Callouts & quotes from 485+ activist slides

"As shown below, a picture taken of Trulieve's “Dutch Hawaiian” cultivar by a Florida medical patient shows that contaminated flower has been sold as-is to Florida patients."

"AGO still has $12.6 billion of exposure, of which $3.4 billion is “below investment grade” including significant subprime exposure, but only $100 million of loss reserves."

"Another CoreCard employee, Gerald Pereira, was also simultaneously working at Globe Teleservices, New Vision, and CoreCard, up until 2016, according to his LinkedIn below:"

"Many contracts were either bid or executed poorly, and it led to significant cost overruns. The result was a loss of investor confidence, with the stock falling below $4."

"In 2023 after the auditor switch, Monster Energy UK no longer provided a discussion about its cost of sales under principal risks which appears below in the 2022 report."

"Images below represent questionable recent content found on Momo which may not be in the spirit of the recent SARFT requirements. This exposes Momo to regulatory action."

"However, as shown below, Autodesk's projected underlying incremental margins compare poorly to peers when adjusting for the estimated impact of the workforce reduction."

"Arconic’s $228 million EBITDA target in 2019 is more than $200 million below original target and, even if achieved, would result in an unacceptable return on investment"

"NMC is clearly the 80% customer because of the shareholding relationship we detail below, as well as the number of NMC-related projects Modular Concepts has undertaken."

"Significant share price underperformance driven by declining same-store sales and recent store repurchases that earn a return below Buffalo Wild Wings' cost of capital"

"As of the time and date of this report, Muddy Waters (defined below) is short the securities of, or derivatives linked to, Applovin Corporation (the “Covered Issuer”)."

"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"

"As of the time and date of this report, Muddy Waters (defined below) is short the securities of, or derivatives linked to, e.l.f. Beauty, Inc. (the “Covered Issuer”)."

"As of the time and date of this report, Muddy Waters (defined below) is short the securities of, or derivatives linked to, FTAI Aviation, Ltd. (the “Covered Issuer”)."

"The President's compensation package below illustrates our new incentive structure with the maximum payout scenario rewarding management better than the current plan."

"As has become an annual ritual, athena issued disappointing guidance ahead of its analyst day. [...] The company historically gets a pass for guiding below consensus."

"As revenue growth slowed, Autodesk’s incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target"

"As revenue growth slowed, Autodesk's incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target"

"Ramaco's technology challenge, with its partners, is to drop the price of CF made from coal below $5 per pound. At this level CF is completely disruptive. Game Over."

"We compared AGO’s internal ratings of its largest “below investment grade” risks with third-party credit ratings and found that AGO consistently grades them higher."

"Please indicate your confirmation that the Exemption has been granted by the Board of Directors of the Company by executing this letter in the space provided below."

"The growth and stability of the Company’s cash flows handily exceeds the companies below in our view, and yet CCI currently trades with among the lowest PEG ratios"

"After adjusting the top three coal companies cash flows for tax refunds and DTA expense, we see that AMR's operating cash flow margin is significantly below peers."

"If you have any questions or need further assistance with voting your Huntsman stock, please contact Okapi Partners LLC at the phone numbers or email listed below."

"DNMR claims a TAM of 500 billion pounds of plastic to which analysts have ascribed a $800 billion to $1.0 trillion value. The below slide strikes us as ludicrous:"

"Below are the financial disclosures made by Arch and AMR with respect to DTA. Our analysis on the following slide will illuminate some surprising observations...."

"Unfortunately, Newell’s recent operating and financial performance have fallen well below both the expectations set by the Board and the Company’s true potential."

"Adjusted EBITDA ended up DECLINING at an ~11% CAGR between 2017 and 2020, resulting in a figure that was 50% BELOW the Company's initial 2018 Investor Day target."

"Nov 1st looms as a key date when $168m in coupon payments are due on the 2030 notes (the single largest payment in a quarter when $255m is due, see table below)."

"History may not be repeating itself, but it certainly is rhyming. We expect a crash back below $3 as the company either dilutes or fails to retain key customers."

"Nuvei listed Allan Lacoste below its CEO and CFO on the investor relations website. Most recently, his biography is no longer listed under Executive Management."

"In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"However, train speeds remain ~10% below 2019 train speed levels and these recent train speeds are on depressed levels of volume in the Norfolk Southern network."

"In 2018, Southwest had best-in-class margins. Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"While it does appear that Temptime now offers food temperature indicators, the product category appears to be competitive with label prices well below $1 each."

"Unfortunately, we believe that this plan does not go far enough as margins will still be significantly below nearly all of the Company's peers, as shown below."

"While there are some differences in business model and mix, both S&P Ratings and MH Financial operate at margins well below best-in-class pure play competitors"

"We believe Magnite’s shares represent an incredibly poor risk / reward. The current sell-side consensus price is $21.71 which is ~20% below the current price."

"Pioneer Power stands out as Limbach’s lowest-margin acquisition, with EBITDA margins meaningfully below those of its prior targets and of the legacy business."

"Greenlight does not understand how debt securities that have to be partially equitized due to below plan operating performance can have a fair value of cost."

"As a result, Bristol-Myers' P/E ratio is now at its lowest level in years and below its peer group, despite a growing franchise and a net cash balance sheet."

"The below is the SAIC record for Minqing showing Yang Zhang’s wife as the controlling shareholder, having incorporated it just two weeks before the transfer:"

"Housing starts are currently at ~25% of peak levels achieved in 2006 and have been below the long-term trend of sustainable housing demand for nearly 4 years"

"In the screenshots below, you can see a partial list of the sanctions imposed upon Moxian Shenzhen, Moyi Shenzhen, and Moxian Shanghai by the PRC government:"

"Total Company performance has continued to deteriorate despite a single year of improvement in SCC, which still remains far below its optimal profitability."

"The bullet points below catalog the various discrepancies. Note that 2019 numbers remain consistent, confirming that these are apples-to-apples comparisons."

"BP had previously - in the case R (Galloway) v. Durham County Council - unlawfully sought authorization for a 76 MW plant while claiming it was below 50 MW."

"For four years, from 2003 to 2006, the management fee stayed below 25% until both underwriting profitability and the surplus returned to healthier levels."

"The current street consensus numbers are well below management's projections filed in the deal proxy statement a little more than a year ago in June 2017."

"Not all the credits are money good. Against the $7 billion of equity, AGO insured more than $12 billion bonds that are now rated “below investment grade.”"

"RILY’s NAV is Far Below the $1.1 Billion Minimum NAV Requirement That Is Required for the Nomura Credit Agreement Putting RILY at Risk of Collapse in 2023"

"As shown below, while NVDA is up 1,937% since February 2019, cosmetics-maker e.l.f. Beauty (ELF) has that number beat with an even bigger gain of 2,639%!"

"However, TWX magazines are not among the fastest growing titles in terms of advertising pages or advertising revenue growth as shown in the tables below:"

"The structure of both Carvana's initial loan sales and its recent refinancings is depicted below. Note that Ally is replaced as the lender to the trust."

"The chart below shows Anthony Powell’s monthly Personal Volume from 1996 to 2000. You might think it would be driven by the vagaries of retail demand..."

"Only 1 of the 18 companies in AOL's 2011 peer group has a market cap below AOL's market cap and only one company has revenue barely below AOL's revenue."

"WTRG is no longer showing the slide below and, for the first time since 2019, is warning that long-term trends favor 1% annual declines in water usage."

"Lowe's sales/ft² is 25% less than peak levels achieved nearly six years ago. EBIT margins are ~350bps below peak margins achieved nearly five years ago"