Callouts & quotes from 597+ activist slides

"In the instances where HMA missed the low end of their guidance range, the average magnitude of difference between reported metrics relative to the midpoint of the initial guidance range averages to be -8% for EBITDA and -14% for EPS"

"Internally at Nevro, I don't think they see the substance, based on what I've been told, and they're scratching their heads and saying, "Hey, whatever. I'll take it. I hope the stock keeps going." There aren't fundamentals behind it."

"Reps thought it was unusual for force referrals into a fax machine vs. EMR as is standard practice; reps pushed for EME but “nobody could explain that to me ever”; Harmony allegedly forced this even though could get fined without EMR"

"How at a meeting in the fall of 2013, CEO Indra Nooyi told Nelson that the acquisition of the bottlers was a "mistake," thereby conceding that $21bn ($17bn excluding the equity PepsiCo previously owned in the bottlers) was misspent."

"Essentially because TRE learned that it could successfully lie about operating a factory with a party known to shareholders, it went two steps further – lying about operating a trading business with a party unknown to shareholders."

"As in paid search, while competitors quickly responded to market dynamics, AOL took a short sighted view, generating short-term revenue but not taking the requisite steps to establish a principal position in the growing business."

"We observe that the 2018 annual changes in the operating assets and liabilities of Aerojet netted to exactly zero. This supports our view that Adjusted EBITDAP and EPS growth are low quality and enhanced by aggressive accounting."

"Investors are oblivious to one of Nevro’s greatest risks: its business model, far more than any other stimulator company, is predicated in our opinion on reps and other employees engaging in the unauthorized practice of medicine."

"HARMONY 1 and the other pivotal trials allowed concomitant use of a wide range of medications for narcolepsy, cataplexy, and excessive daytime sleepiness, creating a confounding factor that renders the trials flawed and useless."

"We believe Canadian Tire’s reported EPS does not reflect its underlying organic growth. By removing what we believe are unsustainable benefits to EPS, the gap between our Spruce Point adjusted EPS and the reported EPS widens."

"We believe Canadian Tire's reported EPS does not reflect its underlying organic growth. By removing what we believe are unsustainable benefits to EPS, the gap between our Spruce Point adjusted EPS and the reported EPS widens."

"BG beat on adj. EPS vs our estimates of $1.85 and Bloomberg consensus of $1.81, sees FY26 adj. EPS in a range of $7.50 to $8.00, which is ~$1 lower than our estimate and Bloomberg consensus. — Barclays Research: Feb 4, 2026"

"Since 2006 when the current leadership team took control, PepsiCo's TSR of 47% (5% per annum) is less than half of Coca-Cola's TSR of 115% (11% per annum) and the overall Consumer Staples Index TSR of 103% (10% per annum)."

"If PepsiCo is so willing to give up the potential for synergies in two of the biggest and fastest growing countries in the world, we are hard pressed to believe that operating synergies elsewhere in the world are material."

"Bioprojet-funded paper shows no association between histamine (left) or its metabolite (right) with various etiologies of excessive daytime sleepiness such as narcolepsy with and without cataplexy an idiopathic hypersomnia"

"Spruce Point has difficulty believing Generac's reasons for why Domestic EBITDA margins keep falling. First off, it keeps citing commodity input costs, yet this same factor is never mentioned in the International segment."

"The Value Unlock Plan consists of three key steps. Each step is designed to individually contribute to unlocking significant shareholder value and we present them in the order in which management should undertake them."

"we believe Marathon is severely undervalued and that there are readily available steps by which the Board can unlock $14 – $19 billion in value for shareholders (yielding a ~60 – 80+% increase to today’s stock price)."

"By embracing the proposed actions, PepsiCo possesses a unique opportunity to accelerate revenue and earnings growth and drive a meaningful valuation re-rating, which could deliver more than 50% upside to shareholders."

"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."

"Spruce Point observes that FND removed its Adjusted Net Income and EPS bridge following FY 2022 results. We view this as a potential indicator that the Company no longer wants investors to rely on historical results."

"TWX's divisions are valued by investors based on different metrics: OIBDA, FCF, EPS or yield. Each of TWX's divisions should be positioned to appeal to specific categories of investors: Growth, GARP, Value and Index."

"Since January 2012, DuPont has provided nine different versions of 2011 EPS. Can DuPont’s independent directors explain why that is? Trian’s nominees will seek to ensure that the board holds management accountable."

"Since January 2012, DuPont has provided nine different versions of 2011 EPS. Can DuPont's independent directors explain why that is? Trian's nominees will seek to ensure that the board holds management accountable."

"Since January 2012, DuPont has provided nine different versions of 2011 EPS. Can DuPont’s independent directors explain why that is? Trian’s nominees will seek to ensure that the board holds management accountable."

"Since January 2012, DuPont has provided nine different versions of 2011 EPS. Can DuPont’s independent directors explain why that is? Trian’s nominees will seek to ensure that the board holds management accountable."

