Callouts & quotes from 10,384+ activist slides

"So the airlines are not going to be married to one solution, right? Airlines want digital identity to operate like credit card POS type of settlement processes. Airlines don't want to run a Digital ID program. They don't want to own the identity, they don't want to manage the reputational risk, etc. — Former CLEAR Employee"

"Dynetics and SDA showing in results. With a combined $376 million in revenue contribution during the quarter, the Dynetics and SDA acquisitions continue to prove to be a source of significant growth during the pandemic, especially as Dynetics remains well positioned with DoD priorities. — Baird Equity Research, Nov 2, 2020"

"Mr. Müller: How much profit did Mr. Müller and Mr. Ströer make from the initial public offering? - Zero. Simple answer! Back then we even took out a loan to buy shares, partly on the advice of our banks, but also because we were convinced that was a good investment. So the profit from the initial public offering was zero."

"[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"

"[T]hose quantities of oil and gas, which ... can be estimated with reasonable certainty to be economically producible ... under existing economic conditions [...] [E]conomically producible ... a resource which generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation. — SEC Definition"

""There's a lot. A lot of genres haven't been explored here." — Andrew Paradise (CEO, Skillz) in Forbes. "We are excited to partner with such a well-known and storied brand, now, everyone around the world can compete for cash and glory with the Big Buck Hunter mobile app powered by Skillz." — Andrew Paradise (CEO, Skillz)."

"MW: “Does all the non-cash HLBV income related to the ITC get reversed later, and how long does it take to be reversed?” HASI: “So I think hypothetically if you were to kind of hold everything about a project constant, yeah you would see that amount reverse over time.” — Conversation with HASI investor relations, May 2022"

"Now SRS, they're talking to either customer set. As I said early, they have 130,000 different customers. They're calling on more, you know, the roofer, the pool installer, the hardscape installer, the landscape professional. All those Pros, as we've said for ages, almost all Pros shop at Home Depot. — CEO on SRS deal call"

"“…the goal has always been to build what I would characterize as a good business… In terms of how we get there, it’s really in many ways the way that we’ve gotten from where we were, to the point we’re at right now… that’s probably the way we’re going to operate the business.” — Hugh F. Johnston, Disney CFO, February 2024"

"Overall, we find that closed-end PERE [private equity real estate] funds have underperformed listed REITs, even before adjusting for risk, leverage, illiquidity, and the uncertain investment timing associated with unfunded capital commitments. — University of Florida study, published in the Journal of Portfolio Management"

""Stryker had a big inventory problem anyway, before COVID, where we were sitting on piles and piles of inventory in certain business segments. But then after COVID struck and it was very important that we saved cash flow and that we try not have too much inventory in the system." — Former Stryker Supply Chain Professional"

"[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"

"“We’ve done a lot of livers that other people were not willing to consider, and that’s how we’ve been able to power our program forward. That’s what I mean by pushing the limits—using organs that no one else would have otherwise ever used and had not been used before.” — Transplant surgeon at a high volume academic center"

"From a product and tech perspective, I was very concerned with a few of the earlier acquisitions. Lightspeed ecommerce was a very challenging product and very difficult to onboard. Shopify's claim to fame is to have your ecommerce shop up and running within minutes, for Lightspeed it's not the same. — Former LSPD Employee"

""Those on Wall Street cannot resume taking risks without regard for the consequences, and expect that next time, American taxpayers will be there to break the fall." — President Obama. "For a market to function, those who invest and lend in that market must believe that their money is actually at risk." — President Obama."

"“it’s very complex and very, very expensive...multiple millions...it uses pressure and then they try to suck it back up...it releases particles into the cavity of the optics...that’s the number one source of particle generation that they have.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"We have consistently re-set record sales and record profits on a month after month, quarter after quarter basis for the last 18 months to where we used to be a very small portion of the business and now we are a very meaningful portion of the business — Tom Rugg, president of energy solutions, Milwaukee Business Journal."

