Callouts & quotes from 392+ activist slides

"Compensation structure was allegedly designed to incentivize off-label fraud; regional managers and reps hounded reimbursement staff for information they could use to convert off-label scrips to on-label"

"The records do not suggest that Accor was involved in Epstein's criminal conduct. They show, rather, that a convicted sex offender and his circle used to stay at the Accor hotels in different countries."

"Spruce Point has never seen a company refer to the construction of office space as “accretive to EPS,” especially after first claiming the project would not have a material effect on operating results."

"PF McDonald's operating metrics are much closer to a typical Real Estate C-Corporation or a high branded intellectual property business such as PepsiCo or Coca-Cola than they are a typical mature QSR."

"We believe that SBUX’s robust unit growth pipeline combined with management’s sizeable capital return plan will drive EPS growth including dividends in the mid-teens or higher over the next four years"

"Looking carefully, we observe that Stryker made subtle revisions to its “Long-term sustainable growth targets” of at least 9% EPS growth and 30 – 50 bps of annual EBIT expansion over the next 5 years."

"At last year's analyst day, management guided to $3.40 of EPS in 2015, driven by a 4% average growth rate in same-store sales, a 10% EBIT margin, and an $18bn share repurchase program (2011 to 2015)"

"Nidec could face an EPS headwind possibly as early as FY 2018 due to the expiration of foreign tax preferences that have accounted for over 5% of diluted EPS in each of the past three fiscal years."

"Taser Int'l (now Axon) has been run by various members of the Smith family since inception. Investors have to get comfortable with the past, and current, missteps associated with the Smith family."

"If truly necessary, the belated Delaware reincorporation plan is further evidence that the Board continues to be two steps behind and is not working proactively to maximize value for shareholders."

"Despite the reset and significant brand investment, 2013 EPS is forecast to grow only 7%, below the peer average and at the low-end of PepsiCo's long-term guidance ("high single digit EPS growth")"

"If FDO raised an incremental $1.5bn of debt, bought back stock at $60, and closed only half the productivity gap, the company would earn ~$5.50 of 2012 EPS and trade in the high $70s at a 14x P/E"

"Juniper has an incredible opportunity to deliver long-overdue value to shareholders through the above simple and achievable steps, which can lead to a stock price of $35-$40 per share in our view"

"If spun-off as a separate company with a dedicated management team and an intelligent capital allocation strategy, we believe PepsiCo Beverages would achieve a very attractive valuation multiple"

"PF McDonald's operating metrics are much closer to a typical Real Estate C-Corporation or a high branded intellectual property business such as PepsiCo or Coca-Cola than they are a typical QSR."

"With the right mindset and an appropriately ambitious turnaround plan, PepsiCo today represents a rare chance to revitalize a leading global enterprise and unlock significant shareholder value."

"Comp plan paid reps for off-label referral forms; highly prevalent practice across the salesforce; open secret in the company; was brought to “senior leadership” attention on numerous occasions"

"Despite our clear concerns and evidence that Avery is under increasing pressure, its one year forward EBITDA and EPS multiples have expanded over the past decade and are near all-time highs."

"Monolithic has grown its dividend recently, but well below its potential. If you take Monolithic's financials at face value, EPS is up nearly 400% in the same period the dividend is up 166%."

"Despite the secular tailwinds in its businesses, Arconic is not projecting any growth outside of aero and auto. In fact, from 2016 to 2019 it plans to shrink – outside of EPS and Auto Sheet"

"We believe that after giving effect to the unification and US petroleum demerger steps of the Value Unlock Plan, core BHP’s tier-1 assets could be clearly and properly valued by the market."

"As LHCG hit its maximum compensation EPS target exactly in FY18, management perhaps would have missed its target had it not reallocated definite-lived AFAM trade name assets into goodwill."

"The adjusted financials for 4Q16 were revised in the most recently reported quarter (4Q17) Globant shareholders were not privy to the actual $0.04 miss in 4Q16 EPS until 4Q17 was reported"

"Fettah Tamince, founder of Rixos, apparently personally coordinated a welcome by Epstein's masseuses. His private assistant wrote Epstein "Will take good care of the ladies, no worries.""

"Shareholders are concerned that constant guidance revisions represent a fundamental lack of managerial understanding of the EPS business, a business which has relatively high visibility"

"Spruce Point has repeatedly warned to be cautious when companies cannot accurately forecast capex, as this often leads to gross margin deterioration (and ultimately EPS disappointment)."

"By simplifying and streamlining the digital offer process — fewer clicks, near-instant valuations, clearer steps — CarMax can capture a greater share of sellers already engaging online."

