Callouts & quotes from 587+ activist slides

"Spruce Point believes that WSP's backlog is one of the least descriptive among its global peers. Furthermore, unlike Canadian counterparts Stantec and AtkinsRealis (SNC-Lavalin), WSP's backlog differs from remaining performance obligation."

"Spruce Point believes the market is under-estimating the likelihood of rising churn from recent price increases, sales and marketing costs to acquire new customers, and increasing deferred capex / lease repayment costs in the coming year."

"Beyond questioning the novelty of the HYDROS “AI”, one surgeon even believes that the added workload of a surgeon using HYDROS might actually LENGTHEN procedure time. This calls into question one of the bull case arguments around HYDROS."

"Spruce Point believes that frequent segment shuffling is a classic red flag and we find that Zebra has made multiple shuffles. When we evaluate the revisions, we see that it has twice moved product lines that exhibited declining margins."

"Spruce Point believes that this reflects the sell side's lack of understanding of the business' true underlying economics: analysts' price targets reflect a level of earnings power which the Company cannot sustain through the long-term."

"Spruce Point believes investors should carefully consider that in the past three years, related-party distributions have exceeded the total investment made in the Company through capex, R&D and acquisitions by approximately $44 million."

"Elliott believes Phillips 66 is deeply undervalued. We see $19bn of trapped value relative to sum-of-the-parts value of its assets and another $7bn of value from improved operations and additional value from the sale of non-core assets"

"Spruce Point believes all of Rubicon Project's growth opportunities have petered out or failed to materialize. This explains why we believe it needed to seek a merger partner in Telaria, which had at least one revenue driver being CTV."

"Ancora believes Mr. Wolf's extensive leadership experience, together with his management and financial experience, will enable him to provide the Company with valuable executive insights will make him a valuable addition to the Board."

"Starboard believes the Series A Financing has no bona fide business purpose given the Issuer's substantial cash balance and was done solely to entrench the Board and "buy the vote" ahead of a potential election contest with Starboard."

"Spruce Point believes there is significant downside risk to Monster's share price as its premium multiple is reconsidered by institutional investors in the face of our strong evidence to indicate that it is masking growing pressures."

"Pershing Square believes Herbalife is a pyramid scheme because, among other reasons, distributors earn more than 10 times as much from recruitment as they do by selling the company’s overpriced products to bona fide retail customers."

"Spruce Point believes LSPD purposefully avoids talking about quantifying payments margins. Even when asked directly by analysts, management gives long-winded answers and indirect responses suggesting things are fine and will improve."

"Pershing Square believes Herbalife is a pyramid scheme because, among other reasons, distributors earn more than 10 times as much from recruitment as they do by selling the company’s overpriced products to bona fide retail customers."

"believes these high against / withhold votes are likely related to the directors service on the Company’s compensation committee...during which time the Company received an “F” grade in our pay-for-performance analysis. — Glass Lewis"

"“Our Board of Directors believes that the number of shares currently remaining available for issuance under the ESPP and the annual Evergreen Provision increase will not be sufficient for our future needs.” — Box 2021 Proxy Statement"

"Spruce Point believes that Stryker's inability to raise prices to offset inflation speaks volumes about the quality of its business vs. peers. Most are sticking to margin improvements despite inflationary and supply chain headwinds."

"Spruce Point believes that FND has a hidden form of debt within its Supply Chain Finance program. We observed that it modified disclosure language to reference amounts owed to financial intermediaries from amounts due to suppliers."

"Spruce Point believes there is significant downside risk to RELY’s share price as its premium multiple is reconsidered by institutional investors in the face of our strong evidence to indicate that it is masking growing pressures."

"Spruce Point believes there is significant downside risk to ROAD’s share price as its premium multiple is reconsidered by institutional investors in the face of our strong evidence to indicate that it is masking growing pressures."

"Glass Lewis believes that separating the roles of CEO (or, more rarely, another executive position) and Chair creates a better governance structure than a combined CEO/Chair position. — Glass Lewis 2024 Benchmark Policy Guidelines"

"Glass Lewis believes that separating the roles of CEO (or, more rarely, another executive position) and Chair creates a better governance structure than a combined CEO/Chair position. — Glass Lewis 2024 Benchmark Policy Guidelines"

"Spruce Point believes GFL obscures what it is paying for “platform” deals because it has substantially overpaid. Instead, it points investors in its IPO document to an “average adjusted” EBITDA multiple of 7.0x for over 100 deals"

"It seems Zillow's management believes Flex and MBP can coexist in the same markets. We believe Zillow is walking a very fine line and our research indicates that it will be difficult for the two models to coexist in the long run."

"Valeant believes Val-gan can achieve "[h]igh single-digit organic revenue growth for the foreseeable future" across the entire business, including both the cliff and durable portfolio. — Valeant Public Presentation April 22, 2014"

"Spruce Point believes there is significant downside risk to DY’s share price as its premium multiple is reconsidered by institutional investors in the face of our strong evidence to indicate that it is masking growing pressures."

"Spruce Point believes there is a certain comedic humor in the ratings and price targets of MSCI. Notably, one of the highest price targets on the Street is Morgan Stanley, who recently upgraded the stock calling it a “Top Pick”."

"Spruce Point believes the market is miscalculating Porch's market capitalization by not having the correct share count. Its valuation and stock multiples are much higher after taking into account warrant and option adjustments."

