Callouts & quotes from 156+ activist slides

"Limbach trades at over 18x our estimate for its FY26E Adj. EBITDA, a large premium when compared to peers. We believe this premium is unwarranted considering the Company's decelerating organic revenue growth, non-existent free cash flow growth, and its aggressive accounting methods which we believe may overstate earnings quality and obscure the true underlying volatility of the business."

"We believe that the rapid uptake of the Libre among T2 patients compared to their much more muted adoption of the G-Series demonstrates that the (current) technological advantages of the more expensive G-Series are superfluous for T2 diabetics, and that the rest of the T2 market is almost entirely open for the taking by the cheaper and easier-to-use Libre."

"After the MRC Committee decides on any appropriate adjustments, actual earnings (Actual STIP Earnings) and actual comparable sales results (Actual STIP Comparable Sales) are compared to the Target STIP Earnings and Target STIP Comparable Sales, respectively, and the Corporate Pool Funding (defined below) is calculated as set out below."

"HIMS frequently references 85-88% “long-term retention”. Not only does HIMS often fail to clearly define this as retention between years end 2 and 3 (a non-standard metric that cannot be easily compared to others), but it also over-emphasizes the potential usefulness and materiality of the metric."

"Employer Services' overall margin increased from 30.4% to 30.6% for fiscal 2017, as compared to fiscal 2016. This 20 basis point increase was driven by operational efficiencies partially offset by 30 basis points of pressure from dual operation costs related to our Service Alignment Initiative."

"The substantial $35.8 million gap between these positive contributors and the minimal increase in overall guidance strongly indicates that Tempus's fundamental genomics and data segments are significantly underperforming compared to expectations established just months earlier in February."

"An interview with a Senior Executive at a Danimer competitor reveled there will likely be challenges to scale within the trillion-dollar plastics industry. In addition, Danimer’s reliance on canola oil looks to be a competitive disadvantage compared to lower priced alternative inputs."

"It is evident that if investors include acquisition related expenses when calculating the company's free cash flow, the sum of free cash flow generated from 2013 to 2018 would be $205 million, as compared to $1.1 billion if those acquisition related expenses were excluded from capex."

"Lazard also reviewed other approaches such as the (1) repurchase of shares only and (2) the separation of TWC and repurchase of shares. Both approaches appear to provide significantly fewer corporate benefits and create less value compared to the value created through Separation."

"When compared to peers, Limbach has among the lowest NTM RPO as a percentage of estimated NTM revenue. This could imply a weaker forward revenue base, shorter project durations, or less visibility into future revenue, potentially signaling elevated revenue risk relative to peers."

"Spruce believes Kalshi and other prediction market entrants (e.g., Polymarket) represent a much larger threat to DKNG than to Flutter (FLUT). DKNG is almost entirely U.S.-dependent, with ~61% of its total revenue coming from its U.S. sportsbook, compared to just 29% for FLUT."

"Spruce Point finds that, for large-volume orthodontists, printing in-house could produce over 50% more savings over Align compared to sourcing from third-party labs, and would allow most orthodontists even of lesser tiers to save over 60% compared to Align fees themselves."

"As shown in an excerpt from Intuit’s FY 2024 10-K above, Intuit includes interest revenue in “Service and Other Revenue”, thus prohibiting investors from understanding the scale and trends related to this markedly different revenue stream compared to its core business."

"All three were intimately familiar with pitolisant and criticized it for having the same fatal flaws, based on their analysis or testing, and characterized it as an old, simple, and inferior compound compared to the molecules they developed - and which still failed."

"Buyouts of non-competes happen in the railroad sector – however, $25 million for Mr. Orr, who does not have experience leading operations at an Eastern U.S. railroad, is excessive when compared to the 2017 buyout for Hunter Harrison, industry-renowned PSR operator."

"Based on our view of the operations of Casino, Tesco and Carrefour, and how Casino treats gains from asset sales compared to its competitors, we believe Casino's accounting materially misrepresents profitability from its France retail operations."

"In the current melee the opposite seems true: illiquid assets are more valuable because it is easier to convince the accountants that they have not declined in value compared to liquid assets where there is more transparent pricing data."

"Limbach's stock-based compensation payments, which are at the high-end when compared to peers, coupled with warrant issuances and a public offering in 2021, have left Limbach's shares outstanding nearly 50% higher than they were in 2019."

"The problem, compared to what you can do with NRP or other technologies, is that the heart on the TransMedics device is beating but it's empty...it's not doing any work...it's not supporting circulation...it's not generating a pressure."

"A review of large REITs indicates that these businesses support investment grade ratings with a debt to enterprise value of 36% on average, as compared to Pro Forma McDonald's which would have a debt to enterprise value of 25%."

"We believe our plan could create total value of $54 to $64 per share compared to ~$28 per share in the proposed transaction, while retaining operating control and the prospect of receiving a true control premium in the future"

"PGNY is generally considered a technology laggard compared to its fertility benefit manager peers, which either have strong digital DNA given their recent founding or have sought to partner with leading technology platforms."

"Compared to the Solidigm analysis, this would reduce annual HDD rack operating costs by over 90% from $3.1 million to $260K, or by over $28 million over ten years in their analysis, representing a material cost reduction."

"While choices around insourcing vs. outsourcing impact headcount comparisons, BK also spends the greatest % of revenues on professional and outside service fees compared to other custody, asset management and G-SIB peers"

"Data indicates that neither GSX nor Gaotu have been trending above most of the private online education platforms in the last 4 years, nor has their popularity risen much recently compared to their private competitors."

