Callouts & quotes from 37,061+ activist slides

"When we reported the details to the stock market regulator, we didn't report the number of vehicles we quoted you. The number we reported is multiplied by two, or doubled. Do you understand now? — CCME Rep"

"Mafia of scanning concession / How did the doctor Olti Pecini bought 49% of the shares of a concession worth 316 million USD for 490 lekë. Who is hiding behind the ICMS and the Salus hospital ?! — Pamfleti"

""[ASC] 606 accounting was mandated for all participants in this marketplace because when we enroll a senior, yes, if no action is taken, the commission is payable in perpetuity." — Scott Flanders, EHTH CEO"

"Finally, Meta has also flouted its obligations under the Children’s Online Privacy Protection Act (COPPA) by unlawfully collecting the personal data of its youngest users without their parents’ permission."

""We can no longer be everything to everybody all the time...I don't think customers are out there counting the number of items. It's about producing better quality products." — Brad Smith, COO, Tony Roma's"

"“... he was the manager of demand planning. And consistently, his e-mails would talk about how far over the demand forecast actual production was.” — Former GMCR / MBlock workers; Greenlight channel checks"

"“disclosing certain performance goals would cause serious competitive harm,” making vague excuses as a response to reasonable cries for accountability from shareholders — The Company (in this year's proxy)"

"Dye & Durham to Consider Sale as Strategic Review Process Expands — The Wall Street Journal. Dye & Durham pauses sale process as big shareholders say they won't support deals on offer — The Globe and Mail."

"It is a poorly kept secret in Silicon Valley that companies ranging from Google to Meta to Twitter to Uber could achieve similar levels of revenue with far fewer people. — Brad Gerstner (Altimeter Capital)"

"All LOIs received included both cash and non-cash consideration, none of which were sufficient to satisfy the Company’s indebtedness to DSMF, as Interim Lender and Senior Secured Lender. — PwC's 2nd Report"

"“So between year two and three you're retaining 88% of the value of that cohort, which we just think is incredibly indicative of the stickiness of the platform, right?” — CEO Dudum on Q3 2021 Earnings Call"

"I think there's a great opportunity for us to continue to expand our footprint in the larger kind of umbrella organizations of the CTV partners that we've worked with since day 1. — Mark Zagorski, May 2020"

"International now contributes 26% of our overall direct revenue. (Note: NOT POSSIBLE TO GET 69% REPORTED GROWTH: SEE YR END PRESENTATION AND CONFLICTS WITH 20% CITED ABOVE) — Yr End 2022 Call March 8, 2022"

"development of the Dynamite Hill model [drew] on the geological information gained through the development of the litho-structural models for the Nkran, Adubiaso, Asuadai and Abore deposits. — CJM 2014 MRE"

"「初期段階ではインテルが起爆剤でしたね。投資は積極的に行っていましたが、5、6年をかけての開発ではなく、3年以内に出荷せよとインテルにいわれたわけです。できるわけがないとレーザーテックは返答しましたが、なんとか納期を早めるために、光源について日本の仕入れ先を開拓しました。発注先はウシオ電機です。十分な輝度のある光源を提供できるのはウシオしかなかったからです」 — KLAで極端紫外線マスク検査を担当した元幹部"

"「レーザーテックは今現在、高開口数対応の技術を持っていません。私は立場上話せないこともありますが、これは言えます。彼らの装置は高開口数対応になっていません。対応するためには光学系を変えなければなりません。開口を広げると現状の光学系がジャマになります。したがって、今現在は不可能です。曲率を変えなければいけないし、画像要素が違ってくると、抜本的な改造が必要です」 — KLAで極端紫外線マスク検査を担当した元幹部"

"If the original grant of planning permission was unlawful, whether this can be saved from quashing by the non-material amendment purportedly made under section 96A of the 1990 Act — Legal Judgment Excerpt."

""The online-workers are telling me they'll be gone in one and a half years - I'm getting bored here, I want to do something else, so... How should a uniform culture look like for such a company?" — C. Sch."

"“over the last 5 years, return on invested capital has nearly doubled in [its] domestic parks and [it has] seen sizable increases over that same time frame across the total Experiences portfolio.” — Disney"

"“Bypassing that, that’s just not only anti-kickback, that’s going against the whole OPTN rule...that’s just flat-out illegal.” — Veteran transplant administrator/executive at Massachusetts General Hospital"

"“vehemently denied it could have happened.” — Inspire (regarding Patient A's claim); “tugging and twisting” — Patient B (describing tongue sensation); “ruined her life.” — Patient B (describing the device)"

"“Strong initial adoption of Lightspeed Payments after launch on January 30, 2019 to U.S. Retail customers with demand coming from both new and existing clients of Lightspeed.” — Press Release, May 30, 2019"

"“If Faraday Future’s S1 minivan were to launch in 2000, it would be called a dot-com car, if it were to launch in 2015, it would be a blockchain car, however, in 2025, it must be an AI car.” — A journalist"

"To believe RUN's 90%+ renewal assumption, you must believe that its homeowners are willing to pay a lot of money (20- to 25-years in the future) to put obsolete (and degraded) systems back on their roofs."

"Spruce Point believes it may be time for significant change at Healthcare Trust of America, Inc (NYSE: HTA) if the Company’s financial reporting cannot pass the audit review of an independent third party."

