Callouts & quotes from 37,061+ activist slides

"The Company acquired loan to Les Mas du Figuier from Radovan Vitek at the nominal value in the amount of KEUR 10,230. — CPI FIM SA 2019 financials, note 3.2"

"Free cash flow conversion. This is my favorite slide. 124% for Church & Dwight; peer average is 91%. A lot of companies target 100%. — CFO Q4 2018 Conf Call"

"「結像光学系を毎年交換しなければいけない、と聞いたことがあります。付着によって、揮発性化合物の量によって、光学系を毎年交換しなければいけません。その費用については、100万ドルかかりますね。第二と第四の鏡を交換しなければいとし、どちらも50万ドル以上かかります」 — KLAで極端紫外線マスク検査を担当した元幹部"

"「当初は光源の問題でかなり苦労しました。......問題は光源の寿命がたった3ヶ月で、交換後に補正するために1ヶ月を要します。光源の寿命3ヶ月のうち、実質的には60%～70%しか利用できませんでした。結果として、顧客は当初の予定より多くの装置を購入しなければならなくなりました」 — 半導体製造装置企業の上席幹部"

"「顧客との話しあいは実に深刻です。私はKLAにいたとき、2年前からこれについて顧客と話しあってきました。ほんとうに深刻でした。顧客は途方に暮れて、真剣に悩んでいました。3ナノメートルの移行が遅れたのはそれだけが原因だと言いませんが、事実として移行は遅れています」 — KLAで極端紫外線マスク検査を担当した元幹部"

"The Company has been deficient in linking executive pay to corporate performance...[and] Shareholders should be concerned with this disconnect — Glass Lewis"

"We believe that stock awards are a more appropriate incentive to our executive officers given the focus of our business on monthly dividends — O's 2008 10-K"

"collecting all manner of private user data, including users’ browsing history, search engine queries, and Wi-Fi access point names. — Cybersecurity research"

"Unlike Autodesk, ServiceNow disclosed both the actual magnitude of the mid-year adjustment & the original targets and capped payouts on the adjusted targets"

""Mr. Van Trump said the claim by the Danimer chief wasn't wholly accurate, saying Nodax products are unlikely to biodegrade in most modern landfills." — WSJ"

"“This manufacturing facility will allow us to deliver EV Stars built with the efficiency and quality that comes Made in America.” — GreenPower Motor Company"

"Preferred Stocks are treated like Debt in the Equity Value / Enterprise Value calculations. Enterprise Value = Equity Value + Debt + Preferred Stock - Cash."

"Подключаю своего коллегу Дмитрия для проработки запроса с юридической стороны. Вернемся с ответом в течение нескольких рабочих дней — Mercure Rostov on Don."

"Love it! I'd also like to have a transfer from the airport, daily private masseuse and add flowers and condoms in the room. — Guest email to Fairmont Mumbai"

"Under AAP’s current distribution strategy, massive potential sales are left on the table due to products that cannot be delivered in the required timeframe"

"Given its super-premium market positioning and well-above industry average growth potential, Worldpac would likely sell for or trade at a premium multiple."

"Despite foreign exchange revenue impact of approximately -10%1 since inception, ZTS has increased 49% from when we purchased our first shares in July 20162"

"Comprehensive initiative to simplify operations, improve cost structure, and better allocate resources to generate $300 million annual cost savings by 2017"

"Spruce Point believes Nuvei's financial reporting and disclosures are insufficient to allow investors to assess the quality of, and risks to, its business."

"Genius compares itself to "Online Gaming" peers, however, we believe these consumer-focused companies with brand recognition are not direct peers to Genius"

"“One-time” charges recur annually, and yet Avery would like investors every single year to ignore these costs as “adjustments” to increase margins and EPS."

"Spruce Point believes Stan Avery, the founder of the Company would not be happy with the direction the current management and Board have taken the Company."

"Spruce Point believes the market is overvaluing GFL, in part by not accurately modeling the impact of its TEUs which further increase its enterprise value."

"The Executive Chairman and CEO, who have spent a cumulative 74 years at Southwest, have presided over a period of stunning underperformance at the Company."

"Southwest needs new independent directors with relevant expertise to challenge entrenched thinking, drive strategic changes and hold management accountable"

"What was most surprising to city officials, is that a Florida firm with no presence in the state made an offer 113% higher than WTRG’s $54.1 million offer."

