Callouts & quotes from 3,339+ activist slides

"Spruce Point believes that Stryker could be dangerously levered around 4.9x Debt to '22E EBITDA."

"We believe this explains the significant difference in EBITDA margin between FTAI and its peers."

"We believe that SOFI needs to restate the Q3 2024 $312 million Secured Loan sale as a borrowing."

"We believe separating the Digital Real Estate Assets will unlock substantial value at News Corp."

"We believe separating the Digital Real Estate Assets will unlock substantial value at News Corp."

"Therefore, we believe, recognizing VIK as revenue, and its benefits to growth, is disingenuous."

"Spruce Point doesn't believe Generac's margin goals for its clean energy business are credible."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"We believe the amended transaction will result in long-term value creation for RBA shareholders"

"however, we believe these targets are not attainable and are modelling much lower growth rates."

"Spruce Point believes that leaving Premier's GPO immediately could be the best option for GNYHA"

"We believe these blended plant milks will add additional competitive pressures to the category."

"We have identified opportunities that we believe would improve margins by approximately 900bps."

"We believe streamlining the research process will lead to lower costs and enhanced productivity"

"We believe that Huntsman can improve its Adjusted EBITDA margin by ~600bps on a run-rate basis."

"We believe the Board’s compensation practices must be changed in order to drive accountability."

"We believe that Huntsman can improve its Adjusted EBITDA margin by ~600bps on a run-rate basis."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"We believe that a consequence of the above is that Quintis is actually buying its own revenues!"

"We believe this is evidence that the fundamentals of core Aerospace Products have deteriorated."

"We believe Allonnia is a shell with almost no employees, as we detail elsewhere in this report."

"We Believe Heska is Poorly Positioned, And Our Analysis Contradicts Heska’s Market Share Claims"

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"We Believe Investors Underestimate Homes.com As A Viable, Well Capitalized Competitor To Zillow"

"We Believe Zillow Is Using Aggressive Accounting Methods To Boost Revenue, Margins And Earnings"

"Spruce Point believes Zillow shareholders would benefit from a major shakeup of Zillow’s Board."

"We believe improving managerial focus is key to improving FirstGroup’s operational performance."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"We believe that News Corp’s other businesses are significantly undervalued in the market today."

"We believe PLTK’s short-termism comes at the expense of lasting shareholder and business value."

"We believe Nuvei makes it difficult to ascertain its true organic growth since it came public."

"Spruce Point believes investors should not be comforted by GFL's supposed "Independent" Board."

"We believe Autodesk should target ~55% incremental margins, in-line with design software peers"

"We applaud Fluor for making the investment in NuScale, but believe it is a non-strategic asset"

"We believe Huntsman has a pattern of picking different peer sets to fit its desired narrative."

"We believe that Align shares many features and themes of other successful Spruce Point shorts."

"We Believe WSP Is Deflecting Growing Stress With Changes To Accounting And Financial Reporting"

"Spruce Point believes there is additional indicators that Zebra's RFID business has pressures."

"Spruce Point believes the 3rd Amendment to the BH agreement triggered a contract modification."

"We believe that FND is playing a dangerous game of expanding stores faster than store workers."

"Trian believes it already has had a significant impact, but there is more value to be unlocked"

"We believe UEC investors should demand a fresh and younger set of eyes on its Audit Committee."

"We applaud Fluor for making the investment in NuScale, but believe it is a non-strategic asset"

"We believe Autodesk should target ~55% incremental margins, in-line with design software peers"

"The Board’s settlement offer fell woefully short of the boardroom change we believed necessary"

"We believe the Student Transportation of America model is an ideal structure for FirstGroup US"

"We believe PepsiCo significantly overpaid for exposure to perhaps the riskiest emerging market"

"We believe the Company should seek to improve R&D and innovation to improve growth prospects."

"We Believe FIGS Has Little Sustainable Competitive Advantage And Faces Increasing Competition"

"Spruce Point believes that FND investor expectations are wildly optimistic heading into 2025."

"Spruce Point believes that FND investor expectations are wildly optimistic heading into 2025."

"We believe all Unizo shareholders deserve clear and comprehensive answers to these questions."

"We believe this leads to a misunderstanding of the merits of owning Majorel relative to TASK."

"We Believe Only an Exaggerated Valuation Story For Intuit Can Justify the Current Stock Price"

"We believe the Company should seek to improve R&D and innovation to improve growth prospects."

"We believe that achieving ADP's structural potential will drive substantial shareholder value"

"We believe that this merger is a scam and that neither company expects it to actually happen."