Callouts & quotes from 26,677+ activist slides

"We believe core earnings is a more accurate metric to measure the financial performance of a specialty finance business. Sunnova's core earnings have continued to decline, and we believe it is unlikely NOVA will ever be able to maintain a sustained level of profitability."

"We believe the DNA data storage initiative is vaporous, simply a scam to keep promoting the stock with vague, incoherent aspirational statements – and mostly to provide another cover for what we believe to be its rampant misclassification of COGS as R&D expenses or capex."

"There is massive leverage at EBITDA level. A sole 1% reduction (as % of sales) at Distribution expenses level and 0.5% reduction (as % of sales) at Administrative expenses level would account for USD4.9m of extra EBITDA which accounts for a 61% increase of current EBITDA."

"Do you want Norfolk Southern to have leadership with the experience and judgment to properly implement Precision Scheduled Railroading ("PSR"), so the Company can finally achieve the service, safety and long-term value realized by every other publicly traded Class I rail?"

"Spruce Point believes that the economics of hydrogen refueling stations are so poor, 12.5 years to repay investment amount without overhead (based on Foshan refueling station economics), that they will never be built barring significant sustained subsidies from government"

"Spruce Point observes that Saputo stopped promoting its @FrigoCheeseHead Twitter account on its website, and now has a @CheeseHeads_USA account. We find that the old Twitter handle reveals multiple product quality issues around uniform cheese sizes and hair contamination."

"The itemized list of Business Support Materials below comes from the blog of a former (non- Sales Leader) Herbalife distributor showing nearly $2,000 of expenses in only three months, excluding Herbalife product purchases. The company seldom acknowledges these costs exist"

"Kornit trades at a meaningful premium to direct digital printing peers it competes with, as well as its second largest print customer which is struggling, on the belief that its 20%+ revenue growth rate is sustainable and its margins are better than peers and will expand."

"It seems clear to us based on the table below, which highlights the significant TSR relative difference between Parkland and its peers pre and post Mr. McMillan's departure, that his departure represented a material and adverse development to Parkland's senior management."

"New Pacific President Gordon Neal , in Jan. 2019, said he: “commend[s] the Minister of Mines and Metallurgy and the President of COMIBOL for committed focus to complete this transaction. It is a benchmark achievement that shows that Bolivia is open to foreign investment.”"

"Instrument overwhelms the user with unusable and unanalyzable amounts of data; can't figure out how to optimize an assay; no time savings (one of the machine's most important selling points) for cell therapy; just an “exploratory” tool that provides some incremental data."

"Instrument is perceived harshly in the field; “anybody” familiar with single-cell analysis is “very skeptical and rightfully so” particularly for critical applications like FDA submissions; scientists are skeptical that cell assays can “behave normally” in the instrument."

"Several traditional on-premise enterprise software vendors subject to similar market and competitive forces that BMC faces today delivered significant premiums to stockholders by objectively evaluating alternatives and concluding a sale was in stockholder's best interest."

"We believe the Pros of doing this Transaction far outweigh the Cons of having a temporarily lower rating. Post-Transaction, the Company will have improved access to capital and lower capital needs. As such, credit ratings will be less material to Target Corp going forward"

"Amcor's CEO assured investors it received "good advice" and it didn't expect any issues from a regulatory perspective from the transaction. Unfortunately, both the European Commission and The U.S. Department of Justice (DOJ) disagreed, and required Amcor to divest assets."

"Our conclusion from this analysis is that Juniper's assets are valuable and strategic and that the business possesses several fundamental upside drivers over the medium-term but that its future will be increasingly difficult if Juniper continues with its existing strategy"

"Washington state terminated coverage after a lengthy 2018 evidence review by 11 clinicians, slamming stimulators as unsafe with sky-high complication rates of 42-60%, and concluding that they fail to provide pain relief or reduce the need for pain medication like opioids."

"Relatively stable gaming OP in FY19 bodes well for FY20 and beyond, and supports the notion that the gaming segment is becoming less and less cyclical as the business continues to transition toward recurring revenue and live services, and away from cyclical hardware sales"

"He indicated little interest in prescribing the drug unless a patient pushes for it, and that despite the one Vykat start form submitted, physicians may "try it once or twice" and quickly move on or prescribe generic diazoxide suspension off-label versus chasing insurers."

"LSPD has a focus on SMBs but its DSOs at 15 are significantly lower than comparable sized peers at 70+ and actually improved during peak COVID-19 whereas peer DSOs worsened. How is this possible? On the next slide, we show that allowance for bad debts was even increasing."

