Callouts & quotes from 3,960+ activist slides

"We welcome additional alternatives to fund affordable housing, and believe our recommendation to reform the GSEs provides the largest potential source of funds for affordable housing"

"We believe HIMS' “Friendly Professional Corporation” structure used to operate its physician network may not adequately comply with corporate practice of medicine (CPoM) regulations."

"Spruce Point believes FND’s actual debt obligations are $618 million more than is being calculated by analysts and market data providers and its leverage is closer 3.1x and not 2.2x."

"Spruce Point believes FND's actual debt obligations are $618 million more than is being calculated by analysts and market data providers and its leverage is closer 3.1x and not 2.2x."

"We believe measuring integrated margins skews the Company's view of product profitability, and may be masking poorly performing businesses or impeding the Company's pricing strategy."

"Spruce Point believes it is a major red flag that DV recently omitted its long-standing Total Addressable Market ("TAM") claims of $20 billion by 2025 with less than 50% penetration."

"We believe that Incipient Capital's role as source of research used for market projections is especially disturbing due to the conflict that exists between Incipient Capital and TFS."

"Spruce Point believes it is time for significant change at U.S. Concrete Inc (Nasdaq: USCR). Based on our research, we are calling for the immediate resignation of its CEO Sandbrook."

"We continue to strongly believe in the value creation opportunity at GoDaddy, and we urge the Company to seriously consider these suggestions and other opportunities to create value."

"We call upon the company to address these deep points of concern, each of which we believe indicates blatant fabrication and a near-total lack of scientific substance at the company."

"“We believe U.S. towers could be the BBE (Best Business Ever) and should command a premium, compared to small cell/fiber systems or international towers.” — Raymond James, March 2020"

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"We believe that synergies, excluding store closures, with a properly executed thoughtful plan could amount to between $500 million and $700 million within the first two years alone."

"We believe the opposite is true. Based on Rhodes, et al, prostates grow about 1.6% per year, so earlier intervention simply means that urologists will be treating smaller prostates."

"We believe that IonQ’s only actual machine is a useless, experimental, error-ridden toy with far fewer qubits, similar to science projects one can use for free from its competitors."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"Based on the request, the Company believes the focus of the inquiry concerns certain revenue recognition practices and the Company’s relationship with one of its fulfillment vendors"

"If you only listened to iRhythm, you might believe that the entire healthcare system and cardiologists support primary care physicians prescribing monitors to asymptomatic patients."

"At the current price of $78/share, we believe P&G’s stock has very limited downside as it trades at only 18.8x its current level of depressed earnings and has a dividend yield of 3%"

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"We believe the Company should develop a plan to transition the remaining non-core employees in Basel to lower-cost locations, including potentially centralizing R&D in The Woodlands"

"Spruce Point believes that BR management has destroyed tremendous value from its highly promoted wealth platform that would “Redefine Wealth Management Technology In North America”."

"We believe pursuing the JVs that we outline in this presentation will create significant value for all of Macy’s shareholders AND actually improve the capital structure of the OpCo."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"Spruce Point believes this could be a way for Zillow to mask the true deceleration in Premier Agent especially if they are not going to disclose Premier Agent revenue going forward."

"In aggregate, we believe the exclusion of these uses of cash from the Company's FCF calculation has allowed Limbach to overstate FCF by over $37 million in the last 12 months alone."

"In short: Our analysis leads us to believe that WUBA is a fraud vehicle that primarily exists to enrich insiders and to raise money from US investors on the back of fake financials."

"We find this 10x growth in property value hard to believe especially considering over $17.7M in improvements are still to go into the property shortly after the closing of the deal."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"I think that’s a good speculation. Deals are significantly more expense. The Stryker name carries a premium to it. I believe we overpaid for deals. — Former Stryker M&A Professional"

"Monolithic's CFO claims to be a CPA. However, state records show his license is “Cancelled” as of Aug 31, 1985. We believe it is disingenuous for him to represent himself as a CPA."

