executive at a Top-Five National Health Plan"

"“But then, six months in, I started to notice that the implants were not comparing to the outcomes we were getting from the trials. I started seeing it and then, the company started seeing it. We weren’t getting the results that we thought we were going to get.” — Former Nevro district sales manager, now at a key competitor"

"the trend has been going down...three years ago I thought we were going to be using it a lot more and it dropped into the low single digits in this timespan...we're involved in all these different cooler trials...and we're getting the same distance benefits from those coolers as well. — Transplant cardiologist at Vanderbilt"

""They did that for a reason, because the Joint Value I discussed. They were worried people would go, 'wait a minute, now your just placing the robots, in return for cases.' So you're wiping out the million dollar price tag and your getting cases off it. It's a way to fool the numbers a little bit." — Former Mako Salesperson"

""The Company has agreed to purchase the necessary equipment to manufacture the products for Stryker on an exclusive basis. Payment terms are as agreed in that certain Supply Agreement between the Parties, dated as of January 1, 2021. Stryker is eligible to receive price reductions as the products transfer." — UFPT 8K filing"

"They are not Ushio sources...I know they have a different light source...I know they announced the Urashima source. That's what I've heard it called. I've heard Isteq thrown around as the creator of the IP for that source. — Ushio field engineer who maintains light sources on Lasertec ACTIS A150 machines at Intel Oregon fab"

"“He’s [Bill Ackman] saying that somehow the company is insular and that people stick around forever, and the people that have worked for me have been around the company for a long, long time. What he’s not aware of is that my team is almost entirely new from the time I became CEO.” — Carlos Rodriguez (CNBC August 10, 2017)"

""It's all a question of what Time Inc.'s revenue growth potential is and how they see their business model evolving, and how stable are Time Inc.'s revenues going forward. Can Time Inc. be a killer brand online? If not, they'd better figure out ways to harvest cash from cost-cutting." — Richard Greenfield, research analyst"

"To assess the inspection capability of the High-NA ACTIS A3XX, we performed imaging simulations using a rigorous optical simulator with electromagnetic calculations with conditions of circular illumination and a standard TaBn-based absorber with a thickness of 70 nm. — Lasertec technical paper (SPIE Conference Proceedings)"

"“A standard full-time employee at Amgen that is asked with the idea of using Berkeley Lights for a process that he has done for 10 years, there is a very strong hesitation. I can say that with 100% confidence... There's very, very strong hesitation because it is complex. I can tell you that for a fact.” — Amgen employee #1"

"In its interim report published in late November 2016, Huishan announced that it deliberately lowered milk yields to 7.8 tons “to further reduce the cost of raw milk and control our production volume.” — Huishan Announcement of Interim Results for the Six Months Ended September 30, 2016 (published 29 November 2016), p. 41."

""The overwhelming majority of Herbalife Distributors who pursue the business opportunity make little or no money, and a substantial percentage lose money." — 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.5."

"Zillow sends termination letters to ~90% of the Premier Agents not selected for Flex. What do they do now? — Spruce Point Capital Management. I've gotten horrific emails from people that these are professionals, better homes and gardens. Zillow sucks is the subject line going out to thousands of agents. — Zillow Flex Agent"

""their company, from a corporate culture point of view, is dishonest...their claims are exaggerated"; "I don't like Waleed or a lot of their upper management...he's doing the fake it til you make it thing...what a fuck-face he is...he's so disingenuous." — Prominent surgeon, Director of a leading academic transplant center"