Callouts & quotes from 621+ activist slides

"I agree with you 100%, and I agree with your take on Neil Cowen’s PK paper. I do believe it was slightly manipulated... Off-label, certainly people could use it...you’re completely right. If this is really such a good drug, people can use diazoxide and suspension exactly the same way for pennies on the dollar. — Ex-Soleno employee #1, key role in clinical trial program"

"“... nearly 50% of our order volume is now being fulfilled out of our Ohio pharmacy and fulfillment center...I'm excited to share by year-end 2022, we believe nearly 100% of our services and treatments will be filled via our verticalized infrastructure, further unlocking efficiencies and capabilities consumers are looking for.” — CEO Dudum on Q2 2021 Earnings Call"

"“I expect our team to gain traction on expense reduction and drive step-change productivity improvements across the property… …I believe this franchise has more to deliver. I’m not satisfied with our operating ratio [2006 target was ~75% OR], and I’m raising the bar on Execution Excellence as a vehicle to drive accelerated improvements.” — Fred Green, Analyst Day"

"An important part of financing projects is finding a financing partner that believes in your long-term view... All the project developers are concerned with is finding someone who will buy the asset at the forecast price. And that forecasted price doesn’t necessarily have to be true fifteen years from now, same with any other asset. — Former Engie Executive B"

"“...Verint’s revenue disclosures are lacking...it does not provide inorganic revenue, maintenance revenue, or cloud revenue, metrics we believe would help us better judge the quality of revenue, the contribution to growth of different revenue streams, and organic growth.” — Samad Samana, Jefferies research analyst, Jefferies Research Report January 10, 2019"

"“the majority of the operations...are believed to have been carried out by the pioneering surgeon Sir Magdi Yacoub.” — The Guardian (implied context) / “Sir Magdi recognises he was the man for a time when clinical governance was less tight and ethical positions still fluid. Would his pioneering be possible today? Definitely not, he says.” — BMA’s The Doctor"

"“Another thing that worries me is speed. It’s not a secret that many in the field do not think ion traps are going to work because the clock speed of an ion-trap quantum computer is just very slow... I don’t think it’s going to happen. So, I do not believe IonQ is doing enough to mitigate the foreseen challenges.” — Former senior scientific employee of IonQ"

""In our view, Saputo has not carved out an economic moat due to consolidation among dairy producers, which have amassed greater control over the price of raw milk. Further, we believe the lack of differentiation between its products and those of branded competitors and private label doesn't suggest the existence of a brand intangible asset." — Morningstar"

"[We] believe PSX is currently trading below its SOTP and could see meaningful upside in a breakup scenario... — Scotiabank, February 2025; [There is] significant upside to a SOTP-based valuation... — J.P. Morgan, February 2025; [Our view is] that PSX is undervalued – and there is merit to shining a light on embedded value. — Wolfe Research, February 2025"

"For TWX, we believe this was a tough asset from which to part, given their already strong foothold in cable networks and Comedy Central's attractive demographic reach. — Merrill Lynch, April 22, 2003. The Comedy Central deal symbolize[d] the different strategies – and prospects – of Viacom and AOL Time Warner. — Raymond Snoddy, The Times, April 23, 2003."

"“...we are pleased to share that $150 million announced cumulative savings will drive a $100 million improvement in operating profit for the fiscal year 2020 [relative to 2017]. With these savings, along with modest low single-digit revenue growth, we believe we can achieve an operating margin of 13% in fiscal year 2020.” — 5/25/17 FQ4 2017 earnings 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"

"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"

"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"

"“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"

"“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"

"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"

"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"

"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 that midstream business in the shares today. — Mark Lashier, Chairman and Chief Executive Officer, Phillips 66"

""EHang does not currently have an EASA Type Certificate" — European Union Aviation Safety Agency (EASA). "So that's just a vague statement. I believe they have limited access to very specific airspace. Um, such as the North Carolina corridor, it's the exact same thing, but there's no way that they're authorized to fly over people" — Mark Moore."

"“We believe that an effective and well-functioning board that has appropriate governance structures to facilitate oversight of a company's management and strategic initiatives is critical to the long-term financial success of a company and the protection of shareholders' economic interests” — BlackRock Proxy Voting Guidelines for US securities"

"Ms. Ehrling has talked about Telia’s ability to operate in accordance with “Nordic heritage and culture”, the company has, as far as we can tell, completely failed to try to make any past employees, advisors, or counterparties accountable for actions — actions that we believe have done far more damage to TeliaSonera than investors appreciate."

