Callouts & quotes from 110+ activist slides

"The Ushio light source is DPP. Discharge produced plasma. Think of the old days with a spark plug in a car with a gap where you apply voltage and you have a spark. Now imagine tin in the middle of the spark and using electrical energy to light the tin and get plasma. It's not a well controlled process. That's why people can't harness energy from lightning - it's uncontrolled. It was painful but we would get some light. If you choose a bad technology you just can't get there. DPP has inherent issues."

"If it becomes necessary, we are confident Phillips 66 could follow a similar path by: Making appropriate management changes; Closing the current $2-$3 per barrel refining EBITDA gap between Phillips 66 and Valero; and Generating $15 billion to $20 billion of after-tax cash proceeds from the sale of Phillips 66’s CPChem stake, European convenience stores, and a portion of its non-operated midstream stakes."

"Unlocking McGraw-Hill’s long-term conglomerate discount would result in ~$11 of value; Eliminating McGraw-Hill’s corporate cost structure would contribute ~$6 of value; Execution of McGraw-Hill’s authorized buyback would create $3.50 of immediate value; Bridging the remaining margin gap with McGraw-Hill’s peers (gap after collapsing the corporate structure) would create an additional ~$4 of value."

"Spruce Point believes it's likely that MPWR routes its cash through Singapore, which is owned by MPS International Ltd. (Bermuda). Singapore engaged in related-party transactions with Bermuda for "Services Rendered". Yet, its Singapore subsidiary Monolithic Power Systems (Singapore) PTE. LTD currently has a going concern warning, and is audited by a three person firm called Plus LLP."

"Spruce Point believes it’s likely that MPWR routes its cash through Singapore, which is owned by MPS International Ltd. (Bermuda). Singapore engaged in related-party transactions with Bermuda for “Services Rendered”. Yet, its Singapore subsidiary Monolithic Power Systems (Singapore) PTE. LTD currently has a going concern warning, and is audited by a three person firm called Plus LLP."

"Spruce Point believes that IAS is undervalued relative to DV and that the gap should narrow. We believe IAS offers greater exposure to faster growing and less saturated international markets. We also believe IAS has better patent coverage, financial reporting transparency and stronger equity sponsorship. We are long IAS as a relative value hedge for our DV short position."

"Spruce Point finds a common theme of uncollectable receivables within the Pramac Group. Its Asian subsidiary domiciled in Singapore was recently liquidated in 2021 and its last filed financial statements showed a large portion of receivables due beyond 1 year and an allowance of 36.5% against gross receivables."

"Spruce Point believes Kornit Digital (“the Company” or KRNT) saw 2018 revenues, and particularly cash flow, driven entirely by Amazon’s expansion of its Merch program, which are likely to taper based on a slow-down of program growth, and would leave a gaping hole in Kornit’s aggressive revenue growth strategy."

"The substantial $35.8 million gap between these positive contributors and the minimal increase in overall guidance strongly indicates that Tempus's fundamental genomics and data segments are significantly underperforming compared to expectations established just months earlier in February."

"Pre-portioned boxes cost ~50% more than delivered supermarket groceries and even more versus in-store shopping. This premium is inherent to the added logistics layer and widely known (e.g., The Guardian, Reddit threads, viral YouTube clips). No amount of efficiency can close this gap."

"If it becomes necessary, we are confident Phillips 66 could follow a similar path by: Making appropriate management changes; Closing the current $2-$3 per barrel refining EBITDA gap between Phillips 66 and Valero; and Generating $15 billion to $20 billion of after-tax cash proceeds."

"We estimate Casino's LTM leverage ratio is 8.9x. Ideally, a company consolidating results of proportionally-owned companies has the debt spread out among the consolidated companies. That is not the case with Casino - there is a massive gap between what is owned, and what is owed."

"Limiting director tenure allows new directors to the board to bring fresh perspectives. An excessive tenure is considered to potentially compromise a director's independence...For the US, Canada, Hong Kong, and, Singapore, lengthy tenure is defined as nine or more years."

"Several districts have already projected sizable budget deficits for their 2024-25 school year. We see this as a leading indicator that K-12 vendors like PowerSchool should expect pressure during this period as district leaders pull strings to close the gap."

"HK has implemented a series of unsuccessful “macro-prudential” reforms to deal with its inflation and wealth gap problems. These efforts do not address the underlying cause of the problems and in some cases are actually inflationary (e.g. cash handouts)"

"Over the past 2 years, Canadian banks have continued to see a decline in delinquencies. However, during the period, CTC's delinquencies have remained flat. The gap between CTC and Canadian Banks shows a relative weakness in CTC Credit Card Portfolio"

"The relationship between IQ’s deferred revenues and realized revenues is the opposite of what we would expect based on their claims – the realized revenue curve consistently leads the deferred revenue curve and the gap between the two is widening."

"Statistically, it is highly unlikely that any new Distributor will cross the gap from bottom to top. The precise statistics require knowing the relative turnover rates in the top and bottom segments. HLF provides minimal data on these rates"

"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%."

"Motive Force is also the name of the ANTA ListCo BVI company at the time of the IPO (see prospectus pg. 20, et alia) and which later also produced two notable Fila subsidiaries, Motive Force Singapore and Motive Force E-commerce (HK)."

"Three country executives at Bigo matter-of-factly confirmed to us that the majority of Bigo users are fake, with the allocation of bots being directed by AI run from Bigo’s headquarters in Singapore or YY’s headquarters in Guangzhou."

"We believe Canadian Tire’s reported EPS does not reflect its underlying organic growth. By removing what we believe are unsustainable benefits to EPS, the gap between our Spruce Point adjusted EPS and the reported EPS widens."

