Callouts & quotes from 26,677+ activist slides

"NRP is going to rapidly utilize, and that a trickle-down effect from larger centers will lead the smaller centers - TransMedics last bastion of usage - to wind down as well."

"Paragonix is just cold static storage but they maintain a temperature between 4 and 8 degrees, they’re not freezing and they’re maintaining them at these ideal temperatures."

"Value Proposition: Trian believes Mr. Zatta's extensive experience in the specialty chemical sector will allow him to bring valuable industry experience to the DuPont Board."

"Trian finds it inconsistent for management to take credit for the sharp snapback after the Great Recession while not also accounting for DuPont's performance into the trough"

"Based upon color from an ex-employee and a trial investigator, we suspect this participant may have been hospitalized in the UK for pulmonary edema with cardiac involvement."

"Families indicate concern that their child’s edema may be difficult to detect in time due to their body mass and/or non-verbal status and inability to communicate discomfort"

"Since PWS are already at high risk for cardiovascular disease, this mechanism-based fluid retention caused by VYKAT XR is of particular concern in this sensitized population"

"Though PepsiCo does not disclose its international beverage margin (1/3 of sales), we estimate its global beverage business has a 12% EBIT margin – well below beverage peers"

"attempt to do so, in our view, is because we caught management red-handed and they are sophisticated enough to know that misleading us further could increase their exposure."

"Everybody's sort of getting some side effect. If they're getting nausea and anxiety for eight weeks and they're not getting any relief, nobody's going to endure it for that."

"The plaintiffs asserts that approximately 60% of all robocalls and spam calls placed in the United States are routed through the Onvoy network to U.S. consumers' telephones."

"We believe IONQ's purchase of Qubitekk on December 27th, 2024, was primarily used to inflate bookings and create the false appearance of ongoing government support for IONQ."

"We Believe Insider Sales of $396.6 Million During Passage of The FY25 Budget Shows Management's Lack of Confidence in IONQ's Commercial Prospects, and May Have Been Illegal."

"Thank you. I heard great things about Rixos spa and their special massage. How old are your masseuses? All Egyptian? I'd like to pre book a private session for several days."

"How is a company needing to raise US$343,000 suitable for an US$80 million contract and supposedly big future opportunities that investors value in the hundreds of millions?"

"TSMC will keep a minimal share for Lasertec...we believe [Intel] purchased Lasertec because they want to have some leverage power with KLA because KLA’s price is even higher"

"Intel and TSMC are using three different workarounds due to problems with Lasertec’s EUV machine; customers are misrepresenting non-EUV inspections and claiming they are EUV"

"Vets First Choice recaptures this revenue source by delivering vet’s clientele with an online purchase experience and greater customer compliance (animal prescription use)."

"CEO Fayer’s biography has many open hole questions. First, it says he started Nuvei as Pivotal Payments in 2003. However, it fails to say what exactly he did prior to 2003."

"Why would sports leagues (NFL, Premier League) who control the access to data or sportsbooks who control the customers want to lose economics to a middleman such as Genius?"

"Genius trades at a premium to most of its Online Gaming industry peers based on 2021E & 2022E revenue multiples, despite having the second lowest 2022E revenue growth rate."

"The business world is always enamored by rags to riches stories and wants to root for the underdog who didn't go to a blue chip business school to achieve fame and fortune."

"The market value of Southwest’s aircraft ($17B) exceeds the TEV of Southwest, implying no value from operating the largest domestic airline beyond the value of the aircraft"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"The rate limiter on [a new strategy] is the CEO. I don't have a lot of confidence he is the right person at this stage... The Street would be widely supportive of a change."

"He is uniquely positioned to understand the complications Tessera faces by participating in both the semiconductor IP licensing business and technology components business."

"ADP’s has significantly reduced relevant disclosure, making it challenging for investors to analyze underlying business trends and ADP’s competitive position by sub-segment"

"We find this concerning for a relatively young medical device company which has been funding studies for years in an attempt to gain clinical support for its core products."

"A review of Bolloré's corporate governance practices demonstrates that unaffiliated shareholders must not support any slate put forward by Bolloré and his related companies"

"Given the Company's history of failed execution, we believe shareholders would welcome the appointment to the Board of two new directors with refining-operating experience."

"Manufacturers’ shift in distribution strategy poses a significant risk to PetIQ’s relatively high profitability, which depends in part on the opaqueness of the grey market."

