Callouts & quotes from 439+ activist slides

"We believe that GCP can improve its EBIT margin by ~600bps on a run rate basis, more than recouping all of the deterioration that has occurred through poor performance over the last few years."

"Credit Karma has maybe 1% of the features of mint, and even what it has is poorly implemented. In it's current state I can't imagine what possessed them to announce a migration. — Reddit User"

"We believe this poorly designed compensation package encourages the CEO to take excessive risks such as making acquisitions using significant leverage in the hope of reaching these targets."

"The FDA relied upon an absurdly small Harmony PK study in CYP2D6 poor metabolizers (n=3) to conclude that steady-state plasma levels in such patients are twice those of normal metabolizers."

"In our view, residential, self-storage and warehouses provide attractive inflation hedges, while office and net lease real estate are likely to be poor stores of wealth amid high inflation."

"“unlike actively managed funds, which can and do sell the stock of a company they perceive as having poor corporate governance, index funds are the ultimate long- term investors” — Mr. Fink"

"The stonewalling, evasion and general lack of transparency simply speaks to how poorly the program is developing, and the company's growing difficulties in bringing Bluebird-1 to fruition."

"We believe this repeated behavior is the outcome of broader and more systemic problems, including a poor corporate culture that appears to reward loyalty to the founder over performance."

"The poor stock price performance by a company with one of the best collections of media assets is principally a reflection of a lack of a clearly defined strategy and a short-term focus."

"Taubman's problems are self-inflicted – Taubman has repeatedly blamed poor performance on the industry when the problems lie with management and poor oversight by the Board of Directors"

"Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program. — TD Cowen, 12/4/23"

"Management revised unit costs four times in 2023. Poor execution has substantially eroded management's credibility and damaged Southwest’s competitive positioning as a low-cost carrier"

"“CYP2D6 alleles tested and genotyping methods were appropriate for determining CYP2D6 PM [poor metabolizer] and NM [normal metabolizer] status.” — FDA CDER Clinical Pharmacology Review"

"Employee feedback repeatedly emphasizes a culture of bureaucracy, lifetime employment, stifled creativity, out-of-touch leadership, lack of business integration and poor communication"

"While Disney has blamed the pandemic for poor film quality and results, its competitors managed to release some of the most successful animated films of all-time within the last year."

"While Disney has blamed the pandemic for poor film quality and results, its competitors managed to release some of the most successful animated films of all-time within the last year."

"At best, this reflects poor governance and controls at Carvana. At worst, the Company is attempting to hide the extent to which its high-margin F&I income is tied to related parties."

"America’s fiscal position has worsened considerably since 1983. S&P recently downgraded the U.S., citing poor leadership from Washington in solving the U.S.’s serious budget problems"

"Phillips 66’s refining kit is comparable to peers Marathon and Valero – its underperformance is primarily driven by poor operational execution, rather than the quality of the assets."

"We believe measuring integrated margins skews the Company's view of product profitability, and may be masking poorly performing businesses or impeding the Company's pricing strategy."

"Phillips 66's refining kit is comparable to peers Marathon and Valero – its underperformance is primarily driven by poor operational execution, rather than the quality of the assets."

"Riot's business model is dysfunctional, characterized by seemingly endless capital spending, lack of operating leverage, unpredictable revenue, poor returns, and negative cash flow."

"Spruce Point has a history of successfully exposing poorly positioned consumer focused companies before the market realizes fundamentals have changed, and the share price collapses."

"Specifically, Elliott noted Phillips’ conglomerate structure, poor operating performance and damaged credibility with shareholders as factors driving the Company’s underperformance."

"We believe Intuit fell victim to extremely poor timing and market fervor about marketing automation when it cut the Mailchimp deal, as sector multiples were at their absolute peak."

"ADP’s poor sales force productivity is inconsistent with the Company’s long-standing goal of driving bookings growth from both additional sales reps and productivity per sales rep"

"Who is best suited to implement the changes needed to reverse Arconic’s historic track-record of epically poor performance and maximize value to the benefit of all shareholders?"

"Sadly, the Red Lobster Sale is only the most recent, and most egregious, example of the current Board and management’s extended record of poor performance and value destruction."

"In our experience, full spin-offs to existing shareholders are the best way to close conglomerate discounts, while selling minority stakes to “spotlight” value has poor results."

