Callouts & quotes from 37,061+ activist slides

"We are short IONQ because our investigation reveals IONQ lost its funding for vital Pentagon contracts that provided up to 86% percent of IONQ’s revenues from 2022-2024, leaving a $54.6 million black hole in its expected quantum computing revenues."

"We went and made an account on Data Vault—as anyone can easily do. We discovered that the latest piece of “data” for sale on the “exchange” was a piece of historical weather data that a DVLT employee had posted for sale as a “sample” as seen below."

"I have not even heard of a single A300 system, a 300 system that shipped even. I don't know if it's pure vaporware, and it's just a press release to match the shipment of the first High-NA system to Intel, and they want to match that press release."

"I can tell you right off the bat...they haven’t taken any impairments against their balance sheet, so they’re probably over-valuing their inventory far greater than it’s actually worth...a lot of these companies are sitting on so much inventory...."

"The ITSR [Iranian Transaction and Sanctions Regulations] prohibits the exportation, reexportation, sale, or supply, directly or indirectly, from the United States or by a U.S. person, wherever located, of any goods, technology, or services to Iran."

"“Despite’s Crown’s massive investment in fiber and small cells, which we acknowledge are less attractive relative to towers, we view the company’s underlying domestic macro business as under-appreciated relative to peers.” — JPMorgan, November 2019"

"The THERAPY study was cut short after the MR CLEAN study concluded that treating acute ischemic stroke with tPA alone - the control treatment in both studies - was inferior to tPA plus mechanical thrombectomy and, therefore, unethical. — Footnote 1"

""So Party City is going to make Triangle Rewards more attractive to customer segments that are frankly very interesting to us like young families, millennials. And Party City is going to benefit hugely." — Allan MacDonald, EVP, Retail, Q2 2019 Call"

"NQ Yu Lin: Every company’s development is a process, just like a child growing up is a process. If our brand has the same reputation as Tencent, Baidu or 360, NQ should not have been only a $1 billion company, but a $10 billion company. — NQ Yu Lin"

"“...InternationalCo would be forced to assume all of Hess' existing debt and therefore restrict InternationalCo's financial flexibility, future growth rate, and ability to return cash to shareholders.” — Hess Presentation to Shareholders March 2013"

""If there is one way to sum up our past and future success...what it really comes down to [is] the Buffalo Wild Wings fan experience. All other value creation opportunities flow from brand strength" — James Schmidt, Chief Operating Officer, 8/16/16"

""And we already pointed out that in the last quarter we have a path to achieve our 2016 targets. We actually said that we're going to have an EBITDA target of $350 million 2016 on revenues of $1.6 billion...." — Dr. Klaus Kleinfeld, October 8, 2015"

"A key objective of our messaging is to make people aware of our stores, products and services. Based on our internal research, we estimate the conversion rate from a customer visiting one of our stores to purchasing our products is 76%. — FND 10-Ks"

"Looking at 2019 guidance, ... Of the $28 million in savings, the largest contribution is the $18 million that's coming from the market exit program, followed by our supply chain and G&A programs respectively. — Craig Merrill, Interim CFO, 11/6/2019"

""Yes. It's a very saturated marketplace. And that's why emerging markets were huge for both DV and IAS for a period of time. And that's also why they started looking at beyond just new products, but mid-market opportunities." — Former IAS Executive"

""We also have an exceptional referral rate at 61%, compared to the industry average in the 30% range. It shows that our employees not only want to work for TaskUs, but they want their friends and families to also." — Nearshore Americas, Feb 4, 2019"

"I am choosing to devote my time and energy to this effort because I believe Phillips 66 is not only a strong investment, but also a company where my support for Elliott’s campaign can make a difference for employees and investors alike. — Greg Goff"

"「彼らは低出力の極端紫外線光源の技術であるHHGを使って、実質的に“自前”の検査装置を開発しました。インテルは公表しませんが、実際に開発済みです。結果として3社とも同じような技術を使うようになりました。HHGの出力は微々たるものです。みんなが開発していました。水面下でする会社もあれば、堂々と開発する会社もありました。サムスンはまだその装置を使っています。TSMCも。インテルもまだ使っているんじゃないかと思いますが、インテルは非常にプライベートな姿勢です」 — 極端紫外線リソグラフィーの専門家"

