Callouts & quotes from 3,339+ activist slides

"Spruce Point has significant concerns about the financial condition of Ballard's partner Broad Ocean, and don't believe it has the clout necessary to make the partnership a winner in the industry."

"We believe HIMS does little to provide investors with adequate visibility on its various financial flows. In fact, the Company often seems at a loss to even describe it correctly and consistently."

"Despite 32% of revenues reported in the United States, only 9.2% of earnings before tax are attributable to the United States. We believe this suggests an aggressive tax structure used by Mettler."

"Spruce Point believes Stryker's $3.1 billion levered acquisition of Vocera Communications is another example of it overpaying for a low quality business while failing to do adequate due diligence."

"Cintas growth has generally outperformed the U.S. Fire safety market. However, NFPA projects the market growth at 8%, and Spruce Point believes Cintas' period of double digit growth will moderate."

"Post our reports, both Gentex and Caesarstone showed significant gross margin contraction leading us to believe that the capex anomalies were a strong indicator of future gross margin contraction."

"We believe that RINO's SAIC financial statements are largely reliable. The SAIC income statement (below) shows consolidated 2009 revenue of $11.1 million, versus $192.6 million in its SEC filings."

"Based on all of the evidence we collected, we believe that MOXC’s so claimed operating entities in China are not actually in operation, as none of their listed phone numbers or emails are working."

"We believe that current investor sentiment on Disney is low, reflecting the hard truth that Disney is a company in crisis and faces many challenges that weigh on the Company's investment prospects"

"Spruce Point believes that Remitly is playing a dangerous game of slowing customer support and operations expense, either in response to anticipated slowing customer growth, or to boost earnings."

"Spruce Point believes ABML has made deficient disclosures with respect to its paid promoters. We observe the Company has expanded its paid service providers from 1 (2018), 5, (2019) to 11, (2021)"

"Engine does not intend to tender its shares into the Veritas Capital ("Veritas") tender offer as it believes the $21 per share offer undervalues the company and is the result of a flawed process."

"While PowerSchool may want to create the perception of distance between itself and Intersect, we believe that Intersect is very much a PowerSchool product and meaningful contributor to its sales."

"We believe that the disconnect between management’s messaging and observable market trends has eroded investor trust and further contributed to the Company’s valuation discount relative to peers."

"We believe Mr. Harris' more than three decades of experience in operational and executive roles at the world's largest food and beverage company would be extremely additive to the US Foods Board."

"We believe that GE has done a good job ensuring enterprise wide functions are structured to cost-effectively drive value for the individual business units...while minimizing corporate bureaucracy"

"We believe investors fail to see that the current long-tenured management team is rapidly aging (the average executive age is 60 years old) and that organization changes could strain the Company."

"Spruce Point believes management's long-term performance should be measured by EBITDA return on capital investment, or some measure of capital efficiency linked to the increased capital spending."

"Thus, we believe it is likely that Klaviyo is taking share from Mailchimp, and we believe that share capture is more likely occurring at larger, more sophisticated users who typically churn less."

"We continue to believe that the private market is the best place for Forward Air to fix its balance sheet issues, improve operations and profitability, and serve customers and other stakeholders."

"We believe the formation of these two JVs with a reputable real estate firm will allow Macy’s to maintain control over its properties while realizing value from its real estate and reducing risk."

"We believe the Rating Agencies will adopt one of two possible analytical approaches when assessing the credit profiles of the ‘new’ Target Corp and TIP REIT – ‘Consolidated’ vs. ‘De-consolidated’"

"We do not believe an individual that has demonstrated such hostility towards stockholders attempting to exercise their fundamental rights is suitable for serving as our Lead Independent Director."

"Given that this business has demonstrated to be conducting fraudulent inspections, and new competitors are circling to displace Cintas, we believe it should be valued lower than other businesses."

"The history of transactions related to Cuattro is “old news” at this point, but we believe it is important to understand in order to appreciate the history of conflicts and self-dealing at Heska."

"We believe TransMedics is operating an organ trafficking scheme, shopping and steering rejected organs to its top users as a quid pro quo for accepting them on its device and via its NOP service."

"Stagecoach, which we believe is widely recognised to have the strongest management in the sector, is the only company to have managed a complex portfolio of businesses without significant hiccups"

"However, if performance fails to improve, we believe changes must be considered, which should include a thoughtful examination of whether Match’s best path forward would be as a private company."

"Based on data from the FOIA revealing PowerSchool's top 5 customers, we believe PowerSchool may be forced to give significant discounts to be competitive when seeking deals with large customers."

"We believe these factors can be addressed easily and immediately via our 3-Step Plan, a carefully calibrated initiative that should be implemented without delay by Keisei’s board and management."

