Callouts & quotes from 37,061+ activist slides

"IPX’s valuation is $1.2 billion and the Company still has not identified any off-take agreements for the Titan Project and is reliant on a narrow set of customers with limited purchase obligations."

"CCME had to fabricate the previously discussed Shanghai Ba Shi license plates because CCME does not actually have a relationship with its largest purported inter-city bus operator, Shanghai Ba Shi."

"Only ~7% of Valeant's revenue (~1/2 of the total patent cliff revenue) will face new generic competition by 2016, and thereafter a relatively small percentage of the business is at risk in any year"

"Our extrapolations are primarily from these 37 loans, but through identifying three non-CLO loans, we have also gotten a window into non-U.S. loans, construction loans, and other parts of the book."

"In a new survey of institutional investors, Phillips 66 (NYSE: PSX) ranked last among its peers in operational execution, capital-allocation strategy and delivery against its value-creation agenda."

"In late 2013, management sold the bulk of its higher-cost West Virginia coal assets to Murray Energy for $3.5 billion, leaving it with low-cost, modernized, non-union mines, mostly in Pennsylvania."

"To illustrate the potential for cost improvement at GRP, based on a bottoms-up analysis, we analyzed GRP's 2015 mix and cost position relative to peers. The opportunity for improvement was enormous"

"Gift contributions from Orange Juice, a Top PU and a channel room manager for YY, showed internal YY IP addresses as well as the local host IP of 127.0.0.1, indicating bot activity on this account."

"When we asked a former Oatly's U.S. manager, we heard that the initial capital budget was $50m, a belief that Oatly overpaid for the facility, and that the actual capital cost was "close to $100m"."

"Elliott urges you to vote FOR our highly qualified board nominees with decades of experience in refining, midstream operations and corporate governance, and FOR the Annual Election Policy Proposal."

"Elliott urges you to vote FOR our highly qualified board nominees with decades of experience in refining, midstream operations and corporate governance, and FOR the Annual Election Policy Proposal."

"By evaluating median compensation data provided in proxy statements of Zebra's peers, we find that, not only does it have the lowest compensation, but also compensation has not grown in four years."

"Rework is a key driver of Twist’s manufacturing and cost problems; have to keep re-making genes due to errors; “very high failure rates”; inability to properly make longer or more complex sequences"

"Claimed cost savings imply gross expenses between 2011 and 2013 would have grown by $1.2bn (or ~12%) if management did not execute its “Operational Excellence” initiatives and achieve M&A synergies"

"This is a once-in-a-generation opportunity for us, Norfolk Southern's owners, to put in place the right slate of directors, the right management team and the right strategy - all at the right time."

"FND finally ceased reference to “Rigid Core” on its website in early 2024. The category has seen no SKU growth. Even more concerning, we see that the DuraLux brand has been cut in price by over 40%"

"With the estimated impact of Actix and Celcite backed out of total sales, Amdocs’ revenue appears to have grown only between 1-2% on an annual basis through the quarters following the acquisitions."

"Phillips opex/bbl is over $1.50 higher than Valero's, even if one fully pushes unallocated corporate G&A for both into refining opex, revealing that this is just another excuse for poor operations."

"Even before the 2018 Investor Day, the Company had failed to fulfill its commitments to shareholders for many years. We do not believe poor operational execution since 2018 is an isolated incident."

"Recall that Herbalife refers to Distributor Allowances as “Retail Profit” in its investor presentations. Distributor Allowances include Wholesale Commissions, which are a form of Recruiting Rewards"

"From its high of $82 in January 2014, Herbalife's stock price declined 52% in 2014 due to, among other things, regulatory investigations, public scrutiny, deterioration of the business and earnings"

"With Axon's cash flow going negative in Q1, its adjusted free cash flow over the last year is jut $4.9 million. Axon's valuation looks expensive relative to its declining and meager free cash flow."

"Phillips opex/bbl is over $1.50 higher than Valero's, even if one fully pushes unallocated corporate G&A for both into refining opex, revealing that this is just another excuse for poor operations."

"We believe MSCI operates in an increasingly crowded space for CRE analytics and data against pure-play and integrated analytics providers, along with real estate brokers offering enhanced services."

"MSCI first acquired 40% of Burgiss in Q1 2020. Spruce Point observes that MSCI avoids an explicit discussion of the true profitability of Burgiss, but rather focuses on its mid-teens EBITDA margin."

"We believe Intuit’s other core franchise, TurboTax, exemplifies the Company’s moral decay and arguably should not exist, as tax preparation software isn’t even required in most developed countries."

"Spruce Point has serious concerns that Content IQ’s financials were audited by Kost Forer out of Tel-Aviv despite Content IQ being US-incorporated. This is the same firm auditing PERI’s financials."

"Elliott urges you to vote FOR our highly qualified board nominees with decades of experience in refining, midstream operations and corporate governance, and FOR the Annual Election Policy Proposal."

"We believe the questionable benchmarking is either a disingenuous attempt to mislead investors by comparing oranges to apples, or a troubling and fundamental misunderstanding of GCP's SBM business."

