Callouts & quotes from 26,677+ activist slides

"Spruce Point believes the bull case has been misguided ever since Dropbox’s highly promoted IPO, and that cracks are finally emerging everywhere in the story."

"Considering these circumstances, we question why Zebra chose such a short useful life and did it reflect concerns with the allegations made in the litigation?"

"Based on our research, it appears Reflexis has experienced limited new customer growth and some customers are under distress and/or with low growth prospects."

"We are short Skillz, Inc. (Nasdaq: SKLZ) because its top games appear to be stagnant to declining, leading us to believe its revenue projections are farcical."

"Twist is not a big vendor, and they cannot offer many different things. They have their market, which is laboratories in universities and smaller startups...."

"Twist is not a big vendor, and they cannot offer many different things. They have their market, which is laboratories in universities and smaller startups...."

"Strategic investments are unlikely to reach breakeven until at least 2019, assuming Management does not underperform on its current plan as it has in the past"

"Senior leadership should be hands-on and actively focus on cultivating client relationships, and the CEO needs to be active as the face of the firm to clients"

"We question how the Company can manage this huge component of expense growth without detailed visibility and thoughtful analysis of its components and drivers"

"Trian believes P&G’s decade-long record of underperformance relates in great part to a culture that is insular – rejecting outsiders and new ways of thinking."

"We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade."

"If P&G can achieve its underlying earnings potential of $6/share by FY 2016, P&G would be worth $125 per share in approximately two years, including dividends"

"The notion that a decade from now, universities are going to be paying half or two-thirds of their revenue for some marketing and tech services is ridiculous."

"In our view, WD-40 has no visibility in an economic recession. It missed FY 2009 sales and EPS estimates by 13% and almost 10% at the mid-point, respectively."

"This means that Bristol-Myers is assuming that Celgene can produce, on average, 10 blockbuster drugs in 8 years...after only producing 3 in the last 15 years!"

"This means that Bristol-Myers is assuming that Celgene can produce, on average, 10 blockbuster drugs in 8 years...after only producing 3 in the last 15 years!"

"This means that Bristol-Myers is assuming that Celgene can produce, on average, 10 blockbuster drugs in 8 years...after only producing 3 in the last 15 years!"

"This means that Bristol-Myers is assuming that Celgene can produce, on average, 10 blockbuster drugs in 8 years...after only producing 3 in the last 15 years!"

"Moreover, the Company recently retracted a long-standing claim that its relationships allow it to understand where best to procure various product categories."

"Unlike most companies, and deviating from SEC guidelines, Amdocs provides limited details regarding executive or director remuneration on its proxy statement."

"Southwest’s operational meltdown stranded 2 million customers over the holidays and drove 30%+ share price underperformance relative to peers over 2 months(1)"

"After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct."

"Commit to a mid-30% consolidated EBT margin (35% servicing and 40% Investment Management) by 2014 and to leveraging compensation and non-compensation expenses"

"Our linear regression on similar companies suggests a valuation based on EBITDA of approximately 11.0x which equates to a price target of approximately $28.00"

"The two co-founders of Movers+Shakers appear to have been close with Alison Mack (sentenced to prison) and Nikki Clyne, two central players in the NXIVM cult."

"As compared to comparable companies and transactions, Elliott's $21.00 offer represents a higher premium and higher multiple than the median valuation metrics"

"Allocating M&S to refining significantly widens the opex/bbl gap, suggesting there is even more operational upside if the refining system was run efficiently."

"The Company's actual net leverage ratio ended up significantly higher than what had been communicated to shareholders at the time of the Rockwood transaction."

"RINO's raw material balances have not grown in line with sales. Raw materials are one of the best – if not the best – ways of gauging a manufacturer's output."

"This analysis yielded an implied enterprise value for Networks of $39.5 - $43.5 billion implying 12.2x - 13.4x 2006PF OIBDA (excluding unconsolidated assets)."

"Based on these assumptions, the DCF valuation is approximately $43.3 - $49.3 billion ($44.7 - $50.6 billion including the value of the unconsolidated assets)."

