Callouts & quotes from 37,061+ activist slides

"The Board and management have failed to optimize Parkland's profitability by allowing its expenses to grow faster than its gross profit from 2019 to 2023, which is the opposite of what peer companies did."

"We could not match Momo's reported performance of Hunan Qindao Culture Spread (Hunan Qindao) with the company's statutory fillings in China in a couple of instances. The differences appear to be material."

"TASK's reported Content Security segment growth rate shows signs of business slowing. This could suggest that Facebook is insourcing some of the work, consolidating, or redistributing it to other vendors."

"Dr Spaide completely discredits the questionable studies of Syfovre in relation to real life practice, but more importantly he ALSO discredits the efficacy of the treatment quoting the classic movie line."

"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 Potosi, where New Pacific’s mining operations are based, the electoral court building in the region was burned to the ground, giving a sense of how the region had become a literal political tinder box."

"Selling WELL and buying VTR and AHR is not a bet against senior housing. It is a bet against paying a 144% premium for the privilege of funding a compensation plan that may ultimately dilute your returns."

"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."

"Spruce Point has identified and alarming pattern of recalls with Mobius Imaging CT X-Ray equipment. The issues are continuing post-acquisition and into 2021. We’ve identified two recent recalls in Canada."

"Whereas Stryker management has long preached about cost optimization, according to a former employee it is really a sales driven organization, and problems of too much inventory were present pre COVID-19."

"Olam is not a child - it is a public company. And we cannot tell it that it just has dare to dream in order to pull off the Gabon fertilizer project when - to our minds - it lacks the capability to do so."

"You don't have to take our word and research at face value that Rollins acquisition opportunities are changing. Consider that Rollins added a new Forward-Looking Statement around its acquisition pipeline."

"Spruce Point has significant concerns about Rollins’ mosquito revenue claims. For 2013, the former CFO claimed revenues were $20 million. Years later in 2018, a chart showed revenues at just $7.9 million."

"ROAD is headquartered in Dothan, Alabama and operates under Wiregrass Construction Company, Inc. In November 2024, Wiregrass was the low bid on only 2 of 14 projects and 3 of 15 projects in December 2024."

"In December, Fairfax Continues its Gonzo Mode by Buying out the Portion of Gulf Insurance it Did Not Already Own at a Very Rich Multiple of ~2.4x Book Value, Taking a ~$300 Million Gain on Existing Shares"

"For these reasons, we believe investors who have spoken to industry participants understandably may have formed an overly positive, uncritical view of the PGNY solution and the Company's growth prospects."

"Ginkgo hypes the number of “collaborations” it has signed – an elaborate word for serving as a contract research organization (CRO) that attempts to engineer strains of yeast to excrete various compounds."

"The launch of Saluda Medical’s “closed loop” spinal cord stimulator – supported by the best pain relief data ever published in the space - is an impending disruptive threat to Nevro within 6 to 12 months."

"We are unable to reconcile certain balance sheet and cash flow statement accounts. The balance sheet accounts show additions that are €24.8 million greater than what the cash flow statement seems to show."

"By adjusting CLEAR's gross margins for labor and transaction fees, we see that its gross margin is 2,430 basis points lower than the promoted margin and 800 basis points lower than the peer group average."

"At a minimum, industry leading FMCG companies should achieve normalized gross margins of over 45%. Currently, we estimate Consumer Products Gross Margins remain below pre-Covid levels and far below peers."

"We doubt BIS has given them any such license considering that if BIS had granted a license we think they would announce it with tremendous fanfare and then talk about it in every subsequent press release."

"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."

"Not only is Zillow.com experiencing a decline in site visitors, its key KPI, revenue per visitor, is challenged. We believe this is strong evidence that the market should view Zillow as a mature business."

"We are concerned with the increase in gross profit write-ups from contract estimate revisions in recent quarters and the outsized impacts these management decisions had on the Company’s reported earnings."

"Ownership by insiders decreases nearly every year. With little “at risk” we can understand why management appears, at best sloppy with the numbers, and at worst gaming them to extract unjust compensation."

"Reclassifying hump yards is not enough. Implementing PSR at Norfolk Southern requires a complete network restructuring and overhaul. This makes hands-on PSR experience, dedication and competence critical."

"Mr. Clyburn would be a valuable addition to the Board given his extensive legislative and regulatory experience (with a focus on the railroad industry) stemming from his 30-year career in Washington, D.C."

"By implementing its high operating cost strategy at The Huffington Post, we believe AOL has eroded the business model that made The Huffington Post successful pre-acquisition: low-cost content generation."

"As a result of the mismatch between the high cost structure of the Display businesses and the primarily low-CPM ad sales it generates, we estimate that AOL loses over $500 million in its Display business."

"PSCM affiliates have purchased more than $520 million of PSH shares in the open market since May 2018. This investment demonstrates our confidence in the undervaluation of PSH and its long-term potential."

