Callouts & quotes from 3,339+ activist slides

"While PowerSchool touts the depth of its student data, we believe it must adhere to laws governing use of this data. We will illustrate areas we believe the Company is at high risk of running afoul of its obligations to protect and safeguard student data."

"Analysts have proven to be overly optimistic about Maxar’s results, often taking management’s word at face value and extrapolating results. Estimates have been slowly coming down, but we believe they are still too optimistic with further room to contract."

"Kate has failed to successfully grow outside of Japan. Given the interest in Japanese beauty brands among foreign consumers and acquisitions of Japanese cosmetics brands by Western rivals, we believe Kate has an opportunity to establish a global presence."

"TASK is the only company among its peers that we could identify trying to sell investors on COVID-19 related expense adjustments to improve EBITDA and EPS. Analysts aren't asking any questions or pushing back on what we believe are aggressive adjustments."

"Although we believe there are a number of attractive alternatives for Macy’s to create substantial value for shareholders and remain investment grade, we believe the most prudent first step is to create multiple JVs for the majority of Macy’s real estate."

"am I going to go to the mat and do an appeal and do all this extra stuff and work super hard for a drug that I don't believe is all that powerful or effective to begin with? No, it's just not a strong enough medicine to put in that much additional effort."

"Shopify has recently added a section in its Help Center for “Migrating from Lightspeed to Shopify”. We believe this to be another signal of the increasing competition between Lightspeed and Shopify, a battle we believe Shopify is better positioned to win."

"The material overpayment for the Brazil assets relative to their profitability and risks lead us to believe that AMT should be forced to impair its intangible assets and/or goodwill by US$274 million, or 28% of the combined amounts paid for acquisitions."

"We believe Procept mischaracterizes the landscape for BPH procedures, both by suggesting that resective surgical procedures can displace drugs and MISTs and that Aquablation has the potential to be the "one-size-fits-all" treatment for all BPH sufferers."

"The sell side believes that Dexcom's target U.S. market is 25% penetrated, leaving significant room for continued CGM adoption. However, under Spruce Point's view of Dexcom's optimal market opportunity, Dexcom's current market is already ~50% penetrated."

"We believe Samsara customer churn will increase over the coming year, as the large number of SMBs who signed up for ELD products to satisfy the government mandate come up for renewal in a starkly different macroeconomic and telematics market environment."

"We believe the promotion behind Resideo Technologies is a series of disappointments. The latest evolution as a split-up story to unlock value becomes an even greater “trust me” story with the current management team that previously failed to hit targets."

"Spruce Point believes sell-side analysts and investors are not factoring in multiple issues that will likely cause Generac to severely miss its lofty financial expectations and/or should factor into Generac receiving a lower valuation relative to peers."

"To believe the IPX story and The Hydrogen Assisted Metallothermic Reduction ("HAMR") process, you must believe that a small team led by Australian mining executives discovered a process that has been overlooked for years by the global titanium industry."

"We believe that the “Factory” is an epic hoax, and think that it is little more than a ruse to conceal an additional $100MM of losses by misclassifying COGS and operating expense as capital expenditures – one of the oldest accounting frauds in the book."

"Spruce Point believes omitting a clearly identifiable 10.71% minority interest in a principal subsidiary undermines the reliability of the Company’s financial reporting and risks overstating EBITDA, profits, and cash flow available to SGHC shareholders."

"Without the surplus emergency funding that supported excessive spending for the past three years, and facing weak economic growth, inflation, and rising labor costs, we believe K-12 district leaders will be forced to make difficult budgeting decisions."

"We believe a clear and publicly communicated, value creation-oriented and aspirational plan tailored to DND’s opportunity set will be instrumental in attracting and retaining highly skilled talent and creating value for shareholders over the long term."

"WD-40 talks about its market dominance and great market position. Spruce Point believes it is a market that others chose to largely underinvest in because there either isn’t enough growth, or its not financially attractive enough to deepen the channel."

"Despite little discussion of competition in China from Ballard, Spruce Point believes that the “Sinohytec chain” is best positioned to capture the China fuel cell opportunity given relationships with influential research universities and manufacturers."

