Callouts & quotes from 26,677+ activist slides

"While the previous page noted core fleet products, we found additional evidence that key industrial products also use Quectel components. These are areas that Samsara pitches as growth opportunities."

"Beyond the fact that inventory to sales metrics have been rising, a closer look at Saputo Australia's raw materials indicates that they are piling-up and likely not being converted to final products."

"We find it incomprehensible that the dismal operating and financial performance that occurred under Mr. Poling's leadership would warrant a decision by the Board to appoint him as Executive Chairman."

"Perhaps a total coincidence, but in late 2020 ELF’s Holiday Album featured a remix of “Joy To The World” and ELF tapped Movers+Shakers to design the campaign and produce the brand’s first-ever album."

"Disney has made it clear that it intends to offer its Flagship ESPN network DTC to stem the losses from a declining linear television industry but there are more questions than answers at this point."

"Phillips 66 has been unable to deploy organic growth capital within budget and stretches assumptions when communicating multiples on acquisitions to sell transactions to the market as more accretive."

"Content could maintain an investment grade profile with initial leverage of 3.75x total debt/OIBDA (adjusted leverage of 4.1x) and a target leverage ratio of approximately 3.25x - 3.50x 2005PF OIBDA."

"Evidence clearly shows that DV’s spending from its top 50 customers was slowing pre-IPO, so it shifted the goal post to the top 100 customers. The growth rate of the top 100 has also started to slow."

"Content Security Is A $170M+ Business That Involves Moderating Controversial Content. Our Forensic Evidence Indicates Management Has Not Been Transparent About The Declining Economics Of The Business"

"In order to receive Royalty Overrides, Sales Leaders must generate a set amount of Personal Volume each month. This can be achieved by “paying-for-your-paycheck” or by recruiting new NSL distributors"

"Our extensive channel checks identified that CSTE's IKEA offerings are also offered by independent contractors, only IKEA's prices their stock at a 18%-35% discount to CSTE contractors' retail price."

"Kornit's valuation is rich for a commodity-type digital printing company, and analysts are overly optimistic that it can sustain 20%+ revenue growth while expanding EBITDA margins from 7.6% to 17.8%."

"Growth investors like KRNT’s 20%+ top line result, and believe it can be sustained, but aren’t factoring in that Amazon drove a large portion of 2018 growth and Cimpress’ Vistaprint is under pressure"

"Although Citron Research walked away from long-form short reporting, we could not pass up the opportunity to report on Agilon Health (NYSE:AGL) because the valuation disconnect was beyond compelling."

"In 4 out of the last 5 years, PPG has reported sales declines despite enjoying tailwinds from growing US housing starts and construction spending, and strong comparable sales in its PPG Paints stores"

"Being an S&P 500 index member is a validation of absolutely nothing. We believe Intuit is the worst of its kind as a Company that is both disrespectful to its investors and to the American tax filer."

"Meet Mettler-Toledo (Hong Kong) Ltd – a fashion center with garbage outside – and only one employee listed on LinkedIn, who has been working there for six years, yet has only 18 industry connections."

"We believe that Darden’s owned real estate is conservatively worth approximately $4 billion, and possibly far more, and that separating the real estate could create $1-2 billion in shareholder value."

"Whether you evaluate Broadridge relative to the S&P 500, the financial industry, or as a technology company, its share price has mysteriously outperformed its benchmark by 7% - 15% in the LTM period."

"The contradictions and apparent hypocrisy of BlackRock’s actions, have unnecessarily politicized the ESG debate, alienating a plurality of BlackRock’s customers with very different views on ESG risks"

"They tried to combine a souped-up car with an economy car with a mom-and-pop van with a soccer mom van, and ultimately, it's too complicated. It's not repeatable and usable. It's a master of nothing."

"BLI has no traction in the industry; striking out; doesn't seem to be winning much new business or RFP's; not even involved in many RFP's IQVIA sees; has no buzz in the industry or disruptive impact."

"Spruce Point believes that Stryker started to experience strain in the Mako’s robotics growth story in late 2018/2019, subsequent to Zimmer’s entry, and started exaggerating and changing disclosures."

"Spruce Point is concerned that Stryker has never cleanly broken out Mako’s revenues, but historically the three revenue buckets were within the Reconstructive (renamed: Orthopaedics segment in 2014)."

"Revenue and GTV are a function of agent count, so to justify its fabricated GTV and revenue figures, BEKE has also significantly inflated the number of agents on its platform to pump its stock price."

"HGV’s significant exposure to key leisure markets including Las Vegas, Orlando and Hawaii will be diluted and mute the recovery that HGV would enjoy with +60% exposure to strong post pandemic markets"

"As discussed, private equity players have aggressively consolidated the fertility clinic landscape. We believe a logical outcome is that a major clinic network will develop its own fertility benefit."

"Individual fertility treatments and outcomes are strongly dependent upon the fertility diagnosis. Moreover, the PGNY fertility benefit prioritizes IVF and effectively mandates single embryo transfer."

"That said, we believe age is often used as a marketing tool to over-dramatize the fertility treatment imperative, as CDC data indicates 60% of ART cycles performed in 2019 were on women below age 37."

