Callouts & quotes from 26,677+ activist slides

"Tessera should consider only seeking back damages from Amkor and not enter into a new licensing agreement with the company."

"Therefore, TRE has a capital hole of $377 million to $922 million. It could not have purchased the trees it claims to have."

"Amazingly, Superb Summit's stock has soared over 300% since announcing on June 7, 2013 the letter of intent to acquire JFT."

"But no edge lasts forever, particularly in China were intellectual property and proprietary processes are harder to police."

"Comparable benchmarking requires adjusting ADP's gross operational revenue for significant PEO pass-through revenue / costs"

"On an absolute basis, Phillips 66 is still by far the highest-cost major refiner with 2024 opex/bbl ~$1.60 above core peers"

"2021 was another strong year for the funds driven by new investments, existing portfolio holdings, and our hedging strategy"

"Middleby returned over 12,000% during his 18-year tenure, with the market cap growing from $40 million to nearly $7 billion"

"Investors continue to ascribe an irrational valuation to Mercury despite its below average growth and poor cash conversion."

"Greenlight does not understand how the investment could have been worth cost after NetTel had already filed for bankruptcy."

"We believe Darden must revamp its advertising strategy and increase traffic through efficient and focused advertising spend"

"We think the Titan mining project which could supply the ore feedstock for the HAMR process is also a long-shot to succeed."

"The outsize profitability of the Mexico turnkey contract supports our assessment that contract pricing is greatly inflated."

"To date, Viacom has yet to announce a large OTT offering – except for Noggin geared to toddlers – like CBS, Showtime or HBO"

"IRM has spent $0.6BN in International Physical Capex & Acquisitions from 2007-2010 and segment OIBDA has actually decreased"

"Such a "perverse" outcome may be emblematic of a rushed process and a contract negotiated under duress by the sitting Board"

"We believe Darden must revamp its advertising strategy and increase traffic through efficient and focused advertising spend"

"But to us, what's exciting is that management is disciplined enough to defer new investment until the economics make sense."

"Last year, using $95 for oil, Pioneer’s reserves were worth $7.8 billion, which translates to $41 per share or $10 per BOE."

"Should all member owners receive market-rate sharebacks of 60-75%, Premier's FY22-23 EBITDA would be cut by more than half."

"We require companies in which we invest to make appropriate and timely public disclosure of carbon and other GHG emissions."

"For example, below we show how RCT_KHAN’s recorded lifetime gift contributions have somehow dropped -99.8% in seven months:"

"Now assume one of the malls suffers catastrophic risk. One-third of the equity value is lost, and leverage remains the same"

"AtriCure will fail in its attempt to expand the surgical ablation market through the promotion of the Convergent procedure."

"When NMC has sizable reverse factoring facilities that it guarantees, why issue this statement if not to mislead investors?"

"In reality, Sunnova is a legacy residential solar financing provider with undifferentiated offerings (leases, PPAs, loans)."

"However, the expert opined others are now using Android, which suggests that the first mover advantage may no longer exist."

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

"According to consensus¹ TIM’s capex reached its peak in 2017, indicating lower capex and stronger cash generation hereafter"

"We estimate that HASI inflated gains on securitizations by $12 million in 2020 and $15 million in 2021 through this method."

"Our interviews suggest that Twist charges Ginkgo 1.5 to 2 cents per base pair - an 80-90% discount off typical list prices."

"We further observed that the CFO’s answers were incoherent and didn’t add up when asked to explain the capex and cash burn."

"Without the subsidy from net interest revenues, BNY Mellon earns much thinner margins for the valuable services it provides"

"Like Bon-Ton, many feared Claire’s would seek bankruptcy protection. Year-to-date, its debt has traded up more than 4 times"

"We urge you to advocate for a better outcome for Toyota Industries and its shareholders by declining to tender your shares."

"As a Board member, Nelson will seek to ensure that management actually delivers on its $12-$13bn “productivity” commitment."

"We require companies in which we invest to make appropriate and timely public disclosure of carbon and other GHG emissions."

"We believe P&G should earn a 24% EBIT margin – a substantial increase in profitability from its current EBIT margin of ~19%"

"GY has extensive plans to turn the 6,000 clean acres into a master planned community called Easton, in five separate phases"

"For that reason, we decided to nominate eight highly-qualified director candidates for election at the 2021 Annual Meeting."

"Warning: Kratos just started disclosing accruals for contract losses deep in its financial footnotes, and it rose 500% YoY."

"NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious."

"That APP uses persistent identifiers, in sharp contrast with its Foroughi’s claims and the Shikin’s examples of FB and GOOG"

"CMG’s winning value proposition is that it successfully competes in all the desirable attributes of out-of-home fast eating"

"These internal credit ratings flow straight into the loss estimating process, which affects reserves and the balance sheet."

"Bristol-Myers has underperformed the Pharmaceutical Industry Index by 11% since the announcement of the Celgene transaction"

"Bristol-Myers has underperformed the Pharmaceutical Industry Index by 11% since the announcement of the Celgene transaction"

"America's trade deficit has grown enormously since 1983. Funding such deficits requires large corresponding capital inflows"

"We find it surprising that Samsara, based on its customer disclosures, has been unable to penetrate larger fleet operators."

"Spruce Point has additional reasons to be concerned about Samsara's executive management structure and financial reporting."

"The GSEs have paid dividends to Treasury totaling $203bn, which is more than the $187bn of cash they received from Treasury"

"To our knowledge, HIMS has never provided any public disclosure regarding a single employer that has adopted this offering."

"In general, not enough air flow. The barns will never have enough airflow in summer and will be way too airtight in winter."

"IT IS CLEAR WHY PHILLIPS DESIGNED A TSR METHODOLOGY THAT EFFECTIVELY EXCLUDES THE PERFORMANCE OF ITS CORE PEERS VLO AND MPC"

"Publishing's initial leverage at 4.0x total debt/OIBDA would be greater than the leverage levels of most of the peer group."

"We believe WFG pushes the boundaries when using emotional or high-pressure tactics in its recruiting and sales programming."

"At its 2008 Investor Day presentation, Herbalife disclosed that approximately 54% of SG&A was “Distributor Facing” expenses"

"Herbalife’s Statement of “Gross” Compensation refers to “Average Earnings,” but it is not adjusted for distributor expenses"

"From 2004 through 2009, we estimate that only one new President’s Team member was created for every 10,000 new distributors"

"Unfortunately, R&D failures continue to plague the Company and have destroyed significant shareholder value in the process."