Callouts & quotes from 1,069+ activist slides

"When combined with the negligible net income produced with realistic margin expectations for SMART Brazil (and SGH as a whole), the Company goes cash flow negative as soon as 2Q20."

""And so what I think you can expect from us is that continued expansion every quarter, every two quarters, the launch of new major categories." — CEO Dudum on Q3 2021 Earnings Call"

"If Darden can realize just $65-90 million of our expected $271 million in cost reductions, we believe it can ensure that an SRG spinoff will not put its credit rating in jeopardy."

"If Darden can realize just $65-90 million of our expected $271 million in cost reductions, we believe it can ensure that an SRG spinoff will not put its credit rating in jeopardy."

"For the 2016-2019 PSP plan, management is targeting 2.8% organic sales growth, below expected market growth. Rather than improving performance, the Board decided to lower the bar."

"We believe that Amdocs' unusually steady margins are reflective of a management team eager to meet Wall Street expectations, and willing to engineer numbers to do so if necessary."

"Spruce Point believes DV's revenue growth expectations appear to be on the aggressive side. DV is expected to outgrow ad-tech and the global advertising agency space by almost 4x."

"Despite near-term headwinds, we would expect Danone to trade back to historic levels and believe it should trade at a premium given its portfolio mix and emerging market exposure"

"This structure demonstrates that Darden can separate its real estate while enhancing its credit rating and dividend coverage, even without any of our expected EBITDA improvements"

"GoDaddy Inc.’s (“GoDaddy”, “GDDY”, or “the Company”) growth + profitability is expected to worsen in 2023, and as a result, GoDaddy has not been able to create shareholder value."

"This structure demonstrates that Darden can separate its real estate while enhancing its credit rating and dividend coverage, even without any of our expected EBITDA improvements"

"There is a possibility that AOL may be viewed as a non-investment grade credit by the rating agencies due to concerns about the continued expected decline in the Access business."

"GoDaddy Inc.’s (“GoDaddy”, “GDDY”, or “the Company”) growth + profitability is expected to worsen in 2023, and as a result, GoDaddy has not been able to create shareholder value."

"GoDaddy Inc.’s (“GoDaddy”, “GDDY”, or “the Company”) growth + profitability is expected to worsen in 2023, and as a result, GoDaddy has not been able to create shareholder value."

"In less than 2 weeks, all 60M shares will be eligible to be sold into the market. We expect there to be a bloodbath with this many shares, that insiders got for practically free."

"DSP has missed its expectations for New Product Revenue each of the past three years and New Product Revenue has barely grown over that period despite significant R&D investments"

"It now seems absurd to discuss the company's expectations for organic growth, given that it seems wholly incapable of (or uninterested in) calculating organic growth accurately."

"Revenue is much harder to manage vs. “Adjusted” EPS. We see that Avery has started to consistently miss revenue expectations while regularly beating “Adjusted” EPS expectations."

"You'd expect the oil frackers like Pioneer to be cutting capex faster than the gas companies. Nope. Instead, while CONSOL has stopped drilling new wells, Pioneer has added rigs."

"Telephony penetration at TWC is expected to increase from 14.4% in 2006 to approximately 33% in 2009, implying a CAGR of more than 30% for telephony subscribers over the period."

"With Hill-Rom expected to continue to engage in M&A through the foreseeable future, why should investors permit management to continue to ignore these costs as irrelevant items?"

""Consistent with the pricing environment we experienced in previous years, we would expect continued unfavorable price reductions of approximately 1%." — Stryker (Jan 27, 2022)"

"First ~650 bps of OR improvement expected from removal of 450 locomotives and 35,000 cars, fuel consumption reduction and reduced purchases of services, rents, materials, etc."

"AMT would like investors to believe it is positioned to significantly benefit from the growth in data demand. If AMT investors expect 15-20% growth they will be disappointed."

"We would expect truly independent Tier 1 distributors’ gross margins to approximate 30% to 35%, which is based on information provided in the interviews with Messrs. A and C."

"If you go back to the old Avon model, before they were multilevel, right, self-consumption, not even an issue. It isn't not even covered on the FTC's website. It is expected."

