Callouts & quotes from 26,677+ activist slides

"As we show in subsequent slides, we believe that, with the Company having increased sales by just $100M over the same three years, Verint’s organic revenue growth was likely materially negative over this time period."

"We observe that prior to acquiring G&K, Cintas's cumulative sale and accounts receivables growth tracked each other very closely. However, we find that post deal closing, receivables are growing at nearly 2.0x sales."

"We believe Amcor is obscuring significant financial strain (organic revenue decline 3.0% - 4.0%, cash overdrafts and cash flow contraction) that will place its dividend and BBB investment grade credit rating at risk."

"The Company claims revisions did not have an impact on the operating results. Yet, there are clear revisions to net income, depreciation and amortization expense, with the net result being optically higher cash flow."

"It strikes us that it would be easier to overstate revenue than to commensurately overstate the number of employees, given the payroll and other taxes, social benefits, and insurance that employers generally provide."

"T. Rowe Price, Durable Capital, Delta Air Lines and General Atlantic were all material owners of CLEAR prior to the IPO. Today, they have all largely exited the stock and have been replaced by Vanguard and Blackrock."

"Whereas the nameplate capacity of the facility exceeds the generator's grid connection, to account for degradation in panel efficiency over time (for modern panel 0.3-0.5% per year), "overplanting" should be neutral."

"The Federal Reserve Board has been unable to find any credible purpose for the huge balance sheets built by Fannie and Freddie other than the creation of profit through the exploitation of the market-granted subsidy."

"Clearly, the Net Realized Gains amount of $87.2 million was the profit above its invested capital, and not above the Carrying Value. Therefore, it is clear that Net Realized Gains are Proceeds minus Invested Capital."

"‘Wow, yours is the only center that is having these issues,’ which is an outright lie… it’s just a fucking lie. It’s a lie that we’re the only center that’s having these problems but that was the communication to us."

"The previous surgeon – who just recently transplanted a liver from a donor over 70, after putting it on the pump – is a hair-raising example of the type of off-label misuse that the TransMedics device has normalized."

"When we asked if the CEO was the one pushing to conceal device/safety events, the ex-employee stated “yeah, yeah, absolutely” and alleged “a lot of changes” to replace compliance-minded staff with more amenable ones."

"Dollarama’s official “Comparable Store Sales” figure includes “relocated and expanded” stores as “comparable stores,” therefore picking up growth in traffic which can be attributed to relocation-related improvements."

"They were just surprised to see that it was so extreme, especially given the fact that it seemed to happen so quickly after they came off the drug. They didn't expect that. They expected it to be a slower withdrawal."

"The hour-long interview note started on a bullish note for Soleno as he has submitted 15 start forms, and then quickly collapsed as he confessed that he thinks the drug has minimal benefit and the data is “marginal”."

"Doesn't bind b/c of speciation issues; never tested it against the proper receptor; amateur hour; Schwartz used “old-school pharmacology” with rodents and lacked ability to test properly against the human H3 receptor"

"Notice that there is a theme among the negative (and even some positive) reviews: clinic managers pay outsized attention to profits over pets, and employees are encouraged to upsell patients to expensive medications."

"It is obvious that impairment charges would have a material impact on WUBA's shareholder equity, even if only 25% of the total goodwill was impaired, which would account for 13.3% of the company's shareholder equity."

"The following two case studies will exemplify why these delays (and many more to come) show that Archers current timelines for Type Certification in 2026 and operation at scale by early 2028 are virtually impossible."

"We can see that a Tommy Xie works for AIBOT in a PR picture advertising an EVTOL contract (though to be fair its hard to be sure that this is the same person since he looks a bit older and heavier in the PR picture)."

"New, independent oversight is drastically needed to ensure that current investments are measured properly with an appropriate risk-reward to provide shareholders with the highest probability of success in the future."

"Dennelind apparently recognized the lack of commercial rationale for this acquisition in the first place, but we wonder if this hasty divestiture is related to the company's difficulties repatriating cash from Nepal."

"The abundance of circumstantial evidence is hard to ignore. In light of specific allegations the honest person will provide very detailed responses that eliminate doubt because they know the facts are on their side."

"At a market multiple of 6x post-royalty EBITDA per Company store, we believe BWLD could release over $1.4 billion of after-tax proceeds from its existing store base, representing ~52% of BWLD's current market value."

"Investors who have backed Scott Peters have not faired well in the past. There are multiple instances where companies that were managed by Scott Peters have ended in bankruptcy or liquidations, yet Peters benefited."

"Recent buyers bucket Avery as a "value" investment, despite the fact we illustrate it trades at the richest multiple in its sector (with below average margins and sales growth) and at a premium to broker fair value."

"Compared to its DTC peers, FIGS allocates nearly all fulfillment and distribution expenses to the operating expense line items, instead of COGS. This results in FIGS gross margins being overstated relative to peers."

"A Revenue Growth Program lays out how a company is going to achieve organic growth targets over the next 3-5 years to both provide focus (forward looking) and test accountability & predictability (backward looking)."

"The number of men diagnosed with intermediate-risk prostate cancer opting for AS/WW more than doubled in 10 years, increasing from 5.0% in 2010 to 12.3% in 2020, showing a shift towards more conservative management."

"We believe that the Company must strongly and urgently consider the points we have outlined above and begin discussions regarding the separation of Family Dollar and the introduction of a multi-price point strategy."

