Callouts & quotes from 26,677+ activist slides

"Samsara's business rests on a fragile foundation specifically because it relies heavily on stock-based compensation to attract, retain, and motivate its workforce."

"The 30-year, prepayable, fixed-rate mortgage has a variety of attributes that make it an affordable and borrower-friendly financing option for the average American"

"Other than Facebook, none of the largest IPOs were startups. There will not be sufficient private sector capital for new participants that seek to replace the GSEs"

"Investors and research analysts have been calling for changes for years, but Southwest's management and Board have pressed forward with incrementalism and inaction"

"Starting in FY 2022, Saputo stopped disclosing historical revenues of acquisition targets in its AIF after regularly providing the information over multiple years."

"As Southwest’s thousands of hard-working employees know, Southwest’s culture is much bigger than these two individuals – and this culture deserves better stewards."

"Accordingly, we believe TI should adopt a dynamic capacity-management approach and flex its capacity buildout in a manner consistent with its historical practices."

"With the exception of Performance Products, Adjusted EBITDA margin targets presented at the 2021 Investor Day are substantially the same as those presented in 2018"

"Because FGD historically represents approximately 60% - 75% of RINO's reported revenue, these fabrications show that RINO is significantly overstating its revenue."

"Immediate Share Repurchase Should Improve TWX's Return on Equity: The repurchase of shares via a dutch auction is expected to improve TWX's return on equity (ROE)."

"These assets, valued in excess of $1.0 billion, could be used to reduce initial indebtedness levels or provide funds for re-investment in the core business of TWX."

"Our analysis indicates that TWX, as a consolidated entity, should have up to $20.0 billion of debt capacity without jeopardizing an investment grade credit rating."

"Recent Key Performance Metrics And Financial Results Are In Disagreement With Industry Data And Feedback From Detailed Interviews With Live Streaming Talent Agents"

"David Cush shares insights from his 30 years of experience in the aviation industry, including two decades at American Airlines and later as CEO of Virgin America."

"Given the size and maturity of MSCI's business, there has been a talent drain and movement of key executives to competitors across each of MSCI's major businesses."

"There are few companies in the market that provide internet search and search advertising services similar to those provided by Microsoft such as Google and Yahoo."

"The 30-year, prepayable, fixed-rate mortgage has a variety of attributes that make it an affordable and borrower-friendly financing option for the average American"

"Even if sell-side margin expansion estimates include assumed M&A, future acquisitions are unlikely to be sufficient to support consensus margin expansion estimates"

"Spruce Point is concerned about the potential conflict of interest that the Master Inspector of a non-profit organization has in promoting a vendor to its members."

"Starboard and BILL recently agreed to a Cooperation Agreement that results in the appointment of four new independent directors, including Peter Feld of Starboard."

"value proposition was not there; will be obsolete in 2-3 years; slammed the tool as absurdly expensive to own and run; price needs to drop by 75-85% to have a shot"

"“Repaying” loans by saddling CPI PG with an estimated over €220 million of progress payments, enabling Vitek to likely cream another €118 million from bondholders."

"Spruce Point believes that the wider delta in GAAP and Non-GAAP Gross Margins pre and during COVID-19 are a reflection of greater financial strain in the business."

"Competitors are fast playing catch-up to Stryker. Google trends shows that interest in Mako surgical peaked at the time of acquisition and has been low ever since."

"Lasertec's actinic EUV tool is so defective and unreliable that TSMC, Intel, and Samsung have all quietly substituted non-EUV alternatives for inspecting EUV masks"

"Our Value Unlock Plan, as presented, was put forward as a pathway to unlock significant value for shareholders – US$46bn in total across the following key elements"

"As an example, if BHP's c.US$10 billion of buybacks in 2010-2011 were done today, the same number of shares could be bought back 64% cheaper, saving US$6.4 billion"

"Spruce Point believes that Magnite's financial reporting does not accurately reflect the economics of its business, and may be concealing the struggles of Telaria."

"We call upon the Company to disclose more information about the contract with the RoG, and the stability of the gas price and to clarify the question on ownership."

"On both an EV/transaction basis or an EV/store basis, BEKE paid nearly 4x for Zhonghuan. We believe this underscores the absurdity of the price paid for Zhonghuan."

