Callouts & quotes from 3,339+ activist slides

"To believe in the IPX story you must believe that a small group led by Australian mining executives discovered something that has been overlooked for years by everyone else in the global titanium industry."

"We believe that, if elected, Ron’s extensive academic and real world experience as an independent board chair would ensure fair process, fair dealing, and diligent care for the benefit of all shareholders."

"However, we believe that recent sales growth offers a false image of patient base growth, and that Dexcom’s patient growth opportunity will be severely limited over the coming ~18 months at the very least."

"We believe CEO Blackford has too frequently been shown to sugar coat or, frankly, be incorrect about key issues related to both the Company’s business prospects and the regulatory processes, in particular."

"We believe their unremarkable background (in the case of Williams) and failure to acknowledge these roles (in the case of Powell's LinkedIn biography), highlight the “figurehead” roles they currently fill."

"We believe FND trades at an irrational premium to peers and that sell-side expectations are too high. Where we differ the most is new store operating expenses which we estimate are set to rapidly increase."

"We believe both the Board and the Nominating and Corporate Governance Committee (“Nom & Gov” or the “Governance Committee”) have proved unwilling or incapable of addressing seemingly obvious interconnects."

"Trian believes Mr. Myers' qualifications to serve on DuPont's Board include the knowledge and experience he has gained while serving in various management positions for over 35 years with General Electric."

"We do not believe these are simply one-off items to be excluded from financial results. Rather, we see these as on-going and recurring costs which are necessary to fix REZI's complex and ailing operations."

"As part of what we believe to be an organ steering or “trafficking” scheme orchestrated by TransMedics, surgeons indicated that the growth has come from accepting organs that reputable centers won’t touch."

"Trian believes Mr. Myers' qualifications to serve on DuPont's Board include the knowledge and experience he has gained while serving in various management positions for over 35 years with General Electric."

"We believe Archer deliberately hide their Type Certification progress and only report a single vague number as it is not in their interest to detail the actual facts, but rather, hide behind the ambiguity."

"To believe RUN's 90%+ renewal assumption, you must believe that its homeowners are willing to pay a lot of money (20- to 25-years in the future) to put obsolete (and degraded) systems back on their roofs."

"Spruce Point believes it may be time for significant change at Healthcare Trust of America, Inc (NYSE: HTA) if the Company’s financial reporting cannot pass the audit review of an independent third party."

"We Believe There Is A High Probability Of A Credit Ratings Downgrade Which Is Forcing The Company To Sell Assets And Reevaluate Capital Allocation - Required Debt Reduction Of ~C$1,600m vs. FCF Of ~C$200m"

"If GoDaddy executes against a long-term strategy focused on margin expansion, we believe the Company can generate a growth + profitability rate in-line with the broader set of scaled technology companies."

"We believe management is playing fast and loose with booking adjustments to EBITDA. Reviewing the footnotes reveals that several of the adjustments are related to the recurring operations of the business."

"Spruce Point believes Sunnova’s sell-side coverage is unsatisfactory and a result of the misalignment between Sunnova’s leasing business and analysts’ coverage of the solar and alternative energy sectors."

"We believe that shifting direct manufacturing costs to R&D expenses is the first mechanism, with Twist’s historical and recently exploding R&D costs straining credibility for a commodity DNA manufacturer."

"If GoDaddy executes against a long-term strategy focused on margin expansion, we believe the Company can generate a growth + profitability rate in-line with the broader set of scaled technology companies."

"For these reasons, we believe investors who have spoken to industry participants understandably may have formed an overly positive, uncritical view of the PGNY solution and the Company's growth prospects."

"If GoDaddy executes against a long-term strategy focused on margin expansion, we believe the Company can generate a growth + profitability rate in-line with the broader set of scaled technology companies."

"Not only is Zillow.com experiencing a decline in site visitors, its key KPI, revenue per visitor, is challenged. We believe this is strong evidence that the market should view Zillow as a mature business."

"By implementing its high operating cost strategy at The Huffington Post, we believe AOL has eroded the business model that made The Huffington Post successful pre-acquisition: low-cost content generation."

"We believe the counterintuitive DSO trend is likely indicative of Procept pushing systems on customers or relaxing payment terms, possibly as an attempt to boost sales to meet Street revenue expectations."

"Based on our research we believe there is an opportunity for Tessera to deliver double-digit revenue growth, achieve best-in-class EBITDA margins of 60-70%, and create significant value for shareholders."

"If volume growth accelerates to UNP's potential, we believe investors will reward this higher growth with a valuation more in line with UNP's Canadian peers and other high-quality US industrial companies"

"Furthermore, we believe YY either transferred roughly RMB 1.326 billion to its WFOEs—the majority of which would have been transferred to its offshore WFOEs illegally—, or the cash simply does not exist."

