Callouts & quotes from 10,384+ activist slides

"“Carving out [...] NetCo [...] and then selling it, is, according to us, incorrect, misguided, and would destabilize the future of TIM [...] Employees will suffer. Suppliers will suffer. The whole country will suffer since the NRRP will not be relentlessly executed” — Merlyn CEO Designate (27/10/2023)"

"“Allonnia was my baby” — Former Ginkgo employee. “I think they're still trying to get it up off the ground.” — Former Ginkgo employee. “When you start a company, you need office space; you need labs; social stuff is nice, like a kitchen. That was more the intention behind it” — Former Ginkgo employee."

"For the 2020 financial year, we are planning an 8% decline in sales. The scil International Group is planning an 11% decline in sales in 2020 compared to the previous year. The reason for this is the expected discontinuation of a supplier, as he wants to sell his products directly. — Heska 2019 Report"

""In the security business, we've been in a rough period for some time. And a large part of my time goes into helping to turn this business around. We - to be pretty simple, we did not affect a product transition as well as we could have. ... it was a strategic error." — Bob Muglia, ex-SSD EVP, 8/13/13"

"“We (will) consider divesting of brands or products that generate five billion yen or less in sales, that have a profit margin of less than 15%, and that have no growth potential... We aim to complete this selection process within one to two years.” — Yoshihiro Hasebe, June 2021 Small Meeting with CEO"

"“not a trivial limitation” — The Lancet. “the effect of pitolisant on cataplexy could not be assessed.” — The Lancet. “reported that trials...in drug-free patients...are ongoing. The results of these trials will clarify whether pitolisant is a novel alternative treatment for narcolepsy.” — The Lancet."

"With gross margin in excess of 70%, FIGS is starting from a position of strength and in the company of TPR (historically 70%+) and LULU (which we estimate to have merchandise margin in excess of 70%). — Barclays FIGS report, “Initiating Overweight, The Path to 10x”, Price Target: $50.00, June 21, 2021"

"“the big thing I hear offline is it’s not very reliable” and “needs a lot of support and it has a lot of issues.” ... “TSMC is not buying the High NA Lasertec tool...there’s no confidence in my opinion that it will be a reliable product.” — Ex-KLA director of engineering focused on EUV mask inspection"

"DSP Group has agreed that for a period of five years from the distribution date, DSP Group will not, and will ensure that affiliates of DSP Group will not, directly or indirectly engage in any business which is competitive with the DSP cores licensing business — CEVA Registration Statement on Form S-1"

"For OLP Global’s allegations to hold an indicia of credibility or logic, its report would need to demonstrate a US$137 million shortfall in New Oriental’s cash balance from the Company’s alleged overstating of net income... — New Oriental Education & Technology Group (November 20, 2011 press release)"

"I also would say that 90% of all those hospitals are financing the Aquablation system because that's also one way for Procept to keep that sale off their books because it looks like they sold the system, but it actually just goes to the third-party financing team. — Former Procept Sales Rep, Nov 2024"

"All in all, the layoff was a blessing in disguise. The decision to lay off so many designers and researchers (more than 50%) shows me how much they do not care about design or research...Please investigate the ethical standards of your upper management. — Product Designer, iRhythm, Glassdoor, 3/31/25"

"We permitted the distributors to use the Chinese characters “安踏” (ANTA) as part of their corporate name to reflect the association of our distributors with us which we considered would facilitate the development of the new markets by such distributors in view of our brand promotion. — ANTA Prospectus"

"Okay they have one, they only have one name called Dongbu, one in Guangdong, and the other name in Beijing. The other one in Sichuan Province. They have different names for they are subsidiary... they have the... They have... the subsidiary in that province because they have to pay the taxes. — Mr. A"

"Although the amount of overall REE ppm concentrations are lower than found in “conventional” hard rock minerals, the overall level of concentrations is both consistent as well as higher than ppm concentrations usually found in other “unconventional” deposits - Randall Atkins, May 4 Shareholder Letter"

"have a complexity of balance sheet and financial structure that is very different from a content company...our cable company could both grow more effectively and compete more effectively if it had its own financial house that it lived in.... — Mr. Parsons (Bear Stearns conference call, March 1, 2005)"

""We have two registered U.S. patents, four international patents (two in Europe and two in Japan) and six pending patent applications..." — DoubleVerify. "As of December 31, 2022, we had 41 issued U.S. patents, 2 allowed patent applications, and 31 pending patent applications." — Integral Ad Science."

