Callouts & quotes from 26,677+ activist slides

"We believe a successful ESG program would include protein diversification and product innovation, animal welfare improvements and a positive climate impact and actionable strategy."

"Based on our research, there are now 141x more results for search in “western boots” today vs. 2018 and competitors are being featured more prominently in sponsored search results."

"Spruce Point expresses concerns that BOOT's Audit Chair is Brenda I. Morris who also serves as Independent Director and Audit Chair of Xponential Fitness (Nasdaq: XPOF) since 2019."

"We’ve gone from producing more than a billion tons of thermal coal annually to less than 850 million tons in the last five years, and everyone agrees that this trend will continue."

"Assuming TheFork gets sold at 5x CY26E revenue, Viator improves margins, and Brand Tripadvisor stabilizes growth and/or improves margins, the PF Company trades at just 2.5x EBITDA!"

"Assuming TheFork gets sold at 5x CY26E revenue, Viator improves margins, and Brand Tripadvisor stabilizes growth and/or improves margins, the PF Company trades at just 2.5x EBITDA!"

"The timing of the SEC comment letter also coincides with the LPB starting, which as we explain in Section VI, we think SOFI views as a better mousetrap for manipulating financials."

"GGP recently received zoning approval to transform 60 acres of land in the heart of Honolulu into a vibrant and diverse neighborhood of residences, shops, entertainment and offices"

"A significant number of shareholders withheld support for the two members of Dye & Durham's Compensation Committee, Mario Di Pietro and David MacDonald, at the 2021 annual meeting."

"So the incremental 100m liters will cost an astounding $200m and total capacity additions from 350m to 1,500m are $1.04 per liter, or 63% higher than our estimated historical cost!"

"While Oatly claims its processes and know-how are proprietary and include trade secrets, we believe it has done little to try to protect sensitive information from becoming public."

"An offline revenue decline of 4.5% is quite different from even the “healthy” or “stable” Peiyou core business which management described, let alone the 52.4% CFO Rong Luo implied."

"Spruce Point believes investors should be on red alert given that management’s short term incentive metrics are calculated on fundamentally different results reported to investors."

"Nothing in BUR's response impacts our view that BUR intentionally misleads investors about the prudence of its fair value gains by manipulating its (non-IFRS) ROIC and IRR metrics."

"A reduction in guidance of Same Store NOI growth in both FY16 and FY17 from original expectations and the stock is now down 40% from when the reduction in growth expectations began"

"Once the initial share repurchases from the GECC asset divestitures, Synchrony swap and balance sheet use are executed, we believe GE should commit to ongoing share count reduction"

"Muddy Waters’s survey-based market research estimates that NQ’s actual share of the China security app market is 1.4%, versus NQ’s purported approximate share of approximately 55%."

"The Permanent Injunction represents Herbalife’s agreement to engage in a “top to bottom” restructuring of its business model in the United States to “start complying with the law.”"

"We believe that the average of brokers' valuations for US Onshore, of c.US$6.5bn, is well below recent transaction prices, trading valuations of US listed peers and intrinsic value"

"If FHFA continues to require the GSEs to increase their g-fees to approach a level that would attract private market participants, their earnings power would increase significantly"

"HIMS has pitched itself as an e-commerce company with enterprise SaaS characteristics, including 90%+ “recurring revenue” and a declining CAC. We believe neither claim is accurate."

"Investors should pay attention to trends in Amdocs' working capital spend given that a material share of Company revenue is accounted for using the percentage-of-completion method."

"Saputo also updated its company profile on its website by change its description from "The Largest" to "A Leading" cheese manufacturer and fluid milk and cream processor in Canada."

"In each year since 2007, State Street has incurred gross non-recurring charges of more than 30% of EBT adding to $19 per share ($15 per share net of non-recurring gains and income)"

"GGP recently received zoning approval to transform 60 acres of land in the heart of Honolulu into a vibrant and diverse neighborhood of residences, shops, entertainment and offices"

"We speculate as to why FMCN would want to unnecessarily write companies down to zero. Writing down companies to zero as a pretext for giving them away could serve several purposes."

"Value Proposition: As CIO of Trian, Mr. Garden has worked with management teams and boards of directors at a number of world-class businesses to implement operational improvements."

"The Board has consistently set management’s compensation targets meaningfully below goals communicated to shareholders, which we believe severely reduces management accountability."

"The Company provided shareholders with attractive financial projections and a commitment to expeditiously separate its pro forma TiO2 business as justification for the transaction."

"As we've demonstrated, DV's core business and growth story is starting to show signs of extreme pressure, particularly in the international market where it hyped great opportunity."

