Callouts & quotes from 37,061+ activist slides

"Recall that Verint's adoption of ASC 606 was a $51.5M benefit to net income in FY19. The recent increase in Non-GAAP Net Income does not reflect organic profit growth."

"A new board-level committee, assisted by independent advisors, will lead a comprehensive business review to modernize Southwest and restore best-in-class profitability"

"We believe the megacaps that we own are trading at compelling valuations relative to the overall market in light of their superior business quality and growth profiles"

"Heska's rich 9x revenue multiple is being applied to all revenues. However, three segments that comprise nearly half of the Company's revenues are clearly not growing."

"The key takeaway is that CLEAR is dependent upon the TSA, and the TSA is devising its own improved solution which it can favor at the expense of CLEAR and its members."

"Elliott has nominated four highly qualified candidates with best-in-class experience in refining and midstream operations, capital allocation and complex transactions."

"The company's operating profit margin decline is primarily the result of comparatively weaker performance in the highly cyclical Cabinets and Windows/Doors segments..."

"Disney's overall ROIC significantly underperforms its self-selected “media industry” peers despite generating 70% of its operating income from its Experiences business"

"What should investors make of management constantly contradicting, revising, and sometimes outright denying clearly recorded definitive claims they've previously made?"

"In our opinion, the rents paid by Vivion's related party hotel management companies are artificially high and non-economic, even based on pre-pandemic business levels."

"The GSEs' balance sheets do not reflect the ~$32bn in annual net revenue they will receive from g-fees on their existing ~$7 trillion of outstanding single-family MBS."

"We observe that Zillow’s recent Audit Report now shows more scrutiny of the Premier Agent program, with a specific reference to testing revenue recorded by management."

"If achieved, the $14 billion 2025E mid-cycle EBITDA target translates to $9 billion of free cash flow, which at a 10% free cash flow yield implies a >$205 share price."

"Elliott has nominated four highly qualified candidates with best-in-class experience in refining and midstream operations, capital allocation and complex transactions."

"This structure raises serious concerns about Limbach's deal discipline and suggests management may be prioritizing deal volume or optics over long-term value creation."

"TransMedics is therefore, we believe, extremely reckless, as the off-label use occurs by its own device technicians, known as OCS Specialists – who hospitals must use."

"In contrast, we have taken a considerably more conservative approach valuing the business based on private market multiples that we understand are 3x to 4x TTM EBITDA."

"Spruce Point received a short, yet impactful anonymous email warning about Leidos, notably issues at its recently acquired Security, Detection and Automation business."

"There appears to be clear evidence linking L3/Leidos' Thailand distributor, M.I.T Solutions, to an individual named Mr. Anek Jongsathien and the companies of MMP Corp."

"Since the October 29th presentation, Pershing Square has met or held calls with several of the largest REIT investors and received valuable feedback regarding TIP REIT"

"PepsiCo’s advertising spend as a % of net sales has declined considerably in recent years and is well below peers, even with the significant brand reinvestment in 2012"

"Where will the Director's minimum be for year end 2019? How should other shareholders feel if a member of the Board only wants to own the bare minimum number of shares"

"The ads focused on growing awareness and significance of BNY Investment Management and Servicing business, and coined a tagline of “Investments Company for the World.”"

"The timing and scale of any such rebate may be difficult to predict and may cause fluctuations in our quarterly and annual revenues, gross profit and operating profit."

"Spruce Point reiterates that it prefers Perion's audit chair have no prior business dealings with the CEO (soon to be Director) to ensure objectivity and independence."

"Autodesk committed to generating $2.4 billion of FCF in FY2023 and double digit FCF growth from FY2023 through FY2026, implying a minimum of $3.2 billion in FY2026 FCF"

"This structure raises serious concerns about Limbach's deal discipline and suggests management may be prioritizing deal volume or optics over long-term value creation."

"According to the notice, Inteliquent is responsible for roughly 45% of the total amount of Amazon, Apple, and government imposter robocalls measured by the task force."

"A new board-level committee, assisted by independent advisors, will lead a comprehensive business review to modernize Southwest and restore best-in-class profitability"

"He lists the above as one of his projects while at CoreCard. Note the client, Global Teleservices Pvt. Ltd. We have evidence that this is another related party to INS."

"We are short FFAI because we think the company is, and always has been, a house of cards, built on a foundation of lies from the founder and Co-CEO Jia Yueting (“YT”)."

"We reached out to the review sellers, masquerading us as interested customers and asked for their service to buy “about 100 5-star reviews per month” for our business."

