Starboard Value

Qorvo, Inc. is a technology company that specializes in developing and commercializing advanced solutions for wireless and wired connectivity globally. Founded in 1957 and headquartered in Greensboro, North Carolina, Qorvo operates through two primary segments: Mobile Products and Infrastructure and Defense Products. The company offers a diverse range of integrated modules, including switches, power amplifiers, filters, duplexers, and antenna tuners, as well as advanced solutions such as UWB system technologies and power management systems. Qorvo serves various markets, including mobile devices, wireless base stations, and defense applications, providing products that enable secure communication and efficient power usage. The company markets its offerings directly to original equipment manufacturers and original design manufacturers, supplemented by a network of sales representatives and distributors. Qorvo emerged from the merger of RF Micro Devices and TriQuint Semiconductor in 2015, establishing itself as a leader in radio frequency solutions.

Healthcare Realty Trust is a real estate investment trust that specializes in owning, managing, and developing properties related to healthcare delivery across the United States. The company primarily focuses on outpatient facilities and medical offices, ensuring that its portfolio aligns with the operational needs of local health systems and physicians. By maintaining a conservative business-risk profile, Healthcare Realty Trust targets investments that are integral to hospital operations. The company actively pursues growth through strategic mergers and acquisitions, collaborating with developers who have established connections in the healthcare sector. All of its revenue is generated domestically, reflecting its commitment to enhancing healthcare infrastructure in the communities it serves.

Kenvue is a consumer health company that delivers personal health solutions. The company's brands have helped generations take care of themselves and their loved ones for more than 135 years.

Pfizer, established in 1849, is a leading global pharmaceutical company headquartered in the United States. Its core business involves the discovery, development, manufacture, and sale of prescription medicines, vaccines, and health care products. Pfizer's extensive portfolio spans various therapeutic areas, focusing on wellness and prevention, as well as treatments and cures for numerous diseases. Notable products include the pneumococcal vaccine Prevnar 13, cancer drug Ibrance, and cardiovascular treatment Eliquis. With approximately 50% of its sales coming from international markets, including significant contributions from emerging markets, Pfizer's global presence is substantial. The company is committed to providing access to safe, effective, and affordable medicines, driven by its purpose to improve patient outcomes and enhance overall health. Pfizer Venture Investments, its corporate venture capital arm, invests in emerging companies developing transformative medicines and technologies to further strengthen its pipeline. Additionally, the Pfizer Foundation, an independent non-profit, supports global health strategies and community involvement through funding and resources.

Match Group is a leading provider of online dating products, offering a diverse portfolio of nearly 50 brands, including Tinder, Match.com, OkCupid, and Meetic, among others. The company operates in over 200 countries and provides its services in nearly 40 languages, catering to various communities based on geography, demographics, and relationship preferences. With more than 7 million people signing up for its products each month, Match Group generates revenue primarily through subscription fees, supplemented by advertising. The company emphasizes connecting individuals from diverse backgrounds, fostering relationships across different ages, orientations, and cultures. Since its inception, Match Group has continuously innovated its offerings, enhancing user experiences through features like swiping and social discovery.

Bloomin' Brands, Inc. is a prominent player in the casual dining sector, operating a diverse portfolio of restaurants in the United States and internationally. The company owns and operates four main restaurant concepts: Outback Steakhouse, a casual steakhouse; Carrabba’s Italian Grill, an Italian restaurant; Bonefish Grill, which offers upscale casual seafood dining; and Fleming’s Prime Steakhouse & Wine Bar, a contemporary steakhouse. As of late 2019, Bloomin' Brands managed approximately 1,045 restaurants in the U.S. and 128 internationally, with a significant presence in 21 countries, Puerto Rico, and Guam. The company's workforce consists of around 91,000 team members. Bloomin' Brands was incorporated in 2006 and is headquartered in Tampa, Florida.

Ritchie Bros is the world's largest auctioneer of used construction and farm equipment. The company specializes in the appraisal, sale, inspection, refurbishment, shipping, and financing of heavy machinery and trucks. Ritchie Bros conducts hundreds of unreserved public auctions annually, attracting both on-site and online bidders. With over 40 auction sites globally, it facilitates a wide reach for buyers and sellers in the equipment market.

