Callouts & quotes from 37,061+ activist slides

"We continue to target a long-term leverage of approximately 2.25 times net debt to adjusted EBITDA. From time to time, we may deviate from our long-term leverage target to pursue strategic opportunities. — Capital Mgmt."

"「KLAの戦略は面白いかもしれません。例えば、仮にギガフォトンの光源を採用するとします。本当のところ私としては彼らがそうするとは思いませんが、とにかく、Istec以外の仕入れ先から調達とします。そうすると、長期的にはレーザーテックよりも優良な光源を使っていることになるので、同社より有利な立場になります。要は、KLAは学習しています。賢い会社です」 — 極端紫外線リソグラフィーの名だたる専門家で、レーザーテックの顧客及びKLAに近いB氏"

"According to ProbesReporter.com known for investigative Freedom of Information Requests with the SEC and other agencies, BR was “Added to Watch List. Newly confirmed, undisclosed SEC investigations” — ProbesReporter.com"

"According to ProbesReporter.com known for investigative Freedom of Information Requests with the SEC and other agencies, BR was "Added to Watch List. Newly confirmed, undisclosed SEC investigations" — ProbesReporter.com"

""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"

"Most of the DCD's are recovered by their own OPO...DCD livers don't travel very far. Now there is some problem that they are traveling more because of TransMedics. — Transplant surgeon in a leadership role at Vanderbilt"

"“...Spin-Offs (tracked through the Bloomberg US Spin-Off Index) have generated a 64% price return vs. 20% for the S&P 500 over the last five years (+26% vs. +17%, year-to-date)” — Goldman Sachs, SOTP Handbook, 5/23/2013"

"Article 13: “A direct selling company and its branches may recruit sales promoters. No entity or individual outside any direct selling company and its branches may recruit any sales promoter.” — Direct Sales Regulations"

"“Mr. E”, who is a former manager at Guangzhou Anda (广州市安大贸易发展有限公司), which is one of ANTA’s largest distributors – if not the largest, confirmed that ANTA controlled Guangzhou Anda, and particular its finance department."

"An amount of $42.2 million has been reclassified from Distribution expense to Other expenses in the Consolidated Statement of Profit or Loss and Comprehensive Income in the 2021 comparative. — A.C.N. 166 119 133 Pty Ltd"

"A close evaluation of the transaction shows that neither the CEO/founder of LiNiCo or Aqua Metals are putting any real cash into the deal. In fact, the Founder is receiving $500,000, but for no explicitly clear reason."

"XPO has abandoned its attempt at expanding organic revenue disclosure post Q1’18. Through YTD Q3’18, organic quarterly revenue growth has averaged 10.8%, yet equates to just 3.2% YTD organic operating cash flow growth."

"How does that fit in with transaction costs of only 329,000 euros declared in the annual financial statement for 2013? Where are the other 1.7 million euros? Or was the statement made at the telephone conference false?"

"In January, we unwound more than 90% of the market value of our hedge, generating $1.25bn in proceeds, and have since replaced a substantial portion of the hedge with additional longer-dated, out-of-the-money swaptions"

"The current operating model appears to prioritize corporate mandates that show little regard for the day-to-day realities of running a restaurant. This is a problem when your business lives and dies on customer service"

"The executive skeptically noted that IonQ “kept referring” to the machine used in the paper “as the 32-qubit machine, blah-blah-blah,” but highlighted the same red flag as the ex-employee: that only 4 qubits were used."

"The RBA leadership team supporting Ms. Fandozzi is exceptionally qualified to adequately integrate IAA, execute on revenue and cost synergies available, and continue driving results in the global used equipment market."

"One of BOOT's strongest selling brands has historically been Ariat and they were frequently disclosed as the #1 brand in the Company's investor presentation. However, BOOT now only discloses its top "exclusive" brands."

"PowerSchool is among the most highly levered companies in its industry; a standout where many peer companies are net cash. Only TWOU, a company that has recently been linked to financial challenges, has worse leverage."

"The current operating model appears to prioritize corporate mandates that show little regard for the day-to-day realities of running a restaurant. This is a problem when your business lives and dies on customer service"

"Spruce Point believes the evidence of Xylem’s struggles can be seen by carefully evaluating its working capital metrics. Days inventory outstanding (DIO) and inventory to sales have increased markedly and are at highs."

"As a result of this poor performance, Elliott believes that new leadership is required at Southwest, which represents the most compelling airline turnaround opportunity in the last two decades, according to the letter."

"Spruce Point, however, believes that bulls have far too naïve a view of Align’s market opportunity, and that they overlook material barriers which will make it difficult for the Company to expand into both sub-markets."

"The local host IP, 127.0.0.1, suddenly emerged in Killing Time’s gifting pattern, which we believe indicates an accidental leak, perhaps caused by a temporary glitch in the software used to mask the user’s real origin."

"From analysis conducted under AMR’s own “independent” and “Qualified Expert” Marshall Miller & Associates, we see that 2021 production was 15.613 million tons, well below the 16.2 – 16.3 million tons claimed elsewhere."

"Spruce Point evaluates Dropbox's sales and marketing spending per net Paying User addition over the trailing twelve month period. We find that customer acquisition costs are exploding, and expect the trend to continue."

"Twist’s positioning is low price/low quality; now realizing cost to prevent errors is "significant"; "screwed up the market" with their pricing but "non-issue" in the end as their quality issues made them uncompetitive"

"Hirshberg’s experience as a senior executive in the energy sector combined with his expertise in engineering, risk management, strategic planning and operations would make him a valuable addition to the Phillips Board."

"CEO Ridge often says, “these targets are probably wrong and roughly right”. We believe analysts targets are probably wrong, and Spruce Point is roughly right that WD-40 will severely disappoint optimistic expectations."

