Callouts & quotes from 26,677+ activist slides

"Essentially all of Celgene’s marketed products portfolio is small molecule drugs, and therefore they are likely to experience significant revenue deterioration as they lose patent protection"

"Despite the obvious benefits of this fleet penetration story, we are surprised that average ARR from >$100K customers has barely changed over the past three years the data has been reported."

"FND's legally executed lease commitments relative to total minimum lease payment obligations is not only growing, but also astronomically dwarfs home improvement peers Home Depot and Lowe's."

"A significant increase in unprofitable flying driven by a growth strategy focused on capacity expansion (rather than product innovation) appears to have driven substantial unnecessary losses"

"As part of our research process, Spruce Point consulted a former Saputo executive familiar with its business strategy and gained some valuable insights about what is pressuring the business."

"For example, with clear evidence that EBITDA has been shrinking, margins contracting, and excess manufacturing capacity increasing, why has Saputo continued to add headcount year-after-year?"

"The 2027 timeline is beyond optimistic...it's not credible. It will probably take at least 4 years for a license to be granted...especially with Oklo's record of not answering any questions."

"We believe the Huntsman family exerts significant ongoing influence over HCI and Dr. Beckerle through agreements with the University of Utah, funding commitments, and an oversight committee."

"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 often finds that when a Company updates the summary of its risk factors under "Forward-Looking Statements" it marks a shift in the business that is being signaled by management."

"So I could hear and their challenges and obviously I am not an expert in that specific area, but they saturated the market pretty well and it was very, very hard to get really new customers."

"Spruce Point does not believe that MSCI's 20-year customer life assumption for Real Capital Analytics customers is credible or supported by recent client losses or industry peer assumptions."

"Spruce Point interviewed a former frontline sales and business development executive familiar with MSCI's Private Assets, ESG and Climate analytics businesses for insights into the business."

"We believe our selective hedging strategy is a superior alternative to a large cash position or a continuous hedging program, both of which can be a significant drag on long-term performance"

"Weren't 2011-2016 figures finalized by 2018? If so, why were they higher in 2021? How can Intuit's disclosures be trusted when they change many years after they were theoretically finalized?"

"The current 4% capital requirement is too high and would increase the cost of mortgage financing at a time when home affordability is at record lows and mortgage rates are at multiyear highs"

"Red Lobster's key operating metrics continue to get worse. This trend will create difficulties for New Red Lobster management, who will need to turn around the brand in the public spotlight."

"When aggregated and compared to IQ's F-1 prospectus, we found that the deferred revenues reported to the SEC were overstated by 261.7%, 165.5% and 86.2% in 2015, 2016 and 2017, respectively."

"Welltower currently trades at approximately 144% above Green Street NAV. This is not only the highest premium since 2020, it is among the highest premiums ever observed for a large-cap REIT."

"In NQ's family genealogy, Mr. Zhou Xu is the mysterious founder who seems able to continuously direct the company's fate, but like a ghost, he himself is hard to find and difficult to trace."

"The reality is that BIS is severely understaffed, with a team of ~70 people handling 171,500+ voting decisions, at the shareholders meeting of 14,100+ companies across 69 markets every year."

"there's no way the company can survive otherwise because they're operating off of 40 different ERP platforms and as being a sixteen billion dollar (sales) company, it just doesn't work well."

"Looking carefully, we see that Vocera retracted claims of its system's “Potential Future” and replaced it with “Market Trends”. We view this as a weaker endorsement of its product's roadmap."

"Upon recent monitoring of Facebook ads for pest control, we find that Terminix has been more aggressive in offering discounts and positioning savings from bundling pest and mosquito control."

"For FTAI to realize AP EBITDA through cash flows from operating activities (CFO) it must invest 101% of the book value of Inventory after the inventory is transferred from Leasing Equipment."

"Based on peers, we conclude that there are potentially material opportunities to improve ADT's cost structure as a standalone public company, enhancing both EBITDA margins and free cash flow"

"Prorating this to 91 days generates a 2Q21 connected store existing home sale GTV estimate of RMB ~233 billion, implying the connected stores' existing home sales GTV was inflated by ~47.2%."

"The more pressing concern for investors should be that despite investing in new product development and supposedly improving sales force productivity, the Grow category is no longer growing."

"WebMD generated revenue through advertising (essentially what we view as medical clickbait) and sponsored content for pharma, biotech, medical device, and other healthcare related companies."

"The fact that such closely-connected entities are engaging in having one’s cake and eating it too accounting is one reason we believe the gains are non-substantive and should be disregarded."

"The former CFO talked up REZI's water and air business in 2021 by saying it had identified attractive areas for growth. Fast forward to today, it's now obvious the growth never materialized."

