Callouts & quotes from 587+ activist slides

"Spruce Point believes investors should place little, if any, confidence in these metrics as Adjusted EBITDA is not an accurate representation of Sunnova's business and CCV relies heavily on management's assumptions."

"Spruce Point believes the market materially misvalues ROAD by not only miscalculating its enterprise value for the recent LSP acquisition, but also by mistaking it for a high-quality aggregate and material producer."

"Starboard believes Mr. Bornak's extensive experience as a CFO of both private and publicly traded companies, as well as his strong operational experience will enable him to provide invaluable oversight to the Board."

"Spruce Point believes Avery’s shares do not deserve to trade near all-time highs as its business comes under multiple pressures and management has explicitly said it will face headwinds when global markets recover."

"Spruce Point believes the Tangible Equity Units (TEUs) should be bifurcated between their debt and equity components. The instruments can be separated by the holders, and settled at any time at the holder's option."

"Spruce Point believes that Zebra needs a refresh at the Board level. We are concerned that 50% of the Board has been entrenched for over a decade with Directors Maniere and Smith having served for over two decades."

"Starboard believes Mr. Stout’s deep knowledge of the intellectual property industry, his role in the success of NTP, and his extensive legal experience will enable him to provide invaluable oversight to the Board."

"Spruce Point believes that, not only could near-term uncertainty elicit earnings revisions which pressure the stock, but longer-term competitive challenges will prevent the Company from rebounding as bulls expect."

"Given the recently constructed Operating Asset portfolio, located in mature controlled MPCs, Pershing Square believes that capitalization and discount rates should be much lower than for typical real estate assets"

"Spruce Point believes that the recent deceleration in Forescout's growth is largely a product of the Company's failure to keep pace with industry trends, which will continue to weigh on performance going forward."

"Oasis believes that Kao brands' overall lack of blogs, podcasts, testimonials, YouTube infomercials etc. does little to drive consumer interest in its brand, particularly overseas where they are less well known."

"Spruce Point believes that Avery's trend of disappointing sales expectations continued through the recent quarter. Despite a modest beat in Q3, its implied Q4 outlook leaves significant room for disappointment."

"Spruce Point believes that C3 might look optically cheap relative to high growth data and AI peers, but that C3's revenue estimates are too high, and lie on a shaky foundation with a related-party Baker Hughes."

"Spruce Point believes Aegon’s shares present significant risk for investors. Aegon’s financial results may be primarily driven by an MLM, which is a business model which carries an above average level of risk."

"10/24/18: HLT Q3 2018 earnings call. Reported US RevPAR of +1% falls short of expectations. While management believes this an aberration, investors react negatively to the perception of a slowing lodging cycle"

"Trian believes GE could be worth approximately $40 to $45 of implied value per share by the end of 2017 and will seek to work collaboratively with GE’s management to help positively influence corporate events"

"Spruce Point believes that Xylem's acquisition of Evoqua is an implicit acknowledgement of failure towards its long-term goals for 2025 which it previously outlined at its Investor Day on September 30, 2021."

"Spruce Point believes that, given the nature of Dropbox's contracts, customer base, and lack of developed technology, commission costs represent customer acquisition costs which should be recognized upfront."

"Spruce Point believes it is unlikely that Dropbox is a takeover target for a strategic buyer, and that it is not yet cheap enough, and would be an unusually large deal, for technology-focused private equity."

"Spruce Point believes ShowingTime may help drive lead generation, but it comes with risks. Some consumers may use it as a "free showing". We have also heard some brokers may not use it over safety concerns."

"New unit growth is accelerating after a pause that allowed management to refocus on improving core operations. Management now believes that with the current model FDO can grow units 5-7% per year by FY2013"

"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."

"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."

"Spruce Point believes it may be time for significant change at Healthcare Trust of America, Inc (NYSE: HTA) if the Company’s financial reporting cannot pass the audit review of an independent third party."

"Spruce Point believes Sunnova’s sell-side coverage is unsatisfactory and a result of the misalignment between Sunnova’s leasing business and analysts’ coverage of the solar and alternative energy sectors."

"Muddy Waters, LLC believes that CCME is engaging in a massive "pump and dump" scheme whereby it significantly inflates revenue and profits in order to enrich management through earn-outs and stock sales."

"Spruce Point believes that ROAD's disclosures of its aggregate reserves are inadequate to fully access the risks of owning its shares or its valuation relative to peers that do disclose such information."

"Spruce Point believes there is a clear lack of discipline in Stryker's acquisition of Vocera. Recall, that Stryker used to be very focused on ROIC, but now dodges discussion of ROIC in this transaction."

