Callouts & quotes from 26,677+ activist slides

"To assist in preparing this presentation, Pershing retained UBS Investment Bank (“UBS”) and Sullivan & Cromwell LLP (“S&C”) as financial and legal advisors"

"Autodesk produced meaningful margin improvement from FY2018 – FY2021, with adjusted operating margins expanding from (5%) in FY2018 to nearly 30% in FY2021"

"Verint's adoption of ASC 606 was a $51.5M benefit to net income in FY19. The recent increase in Non-GAAP Net Income does not reflect organic profit growth."

"Trading at 15.4x TTM EV/EBITDA, VRNT shares appear to be valued at a ~35% discount to the space on a TTM EV/EBTIDA basis, against the peer median of 23.6x."

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

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

"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."

"Over time, we expect HHH to fully exercise its call options on all tranches of PSH’s preferred stock and increase its economic ownership of Vantage to 100%"

"If the S&P can maintain structurally higher earnings growth driven by the top ten companies, we believe the P/E multiple should also be structurally higher"

"Kao’s Board is worst-in-class among global peers in coverage of skills specifically outlined as strategically necessary to achieve the K27 Management Plan."

"Management has persistently fallen short of its own financial targets, suggesting systemic problems with execution, forecasting, and investor communication"

"Disney cannot credibly blame Bob Chapek for the Company's problems given the fact Mr. Iger has been CEO or Executive Chair since 2005 for all but 11 months"

"In November 2020, Polma 1, which Vitek owned and for which CPI PG CEO Martin Nemecek served as director, established a new Maltese entity, BT 2 Vessel Ltd."

"On July 27, 2021—little more than a month after the Polma 1 acquisition—100% ownership of BT 2 was transferred to Vitek’s privately held Aspermont S.à.r.l."

"We believe if home-buyers had to contract with agents directly, a significant number would either seek to negotiate fees or go without an agent altogether."

"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."

"The facility services sector has become increasingly crowded with private equity-backed platforms, intensifying competition and accelerating consolidation."

"In addition to growing competition from private equity buyers, Limbach also faces pressure from larger industry incumbents when pursuing M&A opportunities."

"Note that the number that is shown in the URL is the teacher's User Number. Each user on genshuixue.com and gaotu100.com have their own unique User Number."

"Analysts have poorly forecasted USCR's financial results, which we believe lowers their credibility in valuing the Company. Estimates continue to contract."

"It could essentially be giving them a competitive advantage, if you can go in there and see what center has all the top listed, the sickest liver patients."

"Just two years ago, Norfolk Southern expressed significant concern about what the CPKC merger would mean for the Meridian Speedway and its interests there."

"All peer sets and all time periods yield the same conclusion: Autodesk’s share price has meaningfully underperformed over the short, medium, and long-term."

"It is well settled that the road to any recovery begins with an acknowledgement that a problem exists. We have yet to hear anything of this sort from Olam."

"The investigator indicated the generic liquid formulation is naturally more sensical – "everybody can take that, whereas not everybody can swallow a pill.""

"The FDA’s approach to mitigating CYP2D6-related risks – merely suggesting a smaller dose – is therefore naïve and defies clinical and commercial realities."

"Altogether these data suggest that despite the increased number of HDC cells, extracellular histamine levels are likely normal in patients with narcolepsy."

"Notice that BR has been losing clients and network members in the long-run. For example, in 2014 it reported ~10,000 corporate issuers, now down to 9,000+."

"An investment in Valeant shares on the day Mike Pearson became CEO has appreciated to ~45x its initial value in seven years including dividend reinvestment"

"According to county GIS map, the property 's building value is assessed to be $552,035 and $219,500, for a total of $771,535, merely 20% of what IIPR paid."

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

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

"As is evident from the pictures above, the facility is not all hands-on-deck manufacturing the promised fleet of aircraft. We also notice a few dozen cars."

"FF is like my child. It carries my lifelong belief, my resources, my passion, my only remaining spark, after years of sacrifice, battles, and hard choices."

"These data reinforce our concerns about the potency of the drug, with doses as high as 300 mg/kg needed just to maintain tumor size (i.e., stable disease)."

"This firm may be providing or promoting financial services or products without our permission. You should avoid dealing with this firm and beware of scams."

"When comparing this to EOS' latest updated backlog from their fourth quarter update, we can see that EOS has now barely exceeded their 2023 stated backlog."

"Despite foreign exchange revenue impact of approximately -10%¹ since inception, ZTS has increased 49% from when we purchased our first shares in July 2014²"

"TSMC is angry and began delaying purchases a year ago; new light source failed in the qualification period; EUV source “is just not stable” and “just dies”"

"We confirmed with two of the 2008 top 10 customers that ONP's purported sales amounts to them were false by at least a very large amount - if not entirely."

"It's not just cohort and transaction data or mobile wallets that Remitly ceased to provide, but also order completion and detailed LTV / CAC calculations."

"We believe that Remitly trades at an unsupported valuation premium to peers on the belief that its high revenue growth rate is sustainable and attractive."

"As results at Tim Hortons improve, investor focus will likely turn towards the company’s long-term growth opportunity and lead to share price appreciation"

"Pershing Square exited our investment as prospective returns became more modest as the market more accurately priced ADP's prospects for continued success"

"Due to the efficiencies of scale, management oversight & capital from international franchising, BWLD should accelerate its effort to grow internationally"

"Perhaps, removing properties that will provide difficult future comparisons is one way that HTA manages to a consistent Same Property NOI growth of ~3.0%."

"Spruce Point observes a changing of leadership at key roles starting in 2017. In 2020, we observe an accelerating departure of long tenured professionals."

"On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase"

"This appears aggressive, and we sensitize churn rates from 20%-34% in Year 21; from 5%-10% in Years 22-25; 21%-36% in Year 26; and 12%-23% in Years 27-30."

"Pramac's French financial statements mirror what we see at the parent level in the Italian accounts: large accounts receivable balances relative to sales."

"We believe investors should have very low confidence that ABML will reach even a fraction of its oft-discussed $200m revenue plan from its first facility."

"An investment in Valeant shares on the day Mike Pearson became CEO has appreciated to 42x its initial value in seven years including dividend reinvestment"

"It appears that Box is attempting to mislead stockholders and hoping that time will run out before the Company is again forced to correct this inaccuracy."

"How was Milne earning income and spending on luxury services, and why would he rather go back to jail than to pay restitution? Is there more to the story?"

"Supply/demand balance will be tight as capacity utilization will remain >90% over at least the several years with only limited new capacity coming on line"

"It is our view that immediate engagement with Elliott to explore a take-private transaction is the right course forward for all athenahealth stakeholders."

"For four years, from 2003 to 2006, the management fee stayed below 25% until both underwriting profitability and the surplus returned to healthier levels."

"While Paychex historically generated similar Net Operational Revenue per Employee as ADP (from 2008-2011), it has dramatically outperformed ADP since 2011"

"Snapchat is not a fad. It is one stabilizing quarter from giving investors a 30% or more return -- more than you can see in any FANG stock in our opinion."

"UMG's share price including dividends increased 37% from our average cost at inception to December 31, 2021, and has decreased 14% year-to-date in 2022(1)"