Callouts & quotes from 112+ activist slides

"Experts suggest QS is playing games by using an irrelevant coin-size cell, unlike a real EV battery with 200,000 layers spanning multiple football fields of area."

"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"

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

"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"

"Unlike Autodesk, ServiceNow disclosed both the actual magnitude of the mid-year adjustment & the original targets and capped payouts on the adjusted targets"

"In a highly competitive industry where all players compete for each incremental customer, we find it unlikely for companies to pass through increased costs."

"It is highly unlikely a well-run Midstream SpinCo requires ~3x the G&A as peer operators (1.7% management guided G&A / TEV vs. 0.6% peer average G&A / TEV)."

"To be clear, we do not dispute that DigitalGlobe can continue to make one-off archive deals, but we think some sort of major industry adoption is unlikely."

"Shareholder Nominees are completely independent, would constitute a minority of directors, and, unlike Hess's nominees, have not preapproved any plan."

"Unlike banks, the GSEs face low credit risk, do not take interest rate or liquidity risk, and do not guarantee jumbo and alternative mortgage products"

"On the surface, the OP margin jump in FY 2015 is very impressive. However, the information we have makes this jump seem unlikely – if not impossible."

"The only reason Twist has not yet received a going concern qualification is because US auditors, unlike IFRS, only look at solvency 12 months out."

"Unlike several of its private and publicly traded peers, AerCap did not have to take large asset value impairments during and after the crisis."

"In the unlikely scenario that a SPS conversion could be accomplished, Treasury would own a higher percentage of much less valuable companies"

"Remedial measures such as diuretics, monitoring, slower titration, or label changes are unlikely to mitigate the emerging safety crisis."

"Unlike some other currency regimes, HK’s peg can be modified through a purely administrative process. No legislative action is required"

"It's Highly Unlikely Bemis' 2019 Target Was Achieved Based on Q1/Q3 Actual/Est Results. Q4 Implied would've Had To Bn Abnormally High"

"It is a contract with a total of seven pages with no terms regarding liability – it seems to be an unlikely billion dollar contract."

"Unlike all peers, Keisei has no Capital Allocation Policy at all and falls short across all capital allocation metrics as a result"

"Traditional sources of private sector capital are unlikely to provide new startups with sufficient funding to replace the GSEs"

"Banks are unlikely to significantly increase the amount of long-term, fixed-rate mortgages they retain on their balance sheets"

"Based on these analytics, new for CY24 SKUs appear highly unlikely to have materially impacted imported inventory value / kg"

"We believe it is extremely unlikely Olam can achieve the targeted production levels, especially across the full 6,000 Ha."

"we view it as wholly unlikely that mass market education companies are able to generate gross margins in excess of 50%."

"Unlike its two better-performing peers, Crown Castle does not report its own ROIC metric to the investment community."

"Spruce Point believes that it is highly unlikely that Axon will parlay video AI to shoehorn their way into CAD / RMS."

"Unlike traditional IPOs where buyers have all the leverage, PF GGP's equity is already fully committed pre-offering."

"We believe the Independent Peer Group is an appropriate peer group for AOL, unlike the Company's current peer group."

"Unlike peers, HMA does not have a Board specific committee with direct oversight of both compliance and quality"

"Based on recent shareholder-unfriendly actions, this Board seems highly unlikely to stand up for shareholders."

"Given their actions to date, we believe these four directors are highly unlikely to demand accountability."

"The convertible, unlike a cash payment, now potentially puts shareholders at risk of future dilution."

"We believe Perion is unlikely to win the global partner award if it didn't make the regional list."

"CTO’s dividend coverage ratio in FY 2024 was just 0.74x, unlike a peer average of 1.47x in 2024."

"Unlike its pure media industry players, Disney generates ~70% of EBIT from Parks & Experiences."

"Unlike its pure media industry players, Disney generates ~70% of EBIT from Parks & Experiences."

"Private label securitization is unlikely to experience a resurgence in the near to medium term"

"Price unjustified for repurposed, generic diazoxide – “disgusted” and unlikely to recommend it"

"Consequently, unlike many currency boards, the HKD system can be quickly and easily amended"

"CURRENT PORTFOLIO UNLIKELY TO SUSTAINABLY DELIVER MID-SINGLE DIGIT % ORGANIC SALES GROWTH"

"This rapid transition remains a massive challenge and appears increasingly unlikely."

"We Believe Prediction Markets Are Unlikely To Expand TAM For OSBs In The Near Future"

"Unlike industry peers below, WTRG noticeably does not discuss operating cash flow."

"Smartphone-paired devices provide real-time monitoring, unlike the Zio XT/Monitor."

"Notice there’s no free shipping unlike almost every other product and no price!"

"Consensus estimates imply extremely unlikely Q4 core growth ex-new products"

"Consensus estimates imply extremely unlikely Q4 core growth ex-new products"

"A major source of past revenue is unlikely to return to past levels."

"We believe this is an outlier and unlikely to be sustained"

"We think this joint venture is unlikely to proceed"

"Performance and execution are unlikely to improve"

"Why is TIP REIT Unlike Any Existing REIT Today?"