"The Value Unlock Plan consists of three key steps. Each step is designed to individually contribute to unlocking significant shareholder value and we present them in the order in which management should undertake them."

"As a result of this poor performance, Elliott believes that new leadership is required at Southwest, which represents the most compelling airline turnaround opportunity in the last two decades, according to the letter."

"We believe the combination of Amcor and Berry creates a compelling investment opportunity presenting 50% to 70% upside, underpinned by our belief that the announced synergies of the transaction are likely conservative."

"However, we also observe it slightly modified the wording for the segment's revenue recognition from "point in time" to "over time" which opens the door for greater discretion allowing management to manipulate revenue."

"光源の交換はだいたい1日のサイクルで行いました。大ざっぱに言えば2週間ごとに交換していました。極端紫外線の場合、空気中では伝達できないため、真空状態を作らなければいけないのでたいへんです。真空状態を作ったり解除したりするのはかなりの時間がかかり、ダウンタイムが多くなります。光源を交換するなど、光源が納まっているチャンバー（真空室）を開ける度に真空を解除しなければいけません。再稼働するときにはまた室内を真空状態に戻す必要がありました。"

"Spruce Point doesn't believe the narrative that Stryker is a disciplined and successful capital allocator towards acquisitions. We believe it miserably failed in its objective to unify its ERP systems under 1 platform."

"While heart rate and workout metrics are native to even inexpensive bikes, the only IP that Peloton appears to bring to the table is its leaderboard technology, which allows participants to compete against one another."

"We therefore conclude that either the Shunshun consultants are doing a terrbile job placing students overseaas, or Shunshun’s CY2016 deferred revenue numbers contain more fraud than we have been able to detect to date."

"In the 2010 AR, some 2009 figures were restated when biological assets were added in. These restatements included a suspicious yet comical redistribution of PP&E from the office equipment category to biological assets."

"CFM Lagos workers spoke to our investigators and told them that the acquired PP&E was old and poorly maintained, and that Olam disposed of it after the acquisition and demolished some of the factory buildings in Lagos."

"While Bunge is uncharacteristically silent on the topic of GLP-1 in food ingredients, each of Ingredion, Tate & Lyle and International Flavors & Fragrances (IFF) are all admitting it is impacting the way consumers eat."

"Ginkgo has no scientific innovation. It’s only “innovation” is blowing hundreds of millions on third-party capital equipment – mainly fermenters and liquid handlers, stitched together with some software and engineering"

"As PBH has grown through larger acquisitions, the Company has been paying higher multiples for businesses with lower margins. PBH currently trades at a premium to the average EBITDA multiple of its acquisition targets."

"Given the strain on PBH’s business, we are concerned by the Company’s removal of its brand market share and ACV(1) data. We believe many of PBH’s major brands are losing share to private label and generic alternatives."

"Even as management has spent nearly $1B on acquisitions since FY15, revenue, Adj. EBITDA, operating cash flow, and free cash flow have remained largely flat, while free cash flow per share is down over the same period."

"Recast the HMG Restructuring Plan to achieve a simpler, more efficient and more transparent holding company structure, and at minimum share the result of any reviews on holding company structure undertaken by the Group"

"The plain meaning is that it is selling the asset, maintains a subordinated security interest, and as "Debtor", its property remains subject to a lien, suggesting its interest in the asset was never fully extinguished."

"The longtime SCS executive stated his belief that Grossman “doesn’t have a strategy” beyond initially wanting to “flip it in six months,” did little diligence before taking the CEO role, and is in now in over his head."

"Spruce Point does not believe that CLEAR is oblivious to its worsening trends or increasing risk of product obsolescence and/or displacement by the TSA or competitors that could render its business materially impaired."

"Past performance is the best indicator of future performance... Without change, shareholders are placing their trust in the same directors who approved strategies that destroyed billions of dollars of shareholder value"

"We have learned, with disbelief, that in June 2024, BP re-submitted a virtually unchanged application at Burnhope (Appendix 7 and 8), from the application whose authorization was overturned by a judge in February 2024."

"Director Geller's Nova biography highlights his involvement in Parkit and DealFlow which are shown on Leonite Capital's archived website. However, there is no mention of the firm's involvement in MetroButler of Nexeon."

"That something “big” may drop seems to be an open secret – transplant surgery is a small field with only 400 surgeons in the US for liver and ~50-80 responsible for the vast majority, and even fewer for heart and lung."

"UCSF expressed outrage at the business practices, portraying an out-of-control company pushing any angle to deceive, manipulate, and defraud them for >$100,000 to $200,000 in inexplicable air transport charges per case"

"The alienation...some of us really hate Waleed because we just think he’s dishonest with the way he talks...and he gets angry when people say, no, we’re not getting reimbursed, and it pisses him off and his people off."

"While we are not specifically advocating one option over the other, a spin-off of Bob Evans Restaurants merits further discussion and we believe a spin-off of Bob Evans Restaurants could be effected on a tax-free basis"

"Below the Neocloud giants is a bewildering number (111+ and counting) of Emerging Neoclouds, Sovereign Neoclouds, as well as brokers and aggregators – all vying for the same target customer with similar infrastructure."

"Given it has been available in Germany for nearly a decade, and the extensive service infrastructure Inspire has established there, Germany serves as an excellent example of what a mature market looks like for Inspire."

"As the President of Oakmont and the 50% owner of Equitec, Mr. Asher may be deemed to beneficially own the (i) 1,298,032 shares of Common Stock owned by Sphinx and (ii) 1,358,418 shares of Common Stock owned by Equitec."

"The critical part of the narrative: diuretics were insufficient to manage the crisis, indicating Vykat-induced edema is a feature not a bug – and by inference, so is the risk of pulmonary involvement and heart failure."