Callouts & quotes from 37,061+ activist slides

"“criminal plan” carried out with the “predictable intention to deceive shareholders or the public” — Tribunal of Milan - Sentence MPS Case RGNR 955/205 - 7 April 2021"

"“We think in order for the story to get back on track that the investor community needs to gain restored trust in the management team.” — Credit Suisse, February 2018"

"“[I]t is often the case that older directors are among the savviest and most skilled board members...” — David Katz and Laura McIntosh, Wachtell, Lipton, Rosen & Katz"

"the Company's publishing division was among the least integrated with TWX's online businesses, especially AOL. — Richard Greenfield, New York Times, December 14, 2005"

""[I]t is often the case that older directors are among the savviest and most skilled board members..." — David Katz and Laura McIntosh, Wachtell, Lipton, Rosen & Katz"

""She tried. It's impossible. It's not her fault" — @jonsteinberg, CEO of DailyMail.com North America on Mayer's efforts to turn Yahoo around on CNBC, October 21, 2015"

"consensus is very similar — Pfizer senior scientist. tricked — Novartis ex-manager. failed purchase — Novartis ex-manager. not worth the hassle — Novartis ex-manager."

"The field is 'very skeptical and rightfully so' — Former BLI Scientist. 'A contamination nightmare' — Former BLI Scientist. 'Absolutely crazy' — Former BLI Scientist."

"“Stryker can’t survive” unless it can fix the problem of unifying over 40 different technology platforms from its acquisition spree. — Former employee in supply chain"

"Bearish tone indicative of increased competitive intensity and a transaction driven by the customer requirements not being satisfied — Spruce Point Capital Management"

"THE COMPANY WOULD LIKE YOU TO BELIEVE THAT 2021, “THE BEST YEAR IN HUNTSMAN’S HISTORY,” IS PROOF THAT MANAGEMENT IS FINALLY DOING A GOOD JOB – PLEASE DON’T BE FOOLED!"

"SaaS includes primarily subscription licenses bundled with managed services, as well as, some term licenses with managed services sold separately. — Verint management"

"SaaS includes primarily subscription licenses bundled with managed services, as well as, some term licenses with managed services sold separately. — Verint Management"

""So the (specialty) cartons business is a little less than 10% of sales now. It's a global business. It's predominantly selling tobacco cartons." — Amcor CEO Response"

"2. Capital Expenditures - Typically about USD 400 million each year, to organically maintain and grow the business, and expand earnings. — Amcor FY 2018 Annual Report"

"In 2018, the University of Georgia (U.S.A.) confirmed in a study that Nodax™ is an effective biodegradable alternative to petrochemical plastics. — Danimer Scientific"

"“I would call him Waleed’s enforcer. He’s someone you wouldn’t be surprised to find out is knee-capping people.” — Transplant surgeon at a high-volume academic center"

"According to leading auto industry research provider, Cox Automotive, it may be several more years before the number of used car sales returns to pre-pandemic levels."

"Pienso que el reclutamiento era definitivamente su objetivo principal. Conseguir gente a tu cargo y construir una pequeña pirámide, o como quieras llamarle. — MUJER 2"

"Insider trading is the trading of a company’s securities by individuals with access to confidential or material nonpublic information about the company. — Cornell law"

"“YOU CAN’T HANDLE THE TRUTH!” — Colonel Jessup; "Events can move from the impossible to the inevitable without ever stopping at the probable." — Alexis de Tocqueville"

"“$32.4 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value.” — CTO Realty Growth, Inc. 10-K"

"“Orient Paper will focus on middle and high-end products and brands, stick with ‘excellent technology, superior quality and diversified products’” — Orient Paper Inc."

"GoDaddy has a significant opportunity to improve margins and drive shareholder value through a disciplined approach to operational efficiency and capital allocation."

"The problem facing carriers is systemic: revenue growth is outpaced by the cost of delivering data and is increasing as smartphones and tablets penetrate the market."

"Applying 34x on Crown Castle's U.S. tower business EBITDA implies a value of fiber of only $11B compared to $16B of investment, resulting in $5B of value destruction"

"HCM market participants have benefitted from employment growth since 2009, trends in HCM Beyond Payroll offerings, ACA demand drivers and earnings multiple expansion"

"Inexcusably, Capricorn shareholders are faced with the prospect of giving up their cash to shoulder the burden of servicing this highly speculative turnaround story."

