Callouts & quotes from 26,677+ activist slides

"Expands the universe of potential PSH investors who prefer or require dividends as part of their investment strategy"

"Beginning Q1 2019, PSH will pay a quarterly dividend of $0.10 per share, a 2.5% yield at the current PSH share price"

"Sony will only achieve full value for its Electronics franchise after bringing Mobile operations to profit breakeven"

"GH + DCCR synergy to drive edema never discussed by Solano. GH also synergistically promotes glycemic dysregulation."

"They are pharmacologically identical, but marketed with obfuscated dosing units and for price-gouging purposes only."

"What's evident is that transaction-based margins are falling hard and have compressed by ~2,500bps since March 2020."

"The press reported this as a direct competitive threat to Shopify, which by extension applies to Lightspeed as well."

"For investors with a longer-term view, the Revised Transaction offers explosive potential upside in 2010E and beyond"

"We believe the status quo is unsustainable. PepsiCo has significantly underperformed over a prolonged period of time"

"So, no, there is no safety margin using the actual data and anticipated steady state level (2.3 accumulation ratio)."

"Wakix has a high discontinuation rate with half of patients quitting rapidly due to side effects or lack of efficacy"

"BEA China has recorded weak results, in particular in its ROE and ROA, which are well below the average of its peers"

"Subtracting this $6.5M payment from Carvana's FY 17 gross revenue would cut FY 17 GPU by 10%, from $1,539 to $1,392."

"Fritz also had an accounting scandal and its stock fell 55% in one day, giving rise to various shareholder lawsuits."

"We believe Stryker was overly optimistic with the Wright acquisition in suggesting it would grow high single digits."

"Nobody wants GreenPower’s vehicles unless the government pays for them, and California is the only state willing to."

"HLF’s share price has increased 32% including dividends from our average cost at announcement date to April 18, 2017"

"PSH’s broker-traded volume is double the exchange-traded volume at 70% vs 30% from January 2, 2015 to April 14, 2017"

"Franchisees fail because they tend to make extraordinarily little money as they get started, even in the good times."

"In light of our findings, we conclude that the Korean contract is but a smoke and mirrors show to mislead investors."

"PSH’s broker-traded volume is double the exchange-traded volume at 70% vs 30% from January 2, 2015 to April 15, 2016"

"Major Diagnostic Companies do not care about AXDX, considering it a niche player with an unproven value proposition."

"High NA spells more bad news for Lasertec; Intel is “under a lot of pressure to use KLA” for high NA mask inspection"

"Since the expiration of the noncompetition agreement in 2007, CEVA's share price has dramatically outperformed DSP's"

"Our Independent Nominees Have a Better Plan and are Better Suited to Oversee DSP for the Benefit of All Shareholders"

"REVITALIZING PHILLIPS 66'S GOVERNANCE WILL REQUIRE CREDIBLE, EXPERIENCED DIRECTORS WHO WILL PUT YOUR RETURNS FIRST."

"REVITALIZING PHILLIPS 66'S GOVERNANCE WILL REQUIRE CREDIBLE, EXPERIENCED DIRECTORS WHO WILL PUT YOUR RETURNS FIRST."

"We believe this creates material execution risks as the Company seeks to grow beyond its core market and geography."

"I’m personally not a fan. It would make it sense to go away, but a lot of shareholders are accustomed to dividends."

"Box has repeatedly delayed and lowered its revenue target, leading to a total loss of credibility amongst investors"

"As shown below, by increasing the price it pays for the tower, AMT increases its EBITDA margin from 60.0% to 73.3%."

"However, we believe Procept and its cheerleaders rarely acknowledge the issues with and limitations of Aquablation."

"We believe Crown Castle's underperformance can be remedied and requires improved performance in its fiber business."

"ERIE’s removal of the Exchange Relationship Committee coincides with a drop in its ESG rating by MSCI from BB to B."

"In Spruce Point's opinion, it is a bad sign when a Company is going through a CFO transition during an IPO process."

"Monolithic's Days Inventory Outstanding (DIO) consistently rises. For key industry peers, DIO has been more stable."

"If ADP can fix its deficiencies in its technology Employer Services growth and efficiency will dramatically improve"

"ADP's adjusted gross margins(1) are significantly lower than competitors despite ADP's significant scale advantages"

"If ADP cut legacy systems expense by 50% this would drive ~$150m of profit and ~180bps of margin opportunity for ES"

"Investors have historically recognized UNP’s inherent advantages and status as the crown jewel transportation asset"

"Xerox touts ~$1.2B in "cost cuts" over the past two years, but only ~$30M of those "cuts" flowed to the bottom line"

"We call on the Company to take three immediate steps to stem ongoing value destruction and regain market confidence"

"How can management of the world’s largest Italian restaurant chain think it is okay to serve poorly prepared pasta?"

"Quantumscape boasts that its prototype can be charged to 80% in 15 minutes – but doesn't tell you to what capacity."

"HHH’s share price has not traded above $90 since early 2022, when the Federal Reserve began to raise interest rates"

"Did John Hess vote against the recommendation of his OWN BOARD of which he is Chairman? How will he vote this year?"

"In Materials to Shareholders, Hess Uses Misleading Chart That Ignores Relevant Peers and Hides Impact of Oil Prices"

"BXMT's total non-specific CECLs across the entire U.S. book are $114 million, which this table shows is unduly low."

"Why We Believe Aggressive Accounting Inflates Total Contract Value And Adj. EBITDA By $600M And $250M, Respectively"

"PowerSchool’s attempts at building smartphone apps integrated with its solutions have largely been panned by users."

"We believe the owners are likely to continue selling shares which could act as an overhang on the upside potential."

"Huntsman seems to be cherry-picking its peers in an attempt to fool shareholders into believing its false narrative"

"Huntsman seems to be cherry-picking its peers in an attempt to fool shareholders into believing its false narrative"

"How can management of the world’s largest Italian restaurant chain think it is okay to serve poorly prepared pasta?"

"The mines have the capacity to produce up to 28 million tons a year for a long time without substantial investment."

"Spruce Point believes that current financial data providers are, at a minimum, failing to capture operating leases."

"it is crucial that the Board understand that Southwest’s leadership has already lost the trust of its shareholders."

"Southwest’s dated commercial strategy has resulted in the worst unit revenue performance among its peers since 2018"

"Did John Hess vote against the recommendation of his own board of which he is Chairman? How will he vote this year?"

"For a company demonstrating no revenue growth, Arconic has sure managed to win a lot of contracts over the years..."