"We estimate that Mettler's Adj. Diluted EPS is $1.90 - $2.23 (8.3% - 9.8%) overstated due to aggressive capitalization policies and failures to recognize inventory obsolescence charges."

"Non-GAAP EPS as defined by the Company has grown at an eerily steady rate of ~6% per year despite more idiosyncratic growth in GAAP EPS, which has in fact contracted in recent years."

"Non-GAAP EPS as defined by the Company has grown at an eerily steady rate of ~6% per year despite more idiosyncratic growth in GAAP EPS, which has in fact contracted in recent years."

"Lowe’s currently trades at a P/E multiple of 15x, which is cheap on an absolute basis and a 23% discount to Home Depot despite our views for materially higher prospective EPS growth"

"Investors should be wary when public companies pivot toward highlighting Adjusted EPS as a metric for evaluating its value creation, while modifying language about cash generation."

"Despite being the assumed “acquirer,” PepsiCo’s stock price increased 4% over the one week period in March when rumors surfaced that Trian was looking to push for a Mondelez merger"

"ADP’s poor sales force productivity is inconsistent with the Company’s long-standing goal of driving bookings growth from both additional sales reps and productivity per sales rep"

"Revenue is much harder to manage vs. “Adjusted” EPS. We see that Avery has started to consistently miss revenue expectations while regularly beating “Adjusted” EPS expectations."

"He stated that they conducted “very robust trials” after screening countless compounds, across many indications such as narcolepsy – and that all of these efforts were failures."

"If you grow your Industrial EPS...4% a year over the next couple of years, that gets you to $2.00 [EPS in 2018]...Now I'm going to run the company to a higher number than that."

"Unfortunately, in less than two years, Newell’s management team has made critical missteps in integrating and operating the businesses, resulting in poor financial performance."

"Matt’s experience, expertise, and familiarity with SandRidge and its assets will be integral to our outreach and the execution of next steps after the company's annual meeting."

"MIX OF OPERATIONAL IMPROVEMENT, PORTFOLIO MGMT, AND BALANCE SHEET OPTIMIZATION PROVIDE MULTIPLE PATHS TO DOUBLE EPS BY 2022 AND CREATE SUSTAINABLY BETTER PERFORMANCE OVER TIME"

"We believe most of the top ten companies have sustainable competitive moats and long-term secular growth characteristics that will allow for continued high rates of EPS growth"

"Despite spending an aggregate of $33bn from 2009 to 2012 – which was over 100% of operating cash flow – on capex, net acquisitions and restructuring, EPS has grown at just 5%."

"Structural problems require structural solutions: we believe superior shareholder value can be attained at PepsiCo by separating into standalone snacks and beverages companies"

"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"

"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"

"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"

"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"

"After 18 months of extensive research, Elliott is pleased to share its perspectives on Southwest’s performance and the steps needed to create a stronger company going forward"

"Though PepsiCo does not disclose its international beverage margin (1/3 of sales), we estimate its global beverage business has a 12% EBIT margin – well below beverage peers"

"In our opinion, MAXR's 2018 Adj. EPS expectation of $4.75/sh is pure fiction. The Company has made numerous aggressive accounting choices that inflate its Non-IFRS results."

"One of Nevro’s biggest implanters had about 300 Nevro devices implanted and he didn’t know that they were all failing because the reps were fielding all the patient calls."

"While Q1 EPS was above consensus, management has beaten Q1 consensus two out of the last three years, while ultimately missing Fiscal Year guidance in each of those years"

"While Q1 EPS was above consensus, management has beaten Q1 consensus two out of the last three years, while ultimately missing Fiscal Year guidance in each of those years"

"While Q1 EPS was above consensus, management has beaten Q1 consensus two out of the last three years, while ultimately missing Fiscal Year guidance in each of those years"

"Among top-performing restaurant companies, Buffalo Wild Wings is one of the only companies whose compensation is entirely independent of EPS, ROIC or shareholder return."

"Elliott believes that there are clearly identifiable steps to realize value at ACAS and that a capable Board actively overseeing a strategic review can unlock this value"

"Mettler has exceeded sell-side quarterly EPS targets 100% of the time since 2008, and by no coincidence, management has always met 100% of its annual cash bonus targets."

"Despite these recent missteps, which have badly damaged the credibility of management and the Board, we believe that Perrigo has a strong franchise with valuable assets."

"PepsiCo’s advertising spend as a % of net sales has declined considerably in recent years and is well below peers, even with the significant brand reinvestment in 2012"

"Capitalized cash costs are conveniently added-back to both Adj. EBITDA and Non-GAAP EPS. Capitalized software development costs were nearly 18x PP&E Purchases in 2023"