Callouts & quotes from 26,677+ activist slides

"PBF has 60% capacity coming from disadvantaged markets. This leads to the Company being a high-cost peer with almost no EBITDA during 2024 (mid-cycle approximation). As such, PBF trades at a substantial discount to other public refiners."

"Spruce Point is alarmed by the recent pattern of MSCI's investments and alliances which appear to financially benefit members of MSCI, Morgan Stanley and former Morgan Stanley executives in the sphere of CEO and Chairman Henry Fernandez."

"Growth in asset management and advisory does not require meaningful investment in PP&E, inventories, or loans/securities. Going forward, Lazard is committing to manage its capital to capture the value inherent in its high ROI businesses."

"Is it any surprise that Credit Karma uses a methodology that yields a more consumer-friendly result, even though it may not be indicative of how a consumer is viewed by an actual lender? Is disappointing consumers a sustainable strategy?"

"Based on global shipping import records from Mettler’s locations in China, Switzerland, Germany, Hong Kong and other locations, we find evidence of a substantial slowdown in 2019. This does not reconcile with the record high share price."

"As a result of the Company’s subpar performance, Autodesk shareholders have suffered. As shown below, Autodesk’s share price has meaningfully underperformed its peers, the software market, and the broader market over the last five years."

"Porch had inroads with some of the premier retail companies in America to credentialize itself and its services with consumers interested in home products and services. Yet, it's abundantly clear that these partnerships failed miserably."

"We believe Fairfax arranged and provided financing for Seaspan (which Fairfax had invested more than $1 billion into) to acquire APR Energy in February 2020, allowing Fairfax to remove APR Energy and avoid booking $109 million of losses."

"If Chinook wants to report a 91% positive effect using the 11 patients who have completed 24 weeks on the drug, then in the interest of basic intellectual honesty it must use the same denominator of 11 patients to report adverse effects."

"Cintas took on more exposure to the oil, gas and mining sectors with the acquisition of G&K Services. This may turn out to hurt it as pressures continue to rise with layoffs in the oil field as prices remain subdued and production falls."

"In Heska's response to Qorvo arguing that such information should not be made available, the Company explicitly states that they are solely a distributor, which conflicts with the Company's characterization of its development activities."

"One Nevro patient, in a Facebook support group, described what her surgeon told her: that "the surgeon in his own words is 'merely the technician'" and the "rep from NEVRO [patient's emphasis] will instruct him where to place the leads.""

"But all the investors who think that way – well, they'd better not listen to what Scott Galloway, or someone like him, has to say. If you believe what they say is true, then the fire won't be burning much longer for companies like yours."

"With less than a third of long-term pay tied to business growth the new compensation scheme - aligned with K27's flawed targets - fails to link management incentives to long-term performance metrics essential for a successful turnaround."

"Limbach's stock-based compensation payments, which are at the high-end when compared to peers, coupled with warrant issuances and a public offering in 2021, have left Limbach's shares outstanding nearly 50% higher than they were in 2019."

"USCR is showing signs of desperation in its acquisition strategy, over-paying for questionable acquisitions (notably Polaris Materials, a money-losing Canadian microcap), and buying businesses with alleged association to organized crime."

"The timecourse of reported DEXA outcomes supports water retention NOT improved body composition, especially in the pivotal 16-week randomized withdrawal study where increased lean body mass cannot occur in 4 weeks invalidating the study."

"The endocrinologist indicated extreme skepticism of Vykat, stating that all 8 colleagues met with the Soleno rep a few weeks ago, with only one start form submitted between them across 50 patients, which hasn't gotten insurance approval."

"The “How Does WAKIX Work” page prominently features a video that graphically shows histamine being increased in the human brain. The “Mechanism Of Action” section on the site for healthcare professionals pushes this claim just as loudly."

"According to a recent class action lawsuit, by Generac’s own admission, some of its generators have the propensity to develop corrosion along the fuel line which can lead to fuel leakage and unit fire, which is a dangerous safety defect."

