Callouts & quotes from 3,339+ activist slides

"Overall, we believe ~85% or more of the XHL-reported RMB 18.2 million in gifts Big Li received to win the December 2019 annual competition originated from YY’s FUs."

"Spruce Point believes that WSP's Q4 2023 results would be less spectacular if results are adjusted for a reversal of provisions related to the Wood E&I acquisition."

"You may find yourself at the fulcrum of choosing between protecting consumers or protecting the Company. Based upon our research, we do not believe you can do both."

"Oasis believes that by implementing a marketing campaign and looking to expand well beyond its traditional salon channel, Oribe should reach similar revenue levels."

"We believe the Company is attempting to harass Starboard and our nominees and falsely insinuate there are undisclosed agreements between Starboard and our nominees."

"Spruce Point believes that current market data services fail to accurately reflect ROAD’s share count and capital structure pro forma for the Lone Star acquisition."

"Based on our research, we believe AOS spent nearly $174m on the project, or ~6.5% of average sales over the time period - significantly more than avg. ERP projects."

"We believe large retail partners are more likely to have a greater product offering on their shelves in the robotic vacuum category; this is a big negative for IRBT"

"Spruce Point believes that its dividend policy is flawed because of WTRG's large growth capital expenditure ("capex") requirements and commitments to acquisitions."

"As much as Carvana bulls wants you to believe that it’s a high-flying, asset-light, highly-scalable “fintech” business, make no mistake: this is a used car dealer."

"L&B believes the combination of a monetization of SIX real estate and optimization of the repositioning plan could see the share price double in the next 18 months"

"L&B believes the combination of a monetization of SIX real estate and optimization of the repositioning plan could see the share price double in the next 18 months"

"We believe that Valeant's track record of value-creating acquisitions is a sustainable competitive advantage that should be reflected in the company's market value"

"If the McDonald's Board does not immediately improve on ESG, we believe it could cause the Company and its shareholders serious harm over the next five to 10 years"

"We believe AstraZeneca structured the $35M payment through Tempus so it would count toward its existing contract obligation, reducing its total commitment by $35M."

"AS THESE COMPANIES SHOWED, WITH THE RIGHT LEADERSHIP AND STRATEGY, PHILLIPS 66 CAN CHANGE THE NARRATIVE - NO MATTER WHAT CURRENT MANAGEMENT WOULD HAVE YOU BELIEVE."

"We believe the above strategy, clearly articulated to shareholders and properly executed, would create SIGNIFICANT shareholder value in a very short period of time"

"Accordingly, we believe TI should adopt a dynamic capacity-management approach and flex its capacity buildout in a manner consistent with its historical practices."

"Spruce Point believes that the wider delta in GAAP and Non-GAAP Gross Margins pre and during COVID-19 are a reflection of greater financial strain in the business."

"Spruce Point believes that Magnite's financial reporting does not accurately reflect the economics of its business, and may be concealing the struggles of Telaria."

"On both an EV/transaction basis or an EV/store basis, BEKE paid nearly 4x for Zhonghuan. We believe this underscores the absurdity of the price paid for Zhonghuan."

"We believe Bunge’s declining transparency also extends to its Brazil operations where it recently stopped reporting the amount of indefinitely reinvested earnings."

"We believe Casino flowed this entire amount through EBITDA, thereby making its core France business appear to have a smaller profit decline than actually occurred."

"Spruce Point believes Leidos has not been particularly transparent about what is driving its cash flow, notably its 2020 target increase in Q2 from $1.0 to $1.2bn."

"If PepsiCo does not pursue Mondelez, we believe it must announce a separation of snacks/ beverages concurrent with specific commitments to unlock shareholder value"

"We adjust downward IQE's 2015 and 2016 net income by 58.5% and 25.4%, respectively, to exclude gains on transfers of assets to CSC, which we believe lack substance"

"Goldrone seems to hold annual meetings and sometimes Memorandum of Understanding (MoUs) signage in a small room, which we believe is located above this restaurant."

"We believe FIGS has benefited, both in terms of strategic focus and operational simplicity, from the Company’s extremely narrow end market and product assortment."

"We believe the choice of nominees is clear. Starboard's nominees are more qualified and better suited to oversee Office Depot for the benefit of all shareholders."