"We believe Axon should be valued relative to traditional weapons and firearms manufacturers and connected device and location electronics companies, not high growth SaaS peers with bigger TAMs, lower business risks, and proven recurring revenue models."

"Spruce Point was early in identifying the disruption from prediction exchanges for the legacy online sports betting operators. We believe the rising popularity of prediction markets is also a growth impediment for Super Group's sports betting business."

"The striking absence of dedicated finance, treasury, HR, legal, or other G&A staff in LinkedIn searches makes it apparent to us that Allonnia is controlled and run by Ginkgo as a captive entity, with no purpose we believe except to create fake revenue."

"Spruce Point believes LSPD is opaque and does not give investors enough information to evaluate its business model. For example, management admits it tracks CAC, LTV, monthly retention and churn. Yet, why doesn't it disclose these metrics to investors?"

"Procept proclaims its vision is to become "the BPH Treatment of Choice For All Prostates", but urologists with whom we spoke believed such a statement amounted to exaggerated marketing hype, and we believe that such a vision is unlikely to be realized."

"Spruce Point believes our assumptions are conservative given there is a good chance the state litigation ends up at SCOTUS, allowing Kalshi to operate at least through 2026. In our base case, we estimate DraftKings risks missing 2026 revenue by ~15.0%."

"Elliott believes such measures would create in excess of EUR 7 billion of value, representing more than 35% upside for Sampo shareholders, and would restore market confidence and reinforce management’s reputation for delivering value-creating outcomes"

"As part of its false advertising lawsuit against FIGS, SPI alleges that FIGS misrepresented the volume of its donations. We note the challenges faced by a start-up giving away half its product and believe FIGS' responses in discovery lack credibility."

"We have shown that both GFL's operating cash flow and capital expenditures do not reconcile. As a result, we believe its free cash flow is also potentially misstated. We believe adjusted H1 2020 free cash flow burn was ~60% worse than reported by GFL."

"We believe that because WTRG cannot cover its dividend with free cash flow, money raised from investors through these programs could essentially be used to pay back the same and other investors dividends, or “taking from Peter, to pay Peter and Paul.”"

"Even if we’re wrong on both the value of the standalone operating opportunity and the transaction value, we believe shareholders will still make money owning FDO due to the company’s attractive growth opportunities and modest forward earnings multiple"

"If investors are hoping that Zebra’s autonomous mobile robots will provide it industry expansion opportunities, we believe they will be sorely disappointed. Fetch previously offered robots for research and cleaning but has discontinued these products."

"However, with recent acquisitions poised to contribute $115-125M in cloud revenue by our estimates, we believe that this leaves targeted cloud revenue growth at a three-year CAGR of just 13-27% excluding outstanding sources of inorganic cloud revenue."

"The sell-side analyst community appears equally divided on ENFN's share price outlook. However, we believe the biggest bulls on the name are wrong in their assessments and have failed to conduct a rigorous forensic analysis of the Company's reporting."

"Spruce Point believes Healthcare Trust of America, Inc. (HTA or the Company) and its Audit Committee should open an investigation into its reporting of Same-Property Cash NOI, which exhibits virtually no volatility - a statistically unlikely outcome."

"Spruce Point believes Avery's business has been an abject failure over the past 20 years. It has spent $1.8bn on R&D, $2.8bn for acquisitions, and incurred $1.0bn of restructuring costs. All the while, annual Free Cash Flow hasn't consistently grown."

"We believe Essential is signaling that it will miss its targets for the first time since 2015, is richly valued with a poor risk / reward, and should trade at a discount – not a premium – to peers given the numerous issues we’ve identified including:"

"We believe Aquablation is ill-suited for prostate cancer applications, that the market for prostate cancer treatments is crowded with well-performing solutions, and that the Company is being given more credit for its efforts to date than is deserved."

"The Arconic stock price increase caused by the shareholder call for managerial change occurred on the back of a material increase in trading volume, further highlighting that the market believes Arconic is worth more without Dr. Kleinfeld at the helm"

"HIMS' claims its AMG entities are solely “owned” by physicians. However, we find and believe that all HIMS AMGs are “owned” by a very small handful of physician “figureheads” under HIMS' control who have none of the traditional benefits of ownership."

