Callouts & quotes from 439+ activist slides

"Spruce Point frequently finds that when companies have trouble meeting their capex projections, it is at best an indication of poor financial management, and at worst a symptom of significant underlying problems in the business."

"We believe there are two potential reasons why: (1) doing so shines a brighter light on the poor results of the non-Live offerings, and (2) Live results contain concerning data points that could potentially disappoint investors."

"Based on multiple interviews with former Carvana employees, a concerning lack of fundamental automotive and logistics know-how at the senior management level contributed to poor execution as market dynamics shifted in late 2021."

"Preventing shareholders who do not support the Company's failed leadership and oversight from purchasing additional stock reflects exceptionally poor governance and underscores the immediate need for accountability at Southwest."

"Phillips 66's choice of only looking at Lashier's tenure as CEO hides the fact that Lashier's stint as COO led to >50% relative underperformance vs. its refining peers, given poor operations during the "Golden Age" of refining."

"Phillips 66's choice of only looking at Lashier's tenure as CEO hides the fact that Lashier's stint as COO led to >50% relative underperformance vs. its refining peers, given poor operations during the "Golden Age" of refining."

"We did so principally because we believe that the incumbent Target board has: Suboptimal composition, Made significant strategic mistakes that have destroyed shareholder value, Performed key corporate governance duties poorly."

"“McDonald’s is a poor performing restaurant company in need of a turnaround” — Market perception (2002-2003). “McDonald’s is a global brand business with strong momentum and significant cash flows” — Market perception (Today)."

"Twist is unable to scale; their chip's inability to produce sufficient amounts of single pieces of DNA causes major downstream manufacturing problems, resulting in high mutation rates; inconsistency; and poor turnaround times"

"Without a proper focus on Kao’s strongest brands, it is hard to believe that Kao has the same ‘right to win’ in the global marketplace as peers and its poor portfolio management will continue to act as a drag on a turnaround."

"Globant SA (NYSE / LUX: GLOB) is a poorly organized roll-up of digital IT outsourcing companies. GLOB receives the highest valuation in its sector by convincing investors it achieves consistent 20% p.a. organic sales growth."

"As Phillips 66’s refining EBITDA eroded due to poor operating performance, the refining weight in its synthetic peer group dropped, masking the impact of Phillips’ underperformance against its core peers, Marathon and Valero"

"As Phillips 66's refining EBITDA eroded due to poor operating performance, the refining weight in its synthetic peer group dropped, masking the impact of Phillips' underperformance against its core peers, Marathon and Valero"

"Edgewater's Board has overseen a significant lack of revenue growth, despite making numerous acquisitions, implying the Company's organic revenue growth is poor or acquired companies perform poorly post-acquisition, or both"

"Advertising impressions drive revenues for DV. Recent commentary from key players driving digital advertising indicates overall weakness of digital advertising, but strength in foreign markets were DV is poorly positioned."

"With cash levels well below what BUR had previously characterized as a “strong” cash position, poor cash realizations, and escalating funding obligations, it is no coincidence that BUR aims to raise even more debt in 2020."

"Elliott has a long history of working constructively with companies to help create value in the energy industry. Time and again, we have found that supposedly "poor assets" are rarely the real drivers of underperformance."

"While we acknowledge legal battles can become ugly between parties, we find additional counterclaims by Pereira to be a cause for concern and a poor reflection of Danimer/Meredian's culture if the allegations were true."

"Rather than putting the best people in place to drive shareholder value, the Board seems to be making costly deals and poor decisions at the expense of shareholders in order to insulate Mr. Shaw and incumbent directors."

"As a result of this poor performance, Elliott believes that new leadership is required at Southwest, which represents the most compelling airline turnaround opportunity in the last two decades, according to the letter."

"As a result of this poor performance, Elliott believes that new leadership is required at Southwest, which represents the most compelling airline turnaround opportunity in the last two decades, according to the letter."

"CFM Lagos workers spoke to our investigators and told them that the acquired PP&E was old and poorly maintained, and that Olam disposed of it after the acquisition and demolished some of the factory buildings in Lagos."

"This is simply not true. From our very first interaction with the Company, we have cited poor operating performance and poor management credibility as a fundamental driver of poor shareholder returns and low valuation"

""Elliott has a good case.... Investor returns under Chief Executive [Dr.] Klaus Kleinfeld, who took over at Alcoa in 2008 and now runs Arconic, have been poor." — Robert Cyran, Reuters Breakingviews, February 1, 2017"

"Even if you assume our research is entirely wrong, the current implied upside of 16% represents a very poor risk / reward in light of Chinese end markets slowing, and the extreme overvaluation of the share price."

