Callouts & quotes from 37,061+ activist slides

"Engine does not intend to tender its shares into the Veritas Capital ("Veritas") tender offer as it believes the $21 per share offer undervalues the company and is the result of a flawed process."

"While PowerSchool may want to create the perception of distance between itself and Intersect, we believe that Intersect is very much a PowerSchool product and meaningful contributor to its sales."

"If we can increase same-store-sales by an average of 3% for the next 3 years, just getting Olive Garden back to its $4.8 million AUV of just a few years ago, the impact would be ~$10.50 per share"

"Southwest's poor financial performance has cost employees tens of thousands of dollars on average due to lower profit sharing and declines in the value of Southwest stock held by retirement plans"

"We believe that the disconnect between management’s messaging and observable market trends has eroded investor trust and further contributed to the Company’s valuation discount relative to peers."

"To improve the performance of BWW, I would clean house and get operators involved in the management. Now you have bean counters and attorneys running the show with lip service about customer care"

"Our conclusion from our analysis is clear: Arconic’s assets are dramatically undervalued and managerial change is needed to unlock the Company’s full potential for the benefit of all stakeholders"

"After years of promoting the overlap with PCC, Arconic management now claims they are "structurally different." But a close examination of their "evidence" suggests an admission against interest."

"We believe Mr. Harris' more than three decades of experience in operational and executive roles at the world's largest food and beverage company would be extremely additive to the US Foods Board."

"Read the fine print! No where does it say that Oatly's Gross Profit may not be directly comparable to industry peers as a result of a financial decision it has made related to distribution costs."

"Negative sentiment abounds on recent reviews of the Dropbox app at the Google Play store. While Dropbox claims stable and improving churn, the anecdotal evidence points in the opposite direction."

"To understand the lengths to which HASI goes to manipulate its financials, one need look no further than HASI’s relationship with its 49%-owned EMI, SunStrong Capital Holdings, LLC (“SunStrong”)."

"Subsequent filings, including the most recent 10K, retain this new language – but replace "and" with "as well as," signaling that R&D has become even more ancillary to what official R&D staff do."

"We believe that GE has done a good job ensuring enterprise wide functions are structured to cost-effectively drive value for the individual business units...while minimizing corporate bureaucracy"

"We believe investors fail to see that the current long-tenured management team is rapidly aging (the average executive age is 60 years old) and that organization changes could strain the Company."

"Until 1982, the Float worked reasonably well despite HK’s lacking a formal central bank. The commercial banks were made responsible for managing the system, leaving the HKD vulnerable to a crisis"

"We estimate that the retention of the GSEs’ earnings will allow them to become fully capitalized in no more than a decade. There are several potential alternatives to capitalize them more quickly"

"The only viable explanation for this financing is a shameless and utterly transparent attempt to "buy the vote" and shows complete disregard for proper corporate governance and fiscal discipline."

"CEO Dudum seems to think “the future of healthcare” is doctors speaking with their patients while they are out walking their dogs. Such comments make it difficult to take HIMS or Dudum seriously."

"FND's Audit Chairman William Giles has a previous history of mistakes with supply chain finance programs. While CFO and Chief Accounting Officer at Linens 'N Things, the company restated results."

"Through Spruce Point's extensive history researching companies experiencing strain, we find that receivables factoring is powerful indicator of financial weakness and future share price declines."

"Spruce Point does not see where Saputo's competitive edge is with the Nibbl business given there are already multiple direct-to-consumer websites offering cheese baskets, and other food pairings."

"Spruce Point believes management's long-term performance should be measured by EBITDA return on capital investment, or some measure of capital efficiency linked to the increased capital spending."

"Globant’s lack of cash flow generation from its core operations, decelerating organic growth, and potentially misleading claims by management are all reflected in our choice of its multiple range"

"The fact that AOL would find it more advantageous to provide service using a competitor's infrastructure within the TWC territory illustrates just how little synergy there is between AOL and TWC."

"Momo's revenue has exploded as Live Video resuscitated MAU growth and dramatically increased ARPPU. Live Video has grown its total share of Momo revenue consistently and currently represents 85%."

"The WFG recruiters we spoke with inevitably steered our conversations toward IULs. The recruiters made several aggressive claims about the capabilities of IULs, often hamming up their advantages."

"Wholesale Commissions are substantively no different from royalty overrides. They are a form of Recruiting Rewards paid based upon the SRP of product purchased (not sold) by downline distributors"

"Herbalife has been in approximately 270 lawsuits around the world. Many involve run-of-the-mill commercial disputes, but a significant number go to the heart of Herbalife’s business and practices"

"Investors accustomed to the China fraud world know that independent third party evaluators can be manipulated in China – particularly when the client wants a corroborating or exculpatory finding."

