Callouts & quotes from 215+ activist slides

"Net lease REITs have underperformed REITs when CPI has been greater than 2.5% as the lack of pricing power reduces attractiveness of the portfolios."

"Essentially, Sunnova is purchasing future origination volume. While this model reduces sales and marketing expenses, it creates significant risks."

"The list of major transplant centers which have reduced, eliminated, or are on a path to terminate TransMedics usage is long and growing quickly."

"5% of the 7% EPS growth was driven by 1) share buybacks from the proceeds of the Coty and Duracell transactions and 2) reduced advertising spend"

"We believe there is an opportunity to reduce costs while preserving productivity by replacing managerial layers with more line-level employees."

"The complex group structure causes inefficiencies, which reduces agility, slows decision making and leads to undervaluation of Group companies"

"Trian is NOT advocating that P&G reduce R&D, but rather that the Company address the root-cause issues driving continued market share losses."

"Since the balance of the Offset Amount has not yet been reduced to zero, PSH has not received any fee reduction benefit from the original FOA"

"ADP’s underperformance has been concealed due to complex accounting and reduced disclosure which makes benchmarking to competitors difficult"

"None of these changes make banks safer or benefit the customers. They raise costs, reduce liquidity, and add leverage and counterparty risk."

"The introduction of direct competition will put pressure on Inspire's ASP and inherently reduce Inspire's realistic commercial opportunity."

"In total, 200 bps of margin improvement is expected from reduced compensation and benefits expense through attrition (OR at or below 59%)."

"Overall, the trend of less housing square footage may reduce the implied demand for luxury home cleaning supplies such as robotic vacuums."

"Xylem’s Measurement & Control Solutions segment failure can be seen by its steadily reduced disclosures of organic growth by application."

"KIM is another example of a REIT where their same store growth profile was reduced and the result is a stock down 52% since July of 2016."

"Disposal of Kia’s stake in Hyundai Motor Holdco and Hyundai Motor Opco further reduces cross shareholdings in the shareholding structure."

"It is logical that Archer's design has a reduced potential for quiet operation than Joby's because of the inclusion of so many gearboxes."

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"The combination of the company tender and share purchase by PSCM affiliates has reduced the free float of PSH by 24.5% since April 2018"

"BEF Foods has continued to reduce its reliance on the sale of sausage, which accounted for just 30% of BEF Foods sales in Fiscal 2013."

"Taubman was the only mall REIT among peers to neither reduce its all-cash dividend nor pay a stock dividend during the Great Recession"

"The lagged impact of reduced drilling may be showing up now, as year-over-year production growth has decelerated and is pushing zero."

"We invested in Alphabet in March 2023 when misplaced concerns over the company’s AI positioning reduced its valuation to 15x earnings"

"As Sunnova's lockup expires, Spruce Point believes insiders will be anxious to reduce their positions at today's inflated valuation."

"As part of the government rescue, Treasury required the GSEs to reduce their mortgage-related assets to a maximum of $500bn by 2018"

"Fast forward to today, we see that the brand has dramatically reduced its SKU count to just two Skyr yogurts and two feta cheeses."

"While RFID margin percentage may remain stable, topline pricing pressure will reduce the absolute level of Avery's profitability."

"Reduced headcount from 74 employees at peak to 38 employees today resulting in a more focused and investment-centric organization"

"While Nidec's share price has been increasing in recent years, in our opinion the company has materially reduced transparency."

"Ferrovial must also advocate for greater efficiency of air traffic management (ATM), which in turn will reduce emissions."

"A potential management fee reduction to 24% would reduce annual EPS estimates by about $2.00 just on this measure alone."

"We believe Darden can reduce food costs through simple operational controls that will also enhance the guest experience"

"We believe Darden can reduce food costs through simple operational controls that will also enhance the guest experience"

"Darden must bring back the operational focus it once had to reduce food costs while enhancing the customer experience"

"Darden must bring back the operational focus it once had to reduce food costs while enhancing the customer experience"

"A price reduction on the order of 20% would have reduced cash flow by $91 - $126 million assuming all else is equal."

"Adjusting for capitalized commissions reduces reported FY19 Adj. EBITDA by 12% and FY19 Non-GAAP Net Income by 17%."

"After these adjustments, we reduce 2025 Adjusted EBITDA by approximately 90%, from $1,054 million to $103 million."

"If we cut Morgan Stanley's revenue per doctor assumption from $63,000 to $36,600, it reduces the DCF value by $44."

"Fidelity and T.Rowe Price were formerly >5% owners but have repeatedly reduced their ownership in the Company."

"We believe that Bristol-Myers spending on R&D per employee needs to be reduced through organizational changes"

"We believe UFPT's largest customer, ISRG, will materially reduce their spending with ISRG over the next year."

"Peers have been able to reduce advertising costs per tire, while Goodyear's advertising costs have increased"

"Media Ventures has an agreement that enables them to buy advertisements from Ströer at a reduced price, etc."

"Elliott scenarios reduce total Capex from 7.6% (Company guidance) to 6.0% of revenues (in Elliott Mid-case)"

"PSCM intends to launch new investment funds which could substantially reduce PSH performance fees over time"

"We expect companies in which we invest to have a credible, publicly-disclosed plan to reduce GHG emissions."

"If PHA suppliers reduce prices to compete with conventional plastic, their margins will surely take a hit."

"However, more aggressive targets are needed to reduce absolute GHG emissions and GHG emissions intensity."

"With a more efficient R&D process, we believe Bristol-Myers could accelerate innovation and reduce costs"

"We view this as an indication that FND may be stretching for ways to reduce costs and increase revenues."

"Will reduce her board commitments to ensure that, if elected, she will not be on more than four boards."

"Remodeling program will reduce Music category exposure by ~50% and improve Coffee and Paperchase sales"

"PRB and NAPP capex was mysteriously reduced upon divestiture, while NAPP capex mysteriously increased"

"We believe there is an opportunity to reduce costs by increasing regional manufacturing capabilities."

"Our nominees would help the Board explore paths for McDonald's to reduce its environmental footprint"

"Management significantly reduced sales guidance for new stores from $4M to $3M+ in just two years."

"We believe investors should be worried when companies reduce business and financial transparency."

"We believe Fluor has materially reduced its risk profile and positioned the business for success"