Callouts & quotes from 10,384+ activist slides

"“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"

"“prohibited transplant centers from training their personnel on the OCS procedure” — Congressman Gosar; “this statement is not correct” — Waleed Hassanein; “it couldn’t be further from the truth” — Waleed Hassanein; “pressuring hospitals to utilize our more expensive logistics.” — Congressman Gosar"

""I think the biggest risks are that, one, there are competitors coming down the pipe pretty quickly. So, they're not going to have the monopoly anymore... I don't see any advantage in using their pump anymore." — Chief of transplant surgery at a major transplant center; high-volume TransMedics user"

"The paper never mentions “pitolisant” but acknowledges that it contradicts the Bioprojet clinical trials already conducted, and further admits that the results negate their starting “hypothesis” that “CSF HA [histamine] and t-MHA [histamine metabolite] were...interesting biological markers of EDS.”"

"Yundong is a company that Ding Shizhong and Wu Yonghua invested in, it is responsible for the 24 subsidiaries. Basically, the big shareholders of these twenty something companies if it's not held by Ding Shizhong and Wu Yonghua they are held through Yundong. Yundong manages the retail side. — Mr. A"

""the strong market demand for IonQ's innovative quantum computing and networking products," — IonQ; "IonQ's trailblazing technology has grown quantum into a substantial global business." — IonQ; "We've got double the GAAP revenue in 2024 of everybody else combined." — de Masi (Fox Business Network)"

"“No, that was most of it. Now it's N3 and N2 if they want to go; N5 is in production. For the main ones, yeah, they were N3 PO's. They're delaying those PO's for N3, and those PO's will be delayed. That's my projection.” — Former KLA executive in a leadership role in their EUV mask inspection group"

"“Margins will be the same because that is how they are managing the business. Net profit on legacy business may slowly shrink because as their costs come down, the total dollar or margin might shrink. 40% of a penny versus two pennies is just less money.” — Former Avery Dennison RFID Sales Manager"

"[It's] sad: a (formerly iconic) US company selling control to a Japanese company.... But there is a Joint Venture Agreement...which made it practically impossible for Xerox to sell to anyone else.... A really amazing problem” — Charles Prince (Xerox director), in a personal email, February 1, 2018"

"Our coal reserve and resource estimates are updated periodically to reflect coal production, acquisitions and dispositions of mineral interests, new drilling, mine or geological data, and changes in regulations, market conditions or other economic factors. — Alpha Metallurgical Resources 2021 10-K"

"China Times: The day after the report exposing NetQin and Feiliu Jiu Tian of jointly harming consumers, they declared there were serious discrepancies with your facts. Yin Wen: the content of Feiliu JiuTian's statement really has no substance, they did not state what specific points were mistaken."

"“...over the last few years, platforms like Square, Toast and Shopify became the hubs where SMBs run their businesses. These platforms have built deep relationships with those customers, and as a result, increasingly help them manage all of their day to day operations.” — Tech Crunch Story 5/15/24"

"“I have a lot of thoughts on this one. That purchase was challenging and is challenging... Content IQ's core is a media arb product. They have a strong monetization to bring traffic into their content. But, I don't think that's what Undertone advertisers are looking for.” — Former Perion Executive"

"The Italian Court, established in April 2021, that Leonardo Spa's Chief Executive Officer in his prior post, was the author of a "criminal plan" carried out with the "predictable intention to deceive shareholders or the public"(3) — Tribunal of Milan - Sentence MPS Case RGNR 955/205 - 7 April 2021"

"“That's technologically challenging because the light cages that they've developed for the penning as part of their opto-electronic positioning approach have to be tweaked pretty heavily to pen smaller things that don't have the same charge profile.” — Leading academic institution/ex-BLI scientist"

"In accomplishing its intended purpose, the Order in effect encourages all prime contractors to simply choose SRMs from Northrop’s new Orbital subsidiary (which Northrop has named Northrop Grumman Innovation Systems “NGIS”) and not conduct a competitive bidding process. — AJRD Public Comment Letter"

