Callouts & quotes from 3,960+ activist slides

"Spruce Point believes DV's revenue growth expectations appear to be on the aggressive side. DV is expected to outgrow ad-tech and the global advertising agency space by almost 4x."

"We believe investors should remember that although Live’s growth may generate comfort with TurboTax’s prospects, Live is also the business most exposed to tax code simplification."

"Spruce Point believes shareholders should be outraged that Stryker never warned investors that a Material Risk Factor is that 50% of its business is tied to “elective” procedures."

"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"

"Juniper has an incredible opportunity to deliver long-overdue value to shareholders through the three-pronged plan, which we believe can lead to a stock price of $35-$40 per share"

"Spruce Point believes financial sell-side estimates are too high for Broadridge, and assume there has been no slowdown in business from recent changes in the economic environment."

"At ~6,500 lbs, Midnight is believed to be one of the largest eVTOL aircraft to complete transition, which is critical to being able to carry commercially viable passenger payloads"

"A former DV executive interviewed by Tegus said he/she worked on the product development and wasn't a believer that it would drive performance. That opinion appears to have merit."

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"We believe that Ms. Conrad's extensive leadership experience at Intel, as well as her marketing and business development background, would make her a valuable asset to the Board."

"Despite near-term headwinds, we would expect Danone to trade back to historic levels and believe it should trade at a premium given its portfolio mix and emerging market exposure"

"We believe by following best practices and focusing on superb execution, Darden can become a lean restaurant operator, outperforming the peer group average of 30.7% labor expense"

"We believe Ailirui is a sham counterparty because a) its SAIC financials show that it is a tiny company that could not conceivably have received such a loan (hint: zero revenue)."

"We believe by following best practices and focusing on superb execution, Darden can become a lean restaurant operator, outperforming the peer group average of 30.7% labor expense"

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"We believe that XL’s high customer attrition rate stems from XL’s lack of engineering edge, its misleading efficiency claims, and its substantial issues with regulatory approval."

"We believe the 9% upside to the average sell-side target is hardly attractive given the substantial risks we've identified and the opportunity to earn 4%-5% relatively risk free."

"For these reasons, we believe Autodesk should delay the 2024 Annual Meeting and reopen the nomination window to give all shareholders the ability to nominate director candidates."

"Spruce Point believes that Amcor's free cash flow presentation is becoming more aggressive, and that by our estimate, actual free cash flow declined more than 50% YoY in 2H 2019."

"Spruce Point believes that Amcor's free cash flow presentation is becoming more aggressive, and that by our estimate, actual free cash flow declined more than 50% YoY in 2H 2019."

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"We believe the resources that CoStar is putting behind Homes.com are paying off and it would not surprise us if CoStar overtakes Zillow as the most trafficked real estate portal."

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"We believe that in terms of the structural reforms and other adjustments, then there'll be an effect realized per year of between JPY 10 billion to JPY 15 billion. — Mr. Nagamori"

""believes that Adjusted EBITDA provides a simple and understandable measure of our recurring profitability and it is highly correlated to our stock price performance" — HMA Proxy"

"Across all relevant markets, we estimate an annual licensing opportunity in excess of $500 million using royalty rates in-line with what we believe Tessera has achieved in DRAM."

"As manager of funds that hold a $2.5B+ stake in Phillips 66 (NYSE: PSX), Elliott believes there's a clear path to a stock price of $200+ and regained credibility with investors."

"As such, we believe Board change is necessary at Autodesk, and we intend to nominate a minority slate of experienced director candidates for election at the 2025 Annual Meeting."

"As in-house 3D printing grows increasingly mainstream, Spruce Point believes that the major selling points of in-house 3D printing will drive significant demand for this option."

"As in-house 3D printing grows increasingly mainstream, Spruce Point believes that the major selling points of in-house 3D printing will drive significant demand for this option."

"Trian believes management can achieve at least 16.0% operating margins by 2018 and ultimately reach 18% operating margins over time...gross margins are a substantial opportunity"

"Spruce Point believes investors should be concerned by various claims made by C3 and its management that appear to be exaggerated, or don't reconcile with our research findings."

