Callouts & quotes from 2,092+ activist slides

"Xerox should leverage its position of power – being a critical revenue stream for Fuji Xerox and Fuji Xerox being a large part of Fuji – to renegotiate or eliminate the one-sided Fuji Xerox joint venture agreements"

"Excluding revenue from in-year acquisitions, Limbach has fallen short of the midpoint of its initial annual revenue guidance in three of the past four years, and below the low-end of guidance in two of those years."

"On the Q2'18 conference call, management said that Waterpik growth was still skewed towards domestic over international. Total domestic consumer revenue from acquisitions fell from $67.9m to $61.7m — CHD Financials"

"Genius currently trades at a premium to peers on a sales and EBITDA multiple basis while generating significantly lower margins than peers and below average projected revenue growth to online gaming and B2B peers."

"Spruce Point expresses concerns with Lumen and Charter Communications' revenue quality. We observe that the ratio of accounts receivable and net contract assets to LTM revenues is materially above other customers."

"GoDaddy has significantly increased its Technology & Developments expenses over the last several years, but has seen revenue growth continue to decelerate, indicating a likely opportunity for cost rationalization."

"Based on our view of appropriate revenue growth and operating profit margins, we believe that P&G should be earning closer to $6/share by FY June 2016 – a level more indicative of the company’s true earnings power"

"GoDaddy has significantly increased its Technology & Developments expenses over the last several years, but has seen revenue growth continue to decelerate, indicating a likely opportunity for cost rationalization."

"GoDaddy has significantly increased its Technology & Developments expenses over the last several years, but has seen revenue growth continue to decelerate, indicating a likely opportunity for cost rationalization."

"With Q3 2020 run rate revenues at Security Detection & Automation (SD&A) running 41% below plan, how are management’s claims credible that they are “ahead of milestones” and things are “going really, really well”?"

""I would want to know revenue by merchant category node. If there is one thing I’d want to see is that. Because that would tell me what their portfolio mix really is, and how risky it really is." — Former Employee"

""Filed false and misleading financial statements." "Artificially inflated its revenue and gross margin recognition by fraudulently recognizing revenue on barter transactions..." — The North Face (SEC Filing Quote)"

"A strong fourth quarter capped another great year for Broadridge, with record closed sales, 16% recurring revenue growth, continued margin expansion, and 14% Adjusted EPS growth. — CEO Gokey, Q4 2022 Press Release"

"We believe that Remitly is dependent on keeping the perceived value of its equity high because it is among the most aggressive issuers of stock-based compensation at 12% of revenue and 78% of operating cash flow."

"Pramac’s Italian financial statements suggest channel stuffing or accelerated booking of revenue well ahead of cash collection. We observe its receivables to sales ratio is over 40%, or nearly 3x Generac’s ratio."

"We further believe that these apps operated in order to help inflate Bigo’s topline, boosting both its historical and recent contributions to YY, yielding both ongoing revenue inflation and past fair value gains."

"Changes in percentage-of-completion-related balance sheet accounts contributed more than 2.5% of quarterly revenue four times since Q1 FY 2016, and more than 5% three times, contributing up to 7.8% in Q3 FY 2016."

"Under “Client Goals”, BR stopped reporting a quantitative measure of revenue retention between the 2020 and 2021 Proxy Statement. In addition, for the first time it introduced a focus on its “Net Promoter Score”."

"Revenues are basically flat over the last 4 quarters – a striking fact for a “growth” stock; losses have doubled and are accelerating; gross and operating margins have tanked, falling sequentially in each period."

""Depressed"? That is quite an understatement given the $15 million decline represented 12% of reported revenue in 2019. And why does discussion of Tri-Heart reference its inclusion in different reported segments?"

"As important though, do the remaining six brands ALL fit Hasebe's 2021 criteria of JPY5bn revenue, 15% operating margin and growth? If not, would it not be better to pool resources into Biore and Jergens instead?"

"Limbach's removal of its key customer and customer count disclosures raises concerns about transparency, particularly as the Company has undergone a significant transformation to its revenue base in recent years."

"Limbach's removal of its key customer and customer count disclosures raises concerns about transparency, particularly as the Company has undergone a significant transformation to its revenue base in recent years."

"Despite pulling back from recent highs, D-Wave's share price remains up over 600% since last October – a staggering rally that has occurred alongside largely unchanged consensus revenue estimates, as shown below."

"Financial results for 2021, included stellar growth of 300% in total video and CTV revenue (or 123% on a proforma basis), with the fast-growing subset of CTV up 205%. — PERI financial reports and conference calls"

"Note that the trained and certified dealer network slowed in Q1 2022 to 4%. One of our concerns is that Generac does not break-out clean energy revenues or margins in SEC filings as a separate reporting segment."

"What is noteworthy about the case is that it involved round-trip of revenue which involved providing capital to partners that use the funds to purchase services that is recorded as revenue by the public company."

"When we evaluate TASK's reporting of its revenue tied to Facebook, we find anomalies. For example, the reporting of the 6 and 9 month revenue contribution should imply the Q3 revenue figure, which doesn't match."

"Given the nature of the SEC's allegations which relate to misleading core / organic sales and premature revenue recognition, we believe REZI shareholders should be concerned by who it acquired the business from."

"According to Mike Delprete, Flex now comprises more than 25% of Premier Agent revenue. We find this level highly concerning considering the very liberal revenue recognition policies that govern the Flex program."

