Callouts & quotes from 2,092+ activist slides

"Spruce Point identified revenue recognition anomalies in contract assets leading up to the resignation of the Chief Accounting Officer in March 2024."

"GoDaddy expects to generate 7% revenue growth and 28% Adj. EBITDA margins in Q4'23E as growth headwinds abate and operating leverage improves margins"

"Even if VW commits to QS at that point, 5-year lead times for production roadmaps imply a QS revenue ramp between 2030-2040 - if the science is real."

"Notably, there is no online-offline discount that generates positive revenue YoY growth in both offline Peiyou and sequential growth in online Peiyou"

"Furthermore, the average annual revenue growth rate of hardware has been approximately 1.3% from 2019-23 (including COVID19 price increases and M&A)."

"CSTE's major revenue growth product, marketed as a collaboration with Lowe's, is not for sale according to Lowe's Customer Services and store checks."

"GoDaddy expects to generate 7% revenue growth and 28% Adj. EBITDA margins in Q4'23E as growth headwinds abate and operating leverage improves margins"

"Street estimates for ACMR's Chinese equipment peers call for continued 30%+ YoY revenue growth. If anything, this suggests potential upside for ACMR."

"Ginkgo reported $41MM of what appear to be “Biosecurity” cost of goods – suggesting a pitiful 6% gross margin on $44MM of 1H revenue for the segment."

"Headcount has grown disproportionately versus revenues since the Mellon merger (22% total growth in headcount vs. 4% total growth in "Core" Revenue)"

"Where customers elect to pay their full contract upfront, a deferred revenue balance is created on our balance sheet. — FY 2020 Annual Report, p. 14"

"Engie harvested the asset for cash, while HASI's most recently quarterly filing indicates that negative revenues and losses continue to accumulate."

"In court documents from lawsuits involving YY & Huya, we found that YY itself presented XHL as a reliable source for these companies' revenue data."

"While profits are on the come, Peanut Butter has a significant order backlog, which provides strong visibility to future revenue and profit growth."

"If ROAD / LSP misevaluated who is the actual customer in its business dealings, there is the potential that revenue has been inaccurately recorded."

"Popular amusement parks and golf clubs are steady businesses, but they require maintenance capex and capital for new attractions to sustain revenue"

"No acquisitions that we have made over the course of [Globant's history] have been more than 3% to 5% of our revenues — Alejandro Scannapieco (CFO)"

"If valued at 0.5x to 0.75x NTM revenue, shares in Carvana would be fairly priced at approximately $9.60 to $16.00, implying 50%-70% downside risk."

"After paying for transport costs, at spot commodity prices, Pioneer’s revenues average $36 per BOE – compared to the $59 headline price for crude."

"Summing these FU groups’ gift contributions, we identified 48.0% of livestreaming gift revenue above to be fraudulent based on IMEI sharing alone."

"The revenue from 20,715 performers we monitored covered over 88.3% of the YY Live segment revenue as reported by XHL during the monitoring period."

"Assuming an implied purchase price of ~$30 billion, we estimate pipeline products will need to generate ~$15 billion of revenue to be NPV neutral!"

"We do not believe that this is a healthy, sustainable source of cash flow for a company experiencing stagnant revenue growth and financial strain."

"Based on a global peer benchmarking analysis in the dairy industry, we estimate Saputo spends the least amount of its revenue on R&D expenditures."

"Nothing new on this slide other than a $500m revenue target to anchor investor and analysts extreme enthusiasm to support its inflated share price"

"These numbers seem immaterially small, yet we highlight that each 0.01% decline in utilization represents ~$10M headwind to FY23 vs. FY22 revenues"

"In every other case, Ginkgo aggressively booked revenue and deferred revenue from related parties in which it invested. We were initially stumped."

