Callouts & quotes from 37,061+ activist slides

"“No, we've stopped providing that level of detail. We think it's commercially not a great idea. And so we think we give enough information without that.” — Joe Adams, CEO"

"“We do it all the time. They’re never going to know”; “I just got the sense it happened all the time”; “I saw them actually make it. I saw the spreadsheet.” — Ex-employee"

"but they have no control over what I say and all opinions in this video are my own ... I don't make any money based on the performance of this video. — YouTube Influencer"

"Research and Development. As a company specializing in sales and marketing, scil does not conduct its own research or development. — German entity's 2019 financial report"

"Electrical spinal-cord stimulation for painful diabetic peripheral neuropathy — Solomon Tesfaye, Jonathan Watt, Susan J Benbow, Kiang A Pang, John Miles, Ian A MacFarlane"

"We don’t track this number [of sales outside the distributor network] and do not believe it is relevant to the business or investors. — Herbalife (8-K, dated May 1, 2012)"

"material misstatements or omissions related to any de-SPAC transaction will be subject to liability under Sections 11 and 14(e) of the Exchange Act — Schulte Roth & Zabel"

"“...the main drawback is that it doesn’t work or works very little”; “not going to be like a miraculous wonder drug that goes nuts.” — Sleep physician in the Bay Area, CA"

"At the time of sale in 2014, the land plots were valued using the comparable transactions method as potential development was considered a long way off. — CPI PG response"

"We don’t track this number [of sales outside the distributor network] and do not believe it is relevant to the business or investors. — Herbalife (8-K, dated May 1, 2012)"

"“the Chinese authorities suspended the registration and approval of direct selling amid a nationwide crackdown on wrongdoing in the health products market” — Unattributed"

"“This manufacturing facility will allow us to deliver EV Stars built with the efficiency and quality that comes Made in America.” — Brendan Riley, President of GreenPower"

"The most absurd example of RUN's aggression on the tax side is that its partnerships claim a tax basis for ITC purposes that includes the value of the tax credit itself."

"Nuvei’s High Growth North American eCommerce Being Lead By Moe Tassoudji, A Man With A Checkered Past Linked To A Boiler Room Scheme And The Adult Entertainment Industry"

"Among top-performing restaurant companies, Buffalo Wild Wings is one of the only companies whose compensation is entirely independent of EPS, ROIC or shareholder return."

"Spruce Point finds it incredibly suspicious that Off Grid's sister company and customer subsequently impaired assets in an amount similar to the receivables it was owed."

"It should be noted that this expenditure will not improve ATL’s margins as energy costs are all passed through to carriers who will solely benefit from this expenditure."

"Spruce Point has successfully targeted a number of healthcare-related companies benefitting from unreasonably high growth expectations and misunderstood business models."

"We worry when we read sell-side research that crafts bull case arguments with data points that have been directly contradicted by company management or our own research."

"We believe that TROX post-Exxaro deal ("New TROX") will be the strongest player in its industry with 100% vertical integration and unparalleled free cash flow generation"

"It’s an easily-digested narrative and a superficially attractive story for growth-oriented investors, so long as they’re willing to take management at its word. Boo-yah!"

"Valuing PETQ shares on-par with – or even at a slight premium to – peers in the pharmaceutical distribution and pet care spaces yields 75-90% downside to current levels."

"Darden did not even own the ad space on Google for Olive Garden until recently. When we searched “olive garden” in May 2014, the first sponsored link was for Carrabba’s!"

"The spread sheets linked to the Muddy Waters “report” clearly have significant discrepancies from the Company’s actual advertising kit, as the following charts indicate:"

"Elliott proposes to acquire athenahealth for $160 per share in cash for 100% of the outstanding shares of the Company, representing an enterprise value of ~$6.9 billion."

"Shareholders should not trust the management team or a Board that has overseen financial underperformance, poor capital allocation and unacceptable corporate governance."

"Elliott believes that there are clearly identifiable steps to realize value at ACAS and that a capable Board actively overseeing a strategic review can unlock this value"

"Darden did not even own the ad space on Google for Olive Garden until recently. When we searched “olive garden” in May 2014, the first sponsored link was for Carrabba’s!"

"By aligning advertising spend closer to industry standards at Olive Garden, we estimate Darden could improve EBITDA by $62 million – coupled with an increase in traffic."

