Callouts & quotes from 533+ activist slides

"Spruce Point believes there is a big disconnect with what is happening in the airline travel industry and expectations for CLEAR's financial performance."

"As shown in the software industry, we also expect this subscription revenue stream will be capitalized at much higher multiples than a transactional one."

"2014 was a year marked by strong returns continued value creation by our portfolio companies which we expect to be further enhanced by permanent capital"

"2014 was a year marked by strong returns continued value creation by our portfolio companies which we expect to be further enhanced by permanent capital"

"2014 was a year marked by strong returns continued value creation by our portfolio companies which we expect to be further enhanced by permanent capital"

"Management won't admit it uses stock buybacks to manage market expectations and to engineer low quality “beat and raises” stories to get analysts giddy."

"A classic example of earnings management is when management over-estimates expenses, and claims great performance when results are better than expected."

"As low-cost workflow options grow increasingly diverse and easier-to-use, we expect more and more Align doctors to explore alternatives to Invisalign."

"Former employees have also indicated to us that management is unusually conscious of Wall Street expectations, and aggressive in pushing to meet them."

"Wall Street analysts overall expect TWC to continue its double-digit revenue growth in 2006, outstripping the growth rates of Comcast and Cablevision."

"Why did Heska stop calculating Monthly CSV just when the metric missed expectations and started to decline, in part since international is a low $669?"

"Leidos promotes $400m of expected sales for L3Harris (well short of the $1.0bn it claimed it could achieve alone in 2017 and $700m it claimed in 2003."

"Management expects this $300mm cost reduction program and continued operating leverage to increase operating margins from 25% in 2014 to ~34% by 2017"

"GoDaddy expects to generate 7% revenue growth and 28% Adj. EBITDA margins in Q4'23E as growth headwinds abate and operating leverage improves margins"

"GoDaddy expects to generate 7% revenue growth and 28% Adj. EBITDA margins in Q4'23E as growth headwinds abate and operating leverage improves margins"

"Management expects this $300mm cost reduction program and continued operating leverage to increase operating margins from 25% in 2014 to ~34% by 2017"

"We estimate 40% - 50% downside risk ($110 - $132 per share) as Generac’s financial situation deteriorates and lofty analyst expectations are missed."

"Increased operating margins from negative 32% to analyst expectations of 20% in a little over a year and sold the company for a significant premium."

"QS has an early lockup expiration that we believe is fast approaching. We expect insiders to dump stock and race for the exits, as is their pattern."

"QS is worth $15B because investors expect it to dominate batteries for electric vehicles – off a prototype with 5% of an iPhone battery’s capacity."

"If this proposed transaction fails, we expect investors would correctly conclude there is no potential future strategic alternative for the company"

"We saw no movement at other times of parts, components, or staff as one would expect if any assembly, testing, production, or R&D was taking place."

"As it scales up, we expect its negative margins to inflect in 2024 and reach 8% by 2027. From there, margins should continue improving toward 10%."

"The Annual Meeting – the most basic expectation of any public company – was only scheduled before year-end because of Blacksheep Fund Management."

"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."

"One might expect that Shunshun had to pay TAL for this new lease on corporate life. However, the opposite is true. TAL invested cash in Shunshun."

"Was this raise really a product of organic momentum, or was it a “draw-down” on expected ForeSee sales which hadn’t yet been baked into guidance?"

"Was this raise really a product of organic momentum, or was it a "draw-down" on expected ForeSee sales which hadn't yet been baked into guidance?"

"In closing, we hope you understand the gravity of the situation and we expect an immediate clarifying response regarding the highlighted issues."

"In fact, we find that post Q1'2022 that WTRG removed a reference that its next phase of implementation would be expected to go live in H2'2023."

"Spruce Point believes part of WD-40's international challenges, and why it will continue to disappoint expectations, is rampant counterfeiting."

"Disappointing first quarter results and the rejection of Trian's $55 - $60 per share offer have raised shareholder's performance expectations"

"We expect mall traffic up +0-2% this Holiday season, representing a slight improvement vs. the flattish mall traffic on average year-to-date."

"Warning: We believe Oatly's revenue disclosures are insufficient and not what we'd expect from a company with a 20-year operational history."

"New business production is not expected to fully replace the amortization of the existing portfolio, and the ice cube will continue to melt."

"Despite repeated, bullish commentary from management on fedratinib, Wall Street analysts have overwhelmingly lower expectations for the drug"

"Supply roughly equals demand and analysts expect the market to remain balanced, though we believe it may fall into deficit in the near term."

"You’d expect results in excess of the “targets” of 30% annual revenue growth, and improving gross and operating margins. But you’d be wrong."

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"Employees describe Hill-Rom as a micro-managed company with a management team hyper-focused on hitting short-term Wall Street expectations."

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"Yes. It was a combination of the cost of the chips, the learning curve, and not getting the number of hits that we were expecting from it."

"We expect 67% - 87% share price upside as Southwest restores its best-in-class margins and we believe a turnaround is eminently achievable"

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

"We Believe Change Is Needed After Years Of Missed Expectations And Poor Results. We Believe We Have A Superior Slate Of Director Nominees"

"A small insightful survey of China distributors shows significant local competition, and revenues expected to decline mid single digits."

"We find it concerning that on a pro-forma basis, Amcor’s DSOs are rising moderately higher than expected on a pre-deal standalone basis."

"We find it troubling that Heska Min CSV per Subscription per Month declined materially in 2020 and is expected to decline again in 2021."

"CEO Seifi Ghasemi has begun a transformation of Air Products, which we expect will continue to create meaningful value for shareholders"

"We believe that underestimated competition could cut Penumbra’s expected sales growth by nearly half in FY20, from 20% to close to 10%."

"At a $15B market cap, we expect they will be trigger happy to cash in when the lock up expires – much like the PIPE holders on Jan 4th."

"CEO Seifi Ghasemi has begun a transformation of Air Products, which we expect will continue to create meaningful value for shareholders"

"Networks is expected to become increasingly important to revenue and OIBDA growth at TWX given the division's strong forecasted growth."

"With Omnia a flop and PDN a mirage, we expect investors betting on a Keith Grossman-driven turnaround to shortly face a rude awakening."

"CEO Seifi Ghasemi has begun a transformation of Air Products, which we expect will continue to create meaningful value for shareholders"

"It is expected that PSH will be eligible for inclusion in the FTSE UK Index Series, including the FTSE All-Share and FTSE 250 indices"

"~$4 billion of Bristol-Myers shareholder value could be destroyed if REVLIMID fully genericizes only two years earlier than expected"

"NQ's larger than expected revenue growth and increased guidance are the only tools it has as it attempts to keep its stock price up."

"We Believe The $2.5 Billion Levered Acquisition of Itiviti Is A Diversion From Core Issues, And Will Fail To Meet Lofty Expectations"

"Unexpected, dramatic anomalies in the financial reports are a tell-tale sign that a company is struggling to hold a scheme together."