Callouts & quotes from 26,677+ activist slides

"In limited circumstances, we are willing to waive certain of the above criteria if there are sufficient mitigating factors, and the position is sized appropriately"

"With sales growth from new products likely to slow through the coming years, Hill-Rom may once again be forced to rely on M&A as its main source of revenue growth."

"We adjust downward IQE's 2015 and 2016 net income by 58.5% and 25.4%, respectively, to exclude gains on transfers of assets to CSC, which we believe lack substance"

"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"

"We have found a mountain of evidence that puts to bed any notion that YT was an innocent bystander as his company incinerated $4.4 billion to deliver just 17 cars."

"Other examples of obvious fake reviews are from accounts with seemingly natural sounding names, sometimes with generic AI-looking headshot photos as avatar images."

"If substantiated, the alleged conduct could also give rise to civil liability for the private entity and/or other relevant operators under applicable domestic law."

"Goldrone seems to hold annual meetings and sometimes Memorandum of Understanding (MoUs) signage in a small room, which we believe is located above this restaurant."

"EOS had cash and cash equivalents of A$55.3 million, and had no other financing available, meaning that there was massive insolvency risk hanging over the company."

"Following a 51% decline the day of Valeant’s March 15th investor call, Pershing Square took immediate action to stabilize the company and to protect our investment"

"KLA locked up the mask inspection space long ago with its Teron DUV systems – giving it a well-entrenched monopoly unlike the imaginary one Lasertec claims in EUV."

"Lasertec explicitly declined to disclose it as a related-party transaction, stating “Nothing of note” for “Existing relationships between the seller and Lasertec.”"

"We contracted an investigator for aerial drone surveillance, who took videos and photographs through the windows located at the top of Fab 4A on two separate days."

"We believe FIGS has benefited, both in terms of strategic focus and operational simplicity, from the Company’s extremely narrow end market and product assortment."

"Spruce Point has a strong record of success unearthing previously-unidentified financial strain among companies reporting irregular or inconsistent capex figures."

"For the six months ended June 30, 2020, cash flow from operating activities was $82.0 million, an increase of 125.9% compared to the same period in the prior year"

"We remain convinced that Treasury’s net worth sweep will ultimately be reversed and the GSEs’ future share prices will be a large multiple of their current prices"

"When comparing WTRG's long duration debt and equity, there is a clear mismatch in terms of what debt and equity holders think of the Company's earnings prospects."

"When comparing WTRG's long duration debt and equity, there is a clear mismatch in terms of what debt and equity holders think of the Company's earnings prospects."

"We measure Generac's working capital stress in relation to its LTM sales. We see that the ratio has worsened three quarters in a row with a sharp drop in Q1 2022."

"We believe the choice of nominees is clear. Starboard's nominees are more qualified and better suited to oversee Office Depot for the benefit of all shareholders."

"We would also strongly recommend the formation of an Operating Committee of the Board tasked with overseeing the completion and execution of the Operating Review."

"We have nominated three director candidates to the 10-person Board, and we are seeking only minority representation on the Board on behalf of common stockholders."

"We have projected operating assets and liabilities as a percentage of sales. Over the 10-year period, we have assumed that this ratio remains relatively constant."

"Our interpretation of the “FDA Determined Cause” is that both issues were the result of manufacturing execution and quality control errors on the part of Procept."

"We believe the Exchange's operating performance demonstrates a strong link between relaxed underwriting criteria and substantial premium growth beginning in 2022."

"The vast majority of what ADP calls “service” is product support to compensate for weak software and technology, which when fixed, will improve growth and margins"

"We initially purchased interest rate hedges in late 2020 and early 2021, as we believed the Fed would need to raise rates much earlier than the market anticipated"

"We believe that industry competitiveness will hit PetIQ particularly hard as it attempts to roll-out 1,000 fixed-location wellness centers with traditional hours."

"We believe that management and the Board, in anticipation of the upcoming vote, may be attempting to unrealistically shift expectations for the balance of FY 2015"

"After adjusting for our estimate of aggressively booked segment income, we find that Burford's combined 2019 operating profit is overstated by approximately 8.0%."

