Callouts & quotes from 2,092+ activist slides

"If current 2024 consensus estimates prove to be accurate, this would mean that GoDaddy missed its implied 2024 targets from the Investor Day by over $500 million in revenue, over $100 million"

"Ending Q1 2011, there were 33 Patches that had above $2,000 per month in revenue. Ending Q4 2011, there were 401 Patches above $2,000 per month in revenue. — Company's Chief Financial Officer"

"Goodyear’s product warranty costs are ~40% below Michelin and Bridgestone’s as a percentage of revenue, which speaks to the quality of its manufacturing assets and skill of its employee base"

"It suggested that most or all of the company’s revenue in Q3 and for 2021 came from only 2 and 3 customers respectively – a troubling contrast to the CEO’s claim of “thousands of customers.”"

"Spruce Point is concerned that Xylem would acquire Evoqua at such a large premium given a recent SEC charge for materially misstated revenue and an ongoing federal investigation by the USAO."

"The market is expecting sequential revenue growth of 12.3% in Q1 2021, and increasing in each subsequent quarter to 23.4% in Q4 2021, for total YoY revenue growth of 62.7% in full-year 2021."

"Essentially all of Celgene’s marketed products portfolio is small molecule drugs, and therefore they are likely to experience significant revenue deterioration as they lose patent protection"

"When aggregated and compared to IQ's F-1 prospectus, we found that the deferred revenues reported to the SEC were overstated by 261.7%, 165.5% and 86.2% in 2015, 2016 and 2017, respectively."

"WebMD generated revenue through advertising (essentially what we view as medical clickbait) and sponsored content for pharma, biotech, medical device, and other healthcare related companies."

"Even under more conservative estimates regarding the inorganic sales contributions of recently-acquired businesses, management is guiding to very limited organic cloud revenue growth at best"

"There has been a noticeable decline in LSPD’s long-term deferred revenue mix. The Company also no longer discloses that upfront payment contract election triggers a deferred revenue balance."

"Box has an offering that is stickier than most SaaS products, but has not been as effective in converting Sales & Marketing dollars into bookings & revenue growth or sales rep productivity."

"If AMR is over-reporting production, there is a strong possibility its revenues and coal inventories are overstated. Overstated inventories can also to overstated margins and profitability."

"Revenue commitments from Baker Hughes were reduced by $40m for FY23 as disclosed in C3's 2Q'22 10-Q filed on December 2, 2021, yet we believe revenue estimates do not reflect this revision."

"Taxpayers’ economic ownership of the GSEs is greater than Treasury’s 79.9% common stock warrants because the government is also entitled to significant tax revenue from their future profits"

"Normally, we wouldn't feel it was necessary to remind investors of basic business disclosure found in a Company's SEC filings, but investors are ascribing Heska a 9x 2022E revenue multiple."

"Sipex's shares fell >70% post disclosure of an investigation into revenue restatement. Revenues were restated 35% lower and gross margin was revised from -8.9% to -24.8% or 1,590bps lower."

"While there could be an innocent explanation for this, we believe this illustrates the hundreds of dials Eurofins could turn to create revenue and expenses were senior management inclined."

"If PowerSchool was previously ignoring discounts in reporting its revenue, this could suggest that previously recorded revenue has been overstated and future revenue growth may disappoint."

"According to this expert's words, the Company's revenues were in the range of $4 to $8 million in 2018. This is substantially lower than the $12 million of revenue Oatly recently reported."

"However, after subtracting Blackout Bingo’s revenue from the top three games’ total revenue, we estimate that Tether’s top two games sequentially declined by -5.9% sequentially in Q3 2020."

"Even then, claiming that the business was generating quarterly revenue “in the forties” was a sizable mischaracterization, even when taking only the assets acquired by Amdocs into account."

"ULA is a material customer to Aerojet, accounting for 17% of revenues in 2018. Based on recent commentary from Lockheed Martin (LMT), ULA's earnings are expected to decline by 47% in 2019."

"Spruce Point finds it interesting that management restructured this lease agreement just as new lease accounting standards permitted it to recognize associated revenue and profit up front."

"While Enfusion's recent 2024 revenue and Adj. EBITDA guidance came within market expectations, its new Free Cash Flow (FCF) conversion guidance implies a shortfall of FCF vs. expectations."

""A barrage of embarrassing revelations followed....with respect to Revenue Ton Miles per employee, 'a telling snapshot of labour productivity', CN finished 'dead last'" — The Pig That Flew"

"No US magazine launched by Publishing after 2000 has made a material impact on the revenue of the division and none are among the top 300 magazines in the US as ranked by Advertising Age."

"No US magazine launched by Publishing after 2000 has made a material impact on the revenue of the division and none are among the top 300 magazines in the US as ranked by Advertising Age."

