Callouts & quotes from 26,677+ activist slides

"We believe measuring integrated margins skews the Company's view of product profitability, and may be masking poorly performing businesses or impeding the Company's pricing strategy."

"When Textile Effects was initially acquired, shareholders were told that there would be tremendous synergy with existing businesses – this seems to have been an erroneous assumption."

"By contrast, as a division of TWX, AOL pursued a strategy focused on maximizing short-term profitability, which limited its ability to participate in the growth in these end markets."

"The public disclosures about the terms of the agreement have failed to clarify the extent of the commitments made by AOL and the potential limitations on future strategic agreements."

"TWC compares favorably to its industry peers across most of the ratings criteria discussed by Moody’s and S&P and in the benchmarking analysis that was reviewed in this presentation."

"Spruce Point believes it is a major red flag that DV recently omitted its long-standing Total Addressable Market ("TAM") claims of $20 billion by 2025 with less than 50% penetration."

"It appears that TASK is minimizing its growing competition. It fails to say that it competes with Concentrix, Majorel and Sitel according to a former employee and competitor filings."

"All the BPOs servicing Facebook, and I'm not sure but probably at least a dozen, are doing low margins just to have the name, to learn, and leverage that name in their sales efforts."

"An interview conducted by Tegus with a former TASK executive reveals insights that suggest downward pricing pressure over time as larger BPOs would compete in TASK's client segments."

"Despite guidance showing reduced yoy earnings, Chardan analysts claim that the business now represents LESS RISK, and therefore derive an increased valuation based on a reduced WACC."

"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."

"Rather than show continued core growth contraction in Q3 FY19, management was able to show steady to expanding core growth by failing to adjust for the impact of recent acquisitions."

"Despite overwhelming calls for a sale from large shareholders and multiple interested private equity sponsors, Forward Air waited months to announce a strategic alternatives process."

"If the discharge condition is not optimized, the plasma becomes unstable and brightness stability becomes worse. Brightness may drop below the threshold required for mask inspection."

"To be clear, we are not saying that the Company should never separate Red Lobster, or any other restaurant concept, but rather that now is not the right time to separate Red Lobster."

"As of the publication date of a Muddy Waters report, Muddy Waters Related Persons (defined below) are SHORT the securities of or derivatives linked to Fairfax Financial Holdings Ltd."

"The combination of the Site Sharing financial statements and these six sources creates a very strong case that AMT materially misstated its accounts with respect to this transaction."

"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)"

"As firms reduce headcount and cut costs to weather the recession, office real estate will be at the top of the list to shed, and the pandemic concerns will be a convenient scapegoat."

"We believe that Incipient Capital's role as source of research used for market projections is especially disturbing due to the conflict that exists between Incipient Capital and TFS."

"As of the publication date of a Muddy Waters report, Muddy Waters Related Persons (defined below) are SHORT the securities of or derivatives linked to Fairfax Financial Holdings Ltd."

"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."

"The period since SCT's 2015 merger with Cheil has been challenging for the Samsung Group, but there is now a renewed focus on revitalisation and driving Korean global competitiveness"

"Significant value potential is embedded in the SCT shares held directly or indirectly by strategic shareholders, Korean pensioners, Korean and global asset managers and SCT employees"

"But even in this carefully-curated population, AbbVie (and later Chinook) needs to omit certain key data in order to preserve the illusion of drug efficacy, as we will explain infra."

"Holstein claims that he "helped create the business of prescription benefit management". We note that years later, Medco was subsequently the target of several government judgements."

"Based on Free Cash Flow projections offered in the deal proxy, $1.66 billion was expected for 2019. However, based on our analysis, we estimate actual Free Cash Flow of $489 million."

"Why on earth is an expert in “Global Pharmaceutical and Life Sciences” auditing a packaging company? Furthermore, why is he based in Israel – far away from Amcor’s HQ in Switzerland."

"The timeline above is clearly problematic because it seems Ströer almost certainly could have bought freeXmedia directly from freenet, and separately purchased Ströer Interactive and"

"That $2.5 billion implies that athena wins 6% of the hospital industry. This is 200% of the current market because less than 3% of hospitals outsource their revenue collection today."

