Callouts & quotes from 37,061+ activist slides

"Perhaps, removing properties that will provide difficult future comparisons is one way that HTA manages to a consistent Same Property NOI growth of ~3.0%."

"Spruce Point observes a changing of leadership at key roles starting in 2017. In 2020, we observe an accelerating departure of long tenured professionals."

"On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase"

"This appears aggressive, and we sensitize churn rates from 20%-34% in Year 21; from 5%-10% in Years 22-25; 21%-36% in Year 26; and 12%-23% in Years 27-30."

"Pramac's French financial statements mirror what we see at the parent level in the Italian accounts: large accounts receivable balances relative to sales."

"We believe investors should have very low confidence that ABML will reach even a fraction of its oft-discussed $200m revenue plan from its first facility."

"An investment in Valeant shares on the day Mike Pearson became CEO has appreciated to 42x its initial value in seven years including dividend reinvestment"

"It appears that Box is attempting to mislead stockholders and hoping that time will run out before the Company is again forced to correct this inaccuracy."

"How was Milne earning income and spending on luxury services, and why would he rather go back to jail than to pay restitution? Is there more to the story?"

"Supply/demand balance will be tight as capacity utilization will remain >90% over at least the several years with only limited new capacity coming on line"

"It is our view that immediate engagement with Elliott to explore a take-private transaction is the right course forward for all athenahealth stakeholders."

"For four years, from 2003 to 2006, the management fee stayed below 25% until both underwriting profitability and the surplus returned to healthier levels."

"While Paychex historically generated similar Net Operational Revenue per Employee as ADP (from 2008-2011), it has dramatically outperformed ADP since 2011"

"Snapchat is not a fad. It is one stabilizing quarter from giving investors a 30% or more return -- more than you can see in any FANG stock in our opinion."

"UMG's share price including dividends increased 37% from our average cost at inception to December 31, 2021, and has decreased 14% year-to-date in 2022(1)"

"DPZ’s share price including dividends increased 58% from our average cost at inception to December 31, 2021, and has decreased 22% year-to-date in 2022(1)"

"While Dealer loans are backed by CTC, each Dealers’ equity is pooled as collateral, which we believe could present challenges during an economic downturn."

"The identity of the party who received Fengxian from Hesheng leaves no doubt that the disposal of Fengxian was corrupt and that Hesheng was a straw party."

"The revised offer announced on April 11th, not only fails to address any of our concerns but in our view makes the whole transaction alarmingly illogical."

"Based on IBM’s recent offer for Red Hat, a deal we believe should have a comparable valuation to a future VMware deal, VMW should be worth $300 per share."

"A potential post-tender stock price of between approximately $73 per share and $84 per share, or an average price of $78.50 per share, could be justified."

"Levi Mochkin was banned from working in the Australian securities and investment industry after allegations that he rigged the prices of key mining stocks"

"We believe GoDaddy has an opportunity to drive significant value creation through a combination of improved growth, profitability, and capital allocation."

"The $30.8 million in realizations on concluded cases falling in 2019 leaves 40% of that year's income from capital provision – indirect still unexplained."

"We suspect this inflation of deployments came from a need to hit a round number—in this case, $1 billion—by manipulating the numbers to fit the narrative."

"Our investigators spoke with former employees of the Rapiscan business. Several of their comments are enlightening about the extent of rot at the company."

"While others captured tremendous wealth in the Eagle Ford (APC, COP, EOG, MRO, MUR, RDSA, TLM, etc.), Hess not only failed to create value but lost $771mm"

"While the Grammys Have Flat Viewership in the Last 5 Years and the Oscars Have Seen a 10% Drop, the VMA's are Down 55% and Kids Choice Awards are Down 50%"

"Valeant's pro-forma organic growth, excluding the impact of generic entry, highlights the ongoing growth potential of the durable business (~85% of total)"

"The Board has impugned its credibility on ESG by failing to deliver on its commitment to eliminate the usage of cruel gestation crates in its supply chain"

"We see such forecasts as unmitigated accounting aggression by EHTH’s management, who obfuscate with the help of the company’s black-box statistical model."

