Callouts & quotes from 582+ activist slides

"It would therefore make sense that VON VONNI ads would appear on AOL.com, as shown below, given the broad demographic and reach from the site."

"D-Wave's financial performance exemplifies the worst hype of the SPAC bubble era, with 2024 revenue coming in -88% below original projections."

"Vote AGAINST Chair and President if ROE has been below 5% and in the bottom 1/3 of the industry for the past 3 years — Nomura Asset Management"

"Multiple compression driven by growth deceleration, margin compression, and store repurchases that earn a return below BWLD's cost of capital"

"To exacerbate this, AMT CEO Jim Taiclet sells approximately 90% of the shares he receives from option exercises, as shown in the table below."

"To illustrate how BUR’s accounting really works, we start with the example on the below slide from the 2018 Capital Markets Day presentation."

"Given CTO's omission of recurring capex from its AFFO calculation, it is the only one of its six peers below to boast a higher AFFO that FFO."

"GoDaddy's 2023E EBITDA margin of 25% is significantly below the peer group average of 43%, representing an 18% margin expansion opportunity."

"To get a sense of how far below plan Saputo is in Australia, we look to statements made around liters of milk to be acquired for production."

"Kratos' premium valuation of earnings and EBITDA does not reconcile with its below average financial performance and mix of revenue quality"

"As shown below, transactions in these industries have been executed at considerably higher valuations than where Magellan currently trades."

"As seen in the table below, Axon has been booking substantially more revenue under “multiple performance obligation” accounting since 2014."

"Excluding ISRG and these acquisitions, we estimate that UFPT would have grown sales by a marginal 0.4% in 2024 as shown in the table below."

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

"As shown below, we believe the Dell offer they claim is worth $109 is worth only $90 per share, a 42% discount to DVMT's intrinsic value!"

"In the comprehensive summary below, we use red to highlight how coded earmark language from Congress translated into IONQ cash each year."

"The tables below show the adjusted Subscriber Value and Net Earning Assets, which decline 24.0% and 85.4% at the midpoint, respectively."

"Per the below SAIC financials, MobilePeak generates virtually no revenue, has negative net income, and has negative operating cash flow."

"This change in practice could be risky if sales fall below plan or the discount programs don't repeat as it could affect future margins."

"Take the worst case in the below sensitivity analysis and we see 500k cars with 20% gross margins at a P/E of 20x and the stock is $599."

"The charts below display the stark divergence between GTT's financial performance and the financial performance of its management team."

"AOL's projected performance is below United Online, Earthlink, and MSN, with continued declines of 7% and 9% for the same time periods."

"“That said, we remain very committed to driving leverage below 4x as quickly as possible.” — Matthew Proud, CEO (Q4 2024 Earnings Call)"

"Herbalife does not disclose the amount of Wholesale Commissions paid to distributors in its SEC filings. We have estimated them below:"

"The vast majority of the value creation potential comes from the B or better mall stores; no value is attributed to C- or below malls."

"We list below some of Realty Income’s largest tenants that we have been able to identify. They are all junk credits with high leverage"

"The implied valuation range for Target Corp based on several methodologies outlined below is $20.3 – $25.3bn, or $28 – $35/share today"

"As you can see below, RILY's debtors almost uniformly live in the right tail (distressed) end of their industry default distributions."

"Below are summaries of projections from three sell-side analysts. All of these are tremendously intellectually dishonest in our view."

"The reality is that Parkland's long-term total shareholder returns compared to its industry peers remain very poor (see below table)."

"KapStone contribution revenue of $2.8bn for WRK's FY2019 is below KapStone's fiscal year projections disclosed in the proxy statement"

"Despite almost unanimous bullishness among analysts, the average sell-side price target is currently 16% below current price levels."

"We find that MTD's median employee salary is the lowest in its industry and nearly 50% below the average of its aspirational peers."

"BILL's operating margins are well below that of peers, suggesting meaningful opportunity for improved efficiency and profitability."

"The below table summarizes the issues we have identified with purported partners – we provide greater detail throughout the report."

"The tables below show that IQ only reported RMB 1.95 billion of advertising revenues to the SAIC in 2015, an overstatement of 74%."

"Based on the P&L assumptions below and a valuation multiple of 10.5x EBITDA, Wendy’s Franchise business alone is worth over $2.3bn"

"ABS growth starting to slow below the overall segment growth rate. IAS has already achieved 70% of DV’s revenue in much less time"

"Set forth below is a valuation matrix that demonstrates TIP REIT’s trading multiples at various values within the reference range"

"Management is expecting to achieve tremendous efficiencies to reach EBITDA margins >2x the industry average on below-average GPU"

"Set forth below is a table which reconciles McOpCo’s, Pro Forma McDonald’s and standalone McDonald’s FY 2006E income statements."

"The result is that supply, without much higher prices to incentivize investment, is likely to fall well below demand after 2024."

"More generally, Avantor has meaningfully trailed competitors' organic growth figures this year, as the table below highlights."

"BILL’s ‘Rule of 40’ Score has been stagnant for 3 years as revenue growth has slowed and margins remain well below peer levels"

"Number 180 is vacant, with its entrance (shown below) locked and no lights on in the interior. The building looks dilapidated:"

"Below is a video of Inogen's largest reseller bragging about how his son bought a G-Wagon... from deceiving the sick elderly."

"Below we list the large number of serious adverse events which indicate cardiotoxicity – generally requiring hospitalization."

"Housing starts are currently at the lowest levels in the last 40 years and well below the long term annual average of ~1.5mm"

"Investors continue to ascribe an irrational valuation to Mercury despite its below average growth and poor cash conversion."

"For example, below we show how RCT_KHAN’s recorded lifetime gift contributions have somehow dropped -99.8% in seven months:"

"Based on our analysis, we find that Monster's audit fees are suspiciously low and nearly 50% below the peer group average."

"As of year-end 2018, Channel Finance showed $81 million of reverse factoring employed by NMC—see “Compartment 005” below."

"Warning: Even with almost 60% of the year completed in 2019, Oatly's sales of $204m fell short by $26m, or 11% below plan"

"The bar graph below shows the difference between the consolidated EBITDA Casino reports, and what it proportionally owns."

"In the screen shots below the same art values (6d5....) are passed between or across two different advertisers’ websites."

"One area that has certainly struggled is Latin America, falling below expectations dating back to pre-acquisition Bemis."

"Excluding AFAM locations allows management to report high single-digit organic growth, which would otherwise be below 2%"

"The companies below have received approximately the following number of U.S. patents in the healthcare / nutrition area"

"Set forth below is an illustrative example of how Target Corp and TIP REIT can work together on future land procurement"

"On analysis, Mr Galloway’s claim for judicial review really boils down to two key lines of challenge (§§59, 71 below)."