Callouts & quotes from 37,061+ activist slides

"We believe it is now at the point where painting itself as the “New Dropbox” towards content collaboration will fail, and require expensive acquisitions."

"Attributable free cash flow per share deducts the minority interest free cash flow pertaining to the 20% stake of McOpCo’s no longer owned by McDonald’s."

"In fact two peers, Colgate-Palmolive and Kimberly-Clark, have grown EPS at a much faster rate than P&G despite having more significant currency headwinds"

"Due to their U.S. focus and inventory write-downs taken during the recent recession, BRP's homebuilding peers' assets are likely marked near market value"

"There is extensive white space in the casual dining Italian space for Carrabba’s, a concept with 37 years of operating history, to grow into the clear #2"

"Bristol-Myers appointed several new, Company-friendly directors to appease an active shareholder, but we believe that management may have felt vulnerable"

"To combat persistent weakness in the U.S. economy, the Federal Reserve has reduced short-term rates to zero and enacted two rounds of quantitative easing"

"Unifying BHP's current DLC structure would remove a number of clear inefficiencies and create a platform for BHP to deliver optimal value to shareholders"

"In the decade to 2022, global revenue CAGR was 6.2%, and Kao has set Molton Brown a target CAGR to 2030 of 5.2% - a slowdown compared to the past decade."

"Spruce Point is concerned that Samsara no longer provides basic key performance information such as total subscribers or the number of connected devices."

"Samsara checked another box on the “believing your own hype” play card when it launched an internal venture capital fund, Samsara Ventures, in June 2023."

"As shown below, while NVDA is up 1,937% since February 2019, cosmetics-maker e.l.f. Beauty (ELF) has that number beat with an even bigger gain of 2,639%!"

"The use of college brand ambassadors lays bare the true strategy of HIMS to sell ED pills to an audience for whom such products are likely discretionary."

"As we highlighted on a previous slide, FND’s 10-K recently acknowledged that distributors are competitors but has never mentioned MS International (MSI)."

"LCOEs now range from ~$90 / MWh for a NOAK 50 MWe with investment tax credit (ITC) benefit to a whopping $230 / MWh for a FOAK 15 MWe without ITC benefit"

"Marathon can be efficiently separated into three appropriately capitalized independent entities, well-positioned to succeed in their respective segments."

"On the surface, FMCN's acquisition of CGEN is a shocking display of corporate ineptitude that destroyed $198.4 million in shareholder value in 11 months."

"Prior to Elliott's expression of initial interest in the Company, Riverbed has severely underperformed the NASDAQ by nearly 70% as well as its peer group"

"Mr. Iger has sold $1bn of Disney stock (nearly all his holdings); today, he owns just 0.01% of the outstanding shares and has limited "skin in the game"."

"However, TWX magazines are not among the fastest growing titles in terms of advertising pages or advertising revenue growth as shown in the tables below:"

"Spruce Point Consistently Warns To Avoid Investing In Companies That Are Opaque And Don't Provide Enough Information To Thoroughly Evaluate The Business."

"We go through phases in new marketplaces where recruiting is the initial phase of our business and then retailing comes in to function at the base of it."

"MH Education needs substantial capital support and institutional prioritization, yet it is among McGraw-Hill’s lowest returning investment opportunities."

"These facts call into question what is its real “stand-alone” value as claimed by Axon for revenue recognition purposes, when its utility is constrained."

"Trian believes that Lazard's strong free cash flow and limited need for capital investment should allow the company to decrease its share count each year"

"How did accounts receivable just disappear without explanation? If they were written-off, is that evidence of phantom revenue booked but not collectable?"

"Fannie and Freddie meet all the NYSE listing requirements today and could re-list on the NYSE before exiting conservatorship, subject to approval by FHFA"

"In other words, AlloSure misses the overwhelming majority of subclinical rejection episodes, and that’s ignoring the false positives in that 3.9% number."

"In other words, the appeal upholding the revocation was tossed, but the original revocation of the Alcira mining concessions was never actually reversed."

"YDT has been cranking out $35 million in billings without having had many, if any, visitors to its office in the two years it has purportedly been there."