"Additionally, we may be unable to identify investors interested in engaging in this type of (tax equity) financing with us. As of December 31, 2021, we have formed 17 tax equity vehicles to which investors such as banks and other large financial investors have committed to invest approximately $1.2 billion — Sunnova 10-K"

"MPS had an innovation edge about fifteen years ago that made their process much cheaper and they built a business based on that, but right now it’s limiting them from getting into the higher end business and the low end business, has been kind of eaten up by the Chinese. — PhD Electrical Engineering, Former MPWR Engineer"

"“your answer is totally garbled”: “your entire computation breaks down after a few steps”; “your chances of getting the right answer diminish very, very quickly” — Anonymous ex-employees and experts; “for 10 years, 15 years, 20 years”; “I just don’t see how it’s going to work.” — Leading expert and friend of the founders"

"And I would just add, John, that with a really strong balance sheet, no debt, every comp store in the chain is contributing positive EBITDA. We're in a really nice situation, particularly compared to 8 years ago when that wasn't the case and maybe we did have to slow that a little bit or chose to slow that? — CFO Watkins"

"You will also see in our compensation discussion and analysis in our annual circular that in 2018 management is now compensated on cash flow in addition to revenue and EBITDA. And that'll be a friendly reminder to everyone on the leadership team to pay attention to that. — Maxar CEO Lance Q4'17 Conference Call (Feb 2018)"

"“On a quarterly basis, comparable tenant sales rose a healthy 7.5% year-over-year, with momentum picking up over the course of the quarter. January 2010 comparable sales increased 2.5% year-over-year, with February and March showing accelerating increases of 6.0% and 10.0%, respectively.” — GGP Q1’10 Operating Supplement"

"The acquired E&I business contributed revenues of $443.9 million and net earnings of $34.1 million from September 21, 2022 to December 31, 2022. The acquired businesses contributed revenues of $72.8 million and net earnings of $4.8 million from their respective acquisition dates to December 31, 2022. — 2022 Annual Report"

"Needham: Growth has come it at the low end, growing by ~2x, but that includes abnormal and unexplained Q4 2022 revenue that management needs to explain. Future growth is likely to be much slower. Barclays: Offices are closing. Now fewer foreign office locations are listed on the website. — Spruce Point Capital Management"

"PeptiDream then stated that it would no longer set similar short-term goals because these “included items outside the Company’s control, such as approval for clinical development candidate combinations and the commencement of clinical trials, and were judged to not be appropriate as targets set for a single fiscal year.”"

"「私の印象としては、Urashima光源が『ウシオ製の光源と少なくとも同じほどのダウンタイムです』。……Urashima光源が『ウシオ製の光源と少なくとも同じほどのダウンタイムです。検査においては両方でぴったり同じ問題が起きるので、レーザーテック製のUrashima光源はウシオ製の光源と同じ技術的な問題を抱えているでしょう。また、ウシオ製の光源と共有している問題に加えて、Urashima光源独自の弱点がいくつもあって、それもダウンタイムの原因になるでしょう。」 — インテルのオレゴン州にあるファブに設置されているレーザーテック製のACTIS A150に搭載されている、ウシオ製の光源の整備を担当するウシオのフィールド・サービス・エンジニア"

"「先方の売り込み内容とは何かというと、追加で装置を購入すれば、いくつもの優遇措置を提示してくれました。......例えば、補償期間を無償で伸ばすとか、......稼働率については、例えば60%〜70%を最低限の稼働率として保証して、それ以下になった場合、稼働時間の損失について補填してもらう、というような話だったようです。......これを聞いた私たちは、こんなレーザーテックが果たしてどうやって利益を確保できるだろうかと不思議に思いました。だって、各装置につきフィールド・サービス・エンジニアを3名も配属する他、（保証期間の内に）整備、掃除、光学系などの部品交換に何百万ドルもかけることになりますよね」 — マーベル・テクノロジーの上席従業員"

"“Behind all the words and the beautiful photos and stuff, what's happening...there's miniaturization of every experiment that's happening... What Ginkgo started doing early on was bringing in-house automation that would allow you to use 384 well plates.” — Former Ginkgo employee, longtime direct report to CEO Jason Kelly"

""But it’s the interviews — watching patients recount agonies they’ve suffered from poorly researched and regulated medical devices — that are hardest to sit through…The Bleeding Edge” isn’t an anti-medical film, but a look at calamities caused when the obsession for profit overwhelms an industry." — New York Times review"

