Callouts & quotes from 3,339+ activist slides

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"We believe the Company should develop a plan to transition the remaining non-core employees in Basel to lower-cost locations, including potentially centralizing R&D in The Woodlands"

"Spruce Point believes that BR management has destroyed tremendous value from its highly promoted wealth platform that would “Redefine Wealth Management Technology In North America”."

"We believe pursuing the JVs that we outline in this presentation will create significant value for all of Macy’s shareholders AND actually improve the capital structure of the OpCo."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"Spruce Point believes this could be a way for Zillow to mask the true deceleration in Premier Agent especially if they are not going to disclose Premier Agent revenue going forward."

"In aggregate, we believe the exclusion of these uses of cash from the Company's FCF calculation has allowed Limbach to overstate FCF by over $37 million in the last 12 months alone."

"In short: Our analysis leads us to believe that WUBA is a fraud vehicle that primarily exists to enrich insiders and to raise money from US investors on the back of fake financials."

"We find this 10x growth in property value hard to believe especially considering over $17.7M in improvements are still to go into the property shortly after the closing of the deal."

"We believe that Southwest should begin the process of change immediately, enabling the Company to be in a position to update shareholders on its go-forward strategy by year-end 2024"

"Monolithic's CFO claims to be a CPA. However, state records show his license is “Cancelled” as of Aug 31, 1985. We believe it is disingenuous for him to represent himself as a CPA."

"We believe that Target’s compensation plan does not foster an ownership culture at Target, as senior management and the board have sold $429 million of stock in the last five years"

"We believe that with the passage of time Valeant’s share price will reflect the value of its franchises, its low-cost operating model, and its efficient capital allocation strategy"

"We believe a successful ESG program would include protein diversification and product innovation, animal welfare improvements and a positive climate impact and actionable strategy."

"While Oatly claims its processes and know-how are proprietary and include trade secrets, we believe it has done little to try to protect sensitive information from becoming public."

"Spruce Point believes investors should be on red alert given that management’s short term incentive metrics are calculated on fundamentally different results reported to investors."

"Once the initial share repurchases from the GECC asset divestitures, Synchrony swap and balance sheet use are executed, we believe GE should commit to ongoing share count reduction"

"We believe that the average of brokers' valuations for US Onshore, of c.US$6.5bn, is well below recent transaction prices, trading valuations of US listed peers and intrinsic value"

"HIMS has pitched itself as an e-commerce company with enterprise SaaS characteristics, including 90%+ “recurring revenue” and a declining CAC. We believe neither claim is accurate."

"The Board has consistently set management’s compensation targets meaningfully below goals communicated to shareholders, which we believe severely reduces management accountability."

"Spruce Point believes there is significant upside to Concentrix's share price as it continues its transition to higher value-added clients with differentiated technology solutions."

"We believe Intuit fell victim to extremely poor timing and market fervor about marketing automation when it cut the Mailchimp deal, as sector multiples were at their absolute peak."

"We believe the Board's decision to appoint Mr. Poling Executive Chairman demonstrates the Board's inability to act with the best interests of stockholders as the primary objective."

"Spruce Point believes there is no greater evidence of Weis’ financial struggles than the fact it has systematically stopped disclosing product level comparable store sales metrics."

"Recognizing IFRS reporting conventions can make comparisons difficult depending on the company reporting convention, we believe Heska provided inflated guidance on BiEssiA margins."

"We believe there is evidence that Danimer’s EBITDA margin projections are overly optimistic based on the margin profiles of both its self-selected peers and chemical/plastic peers."

"Spruce Point believes that the recent “inflection” to profitability is unsustainable, and that growth inevitably comes at the expense of PLUG shareholders through endless dilution."

"Ironically, rather than building a business that uses technology to smooth out the challenges of operating in the used car industry, we believe Carvana built one that amplified it."

"We believe that with the passage of time Valeant’s share price will reflect the value of its franchises, its low-cost operating model, and its efficient capital allocation strategy"

"Elliott believes that new leadership is required at Southwest, which represents the most compelling airline turnaround opportunity in the last two decades, according to the letter."

"To further capitalize on this transformational opportunity, we believe the company should permanently suspend its $3 billion annual dividend and redirect this capital entirely into"

"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."

"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."

"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"

"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."

"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."

"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?"

"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."

"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."

"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."

"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"

"Juniper has an incredible opportunity to deliver long-overdue value to shareholders through the three-pronged plan, which we believe can lead to a stock price of $35-$40 per share"

"Spruce Point believes financial sell-side estimates are too high for Broadridge, and assume there has been no slowdown in business from recent changes in the economic environment."

"At ~6,500 lbs, Midnight is believed to be one of the largest eVTOL aircraft to complete transition, which is critical to being able to carry commercially viable passenger payloads"

"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 believe that Ms. Conrad's extensive leadership experience at Intel, as well as her marketing and business development background, would make her a valuable asset to the Board."

"Despite near-term headwinds, we would expect Danone to trade back to historic levels and believe it should trade at a premium given its portfolio mix and emerging market exposure"

"We believe by following best practices and focusing on superb execution, Darden can become a lean restaurant operator, outperforming the peer group average of 30.7% labor expense"

"We believe Ailirui is a sham counterparty because a) its SAIC financials show that it is a tiny company that could not conceivably have received such a loan (hint: zero revenue)."

"We believe by following best practices and focusing on superb execution, Darden can become a lean restaurant operator, outperforming the peer group average of 30.7% labor expense"

"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 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 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."

"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."

"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."

"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."