"sitting on top of each other in their office right now. They'll be able to spread out, put a bunch of tables out there and just get a production line that's mapped out. And then it will look like a real factory like the Teal factory, hopefully, in about 2 months. — Unattributed (likely management)"

"We said this Zillow Offers business, the Homes segment, we'd anticipate could be $20 billion in revenue a year, okay. And that $20 billion in revenue would represent 5,000 homes sold a month, which would represent only about 1% of the overall transactions in the market. — RBC Conference 11/20/2019"

"“I’ve had a lot of organs that were refused by the initial center that called in the request for service. This happened a lot where they were like, ‘We actually don’t want it.’ But that usually boiled down to withdrawal time as a DCD - or the pathology results.” — Former TransMedics OCS specialist"

""There’s a piece of information. I know more than I’m telling you...I knew they had cardiovascular issues...that compound had issues...the main issue is it had a cardiovascular signal...I’m sure it was known as soon as people profiled it." — Senior scientist from Abbott, Johnson & Johnson, or GSK."

"“It became a little more difficult to prescribe. It required a pre-auth. Usually, you filled out a form, and that was it. And now, there are things like, have you been on modafinil or armodafinil? You have to be on other generics first.” — Physician in private and academic practice in Philadelphia"

"It’s the recruiting, meaning bringing new distributors into our company, which is the most vital part of our bloodstream. We bring new distributors in – we grow. It’s that simple. It’s that simple. And the company has built its whole reputation, its whole life, on recruiting. — CEO Michael Johnson"

"Hill-Rom Holdings, Inc.'s ("Hill-Rom") Ba2 rating reflects the company's moderate financial leverage. The rating also reflects the risks associated with a growth strategy that is expected to rely on acquisitions, which could be debt financed and result in integration risks. — Moody's Credit Rating"

"One of the purposes of our national tax reform is to build a fair and impartial tax system that does not discriminate against the nature of a particular ownership; a system that can be equally applicable to all types of enterprises. — Ministry of Education (MOE) reply regarding NRRR tax treatment"

"Net "funded" debt is calculated under our Revolving Credit Facility by starting with the long-term indebtedness shown on our most recent balance sheet plus lease obligations that are set forth separately from our long-term indebtedness on our balance sheet minus cash on hand. — GFL IPO Prospectus"

""[Fiber] will dilute the quality of Crown's overall portfolio and require a meaningful equity raise to fund it... Tower and fiber are very different businesses with no synergies between them...[W]hy pay up to diversify away from one of the best businesses out there?" — MoffettNathanson, July 2017"

"Average receivables grew 19.6% over last year, faster than our pace of sales primarily due to changing the product features for yet another group of our higher credit quality Target card accounts to become higher limit Target Visa accounts. — Doug Scovanner, CFO, Q3'07 conference call, 11/20/2007"

"Analysis and opinion from Cooley LLP, a law firm with a significant practice in Cyber, Data, and Privacy, confirms this stating that SOPIPA does not provide students or parents the ability to "opt-in" to disclosures of their information that would violate SOPIPA. — Spruce Point Capital Management"

"We've established clear goals for the business. We have a set target of annually delivering 20% to 25% adjusted EBITDA growth, consisting of approximately 50% organic meaning economic growth, wallet share growth and pricing power and 50% from M&A. — Mr. Proud, CEO of Dye & Durham (September 2023)"

""I would anticipate that we are going to find one or two a year [required sidings to lengthen], where the next bottleneck arises and that's just normal stuff...for the most part, the good news is we've done a lot of the stuff in the expensive mountain siding expansions." — Fred Green, Analyst Day"

"“Trian has a long track record to help investors judge, and its record of short-slate board participation and activism appears positive and constructive, and oriented towards longer-term value creation...” — Sustainalytics Corporate Governance Company Report on E.I. du Pont de Nemours and Company"

