Callouts & quotes from 26,677+ activist slides

"For certain projects in pre-development, some horizontal construction may have occurred, but no sales or marketing activities are expected in the foreseeable future."

"Based on our findings, the CECLs on these 2 – 4 Risk Rating loans will eventually increase dramatically as swaps expire and BXMT cannot delay truing up its reserves."

"We believe that EHTH has now decided to book an additional ~15 years of forecasted commissions in order to squeeze further revenue growth out of their customer base."

"This policy prioritizes Ambry's operational preferences and business model over physician judgment and patient choice, while using compliance as a convenient excuse."

"We believe splitting SRG from the core brands makes sense from an operational and customer demographic perspective, in addition to the potential valuation advantages"

"GMCR has, in effect, attempted to transition itself into the low-cost manufacturer of K-cups, which makes it a manufacturing company rather than a technology company"

"SOFI's deceptive accounting,, which largely provides CEO Noto's performance bonuses, results in serial equity dilution, and explains why the treadmill does not stop."

"across nearly every call that we conducted with high-volume orthodontists, we found practitioner attitudes to be chilly at best, and more commonly openly disdainful."

"The fact that Parkland's stock rose merely 6% on the news says it all: the market doubts the Board's true intentions, judgement and competence to run a true process."

"Ancora strongly believes that our director nominees will be able to help restore Forward Air to producing best-in-class results from a margin and return perspective."

"Doing the math, Arconic should produce at least $12.58 billion of revenue and ~$2 billion of EBITDA in 2017 vs. management’s $12.1 billion and $1.815 billion targets"

"We encourage you to rely on the judgment of the Arconic Board, which is independent, objective and thoroughly dedicated to the interests of all Arconic shareholders."

"Building unique subscriptions within high-traffic products such as Unity® Canada, which supports 1.4 million transactions annually, can drive “in-Product” marketing."

"Spruce Point finds Sunnova's use of the weighted-average method for inventory to be aggressive relative to Sunrun and Vivint Solar's use of first-in-firs-out (FIFO)."

"While Sunnova presents Adjusted EBITDA to investors, treating interest and depreciation as non-core expenses, interest plus depreciation exceeds the Company revenue."

"How can Sunnova accurately project Gross Contracted Customer Value with any certainty given the number of variables and limited amount of data over the past 7 years?"

"By reclassifying this as an operating expense and cash flow reduction, consistent with industry peers, we estimate WSP's adj. free cash flow conversion is 36% - 41%."

"In this way, we also see BUR as possessing the same illness that, in our view, brought Enron and Noble Group down: Addiction to mark-to-model gains financed by debt."

"Consensus expectations imply a 3% yield for the 10 year by 1Q19 and 3.5% by the 2Q20. As interest rates rise, O Realty’s stock price exhibits a negative correlation."

"Consensus expectations imply a 3% yield for the 10 year by 1Q19 and 3.5% by the 2Q20. As interest rates rise, O Realty’s stock price exhibits a negative correlation."

"A transaction with an offshore Chinese entity that invests $70MM with $25MM round-tripped back raises obvious concerns relating to the Foreign Corrupt Practices Act."

"Twist had negative gross margins as recently as 2018, despite meaningful revenue of $25MM and a negligible asset base, turning sharply positive immediately after IPO"

"To credibly institute an effective compliance program, you will need the independence to examine the relationships between senior executives and senior distributors."

"Given our documented concerns about intensifying competition, we believe any investor owning 2U shares at these elevated valuation carries multiple contraction risk."

"2U's current valuation implies that investors are paying +$3.5B for their future prospects. We believe the NPV value of their future prospects could be less than $1B"

"The poor valuation reflects investor concerns that management and the Board will waste OUTR's substantial (but declining) free cash flows on risky growth initiatives"

"Altogether, AGO’s exposure to Puerto Rico bonds is $5 billion, and including insured interest payments over $8 billion, which is more than AGO’s entire capital base."

"Given its product mix, Oasis believes Kao should over time be spending closer to 15-20% of Consumer Goods revenue on marketing depending on the ultimate product mix."

"I’m not satisfied with our operating ratio [2006 target was ~75% OR], and I’m raising the bar on Execution Excellence as a vehicle to drive accelerated improvements."

"Spruce Point estimates that there are upwards of 41,000 people selling C3's product suite. Yet, its revenue results imply a meager $5,100 of revenue per salesperson."

