Callouts & quotes from 875+ activist slides

"Spruce Point estimates that, by excluding the contribution of Almost Family from organic growth, LHCG has inflated its reported organic growth by close to 500 bps in both Q2 and Q3."

"Spruce Point estimates that, by excluding the contribution of Almost Family from organic growth, LHCG has inflated its reported organic growth by close to 500 bps in both Q2 and Q3."

"So the incremental 100m liters will cost an astounding $200m and total capacity additions from 350m to 1,500m are $1.04 per liter, or 63% higher than our estimated historical cost!"

"Muddy Waters’s survey-based market research estimates that NQ’s actual share of the China security app market is 1.4%, versus NQ’s purported approximate share of approximately 55%."

"Trian estimates that the remainder of the business must grow operating earnings by ~17% to meet guidance; these same segments have seen operating earnings decline by 26% since 2011"

"Sony's current corporate structure obscures the company's underlying asset value, giving investors the opportunity to buy Sony at a ~50% discount to our estimate of intrinsic value"

"Our analysis required significant effort to extract and estimate Ambry Genetics’ quarterly revenues and test volumes due to limited public disclosure by Konica Minolta (“Konica”)."

"All three years produce estimated interest rates of approximately 5% — below SOFI's own Blended Funding Cost of 6.3% and far below the ~13% yield on the underlying personal loans."

"If we exclude bookings growth from Baker Hughes, its 3rd largest shareholder and JV partner, we estimate that core bookings (ex: Baker Hughes) would have been down by -4% to -31%."

"The street estimates the direct overlap to be $1.2 billion of sales, which leaves a cushion to the $1.6 billion that Bayer has agreed to divest if necessary to satisfy regulators."

"However, even if the Display and Search businesses were included together, we estimate that combined business would still be losing almost $300 million on revenue of $931 million."

"Spruce Point believes financial sell-side estimates are too high for Broadridge, and assume there has been no slowdown in business from recent changes in the economic environment."

"Spruce Point believes that Amcor's free cash flow presentation is becoming more aggressive, and that by our estimate, actual free cash flow declined more than 50% YoY in 2H 2019."

"Spruce Point believes that Amcor's free cash flow presentation is becoming more aggressive, and that by our estimate, actual free cash flow declined more than 50% YoY in 2H 2019."

"Across all relevant markets, we estimate an annual licensing opportunity in excess of $500 million using royalty rates in-line with what we believe Tessera has achieved in DRAM."

"Warning: At best, we estimate that Oatly's Gross Margin is on par, to slightly below, its peer plant and dairy specialty foods peers after adjusting for outbound shipping costs."

"Intuit consensus estimates call for 12% revenue growth over the next two fiscal years, suggesting even the sell-side believes the boom from services adoption has run its course."

"Willis Lease Finance (WLFC US) states explicitly the way residual value is calculated, giving quantitative data instead of a vague “estimated fair value of life limited parts.”"

"The three most recent beats (and six times in PGNY's public history) relied on revenue recognized from increased unbilled A/R in order to surpass Wall Street revenue estimates."

"Our conclusion: Either MPWR has a superior ability to manage its business in a cyclical industry, or its numbers are being reported in a way as to never miss analyst estimates"

"Our conclusion: Either MPWR has a superior ability to manage its business in a cyclical industry, or its numbers are being reported in a way as to never miss analyst estimates"

"We are highly confident BWLD could refranchise their owned stores at a multiple of 6.0x or higher and estimate a refranchising process to 90% could take as few as 18-24 months"

"We have assumed that no incremental debt would be issued at McOpCo as of 9/30/2005 on top of the estimated $3 billion required to repatriate earnings from foreign territories."

"At the peak of the market, only 15% of mortgage originations had private mortgage insurance and we estimate that PMI coverage totaled only ~2% of outstanding mortgage balances"

"We estimate that, with proceeds from asset sales deflating reported capex, Amdocs' free cash flow has been overstated by between $5M and $30M on an annual basis since FY 2016."

"We estimate the opportunity to improve EBITDA through implementing procurement and supply chain discipline and improving execution around food waste is $75 million, or more."

"We estimate the opportunity to improve EBITDA through implementing procurement and supply chain discipline and improving execution around food waste is $75 million, or more."

"Though PepsiCo does not disclose its international beverage margin (1/3 of sales), we estimate its global beverage business has a 12% EBIT margin – well below beverage peers"

"Per those estimates, if Mosten won its trial and was able to deposit $1 billion into the Carrier Fund, using Manulife's own numbers, that could mean a loss of $450 million."