"The Board determined once again this year that the service of Mr. Fink as both BlackRock's CEO and Chairman is the most appropriate and effective leadership structure for the Board and the Company at the present time. — BlackRock Board of Directors"

"“we developed it,” referring to Lasertec’s new LPP source and revealed that they actually licensed it to Lasertec many years ago, making it far from “new”: “actually it was quite a long time ago...more than two or three years ago.” — Isteq engineer"

"“...we have acquired Shunshun from last year Q3. So when we consider a Q1 and Q2 top line growth, actually they can give us something, additional numbers over there which is around 5% growth rate perspective.” — 2018 Q2 earning's call, CFO Rong Luo"

""We'll find the right way to deploy our shareholders' capital because in the end that's why we're all here, [is] to make sure that our shareholders get a fair risk and return from the money we deploy for them" — CEO Gus Kelly, Q2 2014 Earnings Call"

"S&P recently published estimates that also come in significantly below MPLN’s 2021 guidance, and yet management has not withdrawn this guidance. The rating agency’s release dated October 20, 2020 shows a much dimmer view of MPLN’s sales and EBITDA."

"The Corporation typically enters into leases with base terms of ten years and options to renew for one or more periods of five years each. The average time to expiration of the Corporation's leases is approximately five years. — Dollarama AIF p. 11"

"“Moxian IP Samoa owns all the intellectual property rights relating to the operation, use and marketing of the Moxian Platform, including all of the trademarks, patents and copyrights that are used in the Company’s business.” — MOXC 2020 10-K, p. 1"

"RARE EARTHS in COAL INTERBEDS - The past month has again seen declarations of a large new rare earth deposit(?) being discovered in the US; this time in coal interbeds in Wyoming. Let's dig under the headline for the 'real story'. — Michael THOMSEN"

"Хотел бы уточнить о возможности размещения четырех детей из ДНР в вашем отеле 22-27 марта 2026 г. для размещения их в семьи. Милые девочки возрастом 14-16 лет. Трое - сироты, у еще одного ребенка где-то родители на Украине. — Customer email inquiry"

"Therefore, Müller’s statement at the beginning of the call “At no time has Muddy Waters Capital attempted to make contact with Ströer, let alone held a telephone conversation or personal conversation with Ströer” appears to be a knowing falsehood."

"While Remitly steers investors to Trustpilot and the app store reviews, there are a plethora of other sites that review Remitly unfavorably. Even recent comments on its Facebook page indicate significant negative sentiment around customer support."

"GFL uses Campus Auto Collusion for its vehicle and equipment refurbishment. This reconnects CEO Dovigi with Claudio Villa, who plead guilty at Earthworx (a former GFL partner) in 2015 for dumping toxic dirt, while charges against GFL were dropped."

"Spruce Point has serious concerns about Generac's recent opaque transaction with Sunnova and the formation of tax equity holding. We believe Generac could essentially be financing customer purchases, or could be engaging in a circular transaction."

"Warning: "From 1997 to 2000, during a period of enormous growth through acquisitions, URI engaged in improper accounting practices involving its valuation of acquired assets, use of acquisition reserves, and accounting for customer relationships.""

"The Open Payments database also reveals that Penumbra has issued an unusually large quantity of travel and lodging reimbursements to doctors, with the most popular destination being Las Vegas (just ahead of Penumbra's own headquarters in Alameda)."

"We do note that the substantial shares OPMG issued for the sub-license is a blueprint that NQ seems to follow with its repeated prodigious issuances of shares for compensation and as consideration for its numerous (seemingly corrupt) acquisitions."

"Why should PetIQ shares trade at more than double pharmaceutical distributor multiples when near-term sales growth is more likely to be 9-11% than 15-20%, and when the Company's outsized margins appear to depend entirely on at-risk vendor rebates?"

"In an effort to avoid admitting a large miss, management has recently started stating that "to get to its mid-cycle EBITDA PSX needs adjusted gross margin of $14.50/bbl,"(1) a level that even VLO (best-in-class operator) is not expected to achieve"

"Abbott is actively working to improve the Libre's internal software, which should help to narrow any disadvantage created by the current accuracy difference, and thus to erase the market's perception of the Libre as a technologically-inferior CGM."

"Contrary to the Company's messaging, this latest deal with Pathos is not a true extension of the AstraZeneca relationship, but rather a restructuring that we believe underscores the ongoing erosion of the commitment between Tempus and AstraZeneca."

