Callouts & quotes from 37,061+ activist slides

"he has never seen data like this. This then calls into question the accuracy of the information presented in the PET study. He said he would never trust the accuracy of PET data beyond 45 min. — PET expert consultant"

"I can only tell you the rough figure. Roughly 70/30[\%]. 70/30 could even be 80/20[\%]. 70\% are managed directly by the headquarters, and 30\% are like Jiangsu Zhonghe, which is completely managed by itself. — Mr. B"

"Imagine having no Rules or boundaries to what you can have in life ! Why not work hard and earn your worth ! — Jason Soaris. Dream big, head high and go for it! The only one who holds you is yourself. — Céline Cracco"

"Companies often collect cash 30-365 days before they recognize the revenue because they usually offer Monthly or Annual billing methods. As such, customers pay for a full-month or a full-year in advance. — Footnote 2"

"The abundance of circumstantial evidence is hard to ignore. In light of specific allegations the honest person will provide very detailed responses that eliminate doubt because they know the facts are on their side."

"At a market multiple of 6x post-royalty EBITDA per Company store, we believe BWLD could release over $1.4 billion of after-tax proceeds from its existing store base, representing ~52% of BWLD's current market value."

"Investors who have backed Scott Peters have not faired well in the past. There are multiple instances where companies that were managed by Scott Peters have ended in bankruptcy or liquidations, yet Peters benefited."

"Recent buyers bucket Avery as a "value" investment, despite the fact we illustrate it trades at the richest multiple in its sector (with below average margins and sales growth) and at a premium to broker fair value."

"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."

"A Revenue Growth Program lays out how a company is going to achieve organic growth targets over the next 3-5 years to both provide focus (forward looking) and test accountability & predictability (backward looking)."

"The number of men diagnosed with intermediate-risk prostate cancer opting for AS/WW more than doubled in 10 years, increasing from 5.0% in 2010 to 12.3% in 2020, showing a shift towards more conservative management."

"We believe that the Company must strongly and urgently consider the points we have outlined above and begin discussions regarding the separation of Family Dollar and the introduction of a multi-price point strategy."

"We believe the Board’s decision to allow KKR to syndicate 70% of the Preferred Financing only lends further credence to our view that Box’s true intention in completing the Preferred Financing was to “buy the vote.”"

"Investors appear blind to the fact that as XPO has moved away from its traditional third party asset-light logistics business, and into trucking and supply chain fulfillment, its capital requirements have increased."

"Hongji is engaged in irregular transactions with TRE. One of TRE's key PRC subsidiaries, Sino-Forest (China) Investments Co. Ltd. had an account payable of $4.2 million (RMB 35 million) to Hongji at the end of 2005."

"Is it true that the company, which receives assets in kind from Media Ventures, frequently pays Media Ventures an administrative fee that partly conceals the costs that Ströer charges Media Ventures for advertising?"

"While Dycom claims that large deals like Verizon acquiring Frontier are a positive, Spruce Point believes that industry mergers frequently pressure suppliers as the bargaining power of the larger customer increases."

"ADP has made progress with product migrations in the SMB and Mid-Market, but still has a lot of work to do in the Enterprise HCM market. Back-end infrastructure is in need of integration, upgrades and/or replacement"

"Xerox Board's Illustrative Value is 60% overstated, and the outcome will be far worse if the proposed synergies are not realized or – like Xerox's recent "cost savings" – are offset entirely by additional cost creep"

"His position, holding just a tiny stake in Fujian Ruidong, is in keeping with the management model described in Part I, wherein Chairman Ding is able to oversee and therefore exert control by use of a trusted proxy."

"As a result of this atrocious financial performance and investors’ complete lack of faith in management, LivePerson has been among the worst performing publicly-traded software companies over almost any time period."

"Multiple former employees detail Quantumscape’s ongoing problems with dendrites and imply the CEO is misleading investors with “hype”: “twisted the knobs,” “science is not there yet,” problems even at coin cell size"

"As part of the SPAC, they chose investors based on investors’ willingness to do research engagements with IonQ, and if those investors would commit a certain amount of money, they’d be doing research deals with IonQ"

"Two gaming companies that have elected a similar REIT conversion offer telling examples of how undervalued public lodging and gaming companies are monetizing their real estate assets for the benefit of shareholders."

"We look forward to providing shareholders the opportunity to vote for new, highly qualified directors who will help the Company close the valuation gap and set it on the right course toward long-term value creation."

"While the PowerSchool and Securely cases are still fresh, one recent settlement does provide some precedent for the scale of action that companies could face for improper uses of data and violations of user privacy."

"Rather than constructively engage with shareholders over legitimate concerns, the Board instead chose to hastily remove four committee chairs and appoint three new directors who largely lack public board experience."

"Spruce Point believes the evidence of both Xylem and Evoqua’s struggles can be seen by carefully evaluating their working capital metrics. Days inventory outstanding (DIO) have increased markedly for both companies."

"Warning: In a 2018 presentation, Oatly provided a slide that showed 2017 sales at SEK 630m and employees at 170. These figures differ from regulatory filings made which show 2017 sales at SEK 645m and 150 employees."

"We believe that even if Oatly could grow into a multibillion dollar a year in sales company, by that time its sales growth rate and multiple would compress, leaving it with substantial downside to the current price."

