Callouts & quotes from 215+ activist slides

"Excess cash of up to KRW 6.0 trillion (18% of HMC market cap) should be reduced from HMC's balance sheet Excess cash of up to KRW 6.0 trillion (26% of Mobis market cap) should be reduced from Mobis's balance sheet"

"LUNA – an entire product systems from NOVADAQ has disappeared, while the PINPOINT imaging system has been reduced just to a single camera. In retrospect, should NOVADAQ’s inventory have been stepped up, or down?"

"As shown in Exhibit IV-4, SOFI seemed to break the glass after receiving the comment letter. As part of its reaction, SOFI reduced the Secured Loan receivable balance by borrowing from JPMorgan Chase Bank, N.A."

"We note that there will be other important headwinds to member growth in 2023, including: (1) additional layoffs in 2023, (2) reduced hiring at existing clients, and (3) potential client losses to competitors."

"I believe that management should aim to reduce headcount to around 150,000, which is in line with Alphabet's headcount at the end of 2021. This would require a total headcount reduction in the order of 20%."

"Notably, the fee was last reduced below 25% in 2003 and remained below that threshold for four years. However, since 2007, the Board has consistently opted to charge the maximum fee of 25% to the Exchange."

"IPX has shifted the narrative from Phase II being spherical or angular powder to now just angular powder. They have also reduced the capacity estimate from 2,000 to 1,400 tpa at slightly higher capex cost."

"It is prudent for CTC to reduce its leverage to maintain its current rating. A downgrade would result in a rating on the cusp of non-investment grade (junk) status and potentially higher cost of capital."

"After all, isn’t the point of artificial intelligence to reduce human workload? INOD only generates $18.8k in annual revenue per an employee—a number we believe is exceedingly low for an AI company."

"The pursuit of a dutch auction, in conjunction with other actions, should help reduce the valuation gap between the current stock price of TWX and the estimated intrinsic value of the Company."

"Revenue commitments from Baker Hughes were reduced by $40m for FY23 as disclosed in C3's 2Q'22 10-Q filed on December 2, 2021, yet we believe revenue estimates do not reflect this revision."

"Starbucks is unlikely to achieve even the low end of its long-term SSS target in 2018 (9M'18 SSS were 2%; guidance for Q4'18 is 3%), causing concern the company will reduce targets further"

"The Company previously reported total net write-ups, regardless of materiality. The Company has reduced disclosure and now only reports net write ups with a $0.5 million or greater impact."

"With lower capital intensity, a focused board of directors, a streamlined portfolio and a credibly reduced exploration budget, we believe Hess International can achieve a premium multiple"

"Spruce Point believes Weis Markets, Inc. (NYSE: WMK), a struggling supermarket, is obfuscating its financial pressures with aggressive accounting changes, and vastly reduced disclosures."

"Tablets create a much more efficient dining experience and can reduce dining times by 5-10 minutes per table (allows the guest to pay whenever ready instead of waiting for the server)."

"Tablets create a much more efficient dining experience and can reduce dining times by 5-10 minutes per table (allows the guest to pay whenever ready instead of waiting for the server)."

"Independent analysis suggests that the U.S.'s $100 billion home-sale commission TAM could be reduced by as much as 30%-50% due to changes that will likely be brought on by the verdict."

"Despite saying that contingent consideration was reduced by $4 million related to Base Commerce, Nuvei has reported two other different remeasurement amounts in the MD&A for YTD 2021."

"Despite guidance showing reduced yoy earnings, Chardan analysts claim that the business now represents LESS RISK, and therefore derive an increased valuation based on a reduced WACC."

"As firms reduce headcount and cut costs to weather the recession, office real estate will be at the top of the list to shed, and the pandemic concerns will be a convenient scapegoat."

"The Board has consistently set management’s compensation targets meaningfully below goals communicated to shareholders, which we believe severely reduces management accountability."

"In this scenario, 2019 is peak earnings ($47.1 million) because INGN has guided that its 2019 tax provision will be reduced by $12 million, effectively making it zero in our model."

"The Company substantially improved its cost structure by reducing its footprint between 2006 and 2009. Manufacturing facilities and employee count have been reduced by roughly 40%."

"Our discussions with industry experts suggest Phillips needs to dramatically improve its commercial function and reduce refining costs to achieve best-in-class operating results"

"Our discussions with industry experts suggest Phillips needs to dramatically improve its commercial function and reduce refining costs to achieve best-in-class operating results"

"Our discussions with industry experts suggest Phillips needs to dramatically improve its commercial function and reduce refining costs to achieve best-in-class operating results"

"Since 2017, Stryker has provided reduced disclosures of its operational footprint. However, we observe it has grown total locations from 275 to 356, or by 30%, from 2017-2021."

