Callouts & quotes from 356+ activist slides

"Contrary to Phillips 66’s narrative that their business mix affords investors reduced volatility and they have successfully completed their operational turnaround, the Company delivered worse earnings than all of its peer groups."

"The quickest way to increase the value of Yahoo's shares is to do what should have been done 4 years ago and dramatically reduce the headcount and costs of the company to something sustainable matching current revenues and EBITDA"

"Twist’s chip can only make smaller oligos, which are a small niche; limited growth opportunity; larger vendors will continue to dominate; Twist may “go bankrupt” or “collapse” because of their pricing; Novartis will reduce spend"

"HIMS has gradually reduced its level of business and financial disclosure since the SPAC transaction. This behavioral pattern is consistent with companies that we've analyzed in the past that have delayed bad news for investors."

"A recent Tegus interview conducted Oct 4, 2021 of both a former Zimmer Biomet and Stryker employee confirms that the market has shifted towards giving away the robots for free or reduced cost in exchange for implant minimums."

"Recall on the previous slide, G&K revenue guidance was suppressed ~$165-$195 below G&K projections. Is it a coincidence that Cintas actual results came in above the initial range by an amount close to the reduced G&K revenue?"

"By primarily using stock options to incentivize management, the Board has created an environment that has favored excessive risk-taking, which can be seen by the excessive pace of M&A and the reluctance to reduce leverage."

"Compared to the Solidigm analysis, this would reduce annual HDD rack operating costs by over 90% from $3.1 million to $260K, or by over $28 million over ten years in their analysis, representing a material cost reduction."

"At Trian’s consumer investments where Nelson Peltz has served on the board, margin improvement coincided with sales growth, often due to reduced bureaucracy, greater accountability, and a faster moving organization"

"Excess cash of up to KRW 6.0 trillion (18% of HMC market cap) should be reduced from HMC's balance sheet Excess cash of up to KRW 6.0 trillion (26% of Mobis market cap) should be reduced from Mobis's balance sheet"

"LUNA – an entire product systems from NOVADAQ has disappeared, while the PINPOINT imaging system has been reduced just to a single camera. In retrospect, should NOVADAQ’s inventory have been stepped up, or down?"

"As shown in Exhibit IV-4, SOFI seemed to break the glass after receiving the comment letter. As part of its reaction, SOFI reduced the Secured Loan receivable balance by borrowing from JPMorgan Chase Bank, N.A."

""The decrease in Other CCA revenue in 2019 was driven primarily by a $14.9 million decrease from contract manufactured heartworm preventive, Tri-Heart, as a result of reduced customer demand." — Heska 2019 10-K"

"We note that there will be other important headwinds to member growth in 2023, including: (1) additional layoffs in 2023, (2) reduced hiring at existing clients, and (3) potential client losses to competitors."

"I believe that management should aim to reduce headcount to around 150,000, which is in line with Alphabet's headcount at the end of 2021. This would require a total headcount reduction in the order of 20%."

"Notably, the fee was last reduced below 25% in 2003 and remained below that threshold for four years. However, since 2007, the Board has consistently opted to charge the maximum fee of 25% to the Exchange."

"IPX has shifted the narrative from Phase II being spherical or angular powder to now just angular powder. They have also reduced the capacity estimate from 2,000 to 1,400 tpa at slightly higher capex cost."

"It is prudent for CTC to reduce its leverage to maintain its current rating. A downgrade would result in a rating on the cusp of non-investment grade (junk) status and potentially higher cost of capital."

"We also believe doctors are sampling alternative products and/or taking advantage of wires and brackets bundles that essentially give clear aligners away for free or at reduced prices. — ALGN: 2019 10-K"

"After all, isn’t the point of artificial intelligence to reduce human workload? INOD only generates $18.8k in annual revenue per an employee—a number we believe is exceedingly low for an AI company."

"The pursuit of a dutch auction, in conjunction with other actions, should help reduce the valuation gap between the current stock price of TWX and the estimated intrinsic value of the Company."

"We have a similar approach. We have taken away ID, because many labs in Europe have already invested in MALDI and that solution is good. So we can reduce the price of our product. — Qlinea rep"

"Visits to several [PCC] facilities have highlighted the extent to which [PCC] seeks to involve every employee in efforts to improve productivity and reduce costs. — Cowen, September 22, 2004"

"Revenue commitments from Baker Hughes were reduced by $40m for FY23 as disclosed in C3's 2Q'22 10-Q filed on December 2, 2021, yet we believe revenue estimates do not reflect this revision."

"Starbucks is unlikely to achieve even the low end of its long-term SSS target in 2018 (9M'18 SSS were 2%; guidance for Q4'18 is 3%), causing concern the company will reduce targets further"

"The Company previously reported total net write-ups, regardless of materiality. The Company has reduced disclosure and now only reports net write ups with a $0.5 million or greater impact."