"Excluding the possibility that Vivion may need to find new tenants for seven of the eight floors, we assess the Q4 2022 occupancy by real, third-party commercial tenants as only 39%."

"Spruce Point finds it very alarming that the weighted-average pull through rate has crept higher since 2020. A higher pull-through rate allows management to estimate higher revenues."

"Zillow changed the language in its recent 10-K from closed within two years to generally within two years. Does this mean Zillow can pre-book more revenue from the extended timeline?"

"Spruce Point believes it is time for significant change at U.S. Concrete Inc (Nasdaq: USCR). Based on our research, we are calling for the immediate resignation of its CEO Sandbrook."

"We are concerned by Nova’s spending trends which show large growth in administrative, contractors and consulting expenses, but a sharp decline in exploration and evaluation payments."

"The surgeon stated that the OCS Liver device “is approved for standard anatomy” only – when “the liver has abnormal anatomy, like excessive right hepatic artery...this is off-label.”"

"The similarities between Netflix and cloud gaming are only superficial; on closer examination, the dynamics that led to Netflix's success are not present in the console gaming market"

"If we assume each shipment corresponds to one MV3D™ machine, then estimated sales to the distributor are $4.4m - $7.1m, a range not far off from the distributor's 2019 sales increase"

"Families who report a hyperphagia benefit say they still keep the food locked up, that their kid will still attack it, and that the drug doesn't work without extreme dietary control."

"my goal was usually around 20 per quarter, which is astronomical when you're talking about rare disease, that's a lot. So, he was probably writing maybe 5 or 6 of those 20 a quarter."

"These share issuances, when combined with the associated “strategic” agreements, have had the effect of entrenching BEA’s executive management and have further weighed on performance"

"Yes, particularly the finance department. The finance department is separated from the rest and managed by the HQ, actually the salaries of the finance department are paid by the HQ."

"SMG Consulting has missed the fact that Archer is 2 years or more behind the current industry leader, Joby, yet on SMG's timeline this 2-year gap is compressed into a single quarter."

"Applied to the present findings, it does not seem that there is evidence showing that an Accor SA executive/representative has engaged directly or indirectly in the unlawful conduct."

"Considering that FTAI personnel are potentially exposed to prison sentences, the company should thoroughly investigate to what extent its business is connected to Iranian purchasers."

"We continue to strongly believe in the value creation opportunity at GoDaddy, and we urge the Company to seriously consider these suggestions and other opportunities to create value."

"We call upon the company to address these deep points of concern, each of which we believe indicates blatant fabrication and a near-total lack of scientific substance at the company."

"Were RUN’s basis inflation disallowed on a go forward basis, we estimate that it would have an approximate $0.50 / watt funding gap to fill, which would imperil its ability to grow."

"If any of these deal participants chooses not to participate in these transactions and RUN is unable to replace them, then RUN's money to fund its business activity will be cut off."

"Moving to a distribution model similar to O'Reilly's will allow AAP to significantly increase SSS growth, while leveraging existing boxes & infrastructure to further improve margins"

"At least three individuals affiliated with Vantage (Dustin Sparman, Nathan Shew, Moe Tassoudji) have been linked to multiple companies that have been characterized as Ponzi Schemes."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"Compensation committee IGNORES Glass Lewis and continues to allow Mr. Newman and Ms. Garcia to receive large annual guaranteed bonuses, regardless of the performance of the Company."

"We believe that synergies, excluding store closures, with a properly executed thoughtful plan could amount to between $500 million and $700 million within the first two years alone."

"Commvault is nowhere close to achieving this level of growth, and many investors question whether this goal is realistic given mid-to-high single-digit industry growth expectations."

"We believe the opposite is true. Based on Rhodes, et al, prostates grow about 1.6% per year, so earlier intervention simply means that urologists will be treating smaller prostates."

"While American Tower and SBA decided to remain pure-play tower businesses and expand into international towers, Crown Castle alone decided to venture away from towers and into fiber"

"In an industry driven by capital allocation, Crown Castle’s ROIC has underperformed that of its peers for more than a decade, and the gap is widening with continued fiber investment"

"Riot's business model is dysfunctional, characterized by seemingly endless capital spending, lack of operating leverage, unpredictable revenue, poor returns, and negative cash flow."