"Potential for $130mm of cash flow generation (or ~12% of the current equity market value) through working capital improvements at Superstores over the next 2 years"

"Carrot is the clear leader in offering fertility benefits internationally, creating an avenue to penetrate existing PGNY clients and compete for their US business."

"We believe Bunge’s declining transparency also extends to its Brazil operations where it recently stopped reporting the amount of indefinitely reinvested earnings."

"It is common for a company to pursue an acquisition that greatly increases shareholder value and temporarily lowers ratings to an acceptable investment grade level"

"If you have any questions or need further assistance with voting your Huntsman stock, please contact Okapi Partners LLC at the phone numbers or email listed below."

"The CEO also claimed the European flexible volumes increased, yet Amcor did not disclose that two Flexible facilities were to be shut down in Finland by June 2020."

"Demand material injunctive relief – effectively dismantling the pyramidal nature of Herbalife’s business – and otherwise prevent further victimization of consumers"

"Investors and research analysts have been calling for changes for years, but Southwest's management and Board have pressed forward with incrementalism and inaction"

"Even after having spent over $1B on acquisitions and related costs since FY14, LHCG has shown no material growth in free cash flow per share since the end of FY15."

"Even after having spent over $1B on acquisitions and related costs since FY14, LHCG has shown no material growth in free cash flow per share since the end of FY15."

"The company attempted to manage the crisis by building a team of “Therapy Support Specialists” to “hound these patients” to the say magic phrase “50% pain relief.”"

"We think there is huge scope to grow the brand in the Americas IF Kao allocated funding into building consumer awareness and expanding distribution channels there."

"This is an existential threat to athena's collection business, as there is no reason to pay a bill collector when the bill is paid before the service is delivered."

"The 30-year, prepayable, fixed-rate mortgage has a variety of attributes that make it an affordable and borrower-friendly financing option for the average American"

"We question why management ceased disclosing this figure in 2018, just as the Company was beginning its transformation in earnest to being an ODR-focused business."

"Based on our review of management's discussions of organic growth and volume, it is our opinion that it only selectively discloses periods when growth is favorable"

"We believe Casino flowed this entire amount through EBITDA, thereby making its core France business appear to have a smaller profit decline than actually occurred."

"We are concerned that Director Avi Geller had an undisclosed role at Halevi Enterprises LLC according to legal filings in a legal case with Caribbean Sun Airlines."

"Adding to the mystery and concern about Nova's geologist, we observe another discrepancy in the spelling of his name between "Kroun" and "Khuon" recently appeared."

"Compared to the largest publicly traded Japanese semiconductor company, Renesas, Sony has kept meaningfully more of its manufacturing and design operations onshore"

"Spruce Point believes Leidos has not been particularly transparent about what is driving its cash flow, notably its 2020 target increase in Q2 from $1.0 to $1.2bn."

"the actual active drug smelled a bit, and it smelled differently from the placebo...and the message went around, and people could tell that it was the active drug."

"Lack of patient enthusiasm since Vykat FDA approval, with only 3 families calling out of >40 total: "I got three calls...so no, it wasn't a floodgate that opened.""

"We don't understand rare findings in rare diseases. We don't have the numbers out there. You don't realize this 1% or 2% risk until you have 100 patients together."

"The nephrologist indicated no discussion or buzz about Vykat among endocrinologists who treat PWS patients, among other hurdles for the drug – it’s “pretty quiet.”"

"Kao possesses an impressive stable of brands in categories that global peers - the likes of L'Oréal, Beiersdorf, and Unilever - are experiencing profitable growth."

"Analysts seem blind to the fact that as Lightspeed scales, its gross margins are not only getting worse, but by a much larger factor than consensus is forecasting."

"If PepsiCo does not pursue Mondelez, we believe it must announce a separation of snacks/ beverages concurrent with specific commitments to unlock shareholder value"

"“Unspoken pressure” to take docs off speakers program if not writing enough prescriptions; common across territories; pressure allegedly came from upper management"

"Based upon TAR over the past 1, 3 and 5 years, BEA has underperformed an index of its peer group Family-run HK listed Banks by 28.1%, 28.8% and 13.1%, respectively"