""It's single digits, the amount of volume that goes back and forth on each side, the amount of revenue for ADI and P&S that is intercompany is in a single digit. So, it's a significant, but it's not huge." — CFO"

"Absent an alternate explanation (e.g. ADP is overstating bookings by including client fund income at a 4.5% allocation) we believe that PEO pass-through revenue must be included in the reported bookings number."

"Spruce Point believes that C3 might look optically cheap relative to high growth data and AI peers, but that C3's revenue estimates are too high, and lie on a shaky foundation with a related-party Baker Hughes."

"Normally an agent will receive its share of revenue from Momo at the end of the month and then pass on the broadcasters share of revenue. We can see no good reason why an agent should receive an advance payment"

"While Nidec’s revenue recognition policy could suffice for more developed markets, in China there is a non-negligible possibility that employees would exploit the lack of necessary acceptance to stuff channels."

"Our range of estimates assumes that female utilization could decrease to 0.98% vs. the 1.02% female utilization we estimate for FY22. Each 0.01% of utilization decline equates to approximately $10M of revenues."

"Astra has never generated any revenue and has no track record of reliability – to date, just one of seven of Astra's attempted rocket launches has reached orbit, and that was after a series of notable failures."

"scil revenue declined at a -1% CAGR from 2014 to 2019 during its ownership by Henry Schein and Covetrus. Moreover, the business only grew 1% in 2020 despite the supposed trend toward Covid-driven pet ownership."

""The Company continues to benefit from increasing activity in the U.S. as Core’s land revenue in its Production Enhancement segment increased 32% on a sequential quarterly basis." — CLB Q1 2017 earnings release"

"The New Peer Group Index is a self-constructed peer group consisting of companies in the consumer products industry with comparable revenues and market capitalization — Prestige Consumer Healthcare Inc. Filings"

""The decrease in Other CCA revenue in 2019 was driven primarily by a $14.9 million decrease from contract manufactured heartworm preventive, Tri-Heart, as a result of reduced customer demand." — Heska 2019 10-K"

"Why was Lightspeed calling hardware sales “Merchant Services” at its IPO? Was it a way to deflect investor attention away from a lower quality revenue source? The fine print discloses these are hardware sales."

"This transaction could have had the effect of artificially boosting INS’s revenues, given that Flexopt is simply round-tripping INS’s investment into Flexopt back to INS in the subsequent processing agreement."

"Though the company asserts that EMS was a non-core asset, the results post divestiture have implied that it was the asset that generated an outsized amount of revenue, growth and profitability for the company."

"We believe Enfusion’s share price is wildly overvalued and misunderstood. There are many reasons why its rich 6x revenue multiple should contract which would justify 40% - 60% downside risk to its share price."

"The Company’s existing current backlog is projected to provide substantial coverage of forecasted revenue for one year from the date of the financial statement issuance. — Limbach 10-K/10-Q filings (FY23-FY24)"

"Ancora agrees with RBA’s estimates that revenue synergy opportunities can yield $250 to $780 million of EBITDA – and sees additional opportunities for the combined company to gain market share and drive value"

"We believe Ambry Genetics was able to significantly grow its RNA testing volumes by leveraging CPT code 81479, as evidenced by the sharp increase in Medicare revenue and reimbursement rates from 2019 to 2022."

"Darden’s massive scale, high AUV, and 100% company-operated store base should make Darden the leader in all revenue per employee categories – we believe the only reason it is not is poor corporate discipline."

"The result has been extreme shareholder value destruction and sustained share price underperformance versus peers - despite Avantor having a higher mix of recurring revenue and defensive consumables exposure."

"Official AMR Brazil import records suggest $95 - $99 million of Brazilian revenue. The Company is claiming significantly more revenue, even inclusive of freight revenue which it does not break out by country."

"GCP has owned Verifi for almost a decade, but still describes it as a new technology with a ~$1 billion market opportunity. So far, GCP has not disclosed how much revenue or profit loss the business generates"

"Allonnia needs no further elaboration on its self-evident role as a front, given that it has almost no employees yet Ginkgo still reported a preposterous $38MM of deferred revenue and $5MM of revenue from it."

"The accounts receivable balance has been declining year-over-year for eight of the last nine quarters. In contrast, revenue has been increasing year-over-year in every quarter, but at a declining growth rate."

"Technology & Development expense growth (including stock-based compensation) has outpaced revenue growth over the last five years, as expenses have grown at a 16% CAGR, while revenue has grown at an 11% rate."

"We believe Genius Sports, an overhyped revenue growth story assumed to benefit from the broader sports betting market, is facing competitive pressure and is unlikely to achieve its stated 25%+ growth targets"

"Darden's massive scale, high AUV, and 100% company-operated store base should make Darden the leader in all revenue per employee categories – we believe the only reason it is not is poor corporate discipline"

"Unlike many businesses where investment spending works toward building a durable asset, a franchise value, and a recurring revenue stream, here the Capex goes toward reducing the assets one barrel at a time."

"Also Deloitte's final note at Dairy Crest (U.K.) warning about the greatest potential for fraud around revenue recognition and "topside journals" is a big departure from its prior Independent Auditor Report."

"Our concerns about Axon's revenue quality and cloud story is further supported by the fact that its quarterly revenues in 2018 sum to $92.4m, which does not reconcile to its annual reported result of $90.3m."