Callouts & quotes from 26,677+ activist slides

"Current asking prices for some Ryan’s restaurants (one of O’s largest tenants) is an 11% cap rate. In comparison, Realty Income trades at a 7.3% cap rate"

"Google and Facebook severed ties crippling Cheetah’s ad-driven revenue model. Shares plummeted in stages from a high of $76 in Jan 2018 to $9 at YE 2020."

"Excluding Music sales, Superstores same store sales (“SSS”) trends have averaged 1.5% more than average reported comparable sales, based on our estimates"

"In our experience, companies only tap the revolver in situations where it is absolutely necessary and when alternative sources of liquidity are strained."

"We expect larger integrators to be able to extract larger price concessions and discounts in their purchasing and procurement from distributors like ADI."

"The Company’s share price has underperformed multiple related indices and the broader market since Mr. Anagnost was appointed permanent CEO in June 2017."

"As larger customers account for a greater percentage of PBH's sales, this practice may no longer be able to offset the pressure and margins will decline."

"ADP Well Positioned to Capture Value From Wide Range of HCM Upsell Opportunities With Largest Client Base and Track Record of Market Leading Distribution"

"Harassment, corruption, lack of compassion, too cut throat. I have post traumatic stress disorder from this company and which it would stand up in court."

"If we applied Westrock and its closest peers sales multiple of 1.0x – 1.2x to Amcor, it’s easy to justify 40% – 60% downside risk to Amcor’s share price."

"Amcor is under pressure as demand from its customers is shrinking as they shift towards more eco-friendly solutions with higher recycled plastic content."

"Our calculation suggests this element of the Proposals alone could lead to as much as 15% upside in the value of the combined businesses of HMC and Mobis"

"We can't figure it out - they continue to do well on Wall Street, but I do not see any movement or any changes here. If anything, they're shrinking here."

"Conclusions: The PROCO RCT provides Level I evidence for equivalent pain relief from 1 to 10 kHz with appropriate titration of pulse width and amplitude."

"By delaying releasing this information, we believe NQ China side insiders were able to dump significant amounts of stock before NQ made the announcement."

"Spruce Point believes there is a big disconnect with what is happening in the airline travel industry and expectations for CLEAR's financial performance."

"Help change the narrative by voting the GOLD card FOR Elliott's highly qualified nominees and proposal to implement annual elections for all board seats."

"According to Morgan Stanley, athenahealth is worth $192 per share in a base case DCF. This is broken down into $120 for Ambulatory and $72 for Inpatient."

"GoDaddy has transformed itself from a domains-only business into a one-stop shop whose solutions have become indispensable for micro and smallbusinesses."

"Fannie and Freddie meet all the NYSE listing requirements today and could re-list on the NYSE before exiting conservatorship, subject to approval by FHFA"

"Either way, we're charging a small fraction of the serious ridiculously high 30% to 40% of commissions being charged by Zillow and Realtor.com to agents."

"Phillips' refining assets have substantial scale and flexibility, affording it high reliability and strong earnings potential under the proper management"

"Moving fixed-price mechanics into ODR undermines this profile, exposing the segment to margin volatility and management subjectivity in cost forecasting."

"The concentrated group of “super users” who drive TransMedics revenue regularly, we were told, push the period far beyond 30 minutes, to 2 hours or more."

"He questioned the transplant outcomes with long pump times – "and that’s a problem...it’s very hard to get the data...because they’re not collecting it.""

"The Board rewarded Mr. Shaw with a 37% increase for a year in which the Company's customers, employees, shareholders and community partners all suffered."

"We believe the recent increase in AOL’s stock price is directly attributable to Starboard’s involvement and plans to significantly increase value at AOL."

"With an average lofty price target of $44 (implying +35% upside), and signs of a struggling business, IRBT has ramped up its investor marketing campaign."