"Spruce Point believes there is significant downside to Lightspeed’s share price as the Company appears overvalued on both revenue and gross profit metrics, and should trade at a material discount to peers given the strong evidence we’ve presented of its inferior business."

"While the table above shows the absence of IONQ’s earmarks, the Air Force’s formal, unclassified budget request for FY 2026 shows the Pentagon actively zeroing them all out in 2025, including no 2025 funding for the two contracts with the combined $54.4 million blackhole."

"We have issues with TeliaSonera’s continuation of two previous accounting gimmicks that in 2013 and 2014 (the two years for which this board is responsible for the financials) respectively inflated reported EPS by SEK0.19 per share and SEK0.12 per share, or 5.9% and 3.8%."

"The market expects FIGS to continue top-line growth in the mid 20% range while accelerating EBITDA margins. As a result, the market ascribes FIGS a rich revenue multiple of approximately 4x. We have shown why we believe there is substantial room for multiple compression."

"Despite a massive revenue decline of $4.8 billion from 2007 to 2012, total G&A expense has actually increased, causing G&A expense as a percentage of revenue to increase from 4.2% to 6.3% and Adjusted EBITDA margins to decline from 5.3% to 3.1% over the same time period."

"Limiting director tenure allows new directors to the board to bring fresh perspectives. An excessive tenure is considered to potentially compromise a director's independence...For the US, Canada, Hong Kong, and, Singapore, lengthy tenure is defined as nine or more years."

"For the first time in Q2 2019, MPWR disclosed “Company A (direct)” as a material customer and accounting for 16% of accounts receivables outstanding. We believe this supports our opinion that MPWR’s distributor channels are full, and it is now going direct to a customer."

"Since its release by ADP in 2013, customer adoption of Vantage HCM has not kept pace with many of its HCM suite competitors; the relatively small number of live customers has resulted in...difficulty in securing sufficient relevant references for their selection process."

"Keisei's Board is swollen by an excessive number of inside directors resulting in misalignment with peers and falling short of acceptable governance standards – at least 4 of Keisei's current inside directors offer little to the Board and should not stand for re-election"

"Per our estimates, and excluding external financings, it is increasingly likely Anthony Noto would lose substantially all of his $10+ million PSU performance bonus if not for the intellectually dishonest and misleading financial reporting we have outlined in this report."

"Adopting a capital allocation framework is in line with Keisei's long-term business plan by maintaining its focus on both community-oriented investments and organic and/or inorganic growth projects for its core operating businesses to maximise value for all stakeholders."

"We believe it is more than a stretch for Samsara to position vehicle telematics and safety cameras as the “operations cloud” when their solution does not address the numerous other core operational processes such as production, supply chain, inventory, or route planning."

"Rather than holding management accountable for right-sizing the cost structure of GCP’s SCC business and actually improving operations, the Board has settled on accepting market exits to stem the significant losses generated by GCP’s fundamental operating inefficiencies."

"Based on stock sale transactions and IPO filings, it appears as though both Matrix and Purple Sky owned the entirety of Momo’s A-1 preferred shares. This is irreconcilable and suggests that one or both vehicles may have been used to enrich Momo insiders prior to the IPO."

"We believe the optics and appearance of these events is an off-balance sheet engineering structure: DGC's losses and debt were kept off SGHC's financials through the 2021–2022 SPAC marketing period and first year of trading, even as SGHC guaranteed DGC's loan facilities."

"As we articulated earlier with numerous supporting points, Spruce Point believes Stryker's valuation multiple is rich and needs to compress. Given the stock is heavily levered, there's a wide range of downside price targets sensitive to which metric Stryker is valued on."

"However, we are now unveiling the dirty secrets that we have discovered through months of research. In this report, we will expose Inogen's dirty reseller network, the systematic abuse of elders by Inogen and resellers, and why the stock will quickly rerate lower to $46."

"Viterra appears to have experienced financial problems between 2022 and 2024. Bunge promoted Viterra's 2022 revenue as $72bn... Later in its 2024 pro forma supplemental, Bunge reported that Viterra's revenue was $44.2bn which is a -17.8% decline over the two-year period."

"Racketeering strikes us an appropriate term given the conduct MGH described – a label another customer used directly: “when you ask questions...you get a bunch of roundabout answers...oh sorry, we mixed up that time zone because it was central times versus eastern time.”"

"Based on a mistaken assumption that more assets would improve customer service, Mr. Shaw has put in place a doomed and wildly expensive strategy that caters to low margin intermodal business at the expense of providing good service to higher profit merchandise customers."

