Callouts & quotes from 526+ activist slides

"While heart rate and workout metrics are native to even inexpensive bikes, the only IP that Peloton appears to bring to the table is its leaderboard technology, which allows participants to compete against one another."

"Despite this fanfare and significant R&D spending, it appears that DSP has not generated meaningful revenue for its XpandR multimedia product and has not even mentioned the product during its last four conference calls"

"The market appears to lack confidence in Disney’s $7.5 billion cost reduction plan; Wall Street consensus estimates for FY 2024 and FY 2025 are now lower than they were when the commitments were made in February 2023."

"The market appears to lack confidence in Disney’s $7.5 billion cost reduction plan; Wall Street consensus estimates for FY 2024 and FY 2025 are now lower than they were when the commitments were made in February 2023."

"It appears that reps would latch onto a patient with narcolepsy and then try to get the physician or their office to expand the diagnosis to cataplexy – even if the patient didn't have it – to “comply” with the label."

"While it appears more substantive on the surface as an entity engaged in legitimate - albeit failed - R&D, later sections discuss why we believe that Ginkgo uses it as just another front to create fictitious revenue."

"About two thirds of Phillips 66's achieved $1/bbl of opex reduction appears to be driven by natural gas pricing reductions rather than fundamentally lower costs, according to the Company's own commodity sensitivity."

"Small problem: Cambium appears to have never raised any funding and its site is a single page with vaporware like "Deep Tech approach, fusing biotechnology, green chemistry, computation, automated material science.""

"Patrick Vitek appears to have unjustifiably profited by at least €52.1 million over seven months by flipping the entity owning Immofinanz shares to CPI PG and having the purchase price retroactively adjusted upward."

"As we discuss infra, the mention of a “mandatory takeover offer price” appears to be a false excuse. The adjustment seems to have merely been a way to extract an additional €52.1 million cash from outside investors."

"Interestingly, management appears to treat the "gift" as a component of COGS (and capitalizes some costs in inventory) rather than as part of compensation expense in SG&A, thereby inflating GPU by adjusting for it"

"Note the differences, the seal appears to have been photocopied, cut and glued. The seal number is the same as the one on the genuine report; however, the insignia lacks the clarity of that on the genuine report."

"As we demonstrate, YT appears to have lied about not owning any direct or indirect ownership of Blitz, because some of the shares in Blitz were used to pay off YT's debt to a large creditor during the bankruptcy."

"It appears incredibly suspicious that, after CFO Rao claimed new products don't generate higher ASPs or margin, MPWR would then report record price increases in 2017/18. Prices fell on average 5% from 2013-2016."

"Even Worse, Innomind Appears to Have Provided VIE $35 - $40 million of Shareholders’ Money. Because We are Skeptical of Much of the “Paper” in RINO’s Balance Sheet, These Funds Could Have Been Misappropriated."

"Spruce Point observes that Forescout appears to have experienced higher-than-average employee departures of late, particularly among its sales staff – confirming employee anecdotes that we’ve heard elsewhere."

"Investors should be cautioned that Weis is on its third auditor in the last four years. It also appears unusual to us that E&Y has served as its auditor twice, with the first time declining to be reappointed."

"It appears that someone has been buying large amounts of OTM call options on MOXC to create a gamma squeeze, in which the dealer selling the call options must buy the reference equity to hedge their position."

"FND's inventory accounting is called "moving weighted average cost method" and appears to be some hybrid of the method used by Lumber Liquidators and Tile Shop, which are both embattled and struggling peers."

"Changke Liu, the founder of Changing Edu, appears at the bottom as the legal representative of Guangzhou Shujia, but there is no suggestion GZ 1-1 is outside of Haoweilai or actually belongs to Changing Edu."

"It therefore appears that in 2022 alone, Sunrun claimed ITCs and other tax benefits on 14,390 systems that didn't exist, which equals approximately $205 million of inflated ITC and other tax benefit claims."

"Between Jaenicke’s departure and the loss of its CISO and CIO, Mercury appears to have very few (if any) well-tenured executives or employees with deep knowledge of or experience in the cybersecurity space."

"HASI's use of a low, risk free rate to value these increasingly commercial receivables appears disingenuous: one expert stated to us that a high teens discount rate was appropriate for commercial projects."

"In late December 2021, it appears that TaskUs just increased incentives for referrals by offering a $500 sign-on bonus to new recruits. In addition, $750 is paid to the individual who sources the new hire."

"In 2009, the California federal court stated that Herbalife appears to pay compensation facially unrelated to sale of products to ultimate users – an essential element of finding of an MLM to be a pyramid."

"In a world where Saputo has been expanding beyond Canada, and into the US, Europe, and Australia/Asia, it appears that its employee cost structure is not competitive with its global dairy-producing peers."

"Ownership by insiders decreases nearly every year. With little “at risk” we can understand why management appears, at best sloppy with the numbers, and at worst gaming them to extract unjust compensation."

"Trian has a long track record to help investors judge, and its record of short-slate board participation and activism appears positive and constructive, and oriented towards longer-term value creation..."

