Callouts & quotes from 264+ activist slides

"Compared to the Solidigm analysis, this would reduce annual HDD rack operating costs by over 90% from $3.1 million to $260K, or by over $28 million over ten years in their analysis, representing a material cost reduction."

"While choices around insourcing vs. outsourcing impact headcount comparisons, BK also spends the greatest % of revenues on professional and outside service fees compared to other custody, asset management and G-SIB peers"

"Data indicates that neither GSX nor Gaotu have been trending above most of the private online education platforms in the last 4 years, nor has their popularity risen much recently compared to their private competitors."

"Compared to placebo, mean arterial pressure (MAP) and albuminuria decreased significantly, and measured GFR (inulin clearance) tended to decrease with atrasentan. — Source: Journal of Nephrology and Hypertension (2021)"

"Compared to its DTC peers, FIGS allocates nearly all fulfillment and distribution expenses to the operating expense line items, instead of COGS. This results in FIGS gross margins being overstated relative to peers."

"In order to generate ~$30 billion of value from the pipeline, we must assume that the Celgene pipeline can generate, on average, 10 blockbuster products in 8 years, compared to 3 blockbusters in the past 15 years."

"50 or 60 million compared to 40 million dividend amount - and it has almost been doubled -; these are impressive figures, two-thirds of total assets, with a write-off only partially as much as the cash dividend."

"Taking the inverse of this metric implies that State Street’s Investment Servicing segment’s costs exceeded its servicing fees by 40% compared to only 22% at Bank of New York Mellon’s Asset Servicing division"

"Whirlpool Asia reported first-quarter net sales of $166 million compared to $187 million in the same prior-year period. Excluding the impact of currency, sales decreased approximately 4 percent. — Whirlpool"

"Compared to the investor day guidance from less than 2 years ago, investors are now expecting UNP to grow volumes at only one-third of guided levels and grow revenue at half of guided incremental margins"

"We estimate that retail sales during fiscal 2023 were approximately 55% from homeowners and 45% from Pros compared to approximately 58% from homeowners and 42% from Pros during fiscal 2022. — FND 10-Ks"

"Although prior to 1997, BEA performed well compared to its listed peers and the Hong Kong retail banking sector, in recent years it has underperformed significantly in terms of both ROE and BPS growth"

"AOL's EBITDA growth ranked lowest among its peers and free cash flow growth was near the lowest quartile, while its CEO and CFO bonus payouts ranked in the 83rd and 96th percentile compared to peers."

"The consistent zero to de minimis value of work-in-progress inventory, compared to material amounts of finished goods and raw materials, also indicates that the demand for DNMR's products is weak."

"Thus, in our view, the forestry business is only a 95% failure. Regardless, the forestry business seems like a stunning success compared to all of Superb Summit’s other announced ventures though."

"Lasertec’s inventory balance has no plausible explanation when compared to the five largest semicap equipment players – it is triple or quadruple as a percent of revenue in the last 2 to 3 years."

"AMR’s portrayal of its “Non-GAAP Cost of Coal Sales” is highly liberal when compared with peers. We see observe it is making five beneficial adjustments, whereas most peers make two or three."

"These numbers are beyond belief when compared to the $35 million to $40 million in digital advertising annual revenue that AMCN generates at Beijing Capital Airport for the following reasons:"

"When aggregated and compared to IQ's F-1 prospectus, we found that the deferred revenues reported to the SEC were overstated by 261.7%, 165.5% and 86.2% in 2015, 2016 and 2017, respectively."

"On average, approximately 64.6% of our quarterly subscription-based paying membership accounts purchased our online marketing services in 2018 as compared to 60.2% in 2017. — 58.com 2018 20F"

"Industry experts find it telling that GNYHA is aggressively selling shares despite its relatively stable financial position compared to other member owner hospitals currently selling shares"

"ONP's inventory turn claims of 32.5 times and 16.8 times in 2008 and 2009, respectively, are without credibility when compared to the inventory turns of industry leaders (4.3 to 7.7 times)."

"BEA HK has a relatively lower proportion of customer deposits as compared with its peers, the bulk of which are more expensive time deposits, which in turn leads to a higher cost-of-funding"

"We compared Joby S4 and Archer Midnight general arrangement of components to see which would be expected to be more expensive in relative terms of raw component costs and production costs."

"I do not see them having any market at all in lung anywhere in the United States or, for that matter, even worldwide compared to a much cheaper technology like 10-degrees Celsius storage."

"For the six months ended June 30, 2020, cash flow from operating activities was $82.0 million, an increase of 125.9% compared to the same period in the prior year — GFL Environmental Inc."

