Callouts & quotes from 37,061+ activist slides

"It would seem that Pioneer has not adjusted its resource estimates for lower prices. Surely, some opportunities that were economic before are not economic now."

"Analysts agree. Here’s data from Goldman Sachs showing the economic break evens for various global oil fields, with Pioneer’s Permian field highlighted in red."

"Hess's recent presentation points to Wall Street price targets as justification that nothing is wrong... Yet these targets merely reflect Hess's poor execution"

"Arconic is targeting 200 bps of margin expansion over the next 3-5 years in GRP. 159 bps are already baked-in simply as a result of exiting Tennessee packaging"

"There is no reason to “get cute” with Arconic’s governance improvements. A culture that welcomes accountability will welcome best practice corporate governance"

"We believe the 85.9% gap between the RMB 156.3 million in revenue in the credit bureau reports and YY's claimed RMB 1.1 billion is suggestive of massive fraud."

"One day, RCT_Khan’s number two top contributor suddenly changed to Fahmi NAGA! RCT_HYUN BIN was erased and replaced. Bigo swapped the profiles of a massive FU."

"The inescapable conclusion we draw from AtriCure’s financials is that developing and selling surgical ablation devices is a structurally unprofitable business."

"We firmly believe that this apparent margin superiority is due to fraudulent manipulation of ANTA's financials through the relationships with the distributors."

"Prior to Lin Sankuang’s involvement in Shanghai Sijie, Hong Yanqing, one of the early key representatives of the Ding families, held the 30% minority interest."

"Spruce Point estimates that WSP's 2023 net order intake relative to acquired run-rate revenues looks even weaker at 83% vs. 91% for the deals acquired in 2022."

"Spruce Point believes Zebra's venture investments and some of its immaterial revenue acquisitions should be considered operating costs for analytical purposes."

"While it does appear that Temptime now offers food temperature indicators, the product category appears to be competitive with label prices well below $1 each."

"We estimate the Company will have a dividend coverage (FCF/Dividend) of 1.4x, in line with peers, therefore being able to distribute €1.2bn of dividend in 2019"

"Senior Executives and Senior Mgmt who have been with BONY for 15+ years are not the ones who will lead the bank to new successful strategies and profitability."

"If P&G's current CEO cannot demonstrate a sustainable turnaround in the near term, we believe the Board will do the right thing and put in place new leadership"

"2U, Inc. is a money-losing education technology provider that partners with universities to market and manage online graduate degree and short course programs."

"Muddy Waters Capital LLC is short Lemonade because it is clear that Lemonade does not give a fuck about securing its customers’ sensitive personal information."

"Unfortunately, we believe that this plan does not go far enough as margins will still be significantly below nearly all of the Company's peers, as shown below."

"We believe Bristol-Myers standalone adjusted EBITDA margins could improve from 36% to 45%, with an opportunity to potentially expand margins further over time."

"Ballard seems to have “magically” converted Broad Ocean’s 5 Year Expectations into Purchase Orders between the Ballard Investor Day and the Needham Conference."

"Economist models and changes in trade-weighted real exchange rates indicate that the HKD is materially undervalued relative to a basket of its trading partners"

"How can Samsara management claim device costs are becoming less of a financial burden? All metrics indicate increases, often dramatic, since FY2020 and FY2021."

"The government announced the net worth sweep just after the GSEs returned to profitability and were able to pay the cash dividends under the original agreement"

"Credibility Concerns With Management And Key Board Members; Is Floor & Decor A Replay of Linens ‘N Things Which Restated Financial Results And Went Bankruptcy?"

"The recent increase in receivables growth in the face of declining sales could also indicate more aggressive commercial credit sales or seeking vendor rebates."

"There are a variety of Latin American companies in the dairy and agricultural sector that produce financial statements for us to evaluate Saputo's performance."

"We believe that Mr. Brown’s extensive industry and chemicals experience coupled with his operational expertise would make him a valuable addition to the Board."

"OSIS appears to have taken pains to keep its “partnership” hidden from investors. We see this as affirmation that the relationship is a conduit for corruption."