"Spruce Point believes that investors are not fully prepared for the likely magnitude of the impact of the pandemic on Invisalign performance, for at least the coming quarter (and likely more to follow)"

"Spruce Point believes that investors are not fully prepared for the likely magnitude of the impact of the pandemic on Invisalign performance, for at least the coming quarter (and likely more to follow)"

"Spruce Point believes the bear case against FND is validated from recent disclosures by the CEO, General Counsel and Chairman of the Board, all of whom recently enacted insider stock selling programs."

"Spruce Point believes that Stryker started to experience strain in the Mako’s robotics growth story in late 2018/2019, subsequent to Zimmer’s entry, and started exaggerating and changing disclosures."

"Spruce Point believes this is an unusually short earnout period. We observe that no contingent consideration was paid by Generac in Q1 2022 which suggests that Off Grid failed to hit its milestones."

"Spruce Point believes that the writing is on the wall: Align is increasingly facing powerful competitive pressure and is reaching to keep the growth story alive, all while insiders exit the stock."

"Spruce Point believes Stryker's $3.1 billion levered acquisition of Vocera Communications is another example of it overpaying for a low quality business while failing to do adequate due diligence."

"Cintas growth has generally outperformed the U.S. Fire safety market. However, NFPA projects the market growth at 8%, and Spruce Point believes Cintas' period of double digit growth will moderate."

"Spruce Point believes that Remitly is playing a dangerous game of slowing customer support and operations expense, either in response to anticipated slowing customer growth, or to boost earnings."

"Spruce Point believes ABML has made deficient disclosures with respect to its paid promoters. We observe the Company has expanded its paid service providers from 1 (2018), 5, (2019) to 11, (2021)"

"Engine does not intend to tender its shares into the Veritas Capital ("Veritas") tender offer as it believes the $21 per share offer undervalues the company and is the result of a flawed process."

"Spruce Point believes management's long-term performance should be measured by EBITDA return on capital investment, or some measure of capital efficiency linked to the increased capital spending."

"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."

"Spruce Point believes these efforts are a smokescreen to cover declining fundamentals in its core business and the potential significant earnings volatility by switching from MBP to purely Flex."

"Spruce Point believes that increased competition amongst platforms and consolidation amongst agencies will force Momo to lower virtual gift retention and increase cost of revenues going forward"

"Spruce Point believes that it is only a matter of time before Align is forced to slash its own lab fees to maintain its existing orthodontist base, or else risk losing significant case volume."

"Spruce Point believes that it is only a matter of time before Align is forced to slash its own lab fees to maintain its existing orthodontist base, or else risk losing significant case volume."

"To the extent that Align is able to penetrate the non-comprehensive market and/or expand its addressable patient base, Spruce Point believes that it will experience dramatic price compression."

"Spruce Point believes that investors should carefully research the investment playbook at The Active Network (NYSE: ACTV), where Porch’s CEO Matt Ehrlichman spent many years in strategy roles."

"As we detail in this report, Muddy Waters believes there is a strong possibility that STJ will need to recall its pacemakers, ICDs, and CRTs while it hardens security of the device ecosystem."

"Elliott Investment Management, one of Southwest Airline's largest shareholders, believes that Southwest represents the most compelling airline turnaround opportunity in the last two decades."

"Investors are high on oat milk if they truly believe Oatly stands a long-term chance of maintaining a competitive edge in a category that Spruce Point believes is becoming rapidly saturated."

"Elliott Investment Management, one of Southwest Airline's largest shareholders, believes that Southwest represents the most compelling airline turnaround opportunity in the last two decades."

"Elliott Investment Management, one of Southwest Airline's largest shareholders, believes that Southwest represents the most compelling airline turnaround opportunity in the last two decades."

"Elliott Investment Management, one of Southwest Airline's largest shareholders, believes that Southwest represents the most compelling airline turnaround opportunity in the last two decades."

"Second, Petitioner believes it may be helpful for the FDA to convene an Ad Comm to discuss the issues raised in the attached report as well as the actions requested in this Citizen Petition."

"Spruce Point believes that its decision to expand this risk factor may reveal that Align already sees pricing pressure and customer losses as orthodontists begin to push back against Align."

"Spruce Point believes under a best-case scenario there is 50% downside for Danimer’s share price, and worse case the Company is a zero should it follow the fate of its PLA/PHA predecessors."

"Spruce Point believes that analysts overvalue AOS because they believe its margins are superior, sustainable, and that the recent growth setback is "temporary" and not of long-term concern."

"Glass Lewis believes that the installation of an independent chair is almost always a positive step from a corporate governance perspective and promotes the best interests of shareholders."

"Spruce Point believes that WD-40 (Nasdaq: WDFC or “the Company”) is widely misunderstood and believed to be defensive, but in reality, is facing both long and short-term secular pressures."

"Herbalife believes the majority of its distributors are discount buyers, who become distributors in order to purchase their favorite Herbalife products at a minimum discount of 25 percent."