Callouts & quotes from 26,677+ activist slides

"GoDaddy Inc.’s (“GoDaddy”, “GDDY”, or “the Company”) growth + profitability is expected to worsen in 2023, and as a result, GoDaddy has not been able to create shareholder value."

"We believe the resources that CoStar is putting behind Homes.com are paying off and it would not surprise us if CoStar overtakes Zillow as the most trafficked real estate portal."

"TCP ‘All-In’ Dropdown Increases Funding Optionality With No Risk To Backlog Execution Plan Increases Distribution Pay-Out At TCP Level, Lowering Deployable Cost Of Equity Capital"

"Leaseback-related expenses have been the single largest add-back to PLUG’s new presentation to Company profitability, despite being inextricably linked to PLUG’s selling strategy"

"Ms. Landry would be a valuable addition to the Board given her extensive corporate governance, compensation and finance experience in the transportation and logistics industries."

"Long-term contracts and strong asset base at FirstGroup US can support higher debt levels at lower cost, providing a cash distribution to FirstGroup immediately prior to spin-off"

"PSH’s long-term debt management strategy is focused on managing leverage over time by increasing NAV through strong performance and laddering its maturities through new issuances"

"For how much longer will the Board allow management to make aggressive investments in a money-losing business with little, if any, visibility for an acceptable return on capital?"

"AOL's equity grants in the last two years were time-based, rather than performance based, allowing the Company's executives to realize value independently of Company performance."

"Dollarama's margin profile is grossly out of line with peers, and we find evidence of aggressive accounting and questionable business practices that can partly explain the issue."

"No company is perfect but taking corporate governance seriously, prioritizing your duty to shareholders and being able to spot corporate governance issues should be pretty basic."

"I was surprised about that because if I have somebody with congenital hyperinsulinism that has a mutation that responds to diazoxide...I would not treat that kid with a diuretic."

"I wouldn't say anybody is wildly over the moon...it's not like a miracle...I don't think anybody's used the term miraculous to describe that they're seeing...no, it's not a cure."

"We're waiting until we have a little more information about how to be successful with the appeals. Or get a little more guidance about how to be successful from the manufacturer."

"States he’s so unconcerned about side effects that he doesn’t run any lab work – “I do not run EKG’s”; “I don’t check lab work” – and that he has no idea how much the drug costs."

"In less than 2 weeks, all 60M shares will be eligible to be sold into the market. We expect there to be a bloodbath with this many shares, that insiders got for practically free."

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"We are concerned by the lack of disclosure around the ongoing Phase 1 study. This is an open-label study, and the lack of updates and missing initial guidance is not a good sign."

"Median survival for a sub-therapeutic dose of PC14586 combined with anti-PD-1 treatment exceeded 156 days, compared with median survival of 24 days for anti-PD-1 treatment alone."

"This transaction begs for more disclosure. It naturally raises questions of self-dealing, and exposes the inherent weaknesses in SGH’s corporate governance with Shah at the helm."

"I can see no significant IP anywhere. And for instance, looking closely at their motors, they were using T motors. Those are hobby grade motors. Those are not aerospace products."

"The data shows overwhelming evidence that GSX is actually not the hypergrowth, well-regarded, well-known all-star company that management or sell-side analysts have been touting."

"DSP has missed its expectations for New Product Revenue each of the past three years and New Product Revenue has barely grown over that period despite significant R&D investments"

"SiTel’s historical operating expenses and margins, as well as other legacy semiconductor businesses, can be used to compute the profitability of DSP’s Digital Telephony business."

"We use a 3.5x 2015E EV/EBITDA multiple because there are limited bidders (possibly only one) for the Eurasia and Nepal assets and TeliaSonera has signaled it is a willing seller."

"It now seems absurd to discuss the company's expectations for organic growth, given that it seems wholly incapable of (or uninterested in) calculating organic growth accurately."

"Revenue is much harder to manage vs. “Adjusted” EPS. We see that Avery has started to consistently miss revenue expectations while regularly beating “Adjusted” EPS expectations."

"Approximately 35% of total India revenue is reimbursements from carriers for energy costs, this has been grossed up in the AMT 10-Ks. AMT's local accounts only show net revenue."

"The U.S. tower industry is now mature with modest new build activity. Today, growth is primarily driven by increased tenancy, amendment activity and contractual price escalators"

"Across all relevant markets, we estimate an annual licensing opportunity in excess of $500 million using royalty rates in-line with what we believe Tessera has achieved in DRAM."

