Callouts & quotes from 132+ activist slides

"By calculating predicted subscription months assuming 0% and 100% cohort renewals versus actuals, we estimate that Heska retention rates were materially lower than the “>95%” the Company quotes."

"Of note, on its recent Q2 2025 earnings call, management noted that its outperformance versus expectations is largely being driven by the legacy LTCM market rather than new products or markets."

"Over the past year, SE has traded down 5% versus comps which were up 21% - a 26% underperformance. Over a 3 year period, SE's underperformance has been much more dramatic - 72% below comps"

"Trial investigator #7 stated that Vykat makes no sense versus cheap, generic diazoxide suspension, with which he and other endocrinologists already have experience using “for many years.”"

"This increase reflects “a change in certain vendor arrangements where we [ELF] now take ownership of inventory at shipment from China versus when it enters our U.S. distribution center."

"The report shows that IQ’s average mobile DAUs were only 126.2 million during the first 10 days of the 2020 Chinese Lunar New Year, versus 180 million average mobile DAUs claimed by IQ."

"Muddy Waters’s survey-based market research estimates that NQ’s actual share of the China security app market is 1.4%, versus NQ’s purported approximate share of approximately 55%."

"Spruce Point believes that Hill-Rom's underlying sales growth has been effectively flat at best, versus management's reported "core growth" of 2%-6% through the past two years."

"A visual representation of inventory as percent of revenue versus the five largest semicap equipment companies makes clear how unusual Lasertec’s reported inventory balance is."

"The fact that 91% of HASI's dividends are admittedly Returns of Capital (versus ordinary income) shows the stark difference between Distributable Earnings and cash receipts."

"JP Morgan is targeting significant net cost reductions in its Corporate & Investment Banking division between now and 2017 (versus significant expense growth for BNY Mellon)"

"Scientists are highly resistant to adopting BLI and more trusting of cheaper flow cytometers; has little incremental benefit and "doesn't make sense" versus existing tools."

"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"

"In 3 of the last 4 quarters, the conversion was 26-30% - indicating that 70% of reported net income is just accrual estimates and assumptions in a spreadsheet versus cash."

"if we're able to have that resource for the suspension versus the tablet, interchanging the dosages, I think that's going to help the docs a lot for prescribing off-label."

"The implied value of Crown Castle’s fiber business is only $11B versus its cumulative investment of $16B, resulting in $5B of value destruction over the last 5+ years"

"It seems well-understood in the medical community that the Libre will likely largely close any remaining gaps in accuracy versus Dexcom’s CGMs prior to FDA approval."

"The creation of SeparateCos could lead to an increase in the underlying trading multiple for the combined units versus the current blended trading multiple for TWX."

"The discrepancy between YDT's 12/31/2012 total accounts payable of $3.7 million, versus NQ's purported accounts receivable from YDT of $9.4 million, is meaningless."

"If you apply a constant P/E multiple on the new Apple earnings, Apple common stock would have a new price of $430 per share versus the current $450 per share."

"PBH's poor working capital management is a clear outlier versus its peers. This raises significant concerns regarding the financial health of PBH's business."

"Nielsen tracks an ~65%-70% of distribution. Recent Nielsen data contradicts management's comments about stable pricing and gaining share versus private label"

"we felt it was worth showing that simply using realistic estimates, Inspire's best-case TAM falls by ~80%, to 104,125 units versus their claim of 500,000."

"It is difficult to understand how SOFI would recover materially more for a loan that is, e.g., 110 days past due versus one that is 125 days past due."

"Headcount has grown disproportionately versus revenues since the Mellon merger (22% total growth in headcount vs. 4% total growth in "Core" Revenue)"

"Even though costs have been cut to end the cash burn, Peloton still achieves basically zero adjusted EBITDA versus the peer median of $406 million."

"TWX has produced solid top-line growth versus the industry and has significantly greater margins reflecting its size, scale and leading franchises."

"We think there was a cover-up prior to FDA approval. Now the drug is in the real world with nowhere to hide, versus a tiny rare-disease trial."

"realign supply to demand, revising upward BP's oil and gas production target to 2.5 mmboed by 2030 (versus current target of 2.0 mmboed)."

"The inability to efficiently produce bitcoin on a per share basis undermines the sole fundamental reason to own a miner versus bitcoin."

"Valuation discount versus peers is significant, reflecting the market's clear preference for pure-play bearings or steel alternatives"

"We estimate that the annual recurring cost of using the Libre is less than $1,000 to the payor, versus over $5,000 for the G-Series."

"Phillips 66's first-quarter earnings report on April 25 comes amid a long, frustrating period of underperformance versus its peers."

"In contrast, Long King and Fei Da generated 2008 and 2009 sales no more than 21x raw materials (versus RINO's 2009 figure of 760x)."

"Phillips 66's first-quarter earnings report on April 25 comes amid a long, frustrating period of underperformance versus its peers."

"It’s primarily related to locking us in in order to use the OCS team, flights, their modules, and everything, versus using our own."

"Adjusting for differences in owned real estate and franchised stores highlights Darden's dramatic underperformance versus Brinker"

"Adjusting for differences in owned real estate and franchised stores highlights Darden's dramatic underperformance versus Brinker"

"Alcohol as a percentage of restaurant sales declined to 19% in the most recent quarter versus 24% five years ago and ~29% at IPO"

"Member owner hospitals receive 30% of gross administrative fees on purchases made through Premier GPO, versus 60-70% previously"

"If all the patients were included, the explant rate in the study would have been closer to 50% [versus the 33% in the paper]."

"Starboard's average return on a 13D filing is 26.4% (versus an average of 9.7% for the S&P500 during the same time periods)."

"Frictional costs of roughly 5 cents per share (1) (versus management estimates of $4-$5 per share for the Initial Proposal)"

"Strategic objectives represent 40% of the short-term incentive compensation for our executive officers versus peers at 11%."

"We also estimate that PGNY customers are paying almost double for the pharmacy benefit in FY22 versus the 2019 cohort."

"Top executives paid almost $50m over past 3 years despite 70%+ underperformance of SE share price versus comparables"

"Net present value benefit of dropping today versus after January is ~$750-900MM assuming 10-15 years of deferral."

"EBIT margin of ~9% versus management's medium-term target of 12% and Home Depot's current EBIT margin of ~14.5%"

"printing aligners in-house allows dentists and orthodontists to save over 75% versus Align on a per-case basis."

"Printing aligners in-house allows dentists and orthodontists to save over 75% versus Align on a per-case basis."

"We estimate DGW's actual revenue is no greater than US$800,000 annually, versus the US$154.4 million it claims."

"McOpCo’s Estimated Average Unit EBITDA margins versus U.S. Franchisees’ Estimated Average Unit EBITDA margins"

"Peers trade at an average 5.8x EV/Sales multiple on FY20 sales, versus Dexcom at 9.1x – a premium of 57%."

"Huntsman has received significantly less support for its executive compensation plan versus Proxy Peers"

"Slammed Vykat’s cost as unjustifiable versus generic diazoxide or its inexpensive Proglycem version"

"Nevro had supposedly found the holy grail: eliminating pain versus masking it with paresthesia."

"That means that the public effectively owns 42.8% of the company, versus the reported 24.3%."

"Vets First Corp will have both a stronger topline and EBITDA growth story versus Elanco."

"We note the sharp contrast between VW’s perspective versus what the CEO has represented."

"EPS growth has averaged 10% over the past six years versus 7% over the pre-COVID period"