"We believe that Bunge’s recent share price outperformance rests on a misunderstanding of its business, partly due to its opaque and complicated financial reporting, and faith in its adjusted results."

"In considering alternatives for the Company, Pershing Square’s objective was to eliminate the stock market’s ascribed discount to the intrinsic value of Target’s real estate and allow the Company to:"

"Utilization of an UPREIT structure would provide TIP REIT with an attractive acquisition currency that allows selling landowners to access liquidity, diversification, and yield without triggering tax"

"Why didn't management think investors would be interested in seeing acquisition-related expenses broken out for a serially-acquisitive company? Aren't acquisition costs core to its business strategy?"

"We believe Commvault's current value does not reflect its leadership position in the Data Management software market and that there exists a distinct and significant value opportunity at the Company."

"Nevro’s PDN claims are so prima facie contradictory that we consider them fraudulent, as paresthesia mapping is mandatory to find which vertebrae stimulate the feet – “they’re lying,” to quote a KOL."

"We estimate 30% – 50% intermediate term potential downside risk to CLEAR's share price and expect it to underperform the technology and transportation industries along with the broader equity market."

"In the proposed transaction, Wendy’s, which currently has a market cap of $2.45bn and is currently trading at 8.9x ’08E EBITDA, is buying Triarc at 7.4x EBITDA for ~$600mm in an all-stock transaction"

"Trian’s philosophy on organizational structure is to decentralize decision making and empower the commercial heads of the business with as little interference from a lean corporate office as possible"

"Disney has made it clear that it intends to offer its Flagship ESPN network DTC to stem the losses from a declining linear television industry but there are more questions than answers at this point."

"On the surface, USCR doesn't carry a commanding valuation on its highly adjusted metrics, but we've illustrated our evidence to suggest overcapitalization of costs are enabling earnings overstatement"

"AOS's revenue reporting concerns do not just extend to China. We find evidence it has misreported revenues domestically in its North American water treatment segment. Again, revising revenues higher."

"The system appears to be property of the US government, which we presume would create far more serious legal jeopardy for TransMedics than infiltrating a private network, if the allegations are true."

"Norfolk Southern responded to the assessment in the same manner it has responded to all safety issues: with insufficient action and spin to portray the Company as “an industry leader in rail safety.”"

"AOL's EBITDA growth ranked lowest among its peers and free cash flow growth was near the lowest quartile, while its CEO and CFO bonus payouts ranked in the 83rd and 96th percentile compared to peers."

"VYKAT XR is barely discussed in these two groups, relative to their size – an ominous signal that indicated the drug is generally off the radar and certainly not viewed as a game-changing medication."

"the peak plasma levels of Pitolisant after 6 consecutive daily doses will be 2.3x higher than they were on Day 1 but the Day 1 plasma concentrations were used to estimate the safety margins for QTcF."

"BOOT has traditionally focused on the western worker with traditional "macho" marketing through TV commercials but its website seems disconnected from its social media presence featuring thin models."

"Something doesn't appear to be adding up with DV's social media revenue reporting. Spruce Point finds evidence that DV is losing revenue from Facebook and YouTube, two of its largest revenue sources."

"MOXC has only remained technically solvent through debt/equity swaps with related party lenders who were willing to take the stock already knowing MOXC had little-to-no assets to claim in bankruptcy."

"Let us be clear – this means that Flexopt (which has zero third-party revenues to fund its expenses) took INS’s loan and then used to it pay for services from another company owned by INS’s employee."

"We believe it to be the most important aspect of this business, as the first eVTOL company to obtain certification will be able to start commercial operations ahead of competitors, a clear advantage."

"The final number was lower than the original “6+” and the revised “10” from Q4 2024. Most importantly, the aircraft were downgraded to be non-conformal, a much lower benchmark than the original hype."

"Для корректного решения вопроса о размещении, любезно просим Вас уточнить, кем официально приходится по социальному статусу каждый сопровождающий по отношению к ребенку, с которым он будет проживать."

"Для корректного решения вопроса о размещении, любезно просим Вас уточнить, кем официально приходится по социальному статусу каждый сопровождающий по отношению к ребенку, с которым он будет проживать."

"Для корректного решения вопроса о размещении, любезно просим Вас уточнить, кем официально приходится по социальному статусу каждый сопровождающий по отношению к ребенку, с которым он будет проживать."

"Intel came in and did their song and dance a couple of years ago, saying we’ve got Lasertec working...we’re the winner...the champ...but three years later we’re hearing the Ushio source doesn’t work."

"The CEO claimed Remitly has a "secret sauce" in paid search, yet in a letter to the SEC from 2021 said that commercial data available could be used to reverse engineer its media investment strategy."

"Allan Lacoste’s LinkedIn biography is no longer available. But the YouTube expose shows his LinkedIn biography which doesn’t mention any involvement with Electronic Commerce LLC or Tangram Payments."

"Mr. Maaranu even alleges that when he visited the office he saw org charts that included “Philip something from Nuvei...as a corporate officer” – potentially a reference that CEO Fayer was involved?"

"Spruce Point believes this is an unusually short earnout period. We observe that no contingent consideration was paid by Generac in Q1 2022 which suggests that Off Grid failed to hit its milestones."