"As manager of funds that hold a $2.5B+ stake in Phillips 66 (NYSE: PSX), Elliott believes there's a clear path to a stock price of $200+ and regained credibility with investors."

"Elliott, which manages funds that collectively hold a stake of $2.5B in Phillips 66 (NYSE: PSX), sees a potential gain of 65% or more in PSX's stock from the #Streamline66 plan."

"We find this lack of communication concerning because, unfortunately, this is the same pattern of behavior we experienced when we tried to get the company to engage in November."

"Complacent leadership that does not see any upside opportunity vs. Highly credible independent directors nominated by a shareholder that sees a clear path to a $200+ share price"

"How could VetIQ wellness centers, which conduct only smaller-ticket, lower-margin procedures, possibly be so much more profitable than VCA's more comprehensive animal hospitals?"

"As such, we believe Board change is necessary at Autodesk, and we intend to nominate a minority slate of experienced director candidates for election at the 2025 Annual Meeting."

"Since December 2013, with the exception of announcing CEO Clarence Otis’ “retirement”, essentially every major announcement Darden has made resulted in a decline in stock price."

"Our discussions with industry experts suggest Phillips needs to dramatically improve its commercial function and reduce refining costs to achieve best-in-class operating results"

"Site visit findings also implied little deployment of refurbishment or maintenance capex, with graffiti and broken windows left unaddressed by Reuchlinstraße 10-11's management."

"Red flag that co-founders haven't committed 100% to the company; skeptical how "they can actually just hold both positions"; potential recruits are skeptical for the same reason"

"10 of the 37 CLO borrowers (27% by number, 29% by NBV) are unable to cover SOFR at present ("Group A"). On average, they would only be able to cover interest if SOFR were ~0.5%."

"McDonald's' recent behavior validates our belief that the Board must be held accountable to meet its prior commitments and provide transparency regarding its business practices."

"With respect to irrefutable numbers, Norfolk Southern’s operating ratio has consistently lagged that of CSX and the Class I average before and after Mr. Shaw’s promotion to CEO."

"I've never had a management team suggest to me that their stock was fully valued. That just inherently highlights the disconnect between the investor mindset and the management."

"Since December 2013, with the exception of announcing CEO Clarence Otis’ “retirement”, essentially every major announcement Darden has made resulted in a decline in stock price."

"You'd expect the oil frackers like Pioneer to be cutting capex faster than the gas companies. Nope. Instead, while CONSOL has stopped drilling new wells, Pioneer has added rigs."

"As in-house 3D printing grows increasingly mainstream, Spruce Point believes that the major selling points of in-house 3D printing will drive significant demand for this option."

"As in-house 3D printing grows increasingly mainstream, Spruce Point believes that the major selling points of in-house 3D printing will drive significant demand for this option."

"It seems that reporting this as another €1 transaction and omitting that the purported lender is indeed Vitek is intended to obscure material facts from lenders and bondholders."

"What this tells us is that BWLD could improve its valuation if operations were adapted to run like efficient franchise units – potentially increasing dollar EBITDA double-digits"

"Who is best suited to implement the changes needed to reverse Arconic’s historic track-record of epically poor performance and maximize value to the benefit of all shareholders?"

"Elliott has constructed a peer group of comparable companies that best represent, in our view, peers for each area of the Company's business units prior to the split of AA/ARNC."

"Our discussions with industry experts suggest Phillips needs to dramatically improve its commercial function and reduce refining costs to achieve best-in-class operating results"

"As a result of the small onshore cash balance at year-end 2018, we know that that almost all of the RMB 1.298 billion total cash balance was offshore: namely, RMB 1.160 billion."

"CEO Mr. Fink may rightfully bask in the memories and celebrate his past successes, but shareholders, given the underwhelming results of the last fifteen years, must look forward"

"Warning: At best, we estimate that Oatly's Gross Margin is on par, to slightly below, its peer plant and dairy specialty foods peers after adjusting for outbound shipping costs."

"STARBOARD ADVISES ALL SHAREHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION."

"Sadly, the Red Lobster Sale is only the most recent, and most egregious, example of the current Board and management’s extended record of poor performance and value destruction."

"We have invested significant time and resources in underwriting our investment in TICO and in crafting a compelling plan for the business to unlock significant shareholder value"

"When we attempted to inquire with Skillz about the developer competition, we received a notice that the email address SKLZ included in its press release had not been set up yet."