Callouts & quotes from 533+ activist slides

"HIMS insider beneficial ownership has declined by 17M shares while the share count has ballooned by nearly an identical amount. Over time, we expect further stock issuance and sales by management."

"The key question is not whether TI has a thoughtful long-term strategy but rather: Is the fixed magnitude and pace of its capacity buildout appropriate given the expected level of excess capacity?"

"It’s convenient that Dropbox was talking about minimal need for incremental capex leading up to the IPO in 2018. Given the 3-5 year life cycle, we would expect capex to rise materially in 2020/21."

"We do not intend to make any changes to the HHC organization, its employees, or its long-term strategy. We would expect all HHH current employees to remain employed as a result of the Transaction."

"Two material weaknesses, costs exceeding expectations, worsening working capital, and aggressive cash flow interpretation but insiders (notably the CEO/CFO) got paid very nice short-term bonuses."

"The CEO touted cost synergies in G&A heavily while selling the transaction. Yet, as evidenced by the audit fees pre- and post-acquisition, costs soared beyond what investors should have expected."

"USCR's former CFO outlined expectations for continued EBITDA to Free Cash Flow expectations of 60% in late Oct 2016. Ever since making that forecast, USCR has fallen increasingly short of target."

"Our price target is based on the nature of a business unlikely to meet the market's overly optimistic expectations of captured market share, GGR revenue share and inflated target EBITDA margins."

"Management's use of short-term debt has burdened the business with refinancing risk in an environment in which the CDOR rate has risen sharply and is expected to rise for the foreseeable future."

"Furthermore, we expect a substantial re-rating lower in the share price once investors critically analyze the findings of our research and determine that MAXR’s “earnings” are accounting magic."

"Of note, on its recent Q2 2025 earnings call, management noted that its outperformance versus expectations is largely being driven by the legacy LTCM market rather than new products or markets."

"As AMT has not hedged its currency risk we believe that this could cause further devaluation of revenue and assets in the future and will most likely lead to AMT performing below expectations."

"Our expectation is that a larger number of the Brazilian towers will need to be redeveloped in order to add more tenants to towers and that the total cost will be approximately US$100 million."

"Sartorius AG, a major competitor to Mettler in its Laboratory division, announced a new ERP in 2016, and expects the project to be completed in 2019. We estimate the total cost is EUR 20 - 30m"

"The stock price reflects concern about ballooning capital costs, chronic lack of free cash flow, a high oil price breakeven, and recent difficulty executing against guidance and expectations."

"The online experiences category is expected to grow in the teens, driven by the shift from offline to online channels and growth of the overall category of tours, activities, and attractions."

"We can identify that of the thirteen approved automotive companies, only six will produce vehicles this year. We expect total production from these six in 2018 to be less than 1,250 vehicles."

"They basically say, we would like to make an investment, and we expect you to spend that investment on Ginkgo's services. They don't explicitly say 100%, but I imagine they expect most of it."

"Keisei's target for a minimum payout ratio of 10% is substantially below disclosed expectations from Japanese and non-Japanese investors, combined with no buyback programme unlike most peers"

"Analysts expect Maxar to produce $181.3m of EBITDA in Q4'18 vs. $180.9 in Q4'17. But they do not account for the $24.6m one-time gain in their models. Maxar is set up to severely disappoint."

"The market is expecting sequential revenue growth of 12.3% in Q1 2021, and increasing in each subsequent quarter to 23.4% in Q4 2021, for total YoY revenue growth of 62.7% in full-year 2021."

"Note that the pooled week-13 mean HbA1c is higher than baseline and unexpectedly elevated, even though it is comprised of 1/3 placebo patients suggesting the hidden DCCR mean is even higher."

"Is Phillips 66 (NYSE: PSX) sandbagging its Q1 results by working to lower Wall Street expectations? Or does management’s guidance indicate deeply disappointing results to be announced soon?"

"AOL should maintain an investment grade rating with leverage of $4.8 billion, representing 2.5x 2005E OIBDA and 2.8x 2005E OIBDAR, based on both its expected cash flows and perceived risks."

"Thus, we expect that one of the SDAX companies will officially replace HelloFresh in the MDAX in the next index review announcement on December 3, 2025 with effective date on December 22nd."

"It stuns us that analysts and investors give management any credence when they speak about targets and expectations – there seems to be a complete failure to hold Mr. Nagamori accountable."

"ULA is a material customer to Aerojet, accounting for 17% of revenues in 2018. Based on recent commentary from Lockheed Martin (LMT), ULA's earnings are expected to decline by 47% in 2019."

"We compared Joby S4 and Archer Midnight general arrangement of components to see which would be expected to be more expensive in relative terms of raw component costs and production costs."