"Kroger, Safeway, Super Value, HEB, Wegman’s and Costco have indicated they would be interested, as soon as a private label manufacturer can produce a K-cup with a filter"

"YY has created the illusion of a third-party relationship while allowing the company to maintain control of its Potemkin ecosystem of fake viewers and inflated revenues."

"Spruce Point has successfully targeted a number of healthcare-related companies benefitting from unreasonably high growth expectations and misunderstood business models."

"The Company's entire new plan – pausing M&A, focusing on organic growth opportunities and using cash flows to reduce leverage – is essentially ripped from Engine's plan."

"Management’s disclosure practices are insufficient and foster shareholder mistrust, impairing investors’ ability to evaluate their investment and the business generally."

"There is an opportunity to deeply embed Practice Area Tools within firm-wide Practice Management Software to provide law firms a single platform in each DND jurisdiction"

"BlackRock is simply not in the position to fulfil its stewardship responsibilities. The Board, due to lack of independent oversight, has failed to recognised this issue."

"Warning: How is it that after more than 20 years in business, Oatly does not have in place named executives, or a structure beyond the CEO and CFO in its IPO prospectus?"

"Notice carefully, that Oatly does not report any cash associated with asset sales that should flow through the "Investing Activities" section of the cash flow statement."

"GTT's trailing-twelve-month (“TTM”) cash conversion rate is only 5.1% - significantly worse than most of its peers, whose weighted average cash conversion rate is 21.5%."

"Valuing WSP's shares in-line with industry peers to reflect rising fundamental challenges and financial strains suggests 25%-50% downside risk (C$110 – C$165 per share)."

"Mr. van der Zalm appears to be doing backflips to avoid admitting that the $46.4 million gain arose solely from negative goodwill Noble booked on the PT ALH acquisition."

"Collectively, his deceptive behavior is strongly indicative of a level of concern that is higher than what has been disclosed regarding additional problems with Yancoal."

"Step 1: Disposal of TEN via auction process. The cash proceeds from the Tenon disposal will be used to repay Tenon's debt and finance the ARBRs research and development."

"How can shareholders trust a management team that is executing poorly at Bristol-Myers to now successfully integrate one of the largest pharmaceutical deals of all time?"

"We believe rationalizing Bristol-Myers footprint to improve capacity utilization and streamline geographic cost areas could result in over $100 million in total savings."

"Running a McDonald’s is a 363-day-a-year business and an owner/operator, with his personal interests and incentives, can inherently do a better job than a chain manager."

"Small customers still comprise over half of Samsara ARR, and ARR migration toward larger customers has been modest since this metric was first disclosed three years ago."

"This type of focus on “empire building” – rather than maximizing returns – may be good for Mr. Lashier, but it is dramatically out of sync with what shareholders demand."

"Enhancement Plan would leave Cognizant with a comparable operating margin target of ~21.5% in FY18E – still a highly conservative ~400–500 basis-point discount to peers."

"The competition is intense even in its own state of New York, where competitors are promoting their local buttermilk brand at a price point 30% less than Saputo’s brand."

"In 2023 after the auditor switch, Monster Energy UK no longer provided a discussion about its cost of sales under principal risks which appears below in the 2022 report."

"Google is increasingly incorporating A.I. into search for queries. When we searched for healthy and best tasing energy drinks, Monster was not prioritized in the result."

"We observe that Monster's philanthropic arm filed no tax form in 2020 in a year the parent Company reported almost 10% revenue growth and more than 20% cash flow growth."

"Board members and senior executives have also donated significant funds to HCI / HCF, which we believe creates further financial conflicts of interest with Dr. Beckerle."

"And TWC, one of the premier cable credits based on its footprint and system quality, is only modestly levered compared to its peer group (with the exception of Comcast)."

"Each of the four independent divisions should be a leading company in its sector and provide a straightforward alternative to investors seeking exposure to the industry."

"Details of the Zentrick transaction buried in the notes reveal that targets were being missed and the deferred compensation accrued liabilities were being revised lower."

"Images below represent questionable recent content found on Momo which may not be in the spirit of the recent SARFT requirements. This exposes Momo to regulatory action."

"Looking carefully at disclosures, we see that TASK does not report interest income earned on cash and equivalents despite carrying large amounts of cash and equivalents."

"Spruce Point believes there is significant upside to Majorel's share price as it also transitions to higher value-added clients with differentiated technology solutions."