Callouts & quotes from 26,677+ activist slides

"Timken’s Bearings Sales growth over the last five years is virtually identical to SKF’s, implying that the revenue synergies from integration are negligible"

"Ardehali is a self-promotional, LA-based “celebrity surgeon” who gives TED talks with claims about the OCS pump that we view as false, reckless, or quackery"

"TransMedics would then hijack and take over the organ allocation process from the OPO, and bypass the match list to start offering the organ preferentially."

"The ex-OCS specialist stated that TransMedics executive team is on text messages and internal chats to direct the scheme during organ procurements in the OR"

"We believe a major reason for FirstGroup’s consistent underperformance since 2008 is the Company’s increased complexity following the acquisition of Laidlaw"

"BOL has likely been misunderstood because the complexity of its structure makes it infeasible to use Excel to estimate the percentage of circular ownership."

"The point of Soleno’s, in our opinion, is to create the illusion of a Tmax shift, as shown in the graph - that the suspension spikes quickly vs. its tablet."

"I have not really talked to colleagues...and one endocrinologist said she did not see a big difference...she just said a lot of her patients didn't respond."

"It appears that LSPD loosened its revenue recognition policies post IPO to allow for recognition "on the date the services are made available to customers"."

"LSPD has not actively pointed out multiple changes to its ARPU KPI disclosure. We had to figure this out by close examination of its filings and statements."

"Recent consumer spin-offs have generated significant total returns relative to the S&P 500. Many of these companies were struggling prior to the separations"

"For example, it shows that Abbot, J&J, Merck, Pfizer, and others all tried and failed in their H3R programs for narcolepsy and excessive daytime sleepiness."

"The BEA board should, in the best interests of BEA shareholders, conduct an auction process to explore the scope for a sale of BEA at an appropriate premium"

"Thus, the flimsy foundation upon which DCCR’s efficacy rests is a worsening of hyperphagia, as assessed by HQ-CT scores, in the placebo group over 16 weeks."

"The FTC settlement requires a “top to bottom” restructuring of HLF’s business model to “dismantle the alleged deception” and “start complying with the law”."

"We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future."

"We are calling on the Board to collaborate on the following changes to strengthen oversight and select the best new CEO to lead the Company into the future."

"Despite significant share price appreciation in 2016, we believe the shares of a reformed Fannie and Freddie will be worth a multiple of their current price"

"Atkins' conduct directly violated his fiduciary duty as a partner of TSG and TMG to refrain from personally profiting from the misuse of partnership assets."

"We believe Simpson Nursery and May Nursery were only involved to help Trulieve get it’s license, and show no signs of operational contributions to Trulieve."

"This reminded us of the China-based frauds we exposed a decade ago, who simply didn’t have enough employees to be manufacturing in the volumes they claimed."

"GSX is the only publicly traded Chinese online education company that consistently reports bottom line profitability and an overall superior margin profile."

"Cumulatively, we expect CAIC, MCY’s subsidiary, to incur over $2 billion in losses between their landlord and homeowner (HO-3) policy exposure to the fires."

"While the company markets its offering as “Quantum Computing as a Service” (QCaaS), the reality is far from anything resembling a scalable, SaaS-like model."

"Key customers are “really struggling about what to do”; “it’s painful, extremely painful” to use Lasertec’s tool; “it would be stupid” to buy more machines."

"GoDaddy trades at an almost 40% discount to this broader set of technology companies with a similar revenue growth profile and a high recurring revenue mix."

"Under AAP’s current distribution strategy, massive potential sales are left on the table due to products that cannot be delivered in the required timeframe"

"Given its super-premium market positioning and well-above industry average growth potential, Worldpac would likely sell for or trade at a premium multiple."