"Spruce Point believes there is significant upside to Concentrix's share price as it continues its transition to higher value-added clients with differentiated technology solutions."

"There is further evidence to suggest Elite Circle leaders have collected various fees from their new recruits, which runs counter to WFG's claim that no one is paid for recruiting."

"Our channel checks suggest CSTE is meeting their demand straight from the production line, and reseller built up inventory appears to be unpopular stock which is difficult to sell."

"Investors should be wary when public companies pivot toward highlighting Adjusted EPS as a metric for evaluating its value creation, while modifying language about cash generation."

"We believe Intuit fell victim to extremely poor timing and market fervor about marketing automation when it cut the Mailchimp deal, as sector multiples were at their absolute peak."

"Management titles are not organized around financial reporting by geographic segments (US, Swiss, Western Europe and China) or product segments (laboratory, industrial and retail)."

"Mettler's low R&D expense ratio is inconsistent with its relative high capex spending as a % of sales (especially in light of it not adding significant new capacity for expansion)."

"PERI's EBITDA per average employee is similarly out-of-line with its advertising technology peers and closer to technology companies such as Microsoft, Google, Apple, and Facebook."

"On the surface, PERI's revenue multiple appears in-line with its small cap advertising technology peers. However, it likely trades at a premium because of inflated revenue results."

"Value Proposition: As CIO of Trian, Mr. Garden has worked with management teams and boards of directors at a number of world-class businesses to implement operational improvements."

"We believe the Board's decision to appoint Mr. Poling Executive Chairman demonstrates the Board's inability to act with the best interests of stockholders as the primary objective."

"Assuming TheFork gets sold at 5x CY26E revenue, Viator improves margins, and Brand Tripadvisor stabilizes growth and/or improves margins, the PF Company trades at just 2.5x EBITDA!"

"Assuming TheFork gets sold at 5x CY26E revenue, Viator improves margins, and Brand Tripadvisor stabilizes growth and/or improves margins, the PF Company trades at just 2.5x EBITDA!"

"Our technical expert, however, suggests that Silver Sand is not a world-class silver deposit based on drilling to date and evidence suggests that exploration upside may be limited."

"Including with its predecessor firms, Nidec’s auditor, Pricewaterhousecoopers Kyoto (“Kyoto Audit”), has issued unqualified audit opinions on no fewer than six accounting scandals."

"Nidec disclosed that following Misuzu's July 2007 dissolution, the Chuo Aoyama / Misuzu team that audited Nidec had transferred to a newly established audit firm, Kyoto Audit Corp."

"In this scenario, 2019 is peak earnings ($47.1 million) because INGN has guided that its 2019 tax provision will be reduced by $12 million, effectively making it zero in our model."

"Broadridge recently retracted a consistent statement it made in its Annual Report about the number of wealth management professionals it supports and the number of financial firms."

"So the question is how long does it take to learn a new market. The driving capability is dramatically transferable... We're not seeing anything fundamentally different about that."

"Why should FSCT shares be valued on par with a peer group which is both more profitable and is projected to grow more than twice as fast (even before taking COVID-19 into account)?"

"The Company has thus far failed to respond to the following issues we raised in our initial report, even with management speaking for over 20 minutes on its international business."

"While the world has shifted from desktop revenues to mobile ones, Yahoo has experienced a number of changes in leadership, changes in the board, and outside distractions including:"

"Data produced was “all over the place” and inconsistent; couldn’t validate data sets; had to re-run assays using traditional methods, defeating the entire purpose of the instrument"

"Abcellera’s system has similar capabilities, delivered via a less expensive service model that avoids a $2MM capital purchase and the maintenance requirements of a complex platform"

"Yet, when asked simple questions about the plan for OrthoSensor, Stryker management dodges direct responses and acts as if OrthoSensor is too new to the organization to comment on."

"It is quite clear from Magnite’s website that there are two different client login portals. Magnite even references that each login is “formerly” related to each separate business."

"It is a mistake to think that holding bonds in Singapore means that one would be able to quickly sell cotton sitting in a Mozambique storage facility at a price equal to last mark."

"To be conservative, we instead adjust to 3.0% of Post-Adoption Contract Assets, which is near the high end of the range of comps. This yields a $1.24 billion haircut to Book Value."

"We intend to vote “AGAINST” incumbent directors, Robert Webb and Charlotte Swafford, who are up for election at the Annual Meeting, and urge our fellow shareholders to do the same."

"Instead of fresh insights or innovative plans, BMC has instead responded with the same "solutions" that have failed so often in the past - BMC needs new ideas and it needs them NOW"