Callouts & quotes from 37,061+ activist slides

"This means CSTE had to make up more than 20 percentage points of revenue in savings from marketing or staff cuts just to make up the proportional COGS difference between the two."

"We believe the 9% upside to the average sell-side target is hardly attractive given the substantial risks we've identified and the opportunity to earn 4%-5% relatively risk free."

"Mettler has excessive amounts of add-backs to free cash flow. In our view, cumulative FCF has been inflated by $347m with 80% of it coming after CEO Filliol took control in 2008."

"Despite a 37.5% reduction in the cut-off grade, the Measured have clearly and dramatically shrunk exactly below the area where mining and grade control drilling has been focused."

"This discounted multiple should serve as a stark indication to management and the Board that shareholders have less confidence in Autodesk’s future performance relative to peers."

"For these reasons, we believe Autodesk should delay the 2024 Annual Meeting and reopen the nomination window to give all shareholders the ability to nominate director candidates."

"While it appeared IQ was winding down its advertising revenue inflation in 2017 in preparation for its IPO, IQ's ad revenue inflation nearly tripled to RMB 1.537 billion in 2018."

"The company relies on these sorts of sleights-of-hand to pitch its business model to investors, when in reality the model simply won't work if you assume realistic drayage costs."

"GoDaddy Inc.’s (“GoDaddy”, “GDDY”, or “the Company”) growth + profitability is expected to worsen in 2023, and as a result, GoDaddy has not been able to create shareholder value."

"The acceptability of this as a location is a planning judgment which is unimpeachable. But did the Council give planning permission for a solar farm with a “capacity” above 50MW?"

"BEKE's 2Q21 reported existing home GTV sales for its Lianjia stores of RMB 309.5 billion, suggesting that the Lianjia existing home GTV figure was inflated by approximately ~43%."

"Higher prices, of course, can force other solutions. There will likely be more scrap copper. And, if the price gets high enough, Aluminum can be substituted in some applications."

"PGNY's fertility benefit manager competitors have seen dramatic increases in Google Trends search interest since early 2022, with Kindbody surging to levels comparable with PGNY."

"In our model, we assume a gradual decline in DIOs from over 700 at FYE 2023 to 400 days by 2039, a level which is still 24% higher than the average of 322 days from 2016 to 2020."

"Since NICE adopted ASC 606 accounting standards at the beginning of its FY18, its management team has been significantly more transparent on the impact of the change than Verint."

"Spruce Point believes that Amcor's free cash flow presentation is becoming more aggressive, and that by our estimate, actual free cash flow declined more than 50% YoY in 2H 2019."

"Spruce Point believes that Amcor's free cash flow presentation is becoming more aggressive, and that by our estimate, actual free cash flow declined more than 50% YoY in 2H 2019."

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"DARDEN WILL CONTINUE TO APPLY THE INSIGHTS FROM THE RED LOBSTER SALE PROCESS, ALONG WITH THE BENEFIT OF FRESH PERSPECTIVES, TO EVALUATE THE REMAINDER OF THE REAL ESTATE PORTFOLIO"

"Below are the dividends Dr. Martin’s real estate holding subsidiary, International Assets Finance S.à r. l., appears to have received from Kalamazoo Quality Way One Inc. in 2021:"

"Nevro is a failed one-trick pony at 15x sales: the pivotal SENZA trial was rigged, HF10 is a phony premise, explant rates run 22-33%, and kickbacks prop up what remains of sales."

"Respondents communicated distrust towards management due to failure to deliver on global expansion, portfolio streamlining and failure to effectively communicate on these issues."

"Despite underperformance by the company, some directors' compensation has gone up. This implies very little accountability and lack of alignment to performance/financial results."

"Several of Mr. Peltz’s suggestions that Disney cited as evidence that Mr. Peltz “lacks a basic understanding of our industry” were, ironically, soon thereafter adopted by Disney."

"GoDaddy Inc.’s (“GoDaddy”, “GDDY”, or “the Company”) growth + profitability is expected to worsen in 2023, and as a result, GoDaddy has not been able to create shareholder value."

"We believe the resources that CoStar is putting behind Homes.com are paying off and it would not surprise us if CoStar overtakes Zillow as the most trafficked real estate portal."

"TCP ‘All-In’ Dropdown Increases Funding Optionality With No Risk To Backlog Execution Plan Increases Distribution Pay-Out At TCP Level, Lowering Deployable Cost Of Equity Capital"

"Leaseback-related expenses have been the single largest add-back to PLUG’s new presentation to Company profitability, despite being inextricably linked to PLUG’s selling strategy"

"Ms. Landry would be a valuable addition to the Board given her extensive corporate governance, compensation and finance experience in the transportation and logistics industries."

