Callouts & quotes from 2,092+ activist slides

"Morgan Stanley’s Inpatient forecast assumes athena launches a new revenue cycle management service in 2017 that will reach $2.5 billion of revenues by 2030."

"Timken’s Bearings Sales growth over the last five years is virtually identical to SKF’s, implying that the revenue synergies from integration are negligible"

"It appears that LSPD loosened its revenue recognition policies post IPO to allow for recognition "on the date the services are made available to customers"."

"GoDaddy trades at an almost 40% discount to this broader set of technology companies with a similar revenue growth profile and a high recurring revenue mix."

"Despite foreign exchange revenue impact of approximately -10%1 since inception, ZTS has increased 49% from when we purchased our first shares in July 20162"

"Spruce Point cannot reconcile the 2021 operating revenue bridge, as displayed in the year end investor presentation, with the disclosures made in the 10-K."

"Among the 60 companies in the S&P North American Technology Software Index (IGV), Commvault, a member of this index, has the third-lowest revenue multiple."

"More recent IPX press releases also do not appear to have gained much traction or converted to committed customer contracts that have produced revenue yet."

"Thus, we believe the audio livestreaming and China-PRC revenues are essentially the same and should be predominantly, if not substantially all, from Hello."

"If one-off projects can consistently translate into stable and recurring managed services revenue streams, why is region-specific sales growth so volatile?"

"Investors Should Be Alarmed That Perion's CEO And Audit Chair Both Worked At Lumenis, Which Was Under SEC Investigation And Charged With Inflating Revenues"

"However, as demand slowed following the pull-forward during the pandemic, BILL’s core revenue growth decelerated and has now slowed into the low-mid teens."

"FTAI generates about ~$2m in GAAP revenue per module sold, compared to the sticker price a customer would pay for an off-the-rack module (~$700k - ~$1.5m)."

"Despite foreign exchange revenue impact of approximately -10%¹ since inception, ZTS has increased 49% from when we purchased our first shares in July 2014²"

"“EBITDA levels are at a low point and [the Company expects] to see improvements with revenue growth in 2015...” — Yahoo! Management, Q3 2014 earnings call."

"We believe that Remitly trades at an unsupported valuation premium to peers on the belief that its high revenue growth rate is sustainable and attractive."

"We believe investors should have very low confidence that ABML will reach even a fraction of its oft-discussed $200m revenue plan from its first facility."

"While Paychex historically generated similar Net Operational Revenue per Employee as ADP (from 2008-2011), it has dramatically outperformed ADP since 2011"

"Before estimating revenues at the program level, we first created a historical revenue model from 2011 to 2015 using 2U's MD&A disclosure in the 2015 10K."

"Oasis estimates revenue from Curél to be around USD 285 – 430 mn, mostly concentrated in Japan and Asia with minimal presence in Europe, and the Americas."

"Spruce Point calls on management to explain how all of the direct revenues recognized from the Baker Hughes JV are being recognized at +99% gross margins?"

"Without spending ~$200 million on acquisitions, GCP's revenue would have declined $115 million or ~11% between 2016 and 2019, an alarmingly large decline!"

"If the reported deferred revenue number is not fraudulent, it implies that the business was ramping with a large number of new student tutoring contracts."

"1/28/26: META reports strong Q4 results and provides better-than-expected 2026E revenue growth guidance, as well as clarity around operating income growth"

"MagnaChip recognized revenue on sales of incomplete or unshipped products...and delayed booking obsolete or aged inventory to manipulate its gross margin."

"EDU’s franchising terms seem designed to perpetuate the EDU myth by maximizing store base growth to justify breakneck reported revenue and profit growth."

"In the decade to 2022, global revenue CAGR was 6.2%, and Kao has set Molton Brown a target CAGR to 2030 of 5.2% - a slowdown compared to the past decade."

"However, TWX magazines are not among the fastest growing titles in terms of advertising pages or advertising revenue growth as shown in the tables below:"

"These facts call into question what is its real “stand-alone” value as claimed by Axon for revenue recognition purposes, when its utility is constrained."