"Southwest does not belong to Mr. Jordan and Mr. Kelly, but rather to its shareholders, a designation that importantly includes many of the Company’s employees."

"Our diagnosis is simple: Investors are concerned that TI appears to have deviated from its longstanding commitment to drive growth of free cash flow per share."

"The status quo is no longer acceptable! The Board must steer and oversee a review of the operating performance and hold management accountable for improvement."

"When determining long-term compensation awards, Huntsman compares itself to peers that perform 2X WORSE than the peers used to benchmark the CEO's base salary!"

"TWC, as a standalone, public company should seek to increase leverage on its balance sheet and should adopt a policy of no dividends for the intermediate term."

"DV's CEO Mark Zagorski failed miserably at his prior Company in expanding Telaria's international sales. We believe history is again repeating at DoubleVerify."

"While there are some differences in business model and mix, both S&P Ratings and MH Financial operate at margins well below best-in-class pure play competitors"

"Since the IPO on the London Stock Exchange in May 2013, Platform's share price has increased 144%, including the attached warrants associated with the offering"

"Trian believes that losing vital concentrate sales, while convincing the public that you are not competing on price, is a “death knell” for a beverage company."

"The status quo is no longer acceptable! The Board must steer and oversee a review of the operating performance and hold management accountable for improvement."

"Despite claiming implementation of Blue Ocean in Switzerland in 2012, there is evidence that Mettler is still struggling with implementation seven years later."

"The government announced the net worth sweep just after the GSEs returned to profitability and were able to pay the cash dividends under the original agreement"

"We believe this is an improper method of accounting for these dual memberships which allows IQ to inflate its revenues and burn off fake cash at the same time."

"Uber is a high-quality business which is positioned for rapid earnings growth over the medium-term based on strong revenue growth and robust operating leverage"

"Mitra's Program could be worth 10 to 25 times that amount, for a CEO with one-sixth the tenure and returns measured from a cyclically depressed starting point."

"Spruce Point has identified a concerning amount of recent turnover at Broadridge, notably in the sales, marketing, business development, and finance functions."

"Since the IPO on the London Stock Exchange in May 2013, Platform's share price has increased 144%, including the attached warrants associated with the offering"

"The effect of EEGs on the bottom line is very important because, like any trading company, Olam generates substantial amounts of revenue with very low margins."

"As a stakeholder in the company, especially a bondholder, the most worrying questions must be, "Where has my money gone?" and, "How am I going to get it back?""

"We do not believe these should be accounted for as assets: they are merely agreements with poor farmers. As a result, we believe the recovery on these is zero."

"Sometimes premiums are justified... however, using realistic sales and EBITDA forecasts, it is clear that U.S. Steel is significantly overvalued vs. its peers."

"Spruce Point believes that ROAD is overvalued and that its closest peer is a recent spinoff from MDU Resources (NYSE: MDU) named Knife River Corp. (NYSE: KNF)."

"As a result, we urge shareholders to follow our lead by voting “AGAINST” incumbent directors Robert Webb and Charlotte Swafford at the upcoming Annual Meeting."

"The evidence is clear that BEKE is materially inflating its agent count. The discrepancy cannot be accounted for by labor dispatching and outsourcing agencies."

"We believe that EHTH uses an overly optimistic MA member persistence assumption, which has a material impact on profitability (or lack thereof) of an enrollee."

"Unrealistic, 3x higher than KMX, above even leading growth tech companies.... and over a very long time for a highly levered subprime exposed cyclical business"

"Borders was trading at approximately $27.50 per share in February 2005 but has since traded down primarily due to weakening margins and same store sales trends"

"CFO Christine Sacco's History At Boulder Brands, Another Consumer Product Focused Roll-Up Touting Growth That Ultimately Collapsed, Draws Many Parallels To PBH"

"Spruce Point believes investors are underpricing the risks faced by MGPI in 2017, some of which could have a material adverse effect on its financial condition"

"Sotheby's has implemented a few, long overdue changes to its capital allocation that only begin to scratch the surface of opportunity. Substantial work remains"

"A senior executive in the space indicated that Saluda will launch shortly and take 3 to 5 points of Nevro's current 15-17% share – or ~18-33% of their revenue."