Callouts & quotes from 37,061+ activist slides

"In order to receive Production Bonuses, GET Team / Millionaire Team / President’s Team members (collectively, “TAB Team”) must generate a minimum amount of Personal Volume per month"

"Elliott has assembled a purpose-built slate of independent directors who collectively bring expertise and perspectives urgently needed to address the issues Phillips 66 faces today."

"In Q2'22 even the CFO said there was no target for margin expansion and yet margins are +880bps since. Management should provide enhanced disclosure to explain how this is possible."

"MSCI already appears to have made a key retraction of a claim on its website referencing RCA as the industry's only global real-time database of commercial real estate transactions."

"Lowe’s currently trades at a P/E multiple of 15x, which is cheap on an absolute basis and a 23% discount to Home Depot despite our views for materially higher prospective EPS growth"

"On December 11, 2020, CPI PG bought the Metrogate House in a same-day property flip that appears to have been a "layering" and "integration" transaction typical of money laundering."

"Intuit has among the lowest CFO margins and highest SBC per employee. Importantly, Intuit has the worst revenue visibility (by far), a reason SaaS companies trade at rich multiples."

"Fannie and Freddie’s failure during the GFC was exacerbated by two initiatives not core to their original charter – the FIA business, and their guarantee of subprime and Alt-A loans"

"ACTISは2019年に発売されて以来、レーザーテックの売上高の約40%（5130億円→33億ドル@$1=¥155）を占めたことになる。しかし、インテルの実際の購入価格は上記の4000万ドルよりも安いと思われる。また、出荷台数は販売初期に集中したので、現在はACTISが売上高に占める比率は10%〜20%あるいは以下だと、スコーピオン・キャピタルは推定している。"

"The Board must accept that significant changes are desperately needed. This would include changes in management, changes in Board composition, and changes in strategy and execution."

"The SPAC deal was announced July 31, 2020 with great optimism and promotion, but it wasn't until October 14, 2020 that investors would learn just how distressed Porch had been......"

"Despite Nidec hyping product lines by pointing to secular trends and presenting hockey stick growth in presentations, these businesses are still subject to significant fluctuations."

"Spruce Point believes that BR management has destroyed tremendous value from its highly promoted wealth platform that would “Redefine Wealth Management Technology In North America”."

"The idea that autonomous trucks will be, as Urmson described, “minimal new hardware components in there” and “roughly in line with what it costs to buy a truck today” is just false."

"While BLI calls the chambers “NanoPens” and uses words like “Nanofluidics” and “Optofluidics” to make them sound magical, they’re just a miniaturized version of plastic well plates."

"Both of these K2M Group executives worked previously at InPhonic, Inc. (Nasdaq: INPC), which had an accounting scandal and issued a non-reliance opinion on its financial statements."

"When fraud is committed through proxy interest holders in China, we have found it is common for the physical locations of the proxy to be in or near those of the controlling parent."

"The wholesale investor completely failed to settle the 380ha plot recognised in FY 2010, managing to raise only a nominal amount from its prospectus as evidenced in the next figure."

"We believe pursuing the JVs that we outline in this presentation will create significant value for all of Macy’s shareholders AND actually improve the capital structure of the OpCo."

"We question the wisdom of such large investments in a region that experiences an intense rainy season, chronic flooding, and suffers from an underdeveloped system of infrastructure."

"This brings me to the idea of an interpretive premise for an NMA decision. The making of a lawful NMA involves questions of planning judgment about whether the change is "material"."

"As of Q2'09, CXW's interest coverage ratio was 5.4x. Its next debt maturity is not until 2012. Its cash interest expense is less than 6%, and more than 80% of its debt is fixed rate"

"Recurring, cash-flow generating catering services now opened up for market competition, while SCT is expanding on Food Distribution which require capital for investment in logistics"

"“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.”"

"Approximately $8 million of the $10 million in revenue recognized from the Merck milestone achievement should not be included in the gross revenue because it is passthrough revenue."

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

"We recommend Autodesk target a minimum of 500bps reduction in sales and marketing spend as a percentage of revenue, which represents approximately $275 million of potential savings."

"Spruce Point has a history of successfully exposing poorly positioned consumer focused companies before the market realizes fundamentals have changed, and the share price collapses."

"Women's Health is PBH's largest segment representing 26% of sales. Monistat and Summer's Eve are the segments two largest brands. CVS product labels state “compare to Summer's Eve.”"

