Callouts & quotes from 26,677+ activist slides

"Ironically, Archer is still copying the moves of Wisk, with Wisk also adding more propeller blades to their Gen 6 since the design Archer were accused of shamelessly copying in circa-2021."

"We compared Joby S4 and Archer Midnight general arrangement of components to see which would be expected to be more expensive in relative terms of raw component costs and production costs."

"In a video posted by Car News China, it is clear the video screen shown on the front of the car was photoshopped since YT’s hand becomes hidden as he waves it in front of the video screen."

"The facility was heavily fortified with 9 foot chain link fencing with barbed wire on top. Security cameras and as you know very aggressive security guards who were off duty Quincy Police."

"While Enfusion's recent 2024 revenue and Adj. EBITDA guidance came within market expectations, its new Free Cash Flow (FCF) conversion guidance implies a shortfall of FCF vs. expectations."

"ASML eventually licensed the technology in the late 1990's, making it – not Lasertec – a “monopolist” with the only working EUV source and “the sole benefactor of the critical technology.”"

"Lasertec’s inventory charade is not only brazen but hiding in plain sight – it claims that 100% of its $1+ billion in inventory is raw materials and work-in-process with 0% finished goods."

"Even if we assume that DSP can achieve its lofty and seemingly unrealistic expectations, we believe the Company still would be losing money in its VOIP business on a fully allocated basis."

"Remitly has a majority of “Buy” recommendations from analysts whom we believe fail to conduct a rigorous forensic analysis that challenges the glowing narrative being spun by the Company."

"In December 2019, PSH sold its total return swap position in HHC and acquired common stock and equity forward contracts. Pershing Square now has a 15% beneficial ownership interest in HHC"

"GFL will play with its numbers. If one division is outperforming to forecasts, they'll transfer some of those dollars to a division that isn't performing so well to bolster those numbers."

"We find it concerning that GFL is restating permitted landfill capacity from year end 2019, along with its Quebec fixed level capacity from 15 years to 9.8 years – a meaningful reduction."

"Spruce Point cautions investors to be wary of companies that go through frequent name changes and corporate “re-branding” as we believe it is a tactic to cover a dark history of problems."

"Even though AMT should be using inflation-linked escalators in Brazil, which accounts for 13.8% of AMT's international tower base, its average rents are declining in local currency terms."

"When combined with the improved free cash flow generation of Dollar Tree and improved capital allocation policies, we believe Dollar Tree could ultimately be worth $150 per share or more."

"It is instructive to recognize that Crown Castle’s tower peers have chosen not to pursue low-return small cell projects and have instead decided to allocate capital to higher-return areas"

"Tessera's stock price had dramatically underperformed the broader equity markets, the PHLX Semi Index, and all three of the Company's Proxy Peer Groups over almost any measurement period."

"We believe CCI should embrace its previously communicated payout structure now rather than artificially deferring it to 2018-2020 – don't wait to get where the Company is eventually going"

"3M’s MedSurg segment used to deliver leading organic growth. Today, peers and end markets are performing better than in prior periods, yet Solventum’s MedSurg business is performing worse"

"We estimate that pass-throughs embedded in gross bookings have increased materially (from ~27% to ~37% of gross bookings) given the PEO's growth, inflating bookings growth by ~200bps p.a."

"Because ADP participates in SMB, Mid-Market, Enterprise, and International, ADP’s structural margin potential can be best estimated by benchmarking against competitors in each sub-segment"

"Spruce Point sees Penumbra's U.S. ischemic stroke sales flattening through the next several years as large competitors in the medical device space take share and pressure Penumbra prices."

"Canadian Tire’s business model is an interconnected web of risk held by Canadian Tire. The model is highly dependent on debt financing and is much riskier than a traditional Dealer model."

"Analysts have not critically evaluated the impact of Mercury’s relationship with Supermicro and the increased exposure stemming from its recent acquisitions of Themis and Germane Systems."

"Spruce Point believes that this is an egregious overestimate, and we are stunned that the CEO of a near-billion-dollar public company could be so far off on one of his own business lines."

"We believe investors should exercise caution because the shares may be significantly overvalued, with potential downside risk of 70% - 95% under certain scenarios outlined in this report."

"With an early lockup expiration that we believe is fast approaching and insiders so achingly close to the final lap, the CEO seems to be furiously pumping the stock on TV at every chance."

"They don't follow any protocols that are commonly adopted in the field. What does discharge energy percentage mean? What's the denominator? What's on top? And how is this comparison made?"

"IonQ represents key components such as its 2021 “Quantum Core” - comprised of the vacuum chamber and trap - as even smaller, roughly the width of three fingertips or a large postal stamp."

