Callouts & quotes from 37,061+ activist slides

"Given our previous observation that management always hits 100% of target for its bonus, isn't it odd that it dropped “Inventory Turnover” as a key metric starting in 2015. Is it a coincidence that inventory turnover peaked at exactly the time management dropped the metric, and has declined since....."

"The GTO segment shows minimal capex spending despite the inclusion of Itiviti which spent 15% of sales on capex in 2020, and the large build-out of the wealth management platform for UBS which we believe at least $1.0 billion has been spent, and which we believe should be reflected in the GTO segment."

"Spruce Point has a track record in the construction materials and aggregates industry with a report on U.S. Concrete Inc. (Nasdaq: USCR). Our forensic report identified multiple signs of financial strain which foreshadowed a precipitous decline in the share price and long-term market underperformance."

"Other surgeons provided alarming examples suggestive of coercion and concealment of adverse information about organs - by senior TransMedics management, notably Magdy Attia, the “Medical Director” and Chief of the Liver Program - who, we repeat, appears to be unlicensed to practice medicine in the US."

"The company used to tell us that there's more cataplexy out there, and we had speakers and experts tell us as salesforce, there's more patients out there with cataplexy than what doctors are recognizing, and so you really need to talk with your doctors about cataplexy because they might be missing it."

"Appraisers, they usually discard the comparable sales method, on the theory that it's hard to find good data, which is a little hard to believe in the solar rooftop market, since most of these same companies make direct sales to consumers. — Interview with Renewable Energy Legal Expert D, October 2021"

"“The number 140 that you see at 0°C - just a little bit of technicalities here - so 4,000 is a normal value. The active specific capacity should be ideally around like 3,500-4,000 because they are using lithium metal and at -30°C, you would have exactly 1%, if that, which is usable.” — Former employee"

"“The number 140 that you see at 0°C - just a little bit of technicalities here - so 4,000 is a normal value. The active specific capacity should be ideally around like 3,500-4,000 because they are using lithium metal and at -30°C, you would have exactly 1%, if that, which is usable.” — Former Employee"

"“To achieve target energy density, QuantumScape needs to stack its single-layer cells in a multi-layer format, which is enclosed within a single battery package. QuantumScape’s battery cell will require over one hundred single-layer battery cells within each battery package.” — QS SEC filing, 11/10/20"

"The best analogy to explain this, as one EP explained to us, is that the most advanced contact mapping system can only return an HD-quality panorama photo composed of images that were separately photographed over a long enough period of time that the disjointedness is noticeable when closely observed."

"I personally stand by and guarantee that the audited financial statements in the reports filed are accurate, and any material connected parties’ transactions have been disclosed in our management discussions and analysis. — Allen Chan, Sino-Forest Chairman / CEO on TRE’s June 14, 2011 conference call."

""Critics have said the updated logo is generic, with some saying it looks like a logo created by a first-year design student." — Advertising Age Magazine, March 17, 2014; "Is Olive Garden's New Logo as Wretched as Everyone Says? Criticism is as unlimited as the breadsticks...." — AdWeek, March 6, 2014"

"As a result of the Mar Cor Business acquisition, the Company recorded an Earn Out asset for $7,824 which represented the fair value of amounts expected to be received back from escrow based on the forecasted achievement of certain sales performance goals at the acquisition date. — Evoqua 10-K and 10-Q"

"“We believe that the presentation of Adjusted Free Cash Flow is relevant and useful to investors because it provides a measure of cash available to pay the principal on our debt and pursue acquisitions of businesses or other strategic investments or uses of capital.” — GTT Q1 2019 SEC Form 10-Q, p. 40"

"“it takes them very long these days” — Founding member of Gen9; “they’re making multiple builds, that’s where you find that they’re losing money on every order” — Founding member of Gen9; “they will order from IDT without hesitation when they need something that IDT can make” — Founding member of Gen9"

""They have even been known to sell technology that has not been invented yet" — Recent reviews; "Sometimes programs are underbid and understaffed" — Recent reviews; "We often find ourselves out of depth (agreeing to contracts with not enough time or money to execute, planning, etc.)" — Recent reviews."

"“I guess, so just the mine grades, we expect and it was part of the budget, we expect the mine grades to stay at around those levels for about another six weeks from now. And then we’ll return those to the Life of Mine plan, which is roughly 2 grams a ton.” — Peter Breese, AKG Q1 2017 conference call."

"“Carving out [...] NetCo [...] and then selling it, is, according to us, incorrect, misguided, and would destabilize the future of TIM [...] Employees will suffer. Suppliers will suffer. The whole country will suffer since the NRRP will not be relentlessly executed” — Merlyn CEO Designate (27/10/2023)"

"“Allonnia was my baby” — Former Ginkgo employee. “I think they're still trying to get it up off the ground.” — Former Ginkgo employee. “When you start a company, you need office space; you need labs; social stuff is nice, like a kitchen. That was more the intention behind it” — Former Ginkgo employee."

