Callouts & quotes from 3,339+ activist slides

"Elliott believes that there are clearly identifiable steps to realize value at ACAS and that a capable Board actively overseeing a strategic review can unlock this value"

"We believe rationalizing Bristol-Myers footprint to improve capacity utilization and streamline geographic cost areas could result in over $100 million in total savings."

"Board members and senior executives have also donated significant funds to HCI / HCF, which we believe creates further financial conflicts of interest with Dr. Beckerle."

"Spruce Point believes there is significant upside to Majorel's share price as it also transitions to higher value-added clients with differentiated technology solutions."

"Given the deteriorating small business credit environment, we believe these disclosures may be a harbinger of potential adverse future disclosures regarding loan losses."

"We don't believe Mettler's share repurchase strategy is disciplined, particularly as it buys its stock at 26x EBITDA and 37x book value, and while insiders rapidly sell."

"We believe it is illogical to assume consumers will continue to pay the same inflated price for a product if supply increases 5x, with no obvious demand growth segments."

"While backlog does not have a standardized definition, based on our review, we believe that ROAD incorporates extremely liberal and aggressive interpretation of backlog."

"Many of these deals were significantly back-end loaded because nobody wanted to pay an upfront payment for a technology that they didn't really understand or believe in."

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"Spruce Point believes it is only a matter of time until MBP agents leave the platform in these coexist markets due to lack of transparency and questionable lead quality."

"We believe Ramaco Carbon's coal to carbon initiative is a glorified science experiment, designed by METC's management as a promotional point to dupe credulous investors."

"Despite these recent missteps, which have badly damaged the credibility of management and the Board, we believe that Perrigo has a strong franchise with valuable assets."

"We believe this PU activity was all or substantially all from bots, likely conducted via a server whose real location was masked behind a VPN or other similar software."

"Technology opinion leaders in respected magazines, along with experts we spoke to, believe that Dropbox has limitations and challenges in serving the Enterprise market."

"The expert believes that product replacement cycles are very long in machine vision, which may dampen investor optimism for a near term recovery in the Matrox business."

"We believe HIMS is exposed to material operational and reputational risks from the third-party pharmacies that comprise nearly 50% of its current pharmacy supply chain."

"We believe HIMS is an e-commerce business selling generic products and services and currently trades at a large premium to peers as a result of its high revenue growth."

"Spruce Point believes the airlines could be the biggest threat to CLEAR as they have both the influence of the airports and the capital to donate the eGates to the TSA."

"We believe there is further reason to be suspicious of CLEAR's revenue quality. The Company gives inconsistent descriptions of the factors driving the revenue increase."

"We believe Danimer's business is a closer comparison to traditional chemical and plastic companies than the waste businesses that the Company has selected as its peers."

"We believe international franchising could add ~$50-80+ per share in value over time, which would accrete significantly from additional capital allocation efficiencies"

"The Ford/Blackberry partnership is well known, but Chen would not have responded "likely" if he did not believe BBRY was on the cusp of a transformative change in QNX."

"Therefore, we believe that neither of management’s stated reasons for its overwhelming revenue contraction offer a robust justification for its lackluster performance."

"If all aspects of our value creation plan are implemented by the company, and if Alibaba continues to recover, we believe that Yahoo’s shares may trade over $100/share"

"We believe Macy’s has an opportunity to create massive value for the benefit of all shareholders by strategically monetizing its highly valuable real estate portfolio."

"We believe the megacaps that we own are trading at compelling valuations relative to the overall market in light of their superior business quality and growth profiles"

"TransMedics is therefore, we believe, extremely reckless, as the off-label use occurs by its own device technicians, known as OCS Specialists – who hospitals must use."

"we are concerned by the Company's low research and development expense as we believe Genius will have to continue reinvesting in new technology to remain competitive."

"Spruce Point believes that the diverging fortunes between Dycom and its telecom and media clients which constitute 90%+ of contract revenues is not likely to persist."