"We find it borderline unethical that Tempus designs its requisition forms in a way that encourages physicians to order tests that may not always be clinically necessary, potentially prioritizing reimbursement over patient-centered decision-making."

"They responded to higher oil prices with even more aggressive capital spending, financed ever more cheaply by Wall Street. The result was that higher oil prices led to even greater cash burn. Last year, with $100 oil, the group burned $20 billion."

"Spruce Point finds that sourcing clear aligners from a third-party 3D printing lab rather than from Align results in significant cost savings for effectively all dentists and orthodontists, even after accounting for Align’s volume-based discounts."

"Spruce Point believes that there is a high probability that, come next week, these two hospitals will elect not to renew their current terms beyond Sep 2020, and will instead demand higher sharebacks from Premier or elect for another GPO entirely."

"Granted coal prices were soft in 2019 and fell into 2020 during the pandemic, but this did not lead many coal companies to drastically reduce their proven and probable reserves – except for AMR which cut proven and probable reserves by almost 50%."

"In a 2018 article covering a visit by the Beijing Fujian Chamber of Commerce, Mr. Su introduced his company and its relationship with ANTA plainly stating that Beijing Jiyuan Shengbao is a part of Anta and is its self-operated retailer in Beijing."

"Our interpretation of these transactions is that there was a premeditated scheme to convey PT ALH to PT Atlas, generate unjustified and substance-less accounting gains for Noble along the way, and then ultimately purge the company of the evidence."

"Twist’s pricing is so reckless that it attempts to undercut even ultra-cheap, ultra-low cost Chinese DNA manufacturers like Genscript, where an executive told us he was “was shocked” at Twist’s list prices, doubting they “will ever be profitable.”"

"What’s made this convergence of brands even more difficult is that BNY still operates with a multitude of “boutique” brands under its Investment Management wing - 14 as of today - most of which are not recognizable as a part of the parent company."

"We believe such an ownership stake could either be a CPoM violation (if they are domiciled in states with a 100% physician ownership threshold) or an undisclosed related-party transaction, as no such ownership stake is mentioned in the HIMS proxy."

"FND management recently claimed it would have over 1,000 designers by the end of 2023. However, after reaching 935 designers in Q3, the total count abruptly declined to 904 designers by year end. The Company no longer discloses the designer count."

"In negotiating this agreement, TWX did not appear to consider a number of other potential alternatives, including a spin-off, spin-merge or sale of the entire AOL business that could have achieved higher value for TWX shareholders and the Company."

"The enterprise value of TWC is estimated to be $43.3 - $48.5 billion (which incorporates the value of cable systems that are 100% owned by TWC and the value of TWC's unconsolidated assets) based on the implied multiples derived from this analysis."

"DV ceased a key disclosure about revenue facilitated through programmatic partnerships. It appears they've become increasingly dependent on two partnerships, which we believe is adding greater business risk and financial pressures to its business."

"We believe Mr. Garden’s demonstrated record of strong operating experience and his network of significant institutional relationships can be utilized for the Company’s benefit and makes him extremely well qualified to serve on the Company’s board."

"There are many data points to cast doubt on the accuracy of Axon's margins beyond it having recently reported a material weakness tied to revenue recognition and cost of sales, fail to promptly address SEC comment letters, and have its CFO resign."

"With significant exposure to global industrial end markets (notably China), we believe it is highly unlikely that results reflect consistent, perfect execution, but rather reflect aggressive accounting and financial practices that aid performance."

"The relationship between IQ’s deferred revenues and realized revenues is the opposite of what we would expect based on their claims – the realized revenue curve consistently leads the deferred revenue curve and the gap between the two is widening."

"A leader with the skills and experience to build the next chapter for TIM, accelerating the transformation from mainly a connectivity business to becoming a key strategic player for the digitization of Italy on the enterprise, PA and consumer side"

"We believe hematocrit is omitted from the paper in order to avoid providing evidence that would undermine the claim to renal health improvement, because hematocrit could show that even the few positive metrics here are artifacts of blood dilution."

"The application of fair value accounting for the SanReno JV is a convenient mechanism by which Chinook can inflate its revenues and decrease its expenses, minimizing its near-term losses and setting itself up for potential future profit inflation."

"the fundamental challenge is dollars per kilogram," and by that metric, it simply costs a lot more to launch a single small rocket with a single small satellite than it does to launch a single large rocket bundling many small satellites aboard it."