"We believe the Board’s decision to allow KKR to syndicate 70% of the Preferred Financing only lends further credence to our view that Box’s true intention in completing the Preferred Financing was to “buy the vote.”"

"Investors appear blind to the fact that as XPO has moved away from its traditional third party asset-light logistics business, and into trucking and supply chain fulfillment, its capital requirements have increased."

"Hongji is engaged in irregular transactions with TRE. One of TRE's key PRC subsidiaries, Sino-Forest (China) Investments Co. Ltd. had an account payable of $4.2 million (RMB 35 million) to Hongji at the end of 2005."

"Is it true that the company, which receives assets in kind from Media Ventures, frequently pays Media Ventures an administrative fee that partly conceals the costs that Ströer charges Media Ventures for advertising?"

"While Dycom claims that large deals like Verizon acquiring Frontier are a positive, Spruce Point believes that industry mergers frequently pressure suppliers as the bargaining power of the larger customer increases."

"ADP has made progress with product migrations in the SMB and Mid-Market, but still has a lot of work to do in the Enterprise HCM market. Back-end infrastructure is in need of integration, upgrades and/or replacement"

"Xerox Board's Illustrative Value is 60% overstated, and the outcome will be far worse if the proposed synergies are not realized or – like Xerox's recent "cost savings" – are offset entirely by additional cost creep"

"His position, holding just a tiny stake in Fujian Ruidong, is in keeping with the management model described in Part I, wherein Chairman Ding is able to oversee and therefore exert control by use of a trusted proxy."

"As a result of this atrocious financial performance and investors’ complete lack of faith in management, LivePerson has been among the worst performing publicly-traded software companies over almost any time period."

"Multiple former employees detail Quantumscape’s ongoing problems with dendrites and imply the CEO is misleading investors with “hype”: “twisted the knobs,” “science is not there yet,” problems even at coin cell size"

"As part of the SPAC, they chose investors based on investors’ willingness to do research engagements with IonQ, and if those investors would commit a certain amount of money, they’d be doing research deals with IonQ"

"Two gaming companies that have elected a similar REIT conversion offer telling examples of how undervalued public lodging and gaming companies are monetizing their real estate assets for the benefit of shareholders."

"We look forward to providing shareholders the opportunity to vote for new, highly qualified directors who will help the Company close the valuation gap and set it on the right course toward long-term value creation."

"While the PowerSchool and Securely cases are still fresh, one recent settlement does provide some precedent for the scale of action that companies could face for improper uses of data and violations of user privacy."

"Rather than constructively engage with shareholders over legitimate concerns, the Board instead chose to hastily remove four committee chairs and appoint three new directors who largely lack public board experience."

"Spruce Point believes the evidence of both Xylem and Evoqua’s struggles can be seen by carefully evaluating their working capital metrics. Days inventory outstanding (DIO) have increased markedly for both companies."

"Warning: In a 2018 presentation, Oatly provided a slide that showed 2017 sales at SEK 630m and employees at 170. These figures differ from regulatory filings made which show 2017 sales at SEK 645m and 150 employees."

"We believe that even if Oatly could grow into a multibillion dollar a year in sales company, by that time its sales growth rate and multiple would compress, leaving it with substantial downside to the current price."

"If we assume that historical small-class, one-on-one, and Xueersi.com revenues are as stated and that their associated enrollment increases are credible, then Peiyou offline revenue growth should have been negative."

"Spruce Point believes investors should place little, if any, confidence in these metrics as Adjusted EBITDA is not an accurate representation of Sunnova's business and CCV relies heavily on management's assumptions."

"We believe this revenue model serves as a proxy for Wall Street's current revenue expectations. It also illustrates that the Street is expecting near flawless execution of ~84 program launches between 2016 and 2021."

"Spruce Point does not take WD-40's global ambitions credibly. The Company last year suggested it had opportunities in Venezuela, Iran, and Columbia. This year, these countries are conspicuously absent from the list."

"We believe that ELF was having problems moving inventory and concocted an excuse for the inventory blowing out by claiming that a change in sourcing practices resulted in most of the reported inventory QoQ increase."

"While we acknowledge that Monster is 6x larger and Celsius was trading between 10x-12x revenues at the time, it is still instructive to see what can happen once investors embrace a fundamentally broken growth story."

"At the time of Bren’s investment, The Irvine Ranch was already an established MPC. One of the keys to investing in MPCs is avoiding the high-risk start up phase. In other words, you don’t want to be the first owner."

"A “fair and equitable” plan only entitles creditors to recover 100% of the amount of their claims. When a debtor’s asset value exceeds the amount of its liabilities, equity holders are entitled to the residual value"

"We have reviewed your filing and have the following comment. We have limited our review to your financial statements and related disclosures and do not intend to expand our review to other portions of your document."

"Movers+Shakers co-founder had a long association with NXIVM dating to at least 2011. According to internet sources, Horowtiz was a high-ranking member who was referred by Brian S. Elliot and coached by Farouk Rojas."

"50% of equity compensation is linked to three-year ROIC goals of which FY 2022 and FY 2023 had targets for 100% payout set well below Disney's cost of capital and less than half of Disney's reported ROIC 5 years ago"

"About two thirds of Phillips 66's achieved $1/bbl of opex reduction appears to be driven by natural gas pricing reductions rather than fundamentally lower costs, according to the Company's own commodity sensitivity."