Callouts & quotes from 26,677+ activist slides

"Given the evidence we’ve presented that USCR’s GAAP financials cannot be taken at face value, we believe the best way to value the Company is on Free Cash Flow."

"There has been rampant M&A activity in the packaged foods space, which has served to highlight the very high valuations associated with packaged foods companies"

"However, train speeds remain ~10% below 2019 train speed levels and these recent train speeds are on depressed levels of volume in the Norfolk Southern network."

"The balance sheet shows strong evidence to suggest channel stuffing. Inventories ballooned to a record THB 28.4m while receivables growth far outpaced revenues."

"Simulated steady-state plasma levels of DCCR and Proglycem QD with no change in bioavailability and shifting Tmax from 6 to 12 hr. Curves nearly superimposable."

"Trial investigator #2 implied that Soleno played hardball to silence critical trial investigators, which we find startling given their stature in the PWS field."

"We believe this is evidence that some acquisitions should have their goodwill and intangibles impaired. However, LSPD has failed do take any impairment charges."

"We have updated our model to reflect Q3 2008 results as well as revised guidance provided by Target management on its earnings call on Monday, November 17, 2008"

"The lawyer indicated the tactic is spurious and that an IPR would be prejudicial against the company, as it establishes an attempt to mislead the patent office."

"Other events include spontaneous abortion and withdrawal symptoms – which we find interesting as the drug is marketed as having no dependency issues whatsoever."

"The trial showed that pitolisant was inferior to modafinil in reducing excessive daytime sleepiness (EDS), the primary endpoint, and also inferior in cataplexy."

"So this Jinjiang Yundong is managing the HR and the finance of the subs, right? Yes, that's right. Finance, retail (零售), right, right, all of these subsidiaries"

"The Draft Guidance provides several examples of uncontrolled risks. One examples is strikingly similar to the vulnerabilities and attacks MedSec has discovered:"

"FTAI Management Claims to be Immune From a Significant Supply-Demand Shift in the Market. But if This Were True, Why Would EBITDA Margins Be Falling So Quickly?"

"Based on analyst estimates for 2018 EBITDA, PAH shares would be valued at more than $19, nearly 75% above current levels, if it traded at current peer multiples"

"A positive working capital means there's a cash surplus from the company's working capital needs while a negative working capital means there's a cash shortage."

"Secondly, the company's gross margin declined sequentially in Q3 2019, reaching its second lowest level since the company started reporting earnings in Q3 2013."

"We weren't able to locate previous transaction history of the property and give the company benefit of the doubt and do not allocate a discount for overpayment."

"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"

"If the GSEs increase their capital levels and become pure mortgage guarantors, they can be a simple, low-risk, and effective solution for housing finance reform"

"The simpler explanation is that Archer silences all videos because the noise levels for Midnight are unsatisfactory and would undermine their marketing efforts."

"Adding multiple different demos together to create the impression the design can accomplish all capabilities simultaneously is both misleading and disingenuous."

"If the GSEs increase their capital levels and become pure mortgage guarantors, they can be a simple, low-risk, and effective solution for housing finance reform"

"We believe the company is hiding a flawed business model with abysmally small revenue potential behind a façade of big-name announcements and lofty projections."

"PMV’s website and investor communications are filled with general p53 information designed to intrigue retail investors but lacks current data and hard science."

"We believe that in just a matter of a few days, PMV Pharma will head down the same path as Aprea, its stock dropped 77% on the Phase 3 failure in December 2020."

"In addition, after removing the biological asset adjustment effects on gross profits, we see that there is actually nothing special about Trulieve’s operations."

"Chapman even offered a testimonial to Clark Street for its website, declaring its lobbying positioned “us for substantial funding that has been transformative.”"

"When you read DVLT’s press release, it sounds to us like they own or lease the building, or at least a few floors, but we went and visited and that is not true."

"TSMC would theoretically require 110 of the Lasertec tools at $50MM each to cover their daily mask throughput of 550 – implying an absurd $5.5 billion of spend."

