Callouts & quotes from 37,061+ activist slides

"We believe Autodesk, Inc. ("Autodesk" or the "Company") is an attractive business with sustainable competitive advantages and a long runway for continued growth."

"This convoluted structure, involving related parties and non-cash consideration, raises serious questions about the authenticity of reported revenue and backlog."

"Despite the significant nature of these announcements, the company has held no public conference calls and has allowed for no public question and answer sessions"

"BOOT is currently trading above its 5-year average valuation multiple which includes the abnormal valuation increase from COVID-19 that likely won't be repeated."

"We believe the expanded TAM is an attempt by management to attach itself to the latest AI craze and give the market the perception they are a high-growth company"

"In addition to substantial value creation from our operational improvement plan, we believe a real estate separation and a spinoff of SRG would both create value"

"Darden has been mismanaged for years and is now a conglomerate of restaurant concepts – the largest of which, Olive Garden, is in desperate need of a turnaround."

"Olive Garden is famous for its unlimited breadsticks, but poor execution around this signature item we believe both increased costs and hurt the guest experience"

"A real estate separation and an SRG spinoff would create substantial shareholder value while enabling Darden to maintain its investment grade rating and dividend"

"There is a lag between when drilling stops and volumes fall because partially drilled and completed wells will continue to come online for the next couple years."

"Management's initiatives have not been enough to reverse Southwest's declining profitability despite management's frequent reaffirmation that they are delivering"

"Orange Juice’s gifting pattern shifted into that of an FU Bot in June 2020, presenting additional evidence that YY is using FU Bots extensively on its platforms."

"We believe the costs associated with several elements of the iRhythm solution, as well as potential substitutes, have declined and are likely to decline further."

"Just a few months later, the Company completed a highly dilutive equity issuance of 11.96 million shares (~19% of the Company’s share count) at $12.10 per share."

"We observe that some positive sentiment quotes from Walgreens’ Senior Manager about Zebra’s product and its outcomes were removed from the revised press release."

"While Zebra claims it is “seeing opportunities” across other verticals beyond retail and apparel, it has not highlighted any recent RFID big wins on its website."

"Zebra's leverage is rising as it has made expensive bets on acquisitions which we will demonstrate are of low quality and are failing to meet lofty expectations."

"He emphasized that the discount was essential to sticking with Twist, and that “even with a 50% discount, we wouldn’t buy it” – “we would not buy DNA from them.”"

"“the error rate is really, really high and that makes [the oligos] not useful” and is “way more expensive because they probably have to built it multiple times.”"

"Less than 2 weeks apart, Management showed two different methodologies to showcase the best version of "operating leverage" and "margin improvement" to investors"

"Given that Vitek is constantly issuing himself CPI PG shares and then having CPI PG buy them back at a premium, the whole exercise strikes us as slightly absurd."

"Since Mr. Goldberg was appointed CEO on July 1, 2022, Tripadvisor's stock price has declined by nearly 50%, underperforming the broader market by more than 100%."

"Most bond insurers, including the leaders, MBIA and AMBAC, crashed. Once they suffered ratings downgrades they couldn't write new business and went into run-off."

"For a brand with such incredible quality products and content, the retail experience often seems to fall short of what consumers have come to expect from SENSAI."

"Samsara has capitalized on accounting distortions, in part related to its hardware cost amortization policy, to create the appearance of improving profitability."

"While Samsara has historically disclosed that "98%+ of revenue is "subscription", about a quarter of that is essentially installment sales of commodity hardware."

"The average household’s net worth consists primarily of home equity. Home equity, as a proportion of household net worth, increases as household income decreases"

"On Sept. 7, 2008, Treasury committed to invest up to $100bn of senior preferred stock in each of the GSEs. In 2009, Treasury raised its commitment to $200bn each"

"Management's initiatives have not been enough to reverse Southwest's declining profitability despite management's frequent reaffirmation that they are delivering"

"HHC’s redeveloped and revitalized Seaport District will serve as a premier destination for New Yorkers and as an anchor for the growing Lower Manhattan community"

"Prior to COVID-19 pandemic, Wall Street analysts believed 2020 revenue could be less than that achieved nearly five years ago, despite strong industry tailwinds!"