"We believe GCP has opportunities to improve gross margins by improving manufacturing practices, simplifying supply-chain management, and implementing strategic pricing projects."

"Muddy Waters Capital is short PeptiDream, Inc. because we believe it is more stock story than substance, and the market is deluded as to its potential for commercializing drugs."

"We believe unbilled receivables rising reflect a worsening of the quality of business that TASK is undertaking, and that it may be booking revenue ahead of certainty of payment."

"Intuit consensus estimates call for 12% revenue growth over the next two fiscal years, suggesting even the sell-side believes the boom from services adoption has run its course."

"Based on interviews with its related-party “customers,” we believe that at least half of Ginkgo’s reported revenue is phantom – that is, non-cash and pure accounting hocus-pocus"

"Given its market position and decades-long runway for sustained earnings growth, we believe UMG’s current valuation represents a very substantial discount to its intrinsic value"

"Our portfolio trades at a higher earnings multiple than the market, but we believe that it undervalues the higher quality and stronger earnings growth of our portfolio companies"

"Based on the recent news of Amazon entering the POS market with the development of a POS system to rival Shopify and PayPal, we believe this is extremely bearish for Lightspeed."

"We believe this so called "merger" is just a scheme by two desperate companies to boost AGBA’s share price and sell shares into the pump to uniformed investors to raise capital."

"Q: “Let me put it the other way, can I safely say that there are other listed Hong Kong companies that has a similar arrangement?” A: “Hahaha …We believe so, yes.” — Man Wah CFO"

"We believe GoDaddy has a significant opportunity to improve margins and drive shareholder value through a disciplined approach to operational efficiency and capital allocation."

"We believe this incident illustrates both the Company’s cultural issues as well as the Board’s failure to instill accountability and provide effective oversight of the Company."

"Spruce Point believes it’s a major red flag that Avery has ceased disclosing in its 10-Q quarterly filings the nature and breakdown of its operating and finance leases in 2020."

"We believe that Bob Evans Farms, Inc. ("Bob Evans" or the "Company") is materially undervalued, as its stock price does not reflect the intrinsic value of its underlying assets"

"We believe the sell-off in Darden’s stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers(1)"

"Ancora believes these calculations directly confirm the crux of our thesis that management and the Board have and continue to pursue revenue growth over profitability and ROIC."

"In part because of the involvement of ANTA proxies Lin Sankuan and Su Weiqing, we believe Li Yuxiong is in substance another manager from ANTA, and is not an independent party."

"Pershing believes that McDonald's, pro forma for the McOpCo 20% IPO, would have a 2006E Free Cash Flow yield of 4.3 % - 4.7% at stock price in the range of $46 - $50 per share."

"Spruce Point believes that Hill-Rom's underlying sales growth has been effectively flat at best, versus management's reported "core growth" of 2%-6% through the past two years."

"After more than eleven months of a Strategic Review process, we believe management and the Board must drive the process to conclusion and commit to a separation of Classifieds."

"Compared to their generic peers such as Equate, CVS and Walgreens, we believe PBH’s products have no competitive advantage, limited barriers to entry and are at a disadvantage."

"We believe PBH's executive compensation plan does not align management's interests with the Company's top priorities of 1) long-term 2-3% organic growth and 2) cash generation."

"We believe that Nevro’s business hinges on kickbacks to high-volume implanters, who otherwise would have stopped using its HF10 technology due to lack of efficacy and explants."

"We believe that these material undisclosed related party transactions cast doubt on the integrity of INS’s financial statements. Accordingly, we assign INS a price target of $5"

"We believe a multiple re-rating is warranted given the tectonic shift in the competitive landscape. DKNG has previously traded as low as 1.7x revenues in late 2022 / early 2023"

"We believe our improved recent performance is a direct result of our renewed focus on our core investment strategy and organizational changes we implemented at Pershing Square"

"We believe Generac's capital allocation decisions reflect poor financial judgement and decision-making on the part of management and will weigh down future earnings prospects."