"With lower capital intensity, a focused board of directors, a streamlined portfolio and a credibly reduced exploration budget, we believe Hess International can achieve a premium multiple"

"Spruce Point believes Weis Markets, Inc. (NYSE: WMK), a struggling supermarket, is obfuscating its financial pressures with aggressive accounting changes, and vastly reduced disclosures."

"Tablets create a much more efficient dining experience and can reduce dining times by 5-10 minutes per table (allows the guest to pay whenever ready instead of waiting for the server)."

"Tablets create a much more efficient dining experience and can reduce dining times by 5-10 minutes per table (allows the guest to pay whenever ready instead of waiting for the server)."

"Independent analysis suggests that the U.S.'s $100 billion home-sale commission TAM could be reduced by as much as 30%-50% due to changes that will likely be brought on by the verdict."

"Despite saying that contingent consideration was reduced by $4 million related to Base Commerce, Nuvei has reported two other different remeasurement amounts in the MD&A for YTD 2021."

"Despite guidance showing reduced yoy earnings, Chardan analysts claim that the business now represents LESS RISK, and therefore derive an increased valuation based on a reduced WACC."

"As firms reduce headcount and cut costs to weather the recession, office real estate will be at the top of the list to shed, and the pandemic concerns will be a convenient scapegoat."

"The Board has consistently set management’s compensation targets meaningfully below goals communicated to shareholders, which we believe severely reduces management accountability."

"In this scenario, 2019 is peak earnings ($47.1 million) because INGN has guided that its 2019 tax provision will be reduced by $12 million, effectively making it zero in our model."

"The Company substantially improved its cost structure by reducing its footprint between 2006 and 2009. Manufacturing facilities and employee count have been reduced by roughly 40%."

"Our discussions with industry experts suggest Phillips needs to dramatically improve its commercial function and reduce refining costs to achieve best-in-class operating results"

"Our discussions with industry experts suggest Phillips needs to dramatically improve its commercial function and reduce refining costs to achieve best-in-class operating results"

"Our discussions with industry experts suggest Phillips needs to dramatically improve its commercial function and reduce refining costs to achieve best-in-class operating results"

"More Consistent Free Cash Flow Growth. Transition to annual billings for product subscriptions reduces FY24 FCF, but accelerates FY25 & FY26 FCF — Autodesk Investor Day Excerpt"

"Since 2017, Stryker has provided reduced disclosures of its operational footprint. However, we observe it has grown total locations from 275 to 356, or by 30%, from 2017-2021."

"First ~650 bps of OR improvement expected from removal of 450 locomotives and 35,000 cars, fuel consumption reduction and reduced purchases of services, rents, materials, etc."

"Concerning Mr. Weimann's question number 2.6.: Media Ventures has an agreement that enables them to buy advertisements from Ströer at a reduced price, etc. — Udo Müller (CEO)"

"At DuPont’s 2013 Investor Day, management was not transparent about reducing margin targets, suggesting that reduced margin targets were correlated to the accounting change."

"More Consistent Free Cash Flow Growth. Transition to annual billings for product subscriptions reduces FY24 FCF, but accelerates FY25 & FY26 FCF — Autodesk Investor Day 2021"

"ADP’s has significantly reduced relevant disclosure, making it challenging for investors to analyze underlying business trends and ADP’s competitive position by sub-segment"

"Target Corp would have approximately $200mm of incremental FCF after growth capex versus Target Standalone as a result of not funding new land development and reduced taxes"

"So when it comes to long-term storage of product, you're going to have to either compromise on your product quality, which sometimes it's unsafe, or reduce your shelf life."

"The combined $601 million of PSH share buybacks and $540 million of cumulative share purchases by PSCM affiliates have reduced the free float of PSH by 32% since the IPO."

"By making this change, it will reduce its accounts receivable outstanding, artificially enhance its operating cash flow, and make its cash conversion cycle appear better."

"The biggest recent change is that revenue is no longer reduced by estimated amounts due to its credit card partner. This could be a lever used to inflate current revenue."

"The Company's entire new plan – pausing M&A, focusing on organic growth opportunities and using cash flows to reduce leverage – is essentially ripped from Engine's plan."

"Increases alignment with shareholders (i) represents substantial incremental investment by management, and (ii) fees to investment manager reduced by approximately 8.5%"

"Increases alignment with shareholders (i) represents substantial incremental investment by management, and (ii) fees to investment manager reduced by approximately 8.5%"

"This reduces Apple's earnings per share from $45 to $35. At a constant P/E multiple of 10.0x, the new Apple price is $350 or $100 less than the current price of $450."

"We do not believe this capital allocation scenario would increase CCI's risk profile or materially reduce operating flexibility – minimal execution risk in our view"

"These assets, valued in excess of $1.0 billion, could be used to reduce initial indebtedness levels or provide funds for re-investment in the core business of TWX."

"Assuming PSH generates 15% gross returns, the fee offset from the illustrative new fund alone will reduce PSH's performance fee percentage from 16.0% to 13.5%(2)"

"Large, pre-eminent transplant centers have eliminated or sharply reduced usage; its remaining high-volume customers indicate they are in the process of doing so."