"Compared to its DTC peers, FIGS allocates nearly all fulfillment and distribution expenses to the operating expense line items, instead of COGS. This results in FIGS gross margins being overstated relative to peers."

"In order to generate ~$30 billion of value from the pipeline, we must assume that the Celgene pipeline can generate, on average, 10 blockbuster products in 8 years, compared to 3 blockbusters in the past 15 years."

"50 or 60 million compared to 40 million dividend amount - and it has almost been doubled -; these are impressive figures, two-thirds of total assets, with a write-off only partially as much as the cash dividend."

"Taking the inverse of this metric implies that State Street’s Investment Servicing segment’s costs exceeded its servicing fees by 40% compared to only 22% at Bank of New York Mellon’s Asset Servicing division"

"Compared to the investor day guidance from less than 2 years ago, investors are now expecting UNP to grow volumes at only one-third of guided levels and grow revenue at half of guided incremental margins"

"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"

"AOL's EBITDA growth ranked lowest among its peers and free cash flow growth was near the lowest quartile, while its CEO and CFO bonus payouts ranked in the 83rd and 96th percentile compared to peers."

"The consistent zero to de minimis value of work-in-progress inventory, compared to material amounts of finished goods and raw materials, also indicates that the demand for DNMR's products is weak."

"Thus, in our view, the forestry business is only a 95% failure. Regardless, the forestry business seems like a stunning success compared to all of Superb Summit’s other announced ventures though."

"Lasertec’s inventory balance has no plausible explanation when compared to the five largest semicap equipment players – it is triple or quadruple as a percent of revenue in the last 2 to 3 years."

"AMR’s portrayal of its “Non-GAAP Cost of Coal Sales” is highly liberal when compared with peers. We see observe it is making five beneficial adjustments, whereas most peers make two or three."

"These numbers are beyond belief when compared to the $35 million to $40 million in digital advertising annual revenue that AMCN generates at Beijing Capital Airport for the following reasons:"

"When aggregated and compared to IQ's F-1 prospectus, we found that the deferred revenues reported to the SEC were overstated by 261.7%, 165.5% and 86.2% in 2015, 2016 and 2017, respectively."

"Industry experts find it telling that GNYHA is aggressively selling shares despite its relatively stable financial position compared to other member owner hospitals currently selling shares"

"ONP's inventory turn claims of 32.5 times and 16.8 times in 2008 and 2009, respectively, are without credibility when compared to the inventory turns of industry leaders (4.3 to 7.7 times)."

"BEA HK has a relatively lower proportion of customer deposits as compared with its peers, the bulk of which are more expensive time deposits, which in turn leads to a higher cost-of-funding"

"We compared Joby S4 and Archer Midnight general arrangement of components to see which would be expected to be more expensive in relative terms of raw component costs and production costs."

"I do not see them having any market at all in lung anywhere in the United States or, for that matter, even worldwide compared to a much cheaper technology like 10-degrees Celsius storage."

"The A300 series uses newly designed optics and high-brightness light source “URASHIMA”. It achieves a significant improvement in defect detection performance compared to the A150 series."

"Given her vastly more limited work experience compared with previous CFO Lawrence, we believe the appointment of Daniella Turenshine represents a material downgrade in CFO capabilities."

"Underperformance (CCI +17.0% cumulatively) compared to both peers (AMT +23.5% and SBAC +60.5%) and market (S&P 500 +30.2%) in last 2 years; outperformance relative to REITs (IYR +9.2%)"

"Although Canadian Tire may appear cheap compared to retailers on a P/E and EBITDA multiple basis, this is the incorrect way to value Canadian Tire given its unique business model."

"Median survival for a sub-therapeutic dose of PC14586 combined with anti-PD-1 treatment exceeded 156 days, compared with median survival of 24 days for anti-PD-1 treatment alone."

"We believe the sell-off in Darden’s stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers(1)"

"Compared to their generic peers such as Equate, CVS and Walgreens, we believe PBH’s products have no competitive advantage, limited barriers to entry and are at a disadvantage."

"Compared Vykat to the Aduhelm debacle as taking on a tremendous risk for dubious benefit, and concurred when we asked why anyone would prescribe the drug vs. generic diazoxide."

"As shown in the chart below, despite the recent increase in share price, GoDaddy is still valued at a large discount compared to peers and its own historical trading multiple."

"BP currently trades on a PE of 6.7x, a very heavy 44% discount compared to best-in-class integrated oil and gas peers Chevron and ExxonMobil, which on average trade on 12.0x."

"We believe the sell-off in Darden's stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers"

"And TWC, one of the premier cable credits based on its footprint and system quality, is only modestly levered compared to its peer group (with the exception of Comcast)."

"Given TIP REIT’s de minimis maintenance capital requirements, TIP REIT’s free cash flow should be compared to a real estate investment trust’s AFFO, not the “FFO” metric"

"Since 2014, the average delta between cost and pricing percent increase is now 16% for LTL peers compared to the Company's core Expedited LTL's delta of negative (13%)."

"The Ghanaian investment appears to be overvalued particularly when compared to their discounted cash flow model valuation and the unjustified increased purchase price."

"Pulse take-rate is accelerating, reaching 39% of internal gross adds in the June quarter, compared to 35% in the prior quarter and 19% in the June quarter of last year"

"Since 2002, management spent over US$8 billion on petroleum exploration – when compared to current broker valuation, this appears to have resulted in a near 100% loss"