Callouts & quotes from 26,677+ activist slides

"We believe investors should be discounting substantial dilution and more debt issuance into the forward valuation of WTRG's equity share price."

"Generac's liquidity situation is the worse its been in years and at the exact wrong time when the FED is withdrawing liquidity from the system."

"Significantly improve sales force productivity to benchmark standards to drive improvements in revenue growth with the existing cost structure."

"SMB-focused peers saw a significant acceleration in growth during the pandemic, while Box blamed its weak results on softness in the SMB market"

"Note that the EBITDA margin is so high because of Site Sharing's abnormally high rents, which were apparently up to 3.0x market on some towers."

"As the chart on the right demonstrates, revenue growth can be calibrated to the amount of capex spent: More revenue growth requires more capex."

"You are morally obligated to conduct yourself with greater transparency. Consequently, it is preferable to say too much than to say too little."

"If we right-size the cost structure to the benchmark, there should be $400 - $500 million of EBITDA from the current subscription revenue base."

"These credit events correlate with management fee adjustments, with the 2003 reduction being reactive and the current one appearing preemptive."

"Spruce Point has significant concerns about Monolithic Power Systems (Nasdaq: MPWR), a designer and manufacturer of power management solutions."

"We estimate that the Rosie EMI accounted for approximately 12% of our ~$300 million estimate of HASI’s 2021 non-cash, unrealizable HLBV income."

"It is around this time that a class action suit was brought against Fleming for inflating earnings through a vendor rebate manipulation scheme."

"We believe Olive Garden’s menu is both lackluster and confusing. By fixing this, we will drive both increases in traffic and improved execution"

"Through this process, we have developed deep conviction in the opportunity for Goodyear to improve after more than a decade of underperformance"

"We believe that if Mosten wins and raises billions for its fund, Manulife’s annual losses from this contract could also number in the billions."

"Manulife argues that since the Great Depression, the regulation of financial services in Canada has been regulated by the 'Four Pillars' model."

"Phillips 66 (NYSE: PSX) shareholders have a clear choice: maintain the status quo or vote for change that could drive the stock up 75% or more."

"HHH Services Agreement advisory fee is at the lower end of the private equity fee range with no additional monitoring or other transaction fees"

"Muddy Waters alleged that for NQ's claimed business revenue from national security products in 2012, at least 72% of the revenue is fabricated."

"We believe that Abbott’s demonstrated share dominance (92%) should grow even more pronounced in the near future with the release of the Libre 2"

"Beyond the turnkey contracts, investigators' interviews with former employees yielded numerous anecdotes indicating OSIS is rotten to the core."

"This stock-price underperformance is a direct result of athenahealth's inability to execute across a range of strategic and operational issues."

"Shouldn't the choice of testing strategy be based on each patient's needs, rather than a blanket policy that may not be necessary for everyone?"

"58 of the 60 parties never got to see the revised forecasts. Instead, these parties only got to see an initial forecast that lacked credibility"

"We think that the apparent low production volume and persistently high finished goods inventory is due to weak demand for DNMR's PHA compounds."

"We believe Olive Garden’s menu is both lackluster and confusing. By fixing this, we will drive both increases in traffic and improved execution"

"And yes, I remember that I presented a short thesis on oil frackers at the Sohn Investing Conference last May, calling them “value destroyers”."

"While once a consensus “Buy”, sentiment on Southwest has substantially deteriorated amid poor execution and failed efforts to get back on track"

"Even if GMCR does succeed here, it is irrelevant because anybody can make a K-cup for the installed base of Keurig brewers after September 2012"

"The gap is so large and insufficiently explained that it raises questions about what is being capitalized and casts doubt on the business model"

"These analyses make the drilling programs look great. But, when we consider current prices and fully loaded costs, a different picture emerges."

"Before significant investments are made supporting company-owned restaurants, a fresh perspective at the Board level could benefit shareholders"

"With GNYHA responsible for 10% of total Premier revenue, Spruce Point believes that GNYHA has significant negotiating leverage against Premier."

"Recent revenue growth aside, Skechers' management team has presided over a blinding array of scandals, lawsuits, and questionable associations."

"But all the innovation of the past decade seems marginal compared to Pulsed Field Ablation (PFA) and real time electrical mapping of the heart."

"Elliott does not intend to tender its shares into the Revised TOB at the current terms and strongly encourages other shareholders not to tender"

"Over the course of the last decade, the majority of the conversation about BNY took place at the moment the two companies came together as one."

"The Company’s financial condition was deteriorating significantly with Net Debt / EBITDA > 10x and EBITDA interest coverage hovering around 1x."

"In the fourth quarter, management repurchased ~4% of the company at $54 immediately ahead of a pre-announcement and disappointing 2016 guidance"

"APD’s share price including dividends and the spinoff of Versum increased by 76% from our average cost at announcement date to January 20, 2017"

"Spruce Point believes part of WD-40's international challenges, and why it will continue to disappoint expectations, is rampant counterfeiting."

"Even though full due diligence doesn't begin until December 16th, Bristol-Myers got their wish and the transaction was agreed to on January 2nd"

"The HKD’s widely recognized undervaluation increases the likelihood that the HKMA will need to print more money to keep the HKD within the band"

"Unification of BHP's DLC structure and the demerger of BHP's US petroleum business would be the logical next step for BHP's management to take."

"We believe analysts and investors have inadequate perspective on the competitive threat posed by Geotab since it is a private Canadian company."

"Baker Hughes is a marriage that is not working. The people are not happy. They can't sell the C3 product. It's a nightmare for them to sell it."

"The credit losses in the GSEs’ guarantee business have declined significantly since the financial crisis, and are approaching historical levels"

"Over the past three years, FND's change in payables reported through cash from operations has totaled $245 million which dwarfs industry peers."

"While once a consensus “Buy”, sentiment on Southwest has substantially deteriorated amid poor execution and failed efforts to get back on track"

"We believe there is an opportunity to reduce costs while preserving productivity by replacing managerial layers with more line-level employees."

"We have nominated six new director nominees and two current board members to the 10-person Board, leaving the opportunity for Board continuity."

"We ask that you disclose the positions and other details of Unizo employees who will invest in the Employee Share Ownership Management Company."

"Because State Street allowed its cost base to balloon in the good times and failed to rationalize costs when cyclical revenue reverted to norms"

"The Amcor-Berry combination provides significant margin improvement on a proforma basis while also leading to more than 40% earnings accretion."

"Phillips 66's midstream business would be valued at a substantial premium to the current valuation implied by where the stock is trading today."

"TWX's People, Sports Illustrated and Time continue to claim the top three spots with each magazine generating over $1 billion of gross revenue."

"The magnitude of the "discount" at TWX, as estimated by various research analysts, is approximately 10% - 15% of the gross equity value of TWX."

"These four movies combined generated $170 million or 2% of total US box office revenue generated by Warner Bros. and New Line from 2001 - 2005."

"BMS's 2016 annual report showed the PD-L1 inhibitor in its list of pipeline drugs; however, the 2017 annual report omitted the PD-L1 inhibitor."

"European auto parts suppliers look very similar, but a little cheaper. Again half of sales, but more like 4x EBITDA, 7.5x EBIT and 7x earnings."