Callouts & quotes from 790+ activist slides

"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"

"Some investors are protesting that Darden’s idea of ‘direct engagement’ amounts to returning the phone calls of analysts and investors who agree with its strategy while ignoring calls from dissenters."

"...InternationalCo would be forced to assume all of Hess' existing debt and therefore restrict InternationalCo's financial flexibility, future growth rate, and ability to return cash to shareholders."

"In contrast, during each of these bear markets, the Pershing Square Funds generated strong returns with the benefit of our hedging strategies which we outline in greater detail on the following page"

"We note that Internal Revenue Code §6713 imposes a civil penalty on any tax preparer who uses tax return information for "any purpose other than to prepare, or assist in preparing, any such return.""

"CEO Gus Kelly runs the business in a disciplined, shareholder-friendly way. Within the leasing industry, AerCap stands out for its record of excellent risk-adjusted returns and opportunistic growth."

"Assuming the average store real estate costs $26mm, of which $13mm is allocated to the land and $13mm to the building, we believe store level return on investment would increase from 23.0% to 39.8%"

"In a hypothetical year where BREIT generates a target return of 12.0%, we estimate an investor would pay an “all-in” fee ratio, including both management fees plus performance fees, of 2.7% of NAV"

"Spruce Point believes management's long-term performance should be measured by EBITDA return on capital investment, or some measure of capital efficiency linked to the increased capital spending."

"We said to our investors, in return for the privilege of having slightly lower but stable margins, you should expect some very strong, industry-leading revenue growth. — Cognizant, September 2015"

"As you'd expect, we pay a higher designer. Now they have a much higher ticket, better gross margin, better customer interaction, so you get a good return on those investments. — CFO Lang, Q3 2022"

"While management constantly endeavors to invent new benchmarks against which to measure historical TSR performance, the conclusion remains the same: Returns under Dr. Kleinfeld are epically poor"

"Arconic needs more than an "owner's mindset" – it needs to understand how its business generates returns on capital and then ensure that its investments earn more than the firm's cost of capital"

"However, State Street's shareholders paid a high price subsidizing growth in revenue and assets at the expense of profitability, return on invested capital ("ROIC") and total shareholder returns"

"Policy makers and mainstream economists are stuck in GroupThink that easy money always helps the economy, despite basic economic principles that suggest diminishing or negative marginal returns."

"In 1988, Fortune magazine ranked Triangle Industries as the best performer among all Fortune 500 industrial metal products companies based on "Total Return to Investors" over the previous decade"

"In 1988, Fortune magazine ranked Triangle Industries as the best performer among all Fortune 500 industrial metal products companies based on "Total Return to Investors" over the previous decade"

"Crown Castle’s tower business has been an “enabler” for excessive fiber capex. Peers chose to exercise much greater prudence in allocating capital and ensure that fiber projects earned returns"

"Hess's cumulative CEO compensation over the past 5 years ranks in the 73rd percentile relative to peers, while total shareholder returns over the same 5 year period rank in the 20th percentile"

"Assuming 2% comps and the Company’s unit growth plan, if EBITDA margins were to improve 100bps by 2008 (returning to 5-year average levels), EBITDA could increase by 41% from “reported” levels"

"Through FY2026, Salesforce will have an additional $20 - $25 billion of cash to deploy on either value-accretive M&A or further capital return, beyond the $10 billion share repurchase program"

"Equity holders, however, have literally nothing to celebrate. They receive no return during the contract period – and what remains afterward amounts to little more than residual option value."

"By reducing its asset base and returning capital to shareholders, rather than wasting shareholders’ money on excessive capex and acquisitions, Brinker has driven superior returns on capital."

"Based on public import records, we find irrefutable evidence that international customers have been returning “defective parts” related to Leidos SD&A X-Ray systems for MV3D™ and ClearScan™."

"We believe the time has come for Yahoo’s management and Board to narrow Yahoo’s focus to areas where it can demonstrate a high return on investment and a sustainable competitive advantage."