"DigitalGlobe carried just $74m of intangible assets, but Maxar believes C$1.3 billion of deal value exists here at the expense of its physical satellite constellation"

"Spruce Point believes WSP’s sell-side promoters are taking management’s results at face value and not critically evaluating the results with greater analytical rigor."

"Muddy Waters believes that many of the items we discuss in this report are symptomatic of a highly troubled enterprise that is run solely for the benefit of insiders."

"However, as pricing pressures appear to have increased, we believe it is likely that DV will face downward pressures as contracts roll-off and reset to market prices."

"WFG actively encourages its independent agents to develop downlines. Based on the definition provided by the FTC, we believe we can reasonably conclude WFG is an MLM."

"We believe investors buying LSPD at 23x and 47x 2022E sales and gross profit are failing to see the titanic competitive shifts happening in its business and industry."

"We believe Harmony is aware of pitolisant’s bioavailability problem and that their claim of 90% oral bioavailability/absorption in the package insert is simply false."

"We believe that it would be prudent for the Board to evaluate the Company's intellectual property and determine whether there are certain areas that can be monetized."

"We believe splitting SRG from the core brands makes sense from an operational and customer demographic perspective, in addition to the potential valuation advantages"

"As revenue growth slowed, Autodesk’s incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target"

"We believe that EHTH has now decided to book an additional ~15 years of forecasted commissions in order to squeeze further revenue growth out of their customer base."

"We believe splitting SRG from the core brands makes sense from an operational and customer demographic perspective, in addition to the potential valuation advantages"

"Ancora strongly believes that our director nominees will be able to help restore Forward Air to producing best-in-class results from a margin and return perspective."

"Given our documented concerns about intensifying competition, we believe any investor owning 2U shares at these elevated valuation carries multiple contraction risk."

"2U's current valuation implies that investors are paying +$3.5B for their future prospects. We believe the NPV value of their future prospects could be less than $1B"

"Given its product mix, Oasis believes Kao should over time be spending closer to 15-20% of Consumer Goods revenue on marketing depending on the ultimate product mix."

"Though Herbalife believes the amount of Internal Consumption "is not relevant to the business or investors," the FTC highlights it as a red flag for a pyramid scheme"

"We believe PGNY may be violating corporate practice of medicine laws by providing contractual financial incentives for clinics to pursue certain treatment protocols."

"As revenue growth slowed, Autodesk's incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target"

"Spruce Point believes that Amcor’s roll-up is in its final stages, having merged with Bemis in a $6.8 billion dollar transaction – the largest in its recent history."

"We believe Nelson Peltz's turnaround expertise and strategic mindset is far more relevant than Mr. Froman's government experience to the problems Disney faces today."

"We believe one of the clearest signs of aggressive accounting at Limbach is the disconnect between its steadily rising adjusted earnings and stagnant free cash flow."

"We believe one of the clearest signs of aggressive accounting at Limbach is the disconnect between its steadily rising adjusted earnings and stagnant free cash flow."

"We believe Nelson Peltz’s turnaround expertise and strategic mindset is far more relevant than Mr. Froman’s government experience to the problems Disney faces today."

"We Believe YT Lied When He Told the Bankruptcy Court He Had No Remaining Interest in the Entities Holding the Lucid Shares (They Were Controlled by Close Associates)"

"We believe that AMT has placed such an extreme emphasis on growth that they went for quantity over quality and this is evident in acquisitions such as Vivo in 2012."

"We do not believe this capital allocation scenario would increase CCI's risk profile or materially reduce operating flexibility – minimal execution risk in our view"

"We believe that if expanding the physical footprint were as lucrative and attractive as BOOT claims, that competitors would simply mimic BOOT's aggressive strategy."

"Spruce Point believes that very recent and underappreciated developments in the clear aligner landscape undermine most of the key tenets of the bull case for Align."