"“...I think we're approaching [the succession process at Disney] differently, and I just don't want to... it's just not something that I feel other than saying that we're aggressively pursuing succession, there's no more detail that I want to give.” — Robert A. Iger, CEO & Director, November 2023"

""Trian has a long track record to help investors judge, and its record of short-slate board participation and activism appears positive and constructive, and oriented towards longer-term value creation..." — Sustainalytics Corporate Governance Company Report on E.I. du Pont de Nemours and Company"

"“Trian has a long track record to help investors judge, and its record of short-slate board participation and activism appears positive and constructive, and oriented towards longer-term value creation...” — Sustainalytics Corporate Governance Company Report on E.I. du Pont de Nemours and Company"

""That's bound to prove challenging given that the nation has sanctioned him and his local Freedom branch because of his ties to Russia. The Ukrainian Central Bank is willing to do business with foreigners, but only with those with an "impeccable" reputation - not sanctioned entities," — Bloomberg"

"“Products and Solutions revenue decreased $111 million, or 4%, mainly due to lower sales volume of $307 million and unfavorable foreign exchange fluctuations of $5 million, partially offset by price increases of $102 million and $99 million of revenue from First Alert, Inc.” — Resideo SEC filings"

"“...I think we're approaching [the succession process at Disney] differently, and I just don't want to... it's just not something that I feel other than saying that we're aggressively pursuing succession, there's no more detail that I want to give.” — Robert A. Iger, CEO & Director, November 2023"

"IN THE PAST DECADE, THE SINGLE MOST COMMON CAUSE OF THE WITHDRAWAL OR RESTRICTION OF THE USE OF DRUGS THAT HAVE ALREADY BEEN MARKETED HAS BEEN THE PROLONGATION OF THE QT INTERVAL ASSOCIATED WITH POLYMORPHIC VENTRICULAR TACHYCARDIA, OR TORSADE DE POINTES (FIG. 1), WHICH CAN BE FATAL. — NEJM (2004)"

"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"

""You will recall that length of stay is among the most important return on investment considerations for hospital administrators as it represents an opportunity to reduce non-reimbursed costs, while also freeing up beds more quickly for the next reimbursed patients." — Mehren (Q119 earnings call)"

"“By far the worst merchant company. Not honest at all for anything” — Rana K. (BBB Review). “Horrible Company, Unprofessional, Rude.” “Has no business ethics whatsoever” — Krisha B. (BBB Review). “They also don't tell their clients when the machines need to be updated” — Charity C. (BBB Review)."

"We didn't think it was commercially viable. We didn't think there's sufficient value just because of the nature of the NFL game that the incremental revenue upside didn't justify the additional investment it would have required us to get that official data stages. — Strategy Director, Sportradar"

"I'm not going to comment on the specifics of the financing package itself. One reason, I'm not well versed in the details of the financing package as others are. But I -- obviously, Phil, we can take you offline, we can get you more comfortable with that as well going forward here. — Generac CEO"

"“We have tried to do everything we could earlier this year when they went to every landlord and asked for rent reductions and concessions,” Mr. Chilelli said. “If they are able to reduce their footprint, it will hurt the office market again.” — Joey Chilelli, Managing Director at Vanbarton Group"

"Ted Miller is attempting to gain control of Crown Castle . . . and install himself as Executive Chair, or Chair in some capacity. Please revise to provide support, given that Mr. Miller is only seeking a minority of Board seats. — Division of Corporation Finance, Office of Mergers & Acquisitions"

"It is not yet established that patients at high risk of developing AF by a validated risk score benefit from screening and interventions to improve rates of ischemic stroke, systemic embolism, and survival. — 2023 ACC/AHA/ACCP/HRS Guideline for the Diagnosis and Management of Atrial Fibrillation"

