Callouts & quotes from 26,677+ activist slides

"Pay close attention to the customer and processing claims made by LSPD while a private company. Even in 2015, its customer and GTV claims are wildly conflicting."

"Herbalife participants refer to Retroactive Credits as "pay" and "salary," and Herbalife withholds taxes on these payments of Retroactive Credits to participants"

"Because Herbalife does not limit the number of downlines, some Distributors view their organizations as “suns,” with lines emanating 360 degrees from the center."

"The footnote in this chart, saying it does not include China in its methodology, suggests that China's compensation plan is different from the rest of the world."

"The paper states that 90% of the patients who discontinued did so within 3 months, so the 12-month discontinuation rate of 30-50% is a 90-day figure in disguise."

"The big takeaway is that the salesforce is not incentivized in any shape or form to keep patients on drug, to sustain volume. It is purely a new patient machine."

"Our research indicates a HARMONY 2 trial was in fact conducted - only to fail and be buried, with the oddly-named “1-bis” inserted in its place as “2” was taken."

"The big takeaway is that the salesforce is not incentivized in any shape or form to keep patients on drug, to sustain volume. It is purely a new patient machine."

"Are we really to believe that Carvana operates just one business, and that originating/selling subprime auto loans is not economically different from auto sales?"

"I must object that, despite my requesting it at the information table up at the front, I was rather arrogantly refused a copy of the separate financial statement"

"Note that Apple has already received approval for sleep apnea monitoring, one of the new applications iRhythm has been pitching to investors since at least 2019."

"Incremental revenues from L4 represented at least 3.9% (not 1% to 2%) and probably closer to 5% as our work suggests that L4 was likely growing over 20% per year"

"To the extent its whiskey value declines or ‘storage losses’ result in lost inventory, MGPI’s borrowing base would shrink and mandatory prepayment risk increases"

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

"We believe Southwest's Board lacks the airline industry experience and independence required to hold management accountable and drive necessary strategic changes"

"Whilst 50 miles range difference does not seem like much, it translates into a lot greater capability for the Joby Aviation S4 over the Archer Aviation Midnight."

"History may not be repeating itself, but it certainly is rhyming. We expect a crash back below $3 as the company either dilutes or fails to retain key customers."

"Please note that according to hotel policy and Accor Standards, we are unable to confirm accommodation for guests under the age of 18 unless they are accompanied"

"Diese Vorfälle schädigen nicht nur den Ruf, sondern zeigen auch, dass verzweifelte Maßnahmen erforderlich sind, um unterdurchschnittliche Ergebnisse zu erzielen."

"Spruce Point has serious concerns with Enfusion's description of Platform Revenue drivers in 2022. A major discrepancy occurs with the implied impact from Q4'22."

"The combination of increased buyside due diligence coupled with mitigation of conflicts of interest and a new payment scheme can restore the integrity of ratings"

"We contrast Lasertec's low ~60% uptime with 96% for ASML's EUV source, according to data they presented at an SPIE lithography and patterning conference in 2023."

"Today, Valeant Pharmaceuticals International, Inc. issued a press release announcing that the Board has appointed Joseph C. Papa as Chairman and CEO of Valeant."

"Remitly makes vague reference to a partnership with a microlending nonprofit (we identified Kiva) and puts advancing funds on behalf of customers as a new risk."

"We believe the Board must take immediate action to improve margins, optimize capital allocation, and enhance governance to unlock significant shareholder value."

"Nuvei listed Allan Lacoste below its CEO and CFO on the investor relations website. Most recently, his biography is no longer listed under Executive Management."

"However, we expect a further re-rating lower in the share price if HTA's audit committee opens an investigation into its abnormal financial reporting practices."

"Spruce Point has a strong track record of exposing highly promoted industrial roll-ups before investors figure out that the businesses had inflected negatively."

"Spruce Point believes shares of GFL Environmental (TSX/NYSE: GFL), a cash degenerative North American roll-up of environmental service companies, are worthless."