"Ballard claims a backlog order book of $264m (1); we estimate that announced China projects (assuming most are still live) account for $204m or 78% of the company’s backlog"

"If we assume Fox's gross margins are comparable, by our estimate, Rollins 40bps year-over-year gross margin improvement is solely attributable to the contribution from Fox."

"Awarding $5 in share gains to what we estimate is only $1.18/share in total value, from Lumen's role as general contractor on a massive construction project, is just silly."

"We believe YTD share price declines greatly underestimate how quickly President Trump can act to drive a re-rating of shares and unveil a taxpayer asset worth ~$300 billion"

"Our North American operating expense estimate including SBC represents 45.4% of revenue, and thus an increase of over 180 basis points over pre-scil expense levels in 2019."

"Spruce Point is concerned that at IPX's stated production scale goal of 10,000 tpa, we estimate the Company would be ~20% - 30% of the global annual titanium scrap market."

"In 3 of the last 4 quarters, the conversion was 26-30% - indicating that 70% of reported net income is just accrual estimates and assumptions in a spreadsheet versus cash."

"Applying 8x our estimate of 2028E EBIT (incl. stock-based comp), and subtracting year-end 2025E net debt, implies a fair value of $13 per share, representing 88% downside."

"We estimate that Monolithic has spent $126m on land and properties, which dwarfs spending on M&A and share repurchases, and is surpassed only by $192m spent on dividends."

"We estimate that this defection and competition will decrease 2022E revenue by 35% and levered free cash flow by 80%, while net leverage should balloon to more than 8.0x."

"The biggest recent change is that revenue is no longer reduced by estimated amounts due to its credit card partner. This could be a lever used to inflate current revenue."

"By aligning advertising spend closer to industry standards at Olive Garden, we estimate Darden could improve EBITDA by $62 million – coupled with an increase in traffic."

"Spruce Point estimates that, even if management were to exhaust its stated M&A capacity, Hill-Rom would still materially underperform consensus top-line growth estimates"

"Spruce Point estimates that, even if management were to exhaust its stated M&A capacity, Hill-Rom would still materially underperform consensus top-line growth estimates"

"However, as shown below, Autodesk's projected underlying incremental margins compare poorly to peers when adjusting for the estimated impact of the workforce reduction."

"Note that our estimated downside to patient growth could be conservative given Dexcom customers' price sensitivity and propensity to switch as revealed by our survey."

"The Board decided to spend an estimated $100mm+ of shareholder money engaging in a proxy contest, while 8 out of 11 Directors have not even met Nelson Peltz in person"

"Without the assistance of revenue acquired in Q4, we estimate that Verint would have missed its Q4 revenue guidance for FY19 (as of Q3) by a significant $9.6M (-2.9%)"

"Without the assistance of revenue acquired in Q4, we estimate that Verint would have missed its Q4 revenue guidance for FY19 (as of Q3) by a significant $9.6M (-2.9%)"

"So, athena missed its top and bottom line estimates, and the stock almost quintupled in the three years through early March of this year. What might explain the move?"

"By reclassifying this as an operating expense and cash flow reduction, consistent with industry peers, we estimate WSP's adj. free cash flow conversion is 36% - 41%."

"Spruce Point estimates that there are upwards of 41,000 people selling C3's product suite. Yet, its revenue results imply a meager $5,100 of revenue per salesperson."

"Based on the multiples implied by the precedent transactions reviewed, a range of 10.0x - 11.5x 2006PF OIBDA was estimated for the wholly-owned cable systems of TWC."

"Core bragging about a 32% increase on what we estimate to be 10-15% of its total revenue is a bit like Congress bragging about a 32% increase in its approval rating."

"We adjust RUN’s balance sheet and non-GAAP metrics due to its failure to reserve for panel removal liabilities, which we estimate are at present value $668 million."

"Does not have direct access to docks for export given existing Sweeny docks are utilized by NGL facilities; estimated to lower profits by ~3c/gal on ~25% of exports"

"“If I were to take a conservative estimate, well over 50% of GFL's 100+ acquisitions I'd characterize as a failure.” — Industry Observer Familiar With GFL In Canada"

"“If I were to take a conservative estimate, well over 50% of GFL’s 100+ acquisitions I’d characterize as a failure.” — Industry Observer Familiar With GFL In Canada"

"We estimate 40%–55% long-term potential downside risk to RELY’s shares and expect it to underperform the financial services industry and the broader equity market."

"Even if sell-side margin expansion estimates include assumed M&A, future acquisitions are unlikely to be sufficient to support consensus margin expansion estimates"

"“Repaying” loans by saddling CPI PG with an estimated over €220 million of progress payments, enabling Vitek to likely cream another €118 million from bondholders."