Callouts & quotes from 28+ activist slides

""Management's initial announcement on asset sales and increased payouts to shareholders, while significant, appeared to undershoot the high expectations that had buoyed the share price at the start of the year" — Border to Coast. "Keisei initially announced it would sell 1% of its OLC stake, which disappointed the market. The value of the OLC stake has different meanings for different shareholders of Keisei; however, if it continues this path, they can unlock capital to fund growth in capex or return funds to shareholders." — MFS Investment Management. "In our view, Keisei Electric Railway is a discounted asset with the potential to unlock significant value by reducing its 20% stake in Oriental Land." — Franklin Templeton. "We also expect the company to monetize its 20% stake in Oriental Land, which equals Keisei's entire enterprise value" — Boston Common Asset Management. "The entire market capitalization of Keisei is $6.6bn, and they've got this $8bn post-tax investment sitting there. On top of that you're also getting this profitable rail business thrown in there basically for free." — Fidelity International. "The Fund considers that the valuation [of Keisei Electric Railway] is extremely inaccurate." — Sparx Japan Small-Cap Fund. "...it's remarkable that Keisei Electric trades at about a 50% discount to the value of that stake in Oriental Land, as well as the value of the land and the railway line business as well." — AVI Asset Value Investors. "Keisei Railways ... have significant latent value hidden in net cash or cross-holdings. Through the efforts of both ourselves and others, we believe this value has a strong chance of being unlocked amidst this new atmosphere of reform in Japan." — M&G Investments."

"Quite frankly, I think [regaining the high ground] is going to require evolution. We’ve been concerned about Southwest for some time, that it has mostly, not entirely, but mostly sat out the industry’s evolution... They have a product and price points that skew more toward discount airlines but a cost structure overall that skews a bit more toward the Big 3. It’s a bit of an identity crisis. — J.P. Morgan Webcast, May 2023; Everything [they're] doing is incremental. [They] need to make radical changes. — Wolfe Research Weekly Webcast, October 2023; ...What might you consider strategically or put on the table that hasn't been on the table before? So if we think about things like seat assignments, basic economy, bags fly free, historically, those have been sacrosanct... If you have lagging margins, it may require a harder look. — Evercore Analyst on Q3 2023 Earnings Call, October 2023; There is a lot of debate about the airline's lack of a premium product vs. peers and ancillary revenue opportunities beyond boarding... The drum beat on closing the margin gap with the network airlines will continue to beat louder... — Cowen, January 2024; Time to pull the RASM lever?... The main – and perhaps only – lever they have now to overcome cost inflation is to boost RASM... LUV still remains at a relative disadvantage to all their major competitors in the pursuit of premiumization. — Morgan Stanley, January 2024; We have long made the case that the Company's inability to monetize its cabin and participate in various high-margin revenue streams was a drag on relative margin performance. — Deutsche Bank, April 2024"

"Quite frankly, I think [regaining the high ground] is going to require evolution. We’ve been concerned about Southwest for some time, that it has mostly, not entirely, but mostly sat out the industry’s evolution... They have a product and price points that skew more toward discount airlines but a cost structure overall that skews a bit more toward the Big 3. It’s a bit of an identity crisis. — J.P. Morgan Webcast, May 2023; Everything [they’re] doing is incremental. [They] need to make radical changes. — Wolfe Research Weekly Webcast, October 2023; ...What might you consider strategically or put on the table that hasn’t been on the table before? So if we think about things like seat assignments, basic economy, bags fly free, historically, those have been sacrosanct... If you have lagging margins, it may require a harder look. — Evercore Analyst on Q3 2023 Earnings Call, October 2023; There is a lot of debate about the airline’s lack of a premium product vs. peers and ancillary revenue opportunities beyond boarding... The drum beat on closing the margin gap with the network airlines will continue to beat louder... — Cowen, January 2024; Time to pull the RASM lever?... The main – and perhaps only – lever they have now to overcome cost inflation is to boost RASM... LUV still remains at a relative disadvantage to all their major competitors in the pursuit of premiumization. — Morgan Stanley, January 2024; We have long made the case that the Company’s inability to monetize its cabin and participate in various high-margin revenue streams was a drag on relative margin performance. — Deutsche Bank, April 2024"

"Quite frankly, I think [regaining the high ground] is going to require evolution. We’ve been concerned about Southwest for some time, that it has mostly, not entirely, but mostly sat out the industry’s evolution... They have a product and price points that skew more toward discount airlines but a cost structure overall that skews a bit more toward the Big 3. It’s a bit of an identity crisis. — J.P. Morgan Webcast, May 2023; Everything [they’re] doing is incremental. [They] need to make radical changes. — Wolfe Research Weekly Webcast, October 2023; ...What might you consider strategically or put on the table that hasn't been on the table before? So if we think about things like seat assignments, basic economy, bags fly free, historically, those have been sacrosanct... If you have lagging margins, it may require a harder look. — Evercore Analyst on Q3 2023 Earnings Call, October 2023; There is a lot of debate about the airline’s lack of a premium product vs. peers and ancillary revenue opportunities beyond boarding... The drum beat on closing the margin gap with the network airlines will continue to beat louder... — Cowen, January 2024; Time to pull the RASM lever?... The main – and perhaps only – lever they have now to overcome cost inflation is to boost RASM... LUV still remains at a relative disadvantage to all their major competitors in the pursuit of premiumization. — Morgan Stanley, January 2024; We have long made the case that the Company’s inability to monetize its cabin and participate in various high-margin revenue streams was a drag on relative margin performance. — Deutsche Bank, April 2024"

