Callouts & quotes from 26,677+ activist slides

"Management's initiatives have not been enough to reverse Southwest's declining profitability despite management's frequent reaffirmation that they are delivering"

"HHC’s redeveloped and revitalized Seaport District will serve as a premier destination for New Yorkers and as an anchor for the growing Lower Manhattan community"

"Prior to COVID-19 pandemic, Wall Street analysts believed 2020 revenue could be less than that achieved nearly five years ago, despite strong industry tailwinds!"

"All options require human interaction with no pre-set forms to categorize or filter requests, which creates additional work for the customer service organization"

"Glimcher occupancy benefitted in Q1’09 from the signing of temporary tenants to one year leases that had previously been excluded from the occupancy calculation."

"Total revenues do not explicitly exclude related-party revenues through entities the CEO has an interest in. These have historically amounted to ~2.5% of revenue"

"Engine believes the Board should immediately initiate a strategic process to determine what one or multiple buyers would be willing to pay for Parkland's assets."

"The Company seemed confident it could achieve $1.3 billion of Adjusted EBITDA in its core business, but was less certain regarding outcomes for its TiO2 business"

"TWX's stock has underperformed by 51% a weighted index comprised of a basket of pure play stocks based on the operating income contribution of each TWX division."

"From at least 2016 - 2020, DV prominently displayed on its homepage that its technology is patented. However, it no longer emphasizes this claim on the homepage."

"If TASK traded closer to peer multiples at 2.5x – 3.4x and 13x – 14x 2022E sales and EBITDA, its share price would be 25% – 50% lower ($17.80 – $26.70 per share)"

"All Herbalife distributors must pay a 7% packaging and handling charge (“Surcharge”) on the Suggested Retail Price for products ordered directly from the Company"

"Herbalife’s inflated Suggested Retail Prices for its products mask the fact that the Recruiting Rewards earned by distributors vastly exceed their Retail Profits"

"The Latino business is now about 61% of the U.S. business, 46% up. One of the big things, markets that we are going to penetrate next year is the college market."

"Herbalife’s ‘buyback’ policy is effective at limiting product returns. Therefore, we believe the 0.4% return percentage is not a useful indicator of Retail Sales"

"By separating into two smaller companies, we believe PPG could participate more easily in prudent M&A (more organizational capacity to do strategic acquisitions)"

"Phillips does not provide historical indicator data from the defined mid-cycle period ('12-'1) or sufficient disclosure for investors to calculate it themselves."

"In fact, we show that, after adjusting for Mailchimp's estimated international revenue, Intuit's international revenue has grown at just a 1% CAGR since FY 2022."

"Organizational focus on fixing MO&P issues may have caused management to "take its eye off the ball" with regard to product innovation, marketing, and operations"

"The only area where Perion did not grow employee headcount in 2022 was in sales and marketing while other cost centers increased. We view this as a bearish sign."

"Our incremental value creation proposals are aligned with, and extend the effectiveness of, Management’s Plan and seek to maximize value across TIM’s businesses."

"Why is the Board in such a rush to spin off Red Lobster before evaluating candidates with significant operational, turnaround, and public company CEO experience?"

"We believe the best valuation comparable to Porch is The Active Network, which was acquired by Vista Equity in 2013 for $1.05bn, or approximately 2x EV/Revenues."

"The only brief Bluebell provided to its Board candidates is to review the status of the transaction, and act in the best interest of TIM and all its shareholders"

"While on the surface it appears Stryker has made progress with its inventory to sales ratio improving, the reality is that there has not been much progress made."

"We believe Stryker has been delaying Capex to temporarily boost cash flow, especially as it has to pay down debt related to the Wright Medical Group acquisition."

"TAL’s related party disclosures generally fail to provide required detail. Opacity is the friend of fraud, and in this case is a failing on the part of Deloitte."

"And yet, in their earnings presentation, TFS advises that it has recorded sales for the Beyond Carbon plantations to the value of ~$29m over FY 2009 and FY 2010:"

"Our slate's vision includes installing Alan Kestenbaum, a steel industry legend who executed a successful turnaround at Stelco, as a replacement for Mr. Burritt."