"We believe the Exchange's operating performance demonstrates a strong link between relaxed underwriting criteria and substantial premium growth beginning in 2022."

"We initially purchased interest rate hedges in late 2020 and early 2021, as we believed the Fed would need to raise rates much earlier than the market anticipated"

"We believe that industry competitiveness will hit PetIQ particularly hard as it attempts to roll-out 1,000 fixed-location wellness centers with traditional hours."

"We believe that management and the Board, in anticipation of the upcoming vote, may be attempting to unrealistically shift expectations for the balance of FY 2015"

"We believe that management and the Board, in anticipation of the upcoming vote, may be attempting to unrealistically shift expectations for the balance of FY 2015"

"We believe the integration of smart watches and smartphone-paired devices present far more disruptive healthcare cost reduction potential than iRhythm’s products."

"It is clear to us that this is a figure that the market never believed in, as can be seen from the following charts – a demonstrable futile exercise on BP's part."

"After normalizing for capital structure, we believe Bristol-Myers would generate greater earnings per share on a standalone basis than the combined entity by 2023"

"Spruce Point believes that Momo's cost of revenues will increase to match competitors at 50%-70%. This equates to a potential 40%-50% increase in cost of revenues"

"Based on our analysis of the Celgene pipeline, we believe that Bristol-Myers' projections are extremely optimistic, especially given the most recent developments."

"Given the breadth of our financial reporting and accounting concerns, we believe it is time for Stryker to seek a new auditor with fresh eyes to review its books."

"We believe drastic action is needed NOW because we fear that failing to replace Jeff Jacobson as CEO could inevitably result in the loss of our entire investment."

"Spruce Point finds this defense extremely suspect, and believes that the impact of ASC 606 should be deducted from sales when calculating Verint's organic growth."

"Combined with buybacks funded by the ongoing generation of excess capital, we believe that AerCap can grow its EPS by around 10% annually over the next few years."

"Spruce Point finds this defense extremely suspect, and believes that the impact of ASC 606 should be deducted from sales when calculating Verint's organic growth."

"We believe the Digital ID model would not be economically viable for CLEAR given it would potentially be on a per transaction basis vs. the annual membership fee."

"Discounted 2020’s rent by 58% due to evidence provided by historical google earth photos. We find it hard to believe a complete building was built within 34 days."

"While Ferguson has expanded EBITDA margins over the last 5 years, Trian believes there is an opportunity to better leverage growth and improve margin flow through"

"We believe the time has come for material changes in leadership here as BOX remains in a “no-man’s land” for investors – not enough growth and not enough margin."

"If Solventum Can Restore Performance to Historical Levels, Trian Believes the Company’s Shares Could be Worth $140 by Year-End 2027 vs. its $69 Share Price Today"

"We believe there is a tremendous opportunity at Mellanox, but it will require substantial change, well beyond just the Company's recently announced 2018 targets."

"In addition to substantial value creation from our operational improvement plan, we believe a real estate separation and a spinoff of SRG would both create value"

"Olive Garden is famous for its unlimited breadsticks, but poor execution around this signature item we believe both increased costs and hurt the guest experience"

"We believe Autodesk, Inc. ("Autodesk" or the "Company") is an attractive business with sustainable competitive advantages and a long runway for continued growth."

"We believe the expanded TAM is an attempt by management to attach itself to the latest AI craze and give the market the perception they are a high-growth company"

"In addition to substantial value creation from our operational improvement plan, we believe a real estate separation and a spinoff of SRG would both create value"

"Olive Garden is famous for its unlimited breadsticks, but poor execution around this signature item we believe both increased costs and hurt the guest experience"

"We believe the costs associated with several elements of the iRhythm solution, as well as potential substitutes, have declined and are likely to decline further."

"Prior to COVID-19 pandemic, Wall Street analysts believed 2020 revenue could be less than that achieved nearly five years ago, despite strong industry tailwinds!"

"Engine believes the Board should immediately initiate a strategic process to determine what one or multiple buyers would be willing to pay for Parkland's assets."

"Herbalife’s ‘buyback’ policy is effective at limiting product returns. Therefore, we believe the 0.4% return percentage is not a useful indicator of Retail Sales"