Callouts & quotes from 37,061+ activist slides

"For the avoidance of doubt, the IonQ roadmap is not incorporated into, and does not form part of, this registration statement. — IonQ Prospectus"

"At the 2018 Investor Day, Huntsman committed to 10% organic Adjusted EBITDA growth with “no additional M&A” through 2020. — Huntsman Corporation"

"In March 2016, Baiguoyuan Network launched an audio live streaming mobile app, HELLO, which focused on its business in China. — YY June 2019 6-K"

"A former CHD executive told us bluntly the deal was, "Horrible, Horrible, oh Horrible" and should be "Dumped" immediately — Former CHD Executive"

"In the expert's opinion, MSCI provides a standard equity risk model, which probably has been commoditized a bit — AlphaSense Market Intelligence"

"Mehta R, Sood P, Hariharan S. Subclinical Rejection in Renal Transplantation: Reappraised. Transplantation. 2016;100(8):1610-1618. — Footnote 10"

"To get a sense of where Aurora has been testing its trucks, take a look at the map on the next page from the Texas Department of Transportation."

"In 2020, BlackRock pledged “exiting investments that present a high sustainability-related risk, such as thermal coal producers” — CEO Mr. Fink."

"Of 300,000 prisoners released from 15 states in 1994, 67.5% were re-arrested for a new offense within three years — Bureau of Justice Statistics"

"「レーザーテックに改善を働きかけるために、毎週会議を開いているそうです」「ただ不安定だけです。安定して機能するのではなく、ときによって機能しなくなることがあります。消えてしまうのです」「TSMCではACTISのA150もA300も、生産用の対象外としています。」 — 4名のTSMC関係者"

"On the Q1 2012 earnings call, Tim Armstrong stated that he “hopes” AOL can achieve over $40 million of revenue at Patch in 2012. — Tim Armstrong"

"Blood chemistry tests or hematological or cardiovascular parameters did not change in the three study groups (data not shown). — Harmony 1 paper"

"the Company maintains that “still does not know the UBO”, the ultimate beneficial owner of its local partners in both Uzbekistan and Azerbaijan."

"APD’s share price including dividends and the spinoff of Versum increased by 76% from our average cost at announcement date to January 20, 2017"

"Even when the "High" result is not surpassed, they are still awarded the maximum of 45% for their SPNOI Performance (i.e 150% of 30% weighting)"

"Independent Slate wonders if incumbent Board merely “rubber stamped” these acquisitions without conducting proper and independent due diligence"

"While once a consensus “Buy”, sentiment on Southwest has substantially deteriorated amid poor execution and failed efforts to get back on track"

"In fact, we find that post Q1'2022 that WTRG removed a reference that its next phase of implementation would be expected to go live in H2'2023."

"We believe investors should be discounting substantial dilution and more debt issuance into the forward valuation of WTRG's equity share price."

"Generac's liquidity situation is the worse its been in years and at the exact wrong time when the FED is withdrawing liquidity from the system."

"Significantly improve sales force productivity to benchmark standards to drive improvements in revenue growth with the existing cost structure."

"SMB-focused peers saw a significant acceleration in growth during the pandemic, while Box blamed its weak results on softness in the SMB market"

"Note that the EBITDA margin is so high because of Site Sharing's abnormally high rents, which were apparently up to 3.0x market on some towers."

"As the chart on the right demonstrates, revenue growth can be calibrated to the amount of capex spent: More revenue growth requires more capex."

"You are morally obligated to conduct yourself with greater transparency. Consequently, it is preferable to say too much than to say too little."

"If we right-size the cost structure to the benchmark, there should be $400 - $500 million of EBITDA from the current subscription revenue base."

"These credit events correlate with management fee adjustments, with the 2003 reduction being reactive and the current one appearing preemptive."

"Spruce Point has significant concerns about Monolithic Power Systems (Nasdaq: MPWR), a designer and manufacturer of power management solutions."

