Callouts & quotes from 476+ activist slides

"It appears that WTRG may be inflating revenues by making a stealth change in 2021 that included in revenues the full impact of infrastructure rehabilitation surcharges."

"Visibility and quality of Mercury’s backlog appears to be deteriorating. It just reported a multiyear low of backlog expected to be shipped over the next twelve months."

"Red flag 2: The battery life chart appears to be fabricated, as it shows a cell being discharged at over 100% of its energy, which common sense indicates is impossible."

"If churn is truly stable, or improving, it appears at odds with the fact that the “Most Liked Topics” in the Dropbox forum is customer complaints about price increases."

"Given the lack of meaningful profitability or growth throughout this brand portfolio, the remaining goodwill of €257.5M on HelloFresh’s balance sheet appears excessive."

"RILY essentially paid ~$50 million to close the deal so that it could receive ~$50 million in fees on its income statement in what appears to be a circular transaction."

"The Ghanaian investment appears to be overvalued particularly when compared to their discounted cash flow model valuation and the unjustified increased purchase price."

"There appears to be clear evidence linking L3/Leidos' Thailand distributor, M.I.T Solutions, to an individual named Mr. Anek Jongsathien and the companies of MMP Corp."

"Since 2002, management spent over US$8 billion on petroleum exploration – when compared to current broker valuation, this appears to have resulted in a near 100% loss"

"In 2019, it appears that the jobs market is experiencing slower momentum than previous years, according to WUBA's management in its Q4 2018 earnings conference call."

"Archer is a start-up company led by an inexperienced individual who has publicly demonstrated he appears to not fully understand the road to FAA Type Certification."

"ERIE appears significantly overvalued, with its current price-to-earnings (P/E) ratio at approximately 46x on our 2025E EPS, far surpassing the peer group average."

"It appears Darden’s strategy was simply to add menu items rather than working hard to develop a reasonably-sized menu and guest experience that satisfies customers"

"It appears Darden’s strategy was simply to add menu items rather than working hard to develop a reasonably-sized menu and guest experience that satisfies customers"

"Something appears incredibly wrong with AMR's cash interest expense, reported annually as a "supplemental disclosure" at the bottom of the Statement of Cash Flows."

"This transaction appears to be yet another low quality, growth at any price transaction AMT management is making merely because it can (and is compensated to do)."

"Something appears to be very wrong. LSPD made an unusual financial statement showing negative cash spent for acquisitions in the three months ended Sept 30, 2020."

"While on the surface it appears Stryker has made progress with its inventory to sales ratio improving, the reality is that there has not been much progress made."

"Despite the recent influx of competition in the space, Align appears to continue to behave as a monopolistic player in the doctor-directed clear aligner market."

"Listed on BEKE’s platform, the Nuojia Chengjia 9 Dragon Seal Flagship Store appears to be ‘active’ with dynamic client and property counts during 3Q21 and 4Q21."

"We Believe PowerSchool’s Revenue And Adjusted Financials Are Inflated By Aggressive Accounting Practices And That It Is Materially More Levered Than It Appears"

"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."

"OSIS appears to have taken pains to keep its “partnership” hidden from investors. We see this as affirmation that the relationship is a conduit for corruption."

"Our diagnosis is simple: Investors are concerned that TI appears to have deviated from its longstanding commitment to drive growth of free cash flow per share."

"Based on our research, it appears Reflexis has experienced limited new customer growth and some customers are under distress and/or with low growth prospects."

"As shown in the image above, this address appears to be a beauty salon on Google Maps. This is more than a bit strange for a ~$700 million market cap company."

"Vivion appears to take pains to conceal its relationship with rent24. We suspect that rent24 could be used to artificially inflate rent receipts in Germany."

"It appears that LSPD loosened its revenue recognition policies post IPO to allow for recognition "on the date the services are made available to customers"."

"Technically maybe Superb Summit did not fail in buying “not more than one billion cubic meters” per year of natural gas, as it appears to have bought none."

"This appears aggressive, and we sensitize churn rates from 20%-34% in Year 21; from 5%-10% in Years 22-25; 21%-36% in Year 26; and 12%-23% in Years 27-30."