"AOL appears to be pushing ads to Patch that could have been used on other AOL properties to inflate Patch revenue and justify continued investment"

"In instances where we do not have reporting from our partners, we estimate revenue based on information available to us at the time. — Intuit 10-K"

"Our recurring revenue backlog represents an estimate of first year revenue from Closed sales that has not yet been recognized. — Q4 2018 Conf Call"

"Reclassifications related to FX gains/losses in net finance cost and SG&A have been disclosed, but revenue revisions are continuing into Q3 2021."

"During our conversation with a senior industry executive, he told us he would question what makes up Genius’ 11% of revenues from sports leagues."

"Within Revenue Marketing, Customer Marketing remains the biggest immediate opportunity, and it aligns and focuses strategy & customer-centricity."

"In light of the abundance of revenue inflation evidence we uncovered, we believe such contribution patterns are hallmarks of yet more fake sales."

"We believe that most – to all – of that deferred revenue fell to the pretax income line. We also believe that most – to all – it – is fraudulent."

"One estimated that 25-50% of Nevro’s revenue comes from surgery centers pushing patients into "one stimulator and then another and then another.""

"Real industry revenue is expected to decline at an average annual rate of 1.8% over the next 5 years — Entertainment Properties Trust commentary."

"We believe that CSTE is either not properly maintaining its assets, or overstating its sales volume and revenue while PPE remains underutilized."

"Its flagship ACTIS system is dependent on 3 customers – TSMC, Samsung, and Intel – who drove 77% of total company revenue in both 2022 and 2023."

"On the Q1 2012 earnings call, Tim Armstrong stated that he “hopes” AOL can achieve over $40 million of revenue at Patch in 2012. — Tim Armstrong"

"Significantly improve sales force productivity to benchmark standards to drive improvements in revenue growth with the existing cost structure."

"As the chart on the right demonstrates, revenue growth can be calibrated to the amount of capex spent: More revenue growth requires more capex."

"If we right-size the cost structure to the benchmark, there should be $400 - $500 million of EBITDA from the current subscription revenue base."

"Muddy Waters alleged that for NQ's claimed business revenue from national security products in 2012, at least 72% of the revenue is fabricated."

"With GNYHA responsible for 10% of total Premier revenue, Spruce Point believes that GNYHA has significant negotiating leverage against Premier."

"Recent revenue growth aside, Skechers' management team has presided over a blinding array of scandals, lawsuits, and questionable associations."

"Because State Street allowed its cost base to balloon in the good times and failed to rationalize costs when cyclical revenue reverted to norms"

"TWX's People, Sports Illustrated and Time continue to claim the top three spots with each magazine generating over $1 billion of gross revenue."

"These four movies combined generated $170 million or 2% of total US box office revenue generated by Warner Bros. and New Line from 2001 - 2005."

"Samsung Electronics is and has been the #1 DRAM manufacturer globally for over 20 years and has amassed a market share of nearly 50% by revenue"

"AOL / Time Warner was a highly promoted tech darling mired in accounting fraud charges for “materially overstating online advertising revenue.”"

"Perion's audit fees at just 0.10% of revenues are wildly below the average fee paid of approximately 0.44% in the advertising technology space."

"AOL / Time Warner was a highly promoted tech darling mired in accounting fraud charges for “materially overstating online advertising revenue.”"

"CareDx figured out a way to turn that on its head, commercializing the product first, and then generating revenue by studying whether it works."

"Consumables revenue of $3.9MM divided by 92 machines in the field yields $43K of consumable revenue per machine – or 2-3 runs, by our estimate."

"At a $1.2 billion market capitalization and trading at just 1x 2025E revenue, we think investors in ACMR are buying into an ultimate 10-bagger."

"We suspect that at related-party “customers” Motif and Joyn, Ginkgo may be round-tripping cash, and therefore potentially booking cash-revenue."

"As can be seen in this budget, any decrease in BTC mining revenues due to another drop in the price of BTC would produce an even worse outcome."

"As shown in the chart below, the more revenue Agility generates, the more money it loses - in that sense, Agility is more of the same for INOD."

"We estimate fair value using an equally weighted combination of discounted cash flows and multiples of revenue and EBITDA. — 2014 Annual Report"