"GoDaddy has transformed itself from a domains-only business into a one-stop shop whose solutions have become indispensable for micro and smallbusinesses."

"The 7 March 2024 Capital Market Day was widely regarded as a debacle, something we have not witnessed in 30+ years of experience in the financial markets"

"It’s unclear how much of this years nearly $1 billion product development budget at Yahoo went towards launching Livetext but it was clearly unsuccessful"

"After assessing the numerous red flags and contradictions claimed by TAL, we conclude that TAL's purported transfer and requisition of GZ 1-1 was a sham."

"We believe that to an extent Olam Management might be using desired income and cash balances as inputs into its financial statements rather than outputs."

"Two giants in the lawn care industry have also figured out that a natural product to bundle is pest control services, with a specific focus on mosquitos."

"Current asking prices for some Ryan’s restaurants (one of O’s largest tenants) is an 11% cap rate. In comparison, Realty Income trades at a 7.3% cap rate"

"Google and Facebook severed ties crippling Cheetah’s ad-driven revenue model. Shares plummeted in stages from a high of $76 in Jan 2018 to $9 at YE 2020."

"Excluding Music sales, Superstores same store sales (“SSS”) trends have averaged 1.5% more than average reported comparable sales, based on our estimates"

"In our experience, companies only tap the revolver in situations where it is absolutely necessary and when alternative sources of liquidity are strained."

"We expect larger integrators to be able to extract larger price concessions and discounts in their purchasing and procurement from distributors like ADI."

"The Company’s share price has underperformed multiple related indices and the broader market since Mr. Anagnost was appointed permanent CEO in June 2017."

"As larger customers account for a greater percentage of PBH's sales, this practice may no longer be able to offset the pressure and margins will decline."

"ADP Well Positioned to Capture Value From Wide Range of HCM Upsell Opportunities With Largest Client Base and Track Record of Market Leading Distribution"

"Harassment, corruption, lack of compassion, too cut throat. I have post traumatic stress disorder from this company and which it would stand up in court."

"If we applied Westrock and its closest peers sales multiple of 1.0x – 1.2x to Amcor, it’s easy to justify 40% – 60% downside risk to Amcor’s share price."

"Amcor is under pressure as demand from its customers is shrinking as they shift towards more eco-friendly solutions with higher recycled plastic content."

"Our calculation suggests this element of the Proposals alone could lead to as much as 15% upside in the value of the combined businesses of HMC and Mobis"

"We can't figure it out - they continue to do well on Wall Street, but I do not see any movement or any changes here. If anything, they're shrinking here."

"Conclusions: The PROCO RCT provides Level I evidence for equivalent pain relief from 1 to 10 kHz with appropriate titration of pulse width and amplitude."

"By delaying releasing this information, we believe NQ China side insiders were able to dump significant amounts of stock before NQ made the announcement."

"Spruce Point believes there is a big disconnect with what is happening in the airline travel industry and expectations for CLEAR's financial performance."

"Help change the narrative by voting the GOLD card FOR Elliott's highly qualified nominees and proposal to implement annual elections for all board seats."

"According to Morgan Stanley, athenahealth is worth $192 per share in a base case DCF. This is broken down into $120 for Ambulatory and $72 for Inpatient."

"GoDaddy has transformed itself from a domains-only business into a one-stop shop whose solutions have become indispensable for micro and smallbusinesses."

"Fannie and Freddie meet all the NYSE listing requirements today and could re-list on the NYSE before exiting conservatorship, subject to approval by FHFA"

"Either way, we're charging a small fraction of the serious ridiculously high 30% to 40% of commissions being charged by Zillow and Realtor.com to agents."

"Phillips' refining assets have substantial scale and flexibility, affording it high reliability and strong earnings potential under the proper management"

"Moving fixed-price mechanics into ODR undermines this profile, exposing the segment to margin volatility and management subjectivity in cost forecasting."

"The concentrated group of “super users” who drive TransMedics revenue regularly, we were told, push the period far beyond 30 minutes, to 2 hours or more."