"How did accounts receivable just disappear without explanation? If they were written-off, is that evidence of phantom revenue booked but not collectable?"

"Google and Facebook severed ties crippling Cheetah’s ad-driven revenue model. Shares plummeted in stages from a high of $76 in Jan 2018 to $9 at YE 2020."

"The concentrated group of “super users” who drive TransMedics revenue regularly, we were told, push the period far beyond 30 minutes, to 2 hours or more."

"Had the acquisitions been in effect for all of 2014, revenues generated from the acquired companies would have been at least 43% of WUBA’s total revenue."

"As shown in the software industry, we also expect this subscription revenue stream will be capitalized at much higher multiples than a transactional one."

"Just growing in line with the market would mean revenues in 2027 would be JPY 30 billion and EBITDA nearly JPY 7 billion larger than under Kao's targets"

"But unsustainable levels of high margin trading, securities lending, and net interest revenue swelled... Which masked a significant increase in expenses"

"Is management being aggressive in its accounting definition of "cloud revenue" to inflate what investors would believe to be true "cloud-based" revenue?"

"Only 1 of the 18 companies in AOL's 2011 peer group has a market cap below AOL's market cap and only one company has revenue barely below AOL's revenue."

"Just growing in line with the market would mean revenues in 2027 would be JPY 30 billion and EBITDA nearly JPY 7 billion larger than under Kao's targets"

"The chart above shows that SGH has begun exhibiting negative operating leverage – its operating expenses remain stable even as revenue declines rapidly."

"Spruce Point believes that if revenue cannot be accurately depicted, then investors should have limited confidence in GFL's entire financial reporting."

"ADP’s accounting for PEO “revenues” overstates growth and economic revenue and complicates operational benchmarking given the significant pass-throughs"

"Subscription video streaming has consistently gained share from the declining Pay TV ecosystem, with revenues in the U.S. more than doubling since 2017"

"PERI’s revenue per average employee has compounded at nearly 30% since 2019. This is a remarkable achievement that should draw skepticism and scrutiny."

"In our view, inserting a straw buyer likely enables BEKE a convenient mechanism to fake cash that is a byproduct of significantly overstating revenues."

"Despite poor organic revenue growth, management has seen healthy increases in its base salary. Why is management being rewarded while investors suffer?"

"In light of our findings that >17% of revenues are to Microsoft, a U.S. company, it’s remarkable that MPWR reports pre-tax losses from U.S. operations."

"It appears to us that this Strategic Partnership was intended mainly to create the illusion that MOXC’s online advertising business generated revenues."

"This makes QTT's total loyalty program expenses (user acquisition expense + user engagement expense) $701.8 million, or 100.2% of SEC reported revenue."

"While Disney’s growth investments and M&A have contributed to total revenue growth of 41% between FY 2018-22, EPS has declined 50% over the same period"

"Overall, revenue growth trends continue to show strength 5-plus weeks into the fourth quarter, and we expect them to continue. — Management (Conf call)"

"Yes, FIGS experienced rapid revenue growth. That is why it would be all the more shocking that FIGS management would misrepresent its financial scale."

"We estimate that, on a per-patient-per-day basis, Dexcom spends 59% more to produce the G6 system than Abbott will generate in revenue on the Libre 2."

"Beating management revenue guidance would require a significant beat in net patient adds given likely downside in average revenue per customer per day"

"Tempus has a relatively uncommon requirement that it must maintain minimum consolidated revenues at $1.0 billion to avoid violating its debt covenant."

"We believe Xylem may have misrepresented revenue dis-synergies by failing to disclose and quantify intercompany sales and competitive product overlap."

"While Zebra talked about double digit and mid-teens growth in RFID, Impinj grew systems revenues (which include readers) at a 26% CAGR from 2020-2023."

"Wall Street analysts overall expect TWC to continue its double-digit revenue growth in 2006, outstripping the growth rates of Comcast and Cablevision."

"Why did the Compensation Committee decide, out of thin air, that management should receive its full 50% revenue bonus despite missing on STIC Revenue?"

"Software companies with high gross margins and solid revenue growth can generate high incremental margins, which should drive margin expansion at BILL"