"In recent materials to Shareholders, Hess measures itself on a 10 year basis against only 6 of its 9 integrated proxy peers. Average market cap of these 6 is over 11x greater than Hess(1)"

"RBA shares have returned an average annual rate of 14.3% over Ms. Fandozzi's tenure, which is +409 basis points greater than the S&P 500's total return of 10.2% over the same time period."

"If all aspects of our value creation plan are implemented by the company, we believe that Viacom's common shares could trade at between $65-95.90/share, or up to 70% above current levels."

"As growth slows, companies should moderate expense growth such that margins improve and the combination of growth + profitability improves over time – Autodesk has been doing the opposite"

"We struggle to understand how this is a level 3 category loan when it's just lost it's entire office tenant and the sponsor is flagging potential to evaluate options including renovation."

"With lower capital intensity, a focused board of directors, a streamlined portfolio and a credibly reduced exploration budget, we believe Hess International can achieve a premium multiple"

"Based on accepted analytical credit adjustments made by Maxar's rating agency Moody's and reasonable year end projections, Maxar will effectively exceed its leverage covenant by year end."

"We strongly encourage the Board to incorporate return-based metrics in management's compensation framework and ensure bonus payouts are better aligned with satisfactory operating results."

"Spruce Point notes that PINC shares have been a chronic underperformer since the Company's IPO in Sep 2013, up only 35% since going public – lagging the XHE, XLV, and XHS since that date."

"Inconvenient truths are hidden under Directors and hand-waved away to be fixed later - the result is significant technical debt (in my opinion) in the core products while trying to scale."

"We are unable to reconcile repeated employee references to outsourcing with iRhythm management's numerous statements regarding hiring CCTs for its "Center of Excellence" in San Francisco."

"You are right, I mean the distributors are the left hand of the boss. Only the left hand is managed by this company called Yundong. This company is a private co, not a part of the ListCo."

"Beyond freshness, packaging and cleanliness of the product appears to be the second biggest complaint. One of the more disturbing complaints identified worms within the seal of the mouth."

"Zebra made a subtle change to recharacterize "warehouse" to "robotics" automation. We believe this is a tacit admission that Fetch Robotics offering is struggling to penetrate the market."

"Twist’s “chip” is a self-defeating technology with no way to win: any efficiencies it creates are destroyed by the workarounds required for its inability to make sufficient amounts of DNA"

"IDT initially lost customers to Twist but now having “substantial success at winning” them back, due to Twist’s quality/consistency problems and its inability to make sufficient lot sizes"

"We unified our dual listed company structure. In doing so, we removed a 10-20% discount on the 40% of the company that was primary listed in London, and it has made us simpler and leaner."

"P&G participates in very high quality consumer categories that have strong profitability, high barriers to entry, excellent global growth opportunities, and limited private label exposure"

"Kratos has a history of touting great opportunities with large “potential” markets. This time around, it has been promoting the Gremlin opportunity, which is still experimental in nature."

"However, we think the more problematic part of FND’s growth story is that it now talks about opening smaller stores and capex commitments and cost per square foot appear to be ballooning."

"Cognizant's stock price performance tells the story of deep underperformance across all relevant benchmarks, including its closest peers, over all time periods during the last five years."

"It is natural for growth to be relatively higher in acquisition periods, but these figures suggest that Amdocs' organic growth rate is lower than management suggests and analysts believe."

"The adjusted financials for 4Q16 were revised in the most recently reported quarter (4Q17) Globant shareholders were not privy to the actual $0.04 miss in 4Q16 EPS until 4Q17 was reported"

"Time Warner has underperformed its peer index by 51% under Parsons; splitting into four SpinCos (AOL, Content, Publishing, Cable) plus a $20bn buyback unlocks $30-45bn — a 35-54% premium."

"No US magazine launched by Publishing after 2000 has made a material impact on the revenue of the division and none are among the top 300 magazines in the US as ranked by Advertising Age."

"No US magazine launched by Publishing after 2000 has made a material impact on the revenue of the division and none are among the top 300 magazines in the US as ranked by Advertising Age."

"We believe Intuit has been slow to introduce synergistic offerings and that integration has been hamstrung by cultural issues (perhaps it was doomed?) and Mailchimp’s Atlanta HQ location."

"The “Streamline 66” plan starts with simplifying the portfolio to address Phillips 66’s inefficient conglomerate structure and unlock trapped value not reflected in the stock price today."

"The answer seems quite clear. The information circular detailing New Pacific’s acquisition of Alcira showed that the entity had total assets of only $84,131 just prior to the acquisition."

"Spruce Point observes some sharply worded changes to BR's Code of Business Conduct and Ethics Policy in May 2022 that strongly suggest it is dealing with active audits and investigations."

"What the Texas DOT data indicate is that Aurora is deployed along the Dallas-Houston corridor and testing along the Fort Worth-El Paso corridor (we circled these lanes in red). That’s it."