Callouts & quotes from 26,677+ activist slides

"In a comment letter from the SEC on April 14, 2023 it asked ENFN to disclose more details about Remaining Performance Obligation. Subsequently, ENFN provided RPO by date through 2027."

"The opportunity to acquire Netflix at an attractive valuation emerged when investors reacted negatively to the recent quarter’s subscriber growth and management’s short-term guidance."

"We have never seen a company make the largest capital expenditure in its history, and then agree to not use it for a year – especially if it was meant to "respond to customer demand.""

"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."

"We believe that RUN uses disallowed costs as part of its tax basis. Our Adjusted Cost Approach valuation suggests that RUN’s Cost Approach Tax Model valuation is overstated by 25.7%."

"Spin-offs have historically outperformed the broader market by a large margin as the transaction allows for the individual segments of a parent company to be more efficiently valued."

"Nuvei currently has a $14 billion enterprise value. We believe current market data providers fail to adjust its enterprise value for a recent equity raise and other debt adjustments."

"Data rights costs increased $11.5 million for the 9-month period. Combined with a y-o-y increase of $3.8 million in Q4'19, the total annual increase in rights costs is ~$15.3 million"

"Given these precedent accounting case studies in the REIT sector, we believe HTA's stock could trade to a range between $15 and $20 which represents approximately 20% to 40% downside"

"According to a tax bureau insider, the AIC financials ONP provided to investors in response to Muddy Waters LLC’s allegations overstate HBOP’s profit and taxes paid by close to 400%."

"Box's negative stock price reaction after the announcement of the Preferred Financing made it clear that investors were unhappy with the Board's decision to approve this transaction."

"At best, this reflects poor governance and controls at Carvana. At worst, the Company is attempting to hide the extent to which its high-margin F&I income is tied to related parties."

"Crown Castle has thus far destroyed value through its fiber investment and would have been far better off reinvesting in itself through either tower acquisitions or share repurchases"

"If management can't seem to get its GAAP treatment of currency hedging correctly, do you really trust its ability to accurately present Non-GAAP foreign currency results on revenues?"

"In addition, Tim Christoffersen and Dave Satterfield, our Chief Financial Officer and Controller, have served in those positions since only June 2004 and February 2004, respectively."

"By ruling vascular access patients out of Penumbra's target market, we believe that the U.S. TAM for Penumbra's peripheral thrombectomy business is 33% lower than the Street believes"

"Same old story: the paid analysts are telling investors to buy, but the insiders with skin in the game are doing the opposite. Who do you trust to have a better view of the business?"

"Upon attaining Board representation, Trian will look to work collaboratively with Disney's leadership to: FIX Corporate Governance, FIX Strategy & Operations, FIX Capital Allocation."

"A ex-IonQ employee in a key scientific role stated that the founders have now “damaged” their reputations, with well-known names in the field characterizing IonQ as “lies and fraud.”"

"The critique was something like, how can you guys be selling devices you’re calling quantum computers when the only problems you can solve with these devices are essentially trivial?"

"Over the last five years, Hess has underperformed the S&P 500 by 33% to 58%, despite Brent oil prices increasing over 20% during this period(1) – 3x the performance of the S&P 500(2)"

"Despite Mr. Simmons’ claims that growth and value creation are just around the corner, margins have not improved and the synergies from the Bayer transaction have yet to be realized."

"Spruce Point believes that BOOT shareholders should be outraged that CEO Conroy was quietly elected to the Board of Sally Beauty Holdings (NYSE: SBH), which is a struggling retailer."

"Based on discussions with prior employees, we have heard that the rumor mill at HMHC has started, and employees assume the companies will be merged and there will be significant cuts"

"We believe this plan is unlikely to succeed and is an attempt by management to gloss over the fact that its core North American market will likely experience major headwinds in 2025."

"Google's recent moves highlight their growing interest in the ed-tech space. We believe PowerSchool will struggle to compete against Google's brand name and near limitless resources."

"PowerSchool appears to be losing momentum in its core SIS product. Recent data confirms PowerSchool has been losing share to competitors such as FACTS SIS, Gradelink SIS, and others."

"Spruce Point's warns that for the first time ever before announcing the acquisition of Evoqua, Xylem citied as its first factor for increased cash flow "higher customer prepayments.""

"Whether oil fracking uses immense amounts of scarce water, contaminates the groundwater, emits carcinogenic chemicals, or causes earthquakes is beyond the scope of this presentation."

"Current Board seems more interested in ensuring its members are protected, as evidenced by its rapid adoption of a discriminatory poison pill in response to a letter from Third Point"

"AtriCure's contentions regarding the addressable patient population and penetration rates are so inflated, it's hard to believe the company is not intentionally misleading investors."