"We have identified a number of issues in SPRD's filings, and we believe that there is a high risk of material misstatement in the reported financials since the time of Dr. Ping Wu's resignation."

"Spruce Point has identified a broad range of troubling aspects related to Perion’s technology claims and associated financial reporting. We believe investors should proceed with extreme caution."

"Based on XL's response with its numerous non-denials, we continue to believe that the company greatly exaggerates its pipeline, performance, and potential sales. In short, XL is more SPAC trash."

"Spruce Point believes that poor post-merger execution by LHCG management has cost the Company a degree of its prior credibility, turning off large institutional managers from holding LHCG stock."

"There were already questions about the cost competitiveness of PHAs even before canola oil prices started to surge. We believe investors should discount added margin pressure from rising prices."

"Given AOL’s past inaction with regard to monetizing the patent portfolio, we do not believe the Company would have actually executed this transaction had it not been for Starboard’s involvement."

"If spun-off as a separate company with a dedicated management team and an intelligent capital allocation strategy, we believe PepsiCo Beverages would achieve a very attractive valuation multiple"

"Spruce Point believes these efforts are a smokescreen to cover declining fundamentals in its core business and the potential significant earnings volatility by switching from MBP to purely Flex."

"While we acknowledge Procept discloses this IP risk in its SEC filings, we believe it is relatively uncommon for a medical device company and, more importantly, warrants a discounted valuation."

"We also believe it's vital that the Company not be allowed to unilaterally appoint a new Board member without shareholder input, which would only serve to further the entrenchment of the Board."

"We believe that GCP can improve its EBIT margin by ~600 bps on a run rate basis, more than recouping all of the deterioration that has occurred through poor performance over the last few years."

"We believe that Mr. Kiefaber’s substantive experience from serving in a variety of senior executive positions as well as his industry specific knowledge makes him a valuable asset to the Board."

"Spruce Point believes that increased competition amongst platforms and consolidation amongst agencies will force Momo to lower virtual gift retention and increase cost of revenues going forward"

"We believe many shares are owned by investment advisers, and up to 10% by retail holders, who have historically thought of CHD as a safe and defensive investment run by conservative management."

"Stryker claims days inventory has improved. However, based on our analysis, which adjusts for reclassified loaner inventory, we believe days inventory have not changed from pre-COVID-19 levels."

"We believe that TAL should restate its financials to include the costs to develop Shunshun consolidated as of the date of initial investment in July 2015 or the transfer of DFRL in August 2015."

"We believe that INS’s common stock is uninvestable, given that these significant and material related party transactions in our view cast doubt onto the integrity of INS’s financial statements."

"With recent catalysts, including promoting the partnership with DraftKings for the NFL deal, now behind Genius, we believe going forward, there are more downward risks than positive catalysts."

"The FIGS origin story is riddled with small inconsistencies. While we acknowledge the business has grown, we believe such inconsistencies are indicative of a general inattentiveness to detail."

"We believe this should be considered a related-party transaction. We believe this is an excessive perquisite for an employee, even if a portion of the land is being used for business purposes."

"As AMT has not hedged its currency risk we believe that this could cause further devaluation of revenue and assets in the future and will most likely lead to AMT performing below expectations."

"While the Company acknowledges it must focus on gaining younger customers, we believe CTC is lagging its peers at attracting millennials. Overpaying for acquisitions will not solve the problem"

"So from my personal opinion, IperionX, where right now, and I think this is what they're good at, they're good at marketing. Personally, I believe, to me it's more a marketing story right now."

"So from my personal opinion, IperionX, where right now, and I think this is what they're good at, they're good at marketing. Personally, I believe, to me it's more a marketing story right now."

"Spruce Point believes that it is only a matter of time before Align is forced to slash its own lab fees to maintain its existing orthodontist base, or else risk losing significant case volume."

"Spruce Point believes that it is only a matter of time before Align is forced to slash its own lab fees to maintain its existing orthodontist base, or else risk losing significant case volume."

"To the extent that Align is able to penetrate the non-comprehensive market and/or expand its addressable patient base, Spruce Point believes that it will experience dramatic price compression."

"We believe investors were disappointed to see the CEO transition, as Andreotti helped transform the pharmaceutical company into an immunotherapy pioneer, but were hopeful for continued success"

"We believe that HIMS' penetration of women's health offerings and mental health broadly, essentially any area outside men's sexual health and hair, have proven more difficult than anticipated."

"We believe that GCP can improve its EBIT margin by ~600bps on a run rate basis, more than recouping all of the deterioration that has occurred through poor performance over the last few years."