Callouts & quotes from 26,677+ activist slides

"The franchise fee is not quite the same as the few things we just talked about. The franchise fee is about 600,000-800,000 yuan."

"Independent Slate has the experience and skills to ensure a smooth transition and help create a better path forward for Campbell"

"A former employee we spoke with, and an industry expert, both agreed that the margins in this business have been under pressure."

"Christensen Left Greif Months After Spruce Point Called Out Its Problematic Accounting And Unusual and Aggressive Tax Accounting"

"In Spruce Point's experience, when public companies buy assets from private equity owners, it rarely ends well for shareholders."

"According to Australian records, VCM Group PTY Limited is essentially Michael Simon Vogel. The share capital is essentially nil."

"When adjusted for acquisitions, Box’s R&D expense has continued to grow quickly, even as revenue growth continues to decelerate."

"Management is expecting to achieve tremendous efficiencies to reach EBITDA margins >2x the industry average on below-average GPU"

"The decision to focus on a product resulted in over $500 million of investment, limited revenue generation, and mounting losses."

"We find that raw materials to total inventory peaked in Q4 2018. Raw material growth is slowing, and turned negative in Q2 2019."

"Therefore, we focus on “Net Operational Revenue” and “Net Operational Profits” which excludes PEO pass-throughs and float income"

"Enterprise consists of a combination of various products acquired over time, many of which have been cobbled together as Vantage"

"This shift among neurosurgeons from ~100% to 0-30% reliance on Penumbra has occurred over the course of just six to nine months."

"This shift among neurosurgeons from ~100% to 0-30% reliance on Penumbra has occurred over the course of just six to nine months."

"The ongoing conflict has not helped TIM shares in another clear sign that Vivendi’s interests lie outside of shareholder returns"

"SIX and its closest peer Cedar Fair (FUN) have consistently generated mid-single digit revenue growth in normalized environments"

"As a Glencore shareholder, we do not look favourably to a deal where a cheap currency of exchange is used to acquire the target."

"The economics which motivated the VIP acquisition are at risk of being wiped out - and, with it, PetIQ's outsized profitability."

"Note that, the price decline in late Apr 2019, it appears as though HBH blew out of the stock as soon as the lockup date passed."

"We believe electing our nominees will be the first step in reinstating Darden’s people-centric and operationally-focused culture"

"Valeant has underinvested in public relations, government relations, and investor relations. This has been a very costly mistake"

"I think people were upset even before that because people knew that that’s the kind of statement that leadership wanted to make."

"The incumbent Board is pushing a false narrative that does not include the elimination of gestation crates from its supply chain"

"Citron believes if anything this validates Blackberry position and makes it ripe as an acquisition target for countless suitors."

"Aside from the obvious tech behemoths, the one company that stands to benefit from the shift to the edge is Edgio:(NASDAQ:EGIO)."

"We believe electing our nominees will be the first step in reinstating Darden’s people-centric and operationally-focused culture"

"Ordinarily, I would add this all up and say that the sum of the parts is $8.2 billion, or $35.81 per share, and be done with it."

"The numbers I’m walking through today generally apply to the large publicly listed shale oil companies such as those shown here."

"In aggregate, capital intensity for tight oil, which is what they call the frackers, exceeds every other major source of supply."

"One thing that we are committed to do as an executive team is make sure we can meet our forecasts and deliver on our promises..."

"The Company’s OR improved ~750 bps from 86.1% in 2001 to ~78.6% in 2006, while ROIC increased from ~26% in 2001 to ~43% in 2006."

"Since Elliott announced its intention to pursue the removal of Dr. Kleinfeld as CEO, the Company’s stock has risen substantially"

"At $15 per share, the GGO IPO Participation will be ~$1bn, substantially more than enough to satisfy these permitted liabilities"

"We believe that If volumes of production are an “estimate” than Oatly’s entire reported revenue stream should also be qualified."

"We believe Oatly's cost disclosures are insufficient and not what we'd expect from a company with a 20-year operational history."

"We believe the Company and investors should consider interest and depreciation as core operating expenses of Sunnova's business."

"We believe the Company and investors should consider interest and depreciation as core operating expenses of Sunnova's business."

"Denso relationship must be fundamentally reset, or else TICO must stop investing in this business earning unacceptably low ROICs"

"HASI, in our view, improperly applies widely-used HLBV accounting method to misleadingly inflate income and operating cash flow."

"We struggle to understand how a manufacturer can report R&D expenses significantly higher than direct labor and materials costs."

"The competition is selling cars while BNY is proud of the fact that it sells the cheapest and fastest horse drawn buggy in town."

"Les Mas du Figuier had a payable to Vitek of €10.1 million. CPI PG paid off the receivable, handing Vitek over €10 million cash."

"There are Major Errors in DGW's Audit, Showing Inattentiveness and Providing Management the Opportunity to Perpetuate the Fraud."

"We find that Noodle, along with other disruptive competitors, can deliver a comparable model at half the cost to the university."

"NQ's online (lack of) card sales affirms our physical store checks that show the cards are obscure and immaterial to NQ revenue."

"We believe the TOML license acquisition was a payout to undisclosed insiders at the expense of misled minority TMC shareholders."

"Set forth below is a table which reconciles McOpCo’s, Pro Forma McDonald’s and standalone McDonald’s FY 2006E income statements."

"The latest amendment opens up the door for more aggressive revenue recognition in regard to Baker Hughes reselling arrangements."

"The losses in the GSEs’ guarantee business during the financial crisis significantly exceeded their minimum capital requirements"

"In fact, it's possible that 2024 new store capex per square foot could be upwards of $168 per square foot based on FND comments."

"To re-gain investor confidence and improve its valuation, we believe State Street must commit to eliminate non-recurring charges"

"We note that GGP is a higher quality, lower risk business than Prussia Associates, which owns one hotel, the Valley Forge Hilton"

"As we consider the best path forward for TI today, it is instructive to review the actions that delivered this level of success."

"On a proforma basis, we estimate the combined company’s EBITDA could be $4.5B and its shares could rise from ~$10 today to ~$16."

"We find that recent changes in balance sheet debt are deviating materially from changes in debt through the cash flow statement."

"VAT data from the State Administration of Taxation (“SAT”) show that Huishan reports a significant amount of fraudulent revenue."

"At $21.00 per share, Riverbed's implied multiples are higher than the median multiples for transactions involving such companies"

"Incorporating the benefit of NOLs, a discounted cash flow analysis indicates an enterprise value range of $17.1 - $21.6 billion."

"It is assumed that the bank and credit markets will be receptive to financing the capital structures of New TWX and the SpinCos."

"As non-distributors, we were able to go online and purchase the products being distributed today for a ~40% discount to Adj. SRP"