Callouts & quotes from 37,061+ activist slides

"Despite saying that contingent consideration was reduced by $4 million related to Base Commerce, Nuvei has reported two other different remeasurement amounts in the MD&A for YTD 2021."

"Beyond these survey results, we believe a sampling of the Glassdoor reviews from anonymous employees of LivePerson provides ample evidence of the severe issues with corporate culture."

"We Believe Current GFL Investors Are Left “Betting” On The Uncertain Outcome Of These Three Things, Yet Most Sell-Side Analysts Have Already Given GFL Credit For Successful Completion"

"How did the Board allow Mr. Austrian to be one of four members on the CEO search committee to oversee the search process when he, himself, was being considered as part of the process?"

"As a self-proclaimed authority on business ethics, how can you sit on a Board with Cole and MacLellan, and allow Scott Jolcover to consult with Comstock Mining – a competitive entity?"

"Because AMT books these loan repayments (i.e. return legs of financial round trips) as rent revenue, the repayments artificially inflate AMT’s revenue, gross profit, EBITDA, and AFFO."

"From the above table, Bohu has made three prepayments to TRE's subsidiaries totaling RMB 105 million. This flow of funds contradicts the disclosed nature of the parties' relationship."

"Even more concerning, this pattern of missing expectations has come during a time when almost every other semiconductor company has repeatedly beaten expectations and raised guidance."

"With multiple Buy/Hold ratings and only one Sell recommendation, we believe the market is overlooking the most critical and material risks to Canadian Tire’s business and share price."

"We believe that if the business is properly managed over this period, you should easily be able to achieve approximately $4.00 per share of Adjusted Free Cash Flow by the end of 2020."

"Given the significant overlap of executives between Piedmont Lithium and IperionX, we do not find it surprising that the pitch to investors is nearly identical between both companies."

"In another departure from conventional wisdom, Singleton eschewed reported earnings, the key metric on Wall Street at the time, running his company instead to optimize free cash flow."

"3G has achieved extraordinary success in various businesses by implementing a culture of efficiency, cost discipline, zero-based budgeting, and shareholder-oriented capital allocation"

"We believe overreliance on revenue without minimum profitability threshold misaligns executives with shareholders and allows for manipulation (e.g., acquisitions or agency transition)"

"Shareholders can hold McDonald's accountable and inject much-needed ESG expertise and experience in the boardroom by voting on the GOLD proxy card to elect our two director candidates"

"Beyond these survey results, we believe a sampling of the Glassdoor reviews from anonymous employees of LivePerson provides ample evidence of the severe issues with corporate culture:"

"We believe the law is very clear: operators of K-12 software platforms are PROHIBITED from using information gathered on their platform to build profiles on or target ads to students."

"Assuming clean energy regulations get implemented, the EIA expects Appalachian coal demand to decline nearly 35% over the next 10 years until it stabilizes at around 110 million tons."

"With some orthodontists perhaps not interested in offering clear aligner treatment (at least in high volume), how much runway really remains in the North American orthodontic channel?"

"Company-owned German and Austrian retail business under the JET logo is currently being marketed at a “potential value of $3bn assuming a 10x multiple” according to sellside estimates"

"“Quanzhou Binhui” is yet another example of ANTA transferring ownership of a significant distributor from a disclosed related party to a proxy, and later to an employee of the ListCo."

"Affirming that the appointment of the Chair is discretionary - as BlackRock does in its Bylaws - ultimately implies considering the effective functioning of the Board as discretionary"

"We struggle to understand how job titles like “Operational Excellence System Analyst,” “Systems Engineer,” or “Automation Service Engineer” can be classified under the R&D department."

"I think you're a smart guy. You figure it out. I just really don't want to go on that topic, because even within Twist, [redacted] was not allowed to talk about it to other employees."

"Employee feedback repeatedly emphasizes a culture of bureaucracy, lifetime employment, stifled creativity, out-of-touch leadership, lack of business integration and poor communication"

"Retailers with successful concepts are acquiring leases from liquidating retailers, allowing malls to refresh their product offerings with concepts that should drive increased traffic"

"Investors should be very concerned that a clawback for financial misstatement was adopted right before its stock price increased, allowing the Company to raise nearly $350m of equity."

"On average, value has been destroyed in each of the five previous largest pharmaceutical deals on an absolute basis in the five years following the completion of each respective deal."

"On average, value has been destroyed in each of the five previous largest pharmaceutical deals on an absolute basis in the five years following the completion of each respective deal."

