Callouts & quotes from 3,960+ activist slides

"However, with recent acquisitions poised to contribute $115-125M in cloud revenue by our estimates, we believe that this leaves targeted cloud revenue growth at a three-year CAGR of just 13-27% excluding outstanding sources of inorganic cloud revenue."

"The sell-side analyst community appears equally divided on ENFN's share price outlook. However, we believe the biggest bulls on the name are wrong in their assessments and have failed to conduct a rigorous forensic analysis of the Company's reporting."

"Spruce Point believes Healthcare Trust of America, Inc. (HTA or the Company) and its Audit Committee should open an investigation into its reporting of Same-Property Cash NOI, which exhibits virtually no volatility - a statistically unlikely outcome."

"Spruce Point believes Avery's business has been an abject failure over the past 20 years. It has spent $1.8bn on R&D, $2.8bn for acquisitions, and incurred $1.0bn of restructuring costs. All the while, annual Free Cash Flow hasn't consistently grown."

"We believe Essential is signaling that it will miss its targets for the first time since 2015, is richly valued with a poor risk / reward, and should trade at a discount – not a premium – to peers given the numerous issues we’ve identified including:"

"We believe Aquablation is ill-suited for prostate cancer applications, that the market for prostate cancer treatments is crowded with well-performing solutions, and that the Company is being given more credit for its efforts to date than is deserved."

"The Arconic stock price increase caused by the shareholder call for managerial change occurred on the back of a material increase in trading volume, further highlighting that the market believes Arconic is worth more without Dr. Kleinfeld at the helm"

"HIMS' claims its AMG entities are solely “owned” by physicians. However, we find and believe that all HIMS AMGs are “owned” by a very small handful of physician “figureheads” under HIMS' control who have none of the traditional benefits of ownership."

"Monster is trading in-line with its 5-year EV / NTM EBITDA multiple despite our belief that its business has fundamentally deteriorated over this time. As a result, we believe it should be trading at a discount to its long-term average of 23x EBITDA."

"We believe Leidos should write down the value of the business as impaired, and the Board should immediately terminate CEO Krone and CFO Reagan for abysmal due diligence failures, and misrepresenting the financial outlook of the business to investors."

"“I believe a sustained and rigorous focus on strategy and its execution, combined with a robust corporate governance structure, can help Hess maximize long term value for shareholders. I am excited to help Hess accomplish these goals.” — Rodney Chase"

"“...we believe the restructuring is not value enhancing and actually adds more complexity, leading to two subpar entities, a higher dividend payout ratio, and significant tax consequences for taxable shareholders” — Citi REIT analyst Michael Bilerman"

"If Solventum returns to these pre-spin performance levels, we believe shares could be worth ~$140 by year-end 2027... We view this as an undemanding case and expect management to be able to drive better performance than how it performed inside of 3M"

"The proceeds Darden received, net of taxes and friction costs, less the $1.5 billion in real estate value that we believe Darden could have realized tax-free, imply that the value received for Red Lobster’s operating business was approximately zero."

"PowerSchool has changed or outright eliminated several disclosures, making it difficult to track their post-IPO progress. We believe the Company's financial reporting quality is low and we will show that its accounting practices are also aggressive."

"The proceeds Darden received, net of taxes and friction costs, less the $1.5 billion in real estate value that we believe Darden could have realized tax-free, imply that the value received for Red Lobster’s operating business was approximately zero."

"Management not only believed that the global construction market would experience robust growth, but also that GCP would be able to organically grow at twice the market rate while retaining attractive margins due to its advantaged industry position."

"Spruce Point believes that current market data services fail to account for significant cash liabilities tied to unpaid taxes, product recalls, and unfunded employee compensation plans. We believe debt is $3.4 billion more than data services report."

"We believe enhanced due diligence is required before investing in the agribusiness industry as history reveals there are numerous instances of aggressive business practices or fraudulent accounting that can undermine confidence in financial results."