"MH Education would be better positioned to compete standalone with greater attention and incentives to reverse share loss and direct the business for success."

"After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct."

"Despite being identical products, IKEA’s buyer catalogue is between 18% and 35% cheaper than the regular CSTE agent’s retail price, and includes installation!"

"The Samsung group ownership structure is complicated by legacy treasury, circular and cross-shareholdings which create a significant drag on shareholder value"

"Allocating M&S to refining significantly widens the opex/bbl gap, suggesting there is even more operational upside if the refining system was run efficiently."

"The amount paid into the “Clean Advantage” program to date is at a minimum $100 million and growing, making this THE LARGEST CLEAN ENERGY FRAUD in US history."

"At least Intuit discloses QuickBooks revenue, which is more than we can say for the NINE other revenue streams that comprise the SBSE “services” sub-segments."

"We believe that with resolute and decisive action, Phillips 66 is primed to deliver far greater returns for its shareholders than it has over the past decade."

"If we are largely correct about the inflation of France retail EBITDA, it means that the core business in France has been in a significant decline since 2013."

"Plasma based sources are the dirtiest parts in EUV tools. In inspectors, the problem of isolating the mask from source debris is more severe than in scanners."

"Former employees repeatedly confirmed one of the most devastating findings from customer interviews – that the machine is not robust enough for commercial use"

"We estimate the future payment obligations for just the apartments under construction to be in excess of ~€220 million and coming due over the next few years."

"Stryker talked a big game in its deal to acquire K2M Group to bolster its spine business. The CEO said it expected mid-single digit performance going forward."

"Spruce Point believes Stryker is becoming dangerously levered as it pays hefty premiums for low quality acquisitions that it has failed to properly integrate."

"We believe Magnite’s shares represent an incredibly poor risk / reward. The current sell-side consensus price is $21.71 which is ~20% below the current price."

"Unlike its peers, executive incentive compensation at HMA through 2012 has been based solely on EBITDA – with no focus on per share metrics or quality metrics"

"For a full year, HMA had given 2012 guidance to Wall Street that excluded HITECH incentive payments – while holding themselves to a much lower internal target"

"However, this restatement doesn’t jibe with the changes made to Note 5 in the 2009 AR, which provides a breakdown of costs included in the cost of goods sold."

"We intend to install an independent slate and legendary CEO to abandon the blocked deal, collect the $565 million breakup fee and Make U.S. Steel Great Again."

"Q4 is implied from full year results and not readily transparent but is starting to rapidly decelerate and that is before a slow down of new awards in Q4 2024"

"With today's oil price outlook, there are fewer new multi-million dollar, multi-year, international deepwater projects that benefitted Core in the last cycle."

"And because Core’s business is tied to this, its revenue held up in the down-cycle and then grew in the recovery right along with capex outside North America."

"BEKE claimed that the average price per new home was RMB 2.1 million from Lianjia stores and RMB 1.4 million for the connected stores in its 2020 20-F filing."

"and 10-year notes raised at 4.25% and 4.75%, respectively and for $2bn incremental debt assumes 7-year and 10-year notes raised at 4.5% and 5.0%, respectively"

"EHTH's overstatement of future commissions booked as upfront revenue by approximately $128 million, detailed above, means that sales are exaggerated by 33.8%."

"Freedom Holdings has faced criticism for their questionable business practices, including their IPO model, Potemkin board of directors, and lack of oversight."

"Is it possible that PGNY inflated the amount of member lives that would be added from the 2022 selling season to cover up for an underwhelming selling season?"

"How did the PGNY existing client member base grow by only 100,000 members when just four clients, AMZN, MSFT, GOOG, and FB/META, grew by nearly 150,000 alone?"

"WE BELIEVE THE BOARD'S SEEMING DISINTEREST IN DEMANDING ACCOUNTABILITY IS DUE TO STRONG INTERCONNECTS AND PERSONAL LOYALTIES BETWEEN BOARD MEMBERS AND THE CEO"