"Mr. Lamphere would be a valuable addition to the Board given his extensive experience serving as a founder, public company board member with operations, financial, strategic and safety experience across influential companies in the railroad and transportation industries."

"We do not believe this adjustment is appropriate as it represents a material element of your customer arrangement (i.e., a sales incentive) and could lead investors to improperly infer that you would have generated the same revenue levels without granting this incentive."

"Sinch's fraud operations responded saying that the number is associated with "a larger volume issue with a single customer." Suggesting that Sinch didn't do a proper KYC check and ultimately sold a block of phone numbers to someone who later used them in attempted scams."

"Multiple investigators visited the campus ~20 times from Dec 2023 and May 2024 and found a generally deserted and empty facility with no evidence of R&D, production, nor any indication that Fab 4A matches its promotional photos, leading us to wonder if the pics are fake."

"Spruce Point finds Genius' working capital (current assets – current liabilities) to be significantly worse than its peers. We attribute this to Genius' inferior distributor business model in which Genius is at the mercy of its data suppliers and end market sportsbooks."

"Given the strategic overlap between Valeant and Allergan’s product portfolios and Valeant’s superior cost structure, operating model and capital allocation strategy, we believed a merger between Valeant and Allergan had the potential to create enormous shareholder value"

"We believe 2015 EPS will likely be between $2.60 to $3.20. At a 13x P/E, the total value per share at year end 2014 is $36 to $43. If same-store sales remain flat for the next several years, year end 2014 total value per share is $28, driven largely by share repurchases"

"Our slate of nominees includes individuals with deep expertise in Tessera’s key markets, a broad understanding of the intellectual property licensing and technology components businesses, and the independence necessary to hold management accountable for its performance."

"IPX promoted that Project Titan is large scale and covers 11,000+ acres of titanium & rare earth rich mineral sands in Tennessee. The Company also says that the project has been fully permitted. Upon close inspection of the permit, it appears to apply only to 308 acres."

"Color from ex-executives and employees leads us to conclude that IonQ is not an actual company but simply one of their countless academic projects masquerading as one – an illusion created via fluff presentations and a slick website for the purposes of a SPAC promotion."

"We believe Boot Barn is pursuing a non-sensical large store physical retail expansion strategy in a niche market with a brand identity problem and is losing competitiveness to western competitors and broadline retailers with stronger omnichannel marketing and ecommerce."

"I haven't worked with the company in some time, but my understanding is it's still pretty high. Like during the time I worked there, it was in the 40%, 50% range. And I mean, I can tell you, everywhere I go, I noticed you go to Walgreens, they're using a Zebra handheld."

"We observe that Zebra modified its discussion under the Summary of Significant Accounting Policies to deemphasize the use of Cost Method Investments and stress that impairment is adjusted for “orderly” transactions for identical or similar investment of the same issuer."

"The last three 10Q filings, in the “Investing Activities” section, each offer only a half sentence of explanation, all stuffed into one giant bucket: “...purchases of laboratory property, equipment, and computers of $ ____,” with the blank being the actual capex amount."

"Kratos' CEO and CFO have questionable pasts while formerly at Titan Corporation. Furthermore, audit committee member Jane Judd also served at Titan as VP/Controller. We question how “independent” her judgement may be given her historical acquaintance with management (1)"

"SMCI working capital stress is near all-time highs, some of which can be explained by the pandemic, supply chain challenges and having to carry more inventory. SMCI stopped highlighting its working capital measure (which includes cash and short-term debt) post pandemic."

"While the overall number of WFG agents continues to grow, multi-ticket agents, or agents who write more than 1 policy in a year, actually fell sequentially in Q3'24. This suggests productive agents may be leaving WFG, potentially as a result of GFI's recruiting efforts."

"We've made clubs visible to investors. We have taken investors to clubs. Amy is consistently putting club tours together. I think it's important for somebody interested in this model to go see a club. And you'll understand that within clubs, it is all consumption based."

"Given the strategic overlap between Valeant and Allergan’s product portfolios and Valeant’s superior cost structure, operating model and capital allocation strategy, we believed a merger between Valeant and Allergan had the potential to create enormous shareholder value"

"ESG & Climate segment Adj. EBITDA Margins have increased 720bps from Sept 2022 – 2023 with headcount having grown from under 1,000 to approximately 1,300 according to the Head of ESG. While Retention Rate declines and revenue growth slows, we expect margins to contract."