Callouts & quotes from 582+ activist slides

"Nuvei listed Allan Lacoste below its CEO and CFO on the investor relations website. Most recently, his biography is no longer listed under Executive Management."

"In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"However, train speeds remain ~10% below 2019 train speed levels and these recent train speeds are on depressed levels of volume in the Norfolk Southern network."

"In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"Based on challenging macroeconomic conditions, our class of 2022 and class of 2023 new stores are estimated to be below these targets. — Floor & Decor 2023 10-K"

"While it does appear that Temptime now offers food temperature indicators, the product category appears to be competitive with label prices well below $1 each."

"Unfortunately, we believe that this plan does not go far enough as margins will still be significantly below nearly all of the Company's peers, as shown below."

"While there are some differences in business model and mix, both S&P Ratings and MH Financial operate at margins well below best-in-class pure play competitors"

"We believe Magnite’s shares represent an incredibly poor risk / reward. The current sell-side consensus price is $21.71 which is ~20% below the current price."

"Pioneer Power stands out as Limbach’s lowest-margin acquisition, with EBITDA margins meaningfully below those of its prior targets and of the legacy business."

"Greenlight does not understand how debt securities that have to be partially equitized due to below plan operating performance can have a fair value of cost."

"As a result, Bristol-Myers' P/E ratio is now at its lowest level in years and below its peer group, despite a growing franchise and a net cash balance sheet."

"The below is the SAIC record for Minqing showing Yang Zhang’s wife as the controlling shareholder, having incorporated it just two weeks before the transfer:"

"Housing starts are currently at ~25% of peak levels achieved in 2006 and have been below the long-term trend of sustainable housing demand for nearly 4 years"

"In the screenshots below, you can see a partial list of the sanctions imposed upon Moxian Shenzhen, Moyi Shenzhen, and Moxian Shanghai by the PRC government:"

"Total Company performance has continued to deteriorate despite a single year of improvement in SCC, which still remains far below its optimal profitability."

"The bullet points below catalog the various discrepancies. Note that 2019 numbers remain consistent, confirming that these are apples-to-apples comparisons."

"BP had previously - in the case R (Galloway) v. Durham County Council - unlawfully sought authorization for a 76 MW plant while claiming it was below 50 MW."

""Our 10 director nominees bring a balance of skills, qualifications and backgrounds in overseeing our company, as highlighted below" — AVY Proxy March 2020"

"Mr Galloway has said, from the start, that capacity means "maximum instantaneous output" and that you measure it by the Combined-Panels Method (§16 below)."

"Mr Galloway has said, from the start, that capacity means 'maximum instantaneous output' and that you measure it by the Combined-Panels Method (§16 below)."

"For four years, from 2003 to 2006, the management fee stayed below 25% until both underwriting profitability and the surplus returned to healthier levels."

"The current street consensus numbers are well below management's projections filed in the deal proxy statement a little more than a year ago in June 2017."

"Not all the credits are money good. Against the $7 billion of equity, AGO insured more than $12 billion bonds that are now rated “below investment grade.”"

"RILY’s NAV is Far Below the $1.1 Billion Minimum NAV Requirement That Is Required for the Nomura Credit Agreement Putting RILY at Risk of Collapse in 2023"

"As shown below, while NVDA is up 1,937% since February 2019, cosmetics-maker e.l.f. Beauty (ELF) has that number beat with an even bigger gain of 2,639%!"

"However, TWX magazines are not among the fastest growing titles in terms of advertising pages or advertising revenue growth as shown in the tables below:"

"The structure of both Carvana's initial loan sales and its recent refinancings is depicted below. Note that Ally is replaced as the lender to the trust."

"The chart below shows Anthony Powell’s monthly Personal Volume from 1996 to 2000. You might think it would be driven by the vagaries of retail demand..."

"Only 1 of the 18 companies in AOL's 2011 peer group has a market cap below AOL's market cap and only one company has revenue barely below AOL's revenue."

"WTRG is no longer showing the slide below and, for the first time since 2019, is warning that long-term trends favor 1% annual declines in water usage."

"Lowe's sales/ft² is 25% less than peak levels achieved nearly six years ago. EBIT margins are ~350bps below peak margins achieved nearly five years ago"

"Based on our calculation of Adjusted Net Income, management would have been below the threshold of $690m required to receive a bonus under CTC's STIP"

"While Zebra has done a good job expanding services and software gross margin to 53.7%, the margin profile is materially below the 73.2% peer average."

"The implied valuation range for Target Corp based on several methodologies outlined below is $27.5 – $32.5bn, or $38 – $45/share 12 months from today"

"Would the $4.63 billion aviation initiative fund a $500 million purchase of 100 eVTOLs? Given the huge masterplan shown below, it is highly doubtful."

"Beyond the remaining troubled “below investment grade” exposures, AGO has significant exposure to other potentially problematic areas down the line."

"We find that FDA inspections of Curexa in 2022 and 2020 uncovered sloppy operations, below-strength products, and even facility structural concerns."

"A ratio below 100% does not signal strength and we do not believe investors should buy into the praise showered on WSP's M&A discipline by the CEO."

"Therefore, we believe iKentoo had very little growth from 2017-2019, and we estimate its ARPU was $100 per month, or 50% below LSPD's ARPU of $200."

"Out of the ten convertible financings shown below, all included significantly larger investments than KKR's investment in the Preferred Financing."

"Cognizant maintains operating margins below HCL and Wipro, despite those being structurally lower margin businesses (low-to-mid 30% gross margin)."

"As you see in the chart below, since IPO, Lamb Weston's sales have roughly doubled, yet the Company has generated little to no operating leverage."

"$722.9 million works out to $1.50 million per owned restaurant, which is significantly below the Company's stated cost to build a new restaurant."

"QS lab tests are based on a small pouch cell. For some tests, QS doesn't even disclose the size, suggesting it's even smaller than the one below."

"We applaud Goldman Sachs for being the lone skeptic and below market price target on O Realty. We expect other brokers to follow with downgrades."

"The Standalone Plan (described below) offers a clear path to NAV of more than ¥40,000 per share by 2028 – more than double the Revised TOB price."

"We believe Samsara (IOT), like the examples below, promotes itself to retail yet fails to have a sustainable path to profitability and cash flow."

"Actual FY 2020 Adjusted EBITDA was 6% below threshold, which should have resulted in NO annual cash bonus payment if targets had not been revised"

"Actual FY 2020 Adjusted EBITDA was 6% below threshold, which should have resulted in NO annual cash bonus payment if targets had not been revised"

"Epiq now trades ~28% below the initial P2 proposal, and is nearly unchanged from the unaffected stock price prior to Villere's initial 13D filing"

"Wall Street analysts estimated Adjusted EBITDA would be 30% BELOW the Company's initial 2018 Investor Day target even before the global pandemic."

"The table below presents the gains and losses by deposit for both Measured and Indicated (M&I) Resources and Proven and Probable (P&P) Reserves."

"After years of underperformance, Splunk is now trading far below peer multiples, despite strong top-line growth and an enviable market position."

"Perion's audit fees at just 0.10% of revenues are wildly below the average fee paid of approximately 0.44% in the advertising technology space."

"As shown in the chart below, the more revenue Agility generates, the more money it loses - in that sense, Agility is more of the same for INOD."

"However, as we can see below, the results that PMV shared in their latest 10-K8 did not line up, suggesting that they are not the same protein."

"as shown in the chart below, over the past 5 years, on average, the Company has spent almost double the percentage of revenue on R&D as peers."