Vertiv Holdings Co is a global provider of mission-critical infrastructure technologies and lifecycle services, catering to data centers, communication networks, and commercial and industrial environments. Headquartered in Columbus, Ohio, the company offers a comprehensive range of products, including power management, thermal management, integrated rack systems, and modular solutions, which are essential for various digital services such as e-commerce, online banking, and wireless communications. Vertiv also delivers lifecycle management services, predictive analytics, and professional services to assist clients in deploying, maintaining, and optimizing their infrastructure. The company serves diverse industries, including social media, financial services, healthcare, transportation, retail, education, and government, ensuring that vital applications run continuously and efficiently from the cloud to the network edge.

Salesforce is a leading cloud-based software company, founded in 1999, specializing in customer relationship management (CRM) solutions. It offers a range of enterprise applications, including Sales Cloud for sales automation, Service Cloud for customer service, Marketing Cloud for digital marketing, and Commerce Cloud for e-commerce. Additionally, Salesforce provides a platform for building custom applications and MuleSoft for data integration. Salesforce.org, a division of the company, donates and discounts its technology to nonprofits and educational institutions, fostering a culture of giving back. Salesforce Ventures, the company's venture capital arm, invests in enterprise technology startups globally, providing funding, access to the Salesforce ecosystem, and guidance from its executives.

Splunk is a cloud-first software company founded in 2004 and headquartered in San Francisco, California. It specializes in operational intelligence software that monitors, reports, and analyzes real-time machine data for various applications, particularly in security, IT, and business operations. Splunk's solutions include advanced threat detection, incident management, and cloud monitoring, catering to industries such as manufacturing, retail, and financial services. The company primarily serves enterprise clients, with over 90% of the Fortune 100 utilizing its offerings. Its revenue is generated through the sale of software licenses, cloud subscriptions, and maintenance and support services.

Wix is a cloud-based platform that enables users to create and manage websites without requiring extensive technical skills. Catering to millions of registered users globally, Wix offers a freemium model with three main web editors: the Wix Editor for users with basic skills, Wix ADI for novices, and Wix Code for more advanced users. The platform is built on HTML5 technology, providing tools for web design, layout, domain hosting, and various marketing applications. Wix's services allow individuals and businesses to easily build custom websites, promote their brands, and engage in e-commerce, making it accessible for users across different skill levels and industries. The company's geographic reach includes North America, Europe, Latin America, Asia, and other regions.

GoDaddy is a leading platform for small businesses, providing a comprehensive suite of services essential for establishing and managing an online presence. The company is recognized as the world's largest ICANN-accredited domain registrar, overseeing more than 55 million domain names and facilitating the registration, renewal, or transfer of domains at an impressive rate. In addition to domain registration, GoDaddy offers website hosting, security, design services, and business productivity tools, catering primarily to micro- and small businesses, as well as website design professionals and domain investors. The acquisition of payment processing platform Poynt in 2021 has enabled GoDaddy to expand its offerings to include omnicommerce solutions, which encompass online payment gateways and offline point-of-sale devices. With over 12 million customers and a diverse product portfolio exceeding 40 offerings, GoDaddy has established itself as a trusted partner for businesses seeking to thrive in the digital landscape.

Willis Towers Watson is a global advisory, broking, and solutions firm based in London, United Kingdom, with a history dating back to 1828. The company specializes in helping organizations manage risk and leverage it as an opportunity for growth. It offers a wide range of services, including solutions for mergers and acquisitions, cyber risk management, reinsurance, investments, and retirement planning. Additionally, Willis Towers Watson assists in optimizing benefits and developing compensation strategies. Its clientele spans various sectors, including aerospace, construction, financial services, healthcare, real estate, and technology, reflecting its comprehensive approach to addressing the diverse needs of institutions and individuals.

Merit Medical Systems is a manufacturer of medical devices specializing in diagnostic and interventional cardiology, radiology, and endoscopy procedures. The company develops and produces a range of products, including inflation devices for angioplasty and stent placement, as well as diagnostic and therapeutic catheters used in various medical procedures. Merit Medical operates primarily through two segments: Cardiovascular and Endoscopy, with the Cardiovascular segment generating the majority of its revenue. The company primarily serves the United States market, where it earns most of its sales.