""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"

"“Distributors can make it even faster today than we did,” says John. “There are so many more sales and marketing tools now and a support system everyone can plug into. We’re not only working for ourselves, but for the Company as a whole. When a team succeeds, there’s more for everyone!” — John Tartol"

"“Michael sets the tone for not only the Company, but, more importantly, for independent distributors, that there is room at the top, that this is an aspirational business, and he paints that picture with kind of dreamy type of goals.” --CFO Rich Goudis, Herbalife Ltd. Investor Day at NYSE, 12/16/2008"

"And customer growth slowed years ago. That's why they stopped reporting customer unit numbers in QuickBooks. It's all about revenue. It's all about revenue because you can't acquire small businesses fast enough to grow at the rate they used to on a business basis. — Former VP at Intuit, Tegus, 9/8/23"

"In the cease-and-desist order, In the Matter of America Online, Inc. [34-42781] the Commission found that AOL violated the reporting and books and records provisions of the federal securities laws in connection with its accounting for certain advertising costs during fiscal years 1995 and 1996. — SEC"

"Comprehensive Coverage. We provide all individuals with access to comprehensive coverage. Our Smart Cycle design ensures that members always have coverage for a full treatment cycle as their access to treatment is not limited by a dollar maximum that could be exhausted mid-treatment. — PGNY 2021 10-K"

"There is certainly opportunity for operating margin expansion beyond '23, as we begin to leverage those operating costs more, but we'll still likely be based on where we're at today and closer to those single -- to close to double digit operating margin metrics. — Wilson at Investor Day November 2020"

"So there's two influencing things here. One is Digital ID and airlines usually see partnerships in a framework of what have you done for me lately? ... CLEAR has had a decreasing level of service quality that actually has not only been significantly manifested in social media. — Former CLEAR Employee"

"Although PHAs have been ‘commercial’ for well over 20 years, this niche market is weighed down by a variety of roadblocks led by high prices, lack of an industrial infrastructure, and a strong legislative mandate to deal with many of these materials. — Journal of Chemical Technology and Biotechnology"

"“We estimate Zillow participated in approximately 360,000 customer transactions with both buyers and sellers in 2021, which is the first time we reported this metric. We anticipate providing this metric for 2022 in a future quarter.” — Zillow 2022 10-K; “Oh, my, so much blue ocean.” — CEO Rich Barton"

"The Meridian-Wylie Route represents a significant component of NS's commercial and operational offerings to intermodal customers. Preserving NS's ability to meet its intermodal customers' needs with competitive rates and services over that line is a primary focus for NS. — Norfolk Southern STB Filing"

"“The big one is hyperglycemia. I know there can be some dizziness, nausea. The biggest ones, we talked about sodium and water retention, hyperglycemia. I think rarely there can be some hematologic problems, but one is the sugar issues and swelling.” — Endocrinologist at Massachusetts General Hospital"

"“The biggest problem with this class is with the CYP3A4 having a very narrow therapeutic margin, and metabolism is the biggest problem you have here. That's the enzyme that actually degrades it.” — Senior pharmaceutical executive/scientist, previously at Abbott and now at another major pharma company"

"The established media industry has only limited time to develop new business models based on radically changed media consumption. Traditional business models, which refer mainly to the two first development stages of changing media consumption, will necessarily disappear in the mid-term. — Udo Müller"

"Pursuant to the G&A Services Agreement, Ginkgo will perform its obligations as an independent contractor and the Company will pay Ginkgo for services at the fully burdened full time equivalent cost, plus pass-through costs, materials and services. — Soaring Eagle Acquisition Corp prospectus 8/13/2021"

"“We are well on track in establishing the product, distribution, services, support, and marketing foundations to enable us to achieve our FY 2015 objectives, and over the next three years, to achieve our billion-dollar plan and maintain mid-20s operating margin objectives” — Commvault, January 2014."