"An oversized board (16 directors vs. 10.8 of S&P 500) characterized by long directorship tenure (10 years vs. 7.8 years of S&P 500) and low female participation (31% vs. 33% S&P 500)"

"I always say you get the union you deserve. If you don't treat your employees well, you're going to have a very cranky union and you're going to pay for it and probably deserve that."

"While investors have cheered WSP's ability to meet net revenue and Adj. EBITDA targets the past few years, we believe investors should scrutinize persistent missed net capex targets."

"Minimum acceptance must be increased by more than four percentage points to truly reflect a majority-of-minority condition, which is a critical measure to ensure transaction fairness"

"When we asked an ex-Twist executive about related-party transactions, he stated that "two people in the finance organization...still had some minority stake," referring to Televerde."

"It is usually management's failures that have driven lagging operations - and in turn, management's excuses have driven investor pessimism about the underlying quality of the assets."

"If P&G could achieve 3.5% annual COGS productivity over the course of its restructuring program from FY 2011 to 2016, we believe the Company would easily generate 51.5% gross margins"

"We assume an attorney deliberately chose those words. We believe this language may be an early indication that 2U's executive team sees greater risks to its graduate business segment"

"To arrive at our NPV per future program, we assume the midpoint of $7.5M ($5M to $10M) of negative cash outflow prior to a program starting and up until completion of its second year"

"We believe ALEX's leased commercial real estate on the mainland is worth close to $500m today, and could be worth more as rents and occupancy improve from cyclically depressed levels"

"TMC claimed in its S-4 that it owns 100% interest in NORI. However, NORI’s exploration license application to the ISA disclosed that NORI was wholly owned by two Nauruan foundations."

"While the bond market fell about 30 points after the hurricane through year-end, implying about $1.5 billion in incremental losses, AGO boosted its reserves by a measly $111 million."

"In this situation, unlike a typical M&A process, it appears that the buyer forced a rushed process with limited due diligence, in order to complete the deal by an arbitrary deadline."

"America’s fiscal position has worsened considerably since 1983. S&P recently downgraded the U.S., citing poor leadership from Washington in solving the U.S.’s serious budget problems"

"YOUR ATTENTION IS DRAWN TO THE IMPORTANT INFORMATION SET OUT HEREIN. BY READING ANY PART OF THIS PRESENTATION, YOU ARE DEEMED TO HAVE READ, UNDERSTOOD AND AGREED TO SUCH INFORMATION."

"Through a website redesign, we can celebrate the Japanese traditions of skincare and the brand's commitment to both sense and science through visual storytelling and elegant layouts."

"We welcome additional alternatives to fund affordable housing, and believe our recommendation to reform the GSEs provides the largest potential source of funds for affordable housing"

"Phillips 66's lack of good faith in adopting this “just raising questions” format is on full display from question one, as it opens with a question that Elliott has already answered."

"We believe HIMS' “Friendly Professional Corporation” structure used to operate its physician network may not adequately comply with corporate practice of medicine (CPoM) regulations."

"HIMS' approach to customer information is far more similar to that of an e-commerce company than that of a healthcare provider, highlighting the inherent conflicts of the HIMS model."

"Spruce Point believes FND’s actual debt obligations are $618 million more than is being calculated by analysts and market data providers and its leverage is closer 3.1x and not 2.2x."

"Spruce Point believes FND's actual debt obligations are $618 million more than is being calculated by analysts and market data providers and its leverage is closer 3.1x and not 2.2x."

"Non-GAAP EPS as defined by the Company has grown at an eerily steady rate of ~6% per year despite more idiosyncratic growth in GAAP EPS, which has in fact contracted in recent years."

"Non-GAAP EPS as defined by the Company has grown at an eerily steady rate of ~6% per year despite more idiosyncratic growth in GAAP EPS, which has in fact contracted in recent years."

"We would expect to see startups issuing front-loaded options to attract strong talent and expensing costs quickly – not a more mature company with established products and customers."

"Elliott retained a “Big Four” accounting firm to review the implications of a Marathon separation and concluded that there is a path to minimal tax leakage and durable value creation"

"Vote using the BLUE proxy card “FOR” Nelson Peltz and Jay Rasulo and “WITHHOLD” on Disney Nominees, Michael B.G. Froman and Maria Elena Lagomasino, and All Three Blackwells Nominees."

"Phillips 66's Board needs to execute a formal operational review of its refining business in order to understand the reasons behind lagging profitability – and how to reverse course."

"Phillips 66’s refining kit is comparable to peers Marathon and Valero – its underperformance is primarily driven by poor operational execution, rather than the quality of the assets."