"Thus, we believe it is likely that Klaviyo is taking share from Mailchimp, and we believe that share capture is more likely occurring at larger, more sophisticated users who typically churn less."

"CEO Olivier Filliol took the helm on Jan 2008. It's precisely this time we observe more aggressive tactics to inflate earnings through accounting changes and misallocation of capital to buybacks."

"We continue to believe that the private market is the best place for Forward Air to fix its balance sheet issues, improve operations and profitability, and serve customers and other stakeholders."

"Radioescuchas como usted han descubierto como ganar dinero suficiente como para dejar su trabajo desde la comodidad de su hogar. ¿El secreto? Incomeathome.com [Ingresos desde el hogar punto com]."

"We believe the formation of these two JVs with a reputable real estate firm will allow Macy’s to maintain control over its properties while realizing value from its real estate and reducing risk."

"However, the conservative projections were not enough to keep the model from projecting a financial disaster awaiting Olam in the next twelve months if it cannot raise or refinance S$4.6 billion."

"Ultimately, if FFIN is treated as a subsidiary rather than a related party, FRHC would be required to restate all financials and would be in violation of Russian War Sanctions, which could result"

"Said differently, how could new member lives have a utilization that was +6x versus the legacy member lives? This does not pass our sanity check and we call on PGNY management for an explanation."

"Spruce Point has a track record in agribusiness. Bunge was a large supplier to MGP Ingredients (MGPI) recently and that relationship may be under pressure because MGPI no longer references Bunge."

"We believe the Rating Agencies will adopt one of two possible analytical approaches when assessing the credit profiles of the ‘new’ Target Corp and TIP REIT – ‘Consolidated’ vs. ‘De-consolidated’"

"We do not believe an individual that has demonstrated such hostility towards stockholders attempting to exercise their fundamental rights is suitable for serving as our Lead Independent Director."

"Our analysis indicates that First Alert revenue may be challenged in the near term by abnormal retail performance and reliance on one product introduction, which may create difficult comparisons."

"Not only is the overall addressable market Astra has promoted vastly overstated – Astra's development path is on the wrong side of key trends within the industry: larger payloads and reusability."

"As we think the company’s revenue is fictitious – accounting hocus-pocus where investments in related-parties are round-tripped back as “revenue” - the actual price to sales multiple is infinity."

"It is misleading to combine M&S with refining results when convenient to show higher EBITDA/bbl, but then exclude M&S when including it would show that opex/bbl is significantly higher than peers"

"Given that this business has demonstrated to be conducting fraudulent inspections, and new competitors are circling to displace Cintas, we believe it should be valued lower than other businesses."

"Two material weaknesses, costs exceeding expectations, worsening working capital, and aggressive cash flow interpretation but insiders (notably the CEO/CFO) got paid very nice short-term bonuses."

"The CEO touted cost synergies in G&A heavily while selling the transaction. Yet, as evidenced by the audit fees pre- and post-acquisition, costs soared beyond what investors should have expected."

"However, after analyzing Company disclosures, Spruce Point finds that the momentum seemingly demonstrated by Almost Family either may not have been what it appeared or might have since dissolved."

"Heska says it has dramatically increased its level of innovation and product development and frequently embellishes its capabilities, but the evidence we’ve reviewed does not support these claims"

"Heska has spent well below $2 million over the past two years on capital expenditures. We find this disclosure inconsistent with the Company's statements that it is manufacturing the Element AIM."

"The history of transactions related to Cuattro is “old news” at this point, but we believe it is important to understand in order to appreciate the history of conflicts and self-dealing at Heska."

"Juniper has an incredible opportunity to deliver long-overdue value to shareholders through the above simple and achievable steps, which can lead to a stock price of $35-$40 per share in our view"

"But the stimulators — devices that use electrical currents to block pain signals before they reach the brain — are more dangerous than many patients know, an Associated Press investigation found."

"We consider the use of Ströer resources for the primary benefit of insiders to be improper, and we doubt there are many corporate governance experts in the world who would disagree with our view."

"We think this creates a major conflict of interest, especially since Kao has not disclosed its 18-year fee history with Ethisphere or whether the company factors into third-party ESG evaluations."

"Armor eventually agreed to pay over $15 million in penalties and disgorged profits, accept responsibility for its payment of bribes, and acknowledge a failure in its internal accounting controls."

"In 2017, CPI PG bought back the two landbank assets for €50.9 million, a profit to Vitek of €30.9 million. No construction had begun, and no significant improvements had been made to either site."

"When we were going through their methodology, it needs to do two things. First, it needs to start when Mark Lashier became CEO. And we'll come back to why that is actually extremely disingenuous."

"USCR's former CFO outlined expectations for continued EBITDA to Free Cash Flow expectations of 60% in late Oct 2016. Ever since making that forecast, USCR has fallen increasingly short of target."