Callouts & quotes from 2,092+ activist slides

"The decision to focus on a product resulted in over $500 million of investment, limited revenue generation, and mounting losses."

"Therefore, we focus on “Net Operational Revenue” and “Net Operational Profits” which excludes PEO pass-throughs and float income"

"SIX and its closest peer Cedar Fair (FUN) have consistently generated mid-single digit revenue growth in normalized environments"

"We believe that If volumes of production are an “estimate” than Oatly’s entire reported revenue stream should also be qualified."

"NQ's online (lack of) card sales affirms our physical store checks that show the cards are obscure and immaterial to NQ revenue."

"The latest amendment opens up the door for more aggressive revenue recognition in regard to Baker Hughes reselling arrangements."

"VAT data from the State Administration of Taxation (“SAT”) show that Huishan reports a significant amount of fraudulent revenue."

"Excluding the estimated $110M net tailwind to revenues that will not repeat in FY23, sell-side estimates look wildly optimistic."

"Today, Crown Castle is spending significantly more capex to achieve disappointing revenue growth because its capex ROI is poor."

"Furthermore, despite a significantly larger revenue base, management’s visibility into the business has been severely impaired."

"Celgene's four blockbuster marketed products account for 94% of 2018 revenues – the majority of which will disappear after 2026"

"Over the next five years, revenue is expected to grow to $13.4 billion in 2010, representing a CAGR of 6.9% from 2005PF - 2010."

"We suspect this language changed because whole engines make up a material portion of inventory and Aerospace Products’ revenue."

"Zinc today is about 30% of the revenue. All I have time for is to say that zinc is another commodity used in galvanizing steel."

"we find that AFAM’s “true” bad debt expense was at least 4.5% of net service revenue – nearly 2.5x the figure reported by AFAM."

"As you can see, the hospital segment is forecast to grow from zero to more than 40% of athena’s revenues... How likely is that?"

"Sony's acquisitions of stakes in Sony/ATV and EMI were well-timed to take advantage of future growth in music industry revenues"

"What we found in SAIC filings was devastating, Ganji seemed to have lost over 95% of its revenue since the acquisition by WUBA."

"We believe EH is using these sham contracts with Kunxiang as the basis fabricated sales that make up most of its total revenue."

""So the longer-duration subscriptions generally will drive more revenue upfront per user." — CFO Okupe on Q3 2022 Earnings Call"

""type of revenue-generating customer that MPLN wants" — Former MPLN Executive B. "years, years away" — Former MPLN Executive B."

"We will explore how Kornit focuses investors on its 20%+ revenue growth, but has historically struggled to generate cash flow."

"BILL’s ‘Rule of 40’ Score has been stagnant for 3 years as revenue growth has slowed and margins remain well below peer levels"

"We believe this transaction was a sham intended to burn off fake revenues and siphon off cash from IQ’s recent Nasdaq listing."

"We question whether the fund has ever invested in a company the purpose which was not to recycle R&D “revenue” back to Ginkgo."

"Under Flex, Zillow only gets paid if leads convert. If there are no transactions, Zillow's Flex revenue is theoretically zero."

"By Q2 2016, nearly half of PLUG’s Adjusted Revenue, and all of its Adjusted Gross Profit, was attributable to these add-backs."

"It appears to be more than a casual mistake that Revenues and Net Income were overstated by 68% and 98%, respectively in 2018."

"This is a false statement. The company misclassified sales as “Booked Annual Recurring Revenue” (BARR) which isn’t real sales."

"EH has only collected cash for 20% of its reported revenues since its IPO, or a grand total of RMB25.2 million ($3.6 million)."

"Management should not remove the divested business from the prior-year revenue base until the business unit has been divested"

"We find it highly suspicious that management now adjusts core growth for M&A only when doing so inflates core revenue growth."

"Product revenues have been basically flat for 4 quarters – typically a death knell for a company that sells a box with chips."

"The larger the difference between EV/Revenue and EV/EBITDA, the less profitable the business and the lower the EBITDA margin."

"Serious Concerns With $1 Billion of Revenue Between Brothers And Frontier Communications; Is It A Related Party Transaction?"

"Although these corporations have their own revenue sources, they could be potentially clawed back to pay the GO obligations."

"Our pro forma analysis illustrates that Stryker has the second highest SG&A margin among peers at 36.1% - 37.1% of revenues."

"The acquisitions we have analyzed are generally consistent in providing Olam with revenue, but with minimal (to no) profits."

"Why did management not increase revenue guidance by Next IT's full likely FY19 sales contribution following the acquisition?"

"Athena missed its organic revenue growth target for 2013, and analysts have cut revenue expectations for both 2014 and 2015."

"With such an insignificant presence in China's two largest media markets, we do not believe CCME's reported revenue numbers."

"The sell-side analysts above don't say how they came to their Instrument revenue % numbers, but they have their own process."

"Since DSP acquired Bonetone (now called HDClear) in 2011, it has continued to push out the timing of its revenue projections"

"Comparable benchmarking requires adjusting ADP's gross operational revenue for significant PEO pass-through revenue / costs"

"Without the subsidy from net interest revenues, BNY Mellon earns much thinner margins for the valuable services it provides"

"NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious."

"Spruce Point is concerned that MSCI has gone through greater lengths to qualify its discussion about non-recurring revenue."

"This is the highest revenue Mettler-Toledo company in China with 38%, or $464m in revenue, and it has an incorrect address."

"Incremental Revenue and Profit recognized up front due to accounting change. Incremental Revenue carries 100% Gross Margin."

"Sony dominates the smartphone image sensor space with 70% revenue share and will benefit from this multi-year product cycle"

"We calculate this $22 million sale may have accounted for 50% of IONQ's core quantum computing revenues through Q3 in 2025."

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."

"The 2009 income statement showing RMB 2.3 million revenue (US$0.3 million) and a loss of RMB 6.5 million (US$1.0 million)."

"GGP’s long term lease-based revenue model offers embedded growth in good times and mitigates revenue declines in bad times"

"48 machines permitted at $400k - $500k per new Avalanche 1000 machine, we estimate $19m - $25m of total revenue potential."

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."

"SAIC filings suggest to us that the company has overstated Revenue by a cumulative RMB4.6 billion in the last three years!"

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."