CVS Health Corporation is a diversified healthcare company that provides a range of services and plans in the United States. It operates through three primary segments: Pharmacy Services, Retail/LTC, and Health Care Benefits. The Pharmacy Services segment offers management solutions for prescription drug plans, including mail order and specialty pharmacy services, as well as clinical and disease management programs. This segment serves various clients such as employers, health plans, and individuals. The Retail/LTC segment sells prescription and over-the-counter drugs, personal care products, and provides healthcare services through MinuteClinic walk-in medical clinics. It also distributes drugs and provides related services to long-term care facilities. As of 2019, CVS Health operated approximately 9,900 retail locations and 1,100 MinuteClinic locations. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services to employer groups, individuals, and other entities. CVS Health was founded in 1963 and is headquartered in Woonsocket, Rhode Island.

Papa John's International, Inc. is a prominent player in the global pizza market, operating and franchising pizza delivery and carryout restaurants under the Papa John's brand. Established in 1984 and headquartered in Louisville, Kentucky, the company has expanded its footprint to more than 5,900 locations across nearly 50 countries. It functions through four key segments: Domestic Company-Owned Restaurants, North America Commissaries, North America Franchising, and International Operations. Approximately 89% of its restaurants are franchised, while the company retains ownership of a small percentage. Papa John's generates revenue through franchise royalties, sales from its company-owned stores, and its commissary supply chain. The company emphasizes a commitment to quality and innovation in its product offerings, maintaining a significant presence in markets such as the United Kingdom, China, South Korea, and Chile.

Dollar Tree, Inc. operates discount variety retail stores in the United States and Canada through two main segments: Dollar Tree and Family Dollar. The Dollar Tree segment offers a wide range of merchandise, primarily priced at $1.25, including consumables such as food, health and beauty products, and household items, alongside variety items like toys and seasonal goods. Dollar Tree operates over 7,500 stores and several distribution centers, serving well-populated suburban markets. In contrast, the Family Dollar segment focuses on consumable merchandise, which constitutes around 80% of its sales, and offers a wider price range below $10. Family Dollar features general merchandise that includes food, household supplies, apparel, and seasonal items across nearly 7,800 stores. Founded in 1986 and headquartered in Chesapeake, Virginia, Dollar Tree emphasizes value and accessibility for customers seeking affordable everyday items.

Symantec is a comprehensive security software suite developed by Broadcom Inc., offering anti-malware, anti-intrusion, and firewall features for both server and desktop computers. It functions as a website certification service provider, assisting organizations, governments, and individuals in safeguarding sensitive data from advanced threats across endpoints, cloud environments, and infrastructure. Symantec's solutions are designed to meet the evolving cybersecurity challenges of a complex digital landscape. Following the sale of its enterprise security business to Broadcom in 2019, NortonLifeLock, a global leader in consumer Cyber Safety, continues to play a vital role in enhancing online security for approximately 50 million consumers by securing devices, identities, and online privacy.

Mellanox Technologies is a manufacturer and supplier of semiconductor-based connectivity solutions that enhance data center performance. Founded in 1999 and headquartered in Sunnyvale, California, and Yokneam, Israel, the company specializes in developing and providing end-to-end Ethernet and InfiniBand interconnect solutions for servers, storage, and hyper-converged infrastructure. Mellanox products are designed to deliver high bandwidth, scalability, and power efficiency while consolidating multiple legacy network technologies into a unified, future-proof solution. Its offerings are favored by Fortune 500 data centers and are integral to some of the world's most powerful supercomputers, enabling faster data transmission and unlocking system performance.

Perrigo Company plc is a prominent global healthcare supplier that specializes in the development, manufacture, and distribution of over-the-counter (OTC) and prescription pharmaceuticals, nutritional products, and active pharmaceutical ingredients. As the largest manufacturer of OTC pharmaceutical products for the store brand market, Perrigo has established itself as a leader in consumer health. The company has shifted its focus to consumer self-care since divesting its animal health and generic pharmaceuticals businesses in 2018. A significant portion of its sales is generated in North America, where it provides private-label consumer health goods to major retailers such as Walmart, Amazon, Costco, and CVS. Additionally, Perrigo operates in Europe, Australia, and parts of Asia, marketing national brands like Compeed, Solpadeine, Coldrex, and ellaOne. With a diverse product portfolio and a commitment to innovation, Perrigo serves customers worldwide.