"The paper is striking in its honesty, which we attribute to Bioprojet already having terminated pitolisant by 2012, given its omission in Bioprojet papers around that time which mention other “lead compounds” for its H3 receptor program."

"In 2019 Vireo has come short of its dispensary rollout plan and gross margins have been significantly below expectations (16% in Q3/2019 vs 35% consensus and down 19% sequentially) Buildout in a number of locations have been put on hold."

"We believe this is a strong indicator that UFPT’s drape sales to ISRG have peaked. In our opinion, this is a significant problem for UFPT as their main source of revenue growth has disappeared with the company now facing declining sales."

"To calculate the annual utilization figure for already installed systems, we made a simple assumption that no reagent revenues are generated from the systems that have been contracted in the current quarter and up to two quarters before."

"Through either one or two degrees of separation, GFL’s CEO has been closely associated with people that have been involved with various business scandals, some of which have involved charges (and convictions) for fraud and imprisonment."

"Through either one or two degrees of separation, GFL’s CEO has been closely associated with people that have been involved with various business scandals, some of which have involved charges (and convictions) for fraud and imprisonment."

"Although Tessera’s IP segment is currently profitable, its financial performance has deteriorated substantially over the past few years and its profit margins are far below the margins of other intellectual property licensing companies."

"Across all the relevant markets, we estimate a licensing opportunity in excess of $400 million with a potential current annual run-rate of between $35-$40 million and growing based on applicable device shipments and technology adoption."

"This consistent underperformance is troubling and puzzling, given both the strong performance of Mellanox’s peers and the tailwinds provided by the Company’s favorable exposure to many of the most attractive end markets in the industry."

"Within a year after MPWR claimed inventory growth was a result of needing to meet "current demand and future growth", $10.5m (7.7% of inventories) was written down unexpectedly, and a wafer supplier agreement was terminated in Dec 2018."

"In other words, not only does Dell want to acquire your DVMT shares at a 30% discount, but incredulously, they also want to pay for it by using Dell equity at an inflated valuation that assumes the full economic value of the VMW shares!"

"While IonQ represents it as its current system, a former physicist indicated they don’t have any machines “developed with that in it” and that “the ones now are about probably like a cubic foot of volume. So, they’re much, much bigger.”"

"Pure was seeing declining revenue growth rates, particularly in its product segment, before receiving a solid boost from COVID. Yet, as enterprise IT spending has normalized, Pure's revenue growth rates have resumed a troubling decline."

"We believe the new BDC (ACAP) will have inferior returns relative to peers because it has lower asset yields and a higher cost structure. As a result we believe this investment will continue to trade at a deep discount to its book value"

"Southwest’s Executive Chairman and its CEO, who have spent a combined 74 years at the Company, have presided over a period of severe underperformance, and they have demonstrated that they are not up to the task of modernizing Southwest."

"Spruce Point believes that this reflects the sell side's lack of understanding of the business' true underlying economics: analysts' price targets reflect a level of earnings power which the Company cannot sustain through the long-term."

"Our intermediate price target for Oatly is $6.40 - $14.90 (30% - 70%) lower, with up to 100% long-term downside as investors come to grips that Oatly will likely never make money in the notoriously fickle and deflationary food industry."

"Zebra frequently uses the word "backlog" on its conference calls and once in its Annual Report in a bullish tone. However, we warn investors that it does not have a defined meaning, and management won't quantify the value for investors."

"Zebra uses accounts receivable ("A/R") factoring arrangements. Receivables sold are recorded through cash from operations, and when measured as a percent of sales and total operating cash flow, we see greater usage intensity since 2022."

"Strategic mistakes of this magnitude suggest multiple breakdowns across the entire organizational design, including consumer research, product development, pricing, sales, distribution – and lack of coordination between all of the above"

"Today’s news that Rallye, Finatis, Euris, and Fonciére Euris have entered safeguard proceedings due to financial distress likely marks the beginning of the end for this financing structure, which has been a parasite on Casino for years."