"The investigator harshly criticized the Soleno trials; implied that all or most patients discontinued Vykat and dropped out of the trial; indicated “massive concern” about cardiac risk and pulmonary edema"

"Nonetheless, despite the imprecise methodology, it would be unusual for the number of case reports to fall sharply in 2021/2022 with patient counts spiking, suggesting the true figure is multiples higher."

"We believe the counterintuitive DSO trend is likely indicative of Procept pushing systems on customers or relaxing payment terms, possibly as an attempt to boost sales to meet Street revenue expectations."

"Therefore, we want to be assured that you are attending to your responsibility to understand what Dr. Kleinfeld actually did, what he intended to do, and to make sure whatever he set in motion is stopped."

"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."

"Kim Rivers, and her soon to be husband John Thomas Burnette were the third and first individual mentioned in the subpoena, and both are heavily involved in the network of companies the FBI is going after."

"We identified a profile on Trustpilot for a company named 24yield, which describes itself as “a regulated forex broker committed to providing a secure, transparent, and client-focused trading experience.”"

"Dieses Muster deutet darauf hin, dass Insider mit fortgeschrittenem Wissen über die schlechten Ergebnisse die Aktie am späten Abend des 29. Oktober leerverkauften und am nächsten Morgen aggressiv deckten."

"Comically, the “new” 193nm source in the X9 is as unreliable as its EUV source, as we detail later, illustrating why Lasertec was irrelevant even in the previous DUV era with only a $100-200MM market cap."

"Lasertec’s book-to-bill ratio – the ratio of orders to sales, a common measure in the industry – was regularly above 2 in recent years, hitting a preposterous and unheard of 3, 6, and 16 in some quarters."

"Thus, either ONP is purchasing a line (at far lower capacity than claimed) and misappropriating most of the $26.9 million; or, ONP is not purchasing any line and misappropriating all of the $26.9 million."

"Only Post-Deal Revenue Disclosure: "SafeCharge contributed revenues of $55,853 and net income of $11,643 to the Company for the period from the acquisition date to December 31, 2019." — Nuvei Q3 2020 MD&A"

""[We] designed our mid-cycle methodology around the 2012-to-2019-time frame. You had cycles of strong margins and weak margins during that period of time." — Phillips 66 Investor Relations, March 14, 2024"

""The increase in inventories was primarily driven by an increase in strategic wafer and die inventories as well as an increase in finished goods to meet current demand and future growth." — MPWR 2017 10-K"

""End of Drug Trial Is a Big Loss for Pfizer" — The New York Times; "Elan, Wyeth tumble on Alzheimer's study" — The Wall Street Journal; "Roche Drops After Halting Cholesterol Drug Development" — Bloomberg"

""SummerCamp, in Franklin County, is situated on the Gulf of Mexico on approximately 762 acres. Plans include approximately 499 units, a beach club, a community dock and nature trails." — 2006 10-K, page 8"

""The fundamental test for any company, of course, is performance. That is the imperative and the only solid ground in uncertain times." — Rodney Chase, Shareholder Nominee, Former Deputy CEO BP, July 1999"

"Just one follow-up to that. In regards to other automakers, I mean, what do you think the likelihood of winning agreements of a similar magnitude of Ford? — Paul Treiber (RBC Analyst); Likely. — John Chen"

"We do not track ‘online dating’ channels on YY Live platform for all the time periods, which contributes to more than 20% of YY Live’s total live streaming revenue. — The Big One mobile app analytics data"

"Our capacity to improve our margin profile provides us with the confidence to achieve the strategic planned target to increase adjusted EBITDA margin annually by 30 to 50 basis points. — CFO Michaud Q3'23"

""But most of that churn really takes place in the first couple of months of the consumer and patient getting acquainted with their medication and building that habit." — CEO Dudum on Q3 2021 Earnings Call"

"Distributors buy more products than they want to use or can resell, just to stay active in the company or to qualify for bonuses or other rewards. If you see this happening, keep your money. — FTC Article"

"Jeff Skilling famously called a presumed short seller an “asshole” on a conference call after the investor questioned why Enron was always unable to produce a balance sheet with its earnings announcement."

"One customer represented 13% of the Company's total revenues at December 31, 2023. No customer represented more than 10% of total contract receivables. — Financial Statements: Concentration of Credit Risk"

""[We] designed our mid-cycle methodology around the 2012-to-2019-time frame. You had cycles of strong margins and weak margins during that period of time." — Phillips 66 Investor Relations, March 14, 2024"

"“These are rough numbers, but you roughly need twice as much electricity if all transport goes electric, and then you need 3 times as much electricity if all heating goes electric.” — Elon Musk, Tesla CEO"

"Proceeds from required divestments to drive shareholder value through a $500 million share buy-back and $50 million in strategic investments to advance Amcor’s sustainability agenda. — Amcor Press Release"

"We expect companies to... demonstrate the right and well-balanced skillset required for achieving sustainable growth of the company. — Guidelines for Exercising Voting Rights, (Japanese Equities) (Source)"