"For the 2020 financial year, we are planning an 8% decline in sales. The scil International Group is planning an 11% decline in sales in 2020 compared to the previous year. The reason for this is the expected discontinuation of a supplier, as he wants to sell his products directly. — Heska 2019 Report"

""In the security business, we've been in a rough period for some time. And a large part of my time goes into helping to turn this business around. We - to be pretty simple, we did not affect a product transition as well as we could have. ... it was a strategic error." — Bob Muglia, ex-SSD EVP, 8/13/13"

"“We (will) consider divesting of brands or products that generate five billion yen or less in sales, that have a profit margin of less than 15%, and that have no growth potential... We aim to complete this selection process within one to two years.” — Yoshihiro Hasebe, June 2021 Small Meeting with CEO"

"“not a trivial limitation” — The Lancet. “the effect of pitolisant on cataplexy could not be assessed.” — The Lancet. “reported that trials...in drug-free patients...are ongoing. The results of these trials will clarify whether pitolisant is a novel alternative treatment for narcolepsy.” — The Lancet."

"With gross margin in excess of 70%, FIGS is starting from a position of strength and in the company of TPR (historically 70%+) and LULU (which we estimate to have merchandise margin in excess of 70%). — Barclays FIGS report, “Initiating Overweight, The Path to 10x”, Price Target: $50.00, June 21, 2021"

"“the big thing I hear offline is it’s not very reliable” and “needs a lot of support and it has a lot of issues.” ... “TSMC is not buying the High NA Lasertec tool...there’s no confidence in my opinion that it will be a reliable product.” — Ex-KLA director of engineering focused on EUV mask inspection"

"DSP Group has agreed that for a period of five years from the distribution date, DSP Group will not, and will ensure that affiliates of DSP Group will not, directly or indirectly engage in any business which is competitive with the DSP cores licensing business — CEVA Registration Statement on Form S-1"

"Genius essentially barters its technology for league data, which it then sells to sportsbooks. Given the subjectivity and managerial discretion on placing values for exchanged services in barter transactions, they have often been heavily scrutinized by the SEC and are susceptible to accounting fraud."

"Spruce Point believes that, with Penumbra U.S. Stroke revenue growth set to slow in the face of heavy competition, and with consensus peripheral thrombectomy sales expectations far too aggressive, company-wide sales growth is set to be cut almost in half from Street estimates, from FY19 through FY21."

"Spruce Point believes that, with Penumbra U.S. Stroke revenue growth set to slow in the face of heavy competition, and with consensus peripheral thrombectomy sales expectations far too aggressive, company-wide sales growth is set to be cut almost in half from Street estimates, from FY19 through FY21."

"Latent value released from both right-sizing the OLC stake to below 15%, and future reductions in the OLC Stake can be utilized to enhance Keisei's growth and profitability while also serving the broader interests of the community and customers through a variety of accretive investment opportunities."

"AlphaSense interviewed a former Zebra engineer who was also responsible for the customer relationships, elevating customer satisfaction and customer retention. Tegus interviewed a former General Manager at Zebra. Both former employees talked about customers using smartphones instead of Zebra devices."

"Zebra's last acquisition was Matrox on June 3, 2022 and the Company has not disclosed any spending for acquisitions in 2023 or H1 2024. However, in H1 2024, Zebra suspiciously reported $2 million of "Acquisition and Integration Expenses" which it adds back to reported Adj. Net Income and Adj. EBITDA."

"Spruce Point cautions that FND has historically said it does not report results geographically because the regions have similar economic characteristics. The Company last made this disclosure in 2018. However, we observe that it recently started talking about regional differences and cannibalization."

"The chorus of stock promoters have a resounding “Buy” recommendation on DV’s share price with just one of fourteen analysts with a “Neutral” recommendation. However, we don’t believe any have conducted a forensic analysis of DV’s financial reporting and accounting practices to question its practices."

"In 2008, while Guillermo was employed by World Group Securities (an entity that previously existed under the WFG umbrella), he was charged with violating antifraud provisions of US securities laws and was eventually banned by the SEC from associating with any firm that sells securities to the public."

"For a company known to relentlessly focus on perfect execution, and always hit earnings results with consistency, we find troubling evidence of financial reporting issues and an extreme deal failure at Biotix that, conveniently boosted earnings in 2018, amongst Mettler’s two most recent acquisitions."

"Spruce Point has discovered that BR was recently advertising to hire a new Chief Accounting Officer. Yet, what happened to David J. Lisa? His LinkedIn profile suggests he's still with BR.(1) If there has been a transition in accounting leadership, why did BR not file an 8-K to disclose his departure?"

"As a distributor, or at best white label supplier, Heska does not control its own product destiny. While white labeling is an accepted business model, it seems wildly inappropriate to ascribe it a 9x revenue multiple since it is questionable that the Company has any sustainable competitive advantage."

"Heska's market cap has ballooned to approximately $2.8 billion following the stock's recent run. We find it troubling that an equipment distributor, regardless of how hot the end market is, is trading in line with leading technology companies and SaaS companies with real subscription business models."

"Lasertec is an extreme, textbook accounting fraud that checks off every box: claiming to have the highest margins in the industry; but alarmingly little cash flow and the lowest cash conversion among its peers; accompanied by the highest inventory level of any semicap equipment supplier in the world."