"If the original dividend terms were not amended and the 10% dividend were paid currently, the outstanding balance of Treasury's senior preferred stock would be $65bn"

"These actions demonstrate how profoundly out of touch Southwest's Board has become with shareholder sentiment and with the reality of the situation, said the letter."

"The recommendation is to restructure TWX into four SeparateCos: (1) AOL; (2) Content (which includes Networks and Filmed Entertainment); (3) Publishing, and (4) TWC."

"Based on the multiples implied by the precedent transactions reviewed, a range of 10.0x - 11.5x 2006PF OIBDA was estimated for the wholly-owned cable systems of TWC."

"Spruce Point Has Also Determined Another Undisclosed VIE Has Invested In, And Possibly Operated, An Illegal Onshore Gambling Site That Was Shutdown Earlier This Year"

"Herbalife continues to add-back certain costs which should be considered recurring to the business. Some costs have been added back consistently for the past 4 years"

"Though Herbalife believes the amount of Internal Consumption "is not relevant to the business or investors," the FTC highlights it as a red flag for a pyramid scheme"

"The Policy Statement on Deception specifically mentions “failure to disclose information regarding pyramid sales” as a situation in which the FTC has found deception"

"Five States – Georgia, Louisiana, Maryland, Massachusetts, and Wyoming – specifically regulate or bar earnings claims with respect to multi-level marketing programs."

"As Mettler’s share price becomes inflated at more absurd valuation levels, and while the company overpays for its stock, insider ownership has hit a new low in 2019."

"Search traffic to CodeFuel's website has declined to multi-month lows. This is a potential indicator of declining interest in product and solutions among publishers."

"The high-level results provided the appearance that any of these processing methods could be used for all of Silver Sand mineralization, which strikes us as dubious."

"BLI claims are bogus; warns IQVIA customers to stay away from BLI’s tool; one of the worst vendors they rate; no traction in industry; not winning much new business."

"Deal could expand at most from 3 to another 6-10 machines, which at $2MM per unit is $12-20MM spread out over the next 3-5 years, not the $150MM that's been promoted"

"In Lasertec's case, the offset is highly anomalous inventory of ¥162B/$1.1B, hitting 120-130% of revenue in some recent quarters and currently at 70% of LTM revenue."

"The foregoing pattern of facts and events demonstrates to us that NMC insiders have a strong desire to obfuscate, coupled with a tenuous relationship with the truth."

"HMA's CFO was appointed in January 2010 – since that time, HMA has consistently missed external guidance and offered limited, and at times, inconsistent explanations"

"Core bragging about a 32% increase on what we estimate to be 10-15% of its total revenue is a bit like Congress bragging about a 32% increase in its approval rating."

"We believe PGNY may be violating corporate practice of medicine laws by providing contractual financial incentives for clinics to pursue certain treatment protocols."

"The press releases are silent as to whether Ginkgo or its investors are backing these “customers” – that is, whether they are undisclosed related parties and fronts."

"We recommend Autodesk target a minimum of 300bps reduction in G&A spend as a percentage of revenue, which represents approximately $165 million of potential savings."

"As revenue growth slowed, Autodesk's incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target"

"Current and prospective investors should price in the risk that a potentially larger disaster completely incapacitates operations and has a material hit to earnings."

"Verint's reported 8% growth is a mirage of M&A, FX and ASC 606 tailwinds masking negative organic growth; rerate to BPO peer multiples for 60-70% downside to $17-25."

"Spruce Point believes that Amcor’s roll-up is in its final stages, having merged with Bemis in a $6.8 billion dollar transaction – the largest in its recent history."

"Stock price underperformance is a major criterion by which proxy advisory services (e.g., ISS, Glass Lewis) and proxy groups at large mutual funds evaluate a company"

"Optimizing a large public company for malfeasance presumably requires a loyal inner circle who is willing to overlook problems – if not outright participate in them."

"KOL’s indicated that it took Nevro years to complete enrollment for the PDN study, which should have been instantaneous given the vast number of diabetics in the US."

"The true reason why Kao refused to even meet with Ms. Venator when one of their largest shareholders proposed her as a Director candidate remains a mystery to Oasis."

"You can see that this was a nice stock that was doing well until November of 2012, when it went ballistic and more than tripled, from $60 to $204, in just 16 months."