Callouts & quotes from 26,677+ activist slides

"Based on all of the evidence we collected, we believe that MOXC’s so claimed operating entities in China are not actually in operation, as none of their listed phone numbers or emails are working."

"We believe that current investor sentiment on Disney is low, reflecting the hard truth that Disney is a company in crisis and faces many challenges that weigh on the Company's investment prospects"

"We do not intend to make any changes to the HHC organization, its employees, or its long-term strategy. We would expect all HHH current employees to remain employed as a result of the Transaction."

"Remitly no longer shares its “Revenue Contribution By Cohorts” slide which is a powerful analysis for investors to gauge its ability to harvest revenues from new and existing customers over time."

"Spruce Point believes that Remitly is playing a dangerous game of slowing customer support and operations expense, either in response to anticipated slowing customer growth, or to boost earnings."

"Our approach to activism varies depending on the situation. We seek to engage with our portfolio companies in a manner that will maximize the certainty and magnitude of shareholder value creation"

"Earthworx also connects GFL, Mr. Dovigi and Director Dino Chiesa, to Gordon Churchill of Port Perry. Mr Churchill, in addition to Mr. Villa, were both referenced as directors/owners of Earthworx."

"Southwest's poor financial performance has cost employees tens of thousands of dollars on average due to lower profit sharing and declines in the value of Southwest stock held by retirement plans"

"Spruce Point believes ABML has made deficient disclosures with respect to its paid promoters. We observe the Company has expanded its paid service providers from 1 (2018), 5, (2019) to 11, (2021)"

"Applying that fraction to the 379 million Rmb in prepayments from before gets us to about 223 million Rmb of deferred revenue, or $34 million. Uh-oh: that is 25% below the $45 million TAL booked."

"RTC Plan calls for Crown Castle to achieve a capex revenue ROI in excess of 40% on annual fiber discretionary capex of $600M (versus $1.4B), which turns fiber into a cash flow generative business"

"High payout ratio maximizes share price, lowers cost of capital, and allows for higher long-term growth in our view - creates unique pure-play pass through of repackaged U.S. wireless credit risk"

"The financial patterns from 1999 to 1H 2004 mirror those of 2021 to 1H 2024, featuring comparable surplus reductions, high combined and loss ratios, and premiums-to-surplus ratios exceeding 100%."

"It is misleading to combine M&S with refining results when convenient to show higher EBITDA/bbl, but then exclude M&S when including it would show that opex/bbl is significantly higher than peers"

"Major Push To Grow Credit Card Business, And Fuel Retail Sales Growth, Has Resulted In Risky Lending Practices Which Should Worry Investors And Pose A Significant Threat To Overall Credit Quality"

"Since Allied recognized $65 million in non-cash earnings last year that it paid out in dividends, Allied had to finance that payment by shrinking the portfolio, borrowing money or selling equity."

"The case of the Peng brothers' complicated related party relationships reveals the extent to which the “left-hand, right-hand” cancer has metastasized throughout all aspects of ANTA’s operations."

"If we can increase same-store-sales by an average of 3% for the next 3 years, just getting Olive Garden back to its $4.8 million AUV of just a few years ago, the impact would be ~$10.50 per share"

"If FDO raised an incremental $1.5bn of debt, bought back stock at $60, and closed only half the productivity gap, the company would earn ~$5.50 of 2012 EPS and trade in the high $70s at a 14x P/E"

"This new forecast does not provide much specificity in guidance, and unlike in 2023 where IPX showed projected annual powder production, the current forecast provides no such production guidance."

"I would say that a conventional lithium-ion battery at -25°C and a solid-state battery at -25°C; I would pick the lithium-ion, the conventional battery, any day for a low-temperature performance."

"Mark's experience on an executive team that manages the lowest-cost operator in an unconventional resource play and operates with a sharp focus on ROCE will be a great resource for the Hess Board"

"The pace of household formations has been outpacing the rate of housing starts, with 1.7 million households formed annually between 2017-2019, 34% above the rate of housing starts of 1.2 million."

"Adjusting for these distortions and recognizing that space and power differences have little impact on the overall TCO math, flash-based solutions suffer a 5-6x TCO disadvantage relative to HDDs."

"Engine does not intend to tender its shares into the Veritas Capital ("Veritas") tender offer as it believes the $21 per share offer undervalues the company and is the result of a flawed process."

"While PowerSchool may want to create the perception of distance between itself and Intersect, we believe that Intersect is very much a PowerSchool product and meaningful contributor to its sales."

"If we can increase same-store-sales by an average of 3% for the next 3 years, just getting Olive Garden back to its $4.8 million AUV of just a few years ago, the impact would be ~$10.50 per share"

"Southwest's poor financial performance has cost employees tens of thousands of dollars on average due to lower profit sharing and declines in the value of Southwest stock held by retirement plans"

"We believe that the disconnect between management’s messaging and observable market trends has eroded investor trust and further contributed to the Company’s valuation discount relative to peers."

