Callouts & quotes from 533+ activist slides

"Despite claims of success, Phillips has not closed any of the profitability gap to VLO"

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

"Despite claims of success, Phillips has not closed any of the profitability gap to VLO"

"Despite ~$2bn in annual R&D, and $3-4bn in annual capex - far more than any competitor"

"Despite claims of success, Phillips has not closed any of the profitability gap to VLO"

"Despite constant promises of revenue growth reacceleration, Box has failed to deliver"

"Despite constant promises of revenue growth reacceleration, Box has failed to deliver"

"Despite Disney’s share price peaking in 2021, it currently trades near its 8-Year low"

"Despite the turmoil in the credit markets, GGP’s operating performance remains strong"

"Despite Disney’s share price peaking in 2021, it currently trades near its 8-Year low"

"Actual Income Taxes, Net of Refunds Keeps Rising Despite Negative Effective Tax Rate"

"Almost no change in Q4 revenue and small inventory decline despite facility approval"

"Despite ~70% of AP's COGS originating in Leasing, less than half were ever on lease."

"Despite having ~4.5x the peer average revenue, Darden is among the least efficient."

"Despite having ~4.5x the peer average revenue, Darden is among the least efficient."

"Higher revenue and margin, despite significantly lower industry aircraft production"

"Higher revenue and margin, despite significantly lower industry aircraft production"

"Operating margins have severely eroded despite a robust macroeconomic environment."

"Marathon's integrated strategy has failed despite enormous runway to make it work"

"Despite poor performance, executives continue to be paid well above target levels"

"Despite poor performance, executives continue to be paid well above target levels"

"$70 million, or 11%, higher than March 2011 Quarter revenue, despite seasonality"

"NEOs Have Been Paid $1 Billion Despite Total Shareholder Return Underperformance"

"Despite these clear results, Phillips 66 attempts to demonstrate outperformance."

"Despite these clear results, Phillips 66 attempts to demonstrate outperformance."

"NEOs Have Been Paid $1 Billion Despite Total Shareholder Return Underperformance"

"Despite claims of success, Phillips has not closed the profitability gap to VLO"

"Despite improving operations, Taubman shares have fallen over 25% year-to-date"

"Adjusted EBIT has contracted by ~30% since 2016 despite restructuring efforts"

"Despite revenue growth, adjusted EPS has declined over the past several years"

"Despite Content Spend Doubling Since 2018, Consumer Products Revenue is Flat"

"Despite Content Spend Doubling Since 2018, Consumer Products Revenue is Flat"

"The Company has primarily focused on SCC despite strong positioning in SBM."

"Despite this, at year-end UNP missed 5 out of its 7 service metric targets"

"Strong growth despite management not providing guidance on U.S. land sales"

"$83mm Total Compensation Paid to NEOs Despite Negative Shareholder Returns"

"The business is not growing anymore despite the hyper-competitive pricing."

"Despite these similarities, the two business' performance has diverged..."

"Despite the strong outlook, Class A Mall stocks declined 11% year-to-date"

"Hess has never refreshed its Board despite desperate need for new ideas"

"Despite its “Switcheroo”, JANA’s Ultimate Objective Remains a Break Up"

"Retail margins: Margin contraction despite significant growth in scale"

"Despite investor sentiment plumbing lows, insiders are buying stock"

"Despite the name, "Millionaire Team" distributors only earn $97k/yr"

"Interestingly, value perception maintained despite price increases"

"Despite advantages, State Street generates little margin benefit"

"During the Ullman era the stock fell 14%, despite a ~20% buyback"

"SG&A has continuously increased despite declining revenue."

"Despite massive industry growth, core EPS has shrunk"

"SE CEO paid MORE despite 70% share underperformance"

"Despite 250 "job cuts", headcount grew by 400"

"Despite 250 "job cuts", headcount grew by 400"

"...despite below average growth and margins"