"If we assume that historical small-class, one-on-one, and Xueersi.com revenues are as stated and that their associated enrollment increases are credible, then Peiyou offline revenue growth should have been negative."

"Spruce Point believes investors should place little, if any, confidence in these metrics as Adjusted EBITDA is not an accurate representation of Sunnova's business and CCV relies heavily on management's assumptions."

"We believe this revenue model serves as a proxy for Wall Street's current revenue expectations. It also illustrates that the Street is expecting near flawless execution of ~84 program launches between 2016 and 2021."

"Spruce Point does not take WD-40's global ambitions credibly. The Company last year suggested it had opportunities in Venezuela, Iran, and Columbia. This year, these countries are conspicuously absent from the list."

"We believe that ELF was having problems moving inventory and concocted an excuse for the inventory blowing out by claiming that a change in sourcing practices resulted in most of the reported inventory QoQ increase."

"While we acknowledge that Monster is 6x larger and Celsius was trading between 10x-12x revenues at the time, it is still instructive to see what can happen once investors embrace a fundamentally broken growth story."

"At the time of Bren’s investment, The Irvine Ranch was already an established MPC. One of the keys to investing in MPCs is avoiding the high-risk start up phase. In other words, you don’t want to be the first owner."

"A “fair and equitable” plan only entitles creditors to recover 100% of the amount of their claims. When a debtor’s asset value exceeds the amount of its liabilities, equity holders are entitled to the residual value"

"We have reviewed your filing and have the following comment. We have limited our review to your financial statements and related disclosures and do not intend to expand our review to other portions of your document."

"Movers+Shakers co-founder had a long association with NXIVM dating to at least 2011. According to internet sources, Horowtiz was a high-ranking member who was referred by Brian S. Elliot and coached by Farouk Rojas."

"50% of equity compensation is linked to three-year ROIC goals of which FY 2022 and FY 2023 had targets for 100% payout set well below Disney's cost of capital and less than half of Disney's reported ROIC 5 years ago"

"About two thirds of Phillips 66's achieved $1/bbl of opex reduction appears to be driven by natural gas pricing reductions rather than fundamentally lower costs, according to the Company's own commodity sensitivity."

"Petitioner sees no option except recalling VYKAT XR from market - without diuretics patients are at risk of fluid retention and PH, but there is no safety data or study to justify placing PWS patients on this combo."

"Using standard industry success rates, our base case implies a revenue miss against analyst expectations of more than 60%, while an aggressive case in the Company's favor would yield a revenue miss in excess of 50%."

"We spoke to a WFG recruiter who explained to us that we could earn ~$50K/year in part-time income by helping one family per week (four per month). In reality, the average WFG agent sells just 0.4 policies per month."

"Based upon its own research, the FTC considers pro forma disclaimers ("Results are not typical") unlikely to be effective to negate testimonials – unless the advertiser presents empirical tests showing non-deception"

"We have no idea how CSTE can spend so little on its CAPEX; but we can hazard a guess. We believe maintenance is down because production is down, either that or CSTE is failing to maintain its machines in good order."

"The most recent cycle of innovation has just not driven those behaviors resulting in a soft cycle for the cosmetics category in the U.S. as innovation and newness price the market has not driven the expected growth."

"MSCI said in 2019 that it invested and used artificial intelligence (“AI”) to create indices and referenced thematic indices. However, we believe it may not be at the forefront of AI or thematic product development."

"We have a strong conviction in our ability to create incremental value from this combination and are raising our long-term target for real estate revenue growth to the high-teens from the mid-teens percentage range."

"For 2025, 10.71% of Raging River’s projected $287.3 million of EBITDA (i.e. $30.7 million) represents the Betway Cares Foundation’s minority stake and we believe is therefore not attributable to SGHC’s group EBITDA."

"The losses in the GSEs’ guarantee business during the financial crisis, when including $92bn of provisions, i.e. the accounting reserves for expected losses, significantly exceeded their minimum capital requirements"

"We will vote AGAINST these three directors, who supported the disastrous acquisition of Omni in August 2023, leading to an approximately 80% decline in equity value and the accumulation of extremely burdensome debt."

"If the Board’s decision did not stem from a focus on self-preservation and prolonging a standalone existence for Forward Air, then the directors are just lacking the competence and knowledge to serve as fiduciaries."

"Marathon has excelled since it took bold actions to improve operations and governance, resulting in a ~150% relative share-price outperformance versus its peers Phillips 66 (NYSE: PSX) and Valero Energy (NYSE: VLO)."

"The repeated lies, which quite possibly amount to both 17(a) and 10b-5 securities fraud, about Rong Xu's employment at NQ and when she joined YDT, are not covering up anything nefarious and have been told for sport."

"Just reorganizing the core business through cost cuts could create an extra $30/share in value above a Starboard sell it now outcome; with a recovery in BABA shares and tax efficiencies, Yahoo could break $100/share"

"We believe this excess capacity is a large increase from Rollins' historical revolving capacity needs of $175 million and could be a signal it needs more capital as insurance against forthcoming financial pressures."

"However, the 10-K later revealed that ROAD now receives for a majority of contracts final payments when projects are near completion or fully completed which strikes us as an unusual and alarming change of practice."

"Using management's original FCF Conversion definition, we see that it has declined since 2017. This likely explains management's potential motivation for changing to a new definition in 2023 >> to embellish results."