Callouts & quotes from 26,677+ activist slides

"THIS REPORT REPRESENTS THE CURRENT OPINIONS OF SCORPION CAPITAL LLC CONCERNING TWIST BIOSCIENCE CORPORATION (STOCK TICKER: TWST)."

"As we went through the CFO’s comments, we began to notice large discrepancies in his prepared comments vs. the 10Q’s filed later."

"Elliott has no intention of tendering its shares into the Revised TOB and we strongly encourage other shareholders not to tender."

"It's hard to imagine that the St. Tropez vacation home transaction could be any dodgier. But that would be underestimating Vitek."

"Should the contractor fail to obtain sponsorship that meets the requirements of the Regulations, the contract will be terminated."

"Despite positive progress, Platform trades at discount to its publicly traded segment peers and private-market transaction values"

"Far from being a “Growth” strategy, this is slowing down after a decade of growth in which Molton Brown sales grew at a 6.2% CAGR"

"The GSEs' earnings will grow significantly when MBS issued at higher g-fees levels comprises a larger proportion of the portfolio"

"The GSEs increased the assets in their FIA business by more than 10 times in the nearly two decades prior to the financial crisis"

"FIA’s significant losses and highly-risky mortgage assets threatened the GSEs’ continued access the capital markets for financing"

"Non-Transparent PP&E Accounting Obfuscates Underlying Capex And Is A Sign Of Both Potential Cost Capitalization And FCF Inflation"

"In the face of deteriorating financial performance, CEO Bob Jordan claims that performance is “great” and that he is “very proud”"

"A picture is worth a thousand words to illustrate the competitive and promotional intensity currently in the energy drink market."

"In MPLX, Marathon has a leading midstream footprint with the potential for continued high-quality, accretive growth going forward"

"Resilient Parks business supporting nearly 40% of revenue and 70% of EBIT; scale and diversification across distribution channels"

"The turnaround at P&G is a case study on how Trian's involvement at the board level can help a company unlock its full potential."

"In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe"

"WE INVITE THE COMPANY TO SHARE ITS TAX WORK WITH ALL SHAREHOLDERS. THE COMPANY'S TAX BASIS IS NOT COMMERCIALLY SENSITIVE OR MNPI."

"Even simple tactical decisions, such as making AOL the home page for TWC's broadband access customers, have not been implemented."

"Warner Bros., in addition, has been consistently gaining market share over the past few years with 2005 estimated share at 15.6%."

"Continued ownership of TWC by TWX, in fact, could be a significant obstacle to the long-term strategy and value of its franchise."

"TWC, after adjusting for the unique footprint of Cablevision, is in line with peers with regard to growth in digital subscribers."

"Content and cable companies should have different balance sheets and financial structures. Content should be separate from cable."

"ABS growth starting to slow below the overall segment growth rate. IAS has already achieved 70% of DV’s revenue in much less time"

"These headwinds appear to be subsiding in 2023 with most of the progress showing up progressively through the year and into 2024."

"It is transforming itself from an auto parts manufacturer for internal combustion vehicles into a supplier for Electric Vehicles."

"Education is a core competency / most attractive business for the competition; this leaves MH Education inherently disadvantaged."

"Time is running out: vote the GOLD card FOR Elliott's four highly qualified board nominees and corporate governance enhancements."

"We believe that the potential for value creation of the portfolio continues to be substantial relative to the market price of HHC"

"A Caesarstone product search on Lowe’s website returned no results, and instead offered a healthy range of competitors’ products."

"Despite having come to market only recently, FLAWLESS products are already experiencing pricing pressure from fierce competition."

"Re-listed Samsung Opco would commit to pay a special cash dividend of KRW30tn to Samsung Opco shareholders at an appropriate time"

"In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe"

"In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe"

"WE INVITE THE COMPANY TO SHARE ITS TAX WORK WITH ALL SHAREHOLDERS. THE COMPANY’S TAX BASIS IS NOT COMMERCIALLY SENSITIVE OR MNPI."

"Since 2008, Starbucks’ Americas segment (primarily U.S.) SSS growth has averaged 5%, split evenly between transactions and ticket"

"The GSEs' balance sheet quality is enhanced by their contractual future revenue, as well as their ability to gain share in crisis"

"We believe a mid-teens multiple of earnings is appropriate when benchmarked against P&C insurance and regulated utility companies"

"As you can see, management's data actually demonstrate that Red Lobster and Olive Garden have very similar customer demographics."

"It is nearly impossible for regions with such small populations to generate enough organic traffic to top IQ’s heat index charts."

"We believe that the potential for value creation of the portfolio continues to be substantial relative to the market price of HHC"

"We believe it's time for CEO Lobo to resign so that credibility and accountability can restored to the once revered Stryker name."

"Lasertec's small, one-time EUV market opportunity is already exhausted, with little to no growth left in its flagship ACTIS line."

"Lasertec customers who have recently visited Lasertec’s headquarters confirmed seeing highly unusual levels of inventory (cont’d)"

"Unless Peloton invents a piece of equipment that works out for you – this is going to $5 (which is still a $1BN-$2BN market cap)."

"Because there is a non-cash investing disclosure, there should be a non-cash investment amount of at least $1.9 million reported."

"These numbers too seem highly questionable, as cursory due diligence at the time of the acquisition should have raised red flags."

"Spruce Point typically finds that companies who frequently shift language about key investment claims do so to obscure pressures."

"In the company's most recent earnings call, Core claims to have called the bottom of what it insists will be a V-shaped recovery."

"In 2018, Fairfax Boosted its Profit and Book Value with Accounting Gimmicks in Indian Outsourcing Provider Quess by $889 Million."

"The adjacent quote shows that there is a real market for EXCO shares, which should be the benchmark for carrying and fair values."

"The results showed that although the reported store count closely matched, the number of Zhonghuan agents was exaggerated by 50%."

"Represents one day premium to unaffected stock price on 3/2/10, day before Elliott announced its proposal to acquire the company."

"Increased crime during times of economic weakness and high U.S. recidivism rates drive post-recessionary inmate population growth"

"The denominator used to calculate churn is actually greater than the Estimated Ending Membership in the two most recent quarters!"

"Thoughtful and Disciplined Capital Allocation to ensure capital is directed to optimal projects with healthy return on investment"

"Despite positive progress, Platform trades at discount to its publicly-traded segment peers and private market transaction values"

"Set forth below is a valuation matrix that demonstrates TIP REIT’s trading multiples at various values within the reference range"

"Management habitually describes Astra as having the flexibility to launch from “anywhere in the world,” which is simply not true."

"As organic growth has disappeared, PBH looks to have become reliant on generating growth through acquisitions, whatever the cost."