Callouts & quotes from 26,677+ activist slides

"If losses accelerate from increasing its production footprint with no revenues, at 0.5x to 1.0x tangible book value, IPX’s share price could see up to 95% downside risk potential."

"The Board should be reconstituted with new, truly independent directors from outside of Southwest who have best-in-class expertise in airlines, customer experience and technology."

"We show that CPI PG seems to significantly inflate the reported vacancy rates in its Prague and Warsaw office portfolios, which seemingly is used to justify inflated asset values."

"IonQ is simply a stagnant academic research project masquerading as a company, dressing up old technical data, puff presentations, and a glossy site into a cynical SPAC promotion."

"However, we believe that wider CGM compatibility sets up the industry for commoditization, and that Abbott is best positioned to benefit from this change as the low-cost provider."

"Hess's low exposure to N.A. natural gas means minimal impact from collapsing natural gas prices; Highest exposure of peers to oil means favorable impact from escalating oil prices"

"The claim for judicial review is allowed. (2) The planning permission (reference DM/22/01769/FPA) granted by the Council on 13th July 2023 for a solar farm at Burnhope is quashed."

"We believe Autodesk must improve its compensation practices, address its flawed budgeting process, and move to best-in-class standards for operations, compensation, and governance"

"With the Icahn nominees in the boardroom, the Board can improve McDonald's' governance, provide much-needed oversight and drive the Company's commitments to animal welfare forward"

"Our analysis required significant effort to extract and estimate Ambry Genetics’ quarterly revenues and test volumes due to limited public disclosure by Konica Minolta (“Konica”)."

"DNMR appears to be trying to give investors the impression that by acquiring Novomer, its new planned capacity will exceed that of its old plan – while costing significantly less."

"There is a company-wide problem at Darden as it relates to alcohol sales. This must be improved! Once improved, check averages would increase and the guest experience will improve"

"If Darden can realize just $65-90 million of our expected $271 million in cost reductions, we believe it can ensure that an SRG spinoff will not put its credit rating in jeopardy."

"Research and development (R&D) costs are typically disclosed as components of operating costs. Conspicuously, MDA did not break-out R&D costs in its section of operating expenses."

"Q2 results illustrate how the underlying business of the legacy MDA is deteriorating fast. YTD underlying organic growth was -12.7%. Management also cut EBITDA margins materially."

"All three years produce estimated interest rates of approximately 5% — below SOFI's own Blended Funding Cost of 6.3% and far below the ~13% yield on the underlying personal loans."

"When cash flow is tight and liquidity for paying down CPIPG’s expensive bridge loan is in your own words a “priority above all else”, why did management increase lending to Vitek?"

"Global population of ultra high net worth individuals ("ultra-HNWI") and their combined aggregate wealth have increased to record levels (even before factoring in gains from 2013)"

"By benchmarking AMR's tax refunds and interest refunds in relation to other post-bankruptcy U.S. coal companies, we find that the Company has been an abnormally large beneficiary."

"Through more than two years of patient, respectful and collaborative engagement with management, we have developed a clear and detailed understanding of Keisei and its businesses."

"Gregg Saretsky brings significant leadership experience and industry knowledge with a nearly 40-year career in aviation, including having served as CEO of WestJet for eight years."

"For the 2016-2019 PSP plan, management is targeting 2.8% organic sales growth, below expected market growth. Rather than improving performance, the Board decided to lower the bar."

"Premiumization in Haircare - Kao has been caught off-guard at home by premiumization in hair care, resulting in a sharp contraction in domestic Health & Beauty revenue since 2020."

"The Board should be reconstituted with new, truly independent directors from outside of Southwest who have best-in-class expertise in airlines, customer experience and technology."

"Spruce Point has a strong track record of exposing highly promoted technology disruptors before the sell-side and investors could figure out the business has inflected negatively."

"If we exclude bookings growth from Baker Hughes, its 3rd largest shareholder and JV partner, we estimate that core bookings (ex: Baker Hughes) would have been down by -4% to -31%."

"G-fees, and in turn, mortgage rates, may need to be as much as 240bps higher to produce economic returns that might attract private sector capital to new, small-scale participants"

"Spruce Point believes FND management should provide enhanced disclosure in its SEC filings on the following matters related to its vendor rebates and supply chain finance program."

"We believe that Amdocs' unusually steady margins are reflective of a management team eager to meet Wall Street expectations, and willing to engineer numbers to do so if necessary."

"Spruce Point believes that Saputo's acquisition of Dairy Crest (U.K.) brought to it a $724m "hidden" pension obligation that the market doesn't properly factor into the valuation."

