Callouts & quotes from 619+ activist slides

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Despite high AUVs and industry leading revenue, Darden’s operating performance is significantly worse than peers"

"Despite weak operating performance, robust multiple expansion drove significant share price appreciation in 2015"

"Revenue estimates crept higher despite Florida awards declining and estimates just increased after the LSP deal"

"Despite increasing investments in Sales and Marketing, BMC has failed to generate meaningful ESM revenue growth"

"Despite starting from a lower base, Kao’s growth target for Curél through to 2027 (8% revenue CAGR) lags peers."

"SP believes that the HDM backlog and growth is heavily predicated on China, despite select other opportunities"

"Coming in under capex guidance allows Hill-Rom to hit (implied) FY17 FCF guidance despite significant OCF miss"

"DJ G&P rates can be ~2x greater than Permian G&P rates, allowing for high FCF generation despite lower growth"

"Despite capital expenditures continuing to grow on both an absolute and relative basis, revenue has declined."

"Despite significant core capital generation, State Street's share count has increased ~50% since January 2007"

"Management avoids the question of new product performance despite having a risk factor regarding new products"

"WWW's margin target is only 100bps lower than Deckers' despite having a gross margin that is over 800bp lower"

"GoDaddy's margins are significantly below its peer group, despite having a similar business model and scale."

"Despite the dispositions of SCPs and GGO assets, PF GGP’s net operating income will be relatively unaffected"

"Despite recent weakness, large-cap multi-industrials have historically traded at ~13% premium to the S&P 500"

"Despite Aggressive Monetization And Continuous Acquisitions, PLTK Is Unable To Effectively Grow Its Top Line"

"Despite Years of Press Releases, Still Limited Committed Customers: Caught Between A Rock And A Hard Place?"

"Disney has underperformed almost all its peers despite having best-in-class parks and entertainment assets."

"The Board refused to use a universal proxy card, despite widely being accepted as governance best practice."

"Disney has underperformed almost all its peers despite having best-in-class parks and entertainment assets."

"Agilent’s margins are significantly below its closest peer, Waters, despite being more than twice its size"

"Despite claims of “cost optimization” programs, Box has not been able to deliver gross margin improvements"

"Despite “driving infrastructure efficiencies”, Box’s gross margin has deteriorated by 700bps since its IPO"

"Why has Autodesk underperformed despite its advantageous market position and strong business fundamentals?"

"Cost cutting and inventory management initiatives will help tenant margins expand despite lower 2009 sales"

"Why has Autodesk underperformed despite its advantageous market position and strong business fundamentals?"

"Despite spending over $600m of shareholder capital, Deckers' market cap and EPS have declined dramatically"

"Continued unwillingness to disclose the identity of its financial backers despite questions from investors"

"Despite our skepticism, we determined after extensive research that Valeant meets our investment criteria"

"Despite these operating improvements, Smiths continues to trade at a significant "conglomerate discount.""

"TWC's basic ARPU is expected to grow 13% over the period despite pricing pressure from DBS and the RBOCs."

"Despite our skepticism, we determined after extensive research that Valeant meets our investment criteria"

"Despite small improvement, Box still significantly lags industry benchmarks for sales force productivity"

"Box has maintained stockholder-unfriendly governance, despite its commitment to "world-class governance""

"Despite highest oil weighting of any peer... ...and material position in the Bakken, leading US oil play"

"Bay Street analysts are very bullish on Canadian Tire despite numerous headwinds that face the business."

"Despite the CEO's overly bullish comments, we find no organic growth driving the Other Revenue segment."

"Despite MPWR talking sustainable 40-50% revenue CAGRs, actual results are decelerating fast in H1 2019."

"Wix is now trading far below peer multiples, despite strong top-line growth and a sticky customer base."

"We question how the Board repeatedly determined Dr. Beckerle’s independence despite glaring conflicts."

"The bull-case is highly predicated on growth and taking more market share despite lower profitability."

"Claimed customer relationships of 20 years for accounting purposes despite firm history only 21 years."

"Despite significant share price appreciation, we believe QSR remains a compelling long-term investment"

"Despite significant share price appreciation, we believe QSR remains a compelling long-term investment"

"Despite an approximately even distribution of patents, 93% of license revenue comes from Tessera Inc."

"QSR remains an attractive investment opportunity despite significant share price appreciation in 2017"

"QSR remains an attractive investment opportunity despite significant share price appreciation in 2017"

"QSR remains an attractive investment opportunity despite significant share price appreciation in 2017"

"Despite all its hyperbole, Pure has thus far failed to get a toehold selling AFAs into hyperscalers."

"Despite changing its peer group, PBH did not disclose change in performance as it did in prior years"

"We view Heska primarily as a distributor, despite management's attempts to position itself otherwise"

"Despite similar long-term profit growth, QSR trades at more than a 30% discount to YUM, MCD, and DPZ"

"Revenue has declined dramatically despite expense ratios that are way out of line with peer averages"

"Despite claiming confidence in a return to historical gross margins, Box quickly lowered its target"

"Despite insiders having sold $130 million of stock, more than $110 million was left on the table."

"Despite ~60% Increase in Stable Earnings... ...0% Increase in Multiple vs. Merchant Refiner Peers"

"Relatively flat margins despite revenue growth demonstrates the Company's failure to attain scale"