"Phillips does not provide historical indicator data from the defined mid-cycle period ('12-'19) or sufficient disclosure for investors to calculate it themselves."

"Experts suggest QS is playing games by using an irrelevant coin-size cell, unlike a real EV battery with 200,000 layers spanning multiple football fields of area."

"This transaction appears to be yet another low quality, growth at any price transaction AMT management is making merely because it can (and is compensated to do)."

"Extensive interviews with ex-executives and employees confirm our findings and lead us to conclude that the company’s claims of a 32-qubit machine are fraudulent."

"The forthcoming Libre 2 is at least as consequential as Abbott's past two CGMs from a competitive perspective, and could cause a more drastic move in DXCM shares."

"The forthcoming Libre 2 is at least as consequential as Abbott's past two CGMs from a competitive perspective, and could cause a more drastic move in DXCM shares."

"Hess's March 4th presentation points to Wall Street price targets as justification that nothing is wrong... Yet these targets merely reflect Hess's poor execution"

"For a company with such supposedly strong growth prospects, Spruce Point has identified an unusual number of senior executives who have departed post-IPO in 2021."

"DNMR claims a TAM of 500 billion pounds of plastic to which analysts have ascribed a $800 billion to $1.0 trillion value. The below slide strikes us as ludicrous:"

"We believe that management and the Board, in anticipation of the upcoming vote, may be attempting to unrealistically shift expectations for the balance of FY 2015"

"While the improved capital efficiency helps, the lower commodity price brings the value back to $7 per share at today’s curve as shown in the orange intersection."

"Southwest's operational meltdown stranded 2 million customers over the holidays and drove 30%+ share performance underperformance relative to peers over 2 months."

"RBC is the biggest bull on the stock with a $73 price target. Its bullish arguments are easily refuted and reflect optimism over financial reality in our opinion."

"Even on SOFI's own reported numbers, the serviced-portfolio charge-off rate is approximately double the on-balance-sheet rate SOFI uses to calibrate its FV model."

"Comments on Glass Door reiterate what we have heard from dozens of former employees: Arconic’s culture centers around the CEO and his teams of consultants in NYC."

"Phillips does not provide historical indicator data from the defined mid-cycle period ('12-'19) or sufficient disclosure for investors to calculate it themselves."

"Below are the financial disclosures made by Arch and AMR with respect to DTA. Our analysis on the following slide will illuminate some surprising observations...."

"We believe the integration of smart watches and smartphone-paired devices present far more disruptive healthcare cost reduction potential than iRhythm’s products."

"Oatly's seminal internal sustainability study from 2013 discusses the importance of transportation costs, accounting for nearly 1/3rd of its environmental impact."

"The hostile work environment fostered by Paradise and Chafkin at Skillz has resulted in frequent staff turnover as well as a nearly 100% executive level turnover."

"It is clear to us that this is a figure that the market never believed in, as can be seen from the following charts – a demonstrable futile exercise on BP's part."

"Not only is the current strategy not delivering its financial targets, but BP is also demonstrably significantly lagging the operational performance of its peers."

"Twist’s “chip” - a miniaturized well plate - is simply a self-defeating gimmick for the purposes of a stock promotion, which requires numerous compensatory steps."

"We find the sudden spike troubling, as Twist has historically been a very low capex business – roughly a mere $2 to $5MM per quarter for years, prior to the spike"

"We conducted an anonymous, informal survey with senior stakeholders in the finance sector in New York, and discovered that their opinions of BNY have not shifted."

"P&G's leadership has promised many incremental improvements to P&G's structure over the years, including numerous changes under the watch of current Board members"

"After normalizing for capital structure, we believe Bristol-Myers would generate greater earnings per share on a standalone basis than the combined entity by 2023"

"Arbitrageurs take advantage of the peg and keep Hong Kong short-term rates (HIBOR) in line with LIBOR, irrespective of the suitability of such rates for Hong Kong"