"Disney's EPS performance has significantly underperformed its self-selected “media industry” peers in both "new media" (e.g., Netflix, Alphabet) as well as traditional media (e.g., Comcast, Warner Bros. Discovery)"

"Disney's EPS performance has significantly underperformed its self-selected “media industry” peers in both "new media" (e.g., Netflix, Alphabet) as well as traditional media (e.g., Comcast, Warner Bros. Discovery)"

"A strong fourth quarter capped another great year for Broadridge, with record closed sales, 16% recurring revenue growth, continued margin expansion, and 14% Adjusted EPS growth. — CEO Gokey, Q4 2022 Press Release"

"Wakix has kind of been a crowded field of third-line therapies... There are four FDA-approved medications now for this indication. That's a lot of options. — Neurologist in New York with 70-80 narcolepsy patients"

"Had advertising as a percentage of sales been held constant at 2006 levels (adjusting for the mix impact from acquisitions), EPS would have grown only 39% from 2006-2013 – 700 bps lower than reported EPS growth"

"In plain English, HMA management could have missed EBITDA guidance by 9%—and EPS guidance by 26%—and they still would have delivered on 100% of the internal Board and Management plan for incentive compensation"

"When we adjust for Amdocs' questionable one-off tax benefits, the Company's effective tax rate grows from its observed level of ~15% to a more realistic ~26%. EPS falls by ~15% after we apply our adjustments."

"If his description of reps' role before, during, and after the implant is even half accurate, we believe Nevro is one internal whistleblower or inquisitive DOJ attorney away from its business model imploding."

"We foresee a full separation driving much higher value for shareholders over time than other alternatives, even assuming management executes its plan of high single digit EPS growth in the current structure."

"We find it particularly interesting that, per his LinkedIn page, Stefaniak left just as PetIQ took its first formal steps towards going public. Was management hoping to sweep his past affairs under the rug?"

"Is it a coincidence that with special and unaudited adjustments in the proxy statement, WTRG's management exceed its “maximum” threshold on EPS, its biggest weighting toward its short-term incentive bonus?"

"Our adjusted EPS figures remove what we believe to be unsustainable benefits to EPS. After considering these adjustments, the company’s underlying organic EPS growth is performing worse than at face value."

"Twist hypes its chip but is less than candid on a critical point: it’s only used for the first step in a long manufacturing workflow, and the remaining steps are the same as any commodity DNA manufacturer."

"The “fee-for-service” delivers a customized offering to a university for their online program at significant reduction in cost. In our illustration, the university keeps an additional 26% of their tuition."

"As part of this amendment, Mercury made certain reps and warranties including that “No Material Adverse Effect” had taken place since closing. Does removing Supermicro as a key technology partner qualify?"

"If Box’s goal was truly to lower the share count and boost EPS, Box could have replicated the intended impact simply by repurchasing $11-$66 million of stock via the Company’s $600+ million cash balance."

"Compensation structure was allegedly designed to incentivize off-label fraud; regional managers and reps hounded reimbursement staff for information they could use to convert off-label scrips to on-label"

"The records do not suggest that Accor was involved in Epstein's criminal conduct. They show, rather, that a convicted sex offender and his circle used to stay at the Accor hotels in different countries."

"Spruce Point has never seen a company refer to the construction of office space as “accretive to EPS,” especially after first claiming the project would not have a material effect on operating results."

"PF McDonald's operating metrics are much closer to a typical Real Estate C-Corporation or a high branded intellectual property business such as PepsiCo or Coca-Cola than they are a typical mature QSR."

"We believe that SBUX’s robust unit growth pipeline combined with management’s sizeable capital return plan will drive EPS growth including dividends in the mid-teens or higher over the next four years"

"Looking carefully, we observe that Stryker made subtle revisions to its “Long-term sustainable growth targets” of at least 9% EPS growth and 30 – 50 bps of annual EBIT expansion over the next 5 years."

"“Elliott would like to commend the Board and management team for the significant steps taken to build a better Alcoa and maximize value for shareholders.” — Elliott presentation to Alcoa, Nov. 9, 2015"

"At last year's analyst day, management guided to $3.40 of EPS in 2015, driven by a 4% average growth rate in same-store sales, a 10% EBIT margin, and an $18bn share repurchase program (2011 to 2015)"

"Nidec could face an EPS headwind possibly as early as FY 2018 due to the expiration of foreign tax preferences that have accounted for over 5% of diluted EPS in each of the past three fiscal years."

"Elliott would like to commend the Board and management team for the significant steps taken to build a better Alcoa and maximize value for shareholders. — Elliott Presentation to Alcoa, Nov 9, 2015"

"Taser Int'l (now Axon) has been run by various members of the Smith family since inception. Investors have to get comfortable with the past, and current, missteps associated with the Smith family."

"If truly necessary, the belated Delaware reincorporation plan is further evidence that the Board continues to be two steps behind and is not working proactively to maximize value for shareholders."

"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")"

"If FDO raised an incremental $1.5bn of debt, bought back stock at $60, and closed only half the productivity gap, the company would earn ~$5.50 of 2012 EPS and trade in the high $70s at a 14x P/E"

"Juniper has an incredible opportunity to deliver long-overdue value to shareholders through the above simple and achievable steps, which can lead to a stock price of $35-$40 per share in our view"

"If spun-off as a separate company with a dedicated management team and an intelligent capital allocation strategy, we believe PepsiCo Beverages would achieve a very attractive valuation multiple"

"WAKIX is a histamine-3 (H3) receptor antagonist/inverse agonist indicated for the treatment of excessive daytime sleepiness (EDS) or cataplexy in adult patients with narcolepsy (1) — Wakix label"

"PF McDonald's operating metrics are much closer to a typical Real Estate C-Corporation or a high branded intellectual property business such as PepsiCo or Coca-Cola than they are a typical QSR."