"In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"We often get asked when is the right time to short a roll-up? We think there is compelling evidence that argues now is the time to be short Essential Utilities."

"The Board's own skill matrix shows that Mr. Jagdfeld lacks expertise in M&A and clean energy markets, which is exactly the strategy Generac has opted to pursue."

"Doug Cole failed to disclose his role as a Director at Sysorex despite just joining the Board over a year ago. Sysorex is clearly a troubled company at present."

"There is an approximately US$250 million discrepancy between what AMT claims to have paid for the acquisition of towers in Brazil, and the actual selling price."

"As more fully discussed in Appendix A.6, applying a multiple to AFFO is not an appropriate valuation methodology for an alternative REIT such as American Tower."

"Carvana improperly gives customers the impression that CarvanaCare's terms are similar to those of manufacturer warranties, when in fact they are more strict..."

"We believe this is nonsense. There is a clear standard of care for BPH that logically ramps the level of intervention based on the severity of patient symptoms."

"Tessera must re-evaluate internal R&D spending to ensure that every dollar spent has an acceptable expected return on investment within a reasonable time frame."

"Are we really expected to believe these individuals were identified by “a third party search firm” and their relationships with Chairman Hill are a coincidence?"

"To be clear, we believe CCI is significantly undervalued on an absolute basis, and not simply relative to dividend paying companies across a range of industries"

"It is the largest interactive fitness platform globally, with a loyal community of over 3 million monthly subscribers who take over 48 million monthly workouts."

"The change in composition in IT spend between legacy systems and new development is driven by higher absolute spend vs. a true reduction in legacy systems spend"

"Bolloré's circular ownership structures across his complex entities are used to entrench control and exploit gains at the expense of other minority shareholders"

"Q1 and Q2 2019 days inventory were higher than 2018. The slowdown in CTC's ability to move inventory to its dealers is a sign of weakness in its retail channel."

"The Xerox synergy valuation assumes both flawless execution AND massive post-closing multiple expansion for the combined company, neither of which is realistic."

"Does the creation of this committee suggest challenges with government relationships or a lack of important government relationships in the cybersecurity space?"

"Note that this is a legacy product. Therefore, the website alteration cannot be attributed to a genuine product spec change. This is simply blatant obfuscation."

"Note that this is a legacy product. Therefore, the website alteration cannot be attributed to a genuine product spec change. This is simply blatant obfuscation."

"Greenlight can only conclude management, through Mr. Walton’s assertions, desperately wants the public to believe Greenlight has been negligent in its homework."

"While some marketing savings could be realized quickly, larger advertising reductions will be timed to phase in as more effective digital marketing is ramped up"

"The Company is trading at a steep discount to both publicly-traded family-dining restaurant companies and packaged food companies, as is shown on the next page."

"Maybe this impresses people by saying that you've killed the dendrite problem, but the real proof is doing the test hundreds and hundreds of thousands of times."

"Under the incumbent Board, McDonald's remains wed to its meat-based strategy despite a growing plant-based foods market, which is now over $40 billion worldwide"

"Combining our estimates of cash collections per paying member per year with estimated member churn yields a nine-year payback period for EHTH’s booked revenues."

"Even when measured against a wider group of companies, PowerSchool stands among the companies who are most aggressively capitalizing software development costs."

"When Huntsman first acquired Textile Effects in 2006, the business was healthy and profitable, with $92 million of Adjusted EBITDA, and strong growth prospects."

"A rising tide lifts all boats. We believe Huntsman's performance seems to be the result of favorable macro conditions rather than skillful management execution."

"While some marketing savings could be realized quickly, larger advertising reductions will be timed to phase in as more effective digital marketing is ramped up"

"In addition to not receiving broad support at Xylem to be on the Board, Ms. Harker also had the highest amount of votes withheld for her election at Stride Inc."

"In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"