"We estimate that the Rosie EMI accounted for approximately 12% of our ~$300 million estimate of HASI’s 2021 non-cash, unrealizable HLBV income."

"It is around this time that a class action suit was brought against Fleming for inflating earnings through a vendor rebate manipulation scheme."

"We believe Olive Garden’s menu is both lackluster and confusing. By fixing this, we will drive both increases in traffic and improved execution"

"Through this process, we have developed deep conviction in the opportunity for Goodyear to improve after more than a decade of underperformance"

"We believe that if Mosten wins and raises billions for its fund, Manulife’s annual losses from this contract could also number in the billions."

"Manulife argues that since the Great Depression, the regulation of financial services in Canada has been regulated by the 'Four Pillars' model."

"Phillips 66 (NYSE: PSX) shareholders have a clear choice: maintain the status quo or vote for change that could drive the stock up 75% or more."

"HHH Services Agreement advisory fee is at the lower end of the private equity fee range with no additional monitoring or other transaction fees"

"Muddy Waters alleged that for NQ's claimed business revenue from national security products in 2012, at least 72% of the revenue is fabricated."

"We believe that Abbott’s demonstrated share dominance (92%) should grow even more pronounced in the near future with the release of the Libre 2"

"Beyond the turnkey contracts, investigators' interviews with former employees yielded numerous anecdotes indicating OSIS is rotten to the core."

"This stock-price underperformance is a direct result of athenahealth's inability to execute across a range of strategic and operational issues."

"Shouldn't the choice of testing strategy be based on each patient's needs, rather than a blanket policy that may not be necessary for everyone?"

"58 of the 60 parties never got to see the revised forecasts. Instead, these parties only got to see an initial forecast that lacked credibility"

"We think that the apparent low production volume and persistently high finished goods inventory is due to weak demand for DNMR's PHA compounds."

"We believe Olive Garden’s menu is both lackluster and confusing. By fixing this, we will drive both increases in traffic and improved execution"

"And yes, I remember that I presented a short thesis on oil frackers at the Sohn Investing Conference last May, calling them “value destroyers”."

"While once a consensus “Buy”, sentiment on Southwest has substantially deteriorated amid poor execution and failed efforts to get back on track"

"Even if GMCR does succeed here, it is irrelevant because anybody can make a K-cup for the installed base of Keurig brewers after September 2012"

"The gap is so large and insufficiently explained that it raises questions about what is being capitalized and casts doubt on the business model"

"These analyses make the drilling programs look great. But, when we consider current prices and fully loaded costs, a different picture emerges."

"Before significant investments are made supporting company-owned restaurants, a fresh perspective at the Board level could benefit shareholders"

"With GNYHA responsible for 10% of total Premier revenue, Spruce Point believes that GNYHA has significant negotiating leverage against Premier."

"Recent revenue growth aside, Skechers' management team has presided over a blinding array of scandals, lawsuits, and questionable associations."

"But all the innovation of the past decade seems marginal compared to Pulsed Field Ablation (PFA) and real time electrical mapping of the heart."

"Elliott does not intend to tender its shares into the Revised TOB at the current terms and strongly encourages other shareholders not to tender"

"Over the course of the last decade, the majority of the conversation about BNY took place at the moment the two companies came together as one."

"The Company’s financial condition was deteriorating significantly with Net Debt / EBITDA > 10x and EBITDA interest coverage hovering around 1x."

"In the fourth quarter, management repurchased ~4% of the company at $54 immediately ahead of a pre-announcement and disappointing 2016 guidance"

"APD’s share price including dividends and the spinoff of Versum increased by 76% from our average cost at announcement date to January 20, 2017"

"Spruce Point believes part of WD-40's international challenges, and why it will continue to disappoint expectations, is rampant counterfeiting."

"Even though full due diligence doesn't begin until December 16th, Bristol-Myers got their wish and the transaction was agreed to on January 2nd"