"We believe Canadian Tire's reported EPS does not reflect its underlying organic growth. By removing what we believe are unsustainable benefits to EPS, the gap between our Spruce Point adjusted EPS and the reported EPS widens."

"To ensure that Crown Castle's management team is properly aligned with shareholders, we are recommending a revised incentive plan that encourages sound capital allocation and bridging the performance gap to industry peers"

"Over a longer term period, with a best-in-class management team and perfect information, we believe the opportunity exists to reach peer average margins of 48% and potentially further close the margin gap with Amgen."

"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."

"Management has become addicted to dilution as a way of bridging the gap created by its lack of core cash flows from operations, increasing shares outstanding by 70% since December 2022, and the pace is accelerating."

"Our nominees are committed to protecting McDonald’s’ stakeholders from risks stemming from ESG failures and intend to curb current injustices surrounding the wage gap, animal cruelty and environmental degradation."

"Our nominees are committed to protecting McDonald’s’ stakeholders from risks stemming from ESG failures and intend to curb current injustices surrounding the wage gap, animal cruelty and environmental degradation."

"As a standalone entity, SSgA could be better positioned to close the margin gap versus peers, receive a multiple re-rating over time, and may have significant strategic value to other industry participants."

"Deloitte's Form AP is incorrect and fails to recognize that Australia is audited by Nexia Australia. It also fails to disclose that Singapore is audited by Nexia Singapore and India by CNK & Associates."

"Over the past 3 years TIM has had to invest more than other EU incumbents... to expand broadband coverage in Italy (closing the gap with other European countries)... with positive impact on its results"

"Dollarama consistently produces operating margins materially higher than industry peers, and higher than historical industry norms. This gap has only grown more substantial through the last five years."

"XPO has bridged the gap between $6.1bn of acquisition costs and $5bn of capital raising with $817m of asset sales, and $364m of factoring receivables through XPO Logistics Europe created in Oct 2017."

"Result is Hess is penalized twice: Penalty #1: Multiple-based valuation undervalues Bakken; Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap."

"TWX, by any measure, is undervalued. There appears to be a significant valuation gap between the current stock price of TWX and the estimated intrinsic value of the underlying assets of the Company."

"The discount has been widening for many years. Initiatives taken by SCT, including the recent capital allocation policy update, have been insufficient to catalyse any reduction in the SCT Value Gap"

"In 2009, Chinese Premier Wen Jiabao called on the Chief Executive of Hong Kong to address “deep rooted contradictions in Hong Kong” in reference to Hong Kong’s persistent and troubling wealth gap."

"If FDO raised an incremental $1.5bn of debt, bought back stock at $60, and closed only half the productivity gap, the company would earn ~$5.50 of 2012 EPS and trade in the high $70s at a 14x P/E"

"The pursuit of a dutch auction, in conjunction with other actions, should help reduce the valuation gap between the current stock price of TWX and the estimated intrinsic value of the Company."

"GoDaddy is a scale-leading infrastructure business trading at 11x FCF; replaying Starboard's Splunk/Wix/Salesforce margin-expansion playbook can close a 37% peer gap and re-rate the stock."

"SMG Consulting has missed the fact that Archer is 2 years or more behind the current industry leader, Joby, yet on SMG's timeline this 2-year gap is compressed into a single quarter."

"Were RUN’s basis inflation disallowed on a go forward basis, we estimate that it would have an approximate $0.50 / watt funding gap to fill, which would imperil its ability to grow."

"In an industry driven by capital allocation, Crown Castle’s ROIC has underperformed that of its peers for more than a decade, and the gap is widening with continued fiber investment"

"It is a mistake to think that holding bonds in Singapore means that one would be able to quickly sell cotton sitting in a Mozambique storage facility at a price equal to last mark."

"It seems well-understood in the medical community that the Libre will likely largely close any remaining gaps in accuracy versus Dexcom’s CGMs prior to FDA approval."

"A widening gap between a company's presentation of Adjusted EBITDA and Spruce Point's Calculation of FCF is often a sign of current and future financial strain."

"We believe the 85.9% gap between the RMB 156.3 million in revenue in the credit bureau reports and YY's claimed RMB 1.1 billion is suggestive of massive fraud."

"Allocating M&S to refining significantly widens the opex/bbl gap, suggesting there is even more operational upside if the refining system was run efficiently."

"Allocating M&S to refining significantly widens the opex/bbl gap, suggesting there is even more operational upside if the refining system was run efficiently."

"Palliser's 3-Step Plan will enable Keisei to utilize the OLC stake for all stakeholders by closing the Value Gap and enhancing the Company's intrinsic value."

"Nothing – FDO trades at nearly the same consensus forward EBIT multiple as DG (~9x), a company with similar growth prospects, excluding the productivity gap"

"In the BHP 2022 Reunification, the valuation gap closed not through the Australian listing de-rating to the lowest UK level, but rather vice versa."

"RUN is at Risk of a Funding Gap due to an Inability to Use Aggressive Valuations; it is also at Risk of a Claw Back that Could Reach $948 million"

"Former employee explains that widening gaps toward top right of staircase curves show longer rest periods between pulses as current density rises"

"Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap (partially caused by Bakken build-out)"

"The gap is so large and insufficiently explained that it raises questions about what is being capitalized and casts doubt on the business model"

"BK's ever-deepening gap of core revenues / average employee in comparison to State Street show significant increasing employee inefficiency"

"The growing gap each year causes us to believe that an increasing percentage of Operational EBITDA is low quality and / or unsustainable."

"The changes, however, do not address all gaps identified by CMS relating to IDTF operations and the Medicare billing requirements."