"Spruce Point cannot reconcile the 2021 operating revenue bridge, as displayed in the year end investor presentation, with the disclosures made in the 10-K."

"Despite ranking favorably in this category, we will show why we believe Generac is losing market share and margins are under pressure from price deflation."

"Mr. Colligan lacks relevant retail board experience and most of his public board experience consists of service on the boards of underperforming companies."

"We believe LODE's CEO Corrado De Gasperis has an abysmal track record of failure. After promising a turnaround at Barzel, it abruptly fell into bankruptcy."

"Among the 60 companies in the S&P North American Technology Software Index (IGV), Commvault, a member of this index, has the third-lowest revenue multiple."

"To maximize effectiveness, Sales Enablement should become the focus in order to drive growth through improved productivity, not simply increased headcount."

"A sharp rise in interest rates poses a risk to equity investors as the Company currently has approximately US$8.4 billion of net debt on its balance sheet."

"Your current silence and the failure to implement the measures announced suggest to me that everything you have made known was clearly nothing but hot air."

"Technically maybe Superb Summit did not fail in buying “not more than one billion cubic meters” per year of natural gas, as it appears to have bought none."

"We believe Frontier's $153.2m credit exposure should have been reported in the 10-K as it was quantitatively larger than other customers that were reported"

"Many of ADP's retained Enterprise clients are legacy payroll, benefits, and HR clients, while some retained clients use competitors (i.e., Workday) for HCM"

"The new and expanded event schedule across the parks can be a low-cost, high return driver of attendance, giving guests multiple reasons to visit Six Flags"

"The consequences of management taking its “eye off the ball” in Refining (some of which predates Mr. Lashier’s tenure) have proven costly for shareholders."

"We believe the Red Lobster transaction highlights the incumbent Board members' attitudes towards shareholders and their inability to create value at Darden"

"FDO’s substantial gross margin opportunity and high percentage of sales in low-priced necessities, provide a margin of safety against commodities inflation"

"More recent IPX press releases also do not appear to have gained much traction or converted to committed customer contracts that have produced revenue yet."

"Trian believes that Disney's recent performance reflects the hard truth that it is a company in crisis with many challenges weighing on investor sentiment."

"VW employees painted the Quantumscape “partnership” as just a passive equity investment without any real R&D component or even proper access to their data."

"I would say that's almost certainly the case. It certainly was the case when I worked there. We built 300 cells a day, and a few of them were okay to test."

"Its 10K filing, however, suggests that the thickness is a problem – "our business could fail" if we can't reduce its thickness and overcome other barriers."

"Other merchant refiners maintain access to advantaged crudes through commercial arrangements with pipeline operators without the need to own the pipelines."

"Increasingly volatile macroeconomic and geopolitical environment creates opportunities for our asymmetric hedging strategy as well as risks for the company"

"We believe the IAA-RBA combination has the potential to drive significant value creation – unlocking 100%+ in share price upside over the next 12-24 months"

"We believe the IAA-RBA combination has the potential to drive significant value creation – unlocking 100%+ in share price upside over the next 12-24 months"

"Autodesk produced meaningful margin improvement from FY2018 – FY2021, with adjusted operating margins expanding from (5%) in FY2018 to nearly 30% in FY2021"

"BXMT has been "extending and pretending" by modifying troubled loans that are already otherwise in default – extending maturities and allowing them to PIK."

"We believe management’s refusal to acknowledge ongoing costs is intentional, and it masks the fact that EHTH is a fundamentally value destructive business."

"This decision limited both the overall scale and the strategic upside of the partnership for Tempus, despite the extended timeline and repeated amendments."

"Huntsman committed to monetizing its Venator stake for over $1.0 billion, but ultimately received ONLY $140 million after conducting a “fire sale” in 2020."

"We believe the Red Lobster transaction highlights the incumbent Board members' attitudes towards shareholders and their inability to create value at Darden"

"Southwest needs new independent directors with relevant expertise to challenge entrenched thinking, drive strategic changes and hold management accountable"

"Van Houtte’s operating expenses (which include Selling and Operating Expense and General and Administrative Expenses) ran at approximately 40% of net sales"

"To be clear, we do not dispute that DigitalGlobe can continue to make one-off archive deals, but we think some sort of major industry adoption is unlikely."

"We estimate that the option to switch to in-house printing presents the average Diamond Plus Align customer with a $400K per year cost savings opportunity."