"Rollins Has Relied Heavily On M&A To Grow, But No Sell-Side Analysts Are Talking About The Billions Of Dollars From Private Equity Money Flooding Into The Sector"

"While the analysts believe that demand is strong in the Southeastern part of the U.S., contract awards in ROAD’s most critical state of Florida have decelerated."

"BEKE’s platform lists detailed information for its existing home transactions for the store under the tab called “dynamic list of completed transactions” (成交动态)."

"Carvana at $70 is priced as a tech disruptor, but it's 'just a dealership' with CarMax-like unit economics and a levered balance sheet — fair value is $16, -77%."

"A downward revision in this account could indicate that Viterra was overstating its PP&E or that the assets were obsolete or less useful than previously assumed."

"We see approximately 55% – 80% downside risk to Bunge’s share price and expect the share price to underperform the agribusiness sector and overall equity market."

"Because of its higher ROIC, improved free cash flow profile, and more efficient capital structure, Target Corp’s EPS growth will exceed that of Target Standalone"

"Because of its higher ROIC, improved free cash flow profile, and more efficient capital structure, Target Corp’s EPS growth will exceed that of Target Standalone"

"Assuming PSH generates 15% gross returns, the fee offset from the illustrative new fund alone will reduce PSH's performance fee percentage from 16.0% to 13.5%(2)"

"Ginkgo and Zymergen “were always looking jealously as each other”; not much differentiation between the two; “more similar to each other than they are different”"

"We believe Autodesk, Inc. ("Autodesk" or the "Company") is an attractive business with sustainable competitive advantages and a long runway for continued growth."

"Why is revenue growth “the most significant driver of business performance” when ill-advised M&A could destroy (and has destroyed) significant shareholder value?"

"With a vertically integrated supply chain, Hyundai Motor Group is capable of maintaining lower cost of production as compared to peers to remain cost competitive"

"Management’s initiatives have not been enough to reverse Southwest’s declining profitability despite management’s frequent reaffirmation that they are delivering"

"Our Board Concluded that Starboard Missed Important Details in its REIT Valuation Analysis Thereby Leading to a Flawed Conclusion on the Value Creation Potential"

"The breakdown – combined with comments from Nevro’s own consultants and ex-employees - suggests to us that the speakers program is a kickback scheme in disguise."

"The wild west dynamic is far from a bug: it is a feature specifically engineered, in our opinion, to promote over-utilization and the abuses that KOL’s describe."

"Exploiting individual patients are sources of recurring implant revenue is so prevalent that one KOL described stimulators as simply “a lease that you trade in.”"

"Much of Silicon Valley has learned the lesson: If Wall Street can't be counted on, the key to survival is a rainy day fund that will get you through tough times."

"With the closing of the ESC Transaction and HCP JV/Restructuring, the mix of BKD's units significantly improved, reducing volatility and increasing profitability"

"We believe BKD's corporate governance structure falls short of industry 'best-practices', limiting the rights of the true owners of the Company, the shareholders"

"Vitek Seems to Have Used CPI PG to Finance a New Superyacht for his Personal Use Calling into Question Whether There Was Any Good Rationale for Acquiring Polma 1"

"Limbach previously disclosed its key customers for both general contractors and its owner-direct relationships but has not disclosed this information since 2020."

"The purpose of the jets, at face value, is disingenuous: the company is a one-trick pony in liver, with liver at 73% of total revenue in the most recent quarter."

"I kept having really weird things happen, like I kept going out with brand-new surgeons and they were taking a really long time, so I was just paranoid about it."

"Large, pre-eminent transplant centers have eliminated or sharply reduced usage; its remaining high-volume customers indicate they are in the process of doing so."

"Despite significant acquisitions and investments, we believe the losses in the Display business have increased from $428 million in 2009 to $545 million in 2011."

"IRBT’s financials are littered with warning signs: For example, we observe a large and unexplained quarterly surge in accounts receivables in the middle of 2013."

"Nov 1st looms as a key date when $168m in coupon payments are due on the 2030 notes (the single largest payment in a quarter when $255m is due, see table below)."

"The data do not match. In case Soleno deletes the papers, we took a screenshot and provide cached pdf links. Perhaps someone forgot to remove the original paper."

"Investigator indicated muted enthusiasm from PWS families and is not reaching out to put them on Vykat, but is willing to submit start forms for those who insist"