"NNOX appear to be less than transparent about this troubling fact pattern, as the October 28, 2019 agreement is not referenced anywhere in the Final Prospectus."

"Three CFOs within the past five years; Three heads of technology within the past five years; Switched head of sales four times over within the past five years."

"At a minimum, there is a misconception that Genius provides betting data for NCAA events. At worse, Genius is violating the terms of its NCAA media partnership"

"Based on our review of FIGS stated competitive and product advantages, we believe that practically none of them are sustainable and most are easily replicated."

"Since the IPO on the London Stock Exchange in May 2013, Platform’s share price has increased 144%, including the attached warrants associated with the offering"

"Across a selection of popular models, Carvana cars are 1.5% more expensive than CarMax cars on average, and have 0.6% less mileage than CarMax cars on average."

"From 2009 to 2012, Tessera's revenue declined 21.8% while total operating expenses actually increased 40.7% resulting in a massive decline in operating income."

"1.10x Coverage Scenario would place CCI #8 in the S&P 500 in terms of dividend yield – a severe valuation disconnect which simply could not persist in our view"

"The narrative that Phillips has sub-par assets is the result of recent operational shortcomings, with the market previously viewing the assets as best-in-class"

"This “Anta Group Self-Operated” online store is clearly NOT being run by an “in-house team”, but by a private, non-ANTA company, owned by one of its employees."

"I would ask them to plot two different graphs - what's the actual capacity you've charged within 15 minutes? What's the absolute number in terms of watt-hours?"

"We believe the machine doesn't exist and that the announcement was part of an ongoing pattern of fraud that its CEO and co-founders are now trying to cover up."

"Luxor's error is further reflected in its quarterly dividend estimation of $3.70 per share – significantly higher than the actual dividend of $1.836 per share."

"We believe that the conflicts and private sector corruption often present in China business will include most to all foreign firms that offer similar services."

"The process improvements most often cited by physicians were mapping speed and informative visualization, which changed the way they treat complex arrhythmias."

"Tecovas has moved into many of BOOT's markets while staking early moves in other large metro areas such as Atlanta, GA and Charlotte, NC ahead of BOOT's entry."

"We Believe PowerSchool’s Revenue And Adjusted Financials Are Inflated By Aggressive Accounting Practices And That It Is Materially More Levered Than It Appears"

"To counter revenue pressure, Fixed-Satellite Service (FSS) operators have started to aggressively cut capex and will likely make additional cuts going forward."

"It would seem that Pioneer has not adjusted its resource estimates for lower prices. Surely, some opportunities that were economic before are not economic now."

"Analysts agree. Here’s data from Goldman Sachs showing the economic break evens for various global oil fields, with Pioneer’s Permian field highlighted in red."

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

"Arconic is targeting 200 bps of margin expansion over the next 3-5 years in GRP. 159 bps are already baked-in simply as a result of exiting Tennessee packaging"

"There is no reason to “get cute” with Arconic’s governance improvements. A culture that welcomes accountability will welcome best practice corporate governance"

"We believe the 85.9% gap between the RMB 156.3 million in revenue in the credit bureau reports and YY's claimed RMB 1.1 billion is suggestive of massive fraud."

"One day, RCT_Khan’s number two top contributor suddenly changed to Fahmi NAGA! RCT_HYUN BIN was erased and replaced. Bigo swapped the profiles of a massive FU."

"The inescapable conclusion we draw from AtriCure’s financials is that developing and selling surgical ablation devices is a structurally unprofitable business."

"We firmly believe that this apparent margin superiority is due to fraudulent manipulation of ANTA's financials through the relationships with the distributors."

"Prior to Lin Sankuang’s involvement in Shanghai Sijie, Hong Yanqing, one of the early key representatives of the Ding families, held the 30% minority interest."

"Spruce Point estimates that WSP's 2023 net order intake relative to acquired run-rate revenues looks even weaker at 83% vs. 91% for the deals acquired in 2022."

"Spruce Point believes Zebra's venture investments and some of its immaterial revenue acquisitions should be considered operating costs for analytical purposes."