"To improve the performance of BWW, I would clean house and get operators involved in the management. Now you have bean counters and attorneys running the show with lip service about customer care"

"Our conclusion from our analysis is clear: Arconic’s assets are dramatically undervalued and managerial change is needed to unlock the Company’s full potential for the benefit of all stakeholders"

"After years of promoting the overlap with PCC, Arconic management now claims they are "structurally different." But a close examination of their "evidence" suggests an admission against interest."

"We believe Mr. Harris' more than three decades of experience in operational and executive roles at the world's largest food and beverage company would be extremely additive to the US Foods Board."

"Read the fine print! No where does it say that Oatly's Gross Profit may not be directly comparable to industry peers as a result of a financial decision it has made related to distribution costs."

"Negative sentiment abounds on recent reviews of the Dropbox app at the Google Play store. While Dropbox claims stable and improving churn, the anecdotal evidence points in the opposite direction."

"To understand the lengths to which HASI goes to manipulate its financials, one need look no further than HASI’s relationship with its 49%-owned EMI, SunStrong Capital Holdings, LLC (“SunStrong”)."

"Subsequent filings, including the most recent 10K, retain this new language – but replace "and" with "as well as," signaling that R&D has become even more ancillary to what official R&D staff do."

"We believe that GE has done a good job ensuring enterprise wide functions are structured to cost-effectively drive value for the individual business units...while minimizing corporate bureaucracy"

"We believe investors fail to see that the current long-tenured management team is rapidly aging (the average executive age is 60 years old) and that organization changes could strain the Company."

"Until 1982, the Float worked reasonably well despite HK’s lacking a formal central bank. The commercial banks were made responsible for managing the system, leaving the HKD vulnerable to a crisis"

"We estimate that the retention of the GSEs’ earnings will allow them to become fully capitalized in no more than a decade. There are several potential alternatives to capitalize them more quickly"

"The only viable explanation for this financing is a shameless and utterly transparent attempt to "buy the vote" and shows complete disregard for proper corporate governance and fiscal discipline."

"CEO Dudum seems to think “the future of healthcare” is doctors speaking with their patients while they are out walking their dogs. Such comments make it difficult to take HIMS or Dudum seriously."

"FND's Audit Chairman William Giles has a previous history of mistakes with supply chain finance programs. While CFO and Chief Accounting Officer at Linens 'N Things, the company restated results."

"Through Spruce Point's extensive history researching companies experiencing strain, we find that receivables factoring is powerful indicator of financial weakness and future share price declines."

"Spruce Point does not see where Saputo's competitive edge is with the Nibbl business given there are already multiple direct-to-consumer websites offering cheese baskets, and other food pairings."

"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."

"Globant’s lack of cash flow generation from its core operations, decelerating organic growth, and potentially misleading claims by management are all reflected in our choice of its multiple range"

"The fact that AOL would find it more advantageous to provide service using a competitor's infrastructure within the TWC territory illustrates just how little synergy there is between AOL and TWC."

"Momo's revenue has exploded as Live Video resuscitated MAU growth and dramatically increased ARPPU. Live Video has grown its total share of Momo revenue consistently and currently represents 85%."

"The WFG recruiters we spoke with inevitably steered our conversations toward IULs. The recruiters made several aggressive claims about the capabilities of IULs, often hamming up their advantages."

"Wholesale Commissions are substantively no different from royalty overrides. They are a form of Recruiting Rewards paid based upon the SRP of product purchased (not sold) by downline distributors"

"Herbalife has been in approximately 270 lawsuits around the world. Many involve run-of-the-mill commercial disputes, but a significant number go to the heart of Herbalife’s business and practices"

"Investors accustomed to the China fraud world know that independent third party evaluators can be manipulated in China – particularly when the client wants a corroborating or exculpatory finding."

"Thus, we believe it is likely that Klaviyo is taking share from Mailchimp, and we believe that share capture is more likely occurring at larger, more sophisticated users who typically churn less."

"CEO Olivier Filliol took the helm on Jan 2008. It's precisely this time we observe more aggressive tactics to inflate earnings through accounting changes and misallocation of capital to buybacks."

"We continue to believe that the private market is the best place for Forward Air to fix its balance sheet issues, improve operations and profitability, and serve customers and other stakeholders."

"Radioescuchas como usted han descubierto como ganar dinero suficiente como para dejar su trabajo desde la comodidad de su hogar. ¿El secreto? Incomeathome.com [Ingresos desde el hogar punto com]."

"We believe the formation of these two JVs with a reputable real estate firm will allow Macy’s to maintain control over its properties while realizing value from its real estate and reducing risk."

"However, the conservative projections were not enough to keep the model from projecting a financial disaster awaiting Olam in the next twelve months if it cannot raise or refinance S$4.6 billion."