"We believe an observable indicator of Saputo's challenged organic growth comes from its disclosure of annual liters of milk processed into cheeses, dairy products and ingredients."

"While adding flavors that resonate with seasonal preferences may be a good idea in theory, Spruce Point finds evidence that in practice there may be a lack of interest and demand."

"if Yorktown and METC’s insiders actually believe the Brook Mine is worth anywhere near $37 billion then why are they selling so many of their shares at a sub $1 billion valuation?"

"An increase in scale and an improvement in revenue mix (lower mix of servicing fees, higher mix of net interest revenue) should have driven margins above the 2006 pro forma levels"

"In either case, TI can generate $9.00+ of free cash flow per share in 2026 and will have demonstrated a path for continued strong growth in free cash flow in the many years ahead."

"Phillips 66's Board is "proud" of management and have compensated the current CEO generously while also anointing him Chairman, allowing him to consolidate control of the Company."

"Phillips 66 not only loads more discounted crudes than peers, but also pays lower prices on its WCS due to Central Corridor positioning vs. peers primarily running WCS in the USGC"

"Huntsman has the HIGHEST CEO base salary despite being one of the SMALLEST companies in the Proxy Peer set and failing to achieve its 2014, 2016, and 2018 Investor Day commitments"

"TWX, despite owning a large and profitable cable programming businesses and one of the largest US cable operators, has failed to develop valuable networks over the last ten years."

"Publishing's record over the last few years, however, has been less spectacular as title launches have not generated significant revenue based on industry rankings as shown below."

"Spruce Point believes DV's revenue growth expectations appear to be on the aggressive side. DV is expected to outgrow ad-tech and the global advertising agency space by almost 4x."

"Management cited a decrease in tournament related bonuses as the key driver, but this was consistently rebuffed by every agency that we interviewed, including a Momo owned agency."

"Churn for most teams hovers around 96%-99%. This leads us to question WFG's recruiting practices. WFG's high churn rate highlights just how important recruiting is to WFG's model."

"Phillips 66's Board is "proud" of management and have compensated the current CEO generously while also anointing him Chairman, allowing him to consolidate control of the Company."

"Phillips 66 not only loads more discounted crudes than peers, but also pays lower prices on its WCS due to Central Corridor positioning vs. peers primarily running WCS in the USGC"

"Spruce Point has a track record of short calls that identified early financial and accounting anomalies in major S&P 500 components that preceded significant share price declines."

"However, [investors] also agree with our core belief that there’s been a fundamental shift in how SMBs run their businesses that now makes it possible to disrupt QuickBooks’ moat."

"We believe investors should remember that although Live’s growth may generate comfort with TurboTax’s prospects, Live is also the business most exposed to tax code simplification."

"Convenient that management regularly hits 100% or more of its annual target cash inventive bonus every single year consistently while it inconsistently defines its free cash flow!"

"Mettler’s auditor PwC has been associated with numerous corporate collapses, and while never admitting fault, has settled numerous lawsuits and claims its audits were problematic."

"Convenient that management regularly hits 100% or more of its annual target cash inventive bonus every single year consistently while it inconsistently defines its free cash flow!"

"Recall Gerstel's earlier biography says he was in charge of worldwide IT at ESC Medical Systems. It appears the IT system needed major improvements before he departed in Aug 1999."

"Si estás buscando un negocio basado en casa, éste es el que buscas. Ellos lo hicieron parecer tan fácil, como si en unos pocos meses yo iba a ganar entre dos y cuatro mil dólares."

"Software like Forescout’s – increasingly a laggard in its own industry – could be a prime candidate for replacement or removal as companies look to cut expenses amidst the crisis."

"Spruce Point believes shareholders should be outraged that Stryker never warned investors that a Material Risk Factor is that 50% of its business is tied to “elective” procedures."

"TAL chose to downplay the new fund’s massive initial success - it did not mention it by name in its disclosure, only referring to FreeS Fund as “a noncontrolling interest holder”."

"Relative to its hospital peers, HMA has demonstrated consistent, escalating underperformance on both same-store admissions and same-store adjusted admissions over the past 5 years"

"New interactive service offerings have the potential to transform home security product at a higher price point and expand the addressable market beyond traditional burglar alarms"

"We analyzed the store details in the code and collected a category of data labelled “Store Completed Transactions” or “门店成交,” which shows the number of transactions at each store."

"We are troubled to see that ADI President Aarnes sold a large block of stock under a 10b5-1 program on the exact day that REZI’s separation announcement was made on July 30, 2025."