""[T]he HKMA might choose a hot and boring Friday afternoon in mid-summer, when most fund managers and top government officials had gone vacationing, and announce the floating of the Hong Kong dollar." — Shu-ki Tsang, Academic Economist and HKMA Advisory Board Member, Currency Board Sub-Committee"

""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"

"“And I think you made a comment that there's significant tax leakage around monetization. Is that in the case of spin as well? And then can you provide a little bit more detail or help us quantify a framework for thinking about tax leakage associated with Midstream monetization.” — Goldman Sachs"

"“So, when I look at Phillips, I would say that Phillips is the worst of the bunch we are talking about. I don't like Phillips, and we are really big holders. The biggest issue for Phillips, in my opinion, is that they are not at all focused on creating shareholder value.” — Anonymous Shareholder"

""For the Company though, we do see, right. So we do see the segments that can provide Herbalife a broader base. So, for example, the African-American initiative that we're doing, it started about three years ago." — Amy Greene, VP-IR, Barclays Capital Retail and Restaurants Conference, 4/24/2012"

"「レーザーテックは危ないと思います。同社には完成品の在庫が滞留していますが、KLAは各社に向けて次のように予告しています。『発注を2025年の中旬まで待っていただけるなら、新しいシステムを商業的に提供できます』。KLAはレーザーテックのマーケットシェアに食い込みます。当然です。また、レーザーテックは在庫の減損処理をしなければならなくなります。......もしKLAがその気になれば、価格に関してはたいへんなプレッシャーをかけることができるでしょう。そうなると、レーザーテックは減損処理して、在庫資産の評価を大きく切り下げなければならなくなるでしょう」 — グローバルファウンドリーズの元幹部"

""I think they sell between 60 and 80 engines a year and they report 95% into the Aerospace business." — Source C, former Senior FTAI executive. "...I think it's 80/20, right. So, I think they do 80 [whole] engine sales a year that they count as modules." — Source C, former Senior FTAI executive."

"the businesses were "smushed together" for the spin-off and "operationally behind the scenes there were a lot of growing pains in terms of how to harmonize these businesses" — Former high-level executive. "bit of a rat nest that spun out in terms of those back office systems" — Former executive."

"“Notwithstanding Defendants’ express and implied representations that Herbalife offers a retail-based business opportunity, in truth the only way to achieve wealth from the Herbalife business opportunity is to recruit other Distributors.” — FTC v. Herbalife International of America, Inc., et al."

"We send Ms. Miles a letter about how Norfolk Southern's management team contacted "regulators and customers to encourage them to publicly support [Mr. Shaw] in a proxy fight, warning them that our nominees would cause the company to have a worse relationship with them." — Ancora Alternatives LLC"

"“I was really upset, to be very honest with you. I saw that price, and I actually reached out to people at Soleno thinking maybe there was a typo...I thought it might be 46k a year, and they’re like, no, that is actually the price.” — KOL in the PWS field; involved with Soleno’s clinical program"

"In the spirit of transparency and strong corporate governance, we encourage you to gather all of the facts, assess these questions holistically and independently and reach your own conclusions. Sincerely, Independent Directors of the Phillips 66 Board of Directors — Phillips 66's April 24 Letter"

"“At TSMC, the demand is around 500 masks per day for production, for the 5-nanometer. TSMC highly relies on KLA. I will say KLA's share, KLA's tool is around 20 in 5-nanometer. And Lasertec is around 10.” — Longtime ex-TSMC procurement executive who introduced Lasertec inspection tools into TSMC"

"We use the lower pre-acquisition tuition because it is company-favorable. A blog post stated that the tuition charged in August of 2015 was 11,000 rmb for 8 months after the application of a 1000-Rmb discount. (Source: 8 个月，128 个课时，一周上两次，一次一个半点，算两个课时。收费 1 万 1 千多（优惠 1 千后），也就是 1 次课 1 个半点 170 块钱。)"