"PowerSchool’s risk section fails to mention SOPIPA’s prohibitions on building profiles on students and using a student's own data to target them with ads."

"The median impairment observed was 22.8%; if PowerSchool had to take an impairment this large, it would wipe out over 30% of the value of its book equity."

"We conclude that DNMR has significantly misrepresented the state of its customer relationships, product development, readiness to scale, and TAM for PHAs."

"DNMR's plan to spend at least ~$600 million to ~$700 million on capacity expansion strikes us as a way to justify its stock price more than anything else."

"In the 1990s Olive Garden was transformed from a struggling concept on the brink of failure to one of the most successful brands in casual dining history."

"Spruce Point believes that Xylem investors should be highly concerned about the fact pattern of events leading up to Xylem’s recent acquisition of Evoqua."

"The current street consensus numbers are well below management's projections filed in the deal proxy statement a little more than a year ago in June 2017."

"The frackers insist they are “investing for growth”, which leads investors to ignore the GAAP financials in favor of non-traditional metrics like EBITDAX."

"Given the enormous amount of such revisions, Olam's response only serves to reinforce our thesis that Olam's accounting functions are at best incompetent."

"Asks the Trustees to Step Back and Consider Whether Their Stewardship Is Destroying Aldo and Ron Croatti’s Legacies and Tarnishing the Croatti Family Name"

"TCI will typically vote against all directors of companies which do not publicly disclose their emissions or have a credible plan for emissions reduction."

"The substantial revision of the Compensation Statement constitutes an admission that the 2004-2012 versions of the Compensation Statement were misleading."

"Given the pattern of behavior we detail throughout, it seems possible—if not probable—that this discrepancy signals a cash hole in CPI PG’s 2021 accounts."

"Grant Thornton has made an obvious error in its audit by not taking issue with DGW’s claims of having no work in process as of December 31, 2008 and 2009."

"Before estimating revenues at the program level, we first created a historical revenue model from 2011 to 2015 using 2U's MD&A disclosure in the 2015 10K."

"Despite stronger economic trends and better affordability ratios, Alberta's housing prices have underperformed Toronto and Vancouver since peaking in 2007"

"The business is not broken – the valuation of the business is broken and fixing the stock’s valuation is entirely in the hands of the Board and management"

"Bond insurers arbitraged the ratings. Once insured by a AAA rated bond insurer, the muni bonds automatically became AAA, which reduced the borrowing cost."

"Not all the credits are money good. Against the $7 billion of equity, AGO insured more than $12 billion bonds that are now rated “below investment grade.”"

"We think AGO should publicly disclose the calculations so we can better judge whether AGO is using higher internal credit ratings to underestimate losses."

"We believe Bristol-Myers should closely scrutinize the ROI of every marketing campaign in order to ensure they are productive and the best use of capital."

"Hong Kong’s large trade surplus reflects its position as a global trading and financial services center, as well as the relative cheapness of its currency"

"Oasis estimates revenue from Curél to be around USD 285 – 430 mn, mostly concentrated in Japan and Asia with minimal presence in Europe, and the Americas."

"While CP issued shares during the recession, responsible capital management allowed other rails to opportunistically repurchase shares at depressed prices"

"Looking at 2010, you can expect more of the same from CP, emphasis on cost management, productivity and the realization of longer-term structural savings."

"Spruce Point calls on management to explain how all of the direct revenues recognized from the Baker Hughes JV are being recognized at +99% gross margins?"

"If the Siebel family still maintains assets at Makena Capital and paying it management fees, how can C3's Board members be objective and without conflict?"

"We find it notable that reviews by women specific to Hers on Trustpilot and the Google Play Store are materially more negative than those by men for Hims."

"Circle K, a national convenience chain, recently launched a promotion at over 6,000 locations across the U.S. for CELSIUS ESSENTIALS Sparkling Watermelon."