"All options require human interaction with no pre-set forms to categorize or filter requests, which creates additional work for the customer service organization"

"Glimcher occupancy benefitted in Q1’09 from the signing of temporary tenants to one year leases that had previously been excluded from the occupancy calculation."

"Total revenues do not explicitly exclude related-party revenues through entities the CEO has an interest in. These have historically amounted to ~2.5% of revenue"

"Engine believes the Board should immediately initiate a strategic process to determine what one or multiple buyers would be willing to pay for Parkland's assets."

"The Company seemed confident it could achieve $1.3 billion of Adjusted EBITDA in its core business, but was less certain regarding outcomes for its TiO2 business"

"TWX's stock has underperformed by 51% a weighted index comprised of a basket of pure play stocks based on the operating income contribution of each TWX division."

"From at least 2016 - 2020, DV prominently displayed on its homepage that its technology is patented. However, it no longer emphasizes this claim on the homepage."

"If TASK traded closer to peer multiples at 2.5x – 3.4x and 13x – 14x 2022E sales and EBITDA, its share price would be 25% – 50% lower ($17.80 – $26.70 per share)"

"All Herbalife distributors must pay a 7% packaging and handling charge (“Surcharge”) on the Suggested Retail Price for products ordered directly from the Company"

"Herbalife’s inflated Suggested Retail Prices for its products mask the fact that the Recruiting Rewards earned by distributors vastly exceed their Retail Profits"

"The Latino business is now about 61% of the U.S. business, 46% up. One of the big things, markets that we are going to penetrate next year is the college market."

"Herbalife’s ‘buyback’ policy is effective at limiting product returns. Therefore, we believe the 0.4% return percentage is not a useful indicator of Retail Sales"

"By separating into two smaller companies, we believe PPG could participate more easily in prudent M&A (more organizational capacity to do strategic acquisitions)"

"Phillips does not provide historical indicator data from the defined mid-cycle period ('12-'1) or sufficient disclosure for investors to calculate it themselves."

"In fact, we show that, after adjusting for Mailchimp's estimated international revenue, Intuit's international revenue has grown at just a 1% CAGR since FY 2022."

"Organizational focus on fixing MO&P issues may have caused management to "take its eye off the ball" with regard to product innovation, marketing, and operations"

"The only area where Perion did not grow employee headcount in 2022 was in sales and marketing while other cost centers increased. We view this as a bearish sign."

"Our incremental value creation proposals are aligned with, and extend the effectiveness of, Management’s Plan and seek to maximize value across TIM’s businesses."

"Why is the Board in such a rush to spin off Red Lobster before evaluating candidates with significant operational, turnaround, and public company CEO experience?"

"We believe the best valuation comparable to Porch is The Active Network, which was acquired by Vista Equity in 2013 for $1.05bn, or approximately 2x EV/Revenues."

"The only brief Bluebell provided to its Board candidates is to review the status of the transaction, and act in the best interest of TIM and all its shareholders"

"While on the surface it appears Stryker has made progress with its inventory to sales ratio improving, the reality is that there has not been much progress made."

"We believe Stryker has been delaying Capex to temporarily boost cash flow, especially as it has to pay down debt related to the Wright Medical Group acquisition."

"TAL’s related party disclosures generally fail to provide required detail. Opacity is the friend of fraud, and in this case is a failing on the part of Deloitte."

"And yet, in their earnings presentation, TFS advises that it has recorded sales for the Beyond Carbon plantations to the value of ~$29m over FY 2009 and FY 2010:"

"Our slate's vision includes installing Alan Kestenbaum, a steel industry legend who executed a successful turnaround at Stelco, as a replacement for Mr. Burritt."

"Rollins Has Relied Heavily On M&A To Grow, But No Sell-Side Analysts Are Talking About The Billions Of Dollars From Private Equity Money Flooding Into The Sector"

"While the analysts believe that demand is strong in the Southeastern part of the U.S., contract awards in ROAD’s most critical state of Florida have decelerated."

"BEKE’s platform lists detailed information for its existing home transactions for the store under the tab called “dynamic list of completed transactions” (成交动态)."