Callouts & quotes from 44+ activist slides

"Spruce Point believes that Dropbox overstates free cash flow with a simplistic presentation that is analytically flawed and ignores two material costs such as: 1) Costs required to repurchase shares related to employee compensation programs, which are operating in nature, and 2) Costs associated to pay for infrastructure, which are effectively deferred capital expenditure payments."

"Among the distortions employed by the Company to hide management's history of value destruction, Arconic's purported TSR calculations assume an arbitrary start date that essentially matches a multi-decade low in the trading price of Alcoa Inc., a fundamentally flawed approach that ignores the fact that Alcoa's peers hit their lows on different dates than did Alcoa Inc."

"Part II: Twist’s “DNA chip” narrative - 10,000X higher throughput and lower cost - is fraudulent, covering up a manual, labor-intensive, and fatally-flawed manufacturing process crippled by errors, bottlenecks, and pitiful yields – thereby driving gross margins we estimate to be negative, not unlike Theranos which claimed to run blood tests on its “chip” but wasn’t."

"Spruce Point believes PowerSchool’s current share price presents asymmetric downside risk due to growing regulatory risks, a domestic customer base that is struggling to fund necessities, a flawed international growth plan, and nascent personalized learning products that we believe are unlikely to become meaningful contributors to bottom line."

"Seemingly unlike iRhythm’s Board, we do not believe the same management team that resided over a systematically flawed quality and compliance system should receive extra incentive compensation just to remediate their shortcomings, obey basic medical device laws, and cease endangering patients."

"While the volume of FIGS Threads for Threads donations has been questioned, management has openly admitted to donating flawed product. This anecdote strikes us as tone deaf and disingenuous. Were these units included in the donation totals?"

"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."

"HARMONY 1 and the other pivotal trials allowed concomitant use of a wide range of medications for narcolepsy, cataplexy, and excessive daytime sleepiness, creating a confounding factor that renders the trials flawed and useless."

"Twist’s “DNA chip” narrative - 10,000X higher throughput and lower cost - is fraudulent, covering up a manual, labor-intensive, and fatally-flawed manufacturing process crippled by errors, bottlenecks, and pitiful yields."

"In Spruce Point's opinion, CHD's current equity method accounting for its Armand Products business is highly aggressive, if not outright flawed, and allows it to avoid full consolidation of an entity it largely controls."

"In conclusion we think that Ceres’ licensing business model is deeply flawed. The company essentially shifts all the risk to its licensees while relying entirely on them to commercialize a new product."

"Engine does not intend to tender its shares into the Veritas Capital ("Veritas") tender offer as it believes the $21 per share offer undervalues the company and is the result of a flawed process."

"the idea that data centers are the “silver bullet” market for SOFC (and by extension for Ceres) appears structurally flawed and overly optimistic given current technical and market constraints."

"We believe Autodesk must improve its compensation practices, address its flawed budgeting process, and move to best-in-class standards for operations, compensation, and governance"

"We believe Autodesk must improve its compensation practices, address its flawed budgeting process, and move to best-in-class standards for operations, compensation, and governance"

"The similarity between both the light source and particle contamination issues for Lasertec's DUV and EUV products suggests a fatally flawed and defective technology platform."

"The similarity between both the light source and particle contamination issues for Lasertec’s DUV and EUV products suggests a fatally flawed and defective technology platform."

"We believe that the strategic rationale for the Red Lobster Separation provided by the Company in its recently filed investor presentation is incomplete and highly flawed."

"The Board and management's flawed response is costly: Norfolk Southern has reserved $1.1 billion in charges so far as a result of the 2023 derailment in East Palestine."

"In addition to a defective light source and optics, the key mechanical component of Lasertec’s actinic mask inspection tool - the mask stage - is also fatally flawed."

"Spruce Point believes that its dividend policy is flawed because of WTRG's large growth capital expenditure ("capex") requirements and commitments to acquisitions."

"Our Board Concluded that Starboard Missed Important Details in its REIT Valuation Analysis Thereby Leading to a Flawed Conclusion on the Value Creation Potential"

"We believe the company is hiding a flawed business model with abysmally small revenue potential behind a façade of big-name announcements and lofty projections."

"Spruce Point believes two key sell-side assumptions are flawed. First, JP Morgan's claim that 70% of handle comes from the NFL is inconsistent with state data."

"Former employees stated the claims are false and described a fatally flawed, manual, labor-intensive process plagued by errors, delays, and horrific losses."

"Our interviews painted a consistent picture of a one-product company conceived on a fundamentally flawed premise and which never found product-market fit."

"Phillips 66 has been a perennial underperformer – weighed down by operational missteps, a flawed conglomerate structure and poor corporate governance."

"XPO conveniently ignores return on capital as a key metric to compensate management, and has defined its own flawed and aggressive financial metrics."

"If incentives can be used by a company with a flawed business model to offset substandard operations, we think it is time to rethink the incentives."

"We believe AVY's free cash flow presentation is highly aggressive and analytically flawed in a manner that vastly overstates performance."

"Burford's abysmal second-half performance speaks to the company's exaggerated marks, which are married to a flawed business model."

"Ultimately, we believe Ceres embodies a fundamentally flawed business model unfit for a public company in its current form."

"The Sumitomo stage that moves the mask/reticle is highly flawed and produces contamination inside the inspection tool"

"We Estimate That Starboard Inflated Their REIT Multiple Analysis by ~4x Through Flawed Calculations and Assumptions"

"Mr. Shaw's most "decisive action" has been pivoting to a value-destructive and operationally flawed strategy."

"Disney has used a methodology for evaluating prior Trian investments that we view as flawed for many reasons."

"Disney has used a methodology for evaluating prior Trian investments that we view as flawed for many reasons."

"We Believe BOOT Is Struggling More Than It Cares To Admit Because Of Its Deeply Flawed Big-Box Strategy"

"Spruce Point observes substantial modifiers tied to the analytically flawed Free Cash Flow metric"

"Lasertec's flagship ACTIS EUV product line is defective with a fatally flawed EUV light source."

"Lasertec's flagship ACTIS EUV product line is defective with a fatally flawed EUV light source"

"It is flawed to value the stock based on its "industry leading ROIC.""

"We believe the Patch business model is flawed and will not succeed"

"We see AKG root problem as flawed geology."