"If ADP earned Paychex’s ~41% SMB margin(1) on its ~$2bn SMB business, it would imply ~$820mm of operating profit. SMB-only profits would therefore account for ~50%+ of total Employer Services total profit"

"Can Penumbra really continue to command ~63% of the global market, and ~75% of the key U.S. market, five years into the future – even after other major medtech companies establish themselves in the space?"

"Vivendi has proven – beyond a shadow of a doubt – that its interests at TIM are not aligned with shareholders and that its contempt for good governance practices makes its candidates impossible to support"

"We Believe There Is A High Probability Of A Credit Ratings Downgrade Which Is Forcing The Company To Sell Assets And Reevaluate Capital Allocation - Required Debt Reduction Of ~C$1,600m vs. FCF Of ~C$200m"

"As part of this amendment, Mercury made certain reps and warranties including that “No Material Adverse Effect” had taken place since closing. Does removing Supermicro as a key technology partner qualify?"

"The under-performance of Bob Evans over the last 5 years has been even more pronounced, as the Company has under-performed all selected publicly-traded family-dining restaurant peers by as much as 150.5%."

"If GoDaddy executes against a long-term strategy focused on margin expansion, we believe the Company can generate a growth + profitability rate in-line with the broader set of scaled technology companies."

"The investigator found “occupancy [apparently] limited with substantial areas vacant. Moreover, as shown in some of the images below, the condition of the building is poor or even derelict in many areas.”"

"Insurance companies have already begun to grant the Libre preferred status to encourage users to opt for the cheaper Libre over the G-Series, effectively passing on their own cost savings to the customer."

"We feel that the relative acceleration in sensor growth is much better explained by the fact that customers stockpiled legacy sensors ahead of the release of the more expensive G6, as our survey confirms."

"Based on our extensive experience with the asset class, and exhaustive research conducted to understand ACAS' portfolio, operations and strategy, Elliott has developed a comprehensive plan to unlock value"

"PowerSchool’s Intersect Connection and Advance Awareness products must comply with the 26 states who have passed SOPIPA laws with provisions prohibiting amassing student profiles and targeted advertising."

"We believe management is playing fast and loose with booking adjustments to EBITDA. Reviewing the footnotes reveals that several of the adjustments are related to the recurring operations of the business."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"If Maxar were to admit earnings overstatement tied to incorrect accounting, we would expect a 25% to 30% in its share price. Recent admissions by similar companies suggest this to be a realistic estimate."

"If we illustratively assume TheFork is sold at 5x CY26E revenue, similar to peer transactions, it would imply Tripadvisor trades at just ~4.5x EBITDA on a pro forma basis, an even larger discount to peers"

"In both the 10-K and investor presentation, AMR references 16.2 – 16.3 million tons of coal produced in 2021. However, the next slide will show that an independent evaluation references 15.6 million tons."

"Though GGP’s stock price has risen more than 1000% over the past year, its TEV has only increased 12%. This compares to Simon Property Group (“SPG” or “Simon”) whose TEV has risen 29% over the same period"

"Skechers has long pursued a strategy of flooding the market through as many channels as possible. Many of our conversations with Chinese partners revealed frustration with the resultant channel conflicts."

"Warning: Oat prices and rapeseed oil, as measured by futures contracts, are up sharply in 2021. Curiously, Oatly fails to say anything about the effect of these commodity prices on its business prospects."

"Spruce Point believes Sunnova’s sell-side coverage is unsatisfactory and a result of the misalignment between Sunnova’s leasing business and analysts’ coverage of the solar and alternative energy sectors."

"Tendering into the Revised TOB will lead to the worst outcome. By not tendering, minority shareholders can capture more of TICO's intrinsic value through either a revised deal price or the Standalone Plan"

"We believe that shifting direct manufacturing costs to R&D expenses is the first mechanism, with Twist’s historical and recently exploding R&D costs straining credibility for a commodity DNA manufacturer."

"The acquisition illustrates the negligible value of Twist’s “chip” and the lack of any intellectual property – an inexpensive, commodity technology readily available from numerous mom-and-pop fabricators."

"Under K27, Kao eliminated the group sales target as set in K25. When asked, management’s rationale was that “our activities will become a pursuit of scale if we set sales as a key performance indicator”1."

"Note: Our Free Cash Flows are derived using Net Capital Expenditures, net of proceeds received from closures. We note that the Company typically generates $300 - $400mm of proceeds annually from closings."

"The market has historically valued software companies with a material hardware business at lower multiples because their revenue ramp is overstated and their gross margin profile is structurally inferior."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"These actions – and in particular the adoption of the “poison pill” – demonstrate how profoundly out of touch Southwest’s Board has become with shareholder sentiment and with the reality of the situation."

"Indeed, the “poison pill” announced on July 3 indicates that this Board feels it needs protection from the Company’s owners, rather than to earn their support. It is tantamount to an admission of failure."

"In a world where Saputo has been expanding beyond Canada, and into the US, Europe, and Australia/Asia, it appears that its employee cost structure is not competitive with its global dairy-producing peers."

"While we acknowledge that revisions to the PP&E accounts were small, they were not called out or highlighted by Monster, but rather had to be identified by a careful comparison of the 2021 and 2022 10-Ks."

"Because creditors are not entitled to get more than 100% of their claim, valuation will play an important role in determining the extent to which GGP equity holders receive value in the bankruptcy process"

"Not surprisingly, ELF's core customer is women. Based on Similarweb data, we see that 82% of traffic to its website www.elfcosmetics.com are women. The age range skews towards a younger Gen Z demographic."