Callouts & quotes from 356+ activist slides

"We call on management to explain if this is truly a sales commission, or an inducement to keep BH from taking more adverse measures to reduce its JV commitment?"

"Adjusted EBITDA guidance reduced $200m. Net CFO range raised to $4,100 - $4,500 from $2,800 - $3,200 prior to reflect working capital benefit of PCF prepayment."

"PSH management fees will be reduced dollar for dollar by the proportionate share of fees paid to PSCM by HHH attributable to the HHH common stock held by PSH(1)"

"We are rebuilding and increasing inventories in an effort to reduce the excessive cost of trucking long distances to satisfy demand. — Co-CEO Sacks, Feb 2022"

"If this multi-faceted process is carried out by Messrs. Barber and Boychuk, Norfolk Southern can reduce its operating ratio to the low 60s within 12 months."

"Its 10K filing, however, suggests that the thickness is a problem – "our business could fail" if we can't reduce its thickness and overcome other barriers."

"Bond insurers arbitraged the ratings. Once insured by a AAA rated bond insurer, the muni bonds automatically became AAA, which reduced the borrowing cost."

"If Remaining Darden attempted to maintain the same payout ratio, the dividend would be reduced by ~$40 million or a ~$0.32 reduction in dividend per share"

"Poor M&A and slow response to consumer trends has reduced margins from high teens to single digits over the last four years with no clear turnaround plan."

"To combat persistent weakness in the U.S. economy, the Federal Reserve has reduced short-term rates to zero and enacted two rounds of quantitative easing"

"The risk to Sony is that a successful cloud streaming service can reduce the size of the physical console TAM by giving casual gamers a lower-cost option"

"Seven-year maturity extensions coupled with a reduced cash dividend would allow GGP to delever its balance sheet and create a substantial equity cushion"

"Early analysis indicates agent commissions could fall as much as 200bps and that the overall industry commission TAM could be reduced by as much as 30%."

"Conservatively assuming Valeant never makes another acquisition, has modest organic growth and reduces leverage significantly, the stock is inexpensive"

"Conservatively assuming Valeant never makes another acquisition, has modest organic growth and reduces leverage significantly, the stock is inexpensive"

"Spruce Point's forensic accounting analysis reveals that the most recent amendment actually reduced the net cash commitments from the Baker Hughes JV."

"Reduced underwriting standards appear to drive accelerated written premiums, benefiting ERIE while leaving the Exchange to bear the resulting losses."

"Net lease REITs have underperformed REITs when CPI has been greater than 2.5% as the lack of pricing power reduces attractiveness of the portfolios."

"Essentially, Sunnova is purchasing future origination volume. While this model reduces sales and marketing expenses, it creates significant risks."

"The list of major transplant centers which have reduced, eliminated, or are on a path to terminate TransMedics usage is long and growing quickly."

"5% of the 7% EPS growth was driven by 1) share buybacks from the proceeds of the Coty and Duracell transactions and 2) reduced advertising spend"

"We believe there is an opportunity to reduce costs while preserving productivity by replacing managerial layers with more line-level employees."

"The complex group structure causes inefficiencies, which reduces agility, slows decision making and leads to undervaluation of Group companies"

"Trian is NOT advocating that P&G reduce R&D, but rather that the Company address the root-cause issues driving continued market share losses."

"Since the balance of the Offset Amount has not yet been reduced to zero, PSH has not received any fee reduction benefit from the original FOA"

"ADP’s underperformance has been concealed due to complex accounting and reduced disclosure which makes benchmarking to competitors difficult"

"None of these changes make banks safer or benefit the customers. They raise costs, reduce liquidity, and add leverage and counterparty risk."

"The introduction of direct competition will put pressure on Inspire's ASP and inherently reduce Inspire's realistic commercial opportunity."

"In total, 200 bps of margin improvement is expected from reduced compensation and benefits expense through attrition (OR at or below 59%)."

"Overall, the trend of less housing square footage may reduce the implied demand for luxury home cleaning supplies such as robotic vacuums."

"Xylem’s Measurement & Control Solutions segment failure can be seen by its steadily reduced disclosures of organic growth by application."

"KIM is another example of a REIT where their same store growth profile was reduced and the result is a stock down 52% since July of 2016."

"Disposal of Kia’s stake in Hyundai Motor Holdco and Hyundai Motor Opco further reduces cross shareholdings in the shareholding structure."

"It is logical that Archer's design has a reduced potential for quiet operation than Joby's because of the inclusion of so many gearboxes."

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"The combination of the company tender and share purchase by PSCM affiliates has reduced the free float of PSH by 24.5% since April 2018"

"BEF Foods has continued to reduce its reliance on the sale of sausage, which accounted for just 30% of BEF Foods sales in Fiscal 2013."

"Taubman was the only mall REIT among peers to neither reduce its all-cash dividend nor pay a stock dividend during the Great Recession"

"“restructuring will reduce spending in DOC...but not in the Company’s Intellectual Property business.” — March 21, 2013 Press Release."

"The lagged impact of reduced drilling may be showing up now, as year-over-year production growth has decelerated and is pushing zero."

"We invested in Alphabet in March 2023 when misplaced concerns over the company’s AI positioning reduced its valuation to 15x earnings"

"As Sunnova's lockup expires, Spruce Point believes insiders will be anxious to reduce their positions at today's inflated valuation."

"As part of the government rescue, Treasury required the GSEs to reduce their mortgage-related assets to a maximum of $500bn by 2018"

"the Board has no appetite for M&A — Colleen Moorehead (Chair). The Board’s priority is to reduce debt. — Colleen Moorehead (Chair)."

"Fast forward to today, we see that the brand has dramatically reduced its SKU count to just two Skyr yogurts and two feta cheeses."

"While RFID margin percentage may remain stable, topline pricing pressure will reduce the absolute level of Avery's profitability."

"Reduced headcount from 74 employees at peak to 38 employees today resulting in a more focused and investment-centric organization"

"While Nidec's share price has been increasing in recent years, in our opinion the company has materially reduced transparency."

"Ferrovial must also advocate for greater efficiency of air traffic management (ATM), which in turn will reduce emissions."

"A potential management fee reduction to 24% would reduce annual EPS estimates by about $2.00 just on this measure alone."

"We believe Darden can reduce food costs through simple operational controls that will also enhance the guest experience"

"We believe Darden can reduce food costs through simple operational controls that will also enhance the guest experience"

"Darden must bring back the operational focus it once had to reduce food costs while enhancing the customer experience"

"Darden must bring back the operational focus it once had to reduce food costs while enhancing the customer experience"

"A price reduction on the order of 20% would have reduced cash flow by $91 - $126 million assuming all else is equal."

"Adjusting for capitalized commissions reduces reported FY19 Adj. EBITDA by 12% and FY19 Non-GAAP Net Income by 17%."

"After these adjustments, we reduce 2025 Adjusted EBITDA by approximately 90%, from $1,054 million to $103 million."

"If we cut Morgan Stanley's revenue per doctor assumption from $63,000 to $36,600, it reduces the DCF value by $44."

"Fidelity and T.Rowe Price were formerly >5% owners but have repeatedly reduced their ownership in the Company."