"We believe that Target’s compensation plan does not foster an ownership culture at Target, as senior management and the board have sold $429 million of stock in the last five years"

"We believe that with the passage of time Valeant’s share price will reflect the value of its franchises, its low-cost operating model, and its efficient capital allocation strategy"

"We believe a successful ESG program would include protein diversification and product innovation, animal welfare improvements and a positive climate impact and actionable strategy."

"While Oatly claims its processes and know-how are proprietary and include trade secrets, we believe it has done little to try to protect sensitive information from becoming public."

"Spruce Point believes investors should be on red alert given that management’s short term incentive metrics are calculated on fundamentally different results reported to investors."

"Once the initial share repurchases from the GECC asset divestitures, Synchrony swap and balance sheet use are executed, we believe GE should commit to ongoing share count reduction"

"We believe that the average of brokers' valuations for US Onshore, of c.US$6.5bn, is well below recent transaction prices, trading valuations of US listed peers and intrinsic value"

"HIMS has pitched itself as an e-commerce company with enterprise SaaS characteristics, including 90%+ “recurring revenue” and a declining CAC. We believe neither claim is accurate."

"The Board has consistently set management’s compensation targets meaningfully below goals communicated to shareholders, which we believe severely reduces management accountability."

"Spruce Point believes there is significant upside to Concentrix's share price as it continues its transition to higher value-added clients with differentiated technology solutions."

"We believe Intuit fell victim to extremely poor timing and market fervor about marketing automation when it cut the Mailchimp deal, as sector multiples were at their absolute peak."

"We believe the Board's decision to appoint Mr. Poling Executive Chairman demonstrates the Board's inability to act with the best interests of stockholders as the primary objective."

"Spruce Point believes there is no greater evidence of Weis’ financial struggles than the fact it has systematically stopped disclosing product level comparable store sales metrics."

"Recognizing IFRS reporting conventions can make comparisons difficult depending on the company reporting convention, we believe Heska provided inflated guidance on BiEssiA margins."

"We believe there is evidence that Danimer’s EBITDA margin projections are overly optimistic based on the margin profiles of both its self-selected peers and chemical/plastic peers."

"Spruce Point believes that the recent “inflection” to profitability is unsustainable, and that growth inevitably comes at the expense of PLUG shareholders through endless dilution."

"Ironically, rather than building a business that uses technology to smooth out the challenges of operating in the used car industry, we believe Carvana built one that amplified it."

"We believe that with the passage of time Valeant’s share price will reflect the value of its franchises, its low-cost operating model, and its efficient capital allocation strategy"

"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."

"To further capitalize on this transformational opportunity, we believe the company should permanently suspend its $3 billion annual dividend and redirect this capital entirely into"

"If Darden can realize just $65-90 million of our expected $271 million in cost reductions, we believe it can ensure that an SRG spinoff will not put its credit rating in jeopardy."

"However, we believe that wider CGM compatibility sets up the industry for commoditization, and that Abbott is best positioned to benefit from this change as the low-cost provider."

"We believe Autodesk must improve its compensation practices, address its flawed budgeting process, and move to best-in-class standards for operations, compensation, and governance"

"If Darden can realize just $65-90 million of our expected $271 million in cost reductions, we believe it can ensure that an SRG spinoff will not put its credit rating in jeopardy."

"Spruce Point believes FND management should provide enhanced disclosure in its SEC filings on the following matters related to its vendor rebates and supply chain finance program."

"We believe that Amdocs' unusually steady margins are reflective of a management team eager to meet Wall Street expectations, and willing to engineer numbers to do so if necessary."

"Spruce Point believes that Saputo's acquisition of Dairy Crest (U.K.) brought to it a $724m "hidden" pension obligation that the market doesn't properly factor into the valuation."

"We believe an observable indicator of Saputo's challenged organic growth comes from its disclosure of annual liters of milk processed into cheeses, dairy products and ingredients."

"if Yorktown and METC’s insiders actually believe the Brook Mine is worth anywhere near $37 billion then why are they selling so many of their shares at a sub $1 billion valuation?"