Callouts & quotes from 26,677+ activist slides

"The rapid growth in unbilled receivables, which have now ceased to be defined by management, suggest that it has been booking revenues at a much faster rate than billing and collection of receivables."

"Juniper is unique in that it has such material and consistent underperformance across benchmarks but also possesses such readily apparent and implementable levers to drive long-term shareholder value."

"Therefore, you should assume that upon publication of this report, we will, or have begun to, close a substantial portion – possibly the entirety – of our positions in the Covered Issuer’s securities."

"That the SRR program's financial benefit to Red Cat is being massively overestimated by the market is not that controversial among other industry players who have considered competing for the program."

"Which is it? We wanted to highlight that because the contradictions get worse over the course of time, but that question in particular seems like it gets a definitive answer on the next earnings call."

"If Gensler wants to send a message to market participants that abuses will not be tolerated, his Division of Enforcement couldn't have dreamed of a better opportunity than stopping DWAC in its tracks."

"By executing plan "Streamline66," we believe the Company can achieve a ~$200 stock price (with the possibility of substantially more upside if Phillips is able to execute a plan similar to Marathon's)"

"Investors who are in the stock for the long-term fundamentals will inevitably be diluted as the company continues to finance unprofitable growth even as its balance sheet becomes tremendously strained"

"It is clear to us that the Timken Family’s influence over the Board substantially impairs Timken’s willingness to seriously explore proposals that are in the best interest of unaffiliated shareholders"

"Nova is the second biggest shareholder of Adelong next to Mr. Markus Meister who has been described as an entrepreneur, investor, and a "marketeer" active in many speculative Australian mining stocks."

"A transplant cardiologist at an Ivy League center stated that the pre-approval price per consumable went up by 3 or 4X from $24 to $25,000 but to now $80 to $90,000 – before including the NOP service."

"The ex-TransMedics surgeon stated that Attia was unlicensed to practice medicine in the US, and that an OPO may not grant an ACIN without extensive verification, which TransMedics surgeons would fail."

"Ms. Atkins would be a valuable addition to the Company's Board given her extensive executive leadership, corporate governance and operations experience in the transportation and technology industries."

"How will this transaction be described in the 10-K? We don’t know, but we are interested to see which version of events is disclosed as they are entirely different, not simple differences in verbiage."

"Six Lease Agreements. AOT Spends About $19,520 per month per unit to lease, ($234,000 per year) for a 5 Year Lease Agreement. Thus AOT Is Spending More Than 6x The Cost of Buying The Equipment Upfront"

"Stated that over-the-top Vykat marketing to endocrinologists is falling flat; that it’s “not worth” the price, which they’re upset about, for what at best “may be a nice adjunct for a couple of kids”."

"Although prior to 1997, BEA performed well compared to its listed peers and the Hong Kong retail banking sector, in recent years it has underperformed significantly in terms of both ROE and BPS growth"

"Yet their site is a barren desert when it comes to any such metrics on their 32-qubit one – a remarkable fact in light of the precise technical data IonQ has promoted around its purported performance."

"AtriCure has been unable to demonstrate any operating leverage, let alone a trivial accounting profit, even as its core products have saturated their addressable market with little direct competition."

"We find Nevro’s about-face and embrace of low-frequency stimulation interesting and suggestive of desperation, given that the company has spent the last decade disparaging it as useless and dangerous."

"We quote three different ex-territory managers below. One stated Harmony’s top prescriber in the US “is a complete whore” and that he would “say it to his face” as “we hang out socially and so forth.”"

"HLF took on substantial leverage in 2014 to fuel an aggressive buyback program and bolster its falling share price. With a $1B credit facility maturing in March 2016, Herbalife has fewer options today"

"In the following table we see a few of the leading brands and can observe a clear pattern of a division between highly rated brands with thousands of reviews and poorly rated brands with less reviews."

"Using various geographic features visible in the Sorena Turbine video, we can confidently geo-locate the MRO facility with FTAI’s module factory box to Sorena Turbine’s facility and address in Terhan."

"While it is no surprise that FIGS bulls (and management) would cherry-pick the highest multiple high-growth apparel comp, lululemon, to promote it, we believe the comparison is divorced from reality."

"Spruce Point questions why did Generac record its initial investment in Pramac as an “Investing” activity, when its recent additional purchase of a 15% stake was classified as a “Financing” activity?"

"The average age of the clean energy business acquired by Generac is 14.9 years but according to the CFO they are still start-ups. We interpret his comments to mean these are money losing investments."

"Scott Jolcover also owns a brothel in Nevada called the Playmate Ranch and Spa, which we believe doesn't look good from a governance perspective as ABML claims to seek a major stock exchange listing."

"We believe Commvault’s current value does not reflect its leadership position in the Data Management software market and that there exists a distinct and significant value opportunity at the Company."

"One disposable handpiece is used per procedure, making Procept's disclosure of handpiece units sold (ignoring the time lag between invoice and use) a rough proxy for Aquablation procedures completed."