"A premium/discount price distortion frequently occurs between the shares of Plc and the shares of Ltd. Since the DLC merger in 2001, Plc has traded at an average 12.7% discount to Ltd"

"We see $19bn of trapped value relative to sum-of-the-parts value of its assets and another $7bn of value from improved operations and additional value from the sale of non-core assets"

"It seems clear to us that the current Board is laden with significant interconnections among directors that have created an insular boardroom environment that lacks true independence."

"We find Globant's insider reporting methods to be deceiving as we are unsure why Globant would now file insider sales electronically with the Luxembourg exchange and not with the SEC."

"Given limited transparency and public disclosure on Disney's organizational structure, it is impossible to fully understand how best to improve the current structure from the outside."

"While Disney has blamed the pandemic for poor film quality and results, its competitors managed to release some of the most successful animated films of all-time within the last year."

"TWC's OIBDA margin is projected to improve from 37.6% in 2006 pro forma for the Adelphia/Comcast transactions to 39.2% in 2009 as the Adelphia systems are integrated to TWC standards."

"DV gave conflicting statements saying 26% (year end conf call) and 20% (Analyst Day and Needham conf). However, to match its claimed ~70% total annual growth, the result had to be 20%"

"Beijing Mushang Culture Media Ltd is officially recognized as a top 5 agency by Momo, but you wouldn't know this by reading its financial filings or listening to its conference calls."

"Spruce Point believes that anyone holding, or considering, an investment in Momo must get comfortable with the risks and unknown ramifications associated with the following red flags."

"2017 was a significant year for the MOC and SARFT in terms of establishing live streaming guidelines. However, it appears enforcement activity has escalated significantly in mid 2018."

"The group’s heavy use of militaristic symbols such as the sword symbol, the chevron symbol, or the ARMY black and gold colors may engender a sense of fear among Elite Circle recruits."

"John Tartol, Chairman’s Club member and an Herbalife director, stated in an Herbalife newsletter that Distributors today could make it to the President’s Team in less than three years"

"After reporting a solid first quarter in April 2017, PPG reported a significant top-line miss in Q2, suggesting that management was completely distracted by the Akzo takeover attempts"

"The dealer wins when CACC wins. That alignment of incentive creates switching costs that no competitor — not Carvana, not DriveTime, not Capital One Auto — has been able to replicate."

"We see $19bn of trapped value relative to sum-of-the-parts value of its assets and another $7bn of value from improved operations and additional value from the sale of non-core assets"

"Much like Philidor did to Valeant, this could be the straw that breaks the camel’s back as regulators are finally able to take action against the company’s infamous billing practices."

"Similarweb engagement data for Credit Karma tells a consistently negative story, as the sum of US website visits and mobile app MAUs have shown weak trends for the past year and half."

"We believe the Board's choice of the S&P 600 as the Company's reference index may have been primarily driven by its underperformance relative to all other relevant comparable indices."

"Had IQ actually committed to contribute RMB 796 million, then Xin'ai's current assets should be increased by approximately RMB 757.75 million and recorded as APIC – which it does not."

"We believe BR is a misunderstood company that has a mediocre and capital-intensive business process outsourcing business involving distribution of proxies and investor communications."

"Yahoo should still milk its PC-based revenues... for as long as it can; just as Tim Armstrong milked AOL's dial-up; but this should be done with the bare minimum of headcount required"

"Affirming that the appointment of the Chair is discretionary - as BlackRock does in its Bylaws - ultimately implies considering the effective functioning of the Board as discretionary"

"The South32 demerger is a clear precedent for success. Management should embrace this next and natural “simplification” of BHP via a full or partial demerger of the petroleum business"

"In conclusion, we believe eBay is deeply undervalued, with opportunities to create significant value for shareholders that are directly within the control of management and the Board."

"If credit markets tightened or investors began to question Olam’s viability as a business (which we think is long overdue), a significant change in interest rates could wipe out Olam."

"I think Dlocal has a stronger, sales team, but they, they don't really look into profitability. You're only looking into TPV growth. And, um, and that's why their margins are thinner."

"According to two former executives, DLO's relationship with Google started out operating at a loss, and later was running on wafer thin net margins of just a few basis points at best."

"Independent evidence and field work (including agent interviews) strongly suggests that BEKE's realized commission rates are meaningfully lower than the figures reported to investors."

"Using Target’s ’09 P/E multiple of 11.8x (based on $40/share), the incremental earnings accretion from this Transaction creates $7 per share of value ignoring other valuation benefits"

"After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct."