Callouts & quotes from 619+ activist slides

"Despite ~50% increase in revenue, ~800bps of margin expansion and improved free cash flow over the last two years, NFLX’s share price is down more than 40% from recent highs and has nearly returned to pre-pandemic levels"

"Despite our belief that Danimer’s selected peer group is not a strong representation of its business, Danimer trades at substantially higher multiples that its self-selected peers on a projected revenue and EBITDA basis."

"Cars.com has experienced an almost two-year continuing trend of customer losses and organic declines in revenue, despite increasing operating expenses, resulting in a pattern of missed expectations and lowered guidance."

"We also note that, despite the reported growth in the value of Amdocs' European assets, the Company has cut back on its European locations since early 2017, as demonstrated by recent changes to its "Contact Us" webpage."

"Despite Disney's advantages, the Company had underperformed over all relevant periods up until the time we emerged with our campaign in October 2023...and even when measured all the way through the end of February 2024."

"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"

"Unfortunately, we are faced now with the stark reality that athenahealth as a public-company investment, despite all of its promise, has not worked for many years, is not working today and will not work in the future."

"The ex-employee stated that generic diazoxide oral suspension is perfectly substitutable for Vykat, based on Soleno’s own PK data despite their protestations to the contrary, and expects to see the substitution occur."

"Recent buyers bucket Avery as a "value" investment, despite the fact we illustrate it trades at the richest multiple in its sector (with below average margins and sales growth) and at a premium to broker fair value."

"Heska has seen dramatic multiple expansion over the past twelve months despite our analysis illustrating only modest changes in the Company's strategy, operations, competitive positioning, and financial performance."

"We infer from ISRG’s willingness to buy drapes from UFPT’s primary competitor (despite their “semi-exclusive” contract) that the relationship between ISRG and UFPT has become far more adversarial than in years past."

"The former also said that fear of missing an opportunity to cash out was what drove CEO Andrew Paradise to rush to go public via SPAC, despite its platform being “too manual” and “not sustainable.” — Former employee"

"PEN trades in line with more advanced and R&D-intensive medical device companies despite its weak IP, relatively low gross margins (even by the standard of 510(k) companies) and increasingly competitive landscape."

"Despite pulling back from recent highs, D-Wave's share price remains up over 600% since last October – a staggering rally that has occurred alongside largely unchanged consensus revenue estimates, as shown below."

"Even if P&G is unable to achieve its underlying earnings potential, we believe there is little downside in the stock as it trades at a discount to peers, despite having the largest cost opportunity in the sector"

"Samsung Electronics currently lacks an effective international equity listing (over and above its KRX listing) for its core operating businesses, despite the impressive scale and global reach of those businesses"

"Spruce Point believes that Avery's trend of disappointing sales expectations continued through the recent quarter. Despite a modest beat in Q3, its implied Q4 outlook leaves significant room for disappointment."

"Even before the recession, Target’s retail margins have been deteriorating while Wal-Mart’s margins have remained higher and constant, despite Wal-Mart selling a greater mix of food and other lower margin goods"

"Even before the recession, Target’s retail margins have been deteriorating while Wal-Mart’s margins have remained higher and constant, despite Wal-Mart selling a greater mix of food and other lower margin goods"

"The Board set a 2015 Adj. EBITDA target for management LOWER than the Company’s 2014 Actual EBITDA despite management telling shareholders that the Company was “on track” to soundly beat its $2.0 billion target"

"scil revenue declined at a -1% CAGR from 2014 to 2019 during its ownership by Henry Schein and Covetrus. Moreover, the business only grew 1% in 2020 despite the supposed trend toward Covid-driven pet ownership."

"The result has been extreme shareholder value destruction and sustained share price underperformance versus peers - despite Avantor having a higher mix of recurring revenue and defensive consumables exposure."

"Despite a significantly better customer experience, streaming video services like Netflix are priced at ~$15 per month or less whereas traditional Pay TV packages cost greater than $80 per month in the U.S."

"CTC's press release cites the reason for the reduction in the incremental allowance as "improved customer default rates" despite the quarterly report mentioning "increased regular and insolvency write-offs""

"Despite what is clearly a challenging retail environment, we believe the execution of the real estate strategy outlined in the attached presentation can create meaningful and lasting value for shareholders."

"Phillips 66 is far from achieving its 2025 mid-cycle EBITDA target, with analysts' 2026 estimates signaling a major shortfall – despite consensus forecasts assuming a reasonable mid-cycle price environment."

"Despite repeatedly touting an emphasis on safety, Norfolk Sothern was adamantly opposed to a mandate proposed by the FRA to standardize two-man crews in an effort to enhance safety in the railroad industry."

"The biometrics review provides a chronology of how the FDA reviewer yet again gave Bioprojet a pass despite obvious red flags and accepted HARMONY 1 as a second trial in support of cataplexy along with CTP."

"Even recognizing that FIGS is projected to grow sales 26% in 2022, it still carries a substantial premium to peers despite our documented concerns around management and its exaggerated financial reporting."

"A LinkedIn search turns up only 6 employees at Allonnia, plus an intern and a random Chief of Staff who lists 2 other current employers, despite being in operation since 2019 and raising $50MM in Oct 2020."

"Despite the obvious potential fit, the board presumably dismissed the transaction to entrench itself, as Midstates publicly stated they would be open to replacing the board with shareholder representation."

"Nonetheless, despite the imprecise methodology, it would be unusual for the number of case reports to fall sharply in 2021/2022 with patient counts spiking, suggesting the true figure is multiples higher."

"Despite claiming to have high levels of visibility into revenue drivers and trends, Box failed to meet its commitments, but continued to claim that the business was on the right track and executing well."

"Despite its stock decline post a downgrade by Stifel, and PERI raising its outlook, investors should be spooked to see that both the CFO and President of Undertone sold stock around the time of earnings."

"Spruce Point has been following the DKNG story closely, and despite the recent share price movement and other prescient short-seller critiques, we believe there is still significantly more downside risk."

"Despite this length of time, these Board members only own 26,073 shares outright, or 0.12% of the outstanding, and four of the board members own 0 shares outright, despite their long tenure on the Board."

"ROAD is trading close to a 5-year high multiple despite our evidence suggesting its move into Texas (and Oklahoma) may be a result of waning demand for its services in Florida with its largest customer."

"iRhythm trades at a $5.4 billion market capitalization and mid-to-high-single-digit revenue multiples despite an anticipated deterioration in revenue growth, which we believe may even prove optimistic."

"The Fed expected the wealth effect would drive growth to 3-4%. Despite the stock market rising about 50% over the last three years and tripling over the last six, GDP growth has stagnated at around 2%."

"Phillips' leaders...insist that shareholder benefit from its structure and that operating improvements have materialized, despite evidence to the contrary. — Elliott's Streamline66 presentation 2/11/25"

"XPO’s inability to deliver a game-changing acquisition in 2018 despite repeated promotions by management and brokers leaves more negative headwinds than positive tailwinds to future financial results."

"Allowed CEO Mark Lashier to consolidate Chairman role, add new directors with questionable independence from the CEO and receive generous compensation despite stock underperformance and missed targets"

"Despite its uptake, the long-term science around Aquablation remains unsettled. Thus, the procedure receives only a conditional recommendation and a lower evidence level grade versus TURP by the AUA."

"Tessera has repeatedly licensed outsourced semiconductor assembly and test companies (OSATs) instead of higher value OEM and manufacturer licensees despite OSATs having far lower revenue and margins."

"Despite c.30% of shareholders supporting our unique proposal to address capital allocation issues at last year's AGM, the current Keisei Board and Management team have ceased to engage with Palliser."

"In 4 out of the last 5 years, PPG has reported sales declines despite enjoying tailwinds from growing US housing starts and construction spending, and strong comparable sales in its PPG Paints stores"

"The sole thematic ETF dedicated to tracking the biggest IoT players does not even have Samsara as a top 10 holding despite its $15 billion market cap and pure play exposure to industry fundamentals."

"Despite management’s rhetoric, we believe Disney has never thoroughly reviewed its cost structure, as evidenced by the fact that over the last three years costs have outpaced sales growth by ~400bps"

"Spruce Point has serious concerns that Content IQ’s financials were audited by Kost Forer out of Tel-Aviv despite Content IQ being US-incorporated. This is the same firm auditing PERI’s financials."

"Shares have underperformed peers for more than a decade. Despite this clear market signal, Phillips has ignored the need for change and continually praises the benefits of its diversified portfolio"

"Despite its high growth potential and IRRs in these two plays, and its cash generating core MS Lime position, SandRidge trades at a deep discount to its Peers and its own PV-10 proved reserve base."

"Who are the “non-Ally parties” behind Sonoran who seem willing to pay a premium for subprime loans? And why is management so reluctant to share this information despite questioning from investors?"

"Despite 32% of revenues reported in the United States, only 9.2% of earnings before tax are attributable to the United States. We believe this suggests an aggressive tax structure used by Mettler."

"Despite the reset and significant brand investment, 2013 EPS is forecast to grow only 7%, below the peer average and at the low-end of PepsiCo's long-term guidance ("high single digit EPS growth")"

"Until 1982, the Float worked reasonably well despite HK’s lacking a formal central bank. The commercial banks were made responsible for managing the system, leaving the HKD vulnerable to a crisis"

"Policy makers and mainstream economists are stuck in GroupThink that easy money always helps the economy, despite basic economic principles that suggest diminishing or negative marginal returns."

"Consequently, despite billions in capital investment and shareholder dilution, the US-listed miner percentage share of network hashrate has remained stuck in the low-mid 20s during this period."

"Despite Herbalife's claim that its compensation structure in China is different from other markets, the pro forma Contribution Margin in China essentially mirrors those in the rest of the world"

"Phillips is far from achieving its 2025 mid-cycle EBITDA target, with analyst's 2026 estimates signaling a major shortfall – despite consensus assuming a reasonable mid-cycle price environment"

"Despite McDonald's' hollow attempts to miscast some of our "demands," the reality is our asks are completely reasonable and can help the Board restore its broken credibility with shareholders"