"DWAC files its initial S-1 identifying itself as a “blank check company” and proclaiming that it had “not selected any specific business combination target and … ha[d] not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.” — DWAC S-1 Filing"

"As an investigator, you can do a lot to move the needle, even if it’s not real movement...the FDA in the past has required eight points on the hyperphagia questionnaire to be considered clinical significant and meaningful...theirs isn’t...not a giant signal. — KOL in the PWS field; involved with Soleno's clinical program"

"It's important to note that according to all existing medical literature, to date, there are NO EXISTING REPORTS OF ADVERSE EFFECTS UPON SUDDEN DISCONTINUATION OF WAKIX. Because this is a newly released, novel medication, I thought it was important to report this finding directly to the FDA. — Patient (Case ID: 18319093)"

"“Buy sticky Trustpilot reviews that don’t drop. Our Trustpilot review agency delivers 100% live, natural reviews with 1-year guarantee.” — SuperSeoteam; “Offering top-tier Trustpilot reviews starting at just $4 for non-sticky and $15 for guaranteed sticky reviews with aged accounts. Bulk discounts available!” — Seo_solve"

""This reduction of the Import Tax diminishes the protection of the national industry and, if it comes along with the reduction of the tax benefit that we have today in the Computer Law, it may be big enough that there is no longer interest of a company, multinational company to produce in Brazil" — SMART Brazil President"

"TeliaSonera defended its valuation stating it had “conducted a completely correct business deal at fair market value” adding that “The price was determined by the state of Azerbaijan as part of the privatization process and a fairness opinion was obtained from an independent international accountancy firm.” — TeliaSonera"

"Year End 2021: "You'll recall that weather has a very direct impact on gas consumption and associated revenue. So we closely monitor the heating degree days as an indicator." — WTRG Earnings Call; "February 2023 will go into the record books for several reasons, but first on the list is for the lack of snow." — CBS News"

"As of the 2024 AGM, Misao Kikuchi has 9 public board mandates. By common investor and proxy advisor standards, this constitutes severe overboarding. As well as Keisei, these include: (1) OLC (Outside Director), (2) Keiyo Gas (Exec Chair), (3) Powdertech (Exec Chair), and (4) K & O Energy Group (Outside Director). — Note"

"“Bakken capital spending generates substantial excess tax deductions that are used to offset taxable income generated by other U.S. assets. Singer's ResourceCo would be generating unused tax deductions and InternationalCo would be paying taxes on otherwise shielded income.” — Hess Presentation to Shareholders March 2013"

"“As a board member Nelson is about the numbers, about the data and how to make operating performance better, faster. He was collegial and open minded. He was focused on the best path to increase long term value.” — Candace Kendle, Former Co-Founder and CEO, Kendle International, and former Director of H.J. Heinz Company"

"The company's FCF guidance for next year may be difficult to grow significantly in 2025 because of step-ups in NBA, higher capex in theme parks due to new cruise ship deliveries, and potential launch costs of ESPN streaming, in addition to continued declines in linear entertainment advertising. — Barclays, November 2023"

""Operating cash flows were also impacted by decreased inventory of $14.8 million resulting from continued inventory optimization efforts. These increases were offset by increased accounts and notes receivable of $67.6 million and prepaid expenses and other assets of $12.7 million during 2018" — Axon Financial Statements"

"Our products are sold through a variety of distribution channels. Generally, more technically sophisticated products are sold through our direct sales force, while less complicated products are sold through indirect channels. Our sales through indirect channels exceed our sales through indirect channels. — 2018 10-K p.8"

""I have been disappointed by what I see as a breakdown in effective corporate governance at Phillips 66." — Greg Goff; "I firmly believe the company can restore its prior stature as a leader in the energy industry, but only if it makes the kinds of operational and strategic changes that are urgently needed." — Greg Goff"

"they placed an order, I think, for 10 tools, so they cannot come out with any negative papers [about Lasertec]; even upper management who accepted the purchase order will be put in an awkward situation...TSMC is a very hierarchical company...you don’t want to make any superior people look bad. — TSMC mask shop executive"