"Quite frankly, I think [regaining the high ground] is going to require evolution. We’ve been concerned about Southwest for some time, that it has mostly, not entirely, but mostly sat out the industry’s evolution... They have a product and price points that skew more toward discount airlines but a cost structure overall that skews a bit more toward the Big 3. It’s a bit of an identity crisis. — J.P. Morgan Webcast, May 2023; Everything [they’re] doing is incremental. [They] need to make radical changes. — Wolfe Research Weekly Webcast, October 2023; ...What might you consider strategically or put on the table that hasn't been on the table before? So if we think about things like seat assignments, basic economy, bags fly free, historically, those have been sacrosanct... If you have lagging margins, it may require a harder look. — Evercore Analyst on Q3 2023 Earnings Call, October 2023; There is a lot of debate about the airline's lack of a premium product vs. peers and ancillary revenue opportunities beyond boarding... The drum beat on closing the margin gap with the network airlines will continue to beat louder... — Cowen, January 2024; Time to pull the RASM lever?... The main – and perhaps only – lever they have now to overcome cost inflation is to boost RASM... LUV still remains at a relative disadvantage to all their major competitors in the pursuit of premiumization. — Morgan Stanley, January 2024; We have long made the case that the Company's inability to monetize its cabin and participate in various high-margin revenue streams was a drag on relative margin performance. — Deutsche Bank, April 2024"

"“...the strategic infrastructure we have in North Dakota, having control of that adds a lot of value...that’s not something we would be interested in MLPing...Energy Marketing and Retail Marketing remain a long-term strategic part of our portfolio that... builds upon our strong brand...” — John Hess, November 2012. “We have a strong brand... it enhances the company from a financial and reputational point of view.... an energy marketing business... will help us if we find gas in the Utica...So they’re going to be some strategic benefits...” — John Hess, January 2013. “...monetization of our Bakken midstream assets expected in 2015...We have had this strategic transformation underway really... predominately when we started to build out our Bakken position in 2010. So this is not something that just happened overnight...” — John Hess, March 2013. “...in terms of pursuing strategic options to maximize value, be it the retail marketing business or energy marketing business, we are evaluating several options to monetize these businesses to maximize shareholder value. And we are just starting that process.” — John Rielly, SVP & CFO, March 2013."

"“It's 3 years behind Facebook and Google” — Industry feedback; “Why are they investing in Search and making search part of it?” “They don't understand search” — Industry feedback; “Until they reverse their user and engagement trends, their ad products don't matter” — Industry feedback; “They need to consolidate one ad tech platform like Google has AdWords. Cross-integrate it.” — Industry feedback; “They have all the data they need but they don't employ people to understand how to analyze it” — Industry feedback; “The revenue they claim to have here replaced Display ads which were higher margin.” — Industry feedback; “Flurry people are great at analytics but don't understand how to monetize” — Industry feedback; “We don't understand why they recently renegotiated the Microsoft search deal the way they did” — Industry feedback; “Why aren't they building a Syndication Team to sell display ads for others?” — Industry feedback; “For employing so many people, they don't know a lot” — Industry feedback"

"“Great. And maybe just kind of very high level here, during the road show you had kind of guided to 7% to 11.5% EBITDA margins and CarMax probably your closest competitor is around 7.8% last year... So, without opening a capital finance company you are running your own auctions, how do you kind of think about getting to the midpoint or the higher end of your long-term EBITDA guidance?” — Mike Levin, Deutsche Bank; “So I think it's a reasonable question to ask kind of what's the gap there, that gap part of that is made up by pricing differences... We built a pretty unique finance platform that allows us to while not taking credit risk monetize finance originations across the entire credit spectrum, not just to the top end of the credit spectrum, while passing that credit risk on to third parties.” — Ernie Garcia III – CEO, Carvana"

""Sportradar is dependent on acquiring sports rights, which represents a high fixed cost of the business. Although the upfront commitment does not guarantee cash flow, and the investment can underperform leading to impairment (for example the recent €38 million impairment of sports rights licenses for the NBA and NFL due to slower than expected development of US sports betting)" — Moody's (October 30, 2020). "The two ratings opinions also provide a partial glimpse into Sportradar's financials. Among them, the company has experienced a $42 million "impairment" of its NBA contract, according to Fitch. That likely means Sportradar has had to write down a portion of its NBA deal to account for being unable to monetize basketball data as expected." — Sportico (October 14, 2020)."