"Porch is a low quality lead generation business, and another attempt by Ehrlichman to recreate The Active Network vertical software story, which ultimately failed and was taken private at 2x sales."

"Nidec could face an EPS headwind possibly as early as FY 2018 due to the expiration of foreign tax preferences that have accounted for over 5% of diluted EPS in each of the past three fiscal years."

"We believe BR’s aggressive capitalization of hundreds of millions of unrecoverable technology conversion costs should be immediately expensed and that it would be in violation of its debt covenant."

"BR paid €2.14 (~$2.58 billion) for Itiviti, placing a 10x multiple on its €210 million of sales and increasing debt by $2.1 billion while pushing its leverage ratio from approximately 1.5x to 3.6x."

"Ex-employees indicated that the machine's complexity level necessitates specially trained and dedicated operators – perhaps even several FTE's, adding substantially to the machine's operating cost."

"From its high of $82 in January 2014, Herbalife's stock price declined 52% in 2014 due to, among other things, regulatory investigations, public scrutiny, deterioration of the business and earnings"

"Again, we ask readers to evaluate this data with a grain of salt as the parties involved are in the sandalwood business (i.e. another presenter in this conference is TFS consultant, Mr Padmanabha)."

"By publishing what we believe is a deceptive PDS for MIS investors with market projections created possibly conflicted third parties, we believe TFS is in breach of the following criminal offences."

"We are short BEKE because we conclude the Company is engaged in systemic fraud, by our estimate, inflating its new home sales GTV by over ~126% and its commission revenues by approximately ~77–96%."

"We hypothesize that APP blends these high probability ad wins with low probability, low-cost ads to create the appearance of a high ROAS advertising platform while generating a high margin for APP."

"The discount has been widening for many years. Initiatives taken by SCT, including the recent capital allocation policy update, have been insufficient to catalyse any reduction in the SCT Value Gap"

"Apollo’s obligation to vote with HGV Board recommendations in a contested election, amongst other items, serves to entrench the Board and management. A contested election is not a “routine” matter."

"The FDA-reported numbers, which consolidate responders and non-responders, show something even stranger, in that they do not reflect the numbers given in either of the previously-consulted sources."

"With the capital spending behind them, starting in 2023, depreciation will exceed capital spending, leading to even higher Free Cash Flow per share. So, it may be at 4.6x cash flow at $4.50 copper."

"Assuming the average store real estate costs $26mm, of which $13mm is allocated to the land and $13mm to the building, we believe store level return on investment would increase from 23.0% to 39.8%"

"The FTC settlement announced today, coming after a two-year investigation also concluded that Herbalife is not a pyramid scheme – a conclusion that obviously vindicates our research and conviction."

"The retail sale of Herbalife product is not profitable or is so insufficiently profitable that any retail sales tend only to mitigate the costs to participate in the Herbalife business opportunity."

"Contrary to the astonishing SENZA study data showing nearly twice the efficacy of traditional low-frequency stimulation, high frequency was quickly proven to be the exact opposite: a phony premise."

"The brand appears in the top ten search results for only 31 skincare-related keywords—five times less than its direct competitor Cetaphil, and well behind other competitors like Cerave and Eucerin."

"There is already competition for real time touring. In December 2023, Zillow filed a lawsuit against two MLSs alleging anticompetitive behavior with their real time touring called Aligned Showings."

"Shares have underperformed peers for more than a decade. Despite this clear market signal, Phillips has ignored the need for change and continually praises the benefits of its diversified portfolio"

"It didn't take long for Phillips 66 leadership to dig in its heels, defending their structure and doubling down on their current strategy. Phillips 66 stock's brief outperformance quickly reversed."

"Elliott urges you to vote FOR our highly qualified board nominees with decades of experience in refining, midstream operations and corporate governance, and FOR the Annual Election Policy Proposal."

"Additional Collateral Shares means the class B ordinary shares in GSX Techedu Inc. (GSX) owned by the Company which are required from time to time to be subject to the Security created by the Deed."

"The chief of a liver transplant program, who stated he knows Ghobrial well and appears to be in communication, indicated the relationship with TransMedics is improper and may be seen as a kickback."

"UCSF, a high-volume user who told us they intend to shut down most TransMedics usage in early 2025, clued into the game its surgeons were playing across all three programs - heart, lung, and liver."

"One stated his margin per case drops by more than 90%, from $100-120K to $10K with the device; the other stated “you are eating up a very, very substantial amount of the margin, no doubt about it.”"

"The Board and Mr. Shaw rushed into a bad deal that gets Norfolk Southern a short-term PR win while CPKC and CSX, the Company's closest peers, strengthen their partnership and competitive offerings."

"From 2009 to 2011, AOL's revenue declined nearly twice as fast as total operating expenses, causing EBITDA and free cash flow to decline by a staggering $700 million and $575 million, respectively."

"Even at AOL's target revenue model of selling 80% of ad slots to local advertisers near rate card pricing, we estimate that Patch would still lose approximately $20 million to $60 million per year."

"Despite its high growth potential and IRRs in these two plays, and its cash generating core MS Lime position, SandRidge trades at a deep discount to its Peers and its own PV-10 proved reserve base."