"Landmark illustrates the need for independent directors with experience in distribution to provide proper oversight and protect shareholders from reckless deployment of capital and poorly conceived acquisitions"

"Spruce Point finds that companies claiming superior margins that poorly plan and execute against capex projections have underlying problems or poor visibility, which ultimately lead to earnings disappointment."

"“occupancy [apparently] limited with substantial areas vacant. Moreover, as shown in some of the images below, the condition of the building is poor or even derelict in many areas.” — Muddy Waters investigator"

"Darden’s massive scale, high AUV, and 100% company-operated store base should make Darden the leader in all revenue per employee categories – we believe the only reason it is not is poor corporate discipline."

"Darden's massive scale, high AUV, and 100% company-operated store base should make Darden the leader in all revenue per employee categories – we believe the only reason it is not is poor corporate discipline"

"BLI instrument is prone to a “lot of false positives and negatives”; the machine’s throughput is poor for antibody discovery efforts; and is at least 4X as expensive as its closest substitute, FACS machines."

"Spruce Point frequently finds that companies with poor ability to meet capex targets suffer from larger challenges including unstable or worsening end markets or simply poor financial planning by management."

"We believe BOOT’s valuation inappropriately reflects the valuation of a fast growing, high-quality specialty retailer and lifestyle brand when in reality it is a poorly organized and governed shoe retailer."

"It is a poorly kept secret in Silicon Valley that companies ranging from Google to Meta to Twitter to Uber could achieve similar levels of revenue with far fewer people. — Brad Gerstner (Altimeter Capital)"

"The investigator found “occupancy [apparently] limited with substantial areas vacant. Moreover, as shown in some of the images below, the condition of the building is poor or even derelict in many areas.”"

"Shareholders frustrated by the excessive compensation and poor performance can VOTE AGAINST the compensation committee (Robert A. McNamara, Jon A. Grove, Mary Ann King, Mark R. Patterson), in our view."

"Spruce Point has based prior successful short calls on companies we found had abnormal and poor capex guidance and inventory practices, notably Gentex (GNTX), Caesarstone (CSTE), and A.O. Smith (AOS)."

"That Twynam would do this so soon after Olam bought QCH, and that Olam appeared to have no legal recourse against Twynam, is another example of poor quality due diligence efforts by Olam’s management."

"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."

"Phillips opex/bbl is over $1.50 higher than Valero's, even if one fully pushes unallocated corporate G&A for both into refining opex, revealing that this is just another excuse for poor operations."

"Even before the 2018 Investor Day, the Company had failed to fulfill its commitments to shareholders for many years. We do not believe poor operational execution since 2018 is an isolated incident."

"Phillips opex/bbl is over $1.50 higher than Valero's, even if one fully pushes unallocated corporate G&A for both into refining opex, revealing that this is just another excuse for poor operations."

"We believe WTRG trades at a rich multiple that makes little sense in relation to our evidence of financial reporting issues, poor governance, and its acquisition growth strategy facing challenges."

""Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program." — TD Cowen, December 4, 2023"

""Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program." — TD Cowen, December 4, 2023"

"“Investors are hesitant to believe PSX will improve refining operations given poor operations since Covid and limited benefits from its 2019 cost improvement program.” — TD Cowen, December 4, 2023"

"Southwest's poor financial performance has cost employees tens of thousands of dollars on average due to lower profit sharing and declines in the value of Southwest stock held by retirement plans"

"Southwest's poor financial performance has cost employees tens of thousands of dollars on average due to lower profit sharing and declines in the value of Southwest stock held by retirement plans"

"While management constantly endeavors to invent new benchmarks against which to measure historical TSR performance, the conclusion remains the same: Returns under Dr. Kleinfeld are epically poor"

"Spruce Point believes that poor post-merger execution by LHCG management has cost the Company a degree of its prior credibility, turning off large institutional managers from holding LHCG stock."

"Today, however, poor execution and leadership’s stubborn unwillingness to evolve the Company’s strategy have led to deeply disappointing results for shareholders, employees and customers alike."

"Today, however, poor execution and leadership’s stubborn unwillingness to evolve the Company’s strategy have led to deeply disappointing results for shareholders, employees and customers alike."

"Today, however, poor execution and leadership’s stubborn unwillingness to evolve the Company’s strategy have led to deeply disappointing results for shareholders, employees and customers alike."

"We believe that GCP can improve its EBIT margin by ~600 bps on a run rate basis, more than recouping all of the deterioration that has occurred through poor performance over the last few years."

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"Trian is concerned that DuPont is spinning off Chemours to stockholders with a poor corporate governance structure – this “entrenchment” tactic could be a barrier to unlocking shareholder value"

"Today, however, poor execution and leadership’s stubborn unwillingness to evolve the Company’s strategy have led to deeply disappointing results for shareholders, employees and customers alike."