"We believe that an effective and well-functioning board that has appropriate governance structures to facilitate oversight of a company's management and strategic initiatives is critical to the long-term financial success of a company and the protection of shareholders' economic interests — BlackRock Proxy Voting Guidelines for US securities"

"“For 2012, the compensation committee used Adjusted EBITDA as the sole performance metric under the annual and long-term incentive compensation programs because it believes that Adjusted EBITDA provides a simple and understandable measure of our recurring profitability and it is highly correlated to our stock price performance” — 2012 Proxy"

"“Celgene has guided a 2020 approval date, and $3B in potential peak revenues. While we view the likelihood of a 2020 approval as high, we believe the potential peak sales will be closer to $1.2B. As a third to market product in a developing market wherein sales have been modest thus far, this guidance is aggressive…” — Cowen, February 2019"

"We view Dropbox as having no economic moat due to its lack of competitive advantage. While Dropbox boasts over 500 million active users and stores over 400 billion pieces of content, we do not believe that either of these create a network effect or produce significant switching costs for users. — Morningstar Analyst John Barrett, Feb 2019"

"“Then that's the reason why we believe that we do have some technological edge to making those motors for drones, and that's the reason why we are just educating in that area.” — Masuo Yoshimatsu, Q1 2015 Call. “Then for that point [haptic], we do believe that we have technological superiority over our competitors.” — Nidec FY2014 Call."

"“I do believe that, but it's inflated by two customers and I know they won't tell you, but I know, they acquired a very large gambling contract (one of the biggest in the UK), which, contributed a lot more growth to it, but also, you know, where they are focused at the moment, enabling new gambling regions.” — Former Nuvei Employee"

""TurboTax and H&R Block now use AI for tax advice. It’s awful." — Geoffrey A. Fowler, Washington Post. "We have always believed our customers can benefit most from the power of AI, bringing professional grade resources to individuals that need it most around the world, tipping the odds in their favor." — Sasan Goodarzi, Intuit CEO."

""Hess is a company with great assets that I believe are not being valued appropriately in the market. I am excited not only to apply the lessons I have learned at Ultra to Hess’s operations in the Bakken, but also to help Hess achieve its potential and realize value for all stakeholders: shareholders and employees." — Mark Smith"

"We operate in the cyclical semiconductor industry where there is seasonal demand for certain of our products. While we are not immune from current and future industry downturns, we have targeted product and market areas that we believe have the ability to offer above average industry performance over the long term. — MPWR 10-K"

"“First of all, direct to consumer sales in our product category globally currently represents 0.3% of sales. I'm not saying that to indicate that it's not a potentially important tool for us. I believe it is...I do not want this to be taken wrong way but I don't see a mass move” — P&G Management, October 25, 2016 Earnings Call"

""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."

""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"

"If Val-gan can grow organically at a high single-digit rate as Valeant management projects, and management can invest the company’s free cash flow in new acquisition targets at historical rates of return, then we believe management can achieve its goal of 15%-20% annual EPS growth — Valeant Presentation April 22, 2014"

""What comfort can you give to private sector investors considering investing in the future of the housing finance system when they believe that the government arbitrarily changed the rules of the game mid-stream with the Third Amendment?" — Pat Toomey, Pennsylvania Senator, Senate Banking Committee member, 3/4/2014"

""We want to have co-tenants that are meaningful to us. So often times, we'll look at the home improvement chains or sporting goods stores where we believe we can share customers and siphon off some traffic from them. And with very few exceptions, we haven't gone off of that model." — CEO Conroy, Q3'22 Jan 27, 2022"

"Let me make one comment on the Speedway deal relative to that is we still believe we're going to get the benefit of integration. That's not lost because of the supply agreement that we have and the fact that we'll continue to be using our logistics assets. — Mike Hennigan, CEO of Marathon Petroleum, August 3, 2020"

"At BoxWorks...Our major announcement was the unveiling of Box Skills and Box Graph, 2 new ways we're bringing machine learning and AI to content in Box. We believe AI and machine learning will fundamentally change how we manage, secure and collaborate on content in the enterprise. — CEO Aaron Levie, November 2017"

"“We use EBITDA Less Float to measure the profitability of our core business (excluding “float” revenue, over which we have less control), and believe EBITDA Less Float acts as a guardrail to ensure that Core Revenue performance is achieved in a sustainable way.” — BILL 2024 Definitive Proxy Statement (10/25/24)"

"Outside these transitory issues, we believe our business continues to build momentum. We now have 10 large customers for our AIML lifecycle services, which we believe will increase their spend with us in 2023, some significantly, based on our current line of sight. — Jack Abuhoff (CEO, INOD 3Q22 earnings call)"

