Callouts & quotes from 26,677+ activist slides

"This structure demonstrates that Darden can separate its real estate while enhancing its credit rating and dividend coverage, even without any of our expected EBITDA improvements"

"Xylem quietly appointed Thomas Pettit, the former COO of Generac Holdings, to the role of Chief Operations and Supply Chain Officer in November 2022 without even a press release."

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"We have little doubt that the next CEO of Arconic will also be astonished at the waste and will in short order rationalize tens of millions of dollars in unnecessary expenditures"

"Arconic claims that Elliott is wrong to suggest turnover is a problem. Yet its own presentation admits that the overall turnover rate at Alcoa has doubled in the last three years"

"There are two explanations: 1) either AMR is leasing riskier equipment for its mining operations, or 2) its equipment lending partner is viewing AMR as an overall riskier credit."

"Capital locked in the OLC Stake should be used to improve and grow Keisei’s railway and other operating businesses and/or be returned to shareholders in a value accretive manner."

"We view iRhythm as a low-margin supplier of a largely commoditized product, yet the Company is currently trading at an approximate 100% premium to other medical device companies."

"The 5.4x EBITDA multiple paid by Golden Gate to acquire Red Lobster compares to Darden's current multiple of approximately 9.5x and the peer group average of approximately 10.5x."

"Dropbox has consistently claimed it's been stable - and even improving - throughout all periods where it has increased prices, and its core offering has become more commoditized."

"It is incredible to us that the CFO could have possibly been unaware that a $2.23 billion acquisition, which more than doubled the size of the Company, was set to close that day."

"WSP should overhaul its Audit Committee, which is stacked with a club of Montreal-based business executives and form an independent committee to evaluate Spruce Point’s findings."

"TICO's balance sheet reporting is distorted by the large Sales Finance business, which has a similar business model to that of a bank and needs to be considered separately in NAV"

"Volumes have to increase exponentially for the TAM to stay flat – and comments by Ginkgo and Twist indicate that volumes are growing at a modest pace while prices have collapsed."

"PSX has presented shareholders with selective disclosure, unverifiable claims about various operational successes, and ambiguous and vague responses to otherwise basic questions."

"Kratos management is quick to talk big revenue figures as market opportunities for projects that are speculative in nature, with a low probability of receiving permanent funding."

"Lemonade should shut down its website, APIs, and mobile application until the vulnerability is verified as fixed by a qualified third party, as there are users currently at risk."

"In previous instances at Canadian Pacific, CSX and Union Pacific, attempts to blend a non-PSR model with PSR led to separation with the COO and subsequent replacement of the CEO."

"If Celgene's pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"If Celgene’s pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"If Celgene’s pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"If Celgene's pipeline commercializes only three blockbuster products, similar to the number it has commercialized over the last 15 years, $46 billion of value could be destroyed."

"The success of a currency board arrangement, and its acceptability to local people and businesses, depend to a considerable extent on the anchor currency being reasonably stable."

"While the CEO talks up defense contracts as “huge”, we remind investors that gov't contracts are often margin constrained and offered through highly competitive tender processes."

"Our conversations with former HIMS executives and physicians highlighted the difficulties HIMS faces in attempting to extend its “lifestyle” brand into new healthcare categories."

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"Oklo appears to be shifting focus to meeting demand for a 50 MWe reactor (coincidentally, the same output NuScale found to be inefficient 4 years ago and later scaled to 77 MWe)."

"We were unable to determine whether any of the ultimate sellers of Allyes were entities that Mr. Jiang beneficially owned, so we are unclear as to his profit on this transaction."

"Given the significant value creation potential at Agrium and the collective skills and experience of JANA’s nominees, why wouldn’t you want these nominees to join Agrium’s board?"

"Several of Mr. Peltz’s suggestions that Disney cited as evidence that Mr. Peltz “lacks a basic understanding of our industry” were, ironically, soon thereafter adopted by Disney."

"There is a possibility that AOL may be viewed as a non-investment grade credit by the rating agencies due to concerns about the continued expected decline in the Access business."

"Independent accreditations play a large role in validating the services that DV offers. We find that it lost a major accreditation from the UK-based Audit Bureau of Circulations."

"We believe that XL’s high customer attrition rate stems from XL’s lack of engineering edge, its misleading efficiency claims, and its substantial issues with regulatory approval."