"At Costco we found PBH's products behind the pharmacy counter, requiring the assistance of a pharmacist to purchase an OTC product. This results in limited visibility for customers."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"Spruce Point estimates that, by excluding the contribution of Almost Family from organic growth, LHCG has inflated its reported organic growth by close to 500 bps in both Q2 and Q3."

"Spruce Point estimates that, by excluding the contribution of Almost Family from organic growth, LHCG has inflated its reported organic growth by close to 500 bps in both Q2 and Q3."

"The only thing that separates Greece from France, Ireland, Italy, Portugal and Spain is that the Greeks openly admit that they can’t repay their debts, while the rest remain silent."

"Altogether, these components sum to $385.8 million of lost MPLN revenue in 2022, which translates to an organic Adjusted EBITDA and Levered Free Cash Flow decline of $294.2 million."

"CFO At Jefferies Conference (Aug 2018): "I guess maybe one last comment on shorts. You can't fudge cash and cash flow was very, very strong. And that will my counter point to that.""

"It is unusual to see a company that has spent more than its entire enterprise value on acquisitions - even more so when those acquisitions are such small contributors to value today"

"Strangely, this part of the website has been recently updated. The below screen shot was taken from the same web page 11 days earlier. Note that two of the supervisors were updated."

"Upon announcement of the Fox deal, a new compensation package for Mr. Iger provided him a total compensation opportunity more than 2.5x the median of Disney’s General Industry Peers"

"We have found key changes to the investment highlights published in the original deal presentation (slide 6) to a similar slide in Danimer's Q4 2020 investor presentation (slide 4)."

"The PIPE's structure belies an effort to capitalize on retail interest in TMTG, while downplaying the financial, regulatory, and reputational risk associated with such a commitment."

"Fannie and Freddie’s failure during the GFC was exacerbated by two initiatives not core to their original charter – the FIA business, and their guarantee of subprime and Alt-A loans"

"Spruce Point believes this could be a way for Zillow to mask the true deceleration in Premier Agent especially if they are not going to disclose Premier Agent revenue going forward."

"Specifically, Elliott noted Phillips’ conglomerate structure, poor operating performance and damaged credibility with shareholders as factors driving the Company’s underperformance."

"Limbach's stock-based compensation payments, coupled with warrant issuances and a public offering in 2021, have left its shares outstanding nearly 50% higher than they were in 2019."

"In aggregate, we believe the exclusion of these uses of cash from the Company's FCF calculation has allowed Limbach to overstate FCF by over $37 million in the last 12 months alone."

"TransMedics bears a striking similarity with Nevro (NVRO), a device company and Scorpion’s first report – both are fueled by a clique of high-volume users of Middle East background."

"Mr. Asher is not just a large shareholder, he and his firm Equitec Proprietary Markets, LLC appear to have a checkered history, according to reports from FINRA’s BrokerCheck system."

"In H1 FY 2019, Dollarama’s cash flow contracted on a year-over-year basis for the first time since it went public – this despite management’s efforts to bolster earnings and EBITDA."

"Mr. Cage has received three speeding tickets between 2015-2018 in the state of Virginia where Leidos is based – two infractions and one misdemeanor – speeding in a residential zone."

"The Transaction requires several months of planning before an IPO is achievable. To complete an IPO even a year from now, work on this Revised Transaction will need to begin shortly"

"The overwhelming sense in the company is they are fudging the numbers...no sales consultant has any transparency or visibility into how many patients are on drug in their territory."

"These positions each contributed positively to 2017 returns, but would have made much larger contributions if we had been able to establish full-sized positions at attractive prices"

"These positions each contributed positively to 2017 returns, but would have made much larger contributions if we had been able to establish full-sized positions at attractive prices"

"In short: Our analysis leads us to believe that WUBA is a fraud vehicle that primarily exists to enrich insiders and to raise money from US investors on the back of fake financials."

"We find this 10x growth in property value hard to believe especially considering over $17.7M in improvements are still to go into the property shortly after the closing of the deal."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"We are confident that once again Archer is deceiving investors with their operations, only focusing on issuing fluff PRs and creating the illusion of progress to reassure investors."

"In our view, it is clear that the company has ceased operations. Nevertheless, Archer has not disclosed this development to investors despite the significance of the order involved."

"This implies that the Accelerate Pheno system, as tested in this study, will not be able to replace the standard of care. It will rather serve as an adjunct to the standard of care."