Callouts & quotes from 485+ activist slides

"Based on our calculation of Adjusted Net Income, management would have been below the threshold of $690m required to receive a bonus under CTC's STIP"

"While Zebra has done a good job expanding services and software gross margin to 53.7%, the margin profile is materially below the 73.2% peer average."

"The implied valuation range for Target Corp based on several methodologies outlined below is $27.5 – $32.5bn, or $38 – $45/share 12 months from today"

"Would the $4.63 billion aviation initiative fund a $500 million purchase of 100 eVTOLs? Given the huge masterplan shown below, it is highly doubtful."

"Beyond the remaining troubled “below investment grade” exposures, AGO has significant exposure to other potentially problematic areas down the line."

"We find that FDA inspections of Curexa in 2022 and 2020 uncovered sloppy operations, below-strength products, and even facility structural concerns."

"A ratio below 100% does not signal strength and we do not believe investors should buy into the praise showered on WSP's M&A discipline by the CEO."

"Therefore, we believe iKentoo had very little growth from 2017-2019, and we estimate its ARPU was $100 per month, or 50% below LSPD's ARPU of $200."

"Out of the ten convertible financings shown below, all included significantly larger investments than KKR's investment in the Preferred Financing."

"Cognizant maintains operating margins below HCL and Wipro, despite those being structurally lower margin businesses (low-to-mid 30% gross margin)."

"As you see in the chart below, since IPO, Lamb Weston's sales have roughly doubled, yet the Company has generated little to no operating leverage."

"$722.9 million works out to $1.50 million per owned restaurant, which is significantly below the Company's stated cost to build a new restaurant."

"QS lab tests are based on a small pouch cell. For some tests, QS doesn't even disclose the size, suggesting it's even smaller than the one below."

"We applaud Goldman Sachs for being the lone skeptic and below market price target on O Realty. We expect other brokers to follow with downgrades."

"The Standalone Plan (described below) offers a clear path to NAV of more than ¥40,000 per share by 2028 – more than double the Revised TOB price."

"We believe Samsara (IOT), like the examples below, promotes itself to retail yet fails to have a sustainable path to profitability and cash flow."

"Actual FY 2020 Adjusted EBITDA was 6% below threshold, which should have resulted in NO annual cash bonus payment if targets had not been revised"

"Actual FY 2020 Adjusted EBITDA was 6% below threshold, which should have resulted in NO annual cash bonus payment if targets had not been revised"

"Epiq now trades ~28% below the initial P2 proposal, and is nearly unchanged from the unaffected stock price prior to Villere's initial 13D filing"

"Wall Street analysts estimated Adjusted EBITDA would be 30% BELOW the Company's initial 2018 Investor Day target even before the global pandemic."

"The table below presents the gains and losses by deposit for both Measured and Indicated (M&I) Resources and Proven and Probable (P&P) Reserves."

"After years of underperformance, Splunk is now trading far below peer multiples, despite strong top-line growth and an enviable market position."

"Perion's audit fees at just 0.10% of revenues are wildly below the average fee paid of approximately 0.44% in the advertising technology space."

"As shown in the chart below, the more revenue Agility generates, the more money it loses - in that sense, Agility is more of the same for INOD."

"However, as we can see below, the results that PMV shared in their latest 10-K8 did not line up, suggesting that they are not the same protein."

"as shown in the chart below, over the past 5 years, on average, the Company has spent almost double the percentage of revenue on R&D as peers."

"It would therefore make sense that VON VONNI ads would appear on AOL.com, as shown below, given the broad demographic and reach from the site."

"D-Wave's financial performance exemplifies the worst hype of the SPAC bubble era, with 2024 revenue coming in -88% below original projections."

"Multiple compression driven by growth deceleration, margin compression, and store repurchases that earn a return below BWLD's cost of capital"

"To exacerbate this, AMT CEO Jim Taiclet sells approximately 90% of the shares he receives from option exercises, as shown in the table below."

"To illustrate how BUR’s accounting really works, we start with the example on the below slide from the 2018 Capital Markets Day presentation."

"Given CTO's omission of recurring capex from its AFFO calculation, it is the only one of its six peers below to boast a higher AFFO that FFO."

"GoDaddy's 2023E EBITDA margin of 25% is significantly below the peer group average of 43%, representing an 18% margin expansion opportunity."

"To get a sense of how far below plan Saputo is in Australia, we look to statements made around liters of milk to be acquired for production."

"Kratos' premium valuation of earnings and EBITDA does not reconcile with its below average financial performance and mix of revenue quality"

"As shown below, transactions in these industries have been executed at considerably higher valuations than where Magellan currently trades."

"As seen in the table below, Axon has been booking substantially more revenue under “multiple performance obligation” accounting since 2014."

"Excluding ISRG and these acquisitions, we estimate that UFPT would have grown sales by a marginal 0.4% in 2024 as shown in the table below."

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

"As shown below, we believe the Dell offer they claim is worth $109 is worth only $90 per share, a 42% discount to DVMT's intrinsic value!"

"In the comprehensive summary below, we use red to highlight how coded earmark language from Congress translated into IONQ cash each year."

"The tables below show the adjusted Subscriber Value and Net Earning Assets, which decline 24.0% and 85.4% at the midpoint, respectively."

"Per the below SAIC financials, MobilePeak generates virtually no revenue, has negative net income, and has negative operating cash flow."

"This change in practice could be risky if sales fall below plan or the discount programs don't repeat as it could affect future margins."

"Take the worst case in the below sensitivity analysis and we see 500k cars with 20% gross margins at a P/E of 20x and the stock is $599."

"The charts below display the stark divergence between GTT's financial performance and the financial performance of its management team."

"AOL's projected performance is below United Online, Earthlink, and MSN, with continued declines of 7% and 9% for the same time periods."

"Herbalife does not disclose the amount of Wholesale Commissions paid to distributors in its SEC filings. We have estimated them below:"

"The vast majority of the value creation potential comes from the B or better mall stores; no value is attributed to C- or below malls."

"We list below some of Realty Income’s largest tenants that we have been able to identify. They are all junk credits with high leverage"

"The implied valuation range for Target Corp based on several methodologies outlined below is $20.3 – $25.3bn, or $28 – $35/share today"

"As you can see below, RILY's debtors almost uniformly live in the right tail (distressed) end of their industry default distributions."

"Below are summaries of projections from three sell-side analysts. All of these are tremendously intellectually dishonest in our view."

"The reality is that Parkland's long-term total shareholder returns compared to its industry peers remain very poor (see below table)."

"KapStone contribution revenue of $2.8bn for WRK's FY2019 is below KapStone's fiscal year projections disclosed in the proxy statement"

"Despite almost unanimous bullishness among analysts, the average sell-side price target is currently 16% below current price levels."

"We find that MTD's median employee salary is the lowest in its industry and nearly 50% below the average of its aspirational peers."

"BILL's operating margins are well below that of peers, suggesting meaningful opportunity for improved efficiency and profitability."

"The below table summarizes the issues we have identified with purported partners – we provide greater detail throughout the report."

"The tables below show that IQ only reported RMB 1.95 billion of advertising revenues to the SAIC in 2015, an overstatement of 74%."