"“Recurring revenue, on both a GAAP and non-GAAP basis, is the portion of our revenue that we believe is likely to be renewed in the future, and primarily consists of initial and renewal PCS, SaaS, term-based licenses, and managed services, which are recognized over time.” — VRNT Q4 FY19 Earnings Press Release"

""In order for [refranchising to 90%] to create value requires...selling nearly 500 stores at multiples higher than we believe are achievable...[and] trading multiple expansion to levels significantly higher than demonstrated on a sustained basis by casual diners" — Alex Ware, Chief Financial Officer, 2/7/17"

"“the current situation is a stalemate” — Misawa (CFO). “we do not necessarily have an accurate grasp of the situation” — Misawa (CFO). “we believe that this will increase” — Misawa (CFO). “I think we will see...or rather, an increase in inventories” — Misawa (CFO). “minimum level forecast.” — Misawa (CFO)."

"“the current situation is a stalemate” — Misawa (CFO). “we do not necessarily have an accurate grasp of the situation” — Misawa (CFO). “we believe that this will increase” — Misawa (CFO). “I think we will see...or rather, an increase in inventories” — Misawa (CFO). “minimum level forecast.” — Misawa (CFO)."

"“The transaction provides the ability for stockholders to elect to either monetize their investment or participate in any upside potential with KKR as a committed partner that believes in the growth strategy that the Box Board and management team are executing.” — Company Issued Press Release, May 2021"

"“Despite the positive progress we've seen, we believe our stock is significantly undervalued and represents one of the best opportunities in the market today [...]. Today, we announced another substantial issuer bid for up to $15 million at a price between $17 and $20 per share.” — Mr. Proud, 5/10/2023"

"Appraisers, they usually discard the comparable sales method, on the theory that it's hard to find good data, which is a little hard to believe in the solar rooftop market, since most of these same companies make direct sales to consumers. — Interview with Renewable Energy Legal Expert D, October 2021"

"“We believe that the presentation of Adjusted Free Cash Flow is relevant and useful to investors because it provides a measure of cash available to pay the principal on our debt and pursue acquisitions of businesses or other strategic investments or uses of capital.” — GTT Q1 2019 SEC Form 10-Q, p. 40"

""In efforts to terminate early the Zentrick Deferred Payment Terms, the Company believes payment between $2.8 million and $5.5 million is possible, with no amount within the range being a better estimate than the amount recorded on the Condensed Consolidated Balance Sheets." — Prospectus Nov 17, 2021"

"For these reasons, I am supporting Elliott Investment Management in its engagement with Phillips 66. I believe Elliott's nominees to the Board - some of whom I know personally from my time at ConocoPhillips - have the potential to instill a new culture in the Phillips 66 boardroom. — Gregory Goff"

""While the majority of products sold on our platform today are generic formulations in nature, we believe the future is one where proprietary formulations and truly personalized products not available anywhere else makes up the majority of our business." — CEO Andrew Dudum, Q2 2022 Earnings Call"

"“I cannot find any Dentex floss pick. Do you carry them?” — Spruce Point; “Let me check... We only seem to carry the generic brand.” — CVS Sales Associate NY Store; “What about Clear Eyes?” — Spruce Point; “I believe we only carry the generic for that as well.” — CVS Sales Associate NY Store"

"We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025"

"We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025"

"We believe that PSX' debt levels are already appropriate for their mix of businesses (using 3.5x for midstream, 2.5x for chems, and 1.0x for refining based on peers, we would expect a 2.5x debt/EBITDA target is appropriate which they are already below). — Bank of America, February 7, 2025"

""In the 1980's, half of the patients we implanted with stimulators were for PDN." — High volume Nevro user; "I don't believe anything they say...every Nevro study is the same." — KOL; "I think they're lying." — KOL; "no long term plan there," — Former executives regarding Keith Grossman."

"We do not believe this adjustment is appropriate as it represents a material element of your customer arrangement (i.e., a sales incentive) and could lead investors to improperly infer that you would have generated the same revenue levels without granting this incentive. — SEC Response"

"We believe Bill.com's SaaS technology is best-in-class, early in its adoption cycle with a very lightly penetrated TAM, and poised to sustain above-SaaS-industry-average growth as it executes on the SMB adoption of SaaS technology to automate the back office. — Oppenheimer (10/1/25)"

"“...if you have hyperglycemia and diabetes, and you have edema and heart failure, and I do believe there were a couple of patients hospitalized with heart failure just to reduce appetite, it may not be a risk worth taking.” — Ex-Soleno employee #1, key role in clinical trial program"