"Based on the Comparable Company Analysis, a Broadband Asset Value multiple of 8.0x - 9.0x 2006PF OIBDA appears to be a reasonable range for TWC as a seasoned, fully distributed “must have” cable company."

"The practice appears to be driven by surgeon ineptitude as well as a strategic decision, as the TransMedics pump seems to require collecting blood from the donor, which is used to then perfuse the organ."

"As we pointed out on a previous slide, it appears that FND's customer mix has shift away from homeowners, which has important implications for the growth of high margin installation materials and tools."

""[BlackRock] appears to have settled on a strategy of telling both sides what they wanted to hear, in an effort to keep everyone’s business" — Jonathan Skrmetti, Attorney General, US State of Tennessee"

""[BlackRock] appears to have settled on a strategy of telling both sides what they wanted to hear, in an effort to keep everyone’s business" — Jonathan Skrmetti, Attorney General, US State of Tennessee"

"AMT has, in its conference calls, stressed the growth in Adjusted Funds From Operations (“AFFO”) as one of its most important metrics, and this appears to have been followed by ATL’s telecom analysts."

"Our research suggests both pillars seem unrealistic: it appears that DigitalGlobe is more likely to see prices decreases on the NGA contract and opportunities outside of U.S. government appear limited"

"The system appears to be property of the US government, which we presume would create far more serious legal jeopardy for TransMedics than infiltrating a private network, if the allegations are true."

"The transaction appears to be another de facto lending transaction, making AMT management’s pronouncements about growth potential misleading because additional tenants will not move the needle much."

"TWX, by any measure, is undervalued. There appears to be a significant valuation gap between the current stock price of TWX and the estimated intrinsic value of the underlying assets of the Company."

"The prevalence of edema appears to increase the longer that Vykat is used, with no apparent plateau – indicating that a tipping point is eventually reached whether discontinuation or a safety event."

"With the estimated impact of Actix and Celcite backed out of total sales, Amdocs’ revenue appears to have grown only between 1-2% on an annual basis through the quarters following the acquisitions."

"The brand appears in the top ten search results for only 31 skincare-related keywords—five times less than its direct competitor Cetaphil, and well behind other competitors like Cerave and Eucerin."

"The chief of a liver transplant program, who stated he knows Ghobrial well and appears to be in communication, indicated the relationship with TransMedics is improper and may be seen as a kickback."

"In short, these transactions bear hallmarks of money laundering, where CPI PG appears in the final, critical stage—possibly cashing out launderers and their clients with clean, bondholder funds."

"The scale is impossible to validate because each trial appears to have its own version with different prompts and grids/layouts, and it is unclear which version(s) were used in Harmony’s trials."

"IonQ’s CEO appears to be misrepresenting his MIT educational credentials, while promoting a narrative that he’s a child prodigy who began programming at the MIT Artificial Laboratory at age 16."

"Something appears very shady. How is it possible that ShopKeep and Upserve recognized $31.4m of transaction expenses pre deal-closing, while LSPD only recognized $6.5m of expenses post-closing?"

"the idea that data centers are the “silver bullet” market for SOFC (and by extension for Ceres) appears structurally flawed and overly optimistic given current technical and market constraints."

"A significant increase in unprofitable flying driven by a growth strategy focused on capacity expansion (rather than product innovation) appears to have driven substantial unnecessary losses"

"Providing water services and issuing billing statements should be a straightforward business, yet WTRG appears to elicit strong and negative feedback from customers across a range of issues."

"A significant increase in unprofitable flying driven by a growth strategy focused on capacity expansion (rather than product innovation) appears to have driven substantial unnecessary losses"

"A significant increase in unprofitable flying driven by a growth strategy focused on capacity expansion (rather than product innovation) appears to have driven substantial unnecessary losses"

"A significant increase in unprofitable flying driven by a growth strategy focused on capacity expansion (rather than product innovation) appears to have driven substantial unnecessary losses"

"The trials are a poster child for the weaknesses and loopholes in the FDA's fast-track approval process, where it appears that anything suffices for evidence in the case of a rare condition."

"A significant increase in unprofitable flying driven by a growth strategy focused on capacity expansion (rather than product innovation) appears to have driven substantial unnecessary losses"

"The total quantifiable payments (not including Karimova’s expansive list of “consulting” services and “charitable” causes) made by Telia to Karimova fronts appears to exceed US $380 million."

"While the Board tasked management with considering a range of strategic alternatives, it appears that management never seriously considered alternatives outside of an acquisition of Celgene"

"MSCI appears to be making greater use of capitalized development costs that are added to the balance sheet, amortized to the income statement and conveniently ignored as non-cash add-backs."

"The physical location of Beijing Mushang Culture Media appears to be somewhat of a mystery. Spruce Point suspects that these operations may potentially be carried out in Momo headquarters."

"REZI has been completely quiet in talking about First Alert’s premium brand called Onelink. We think we know the likely reason why: It appears that its premium brand has been discontinued."

"Beyond freshness, packaging and cleanliness of the product appears to be the second biggest complaint. One of the more disturbing complaints identified worms within the seal of the mouth."