Callouts & quotes from 2,092+ activist slides

"Spruce Point believes Genius’ revenue recognition practices and lack of financial disclosures leaves investors with many unanswered questions."

"Despite the growth opportunities and its #1 share in Japan and Asia, Fuji Xerox is on pace to report two consecutive years of revenue declines"

"Of note, close peer BioTelemetry was significantly more profitable at similar revenue scale. Thus, we question iRhythm's financial management."

"The data we collected corroborated a significant delta in the turnover with Mengniu and Yili exceeding Huishan in sales revenue by over 1500x."

"TWX does not break down revenues by business line within Filmed Entertainment, however, an estimate of the division's revenues are as follows:"

"as shown in the chart below, over the past 5 years, on average, the Company has spent almost double the percentage of revenue on R&D as peers."

"If NQ reports strong Q1 2014 advertising revenue, as Mr. Khan indicates, it would be absurd given the contradiction in Mr. Khan's own comment."

"Nidec’s revenue recognition policy is not as conservative as it can be, and in our opinion, could help to enable the alleged channel stuffing."

"The Business Tax YDT paid, which supports total transaction processing volume and therefore gross revenue of only $2.9 million, is irrelevant."

"Offshore spending, which today generates close to 50% of Core’s revenues and even more of its profits, is likely to decline for years to come."

"In this down-cycle, oil prices have fallen further and stayed down longer. Foreign capex has collapsed and this time, so have Core’s revenues."

"We believe management's plan is achievable, and the ARPU tailwind from Pulse will lead to ADT exceeding revenue and profit estimates over time"

"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."

"We suspect that this rapid increase in sales may be due to UFPT's notoriously aggressive revenue recognition method, bill-and-hold accounting."

"D-Wave's financial performance exemplifies the worst hype of the SPAC bubble era, with 2024 revenue coming in -88% below original projections."

"In other words, this is revenue that we believe is subject to overstatement by improperly eliminating Inter-Company receivables and payables."

"MSCI's biggest customer is BlackRock at ~10% of revenue with ~95% coming from fees based on assets in BlackRock's ETFs based on MSCI indices."

"The deal was valued at $310m, putting a 2x revenue multiple on the business that was being turned around, and starting to grow at nearly 20%."

"At a revenue run rate of $40-50 million per year, we estimate that Patch would still lose approximately $79 million to $133 million per year."

"CORZQ’s budget disclosed in its bankruptcy filing anticipates a 7-fold increase in the amount of hosting revenue that it brings in per month."

"The alarming spike is apparent visually – we show inventory as a percent of both revenue and assets annually from 2010 to the last 12 months."

"Offline is also very stable. I think their net revenue from the Peiyou small class segment, that was up by 52.4% this quarter. — CFO Rong Luo"

""Sinking ship, resignations every month, extremely poor data infrastructure and processes on Growth team" — Former Employee - Revenue Analyst"

""the rocket gives you the keys to space. It's critically important, but the big revenue is doing things in space." — Firefly CEO Tom Markusic"

"Accordingly, we believe that YY helps Big Li prop up his and other performers’ popularity—and YY revenues—by spending far more than he gets."

"Warning: We believe Oatly's revenue disclosures are insufficient and not what we'd expect from a company with a 20-year operational history."

"Revenue targets of 3 - 4% CAGR in Investment Services do not reflect ability to capture the long-term growth prospects of underlying markets"

"2U likely stopped disclosing revenue per cohort in 2016 because they did not want investors to be able to point to underperforming programs."

"We forecast high-single-digit revenue growth underpinned by ~7% annual net unit growth led by China as well as other underpenetrated regions"

"Revenue from recent acquisitions has declined double digits for three quarters and incentive earn-out payments also fell sharply in Q2 2023."

"Rollins frequently cites the recurring nature of its revenues, but fails to provide regular updates about gross, net, or acquired customers."

"The segment's revenues and margins have been fairly stable because it specializes in multi-year projects, especially offshore and deepwater."

"Parsing through Heska's revenue disclosure also shows that CVM revenue has declined the past two years, and the YoY decline is accelerating."

"You’d expect results in excess of the “targets” of 30% annual revenue growth, and improving gross and operating margins. But you’d be wrong."

"If all goes according to forecast, revenues will compound at 18% for the next 15 years and athena will become a $10 billion revenue company."

"Goldrone's revenue peaked in 2018, with only US$476,000 (₩700,000,000) in revenue, while incurring a loss of over US$400,000 (₩600,000,000)."

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"We are concerned by the continued rise of noncash revenue as Genius has stated it will continue to “aggressively deploy its “contra” model”"

"In contrast, Muddy Waters sees significant SAIC filing discrepancies – particularly in the revenue line – as important indicators of fraud."

"If TheFork is sold at 5x CY26E revenue and Viator improves its EBITDA margins, Tripadvisor trades at just ~3.0x EBITDA on a pro forma basis"

"BK's ever-deepening gap of core revenues / average employee in comparison to State Street show significant increasing employee inefficiency"

"Kratos' premium valuation of earnings and EBITDA does not reconcile with its below average financial performance and mix of revenue quality"

"The GSEs’ balance sheets do not reflect the ~$30bn in annual revenue they will receive from g-fees on their ~$5 trillion of outstanding MBS"

"As seen in the table below, Axon has been booking substantially more revenue under “multiple performance obligation” accounting since 2014."

"Through consistent revenue growth, proactive cost measures, and improved incremental margins, we believe BILL can be a ‘Rule of 40’ company"

"If TheFork is sold at 5x CY26E revenue and Viator improves its EBITDA margins, Tripadvisor trades at just ~3.0x EBITDA on a pro forma basis"

"Lasertec's largest customers – notably TSMC, Intel, and Samsung, which are 77% of its revenue – are struggling, exasperated, and/or furious"

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"Flexopt hardly constitutes a business, with basically $0 in revenue and is simply using CoreCard's own loan to pay for CoreCard's services."

"NBEV ends up paying 50% of revenue for the licensing deal, yet our research indicates that standard rates for this industry are around 25%."

"“...increasingly large order sizes from its customers, accounting for a majority of XL Fleet revenues since inception.” — XL Fleet rebuttal"

"NQ has its co-headquarters in the US, spends significant sums of money on PR, and yet does not generate meaningful revenue in this market."

"Applying 100% of cost synergies to marketed products would imply EBITDA is higher than revenue from 2024 - 2028... But this is impossible!"

"Note: Revenue on Huishan's online sales outlets, TMall Taobao and Suning Huishan Flagship, were so small they display as effectively zero."

"Based on drivers of change in revenue for the 3 and 6 months ended June 2019, we find that FLAWLESS’ revenue contribution does not add up."

"What happened to management's pre-deal 5-6% revenue growth estimate for Almost Family? What happened to “better, faster, stronger” growth?"

"Historical entertainment studio transaction comps indicate multiples for Sony Pictures ranging from ~12 - 22x EBIT and ~1.5 - 3.5x revenue"

"Increasing revenue from plant-based alternatives directly impacts FIVE of the top 10 ESG factors that are most important to stakeholders:"

"Accounting for 20% of 2021 revenues and making a major contribution to growth, Skechers' China business is vital to its investment story."

"Third-party app data shows installations of the three games responsible for 88% of SKLZ’s revenues all declined substantially in Q4 2020."