""So Premier Agent revenue is our core media business where we monetize this 2 billion visits a month we get on our apps and sites. And it's mainly buyer monetization that we do, and we basically sell leads to estate agents. We have monetized that historically by collecting credit cards from agents upfront, getting them to buy on a subscription basis and then sending them leads." — CEO Rich Barton, 11/20/2019; "So Premier Agent overall, which is our revenue workforce, has always been focused on the buyer side of the transaction, the buyer leads that we're sending to real estate agents." — Fmr. CFO Kathleen Phillips, 2/16/2017; "Historically, the Premier Agent product has -- been mostly about acquiring buyer leads." — Fmr. CEO Spencer Rascoff, 11/01/2016"

"We continue—we continue to drive both of the levers that create de-leveraging. One is higher EBITDA, on the denominator, and the other is driving higher free cash flow. We talked at Investor Day and reiterated today, activities that are underway, including looking at various assets on our balance sheet that can be monetized and turned into cash, whether that’s the securitization of additional orbitals or other opportunities. So we’re working all of those. And our goal, as Anil said, is very clear: to achieve 3.8 times leverage by the end of 2018 — CEO Lance Q1’18 Conference Call"

""[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 as 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; "[The] question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company that's often perceived to be a refining company?" — Goldman Sachs, January 7, 2025"

""[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 as 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; "[The] question we often get is, can you get full credit for the value of a midstream business that should deserve, a much higher multiple embedded in a diversified company that's often perceived to be a refining company?" — Goldman Sachs, January 7, 2025"

"“My question is really on the sum of the parts discount in the stock... I think it's fair to say the most diversified refiner in the space, and you combine that with some stock underperformance over the past decade. So I guess I'm a little surprised that there's not more talk about potentially looking at selling some refineries or simplifying the business overall. And really, my question is just on how do you plan to monetize the sum of the parts discount?” — TPH&Co., November 9, 2022"

""My question is really on the sum of the parts discount in the stock... I think it's fair to say the most diversified refiner in the space, and you combine that with some stock underperformance over the past decade. So I guess I'm a little surprised that there's not more talk about potentially looking at selling some refineries or simplifying the business overall. And really, my question is just on how do you plan to monetize the sum of the parts discount?" — TPH&Co., November 9, 2022"

""My question is really on the sum of the parts discount in the stock... I think it's fair to say the most diversified refiner in the space, and you combine that with some stock underperformance over the past decade. So I guess I'm a little surprised that there's not more talk about potentially looking at selling some refineries or simplifying the business overall. And really, my question is just on how do you plan to monetize the sum of the parts discount?" — TPH&Co., November 9, 2022"

"“Our two businesses are complementary, but quite different, so our guiding philosophy will be to avoid unnecessarily disrupting that. The idea is to have them function as a separate business unit at the outset, allow them to focus all their attention on growing their CTV business, while we take on their traditional video inventory--an area that we’ll be able to monetize quite well given our programmatic expertise and scale.” — Management Response"

""So again, I know that some are very anxious that we hold those shares. Others, very anxious that we sell those shares or swap those shares and so forth. We've got a very close handle on that, and it is our objective to be able to monetize those shares this year and. And to bring in another, at least, $1 billion into the company and into the cash flow of the company." — Peter Huntsman, Chairman, President & CEO, May 2018"

""So again, I know that some are very anxious that we hold those shares. Others, very anxious that we sell those shares or swap those shares and so forth. We've got a very close handle on that, and it is our objective to be able to monetize those shares this year and. And to bring in another, at least, $1 billion into the company and into the cash flow of the company." — Peter Huntsman, Chairman, President & CEO, May 2018"

"So again, I know that some are very anxious that we hold those shares. Others, very anxious that we sell those shares or swap those shares and so forth. We've got a very close handle on that, and it is our objective to be able to monetize those shares this year and. And to bring in another, at least, $1 billion into the company and into the cash flow of the company. — Peter Huntsman, Chairman, President & CEO, May 2018"

""So, there's a number of different options that we have been exploring and continue to explore. We could monetize value in some way with an existing REIT..." — CFO Mark Ohlendorf, Stephens Fall Investment Conference, November 2012. "Yeah. All else equal, we would rather own it. The problem is all else is never equal." — CFO Mark Ohlendorf, BoAML Conference, September 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"

"[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"

"[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"

"“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"

""ATHN is not an Electronic Health Records company. It is a fusion of SaaS, mobile, social, and crowdsourcing rolled into one, with an underlying platform that is able to monetize each." — Piper Jaffray, October 21, 2013"

"“ATHN is not an Electronic Health Records company. It is a fusion of SaaS, mobile, social, and crowdsourcing rolled into one, with an underlying platform that is able to monetize each.” — Piper Jaffray, October 21, 2013"

""the cost of cloud storage, we are trying to monetize carefully because of cost." — CEO of Perion Network Ltd. at the Needham conference on May 17th"