Callouts & quotes from 3,339+ activist slides

"Twist’s job postings confirm what its SEC filings bury, that so-called R&D staff are basically manufacturing personnel, as part of what we believe to be a large-scale scheme to misclassify COGS as R&D."

"We find it difficult to believe Bristol-Myers continued to effectively execute on its daily operations while thoroughly evaluating approximately 30 highly-technical products with the required scrutiny."

"We believe this announcement is promotional rather than promising, since refuse trucks are some of the least suitable vehicles to EV-upfit due to their immense weight and highly variable route lengths."

"Beyond the high-level biases that we believe limit comparability, PGNY's outcomes reporting methodology contains a number of questionable decisions that serve to improve the Company's reported results."

"In its recently filed 2018 10-K, Aerojet removed the three key “competitive strengths” touted since 2012. We believe this is an implicit acknowledgement of our thesis that pressures are on the horizon."

"We believe Juniper can drive its stock price to ~$28–$32 (appreciation of ~24-40%) if it immediately implements a $3.5B share repurchase program comprised of a $2.5B ASR in 2014 and a $1.0B ASR in 2015"

"Given the operational benefits of the Sandell Plan, we believe the Proposals should be implemented as soon as possible in order to improve the probability of success under the Company's turnaround plan"

"We fail to see why this should be the case – especially given the significant synergies between CHC and BCH – and believe that this illustrates a clear lack of focus and execution in the core business."

"In our Mid and High cases, we believe EBIT margins could be ~8.3% to 9.3%. In our Low case, if same-store sales remain flat, we believe Lowe’s can maintain current EBIT margins through cost reductions"

"We believe CCI is equally frustrated with its valuation and may be considering a proactive change to its capital allocation plans – we share our thoughts on potential strategies in the following pages"

"By executing plan "Streamline66," we believe the Company can achieve a ~$200 stock price (with the possibility of substantially more upside if Phillips is able to execute a plan similar to Marathon's)"

"We believe it will be challenging for PowerSchool to expand in these markets in a meaningful way without diluting margins because of the structural differences in education funding in foreign markets."

"By executing plan "Streamline66," we believe the Company can achieve a ~$200 stock price (with the possibility of substantially more upside if Phillips is able to execute a plan similar to Marathon's)"

"Based on business similarities, we believe there is a strong case that iRhythm should be valued in-line with other outpatient testing and services companies, which trade at materially lower multiples."

"Spruce Point observes that Sunnova has engaged in a highly aggressive business practice related to prepaid inventory purchases which we believe has provided an unsustainable benefit to recent results."

"Spruce Point observes that Sunnova has engaged in a highly aggressive business practice related to prepaid inventory purchases which we believe has provided an unsustainable benefit to recent results."

"We recap below the events and main points which we believe justifies our conviction that the Chairman (Helge Lund) of the Board and the Lead Independent Director (Dame Amanda Blanc) should be removed."

"As one of the world’s best-selling drugs, REVLIMID faces significant pressure from generic challengers, pressure that we believe will continue to increase as REVLIMID nears full genericization in 2026"

"Spruce Point believes the bear case against FND is validated from recent disclosures by the CEO, General Counsel and Chairman of the Board, all of whom recently enacted insider stock selling programs."

"We believe that SBUX’s robust unit growth pipeline combined with management’s sizeable capital return plan will drive EPS growth including dividends in the mid-teens or higher over the next four years"

"By executing plan "Streamline66," we believe the Company can achieve a ~$200 stock price (with the possibility of substantially more upside if Phillips is able to execute a plan similar to Marathon's)"

"While it is no surprise that FIGS bulls (and management) would cherry-pick the highest multiple high-growth apparel comp, lululemon, to promote it, we believe the comparison is divorced from reality."

"Scott Jolcover also owns a brothel in Nevada called the Playmate Ranch and Spa, which we believe doesn't look good from a governance perspective as ABML claims to seek a major stock exchange listing."

"We believe Commvault’s current value does not reflect its leadership position in the Data Management software market and that there exists a distinct and significant value opportunity at the Company."

"We believe the risks presented are real, as the FBI previously warned industry participants of the potential for ELDs to be compromised. We believe such an action could jeopardize Samsara’s business."

"Growth investors like KRNT’s 20%+ top line result, and believe it can be sustained, but aren’t factoring in that Amazon drove a large portion of 2018 growth and Cimpress’ Vistaprint is under pressure"

"Being an S&P 500 index member is a validation of absolutely nothing. We believe Intuit is the worst of its kind as a Company that is both disrespectful to its investors and to the American tax filer."

"We believe that Darden’s owned real estate is conservatively worth approximately $4 billion, and possibly far more, and that separating the real estate could create $1-2 billion in shareholder value."

"Spruce Point believes that Stryker started to experience strain in the Mako’s robotics growth story in late 2018/2019, subsequent to Zimmer’s entry, and started exaggerating and changing disclosures."