"Huntsman has received an “F” from Glass Lewis on executive compensation for two consecutive years as pay was more than its Proxy Peers, notwithstanding poor relative performance"

"Starboard engaged with GCP to protect shareholders suffering from consistently poor operational execution, poor governance, lack of Board oversight, and lack of accountability."

"Unfortunately, in less than two years, Newell’s management team has made critical missteps in integrating and operating the businesses, resulting in poor financial performance."

"We believe Generac's capital allocation decisions reflect poor financial judgement and decision-making on the part of management and will weigh down future earnings prospects."

"Sunnova’s CFO and VP of Finance previously were executives at Spark Energy, another energy company with a poor business model promoting high growth, which ended up collapsing."

"The primary reason for the lack of SMR traction is poor economics. There is little evidence SMRs can avoid the cost increases which have plagued recent large nuclear projects."

"We don't understand how the market can shrug off this poor execution when this is supposedly the biggest, and perhaps only, product development challenge Heska has ever faced."

"Their general responses indicated that these farms are typical Chinese barn designs, were "built cheap" with "poor airflow" and "not built to last." — Two China dairy experts"

"The disconnect between Dr. Kleinfeld’s rhetoric and the reality of business performance has only furthered the erosion of his credibility flowing from that poor performance"

"Like most aggressive tech companies with poor business models that Spruce Point evaluates, we find that Dropbox tries to spin a rosy "Non-GAAP" Free Cash Flow presentation."

"Saputo claims that EBITDA is a measure of cash flow in performing its DCF. However, our analysis shows that EBITDA is a poor proxy for cash flow and converts at around 70%."

"Given TFS is unlikely to be able to obtain finance due to its poor corporate governance, we believe it will not have sufficient capital to maintain plantations to maturity."

"At best, we view Heska as a low-growth, low-margin distributor with a conflicted, sloppy management team and a track record of hyper promotion and poor financial reporting."

"“execution risk remains given the poor track record” — Morgan Stanley (May-2013). “We remain to be convinced that management can deliver a turnaround” — Nomura (Jun-2013)."

"In the face of poor performance and with thousands of employees losing their jobs, Dr. Kleinfeld thought it was a good idea to recreate the Jetsons for marketing purposes"

"In contrast to Vivendi's poor stewardship and frayed relationships, Elliott's Independent Nominees will prioritise improving relationships with regulators and authorities"

"Many contracts were either bid or executed poorly, and it led to significant cost overruns. The result was a loss of investor confidence, with the stock falling below $4."

"Shareholders should not trust the management team or a Board that has overseen financial underperformance, poor capital allocation and unacceptable corporate governance."

"How can shareholders trust a management team that is executing poorly at Bristol-Myers to now successfully integrate one of the largest pharmaceutical deals of all time?"

"However, as shown below, Autodesk's projected underlying incremental margins compare poorly to peers when adjusting for the estimated impact of the workforce reduction."

"In our experience, poor performing companies commonly blame weak operating performance on asset quality when it is, in fact, driven by an ineffective operating culture."

"In our experience, poor performing companies commonly blame weak operating performance on asset quality when it is, in fact, driven by an ineffective operating culture."

"In our experience, poor performing companies commonly blame weak operating performance on asset quality when it is, in fact, driven by an ineffective operating culture."

"New Red Lobster’s valuation will be hindered by its poor performance and likely trade at one of the lowest, if not THE lowest, multiple in the casual dining industry."

"Weis is currently the highest valued regional supermarket on P/E and EBITDA despite negative organic growth, aggressive accounting and poor governance and disclosures"

"The poor valuation reflects investor concerns that management and the Board will waste OUTR's substantial (but declining) free cash flows on risky growth initiatives"

"restatements [which] may signal weak internal accounting expertise, poor internal controls and aggressive financial reporting practices at the Company. — Glass Lewis"

"AMR Has Poorly Positioned Coal Assets Experiencing Increased Signs of Mounting Financial Stress Including “Hidden Borrowing”, Cash Shortfalls, And Cash Misreporting"

"It is Time for the Current Board to be Held Accountable for Years of Poor Performance, Egregious Corporate Governance, and Substantial Shareholder Value Destruction"

"New Red Lobster’s valuation will be hindered by its poor performance. It may trade at one of the lowest, if not THE lowest, multiples in the casual dining industry."

"Hess's March 4th presentation points to Wall Street price targets as justification that nothing is wrong... Yet these targets merely reflect Hess's poor execution"