"While Enfusion's recent 2024 revenue and Adj. EBITDA guidance came within market expectations, its new Free Cash Flow (FCF) conversion guidance implies a shortfall of FCF vs. expectations."

"Even if we assume that DSP can achieve its lofty and seemingly unrealistic expectations, we believe the Company still would be losing money in its VOIP business on a fully allocated basis."

"HSD ARPU has remained relatively stable at $43, though, rates are expected to decrease as DSL and other high-speed Internet competitors introduce more competitive packages in the future."

"Either financial supplies revenue is in decline (making it a bad business) or it remains larger than investors expect (meaning there is even more revenue not deserving an 11x multiple)."

"Relative to the significant uncertainty regarding future revenue potential for Celgene’s five near-term product launches, we believe Bristol-Myers’ revenue expectations seem aggressive"

"Even more concerning, this pattern of missing expectations has come during a time when almost every other semiconductor company has repeatedly beaten expectations and raised guidance."

"Assuming clean energy regulations get implemented, the EIA expects Appalachian coal demand to decline nearly 35% over the next 10 years until it stabilizes at around 110 million tons."

"We would expect to see startups issuing front-loaded options to attract strong talent and expensing costs quickly – not a more mature company with established products and customers."

"Based on Free Cash Flow projections offered in the deal proxy, $1.66 billion was expected for 2019. However, based on our analysis, we estimate actual Free Cash Flow of $489 million."

"Commvault is nowhere close to achieving this level of growth, and many investors question whether this goal is realistic given mid-to-high single-digit industry growth expectations."

"We expect that the ability to perform PW ablation rapidly and safely via catheter will put the final nail in the coffin of minimally invasive surgical procedures such as Convergent."

"And when we take a look at AGO's estimates of expected losses to be paid, not much has been reserved for the rest of the U.S. public finance portfolio once you back out Puerto Rico."

"A reduction in guidance of Same Store NOI growth in both FY16 and FY17 from original expectations and the stock is now down 40% from when the reduction in growth expectations began"

"When combined with the negligible net income produced with realistic margin expectations for SMART Brazil (and SGH as a whole), the Company goes cash flow negative as soon as 2Q20."

"If Darden can realize just $65-90 million of our expected $271 million in cost reductions, we believe it can ensure that an SRG spinoff will not put its credit rating in jeopardy."

"If Darden can realize just $65-90 million of our expected $271 million in cost reductions, we believe it can ensure that an SRG spinoff will not put its credit rating in jeopardy."

"For the 2016-2019 PSP plan, management is targeting 2.8% organic sales growth, below expected market growth. Rather than improving performance, the Board decided to lower the bar."

"We believe that Amdocs' unusually steady margins are reflective of a management team eager to meet Wall Street expectations, and willing to engineer numbers to do so if necessary."

"Spruce Point believes DV's revenue growth expectations appear to be on the aggressive side. DV is expected to outgrow ad-tech and the global advertising agency space by almost 4x."

"Despite near-term headwinds, we would expect Danone to trade back to historic levels and believe it should trade at a premium given its portfolio mix and emerging market exposure"

"This structure demonstrates that Darden can separate its real estate while enhancing its credit rating and dividend coverage, even without any of our expected EBITDA improvements"

"GoDaddy Inc.’s (“GoDaddy”, “GDDY”, or “the Company”) growth + profitability is expected to worsen in 2023, and as a result, GoDaddy has not been able to create shareholder value."

"This structure demonstrates that Darden can separate its real estate while enhancing its credit rating and dividend coverage, even without any of our expected EBITDA improvements"

"There is a possibility that AOL may be viewed as a non-investment grade credit by the rating agencies due to concerns about the continued expected decline in the Access business."

"GoDaddy Inc.’s (“GoDaddy”, “GDDY”, or “the Company”) growth + profitability is expected to worsen in 2023, and as a result, GoDaddy has not been able to create shareholder value."

"GoDaddy Inc.’s (“GoDaddy”, “GDDY”, or “the Company”) growth + profitability is expected to worsen in 2023, and as a result, GoDaddy has not been able to create shareholder value."

"In less than 2 weeks, all 60M shares will be eligible to be sold into the market. We expect there to be a bloodbath with this many shares, that insiders got for practically free."

"DSP has missed its expectations for New Product Revenue each of the past three years and New Product Revenue has barely grown over that period despite significant R&D investments"

"It now seems absurd to discuss the company's expectations for organic growth, given that it seems wholly incapable of (or uninterested in) calculating organic growth accurately."

"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."

"You'd expect the oil frackers like Pioneer to be cutting capex faster than the gas companies. Nope. Instead, while CONSOL has stopped drilling new wells, Pioneer has added rigs."

"Telephony penetration at TWC is expected to increase from 14.4% in 2006 to approximately 33% in 2009, implying a CAGR of more than 30% for telephony subscribers over the period."