Callouts & quotes from 533+ activist slides

"Therefore, we expect that new smaller stores will limit FND's flexibility and increase the risk of being off-trend with customers."

"Spruce Point finds more evidence that Porch withholds information from investors in an attempt to manage results and expectations."

"Management’s $900mm target is only half the gap with Kohl’s. Given opportunities uncovered so far, we expect more progress to come"

"We believe, based on our rigorous investigation, that GFL's financial objectives are highly likely to fall short of expectations."

"We believe Procept will fail to meet revenue growth, and thus profitability expectations and faces long-term existential threats."

"Dropbox is a melting ice cube, and management's last-ditch turnaround attempt is poised to disappoint lofty analyst expectations."

"I feel that their failure to mention this report as a possible contributor to the S&P decision is conspicuous but to be expected."

"Management is expecting to achieve tremendous efficiencies to reach EBITDA margins >2x the industry average on below-average GPU"

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

"UEC’s Assets Are Weak And Its Aggressive Goals Are Likely To Disappoint High Investor Expectations With More Aggressive Dilution"

"Over the next five years, revenue is expected to grow to $13.4 billion in 2010, representing a CAGR of 6.9% from 2005PF - 2010."

"Expects physicians to prescribe generic liquid diazoxide off-label, especially if a conversion chart is available on MDCalc.com"

"Analysts are holding out aspirational upside price targets, that have failed to be met, and still have not reset expectations."

"AMT has not been forthcoming about its exposure to ground rent increases, which we expect to materially impact AMT’s margins."

"Only 5 out of 22 total categories (27%) did the audit results indicate that Aqua/Peoples "Meets Expected Performance Levels""

"We would expect FX fees and gains to be no more than ~1.5% of cross-border TPV, and likely much lower due to payout volumes."

"Athena missed its organic revenue growth target for 2013, and analysts have cut revenue expectations for both 2014 and 2015."

"Does this suggest LSPD expected the future performance targets to fall short from the very onset of the transaction closing?"

"The physician speculated that Soleno wasn’t expecting FDA approval and seems to be lacking a commercial, field rep presence"

"No signs of progress for a fab are visible – not what one would expect if a major phase of construction began 8 months ago."

"Of course oil prices aren't expected to stay at $59. This is what the current forward curve, or strip, for WTI looks like."

"All-In' TCP dropdown will improve TRP/TCP's low expected 5-year dividend/distribution growth rates back to industry levels"

"In our opinion, this is just another poorly planned deal by GFL that resulted in unexpected higher costs to shareholders."

"Each of the companies is expected to see improvement in growth + profitability in 2023, largely due to margin expansion."

"Each of the companies is expected to see improvement in growth + profitability in 2023, largely due to margin expansion."

"With 1 net store closing in 2018 and continued underlying business pressures, we expect 2018 performance to deteriorate."

"One area that has certainly struggled is Latin America, falling below expectations dating back to pre-acquisition Bemis."

"Each of the companies is expected to see improvement in growth + profitability in 2023, largely due to margin expansion."

"Wall Street research analysts expect Pfizer's revenue to decline by 3% (9% increase excluding COVID) from 2023 to 2030."

"We think that within 6 months AXDX management will be forced to revise down reagent revenue expectations a second time."

"Bristol-Myers management seems to be expecting five unidentified products to generate average revenues of $1.4 billion"

"Wall Street analysts expect Bristol-Myers to continue to grow revenue and leverage it into faster adjusted EPS growth."

"A surgeon who directs the program expects to terminate their usage in the next 6-12 months: "Yes, it will go to zero.""

"The expected construction costs are about half of our estimate of Huishan's reported average spend of RMB 89 million."

"We expect substantial additional share price appreciation as key steps are taken towards ending the conservatorships"

"The Board is responsible for holding management accountable on improving its expected revenue return to at least 38%"

"The Board is responsible for holding management accountable on improving its expected revenue return to at least 38%"

"Even with large expectations for the pipeline, revenue will be declining, possibly impacting the valuation multiple"

"Current users seem to be expecting significant price concessions from Procept if they choose to upgrade to HYDROS."

"While EBITDA is expected to approach 2019 levels, shares are down nearly 70% from prior highs and 50% year-to-date"

"Although it is a lower priority, we would expect to begin realizing repairs and maintenance savings after 6 months"

"Although it is a lower priority, we would expect to begin realizing repairs and maintenance savings after 6 months"

"Management is expecting to return approximately 1/3 of the current ~$260bn market cap to shareholders through 2018"

"We believe C3 is poised to reset expectations as sales fail to materialize, losses balloon, and dilution increases"

"If the rules were eliminated, we would expect commissions to compress to levels seen in other developed economies."

"Pro forma for the expected decline in the U.S. business, normalized EPS is significantly below consensus estimates"

"Happy Days Are OVER for Apellis, as the Experts Give a Thumbs Down to Syfovre. Citron Expects FDA Warning Letter."

"As everyone knows, EVs are expected to grow from 11% of vehicles last year to over 40% by the end of the decade."

"HBO revenue is expected to grow from $3.5 billion in 2005 to $4.7 billion in 2010, representing a CAGR of 6.1%."

"TWC also expects to substantially enhance the ARPU and margins of the acquired Adelphia systems as shown below:"

"We expect Focus Universal to post revenue of $2 million in 2021, $45 million in 2022, and $150 million in 2023."

"What kind of volume can a business like this expect when its clientele is pet owners who never go to the vet?"

"We expect a substantial re-rating lower in the share price once investors critically analyze its financials."

"Many of these businesses are developing very, very well; however, others are not doing as well as expected."

"We expect companies in which we invest to have a credible, publicly-disclosed plan to reduce GHG emissions."

"Filmed Entertainment theatrical film OIBDA growth rate, however, is not expected to exceed its peer group."

"Investors should be concerned by the unexpected and abrupt resignation of CEO Gabi Seligsohn in June 2018."

"In the near term, I would expect less profitability at the bottom line than what was previously disclosed."

"We expect to hear details of a broader restructuring at Yahoo including elements laid out in this letter."

"How can performance be expected to improve if the Company refuses to acknowledge that it has been so bad?"