"In accordance with the ACCOR WATCH (Working Against Child Trafficking) guidelines and Egyptian law, we are unable to accommodate reservations for unaccompanied minors."

"The SEC seemed particularly confused as to how CTO could report increasing “cash flow”, while also having their GAAP metric for cash flow going in the wrong direction."

"We are deeply concerned that GSX is using off the radar means to recruit personnel that is essentially just tasked with creating fake student accounts and enrollments."

"Multiple engineers indicated that the tools only work a bit more than half the time, with 60-65% uptime, angering both Intel and TSMC, as we detail in a later section."

"the latter even laughing at the quality of the Lasertec's EUV tool and ceasing new purchases in 2021, calling it "just unacceptable" with a "problematic light source.""

"Remember, if we build that tool and there's not a market for it, there's no other application for it. It can only be used for one thing, which is to inspect EUV masks."

"KLA will “become the favorite” and have a “super advantage” over Lasertec due to the CHIPS Act; Lasertec will be in “trouble because the CHIPS Act is for US suppliers”"

"Put simply, we are all in, and we intend for Pershing Square Holdco’s investment in HHH to be a permanent holding. In other words, we intend to hold HHH stock forever."

"For many years, we've had to kind of defend the fact that our procedure is safe in the early years of commercialization. — Procept CCO Shiblaq on Q1 2024 Earnings Call"

"the name of the company (Only $1.00) was changed to Dollar Tree Stores to address what could be a multi-price-point strategy in the future. — Dollar Tree's own website"

"Regarding the dearth of information in the data room, Allen Chan said that he would have to check with "our people" about putting more information online. — Allen Chan"

"Operating cash flow also excludes payments made to a customer to obtain a new contract or extend or modify an existing contract. — Dycom 2019 and 2023 Proxy Statements"

""We've got basically one month left in 2022. It's a pretty big stretch for us to think that we're going to be able to get to 3% volume growth overall." — November 2022"

"Why the channel needed both “The Daily Show With Jon Stewart” and “The Colbert Report,” according to a person briefed on the meeting. — A person briefed on the meeting"

"“to be careful” — Former Xylem executive; “crazy expensive” — Former Xylem executive; “surprising” — Former Xylem executive; “mixed feelings” — Former Xylem executive."

"And the brewer consumption per brewer is not particularly important, it is the overall portion packs sales and our share of household that we're focused on. — GMCR CEO"

"I always look forward to Sohn. I am amazed by what it’s turned into over 20 years. Lance, Doug, Mitch and Dan: Congrats! You have a lot to be proud of! — David Einhorn"

"We believe past success of our new product introductions as well as our consumer brand loyalty will drive the successful launch of new products. — Oatly IPO Prospectus"

"A former industry executive opined that FND is weaker in certain regions such as the Pacific Northwest where building foundation differences result in less tile usage."

"A lesson I learned while building Targa Resources was that the single best place to go for new customers was to Phillips 66 Midstream’s existing customers. — Mike Heim"

""laying the foundation for building a proper governance system that is in keeping with our status as a leading company" — Samsung Electronics' 2016 AGM proxy materials"

"A lesson I learned while building Targa Resources was that the single best place to go for new customers was to Phillips 66 Midstream’s existing customers. — Mike Heim"

"Since Q3 2015 mining consistently reported variances in ore tonnage and grade relAdve to DPP plan - more tons - lower grades — Technical Presentation dated 2016-05-11."

"The Company has no employees. The staff involved in the Company's operations are all employees of DLocal Technologies. — UK LLP 2020 financial statements, Note 5 Staff"

"「フリープラスは、中国をメインとしたブランドとして今年リブランディングを行った。今後2～3年かけて中国市場での拡大を行い、その後、中国からアセアンに向けた展開を考えている。アジアの一部で展開していくブランドなので、1st RUNNERには入れていない。」 — 2023年9月 花王グループ化粧品・スキンプロテクション事業成長戦略説明会"

"「残念ながら、聞いた話のうち、共有できない内容があります。......それ以上言えません。」 — レーザーテックに近い人物. 「レーザーテック製の装置は信頼性が60%に留まっています。信頼性は不十分です。」 — KLAの元エンジニアリング幹部. 「率直に言えば、儲かるのはマスク工場での稼働です」 — KLAの元エンジニアリング幹部."

"In our view, the Credit Watch has been triggered by the following recent developments that may have an impact on Casino's credit profile — Casino Guichard-Perrachon SA"

"“The drug works in terms of losing weight. I can say that they lost at least 10% of body weight over the course of six months.” — Nephrologist who manages PWS patients"