"In our experience, one of the most common signs a company is forging its cash balances is borrowing more money than it seemingly needs to, and at rates higher than what it earns on its cash."

"Even under more conservative estimates regarding the inorganic sales contributions of recently-acquired businesses, management is guiding to very limited organic cloud revenue growth at best"

"We have serious concerns that Amcor is restating interest income amounts. This suggests cash control issues, and casts the reliability of Amcor’s reported cash on its balance sheet in doubt."

"A significant increase in unprofitable flying driven by a growth strategy focused on capacity expansion (rather than product innovation) appears to have driven substantial unnecessary losses"

"Only 11 months ago, management said it was “absolutely committed” to driving unit costs down in 2024. Today, management is guiding to a 7-8% increase, representing $1.7B of incremental costs"

"By applying a discounted multiple range to our adjusted enterprise value and financial results, we derive a price target of $13.00 - $20.00 (40% - 60% downside) including entitled land value"

"The sheen is off Nevro. I've known [Nevro senior executive] for [redacted] years. I don't know that he's the right guy. I wouldn't buy stock in Nevro right now. Their story is getting stale."

"The disconnect between the clinical data and actual results is that the data said you get 70-75% pain reduction with high frequency. Probably less than 20% of patients in my region got that."

"Nevro started price reductions in the space after Grossman came in. Nevro drastically lowered pricing to get as much share as possible in 2019. It’s cutting your nose off to spite your face."

"We believe the media contract with the acquirer is highly likely for advertising through Ströer. If that conclusion is correct, Ströer effectively subsidized the purchase price for the flip."

"Best-in-class consultant that has worked with leading footwear and apparel companies including Nike, Adidas, Timberland and Wolverine Worldwide has identified $150-$200m of savings potential"

"Oasis presents shareholders with the choice of “A Better Kao” through the nomination of five highly qualified and independent candidates, sourced from a months-long extensive global process."

"Senior Independent Director Blanc's lack of engagement reflects a discrepancy with her public rhetoric, which could be interpreted as an abuse of the guardianship privileges afforded to her."

"The Company has significantly less financial leverage than its peers allowing it to acquire smaller building products companies that are currently operating at trough levels of profitability"

"This is 4 different stated facility sizes. Based on property records, Danimer never owned the surrounding land so how could they have had a 135-acre campus? Has Danimer downsized since 2014?"

"Totaling up the previous three categories, 73.2% are High Confidence bots. We think it is very likely that another 7.7% (4,143) are also bots, based on their “Early Joiner” behavior pattern."

"To believe in Nova's story that it has attractive gold prospects, one has to believe that management found a diamond in the rough where previous explorers failed to see the vast opportunity."

"The West Coast OPO stated that OPO’s are now eliminating the need for centers to use TransMedics, by simply offering OrganOx as a free, back-to-base service near the hospitals they work with"

"Your vote on the enclosed Gold Card will set in motion a clear plan to improve Phillips 66's operating performance, strengthen Board accountability and increase the value of your investment."

"Based on public import records, we find irrefutable evidence that international customers have been returning “defective parts” related to Leidos SD&A X-Ray systems for MV3D™ and ClearScan™."

"We believe this provides greater incentive to manipulate results. In the first year the metric was added, management vastly exceeded its target, while other metrics modestly exceeded targets"

"The investigator thoroughly trashed Vykat and the clinical trials, stating he saw no benefit in any of his enrollees; that he “encouraged them not to continue” into the open-label extension."

"Note that the pooled week-13 mean HbA1c is higher than baseline and unexpectedly elevated, even though it is comprised of 1/3 placebo patients suggesting the hidden DCCR mean is even higher."

"It definitely felt much more like an informercial, to be honest with you. But at the end of that, it was kind of like, oh, people were asking questions. Not one person asked about the price."

"LSPD is a significant outlier to other POS and financial technology peers as it relates to the amount of receivables it carries on its balance sheet, and its allowance for doubtful accounts."

"There has been a noticeable decline in LSPD’s long-term deferred revenue mix. The Company also no longer discloses that upfront payment contract election triggers a deferred revenue balance."

"The trials are a poster child for the weaknesses and loopholes in the FDA's fast-track approval process, where it appears that anything suffices for evidence in the case of a rare condition."

"Molecules containing basic nitrogen atoms tend to be more promiscuous in vivo and can show cardiovascular tox, driven by interaction with the hERG potassium on channel, and phospholipidosis."

"According to Lincoln International there are ~15 private equity (“PE”) platforms in the Security & Access Control Systems industry which completed 42 add-on deals in 2024 and 176 since 2019."