"It appears that Box is attempting to mislead stockholders and hoping that time will run out before the Company is again forced to correct this inaccuracy."

"Huishan’s expectation of rising prices appears to be at odds with that of their competitor Yili, which is also its largest external customer for raw milk."

"In other words, patients on the higher dose did far worse, and it appears that statistical significance vs. placebo was driven by the tiny 20mg subgroup."

"A Brownfield in Prague—Through Appraisals Based on a Small Sample of Cherrypicked Comps, Bubny Appears to Have Been Overvalued by ~100% or ~€138 Million"

"Joya brand's Eastern Canada distribution has collapsed from 76 listed locations to 27 locations. It appears to have shifted more towards Western Canada."

"It appears that CPI PG purchased these 11 units at an average price per square foot that was at a 46% discount to the sales made in the prior two years."

"We estimate that from FY14 through FY16, Huishan booked CapEx of RMB 89 million per dairy farm; FY16 CapEx appears to have ballooned to RMB 107 million."

"It appears that the Viteks "painted the tape" to justify the retroactive reprice of the remaining 14,071,483 shares and €52.1 million additional profit."

"Despite the estimated massive losses in Display, AOL appears solely focused on continuing to pursue its high-cost, value-destroying status quo strategy."

"It appears to us that this Strategic Partnership was intended mainly to create the illusion that MOXC’s online advertising business generated revenues."

"It appears that Alimac purchased an empty piece of land for $1M and constructed a warehouse. The warehouse and the land was later sold to IIPR for $5M."

"It appears to us that GSX's investee (Beijing Youlian) and disposed entity (Baijia Yuntu) continue to have its employees work in GSX's building/office."

"MPWR appears to have a rocky relationship with its largest customer, yet somehow manages “very smooth growth” and is “adept” at “managing the margin”."

"In 2016, he boasted of already knowing how to build a 50-100 qubit trapped ion computer - "right now" - yet IonQ appears stuck at 11 qubits for years."

"This implies a recovery rate of roughly 24% to 40%, which appears unrealistic and raises concerns about the reliability of the DCF model used by SOFI."

"By removing the cash outflows from acquiring licensed copyrights from OCF and recording it under cash flows from investing, IQ’s OCF appears positive."

"A review of recent project tenders at the Oklahoma DOT reveals that Overland Corp. appears to consistently be underbid by the Cummins Construction Co."

"One person described it “as if I am being branded” “at least 2-3 times per week” which he appears to blame for sudden-onset leg paralysis and 3 falls."

"The 10Q referenced its 11-qubit computer, while the 10K appears to bend over backwards to avoid any mention of qubit counts at all, whether 11 or 32."

"We believe that Rollins' 12% global market share accounting for nearly 85% of the total global pest control market turnover appears extremely frothy."

"Floor & Decor Appears To Be A Replay of Scandal-Ridden And Bankrupt Linens ‘N Things; Capex Is Anomalous And New Store Operating Costs Are Exploding"

"Regardless, it appears either that (1) AFAM is in decline as a stand-alone business or (2) management is seriously mismanaging the AFAM integration."

"It appears that the products being marked as defective are core to Leidos' offering and critical to detecting explosives in airport baggage systems."

"By consistently manipulating EXCO's Fair Value to an unreasonably high level, Fairfax appears to be attempting to avoid impairment testing of EXCO."

"It appears that if the Flex partners are not fulfilling their customer requests for ZHL (Zillow Home Loans) they are "Eligible for Disengagement"."

"AOL appears to be pushing ads to Patch that could have been used on other AOL properties to inflate Patch revenue and justify continued investment"

"Nuvei's CFO David Schwartz provides a biography that appears to obscure his involvement in an FBI investigated business tied to internet gambling."

"Greenlight observes that a portion of Allied’s stated accounting policy in its 10-K appears to reflect SBA rather than SEC accounting principles."

"Spruce Point observes that after 2021, WSP's Executive Clawback Policy omits condition (c) which appears to weaken the conditions for recoupment."

"Burford's asset recovery arm appears to us to be more a bungling band of thugs and sex tape blackmailers than a highly skilled set of operators."