"Despite its uptake, the long-term science around Aquablation remains unsettled. Thus, the procedure receives only a conditional recommendation and a lower evidence level grade versus TURP by the AUA."

"XPO has bridged the gap between $6.1bn of acquisition costs and $5bn of capital raising with $817m of asset sales, and $364m of factoring receivables through XPO Logistics Europe created in Oct 2017."

"It's hard to value XPO correctly when the smartest guys on Wall Street have no idea what XPO's true share count is, and conveniently ignore the deep in-the-money Series A Convertible Preferred Stock."

"Tessera has repeatedly licensed outsourced semiconductor assembly and test companies (OSATs) instead of higher value OEM and manufacturer licensees despite OSATs having far lower revenue and margins."

"We would understand if margins declined due to investments in growth, but organic growth is worse than when Solventum was inside of 3M, and the Company has not created an expectation for improvement."

"Investors have given management full credit for the cost savings plan as CTC’s market capitalization increased ~C$750 million over the following week after the announcement of the C$200 million plan."

"Do PetIQ shares really deserve such a lofty multiple if most of its projected sales growth is slated to come from a new and unproven business line for which management is issuing aggressive guidance?"

"Do PetIQ shares really deserve such a lofty multiple if most of its projected sales growth is slated to come from a new and unproven business line for which management is issuing aggressive guidance?"

"Palliser has more than doubled the size of its shareholding in Keisei since last year’s AGM and now holds in excess of 4.5% - signaling our firm belief in the long-term value prospects of the Company"

"Despite c.30% of shareholders supporting our unique proposal to address capital allocation issues at last year's AGM, the current Keisei Board and Management team have ceased to engage with Palliser."

"Given the large box sizes of Olive Garden stores, we see an opportunity to drive profits by potentially using 8,000 square feet of space to create different dining experiences and test several ideas."

"One former employee indicated that a 98% fidelity level renders the computer error prone and useless, adding that a minimum of 99.99% fidelity is required before any useful applications are possible."

"...InternationalCo would be forced to assume all of Hess' existing debt and therefore restrict InternationalCo's financial flexibility, future growth rate, and ability to return cash to shareholders."

"Result is Hess is penalized twice: Penalty #1: Multiple-based valuation undervalues Bakken; Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap."

"Spruce Point observes that BOOT's last 10-K revised language around management's judgement in estimating future sales price and auditing adjustments (plural emphasis) to inventories for obsolescence."

"DNMR's announcement that it intends to replace 30% of DNMR's PHA with Novomer's PHA seems to be providing false hope to customers and investors that there is a pathway to a more competitive offering."

"Our research on Novomer causes us to think that the $152 million cash Novomer acquisition is based more on hope than realism, and could signal that DNMR has concerns about scaling its own technology."

"Given the large box sizes of Olive Garden stores, we see an opportunity to drive profits by potentially using 8,000 square feet of space to create different dining experiences and test several ideas."

"The Company has never given investors a clear picture as to what are the direct and indirect manufacturing costs related to this business, so that investors can understand trends in its gross margin."

"The contradictions and apparent hypocrisy of BlackRock’s actions, have unnecessarily politicized the ESG debate, alienating a plurality of BlackRock’s customers with very different views on ESG risks"

"Zebra continued to talk up a positive tone on Matrox after it no longer reported inorganic contribution. It later admitted that 50% of sales were tied to semiconductors, which is a material exposure."

"We question why the street is valuing O Realty at the highest amongst its peers when its occupancy, lease duration and near term lease renewals all reflect a status at the bottom of their peer group."

"We question why the street is valuing O Realty at the highest amongst its peers when its occupancy, lease duration and near term lease renewals all reflect a status at the bottom of their peer group."

"Twist’s chip is an albatross around their neck – “a boat anchor”; much more expensive and error-prone than the legacy DNA synthesis methods that competitors use; chip is impossible to quality control"

"Develop a program that gives investors, advisors, institutions, high net worth individuals, potential employees and the press the belief that BNY Mellon is one of the few globally great institutions."

"Though there will continue to be store closures in 2010, there will be store openings as well. More than half the companies we reviewed were either planning to add new stores or roll out new concepts"

"This is demonstrating that a lower cost (not lower quality) MBA is gaining market share and that 2U's competition can ramp a program very quickly even when they are garnering lower tuition take-rates"

"Given that the Fitch Group’s chairman has sat on Casino’s board since 2003, and that Mr. Naouri is on the board of the controlling shareholder of Fitch, how is it appropriate that Fitch rates Casino?"

"In 2008 and 2009, attracted by its safe-haven status and undervaluation, investors flooded into HKD, pushing the rate to 7.75 and forcing the HKMA to print money to defend the strong side of the band"

"We believe the risks presented are real, as the FBI previously warned industry participants of the potential for ELDs to be compromised. We believe such an action could jeopardize Samsara’s business."