Callouts & quotes from 2,092+ activist slides

"Pfizer management expects these transactions to contribute >$20.5 billion in revenue by 2030. — Pfizer Public Presentation"

"Based on our diligence, we believe Crown Castle can achieve a 40% capex revenue ROI on $600M of Fiber discretionary capex"

"Given flat overall revenue growth, HH must be experiencing declining sales and losing market share outside of CTC stores."

"The magnitude of this alleged pay discrepancy suggests that revenue on her channel could be overstated by over six times."

"Spruce Point finds clear evidence that TASK's revenue per front line content security employee has been in steep decline."

"Spruce Point is always concerned when public companies become more opaque, especially when it comes to revenue reporting."

"We conclude from our estimates that BEKE's revenues are significantly inflated, even at BEKE's reported commission rates."

"The worsening trends in reported “Grow” revenue are therefore driven by increasingly weak sales of software applications."

"This is in stark contrast to Ginkgo’s related party disclosure, which reports only $73K of foundry revenue from Synlogic."

"In fact, while he was CEO of Cognos, the Company delayed its 10-K/Q as the SEC reviewed its revenue recognition policies."

"In addition to revenue figures, FIGS management made several apparently false statements regarding key business metrics."

"Deliver improved revenue growth and achieve best-in-class EBITDA margins of up to 60% to 70% in the medium to long-term."

"SREC revenue has declined in the first half of 2020 and is beginning to contribute a smaller percentage of total revenue"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Spruce Point doesn't believe that SMCI is a high-quality company and that investors should not chase its revenue growth."

"None of these revenue streams or relationships appears significant enough to justify Publishing being 100% owned by TWX."

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Spruce Point finds more evidence that Magnite is under revenue pressure, and is prone to over-promise and under-deliver."

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Leidos revenues have increased ($11+$7+$11) = $29m from the IMX acquisition in 2020 not by $23m as described in the 10-Q"

"But we are overall concerned that audit fees are not growing in line with revenues, and are in fact in a downward trend."

"At the Q2 2019 call, a sell-side analyst also noticed the lower than projected reagent revenue per system (utilization)."

""Revenue increased by $217.3 million, or 106.5%, to $421.4 million for the year ended December 31, 2020..." — Prospectus"

"Wall Street research analysts expect Pfizer's revenue to decline by 3% (9% increase excluding COVID) from 2023 to 2030."

"We believe there is a clear pattern of misreporting of acquisition revenue contribution by Generac between 2019 - 2021."

"Commvault is not executing against this paradigm and is delivering both exceedingly low margins and low revenue growth."

"These connections between performers and PUs further support our estimated that YY has fabricated ~90% of gift revenue."

"The provision was revised to a high of C$246.9 million, amounting to ~15% and ~23% of Wood E&I's gross and net revenue."

"Samsara derives almost 30% less annualized license revenue from forward facing cameras compared to dual facing cameras."

"We estimate that revenue per new store fell from $15.0 to $12.4 million ($178 to $172 per sqft.) between 2022 and 2023."

"Be Wary of Chasing SMCI’s Revenue Growth Story As Many Signs Point To Failure And The CEO Dumps Record Amounts of Stock"

"Spruce Point finds this maneuver particularly aggressive and gives the Company no credit for its “revenue adjustments.”"

"Commvault is not executing against this paradigm and is delivering both exceedingly low margins and low revenue growth."

"Revenue is the only metric difficult to manipulate, and would reflect USCR's negative true organic volume growth rates."

"Yet again, this data point calls into question why Leidos implied that ~90% of the deal revenue would be international."

"We think that within 6 months AXDX management will be forced to revise down reagent revenue expectations a second time."

"Peloton's interim co-CEOs are telling the same story of a recurring, high-margin subscription revenue stream business."

"Autodesk has spent $2.4 billion on acquisitions over the last five years, mostly for assets with little to no revenue."

"Counter-cyclical elements in fee revenue mitigate the impact of severe market downturns and provide earnings stability"

"Muddy Waters, LLC believes that DGW is the biggest fraud we have encountered so far in terms of revenue overstatement."

"Bristol-Myers management seems to be expecting five unidentified products to generate average revenues of $1.4 billion"

"The revenue trajectory for existing CAR-T therapies suggests it will be very challenging to achieve blockbuster status"

"Wall Street analysts expect Bristol-Myers to continue to grow revenue and leverage it into faster adjusted EPS growth."

"A significant improvement in cost management and modest revenue growth can drive nearly a 75% increase in EBIT by 2014"

"Analyzing recent commercial protection and safety deals, we find that revenue deal multiples are in the 1x – 2x range."

"Display revenue has declined despite approximately $900 million of acquisitions and investments to grow this business."

"“Pretty much all customers are struggling in phasing in the Lasertec tool”; current revenue likely previous pre-orders"

"SNAP is now trading at its largest-ever discount to social media peers despite generating the fastest revenue growth."

"Philidor represented only ~1% of Valeant sales last year, but grew to ~7% of total revenue in the most recent quarter"

"AMR's Coal and met segment revenues could be overstated by at least $107 million by including third party coal sales."

"We believe Skillz did not disclose these issues because they render the company's lofty revenue projections farcical."

"$524m is 97% of total revenues in FY 2016, and 70% more than CSTE's reported North American segment revenue of $308m."

"Salesforce's vision and leading market position has allowed it to grow revenue at a ~38% CAGR over the last 20+ years"

"Limbach’s limited disclosure, by contrast, makes it difficult to assess the sector concentration of its revenue base."

"Philidor represented only ~1% of Valeant sales last year, but grew to ~7% of total revenue in the most recent quarter"

"The Board is responsible for holding management accountable on improving its expected revenue return to at least 38%"

"Pure trades at 6.3x and 26.9x CY2026 revenue and EBITDA, respectively, representing 95% and 171% premiums to NetApp."

"Here is more evidence to suggest that Baker Hughes might be used as a "cookie jar" reserve when revenues are needed."