Callouts & quotes from 533+ activist slides

"Despite “driving infrastructure efficiencies”, Box’s gross margin has deteriorated by 700bps since its IPO"

"Why has Autodesk underperformed despite its advantageous market position and strong business fundamentals?"

"Cost cutting and inventory management initiatives will help tenant margins expand despite lower 2009 sales"

"Why has Autodesk underperformed despite its advantageous market position and strong business fundamentals?"

"Despite spending over $600m of shareholder capital, Deckers' market cap and EPS have declined dramatically"

"Continued unwillingness to disclose the identity of its financial backers despite questions from investors"

"Despite our skepticism, we determined after extensive research that Valeant meets our investment criteria"

"Despite these operating improvements, Smiths continues to trade at a significant "conglomerate discount.""

"TWC's basic ARPU is expected to grow 13% over the period despite pricing pressure from DBS and the RBOCs."

"Despite our skepticism, we determined after extensive research that Valeant meets our investment criteria"

"Despite small improvement, Box still significantly lags industry benchmarks for sales force productivity"

"Box has maintained stockholder-unfriendly governance, despite its commitment to "world-class governance""

"Despite highest oil weighting of any peer... ...and material position in the Bakken, leading US oil play"

"Bay Street analysts are very bullish on Canadian Tire despite numerous headwinds that face the business."

"Despite the CEO's overly bullish comments, we find no organic growth driving the Other Revenue segment."

"Despite MPWR talking sustainable 40-50% revenue CAGRs, actual results are decelerating fast in H1 2019."

"Wix is now trading far below peer multiples, despite strong top-line growth and a sticky customer base."

"We question how the Board repeatedly determined Dr. Beckerle’s independence despite glaring conflicts."

"The bull-case is highly predicated on growth and taking more market share despite lower profitability."

"Claimed customer relationships of 20 years for accounting purposes despite firm history only 21 years."

"Despite significant share price appreciation, we believe QSR remains a compelling long-term investment"

"Despite significant share price appreciation, we believe QSR remains a compelling long-term investment"

"Despite an approximately even distribution of patents, 93% of license revenue comes from Tessera Inc."

"QSR remains an attractive investment opportunity despite significant share price appreciation in 2017"

"QSR remains an attractive investment opportunity despite significant share price appreciation in 2017"

"QSR remains an attractive investment opportunity despite significant share price appreciation in 2017"

"Despite all its hyperbole, Pure has thus far failed to get a toehold selling AFAs into hyperscalers."

"Despite changing its peer group, PBH did not disclose change in performance as it did in prior years"

"We view Heska primarily as a distributor, despite management's attempts to position itself otherwise"

"Despite similar long-term profit growth, QSR trades at more than a 30% discount to YUM, MCD, and DPZ"

"Revenue has declined dramatically despite expense ratios that are way out of line with peer averages"

"Despite claiming confidence in a return to historical gross margins, Box quickly lowered its target"

"Despite insiders having sold $130 million of stock, more than $110 million was left on the table."

"Despite ~60% Increase in Stable Earnings... ...0% Increase in Multiple vs. Merchant Refiner Peers"

"Relatively flat margins despite revenue growth demonstrates the Company's failure to attain scale"

"Despite new directors added from 2019 to 2021, the Board’s troubling behavior remains unchanged."

"This indicates Fuyu is still under Chairman Yang’s control, despite Huishan having no ownership."

"Despite a commitment to “investments”, Management does not appear equally committed to “growth”"

"The investment community has become agitated with Kao’s lack of growth despite brand potential:"

"2024 consensus EBITDA is ~$65mm below 2021 levels despite capturing $400mm of EBITDA synergies"

"Added only after Pershing Square's involvement, despite significant operating underperformance"

"Despite claims of success, Phillips 66 has not closed any of the profitability gap with Valero"

"Despite the solid fundamentals, Class A Mall REIT stocks have declined 11% throughout the year"

"Despite claims of success, Phillips 66 has not closed any of the profitability gap with Valero"

"Despite a large premium offer, the Allergan board’s response was hostile and anti-shareholder"

"Despite a large premium offer, the Allergan board’s response was hostile and anti-shareholder"

"Despite a large premium offer, the Allergan board’s response was hostile and anti-shareholder"

"From FY17 - FY21, Bob Iger received $216mm(1) in total compensation despite Disney’s poor TSR"

"Management was paid 108% of incentive compensation despite missing all key guidance metrics"

"ROVI is selling investors HOPE its new strategy will work despite limited tangible evidence"

"Nearly twelve turns of EV/EBITDA multiple expansion despite just a 2.2% organic sales CAGR"

"Despite making huge investments ahead of the bust, JOE has taken only modest write-downs"

"Operating expense has INCREASED since spinoff despite multiple restructuring initiatives"

"Despite significant investment, we believe Patch has minimal revenue and massive losses."

"Despite all of these grand claims, as of February 2021, the Hezhou E-Port doesn’t exist."

"Despite the $4.2 billion increase in invested capital, Goodyear's NOPAT declined by 42%"

"The Hello App Appears Derelict, With Longstanding YY Links Despite Supposed Bigo Origin"

"Performance compensation increased 10% in FY2020 despite organic revenue growth of 1.3%"

"Despite its scale, Darden spends more than twice the % of sales as the industry median"

"Despite similar sales mix, geography, unit count, and store size: Dollar General has -"