Spruce Point Capital

I am pleased to announce that Spruce Point Capital Management was ranked #2 in @diligentHQ 2025 Short Seller Watchlist in its recently released report

$REZI huh?

Dear @CliffordAsness as the third largest shareholder of $ZM #zoom you should appreciate this and reach out to management to express support. What do you think? Should they add some debt to the capital structure, be more aggressive in buying back stock, and lower the WACC? #uchicago #economics sprucepointcap.com/research/zoom-…

@APompliano A great way to invest in Anthropic is to own $ZM #Zoom. We see substantial upside potential in Zoom and have shared our recommendations with the Board sprucepointcap.com/research/zoom-…

Anthropic is now reportedly doing $44 billion in annual revenue. That means they added $14 billion in the last 30 days. Almost half a billion dollars in revenue PER DAY. Insane.

Pleased to make our debut in the @business activist database @Zoom $ZM

@DollarCostAvg @Mr_Derivatives We've written a letter to the #Zoom Board and had communication with $ZM. Under certain scenarios, we see significant upside sprucepointcap.com/research/zoom-…

@Mr_Derivatives They own significant holdings in Anthropic, like almost worth the market cap of $ZM.

I mean even $ZM is catching a bid. This stock market is HOT. Lol

@StockMKTNewz Here's our letter to the Board, under certain scenarios there is tremendous upside potential $ZM sprucepointcap.com/research/zoom-…

Zoom $ZM invested an estimated $51 Million into Anthropic in May 2023 Anthropic is rumored to be considering a funding round at a valuation of more than $900 Billion At that valuation Zoom's stake in Anthropic would be worth more than $5 Billion

Well, looks like #SaaS #technolgy isn't dead after all. $TWLO, $TEAM and $FIVN showing the value of incumbent foundational communications infrastructure platforms leveraging #AI to expand solution breadth.

Pleased to see the article in @WSJ about $ZM #Zoom and its marketing efforts, an area we highlighted as an opportunity for improvement. Also some nice commentary from $FIVN a peer in Zoom's space with its stock up 16% today. wsj.com/cmo-today/zoom…

$BG #Bunge earnings guidance increase appears to continue to benefit from shifting more into goodwill post-closing of Viterra. This is now the fourth revision to deflate the PP&E account. No explanation in SEC filings as to why the revisions are occurring.

@ThePlanM We see upside in $ZM and are pushing for change with the Board sprucepointcap.com/research/zoom-…

@Kalshi Terminator, rise of the machines? #AI

JUST IN: Elon Musk says AI "could kill us all"

@Zackfoot And look at where agriculture prices are and they are STILL guiding down for the segments not affected by biodiesel. Biodiesel is a terrible business and the slightest whim of policy change it goes to zero. $BG #commodities #agriculture

People who are long/short $BG should take note of what @sprucepointcap is saying here: $21.8B revs turned into earnings of (the “headline” or accrual-based numbers under U.S. GAAP): $68 million • Diluted EPS: $0.35 (down from $1.48 in Q1 2025) Now look at reported cash flow: GAAP cash used in operating activities: -$541 million (outflow; vs. -$285 million last year) • Adjusted Funds From Operations (Adjusted FFO) — their primary non-GAAP cash flow proxy: +$530 million (up from $392 million last year) The difference between the two are a hodgepodge of working capital adjustments, tax payment, timings, minority, interest, etc. It’s enough of a black box to make you go hmmmm….

"Great quarter guys" $BG #Bunge, yet again renames a segment (oilseeds processing & refining > tropical oils and specialty ingredients) >> its highest margin segment it is now guiding down for the year. Also guiding down in grain merchandising segment, which has already been under sustained pressure. Cash incineration from operations ballooned +89%, raising guidance on net interest expense as debt burden increased. Stock buyback completely suspended during the quarter >> not wanting to buyback stock near all time highs? Black box Non-GAAP earnings increase supported by huge increase in opaque "mark-to-market timing differences" whatever that means. If not for gov't supported biodiesel (a terrible business) the situation could be dire.

@Keisan_Crypto You might enjoy this report and our activist letter to the Board of $ZM. There is substantial upside if management makes certain changes. We encourage all investors to reach out to the Company investor relations in support. sprucepointcap.com/research/zoom-…

Bought a good amount of $ZM, half spot, half call options, various expiry, mostly far OTM leaps The thesis is pretty simple: - $ZM invested $51M in Anthropic in May 2023, now worth around $11B at Anthropic's secondary mkt valuation of $1T - $ZM market cap is $24B, making it the single best public market proxy for Anthropic (45%), yet still few people know this - $ZM has $7.8B of cash, so their effective enterprise value is: 24 - 7.8 - 11*.75 = ~$8B (Anthropic at 75% to account for gain on taxes) - They have 0 debt - $ZM makes about $800M/yr of post-tax operational FCF, inclusive of stock based comp - Top line has grown at about 4%/yr the last 3 years, with gross margins rising from 11.6% -> 23.1%. I expect profitability to continue to increase with AI, as they can lay off a lot of their engineering team - Further, over half of their expense load comes from stock-based compensation, most of these were COVID-era grants. I'd expect SBC to drop ~30-50% over the next few years, meaning bottom line could rise by up to $400M, meaning ~$1.2B of adjusted FCF - So, you are getting a stock that is trading at 10x in-place earnings (6.7x post-SBC adj.), with high margins and one of the more sticky SaaS business models (no individual company is going to recreate their own zoom, these are networked systems & have security implications) - If you assume Anthropic's valuation is $1.5T, which it likely hits quickly, the FCF multiple is all of a sudden a 4.75x, which is screamingly cheap - The IV, imo, does not currently reflect Anthropic's upside valuation, allowing you to effectively buy call options on Anthropic for standard mature SaaS company IV Seems mispriced 🤷‍♂️ Hyperliquid

@KobeissiLetter We have taken an activist approach with $ZM Board letter here sprucepointcap.com/research/zoom-…

BREAKING: Anthropic's pre-IPO valuation has officially hit a record $1 trillion. Anthropic's implied valuation is now up +733% since October 2025, per onchain pre-IPO trading data. Pre-IPO instruments trading onchain, backed 1:1 by SPV exposure on Jupiter, are providing a real-time proxy for the company’s implied IPO valuation. Anthropic has now become the third company to exceed $1 trillion in implied valuation, joining OpenAI and SpaceX. The implied market cap of these 3 companies alone is now up to $3.7 TRILLION. We are about to witness a historic IPO run.

Interesting news and a very positive development for $ZM #Zoom if it prevails: "Microsoft $MSFT facing UK antitrust lawsuit from Slack over Teams 'bundling'" reuters.com/sustainability…

We are pleased to share our thoughts on how @Zoom Communications (Nasdaq: $ZM ) can improve outcomes for shareholders and has 40%-100% upside potential. Zoom is a #technology company with a universal household brand, strong moat and enviable cash flow that has resulted in an overcapitalized balance sheet and multiple financial and operational levers it can exercise to increase earnings and its valuation. The Company also has a "hidden" asset on its balance sheet: a conservatively estimated $1.2bn+ equity stake in #AI #ArtificialIntelligence leader @AnthropicAI . We are pleased to share our recommendations with the Board and believe they will be open to suggestions given their strong insider alignment. #activism #stocks sprucepointcap.com/research/zoom-…

Catch me live tomorrow (Friday) on @YahooFinance Live 10:30am est finance.yahoo.com/live/

$BG #Bunge leverage is almost 3x what it promotes in our view.

Straight of Hormuz now open. Underweight the lowest quality, most highly levered agriculture fertilzer perceived beneficiary $BG #Bunge