"The A300 series uses newly designed optics and high-brightness light source “URASHIMA”. It achieves a significant improvement in defect detection performance compared to the A150 series."

"Given her vastly more limited work experience compared with previous CFO Lawrence, we believe the appointment of Daniella Turenshine represents a material downgrade in CFO capabilities."

"Underperformance (CCI +17.0% cumulatively) compared to both peers (AMT +23.5% and SBAC +60.5%) and market (S&P 500 +30.2%) in last 2 years; outperformance relative to REITs (IYR +9.2%)"

"“We believe U.S. towers could be the BBE (Best Business Ever) and should command a premium, compared to small cell/fiber systems or international towers.” — Raymond James, March 2020"

"Although Canadian Tire may appear cheap compared to retailers on a P/E and EBITDA multiple basis, this is the incorrect way to value Canadian Tire given its unique business model."

"Median survival for a sub-therapeutic dose of PC14586 combined with anti-PD-1 treatment exceeded 156 days, compared with median survival of 24 days for anti-PD-1 treatment alone."

"We believe the sell-off in Darden’s stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers(1)"

"Compared to their generic peers such as Equate, CVS and Walgreens, we believe PBH’s products have no competitive advantage, limited barriers to entry and are at a disadvantage."

"Compared Vykat to the Aduhelm debacle as taking on a tremendous risk for dubious benefit, and concurred when we asked why anyone would prescribe the drug vs. generic diazoxide."

"As shown in the chart below, despite the recent increase in share price, GoDaddy is still valued at a large discount compared to peers and its own historical trading multiple."

"BP currently trades on a PE of 6.7x, a very heavy 44% discount compared to best-in-class integrated oil and gas peers Chevron and ExxonMobil, which on average trade on 12.0x."

"We believe the sell-off in Darden's stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers"

"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)."

"Given TIP REIT’s de minimis maintenance capital requirements, TIP REIT’s free cash flow should be compared to a real estate investment trust’s AFFO, not the “FFO” metric"

"Since 2014, the average delta between cost and pricing percent increase is now 16% for LTL peers compared to the Company's core Expedited LTL's delta of negative (13%)."

"The Ghanaian investment appears to be overvalued particularly when compared to their discounted cash flow model valuation and the unjustified increased purchase price."

"Pulse take-rate is accelerating, reaching 39% of internal gross adds in the June quarter, compared to 35% in the prior quarter and 19% in the June quarter of last year"

"Since 2002, management spent over US$8 billion on petroleum exploration – when compared to current broker valuation, this appears to have resulted in a near 100% loss"

"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"

"CarNewsChina compared the interior of the Wey Gaoshan with the official pictures shared by Faraday Future, and the interior is the same, with only the logos changed."

"These new ‘heterogeneous’ networks are ad-hoc and unplanned compared to the first generation, but they succeed where it matters: they can meet consumer data demand."

"We compared AGO’s internal ratings of its largest “below investment grade” risks with third-party credit ratings and found that AGO consistently grades them higher."

"The egregiousness of the “Clean Advantage” fraud is most apparent when compared to direct competitor WEX’s own green partnership with WeForest for carbon reduction."

"Based on incremental operating earnings from potential Professional Services gross margins of ~10% to 20% as compared to LTM 03/31/12 reported gross margin of 0.8%."

"Given the lower Cmax for a similar AUC, DCCR may lower the frequency and severity of Cmax related adverse events compared to diazoxide oral suspension (Study PK001)"

"Compared to the largest publicly traded Japanese semiconductor company, Renesas, Sony has kept meaningfully more of its manufacturing and design operations onshore"

"For the six months ended June 30, 2020, cash flow from operating activities was $82.0 million, an increase of 125.9% compared to the same period in the prior year"

"With a vertically integrated supply chain, Hyundai Motor Group is capable of maintaining lower cost of production as compared to peers to remain cost competitive"

"“...we incurred an approximate 35% increase in scrap when producing units compared to the third quarter of 2023.” — Procept CFO Waters on Q4 2023 Earnings Call"

"As compared to comparable companies and transactions, Elliott's $21.00 offer represents a higher premium and higher multiple than the median valuation metrics"

"Kao’s nominees have lower skills coverage across critical areas compared to peers such as supply chain, marketing, finance, consumer goods and digitalization."

"FIGS' days inventory outstanding (DIOs) are high on an absolute basis compared with its DTC peers, and also grew above industry average over the prior year."

"FTAI generates about ~$2m in GAAP revenue per module sold, compared to the sticker price a customer would pay for an off-the-rack module (~$700k - ~$1.5m)."

"After a year, a higher proportion of patients in the Convergent arm (68%) compared to the control arm (50%) were totally free from any atrial arrhythmia."