"Prestige Brands is described as a graveyard for dying brands on an employee review website. We believe this is an accurate depiction, and that management is taking aggressive actions to make it appear as if there is still life left in the portfolio."

"Spruce Point believes that CLEAR has a history of aggressively promoted Free Cash Flow. For example, it even used to add back the value of share repurchases over fair value, which is a highly unusual adjustment that Spruce Point has not seen before."

"The technician called out practices at UC San Diego in a particular, one of TransMedics highest-volume users and who we believe to be using the device off-label for scheduling and for dubious organs other centers won’t touch, to boost their volumes."

"We believe the board and management’s aggressive disregard for shareholder rights, consistent missteps, lack of a cogent strategy, and inability to deal with the legacy Miss Lime assets have kept the stock from trading closer to its intrinsic value."

"The figures provided for 2022 and 2023 in the footnotes do not reconcile with the figures in the cash flow statement. We believe this could just be more evidence of Enfusion's weak financial controls that undermine confidence in financial reporting."

"We believe providing a target of at least 40% growth plus profitability for FY2025 would be in-line with peer targets and timelines and should be readily achievable through a reasonable acceleration in revenue growth and meaningful margin expansion."

"We believe the market conditions and the outlook for ATL's business prospects will remain very weak and that AMT should be forced to impair its intangible assets and/or goodwill in India by US$364 million, or 48% of the combined acquisition prices."

"We believed that GoDaddy had significant opportunities to deliver on strong revenue growth, meaningful margin expansion, and a more appropriate capital allocation strategy, which, collectively, would result in meaningful shareholder value creation."

"We believe Hess has great assets but is mismanaged. It is a public company that should be run for all Shareholders but has been held captive by a CEO and Board that are apparently unwilling to take an objective, clear-eyed look at their own record."

"We believed that GoDaddy had significant opportunities to deliver on strong revenue growth, meaningful margin expansion, and a more appropriate capital allocation strategy, which, collectively, would result in meaningful shareholder value creation."

"Finally, we believe that refusing a request by Bluebell representatives to accommodate entry to BP's 2024 AGM (given Bluebell are currently one of the main dissenting shareholders), is an insult to shareholder dialogue and a sign of BP's febrility."

"We believe the PVD and OVP segments are worth little because they are sub-scale, major product Tri-Heart has minor share and has been de-emphasized by Merck, and because another large drug targets bovine as opposed to companion animal applications."

"We believed that GoDaddy had significant opportunities to deliver on strong revenue growth, meaningful margin expansion, and a more appropriate capital allocation strategy, which, collectively, would result in meaningful shareholder value creation."

"I am choosing to devote my time and energy to this effort because I believe Phillips 66 is not only a strong investment, but also a company where my support for Elliott’s campaign can make a difference for employees and investors alike. — Greg Goff"

"Spruce Point has serious concerns about Generac's recent opaque transaction with Sunnova and the formation of tax equity holding. We believe Generac could essentially be financing customer purchases, or could be engaging in a circular transaction."

"Contrary to the Company's messaging, this latest deal with Pathos is not a true extension of the AstraZeneca relationship, but rather a restructuring that we believe underscores the ongoing erosion of the commitment between Tempus and AstraZeneca."

"Spruce Point believes that there is a high probability that, come next week, these two hospitals will elect not to renew their current terms beyond Sep 2020, and will instead demand higher sharebacks from Premier or elect for another GPO entirely."

"We believe such an ownership stake could either be a CPoM violation (if they are domiciled in states with a 100% physician ownership threshold) or an undisclosed related-party transaction, as no such ownership stake is mentioned in the HIMS proxy."

"DV ceased a key disclosure about revenue facilitated through programmatic partnerships. It appears they've become increasingly dependent on two partnerships, which we believe is adding greater business risk and financial pressures to its business."

"We believe Mr. Garden’s demonstrated record of strong operating experience and his network of significant institutional relationships can be utilized for the Company’s benefit and makes him extremely well qualified to serve on the Company’s board."