"Long-term contracts and strong asset base at FirstGroup US can support higher debt levels at lower cost, providing a cash distribution to FirstGroup immediately prior to spin-off"

"PSH’s long-term debt management strategy is focused on managing leverage over time by increasing NAV through strong performance and laddering its maturities through new issuances"

"For how much longer will the Board allow management to make aggressive investments in a money-losing business with little, if any, visibility for an acceptable return on capital?"

"AOL's equity grants in the last two years were time-based, rather than performance based, allowing the Company's executives to realize value independently of Company performance."

"Dollarama's margin profile is grossly out of line with peers, and we find evidence of aggressive accounting and questionable business practices that can partly explain the issue."

"No company is perfect but taking corporate governance seriously, prioritizing your duty to shareholders and being able to spot corporate governance issues should be pretty basic."

"I was surprised about that because if I have somebody with congenital hyperinsulinism that has a mutation that responds to diazoxide...I would not treat that kid with a diuretic."

"I wouldn't say anybody is wildly over the moon...it's not like a miracle...I don't think anybody's used the term miraculous to describe that they're seeing...no, it's not a cure."

"We're waiting until we have a little more information about how to be successful with the appeals. Or get a little more guidance about how to be successful from the manufacturer."

"States he’s so unconcerned about side effects that he doesn’t run any lab work – “I do not run EKG’s”; “I don’t check lab work” – and that he has no idea how much the drug costs."

"In less than 2 weeks, all 60M shares will be eligible to be sold into the market. We expect there to be a bloodbath with this many shares, that insiders got for practically free."

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"We are concerned by the lack of disclosure around the ongoing Phase 1 study. This is an open-label study, and the lack of updates and missing initial guidance is not a good sign."

"Median survival for a sub-therapeutic dose of PC14586 combined with anti-PD-1 treatment exceeded 156 days, compared with median survival of 24 days for anti-PD-1 treatment alone."

"This transaction begs for more disclosure. It naturally raises questions of self-dealing, and exposes the inherent weaknesses in SGH’s corporate governance with Shah at the helm."

"I can see no significant IP anywhere. And for instance, looking closely at their motors, they were using T motors. Those are hobby grade motors. Those are not aerospace products."

"The data shows overwhelming evidence that GSX is actually not the hypergrowth, well-regarded, well-known all-star company that management or sell-side analysts have been touting."

"DSP has missed its expectations for New Product Revenue each of the past three years and New Product Revenue has barely grown over that period despite significant R&D investments"

"SiTel’s historical operating expenses and margins, as well as other legacy semiconductor businesses, can be used to compute the profitability of DSP’s Digital Telephony business."

"We use a 3.5x 2015E EV/EBITDA multiple because there are limited bidders (possibly only one) for the Eurasia and Nepal assets and TeliaSonera has signaled it is a willing seller."

"In May 2012 and August 2012, we purchased a portion of the working interest in leases covering acreage in northern Oklahoma from WCT Resources — 2013 consent revocation statement"

"“agreed to reimburse the costs of the AI, including the cost of the purchase of raw timber, and to pay both a processing fee and management fee...” — 2006 Annual Information Form"

"So the characteristic of ADP, in a very interesting way is that we have a margin profile that is actually very similar between our product sets. — Jan Siegmund (February 3, 2016)"

"In a base case, Green Street values the Fee Simple properties at approximately $1.8 billion and the Ground Leased properties at approximately $0.6 billon. — Green Street Advisors"

""One thing that we are committed to do as an executive team is make sure we can meet our forecasts and deliver on our promises..." — Karl Kurz, Shareholder Nominee, February 2009"

"A 127.0.0.1 is an IP created by a “localhost” indicating that the activity is being conducted within the server itself, totally separate from the external internet. — Footnote 43"

"Recall that in 2019, AMR admitted a material weakness in the process level controls over the valuation of coal inventory and elements of the procurement process were ineffective."

"HASI, on the other hand, fails to back out non-cash earnings from PIK interest income and gains on securitizations, which divorces the metric from its underlying cash generation."

"We reported record revenue for both the quarter and the fiscal year, as well as a gross margin of more than 40% for the quarter and 39% for the year — Jim Thorburn, CFO of Twist."

"As a Phillips 66 (NYSE: PSX) shareholder, don't miss your opportunity to shape the company's future. For help voting your shares by the deadline on May 21, watch our short video:"

"holistically, this portfolio provides a platform for balanced growth, margin and return improvement...all of which leads to top-tier total shareholder return — PepsiCo Management"