"As discussed, private equity players have aggressively consolidated the fertility clinic landscape. We believe a logical outcome is that a major clinic network will develop its own fertility benefit."

"That said, we believe age is often used as a marketing tool to over-dramatize the fertility treatment imperative, as CDC data indicates 60% of ART cycles performed in 2019 were on women below age 37."

"We believe that Bunge’s recent share price outperformance rests on a misunderstanding of its business, partly due to its opaque and complicated financial reporting, and faith in its adjusted results."

"We believe Commvault's current value does not reflect its leadership position in the Data Management software market and that there exists a distinct and significant value opportunity at the Company."

"We believe it to be the most important aspect of this business, as the first eVTOL company to obtain certification will be able to start commercial operations ahead of competitors, a clear advantage."

"Spruce Point believes this is an unusually short earnout period. We observe that no contingent consideration was paid by Generac in Q1 2022 which suggests that Off Grid failed to hit its milestones."

"To believe Quantumscape’s timeline and financial projections, one has to assume that this “Nobel Prize-winning work” has already been done and that giant solid-state factories are around the corner."

"Based on our reading of the contract and basic principles of contract interpretation, we believe that Mosten's first claim has merit and potentially exposes Manulife to a significant amount of risk."

"We strongly believe our slate, with its legal technology and operating software expertise and experience running successful CEO searches, is best placed to hire, guide and oversee a world-class CEO."

"We strongly believe our slate, with its legal technology and operating software expertise and experience running successful CEO searches, is best placed to hire, guide and oversee a world-class CEO."

"Four of the agencies our consultant interviewed gave the unsolicited opinion that Momo has a reputation as a (sex) cam site. We believe that this has directly contributed to Momo's advertising woes."

"We find it difficult to believe that the accounting team could overlook $19.7 million in cash and payments collected from customers, and at the same time also forget about an equal amount of assets."

"Other major tenants are mostly regional discretionary retailers, including several 2005-2007 vintage LBOs. Some tenants have already filed Chapter 11 and we believe many could be forced to liquidate"

"Through our conversations with fire inspection industry professionals, we believe there are four very large challenges facing Cintas that will impede its growth and profit potential in the industry."

"After all, isn’t the point of artificial intelligence to reduce human workload? INOD only generates $18.8k in annual revenue per an employee—a number we believe is exceedingly low for an AI company."

"Despite management’s rhetoric, we believe Disney has never thoroughly reviewed its cost structure, as evidenced by the fact that over the last three years costs have outpaced sales growth by ~400bps"

"We invested in Mellanox because we believe the Company is deeply undervalued and there are significant opportunities to create value based on actions within the control of management and the Board."

"Even before the 2018 Investor Day, the Company had failed to fulfill its commitments to shareholders for many years. We do not believe poor operational execution since 2018 is an isolated incident."

"We believe MSCI operates in an increasingly crowded space for CRE analytics and data against pure-play and integrated analytics providers, along with real estate brokers offering enhanced services."

"We believe Intuit’s other core franchise, TurboTax, exemplifies the Company’s moral decay and arguably should not exist, as tax preparation software isn’t even required in most developed countries."

"We believe the questionable benchmarking is either a disingenuous attempt to mislead investors by comparing oranges to apples, or a troubling and fundamental misunderstanding of GCP's SBM business."

"We believe BR’s aggressive capitalization of hundreds of millions of unrecoverable technology conversion costs should be immediately expensed and that it would be in violation of its debt covenant."

"By publishing what we believe is a deceptive PDS for MIS investors with market projections created possibly conflicted third parties, we believe TFS is in breach of the following criminal offences."

"Assuming the average store real estate costs $26mm, of which $13mm is allocated to the land and $13mm to the building, we believe store level return on investment would increase from 23.0% to 39.8%"

"We do not believe the FTC will deliver a “slap on the wrist” in light of the enormous harm Herbalife inflicts on its victims, which will continue if it is not forced to stop its pyramidal practices"

"We believe WTRG trades at a rich multiple that makes little sense in relation to our evidence of financial reporting issues, poor governance, and its acquisition growth strategy facing challenges."

"Sales/ft² is still 25% below 2005 peak levels six years later. We believe sales/ft² could increase materially by 2015 and still be meaningfully below inflation-adjusted peak levels reached in 2005"

"Valued separately, we believe BEF Foods would realize a higher value than Bob Evans Restaurants, based upon the double-digit EBITDA multiples afforded to certain pure-play packaged food companies."

"While Acutus's sales efforts hit a wall earlier this year, we believe that the problem was temporary with disproportionate effects given the early stage of the company's commercialization efforts."

"Spruce Point believes that the writing is on the wall: Align is increasingly facing powerful competitive pressure and is reaching to keep the growth story alive, all while insiders exit the stock."

"Oatly's prospectus mentions the word "brand" two hundred and thirteen times (213), which we believe emphasizes the importance of Oatly's brand to its success in the hypercompetitive food industry."