"With significant exposure to global industrial end markets (notably China), we believe it is highly unlikely that results reflect consistent, perfect execution, but rather reflect aggressive accounting and financial practices that aid performance."

"We believe hematocrit is omitted from the paper in order to avoid providing evidence that would undermine the claim to renal health improvement, because hematocrit could show that even the few positive metrics here are artifacts of blood dilution."

"I used to be a 100% Nevro believer in the beginning. They can say or claim whatever they want but it's not true in clinical practice. It’s absolutely not true that it can handle back and leg pain. Nevro is a one trick pony. — High volume implanter"

"Starboard believes Mr. Cwynar’s experience as the former chief executive officer of a semiconductor product and licensing company, as well as his technology and engineering background, will enable him to provide invaluable oversight to the Board."

"If one simply adds back to COGS the direct manufacturing costs we believe it is misclassifying via a Worldcom-esque accounting scheme, its gross margin is negative – consistent with color from ex-employees, competitors, and manufacturing experts."

"Based on our significant number of live stream related interviews, we believe that the Street's base case is materially overstating Live Video and Mobile Marketing revenues while understating costs of revenues associated with Live Video services."

"In 2014, there was no disclosure about significant asset disposal gains in Other Operating Income, leading us to believe that substantially all of the gains were excluded from Other Operating Income, and therefore are included in Casino's EBITDA."

"We believe that, should the economic consequences of the pandemic grow increasingly severe – a distinct possibility as unemployment grows more severe by the week – the pandemic could pose even greater downside risk to Forescout's full-year sales."

"Insiders have been relentless sellers of MGNI, at an average price of $8.85 per share. If insiders truly believed in the upside potential of the merger, it is more likely they would have been buying stock cheap ahead of the recent price increase."

"...however, Elliott believes that BMC's significant underperformance is due to a deficit on the Board of relevant and timely experience in Enterprise Software, emerging business models ("SaaS" and "Cloud"), and critical skillsets (Large Cap, M&A)"

"10. Aside from its “customers” being related parties and effectively fake, we believe that Ginkgo takes the scam into even more aggressive territory by booking revenue from them that is simply fictitious, overstated, and/or based on overcharging."

"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."

"We strongly believe that additional change is necessary at the Company given its poor operating performance, long-term destruction of shareholder value, serious corporate governance concerns and failure to honor the spirit of our 2012 settlement."

"We believe that the Exit Multiple should reflect this significant change in the business as MLP-qualifying income in an MLP structure is extremely valuable to other MLPs and can serve to reduce TPCG's cash tax costs and lower its cost of capital."

"“Our fundamentals underpin what I continue to believe is an exceptionally rare opportunity in the public market: a beloved consumer brand that is built upon an enduring subscription membership business model.” — CEO Dudum on Q3 2021 Earnings Call"

"“reconstitute itself and upgrade the Company’s leadership such that it can objectively assess the best path forward for Southwest’s shareholders, employees, and customers. We believe this process needs to commence immediately.” — Artisan Partners"

"Informed by the online reviews from anonymous current and former employees on Glassdoor, we believe the Board’s lack of diversity has permeated throughout the Company, resulting in broader issues which exacerbate the Company’s cultural problems."

"Based on our belief that Procept is likely to face growth challenges, we believe the Company should trade at 5x to 9x 2025E revenue, implying a price target range of $29 to $54 per share, or approximately 30% to 60% downside from current levels."

"Spruce Point believe it’s an enormous red flag to see Monolithic purchase an even larger 75,000 sqft commercial real estate property for a 35% premium just nine months after a commercial investor purchased the property, and made no improvements."

"There is almost universal agreement that WSP's share price is a Buy; what could go wrong? Spruce Point believes that none of the analysts have conducted a rigorous forensic analysis to question the quality of WSP's recent earnings and cash flow."

"We believe that DOX has engineered superficial top and bottom-line growth alongside unusually stable margins through opaque M&A, aggressive percentage-of-completion accounting, software cost capitalization, and repeated one-off net tax benefits."