"We believe splitting SRG from the core brands makes sense from an operational and customer demographic perspective, in addition to the potential valuation advantages"

"Management has still failed to provide any substantive rebuttal to our conclusion that its accounting for the transaction is misstated by approximately $250 million."

"NQ Yu Lin: We already overcame the biggest difficulties and challenges over the last 1 to 2 years. We currently have a very clear strategy and complete product line."

"13. IonQ’s revenue and bookings are driven by phony related-party deals and round-tripping, creating the illusion of commercial momentum prior to listing via a SPAC."

"It seems well-understood in the medical community that the Libre will likely largely close any remaining gaps in accuracy versus Dexcom’s CGMs prior to FDA approval."

"We recommend Autodesk target a minimum of 300bps reduction in G&A spend as a percentage of revenue, which represents approximately $165 million of potential savings."

"As revenue growth slowed, Autodesk’s incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target"

"For certain projects in pre-development, some horizontal construction may have occurred, but no sales or marketing activities are expected in the foreseeable future."

"Based on our findings, the CECLs on these 2 – 4 Risk Rating loans will eventually increase dramatically as swaps expire and BXMT cannot delay truing up its reserves."

"We believe that EHTH has now decided to book an additional ~15 years of forecasted commissions in order to squeeze further revenue growth out of their customer base."

"This policy prioritizes Ambry's operational preferences and business model over physician judgment and patient choice, while using compliance as a convenient excuse."

"We believe splitting SRG from the core brands makes sense from an operational and customer demographic perspective, in addition to the potential valuation advantages"

"GMCR has, in effect, attempted to transition itself into the low-cost manufacturer of K-cups, which makes it a manufacturing company rather than a technology company"

"SOFI's deceptive accounting,, which largely provides CEO Noto's performance bonuses, results in serial equity dilution, and explains why the treadmill does not stop."

"across nearly every call that we conducted with high-volume orthodontists, we found practitioner attitudes to be chilly at best, and more commonly openly disdainful."

"The fact that Parkland's stock rose merely 6% on the news says it all: the market doubts the Board's true intentions, judgement and competence to run a true process."

"Ancora strongly believes that our director nominees will be able to help restore Forward Air to producing best-in-class results from a margin and return perspective."

"Doing the math, Arconic should produce at least $12.58 billion of revenue and ~$2 billion of EBITDA in 2017 vs. management’s $12.1 billion and $1.815 billion targets"

"We encourage you to rely on the judgment of the Arconic Board, which is independent, objective and thoroughly dedicated to the interests of all Arconic shareholders."

"Building unique subscriptions within high-traffic products such as Unity® Canada, which supports 1.4 million transactions annually, can drive “in-Product” marketing."

"Spruce Point finds Sunnova's use of the weighted-average method for inventory to be aggressive relative to Sunrun and Vivint Solar's use of first-in-firs-out (FIFO)."

"While Sunnova presents Adjusted EBITDA to investors, treating interest and depreciation as non-core expenses, interest plus depreciation exceeds the Company revenue."

"How can Sunnova accurately project Gross Contracted Customer Value with any certainty given the number of variables and limited amount of data over the past 7 years?"

"By reclassifying this as an operating expense and cash flow reduction, consistent with industry peers, we estimate WSP's adj. free cash flow conversion is 36% - 41%."

"In this way, we also see BUR as possessing the same illness that, in our view, brought Enron and Noble Group down: Addiction to mark-to-model gains financed by debt."

"Consensus expectations imply a 3% yield for the 10 year by 1Q19 and 3.5% by the 2Q20. As interest rates rise, O Realty’s stock price exhibits a negative correlation."

"Consensus expectations imply a 3% yield for the 10 year by 1Q19 and 3.5% by the 2Q20. As interest rates rise, O Realty’s stock price exhibits a negative correlation."

"A transaction with an offshore Chinese entity that invests $70MM with $25MM round-tripped back raises obvious concerns relating to the Foreign Corrupt Practices Act."

"Twist had negative gross margins as recently as 2018, despite meaningful revenue of $25MM and a negligible asset base, turning sharply positive immediately after IPO"

"To credibly institute an effective compliance program, you will need the independence to examine the relationships between senior executives and senior distributors."

"Given our documented concerns about intensifying competition, we believe any investor owning 2U shares at these elevated valuation carries multiple contraction risk."

"2U's current valuation implies that investors are paying +$3.5B for their future prospects. We believe the NPV value of their future prospects could be less than $1B"