"Despite foreign exchange revenue impact of approximately -10%1 since inception, ZTS has increased 49% from when we purchased our first shares in July 20162"

"Comprehensive initiative to simplify operations, improve cost structure, and better allocate resources to generate $300 million annual cost savings by 2017"

"Spruce Point believes Nuvei's financial reporting and disclosures are insufficient to allow investors to assess the quality of, and risks to, its business."

"Genius compares itself to "Online Gaming" peers, however, we believe these consumer-focused companies with brand recognition are not direct peers to Genius"

"“One-time” charges recur annually, and yet Avery would like investors every single year to ignore these costs as “adjustments” to increase margins and EPS."

"Spruce Point believes Stan Avery, the founder of the Company would not be happy with the direction the current management and Board have taken the Company."

"Spruce Point believes the market is overvaluing GFL, in part by not accurately modeling the impact of its TEUs which further increase its enterprise value."

"The Executive Chairman and CEO, who have spent a cumulative 74 years at Southwest, have presided over a period of stunning underperformance at the Company."

"Southwest needs new independent directors with relevant expertise to challenge entrenched thinking, drive strategic changes and hold management accountable"

"What was most surprising to city officials, is that a Florida firm with no presence in the state made an offer 113% higher than WTRG’s $54.1 million offer."

"Spruce Point cannot reconcile the 2021 operating revenue bridge, as displayed in the year end investor presentation, with the disclosures made in the 10-K."

"Despite ranking favorably in this category, we will show why we believe Generac is losing market share and margins are under pressure from price deflation."

"Mr. Colligan lacks relevant retail board experience and most of his public board experience consists of service on the boards of underperforming companies."

"We believe LODE's CEO Corrado De Gasperis has an abysmal track record of failure. After promising a turnaround at Barzel, it abruptly fell into bankruptcy."

"Among the 60 companies in the S&P North American Technology Software Index (IGV), Commvault, a member of this index, has the third-lowest revenue multiple."

"To maximize effectiveness, Sales Enablement should become the focus in order to drive growth through improved productivity, not simply increased headcount."

"A sharp rise in interest rates poses a risk to equity investors as the Company currently has approximately US$8.4 billion of net debt on its balance sheet."

"Your current silence and the failure to implement the measures announced suggest to me that everything you have made known was clearly nothing but hot air."

"Technically maybe Superb Summit did not fail in buying “not more than one billion cubic meters” per year of natural gas, as it appears to have bought none."

"We believe Frontier's $153.2m credit exposure should have been reported in the 10-K as it was quantitatively larger than other customers that were reported"

"Many of ADP's retained Enterprise clients are legacy payroll, benefits, and HR clients, while some retained clients use competitors (i.e., Workday) for HCM"

"The new and expanded event schedule across the parks can be a low-cost, high return driver of attendance, giving guests multiple reasons to visit Six Flags"

"The consequences of management taking its “eye off the ball” in Refining (some of which predates Mr. Lashier’s tenure) have proven costly for shareholders."

"We believe the Red Lobster transaction highlights the incumbent Board members' attitudes towards shareholders and their inability to create value at Darden"

"FDO’s substantial gross margin opportunity and high percentage of sales in low-priced necessities, provide a margin of safety against commodities inflation"

"More recent IPX press releases also do not appear to have gained much traction or converted to committed customer contracts that have produced revenue yet."

"Trian believes that Disney's recent performance reflects the hard truth that it is a company in crisis with many challenges weighing on investor sentiment."

"VW employees painted the Quantumscape “partnership” as just a passive equity investment without any real R&D component or even proper access to their data."

"I would say that's almost certainly the case. It certainly was the case when I worked there. We built 300 cells a day, and a few of them were okay to test."

"Its 10K filing, however, suggests that the thickness is a problem – "our business could fail" if we can't reduce its thickness and overcome other barriers."

"Other merchant refiners maintain access to advantaged crudes through commercial arrangements with pipeline operators without the need to own the pipelines."

"Increasingly volatile macroeconomic and geopolitical environment creates opportunities for our asymmetric hedging strategy as well as risks for the company"