"We believe the overwhelming preponderance of evidence would lead any reasonable and rational group of fiduciaries to conclude that the Company needs a change in leadership."

"This $1.1bn investment represents a potentially significant sunken costs for BP and once again demonstrates the lack of discipline around targeted returns in offshore wind."

"In other words, Quantumscape claims to exceed the "commercial target" for cycle life for an electric vehicle battery – but by cycling a battery with a microscopic capacity."

"Quantumscape’s valuation of $15B requires a leap of faith from making lab prototypes to selling billions of dollars of batteries within 5-6 years, with Google-like margins."

"Per those estimates, if Mosten won its trial and was able to deposit $1 billion into the Carrier Fund, using Manulife's own numbers, that could mean a loss of $450 million."

"We spoke with a significant percentage of those mentioned, and they each laughed at, mocked, or trashed IonQ’s capabilities – contradicting their quotes in IonQ’s releases."

"We spoke with a significant percentage of those mentioned, and they each laughed at, mocked, or trashed IonQ’s capabilities – contradicting their quotes in IonQ’s releases."

"We agree that CGMs likely represent the future of diabetes care, but believe that the Street is misinterpreting both Dexcom’s realistic TAM and its recent record of growth."

"BOOT was not featured as a sponsor in Google’s shopping tab search for “western boots” that we conducted and did not even appear as a top feature based on consumer reviews."

"At $21 per share, Veritas is buying the Company for 7.6x 2024 unlevered free cash flow, a multiple that is too low for a business with the positive characteristics of HMHC."

"Spruce Point has several concerns with PowerSchool's management team and Board; we've found several members with questionable backgrounds and obvious conflicts of interest."

"It is fair to say that Edgio should be valued at least 1x sales which would put the stock at $65 this year. If given the same multiple as Fastly, Edgio would be $200/share."

"Both executives agreed that Xylem overpaid and one believed Xylem needed even more cost synergies to make the deal work and that revenue synergies were not going to happen."

"The market value of Southwest's aircraft ($17B) exceeds the TEV of Southwest, implying no value from operating the largest domestic airline beyond the value of the aircraft"

"While peer EBITDAR is expected to be in-line with or meaningfully exceed pre-COVID levels, Southwest EBITDAR is expected to be nearly 50% lower despite record travel demand"

"Why would a consumer abandon the soon-to-be open Keurig platform to “upgrade” to a new closed platform that offers less product choice and enforces GMCR’s monopoly pricing?"

"In our opinion, MAXR's 2018 Adj. EPS expectation of $4.75/sh is pure fiction. The Company has made numerous aggressive accounting choices that inflate its Non-IFRS results."

"The disconnect between Dr. Kleinfeld’s rhetoric and the reality of business performance has only furthered the erosion of his credibility flowing from that poor performance"

"The almost wholesale adoption of concomitant surgical ablation leaves little opportunity for volume growth out of AtriCure's core open-heart ablation and AtriClip segments."

"Using the Wayback Machine, we find that community membership growth is rapidly decelerating at Dropbox. After growing 36% from 2018-2019, the growth rate has dropped to 16%"

"Like most aggressive tech companies with poor business models that Spruce Point evaluates, we find that Dropbox tries to spin a rosy "Non-GAAP" Free Cash Flow presentation."

"We believe the common theme between Just Energy and Sunnova is that both companies offer a relatively undifferentiated product and service offering and carry too much debt."

"More than half of U.S. homeowners now buy their panels with cash or a loan, rather than sign a lease or power purchase agreement, up from 38% of home installations in 2015."

"An industry executive highly familiar with Sunnova's business model suggested that by evaluating Sunnova's position with Porter's Five Forces its positioning would be weak."

"These purported consideration amounts seem to be little more than accounting entries to a) justify these transactions, and b) produce more substance-less accounting profit."

"Twist’s only claim to fame is that it’s faster at making a commodity chemical – synthetic DNA – just because it drilled more holes, not that it’s making anything different."

"Twist took “a lot of share in the beginning” but now “much harder to gain traction”; customer acquisition has plateaued in the last year; “mood isn’t so great” inside Twist"

"We urge you, first and foremost, to ensure that the practice of lead generation (now acknowledged by Herbalife to be inappropriate and legally risky) has been discontinued."

"Prior to our discussions with P&G, Mr. McDonald was a member of at least 21 outside organizations, which we believe required him to commit 50 or more business days per year"