"Since Martin Franklin joined Jarden in 2001, the company has achieved success as a well-managed consolidator of consumer products assets, generating a ~45x total shareholder return to-date"

"Capital return (cash dividend + buyback) of 40 to 50% of net income is the minimum level that should be targeted immediately for each of Mobis, HMC and Kia to be comparable to global peers"

"Since Martin Franklin joined Jarden in 2001, the company has achieved success as a well-managed consolidator of consumer products assets, generating a ~45x total shareholder return to-date"

"In December 2019, PSH sold its total return swap position in HHC and acquired common stock and equity forward contracts. Pershing Square now has a 15% beneficial ownership interest in HHC"

"It is instructive to recognize that Crown Castle’s tower peers have chosen not to pursue low-return small cell projects and have instead decided to allocate capital to higher-return areas"

"RBA shares have returned an average annual rate of 14.3% over Ms. Fandozzi's tenure, which is +409 basis points greater than the S&P 500's total return of 10.2% over the same time period."

"We strongly encourage the Board to incorporate return-based metrics in management's compensation framework and ensure bonus payouts are better aligned with satisfactory operating results."

"CCI offers shareholders attractive risk-adjusted returns, with steady and predictable secular growth, an inexpensive valuation, strong downside protection, and increasing capital returns"

"The vast majority of HASI's dividends have been financed by returns of capital, not returns on capital - in other words, HASI primarily pays its dividends through equity and debt raises."

"The Company should provide investors with tangible evidence that projects such as these will be economically viable and provide a strong return on capital...within a reasonable timeframe"

"Arconic’s most recent investor presentation utilizes every “trick in the book” (and then some), in a desperate attempt to spin Dr. Kleinfeld’s abysmal track record of shareholder return"

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"DuPont’s inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"Excessive overhead and significant investments outside the core Digital Telephony businesses have failed to generate returns, and instead have resulted in massive losses for the Company"

"Product sales revenues increased by 97%, maintenance contract renewal rates increased to 92% and the business was sold to Concord Communications in 2005 for an 8.5x return to investors."

"We certify that the information given in this Return (including 1 pages of Continuation Sheets and 1 pages of Schedules) is true to the best of our knowledge and belief. — Annual Return"

"Because AMT books these loan repayments (i.e. return legs of financial round trips) as rent revenue, the repayments artificially inflate AMT’s revenue, gross profit, EBITDA, and AFFO."

"In contrast, during each of these bear markets, the Pershing Square Funds generated strong returns with the benefit of our hedging strategies which we outline in greater detail below."

"Riot's business model is dysfunctional, characterized by seemingly endless capital spending, lack of operating leverage, unpredictable revenue, poor returns, and negative cash flow."

"These positions each contributed positively to 2017 returns, but would have made much larger contributions if we had been able to establish full-sized positions at attractive prices"

"Assuming the average store real estate costs $26mm, of which $13mm is allocated to the land and $13mm to the building, store-level return on investment increases from 23.0% to 39.8%"

"These positions each contributed positively to 2017 returns, but would have made much larger contributions if we had been able to establish full-sized positions at attractive prices"

"These positions each contributed positively to 2017 returns, but would have made much larger contributions if we had been able to establish full-sized positions at attractive prices"

"Buffalo Wild Wings needs to be disciplined in how it allocates its capital and focus on risk-adjusted returns relative to both its cost of capital as well as all other alternatives"

"G-fees, and in turn, mortgage rates, may need to be as much as 240bps higher to produce economic returns that might attract private sector capital to new, small-scale participants"

"2019 was a productive year for PSH with NAV appreciation of 58.1% and a total share return of 51.2%. Despite strong performance, PSH's discount to NAV widened from 25.2% to 28.9%"

"Capital locked in the OLC Stake should be used to improve and grow Keisei’s railway and other operating businesses and/or be returned to shareholders in a value accretive manner."

"The BMS imaging agent illustrates that even when PeptiDream identifies a potentially useful compound, the structures of its partnerships might not lead to a return for investors."

"For how much longer will the Board allow management to make aggressive investments in a money-losing business with little, if any, visibility for an acceptable return on capital?"

"holistically, this portfolio provides a platform for balanced growth, margin and return improvement...all of which leads to top-tier total shareholder return — PepsiCo Management"

"Under his leadership as CEO, total shareholder returns have been abysmal, and Mr. Simmons has done nothing other than to reiterate that the Company is at “an inflection point.”"

"BUR selectively sets the denominator in its returns calculations, allowing it to overstate IRRs and ROICs by understating historical expenses or ignoring future funding needs."