"Monster is trading in-line with its 5-year EV / NTM EBITDA multiple despite our belief that its business has fundamentally deteriorated over this time. As a result, we believe it should be trading at a discount to its long-term average of 23x EBITDA."

"We believe Leidos should write down the value of the business as impaired, and the Board should immediately terminate CEO Krone and CFO Reagan for abysmal due diligence failures, and misrepresenting the financial outlook of the business to investors."

"If Solventum returns to these pre-spin performance levels, we believe shares could be worth ~$140 by year-end 2027... We view this as an undemanding case and expect management to be able to drive better performance than how it performed inside of 3M"

"The proceeds Darden received, net of taxes and friction costs, less the $1.5 billion in real estate value that we believe Darden could have realized tax-free, imply that the value received for Red Lobster’s operating business was approximately zero."

"PowerSchool has changed or outright eliminated several disclosures, making it difficult to track their post-IPO progress. We believe the Company's financial reporting quality is low and we will show that its accounting practices are also aggressive."

"The proceeds Darden received, net of taxes and friction costs, less the $1.5 billion in real estate value that we believe Darden could have realized tax-free, imply that the value received for Red Lobster’s operating business was approximately zero."

"Management not only believed that the global construction market would experience robust growth, but also that GCP would be able to organically grow at twice the market rate while retaining attractive margins due to its advantaged industry position."

"Spruce Point believes that current market data services fail to account for significant cash liabilities tied to unpaid taxes, product recalls, and unfunded employee compensation plans. We believe debt is $3.4 billion more than data services report."

"We believe enhanced due diligence is required before investing in the agribusiness industry as history reveals there are numerous instances of aggressive business practices or fraudulent accounting that can undermine confidence in financial results."

"Prestige Brands is described as a graveyard for dying brands on an employee review website. We believe this is an accurate depiction, and that management is taking aggressive actions to make it appear as if there is still life left in the portfolio."

"Spruce Point believes that CLEAR has a history of aggressively promoted Free Cash Flow. For example, it even used to add back the value of share repurchases over fair value, which is a highly unusual adjustment that Spruce Point has not seen before."

"The technician called out practices at UC San Diego in a particular, one of TransMedics highest-volume users and who we believe to be using the device off-label for scheduling and for dubious organs other centers won’t touch, to boost their volumes."

"We believe the board and management’s aggressive disregard for shareholder rights, consistent missteps, lack of a cogent strategy, and inability to deal with the legacy Miss Lime assets have kept the stock from trading closer to its intrinsic value."

"The figures provided for 2022 and 2023 in the footnotes do not reconcile with the figures in the cash flow statement. We believe this could just be more evidence of Enfusion's weak financial controls that undermine confidence in financial reporting."

"We believe providing a target of at least 40% growth plus profitability for FY2025 would be in-line with peer targets and timelines and should be readily achievable through a reasonable acceleration in revenue growth and meaningful margin expansion."

"We believe the market conditions and the outlook for ATL's business prospects will remain very weak and that AMT should be forced to impair its intangible assets and/or goodwill in India by US$364 million, or 48% of the combined acquisition prices."

"We believed that GoDaddy had significant opportunities to deliver on strong revenue growth, meaningful margin expansion, and a more appropriate capital allocation strategy, which, collectively, would result in meaningful shareholder value creation."

"We believe Hess has great assets but is mismanaged. It is a public company that should be run for all Shareholders but has been held captive by a CEO and Board that are apparently unwilling to take an objective, clear-eyed look at their own record."

"We believed that GoDaddy had significant opportunities to deliver on strong revenue growth, meaningful margin expansion, and a more appropriate capital allocation strategy, which, collectively, would result in meaningful shareholder value creation."

"Finally, we believe that refusing a request by Bluebell representatives to accommodate entry to BP's 2024 AGM (given Bluebell are currently one of the main dissenting shareholders), is an insult to shareholder dialogue and a sign of BP's febrility."