"Unfortunately, some of the most credible studies on the likely trajectory of the pandemic - including the Imperial College London (ICL) study which most western nations are using to inform their action plans - predict that the disease could continue to linger for at least another 18 months at least."

"The majority of our registered user base as well as the majority of the total addressable market falls within work. We are a business software company, and that's where you'll see us continue to invest as we go forward in the smart workspace category. — Yamini Rangan, Chief Customer Officer, Dropbox"

""the cost of goods are pretty horrendous"; the gross margins "were pretty shitty...yeah, they were negative." — Gen9 executive; "you’re definitely going bankrupt"; "you’re going to lose money...it’s something I don’t think [investors] get...you’re not long for this world." — DNA manufacturing expert"

"“Yes, there are tons of players. If you don't want to manufacture on a global scale, there's a very low barrier to entry. There's always someone willing to do it for less margin than you'd like to make, so you have to do something to differentiate it.” — Ex-employee in senior product and sales roles"

""Our Foundry wraps proprietary software and automation around core cell engineering workflows—designing DNA, writing DNA, inserting that DNA into cells, testing to measure cell performance—and leverages data analytics and data science to inform each iteration of design." — Ginkgo Bioworks Prospectus"

""...and that is a topic of concern because when OEM's get into this space, which they are trying to, and they'll be very efficient if they want to just be aggressive with that to strike away these turnkey providers on larger key accounts and then just have the cake for themselves." — Industry Expert"

"“there were a few patients that were already on Vykat that were referred for edema and proteinuria”; “we weren’t sure if it was a side effect of the drug, but that was the presumed mechanism”; “one patient was about 12 years old, another patient was about 8.” — Nephrologist who manages PWS patients."

"The Company finalized the Neurio purchase price allocation during the first quarter of 2020 based upon its estimates of the fair value of the acquired assets and assumed liabilities. The finalization did not result in material adjustments to the Company's preliminary estimates. — Generac SEC filings"

"“The quantum device in Monroe’s lab is the size of a small room. It uses lasers of various colors to activate the quantum particles. There are so many pieces of equipment that we hold together, not literally with duct tape and glue, but sort of with that mentality,” — Washington Post article in 2014"

"I'd like to comment on our upcoming transition around logistics... We will provide additional information and updates during the year as we make progress on the transition. Chris will provide additional details on the financial aspects of this change as well. — Ronald Lombardi, Q1 2020 Earnings Call"

"One of the key conditions [of qualifying as a Business Representative] is that you need to purchase Herbalife products up to a certain quantity; and such a disguised form of ‘recruitment fees’ may constitute a violation of the relevant provisions of the State. — First Financial Daily (Aug. 12, 2013)"

"Looking at our mix, e-commerce represented approximately 80% of our total volume in the fourth quarter, which compares sequentially to 75% in the third quarter and 70% in the second quarter. For the full year 2020, e-commerce accounted for approximately 76% of our total volume. — CEO Fayer, Q4 2020"

"In December 2016, the Company entered into a master purchase and sale agreement... pursuant to which it sells finance receivables meeting certain underwriting criteria to certain third party purchasers, including Ally Bank and Ally Financial (the “Ally Parties”). — CVNA S-1 (Apr 23, 2018), Pg. F-24"

"For Ströer, this acquisition was very important and a clear game-changer in Germany's digital market. The increases in capital against contributions in kind enabled the company to carry out the transaction in such a way as not to impair liquidity and, in view of the advantages connected with the..."