"MGPI's valuation is rich and its financial condition is fragile with no cash and significant leverage on earnings and EBITDA expectations that are likely to sorely disappoint"

"Pershing Square exited our position in Hilton earlier this year as we expect prospective returns are unlikely to meet our high return threshold given current valuation levels"

"White Diamond’s New Findings will prove why AXDX’s Pheno system is unlikely to realize the revenue the street is expecting. The issues we have found have been missed by most."

"That's where we expect Aurora to trade, and where we believe it will as the limits on autonomous trucking become clear and the air comes out of the tires of autonomous hype."

"(24) our belief that our pipeline for acquisitions is strong, our plans to seek new acquisitions and expectation to make additional acquisitions in 2023; — Rollins 2022 10-K"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"In our opinion, MAXR's 2018 Adj. EPS expectation of $4.75/sh is pure fiction. The Company has made numerous aggressive accounting choices that inflate its Non-IFRS results."

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"Can AST do it in a way that people expect their cellphones to work and how AST itself promotes its technology solution? Not according to the guy who wrote a textbook on it."

"In other words, if DKNG pivots into exchanges in the coming years, the TAM expansion opportunity touted by sell-side equity analysts and others might not meet expectations."

"We believe Autodesk can achieve these targets through approximately $350 million of net cost savings and 55% incremental margins on consistent revenue growth expectations."

"Should investors interpret accelerated executive turnover and heavy insider selling as a signal that management is preparing to re-set investor expectations for the worse?"

"Should investors interpret accelerated executive turnover and heavy insider selling as a signal that management is preparing to re-set investor expectations for the worse?"

"Based on Wilson's comments, Element AIM is expected to contribute $24-$27 million in revenue in 2022. Given the history of delays and obfuscation, we are highly skeptical."

"We expect litigation in this space to increase in volume and breadth as parents push regulators and legislators to crack down on companies using children's data illegally."

"Generac hasn't given explicit margin guidance but was asked twice. Based on the CFO's response, it appears he materially pushed back EBITDA margin expansion expectations."

"Spruce Point has successfully targeted a number of healthcare-related companies benefitting from unreasonably high growth expectations and misunderstood business models."

"Spruce Point has successfully targeted a number of healthcare-related companies benefitting from unreasonably high growth expectations and misunderstood business models."

"Spruce Point has successfully targeted a number of healthcare-related companies benefitting from unreasonably high growth expectations and misunderstood business models."

"We view this program as a negative development with ADI having to be more promotional to stimulate revenue. As a result, we would expect this to weigh on future margins."

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"Yeah. Only good surprises. Really it's a terrific business. We expected 15-plus percent sales growth and we should easily exceed that target in 2019. — Rick Dierker, CFO"

"Visibility and quality of Mercury’s backlog appears to be deteriorating. It just reported a multiyear low of backlog expected to be shipped over the next twelve months."

"We see approximately 55% – 80% downside risk ($24.50 to $55.85) per share to BG's share price and expect it to underperform the agribusiness industry and equity market."

"According to the CDC, US men have a 74.8-year life expectancy. Thus, 3 to 5-year retreatment horizons obviate durability concerns for the average 71-year-old patient."

"For certain projects in pre-development, some horizontal construction may have occurred, but no sales or marketing activities are expected in the foreseeable future."

"Consensus expectations imply a 3% yield for the 10 year by 1Q19 and 3.5% by the 2Q20. As interest rates rise, O Realty’s stock price exhibits a negative correlation."

"Consensus expectations imply a 3% yield for the 10 year by 1Q19 and 3.5% by the 2Q20. As interest rates rise, O Realty’s stock price exhibits a negative correlation."

"We estimate 40%–55% long-term potential downside risk to RELY’s shares and expect it to underperform the financial services industry and the broader equity market."

"Adjusting management's and Craig-Hallum's long-term guidance for realistic expectations paints a completely different picture for Genius' future financial profile."

"In addition, of the fourteen significant products highlighted in early 2017, most have either been terminated, delayed or have had expectations materially lowered."