"First ~650 bps of OR improvement expected from removal of 450 locomotives and 35,000 cars, fuel consumption reduction and reduced purchases of services, rents, materials, etc."

"At DuPont’s 2013 Investor Day, management was not transparent about reducing margin targets, suggesting that reduced margin targets were correlated to the accounting change."

"ADP’s has significantly reduced relevant disclosure, making it challenging for investors to analyze underlying business trends and ADP’s competitive position by sub-segment"

"Target Corp would have approximately $200mm of incremental FCF after growth capex versus Target Standalone as a result of not funding new land development and reduced taxes"

"So when it comes to long-term storage of product, you're going to have to either compromise on your product quality, which sometimes it's unsafe, or reduce your shelf life."

"The combined $601 million of PSH share buybacks and $540 million of cumulative share purchases by PSCM affiliates have reduced the free float of PSH by 32% since the IPO."

"By making this change, it will reduce its accounts receivable outstanding, artificially enhance its operating cash flow, and make its cash conversion cycle appear better."

"The biggest recent change is that revenue is no longer reduced by estimated amounts due to its credit card partner. This could be a lever used to inflate current revenue."

"The Company's entire new plan – pausing M&A, focusing on organic growth opportunities and using cash flows to reduce leverage – is essentially ripped from Engine's plan."

"Increases alignment with shareholders (i) represents substantial incremental investment by management, and (ii) fees to investment manager reduced by approximately 8.5%"

"Increases alignment with shareholders (i) represents substantial incremental investment by management, and (ii) fees to investment manager reduced by approximately 8.5%"

"This reduces Apple's earnings per share from $45 to $35. At a constant P/E multiple of 10.0x, the new Apple price is $350 or $100 less than the current price of $450."

"We do not believe this capital allocation scenario would increase CCI's risk profile or materially reduce operating flexibility – minimal execution risk in our view"

"These assets, valued in excess of $1.0 billion, could be used to reduce initial indebtedness levels or provide funds for re-investment in the core business of TWX."

"Assuming PSH generates 15% gross returns, the fee offset from the illustrative new fund alone will reduce PSH's performance fee percentage from 16.0% to 13.5%(2)"

"Large, pre-eminent transplant centers have eliminated or sharply reduced usage; its remaining high-volume customers indicate they are in the process of doing so."

"We call on management to explain if this is truly a sales commission, or an inducement to keep BH from taking more adverse measures to reduce its JV commitment?"

"Adjusted EBITDA guidance reduced $200m. Net CFO range raised to $4,100 - $4,500 from $2,800 - $3,200 prior to reflect working capital benefit of PCF prepayment."

"PSH management fees will be reduced dollar for dollar by the proportionate share of fees paid to PSCM by HHH attributable to the HHH common stock held by PSH(1)"

"If this multi-faceted process is carried out by Messrs. Barber and Boychuk, Norfolk Southern can reduce its operating ratio to the low 60s within 12 months."

"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."

"Bond insurers arbitraged the ratings. Once insured by a AAA rated bond insurer, the muni bonds automatically became AAA, which reduced the borrowing cost."

"If Remaining Darden attempted to maintain the same payout ratio, the dividend would be reduced by ~$40 million or a ~$0.32 reduction in dividend per share"

"Poor M&A and slow response to consumer trends has reduced margins from high teens to single digits over the last four years with no clear turnaround plan."

"To combat persistent weakness in the U.S. economy, the Federal Reserve has reduced short-term rates to zero and enacted two rounds of quantitative easing"

"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"

"Seven-year maturity extensions coupled with a reduced cash dividend would allow GGP to delever its balance sheet and create a substantial equity cushion"

"Early analysis indicates agent commissions could fall as much as 200bps and that the overall industry commission TAM could be reduced by as much as 30%."

"Conservatively assuming Valeant never makes another acquisition, has modest organic growth and reduces leverage significantly, the stock is inexpensive"

"Conservatively assuming Valeant never makes another acquisition, has modest organic growth and reduces leverage significantly, the stock is inexpensive"

"Spruce Point's forensic accounting analysis reveals that the most recent amendment actually reduced the net cash commitments from the Baker Hughes JV."

"Reduced underwriting standards appear to drive accelerated written premiums, benefiting ERIE while leaving the Exchange to bear the resulting losses."