""Now, 75% of what's now a $450 million to $500 million number is a significant number and a significant increase. That leaves 25% of the business to be service-related in that segment that we haven't been in. We're not prepared yet to put any specific numbers out." — McCord Christensen – CEO, PetIQ"

"The Company also receives rebates from vendors based on the volume of purchases of inventory, which is included as a reduction of cost of sales when the related inventory is sold and totaled $21,705,176, $8,710,422, and $5,136,899 for the years ended December 31, 2017, 2016, and 2015, respectively."

"The Company also receives rebates from vendors based on the volume of purchases of inventory, which is included as a reduction of cost of sales when the related inventory is sold and totaled $21,705,176, $8,710,422, and $5,136,899 for the years ended December 31, 2017, 2016, and 2015, respectively."

"“disturbed” by the “hype”; label it a “quantum Ponzi scheme” to “lure unsuspecting investors” with “fake science”; “a bubble” which may “crash” and take “legitimate” research “down with it”; “crazy headlines” and “false expectations” that are “not based on any research or reality” — UMD Professors."

"DTT has informed the Company in its resignation letter that it was no longer able to rely on the representations of management and that it had lost confidence in the commitment of the Board and the Audit Committee to good governance and reliable financial reporting. — Deloitte Touche Tohmatsu (DTT)"

"Norfolk Southern has brought on John Orr as COO to accelerate the execution of its strategy. John Orr is a Precision Scheduled Railroading expert and comes to Norfolk Southern following a long and successful career at multiple railroads including Canadian National and CPKC. — Norfolk Southern Board"

"“Our approach to investing in franchise acquisitions is strategic and opportunistic...We have a rigorous, diligent review process. Only when the return metrics are attractive and we see long-term value creation opportunities do we consider a purchase” — Sally Smith, Chief Executive Officer, 8/16/16"

"“I don't how this elog is legal in Canada if you need cell coverage for it to detect movement. Motive app is so much better” — Yves Fillion, Trustpilot, 8/18/23; “Their GPS trackers are terrible. I had a 40% failure rate with excuse after excuse, lie after lie!” — Brian Felter, Trustpilot, 10/10/19"

"“When we reduce your fleet’s emissions we work with and invest in projects that have been certified to sequester CO2 from the atmosphere. We follow strict guidelines and protocols and retire certified carbon credits on a leading public registry [American Carbon Registry].” — Clean Advantage website"

"「レーザーテックも、独占で独自という意味で似た立場です。欧州の投資家がASMLの株に殺到して、とんでもなく高いPERまで押し上げてきたように、アジア、特に日本では、レーザーテックは似たような扱いをされています。『ほら、うちは独自の極端紫外線の半導体関連技術で事業を伸ばしているよ。やっているのはうちだけだよ。独占企業だよ、などなど』だから、レーザーテックが卒倒するほど高い評価を得ていてもおかしくはないでしょう。私はそのような評価に賛成はしませんよ。むしろちょっとキチガイ的だと思います。」 — 半導体業界のコンサルタントとして長年の経験を持ち、最近はレーザーテックのコンサルタントを務めているB氏"

"“They have passed on them numerous times for expansion, for buying new machines, yes. Those are the ones that are already engaged with them.” — IQVIA executive; “A couple of them, I'll be honest with you, they have utilized someone else.” — IQVIA executive; “Not at all, actually.” — IQVIA executive"

""Stryker investing in operations would be a watch out for me as well as I think about it. Keep in mind, Stryker has 47 manufacturing locations all across the globe. You take another company like Boston Scientific, they probably have maybe 15 or 16 manufacturing locations." — Former Stryker Employee"

"The Xerox board includes several long-tenured directors – the last vestige of the “old guard” – who are a daily reminder of Xerox’s ignoble past under the leadership of former CEO Ursula Burns (who in 2014 was ranked number 4 on Time Magazine’s list of “9 CEOs With the Absolute Worst Reputations”)."