"The risk to Sony is that a successful cloud streaming service can reduce the size of the physical console TAM by giving casual gamers a lower-cost option"

"Monetization of non-core public equity stakes could provide $12bn of value that could be used for growth investments or return of capital to shareholders"

"Leidos current Chief Accounting Officer is Christopher Cage, a long-time SAIC employee, having started at the Company in 1999 according to an 8-K filing."

"Indicated he has no plans to prescribe Vykat, stating that diazoxide is an old drug with a severe toxicity profile that it well-known to endocrinologists"

"Would Yum have been as successful (and would it have built a Chinese business worth >$20bn) had it been part of PepsiCo these past 15 years? We think not"

"In other words, patients on the higher dose did far worse, and it appears that statistical significance vs. placebo was driven by the tiny 20mg subgroup."

"It can't be doing $500m. Take the MacDonald Humfrey out which is approximately $100m. The core L3Harris business is no more than $300m, service included."

"Had the acquisitions been in effect for all of 2014, revenues generated from the acquired companies would have been at least 43% of WUBA’s total revenue."

"Our investigator visited the property in March 2020 and confirmed that the property is a growing operation but sees minimal improvements to the property."

"GSHD’s shareholders took on debt, held by the company, and more than half of the proceeds went into the pockets of the CEO and the other pre-IPO holders."

"This deception offends basic principles of transparency and trust, but the more important point is that Nunes, their key man and CEO, is also a lobbyist."

"Should the market re-price Japanese credit risk, it is hard to see how Japan could avoid a government default or hyperinflationary currency death spiral."

"As shown in the software industry, we also expect this subscription revenue stream will be capitalized at much higher multiples than a transactional one."

"Given that some of these machines sell for $50MM each, Lasertec’s claim of 100% raw materials and work-in-process and 0% finished goods is clearly false."

"Given that some of these machines sell for $50MM each, Lasertec’s claim of 100% raw materials and work-in-process and 0% finished goods is clearly false."

"it’s not a tool to support production because the production demands you have to quite frequently monitor and quite frequently check the EUV mask breaks."

"Implement clear milestones for R&D projects and only focus on projects that will result in a positive risk adjusted return on invested capital over time."

"If our observation is correct, it would mean that no pulp was actually running into the machine; rather, the machine was merely looping finished product."

"We urge our fellow shareholders to VOTE FOR each of the Resolutions to strengthen the Board, restore confidence and set Capricorn in the right direction."

"By calling GFL's automated phone directory (905-326-0101) we see that Paul Borrelli maintains a voicemail box and presumably is still an employee at GFL"

"At a minimum, this illustrates poor due diligence on the part of GFL, and a consistent theme Spruce Point believes is occurring with GFL's acquisitions."

"2014 was a year marked by strong returns continued value creation by our portfolio companies which we expect to be further enhanced by permanent capital"

"This water volume decline is 4x greater than WTRG's 1% p.a company-wide decline and underscores our belief that recent deals are becoming less economic."

"As a general business principle, we believe it is inappropriate and unethical for any management to compete with the shareholders they are paid to serve"

"It is difficult to see how the Company would be unaware of this misstatement; and, if AMT is in fact aware of the discrepancy, it would amount to fraud."

"The structure of both Carvana's initial loan sales and its recent refinancings is depicted below. Note that Ally is replaced as the lender to the trust."

"As shareholders, we would not feel comfortable with the Company being so heavily controlled by insiders – especially one convicted of felony bank fraud."

"However, capital allocation / capital structure strategy has become an increasingly controversial issue for CCI during the last 12-18 months in our view"

"CCI's essentially domestic tower portfolio does not seem to have garnered the Company an advantage at securing low cost debt relative to its tower peers"

"We learned from Muddy Waters that you can only -- in the short-term to a limited extent against false allegations -- We have also already answered this."

"It is critical to appreciate that Mellanox is not just slightly worse than peers on these key metrics, it is completely out of line with the peer group."

"Flush with cash from selling stock at record prices, it’s easy for the CEO to purchase a lakefront mansion for $14.2m, a corporate jet and a helicopter."