Callouts & quotes from 2,092+ activist slides

"Asia Pacific revenues declined in 2018 and at 10.9% represented the lowest % of total company revenues in its history since coming public"

"Ginkgo discloses revenue and/or deferred revenue from four “Platform Ventures” – its term for de novo related party companies it created."

"We are concerned that Zillow may be inflating its revenue with unrealistic assumptions and masking the true deceleration in its business."

"Goodyear’s consumer retail business only accounts for ~7% of total revenue but could be worth nearly the Company's market capitalization"

"NIKE is a high quality business that should compound long-term earnings at a high rate due to strong revenue growth and margin expansion"

"Oasis believes this fact alone demonstrates the significant limitations facing Kao brands to expand and diversify their revenue streams."

"In fact, we see recent evidence of strain leading up to the auditor change with commissions falling in 2022 despite revenues increasing."

"Even PeptiDream’s biggest successes demonstrate the overall inability of the company to generate meaningful revenue from its technology."

"Per the below SAIC financials, MobilePeak generates virtually no revenue, has negative net income, and has negative operating cash flow."

"We believe Intuit may have attempted to boost Credit Karma revenue just as operating results in that segment were rapidly deteriorating."

"A small insightful survey of China distributors shows significant local competition, and revenues expected to decline mid single digits."

"Based on PBH's disclosed peer group, its revenue weighting of 50% is the only company above 35% and double the peer group median of 25%."

"So for a brand company, I prefer the agent-distributor model, in which case I can more quickly more regularly receive my revenue stream."

"NIKE is a high quality business that should compound long-term earnings at a high rate due to strong revenue growth and margin expansion"

"Although we have agreements with Google and Yahoo, we do not generate a significant amount of revenue from them. — Perion 20-F March '17"

"target operational excellence...in order to drive enhanced revenue and operating income growth — eBay Inc. Operating Review announcement"

"Management pronouncements may help explain inferior AUC/A growth rates but do not explain inferior asset servicing revenue growth rates"

"Networks is expected to become increasingly important to revenue and OIBDA growth at TWX given the division's strong forecasted growth."

"Revenues and OIBDA for TWC over the 2006 - 2010 period will be driven by growth in all products (video, high speed data and telephony)."

"SBUX has grown EPS in the mid to high-teens driven by revenue growth from SSS and new units, as well as operating leverage and buybacks"

"The valuation of AlloSure, then, is closer to 48x trailing revenues and over 30x the most recent quarter’s annualized revenue run-rate."

"Recession resilient: total revenues grew 4% in 2008 and 3% in 2009 (organically); overall industry also grew in both of last recessions"

"Spruce Point believes Kalshi will continue to operate while in litigation and DKNG's full year '25 revenue consensus is likely at risk."

"Box’s revenue growth rate continues to decline despite repeated promises from management regarding a reacceleration of revenue growth."

"Content is estimated to generate $20.8 billion in revenue (44% of TWX’s total revenue) and $4.3 billion in OIBDA (36% of TWX’s OIBDA)."

"This runs contrary to the $1.4 billion in [projected] sales, which is significant enough that OEMs would love that incremental revenue"

"Because New Vision is a related party, we do not believe that these revenues to Flexopt actually represent true economic transactions."

"We also observe that client churn and downgrades are detracting more from revenue growth than has been gained from new client revenue."

"“...our revenue from one-on-one in Guangzhou was around 10%, 9% in Q1 and 11% in Q2, of the overall one-on-one revenue” — CFO Rong Luo"

"JP Morgan has delivered faster revenue growth and deeper expense reductions than BNY Mellon in key investment services business lines"

"1) Servicing (~85% of EBIT) has grown revenue +6% p.a. 2) (+) Gross margins 3) (-) SG&A ratios 4) Alstom upside 5) Capital allocation"

"The inconsistency between VAT and reported revenues highlights the accounting strains resulting from significantly cooking the books."

"In this scenario, the company loses market share and revenue, but continues to operate its Traditional CRM and Heart Failure segment."

"Spruce Point observes that Telaria's revenue and, especially its EBITDA, continued to disappoint up until the deal closed in Q1 2020."

"In the critical new home sales category, the primary driver of revenues, we estimate that BEKE overstated GTV by ~126% in 2Q-3Q 2021."

"Absent the Covid-19 decline in 2Q20, PGNY's revenues from its top 2 customers peaked in 2Q22 and witnessed its first decline in 3Q22."

"KapStone contribution revenue of $2.8bn for WRK's FY2019 is below KapStone's fiscal year projections disclosed in the proxy statement"

"By backing out each acquisition's contributions to deferred revenue and receivables, we find evidence of substantial organic decline."

"The SMB and online sales segments, which primarily serve customers with fewer than 500 employees, combined for <30% of total revenue"

"Other International revenue rises by ~5x the average quarter-over-quarter increase in the quarter following the Crossmed acquisition"

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

"NQ's larger than expected revenue growth and increased guidance are the only tools it has as it attempts to keep its stock price up."

"To the extent that some additional paper revenue might have been needed, these scattered agents would be well positioned to deliver."

"36% of Q1-Q3 revenue came from Duke/UMD, but quickly doubled to 70% in Q3 – just as IonQ needed to show growth for the SPAC listing"

"Key Assumptions: “Revenue at around USD13.5 billion for FY20, increasing by low single-digits over FY21-FY23” — Fitch Credit Review"

"Given the immaterial level of IonQ’s revenue, the company has tried to re-frame the narrative around bookings and bookings growth."

"Administrative Fees regularly represent over 50% of Premier revenue (after adjusting for discontinued specialty pharmacy business)"

"Spruce Point has concerns about Saputo's revenue reporting. There's an old saying, "if you can't measure it, you can't manage it.""

"TWC's general and administrative expenses as a percent of revenues are projected to improve by more than 200 bps from 2006 - 2009."

"The tables below show that IQ only reported RMB 1.95 billion of advertising revenues to the SAIC in 2015, an overstatement of 74%."

"Revenue allocation is approximately 45% at initial delivery, and 55% over the remaining five years — Axon's May 2019 presentation."

"While listing many marque leagues, we have found evidence to have us believe these partners do not pay any cash revenue to Genius"

"We believe Procept will fail to meet revenue growth, and thus profitability expectations and faces long-term existential threats."

"Resilient Parks business supporting nearly 40% of revenue and 70% of EBIT; scale and diversification across distribution channels"

"ABS growth starting to slow below the overall segment growth rate. IAS has already achieved 70% of DV’s revenue in much less time"

"The GSEs' balance sheet quality is enhanced by their contractual future revenue, as well as their ability to gain share in crisis"

"Resilient Parks business supporting nearly 40% of revenue and 70% of EBIT; scale and diversification across distribution channels"

"The GSEs' balance sheet quality is enhanced by their contractual future revenue, as well as their ability to gain share in crisis"

"Lasertec reports the highest EBIT margin of any semicap equipment company in the world with more than one billion USD of revenue."

"When adjusted for acquisitions, Box’s R&D expense has continued to grow quickly, even as revenue growth continues to decelerate."