"We believe that the Fairness Opinion and several statements made in the background incorrectly characterize TPCG as a commodity chemical business to intentionally dissuade potential bidders and hand the company to First Reserve and SK Capital as preferred bidders without maximizing shareholder value."

"For OLP Global’s allegations to hold an indicia of credibility or logic, its report would need to demonstrate a US$137 million shortfall in New Oriental’s cash balance from the Company’s alleged overstating of net income... — New Oriental Education & Technology Group (November 20, 2011 press release)"

"I also would say that 90% of all those hospitals are financing the Aquablation system because that's also one way for Procept to keep that sale off their books because it looks like they sold the system, but it actually just goes to the third-party financing team. — Former Procept Sales Rep, Nov 2024"

"All in all, the layoff was a blessing in disguise. The decision to lay off so many designers and researchers (more than 50%) shows me how much they do not care about design or research...Please investigate the ethical standards of your upper management. — Product Designer, iRhythm, Glassdoor, 3/31/25"

"We permitted the distributors to use the Chinese characters “安踏” (ANTA) as part of their corporate name to reflect the association of our distributors with us which we considered would facilitate the development of the new markets by such distributors in view of our brand promotion. — ANTA Prospectus"

"Okay they have one, they only have one name called Dongbu, one in Guangdong, and the other name in Beijing. The other one in Sichuan Province. They have different names for they are subsidiary... they have the... They have... the subsidiary in that province because they have to pay the taxes. — Mr. A"

"Although the amount of overall REE ppm concentrations are lower than found in “conventional” hard rock minerals, the overall level of concentrations is both consistent as well as higher than ppm concentrations usually found in other “unconventional” deposits - Randall Atkins, May 4 Shareholder Letter"

"have a complexity of balance sheet and financial structure that is very different from a content company...our cable company could both grow more effectively and compete more effectively if it had its own financial house that it lived in.... — Mr. Parsons (Bear Stearns conference call, March 1, 2005)"

""We have two registered U.S. patents, four international patents (two in Europe and two in Japan) and six pending patent applications..." — DoubleVerify. "As of December 31, 2022, we had 41 issued U.S. patents, 2 allowed patent applications, and 31 pending patent applications." — Integral Ad Science."

""In efforts to terminate early the Zentrick Deferred Payment Terms, the Company believes payment between $2.8 million and $5.5 million is possible, with no amount within the range being a better estimate than the amount recorded on the Condensed Consolidated Balance Sheets." — Prospectus Nov 17, 2021"

"“Distributors can make it even faster today than we did,” says John. “There are so many more sales and marketing tools now and a support system everyone can plug into. We’re not only working for ourselves, but for the Company as a whole. When a team succeeds, there’s more for everyone!” — John Tartol"

"“Michael sets the tone for not only the Company, but, more importantly, for independent distributors, that there is room at the top, that this is an aspirational business, and he paints that picture with kind of dreamy type of goals.” --CFO Rich Goudis, Herbalife Ltd. Investor Day at NYSE, 12/16/2008"

"And customer growth slowed years ago. That's why they stopped reporting customer unit numbers in QuickBooks. It's all about revenue. It's all about revenue because you can't acquire small businesses fast enough to grow at the rate they used to on a business basis. — Former VP at Intuit, Tegus, 9/8/23"

"In the cease-and-desist order, In the Matter of America Online, Inc. [34-42781] the Commission found that AOL violated the reporting and books and records provisions of the federal securities laws in connection with its accounting for certain advertising costs during fiscal years 1995 and 1996. — SEC"

"Comprehensive Coverage. We provide all individuals with access to comprehensive coverage. Our Smart Cycle design ensures that members always have coverage for a full treatment cycle as their access to treatment is not limited by a dollar maximum that could be exhausted mid-treatment. — PGNY 2021 10-K"

"There is certainly opportunity for operating margin expansion beyond '23, as we begin to leverage those operating costs more, but we'll still likely be based on where we're at today and closer to those single -- to close to double digit operating margin metrics. — Wilson at Investor Day November 2020"

"So there's two influencing things here. One is Digital ID and airlines usually see partnerships in a framework of what have you done for me lately? ... CLEAR has had a decreasing level of service quality that actually has not only been significantly manifested in social media. — Former CLEAR Employee"

"Although PHAs have been ‘commercial’ for well over 20 years, this niche market is weighed down by a variety of roadblocks led by high prices, lack of an industrial infrastructure, and a strong legislative mandate to deal with many of these materials. — Journal of Chemical Technology and Biotechnology"

"“We estimate Zillow participated in approximately 360,000 customer transactions with both buyers and sellers in 2021, which is the first time we reported this metric. We anticipate providing this metric for 2022 in a future quarter.” — Zillow 2022 10-K; “Oh, my, so much blue ocean.” — CEO Rich Barton"

"The Meridian-Wylie Route represents a significant component of NS's commercial and operational offerings to intermodal customers. Preserving NS's ability to meet its intermodal customers' needs with competitive rates and services over that line is a primary focus for NS. — Norfolk Southern STB Filing"