"management believes that as of November 30, 2015, our internal control over financial reporting was not effective based on the Committee of Sponsoring Organizations of the Treadway Commission criteria. — Aerojet Rocketdyne 10-K"

"Spruce Point believes that much of MSCI's core index business has been commoditized and that its "New Growth" areas require a transformation which we believe will ultimately prove too difficult and costly for MSCI to surmount."

"Spruce Point believes that current market data services fail to account for significant dilutive securities (options and RSUs), new operating lease commitments, and the liability to the Digital Transformation Institute (DTI)."

"Spruce Point believes BR is retroactively reducing segment margins, notably in its Global Technology and Operations segment by approximately 80 - 90 basis points, with a reclassification involving foreign exchange allocation."

"Spruce Point believes that any failure by management to disclose its full financial outlook to prospective buyers could, at the very least, provide sufficient grounds for Advent to ask Forescout to renegotiate the deal price."

"Value Proposition: Trian believes Mr. Myers' qualifications to serve on DuPont's Board include the knowledge and experience he has gained while serving in various management positions for over 35 years with General Electric."

"Value Proposition: Trian believes Mr. Myers' qualifications to serve on DuPont's Board include the knowledge and experience he has gained while serving in various management positions for over 35 years with General Electric."

"Starboard believes Mr. Rice's extensive experience in business strategy, general management, global sales, marketing, product management and business development, will enable him to provide invaluable oversight to the Board."

"Greenlight believes that Allied may be using the tax definition rather than the GAAP definition of realized losses. Greenlight estimates that Allied has deferred over $65 million in charge-offs by not following this method."

"Spruce Point believes change is required at Maxar Technologies (Nasdaq/TSX: MAXR). Based on our research, we believe CEO Howard Lance should resign for inflating Maxar’s earnings through an aggressive M&A accounting scheme."

"Spruce Point believes there is significant downside risk to WSP’s share price as its premium multiple is reconsidered by institutional investors in the face of our overwhelming evidence that it is masking growing pressures."

"Spruce Point believes it is customary for large and global U.S. public financial reporting peers to disclose how much cash and equivalents are held outside of the U.S. in foreign subsidiaries or permanently invested abroad."

"L&B believes that a separation of the SIX real estate could drive 50% upside to the shares today and over 100% upside is possible in the next 18 months as operational performance improves and EBITDA sees significant growth"

"Spruce Point believes Evoqua concocted a highly unusual earnout structure whereby it assessed a high probability that Mar Cor would fail to hit its sales targets, thereby manufacturing almost $5 million of EBITDA benefits."

"Spruce Point believes that, with so many now obtaining FDA approvals, third-party labs are, as a whole, quickly achieving the scale and credibility necessary to pose a serious threat to established clear aligner producers."

"Spruce Point believes that, with so many now obtaining FDA approvals, third-party labs are, as a whole, quickly achieving the scale and credibility necessary to pose a serious threat to established clear aligner producers."

"Spruce Point believes projections from “all other customers” ex: Baker Hughes embedded in sell-side estimates are simply too high given significant employee turnover across verticals and regions, and our backlog analysis."

"Spruce Point believes the current consensus estimates incorporate significant improvement in revenue since the deal was announced on Jan 23rd (either through fundamental improvements and/or aggressive revenue synergies)."

"Based on conversations with investors, we think the market believes that TCO is spending $500M, or 100% of the total expected investment in Beverly Center, to merely preserve 2015 NOI when the project stabilizes in 2020."

"recognizes that the evidence of clinical utility for the use of AlloSure in its intended use population is promising at the current time. However, this contractor believes that — MolDX (LCD for AlloSure, October 2, 2017)"

"Spruce Point believes that, after a recent period of strong growth as surgeons have shifted away from tPA, Penumbra's U.S. peripheral thrombectomy sales growth will flatten as the existing market becomes more saturated."

"Spruce Point believes the evidence of Xylem’s struggles can be seen by carefully evaluating its working capital metrics. Days inventory outstanding (DIO) and inventory to sales have increased markedly and are at highs."

"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."

"Spruce Point, however, believes that bulls have far too naïve a view of Align’s market opportunity, and that they overlook material barriers which will make it difficult for the Company to expand into both sub-markets."

"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."

"The market believes in UEC's ability to significantly ramp its production and uranium sales to deliver rapid revenue and EBITDA growth. We believe expectations are simply too high and the valuation premium is extreme."

"Spruce Point believes there are recent and very material fundamental factors that are now becoming headwinds to the Rollins equity story. We don't believe the market "consensus" view incorporates most of these issues."

"Spruce Point believes there are recent and very material fundamental factors that are now becoming headwinds to the Rollins equity story. We don't believe the market "consensus" view incorporates most of these issues."

"Spruce Point believes that Monster’s core energy brand is being challenged in a changing environment where social media celebrity endorsers and athletes can rapidly launch new products to their millions of followers."

"Spruce Point Believes Investors Should Be Cautioned Not To Extrapolate Recent Earnings Performance. We Believe There Are Numerous Business Risks And Cracks In The Growth Story That Are Not Being Adequately Discounted"

"While Dycom claims that large deals like Verizon acquiring Frontier are a positive, Spruce Point believes that industry mergers frequently pressure suppliers as the bargaining power of the larger customer increases."

"Spruce Point believes the evidence of both Xylem and Evoqua’s struggles can be seen by carefully evaluating their working capital metrics. Days inventory outstanding (DIO) have increased markedly for both companies."