"Running a strategy that prioritizes two conflicting principles - discipline and flexibility - has led to worst-in-class financial and operational performance before, during and after the East Palestine, Ohio derailment in February 2023."

"Not only do former HIMS employees question the massive costs of celebrity endorsements, but the fact that several celebrities received equity means that HIMS' reported acquisition costs are not capturing the true costs of these efforts."

"As we’ve demonstrated, Amdocs is at best a no-growth company, and at worst declining organically. If it received a multiple in-line with peers to reflect this reality at 1.0x-1.5x its share price would be approximately 21% to 45% lower."

"Southwest's Executive Chairman and its CEO, who have spent a combined 74 years at the Company, have presided over a period of severe underperformance, and they have demonstrated that they are not up to the task of modernizing Southwest."

"Spruce Point is concerned that Saputo has overpaid for transactions that have struggled (e.g. MG (Australia) and Dairy Crest (U.K.)), while recent M&A activity has become more opaque, and potentially much more expensive and problematic."

"Monster recently ran a promotion with Wawa in January – February for $3 per can, which is not much of a discount given they currently sell for $3.50 per can. Now Wawa is offering buy 2 get 1 free which lowers the price to $2.33 per can."

"Since the initial investment, Huntsman has invested an incremental ~$660 million into a business that has yet to perform in-line with the Company's initial expectations, and continues to be free cash flow negative on a cumulative basis."

"There are troubling consistencies with the reported office site counts and claims made by TaskUs. Its historic claim was 5 and 18 offices in 2017 and 2018. This has been revised in its SEC filings to 9 and 14 office sites, respectively."

"On the #StrongerSouthwest podcast, Gregg Saretsky, Elliott's nominee for Southwest Airlines' (NYSE: LUV) board and former WestJet CEO, discusses the importance of accountability during WestJet's drive for stronger financial performance."

"Spruce Point questions why MSCI bought Fabric which appears to have limited growth, is powered by its own Factor models, and whose co-Founder warned of dangers with indexing (MSCI's core business) – both since scrubbed from the website."

"Just a reminder that insiders recently disclosed a stock selling program dating back to Nov 2022 when the stock was in the low $20s, and that the last time PERI reported operating cash flow under $20m, the share price was single digits."

"But commercialization is a double edged sword: the rigorous testing it has catalyzed is coming up empty, driving rapid patient attrition and putting the company at risk of both losing Medicare coverage and being run over by competition."

"For illustrative purposes, Spruce Point has conducted an NPV analysis of the UBS technology project. Using conservative assumptions, we estimate a project Present Value of $209 million, significantly below the $1.0+ billion+ investment."

"Instrument is plagued by “a lot of false positives” and errors; required “a lot of energy and effort” only to fail; seems to work for simple antibodies but only about 70-80% of time; only worked 10-20% of the time for more complex ones."

"BLI has no value proposition versus competing machines, especially at a $2MM price point; can get “a lot more functionality” from others for a fraction of the price; will get disrupted within 2-3 years by newer single-cell technologies."

"The net cash outflow connected with the acquisition amounted to EUR 0 million as the consideration of EUR 273.0 million was off-set with loans provided by the Group to Senales Invest, entity fully owned by the Group's main shareholders."

"We compare Rollins’ valuation with a broad set of residential and commercial service companies. We expect Rollins’ margins to contract and its top-line growth to normalize. As a result, we believe its excessive multiple should contract."

"We found that in Beijing, BEKE has 28 major and minor subsidiaries (including VIEs). These entities reported a total of only 14,236 employees per SAIC data, indicating that BEKE is exaggerating the number of its agent in Beijing by 90%."

"We have proposed a set of near and longer-term measures intended to rebuild investor trust and reduce the $25bn value gap between the company's market value and intrinsic value, equivalent to potential share price upside of up to ~170%."