"Momo has been invested since July 2015 via an undisclosed VIE, albeit in small amount, in a very popular and highly rated illegal (in China) gambling operation (Pokermaster 德扑圈)."

"The BMS imaging agent illustrates that even when PeptiDream identifies a potentially useful compound, the structures of its partnerships might not lead to a return for investors."

"Spruce Point favors shorting highly promotional and problematic companies under financial strain, while going long undervalued and underfollowed stories in the sector as a hedge:"

"This means CSTE had to make up more than 20 percentage points of revenue in savings from marketing or staff cuts just to make up the proportional COGS difference between the two."

"We believe the 9% upside to the average sell-side target is hardly attractive given the substantial risks we've identified and the opportunity to earn 4%-5% relatively risk free."

"Mettler has excessive amounts of add-backs to free cash flow. In our view, cumulative FCF has been inflated by $347m with 80% of it coming after CEO Filliol took control in 2008."

"Despite a 37.5% reduction in the cut-off grade, the Measured have clearly and dramatically shrunk exactly below the area where mining and grade control drilling has been focused."

"This discounted multiple should serve as a stark indication to management and the Board that shareholders have less confidence in Autodesk’s future performance relative to peers."

"For these reasons, we believe Autodesk should delay the 2024 Annual Meeting and reopen the nomination window to give all shareholders the ability to nominate director candidates."

"While it appeared IQ was winding down its advertising revenue inflation in 2017 in preparation for its IPO, IQ's ad revenue inflation nearly tripled to RMB 1.537 billion in 2018."

"The company relies on these sorts of sleights-of-hand to pitch its business model to investors, when in reality the model simply won't work if you assume realistic drayage costs."

"GoDaddy Inc.’s (“GoDaddy”, “GDDY”, or “the Company”) growth + profitability is expected to worsen in 2023, and as a result, GoDaddy has not been able to create shareholder value."

"The acceptability of this as a location is a planning judgment which is unimpeachable. But did the Council give planning permission for a solar farm with a “capacity” above 50MW?"

"BEKE's 2Q21 reported existing home GTV sales for its Lianjia stores of RMB 309.5 billion, suggesting that the Lianjia existing home GTV figure was inflated by approximately ~43%."

"Higher prices, of course, can force other solutions. There will likely be more scrap copper. And, if the price gets high enough, Aluminum can be substituted in some applications."

"PGNY's fertility benefit manager competitors have seen dramatic increases in Google Trends search interest since early 2022, with Kindbody surging to levels comparable with PGNY."

"In our model, we assume a gradual decline in DIOs from over 700 at FYE 2023 to 400 days by 2039, a level which is still 24% higher than the average of 322 days from 2016 to 2020."

"Since NICE adopted ASC 606 accounting standards at the beginning of its FY18, its management team has been significantly more transparent on the impact of the change than Verint."

"Spruce Point believes that Amcor's free cash flow presentation is becoming more aggressive, and that by our estimate, actual free cash flow declined more than 50% YoY in 2H 2019."

"Spruce Point believes that Amcor's free cash flow presentation is becoming more aggressive, and that by our estimate, actual free cash flow declined more than 50% YoY in 2H 2019."

"We believe a Stronger Southwest would deliver substantially more value to employees from higher profit sharing driven by enhanced profitability and better share price performance"

"DARDEN WILL CONTINUE TO APPLY THE INSIGHTS FROM THE RED LOBSTER SALE PROCESS, ALONG WITH THE BENEFIT OF FRESH PERSPECTIVES, TO EVALUATE THE REMAINDER OF THE REAL ESTATE PORTFOLIO"

"Below are the dividends Dr. Martin’s real estate holding subsidiary, International Assets Finance S.à r. l., appears to have received from Kalamazoo Quality Way One Inc. in 2021:"

"Nevro is a failed one-trick pony at 15x sales: the pivotal SENZA trial was rigged, HF10 is a phony premise, explant rates run 22-33%, and kickbacks prop up what remains of sales."

"Respondents communicated distrust towards management due to failure to deliver on global expansion, portfolio streamlining and failure to effectively communicate on these issues."

"Despite underperformance by the company, some directors' compensation has gone up. This implies very little accountability and lack of alignment to performance/financial results."

"Several of Mr. Peltz’s suggestions that Disney cited as evidence that Mr. Peltz “lacks a basic understanding of our industry” were, ironically, soon thereafter adopted by Disney."