"[O]ne should bear in mind the warning given by Carnwath LJ in the case of Derbyshire Dales District Council v Communities Secretary [2010] JPL 341 about the circumstances in which a failure to take into account a material consideration can found a basis for quashing a decision to grant planning permission. — Carnwath LJ"

""In the fourth quarter of 2022, we executed multiple restructuring programs to lower costs, increase margins and position us for growth resulting in restructuring and impairment expenses of $35 million. We expect to fully execute our restructuring initiatives and programs over the next 12-24 months." — Resideo 2022 10-K"

"The company's FCF guidance for next year may be difficult to grow significantly in 2025 because of step-ups in NBA, higher capex in theme parks due to new cruise ship deliveries, and potential launch costs of ESPN streaming, in addition to continued declines in linear entertainment advertising. — Barclays, November 2023"

"ASIC also alleged that Mr Kimelman procured the acquisition of 1,990,963 Quantum shares between 27 April 2016 and 5 May 2016, while in possession of inside information concerning Quantum’s intention to acquire Manitoba Minerals Pty Ltd, which had agreed to acquire an interest in a lithium resource in Canada (20 -145MR)."

"“Let me just give you a piece of...that's not to say that other companies did look at pitolisant. And you're correct. There is this cardiovascular signal, which was known - I'm sure it was known as soon as people profiled it.” — Longtime senior scientist at Johnson & Johnson, with global leadership roles in neuroscience"

"We've also implemented an accounts receivable monetization program for approximately $200 million of our receivables. This further progresses our balance sheet optimization goals. — Q4 2019 Conf Call, Feb 2020. The AR monetization facility contributed only $7 million during the quarter. — Q3 2020 Conf Call, Nov 2, 2020."

"In the twelve months ended December 31, 2020, Inteliquent recorded revenues of USD 533 million, Gross Profit of USD 256 million, EBITDA of USD 135 million, and capex of 32 million. Adjusted for a Covid-related uplift that is considered to be temporary, revenues are estimated to have been — Sinch Acquisition News Release"

"During the second quarter of 2020, we became aware of a foreign withholding tax regime that could be interpreted to subject us to withholding tax compliance requirements on certain cross-border intellectual property transactions for years remaining open under the applicable statutes of limitations. — Avery 2020 Q2 10-Q"

"The directors of [Superb Summit] are solely responsible for the preparation of the Discounted Future Cash Flows with the Valuation which the directors have adopted the Valuation prepared by the Valuer with those bases and assumptions stated in the Valuation with input from the Company and the Valuer. — Auditor's letter"

"The Company defines adjusted earnings as net earnings excluding the impact of specified items affecting comparability, including, where applicable, non-operational income and expenses, amortization of acquisition related intangible assets, share-based compensation, and other gains or losses. — Maxar 2017 annual results"

""I think we have to start by remembering that the basic requirement for any business hasn't changed. The fundamental test of success and sustainability is performance - the delivery of real results, quarter by quarter, year by year against promises..." — Rodney Chase, Shareholder Nominee, Former Deputy CEO BP, May 2000"

"“And frankly, when you look at the capital situation today, the construction in the retail sector is at a 20-year low. We certainly anticipate it will remain there, and the lack of new supply can only hopefully help the demand side for the existing product.” — Rick Sokolov, COO of Simon Property Group, December 4, 2009"

"But for ANTA and the Jinjiang companies, their development history is different. Because they started out in the business of making shoes, so in the market they could not find those distributors who would be interested and with the ability to sell with which they could cooperate (because their brand is weaker). — Mr. D"

"CFO Vashee Q3’19 Conf Call: “We announced a number of new product features across our Plus and Professional plans and with the additions we made to our Plus plan, we raised the price of that SKU by approximately 20%. We're happy to announce that those enhancements are being well received by our customers.” — CFO Vashee"

"“In China, there was a production site, an investment was made on it, and then eventually, during my time there, it was retooled to be a distribution center, an R&D center to supplement the pharma business. But originally, it was intended for manufacturing.” — Ex-Twist employee involved with Twist’s activities in China"