Every emphasised callout and every pulled quote, extracted slide-by-slide. Search by keyword, filter by slide type or by source.
"Spruce Point finds it very alarming that the weighted-average pull through rate has crept higher since 2020. A higher pull-through rate allows management to estimate higher revenues."
"While adding flavors that resonate with seasonal preferences may be a good idea in theory, Spruce Point finds evidence that in practice there may be a lack of interest and demand."
"Spruce Point finds Oatly's research and development spending as a percentage of sales is materially lower than its high growth, high multiple plant-based food peer Beyond Meat."
"Trian finds it inconsistent for management to take credit for the sharp snapback after the Great Recession while not also accounting for DuPont's performance into the trough"
"Yet, Spruce Point finds it baffling that the book vale of Dropbox's patents has not changed at all from $13.0m since first filing financial statements referencing FY 2016."
"Spruce Point finds evidence Porch has a promoted partnership with Cinch. We called Cinch to verify its partnership with Porch, but customer service had never heard of it."
"Spruce Point finds it incredibly suspicious that Off Grid's sister company and customer subsequently impaired assets in an amount similar to the receivables it was owed."
"Spruce Point finds Sunnova's use of the weighted-average method for inventory to be aggressive relative to Sunrun and Vivint Solar's use of first-in-firs-out (FIFO)."
"Spruce Point finds evidence that BR management abused shareholders with its booking of approximately $42 million of Closed Sales tied to the UBS contract in 2019."
"Spruce Point finds this defense extremely suspect, and believes that the impact of ASC 606 should be deducted from sales when calculating Verint's organic growth."
"Spruce Point finds this defense extremely suspect, and believes that the impact of ASC 606 should be deducted from sales when calculating Verint's organic growth."
"Spruce Point finds that Saputo's total environmental costs are surging from $4.6 to $64 million (0.04% to 0.37% of revenues) from 2017 – 2023, or a CAGR of 55%."
"Spruce Point finds it concerning that much of the behavior outlined in the Audit Committee investigation parallels behaviors which we observe at Verint today."
"Spruce Point finds that WSP's working capital to LTM gross revenues has been on a steady increase which we believe is a sign of increasing financial strain."
"Spruce Point repeatedly finds that companies that modify goodwill testing procedures do so ahead of revealing broader troubles and issues with the business."
"Spruce Point finds additional evidence that either MSCI exaggerated historical claims about its ESG and Climate business or has a weakening market position."
"Spruce Point finds alarming evidence that WTRG's operating cash flow margin is in continued decline - having been 48.2% in 2017 to just 23.9% in 2022."
"Spruce Point frequently finds that when companies reprioritize Risk Factors, there is a signaling effect that investors should pay close attention to."
"However, our research finds significant skepticism among former Procept sales reps and current Aquablation users regarding both of those assumptions."
"We note that one executive after another we spoke with described Grossman as a quick-flip artist who now finds himself in an uncomfortable position."
"Spruce Point finds that Bunge’s reporting of cash flow, capital expenditures, and adjustments to be aggressive and / or irregular for its industry."
"Spruce Point finds a large deviation between our estimated ending gross PP&E and actual PP&E in 2023 which is the period the auditor was changed."
"Spruce Point finds the timing of key events peculiar and raises red flags as to why MSCI and Royalty Pharma have this Strategic Alliance."
"It is unfortunate that Timken finds it necessary to use a lower quality peer group to attempt to justify the Company's trading multiple"
"Intended or not, Spruce Point finds repeated references by ELF’s Chief Marketing Officer to the word “badass” as it relates to women."
"Spruce Point finds more evidence that Porch withholds information from investors in an attempt to manage results and expectations."
"Spruce Point finds is it concerning that the auditor change came shortly after the acquisition of Pramac closed on March 1, 2016."
"Spruce Point typically finds that companies who frequently shift language about key investment claims do so to obscure pressures."
"The OPO CEO appears prescient - “it’s a ticking time bomb...wait til somebody finds out” - judging by the reactions we observed."
"Spruce Point finds clear evidence that TASK's revenue per front line content security employee has been in steep decline."
"Spruce Point finds more evidence that Magnite is under revenue pressure, and is prone to over-promise and under-deliver."
"Spruce Point finds a pattern of MSCI's management making aggressive, if not unrealistic assumptions, which flatter EPS."
"Spruce Point finds this maneuver particularly aggressive and gives the Company no credit for its “revenue adjustments.”"
"The BEF spin-off, it goes without saying, exhibits none of the characteristics that the IRS finds so objectionable."
"Spruce Point finds a parallel between what sparked shareholder enthusiasm at Piedmont Lithium (PLL) and IperionX."
"It’s a ticking time bomb. It’s a ticking time bomb. They’re cutting corners. Wait until somebody finds out."
"Spruce Point finds clear evidence of a shrinking brand portfolio after its acquisition by Saputo in 2019."
"Spruce Point finds more evidence that the Microsoft / Bing partnership is falling behind target."
"Home Sellers Win $1.8 Billion After Jury Finds Conspiracy Among Realtors — Headline, WSJ article"
"Spruce Point finds that Remitly’s median employee pay is -75% below the industry peer average."
"Spruce Point finds evidence of consolidation in the U.S. string cheese market."