"Despite acquiring five companies which generated a reported ~$140 million in aggregate total revenue between 2021 and 2024, Limbach ended 2024 with revenue ~$50 million below 2020 levels."

""I think Lightspeed's view was that they would generate a lot of payment revenue out of their e-commerce platform and it probably wasn't the case." — Former Employee >5yrs With Lightspeed"

"During his employment period, Surgalign had an accounting scandal which resulted in a multi-period financial restatement and resulted in revenue recognition fraud allegations by the SEC."

"These users were connected to YY-controlled PUs, and the group of associated accounts paid out more in gifts than Xiaozhou received, indicating revenue inflation coming directly from YY."

"Our analysis indicates an alarming result: 2021 acquisitions contributed more Adj. EBITDA than revenue despite management claiming that Fetch, the largest deal of the year, was dilutive."

"Revenue has remained substantially flat since 2001, with AOL reporting revenue of $8.6 billion for the year ended December 31, 2001 and $8.7 billion for the year ended December 31, 2004."

"By excluding slower-growth businesses from core revenue, management gives itself the ability to report higher core growth than it otherwise would – up to 300 bps higher in some quarters."

"The lack of deferred revenue and cash transfer reinforces our view that TAL was merely parking GZ 1-1 at Changing Edu with no intention of actually relinquishing control of the business."

"In a real business earning revenue the old-fashioned way - sell a product or service to a customer who forks over cash - the rev rec policy doesn't typically run the length of the Iliad."

"the employee admitted that “it’s like Intrexon” – the mother of synthetic biology scams, which used the same model of round-tripping from related-party to create revenue out of thin air."

"As of June 30, 2021, the Company had a deferred revenue balance of $11.9 million with Kalo, consisting of the non-cash consideration received. — Soaring Eagle Acquisition Corp prospectus"

"Comparisons to ADP’s competitors are most appropriate at the revenue and gross margin levels given the higher operating expense levels of ADP’s sub-scale and rapidly growing competitors"

"Quantumscape projects a hockey stick revenue ramp in 4 years, reaching $3.2B and $6.4B by 2027/2028 with $808MM and $1.6B in EBITDA, respectively – approaching Google and Apple margins."

"Based on management estimates and our independent research and analysis, we estimate 6% to 8% long-term revenue growth. Our estimate is a slight discount to Valeant management estimates"

"In contrast, after a decade both Nvidia and Tesla had already reached $2 billion in revenue (more than 2x TEM's revenue) and both were able to have at least one cash flow positive year."

"If in fact Oatly's revenues are overstated, costs understated, and net income overstated, one way to balance inflated profits on the asset side of the balance sheet is to inflate capex."

"In 2021 FND started revising down its ecommerce sales claims for 2020 and 2019. This is a strong indicator of revenue misstatement, yet the Company has not made a financial restatement."

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"Either financial supplies revenue is in decline (making it a bad business) or it remains larger than investors expect (meaning there is even more revenue not deserving an 11x multiple)."

"DuPont’s inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"As Meta did with Zynga, Meta could change its TOS, its code, or both, and APP would be embargoed from its key (albeit improperly obtained) user data as well as ad revenue from Meta ads."

"Synlogic indicates they “used $13.6MM of the pre-paid research and development expenses” in 2020, which we are almost certain was booked by Ginkgo as non-cash non-related-party revenue."

"DuPont's inability to generate an attractive return in its non-Agriculture businesses (68% of revenues) is concerning especially in light of the current headwinds in Agriculture markets"

"Product sales revenues increased by 97%, maintenance contract renewal rates increased to 92% and the business was sold to Concord Communications in 2005 for an 8.5x return to investors."

"Relative to the significant uncertainty regarding future revenue potential for Celgene’s five near-term product launches, we believe Bristol-Myers’ revenue expectations seem aggressive"

"We therefore divide the estimated Q2 FY25 overstated inventory amount, which is a cumulative number, by ELF's reported gross margin of 71%. This provides the implied overstated revenue"

"Spruce Point evaluates companies working capital stress in relation to its revenues. In the case of Saputo, we find that it has been steadily increasing in each of the past five years."

"TWC’s revenue growth has accelerated over the period 2003 - 2005 largely due to the effectiveness of TWC’s new video on demand, digital video recording and high-definition TV products."

"GINGKO BIOWORKS executive #2 – similar to executive #1 – wouldn’t confirm if Gingko actually paid for the 3 machines they have, leading us to wonder if/how BLI has booked it as revenue"

"Executive indicated the paltry amounts of related-party revenue Ginkgo discloses from Synlogic does not square with the level of spending Synlogic is actually doing under the agreement"