"Based on its (1) mix of emerging and developed market, (2) global scale and (3) significant marketing investments, we believe P&G should grow organic sales consistently at a 5% level on a long-term basis"

"Trian recommends that management explore share repurchases beyond GE’s initial guidance; we believe there is an opportunity to return over 40% of the current market cap to shareholders by the end of 2018"

"Trian recommends that management explore share repurchases beyond GE’s initial guidance; we believe there is an opportunity to return over 40% of the current market cap to shareholders by the end of 2018"

"We believe that all of Herbalife’s payments to distributors are Recruiting Rewards, regardless of what they are called by Herbalife, and should be accounted for as commissions in HLF’s operating expenses"

"We believe Intuit will see a material multiple de-rating over time, and thus we expect the shares to underperform those of its software peers, the technology sector, as well as the broader equity market."

"If any members of the Board had knowledge of these serious issues for longer than what is implied in the Company’s recent disclosures, we believe those directors should immediately resign from the Board."

"Muddy Waters, LLC believes that CCME is engaging in a massive "pump and dump" scheme whereby it significantly inflates revenue and profits in order to enrich management through earn-outs and stock sales."

"The Board does not appear to have addressed excessive turnover in key operational roles. We believe shareholders are concerned that instability in key roles, particularly operations, hampers performance."

"We believe Mr. Stengel has ignored concerns about AOL's Peer Group expressed by Glass Lewis and has continued to oversee the construction of a peer group that violates ISS and Glass Lewis best practices."

"Spruce Point believes that ROAD's disclosures of its aggregate reserves are inadequate to fully access the risks of owning its shares or its valuation relative to peers that do disclose such information."

"Ultimately, we believe the market is mispricing the risk of DKNG losing market share during its peak Q4 earnings season given MLB playoffs, start of the NBA season, and the NFL and NCAA football seasons."

"Spruce Point has been following the DKNG story closely, and despite the recent share price movement and other prescient short-seller critiques, we believe there is still significantly more downside risk."

"Our survey reveals that 96% of respondents believe that Vets First Choice brings integrity in regards to an area of animal pharma that historically has had a very bad reputation filled with bad players."

"We believe it is unlikely Genius' partner leagues would pay the assigned values for these services (e.g. software, integrity services) which are currently being offered by Genius to the leagues for free"

"We believe it is unlikely Genius' partner leagues would pay the assigned values for these services (e.g. software, integrity services) which are currently being offered by Genius to the leagues for free"

"We believe IPX’s story of reshoring the titanium industry from mine and scrap to product is a noble cause, but one which, under current market conditions, may not generate attractive returns on capital."

"We believe Ms. Ganzler can help McDonald’s prioritize its commitments to ethical sourcing, oversee the Company's supply chain and support transparent reporting of progress toward stated ESG commitments."

"We believe these factors may have lead management to use overly aggressive accounting methods to inflate performance, and seek the DigitalGlobe acquisition as a last ditch effort to save a sinking ship."

"This transparent act of entrenchment by the Board should not go unchecked and we believe indicates a clear need for common stockholders to strongly unite with a louder voice to protect the stockholders."

"We believe insiders have orchestrated a brazen scheme to artificially inflate DV’s share price by selling and obscuring an international growth narrative that is failing while they rapidly unload stock."

"Axon would now like investors to believe that it is at the precipice of leveraging their video and emerging AI capabilities alongside a subscription model to drive both revenue and margin for investors."

"A review of BlackRock's thematic ETFs shows that just three of eighteen use MSCI indices as a benchmark. We believe this is an underwhelming penetration of MSCI-linked offerings from its largest client."

"Analysts and investors currently believe that Hill-Rom shares trade at a 35-40% discount to other med-tech stocks, justified by the Company's relatively slow growth rate versus more tech-oriented peers."

"Based on the assumptions below, Wendy’s OpCo real estate is worth approximately $1bn. Given Wendy’s existing capital loss position, we don’t believe Wendy’s would need to pay taxes in a real estate sale"

"Our largest competitors, Realtor and Zillow, reported either flat or declining traffic in the fourth quarter of '23. I believe we will be able to report even stronger traffic numbers in the near future."

"Spruce Point believes there is a clear lack of discipline in Stryker's acquisition of Vocera. Recall, that Stryker used to be very focused on ROIC, but now dodges discussion of ROIC in this transaction."

"We are short Datavault AI Inc. (DVLT), a reverse merger which has risen ~800% since early September, because we believe it is a stock promotion that relies on misleading press releases and empty claims."

"Based on interviews with an industry participant and a former Rockdale mining technician, we believe Rockdale lacks the proper infrastructure and facility design to curtail as effectively as it should."

"Spruce Point believes that investors are not fully prepared for the likely magnitude of the impact of the pandemic on Invisalign performance, for at least the coming quarter (and likely more to follow)"

"Spruce Point believes that investors are not fully prepared for the likely magnitude of the impact of the pandemic on Invisalign performance, for at least the coming quarter (and likely more to follow)"

"Arconic's reactive governance changes - after we launched our proxy contest - serve as an admission of guilt, in our view, and we believe the current board will not necessarily follow through as needed"

"iRhythm trades at a $5.4 billion market capitalization and mid-to-high-single-digit revenue multiples despite an anticipated deterioration in revenue growth, which we believe may even prove optimistic."