Callouts & quotes from 2,092+ activist slides

"For high growth and high multiple technology stocks, missing revenues is like the kiss of death for the stock price."

"For high growth and high multiple technology stocks, missing revenues is like the kiss of death for the share price."

"There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years."

"Revenue, Earnings Quality And Cash Flow Are Deteriorating With Clear Weaknesses In Accounting And Auditing Oversight"

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

"Subtracting this $6.5M payment from Carvana's FY 17 gross revenue would cut FY 17 GPU by 10%, from $1,539 to $1,392."

"Box has repeatedly delayed and lowered its revenue target, leading to a total loss of credibility amongst investors"

"Southwest’s dated commercial strategy has resulted in the worst unit revenue performance among its peers since 2018"

"For a company demonstrating no revenue growth, Arconic has sure managed to win a lot of contracts over the years..."

"Even with large expectations for the pipeline, revenue will be declining, possibly impacting the valuation multiple"

"PERI also has conflicting average deal size reporting. This further undermines our confidence in revenue reporting."

"In fact, over the past four quarters, China has accounted for 30-45% of revenue for the leading U.S. WFE companies."

"Cutting R&D for a technology-centric business is a risky move that could hamper future competitiveness and revenue."

"Specifically, the Company Would Have to Generate $79 Billion in 2030 Revenue to Achieve Peer Median Revenue Returns"

"I think there’s a lot of window-dressing with Grossman and that’s why you’re not seeing this big uptake in revenue."

"Return to double digit revenue growth seems optimistic. Even analysts don't believe Zillow's 45% Adj. EBITDA target"

"Spruce Point believes that Remitly's playbook of finding revenue and cost levers to improve performance is waning."

"Spruce Point believes that Remitly's playbook of finding revenue and cost levers to improve performance is waning."

"Why doesn't the segment revenue plus freight revenue match the reported segment revenue? They should be identical."

"We believe this discrepancy illustrates that FTAI is categorizing revenue from whole engine sales as module sales."

"We question why PGNY would just not practice conservatism and recognize revenue when the full service is complete?"

"If we cut Morgan Stanley's revenue per doctor assumption from $63,000 to $36,600, it reduces the DCF value by $44."

"Of course, the sell side is confused. UBS mistakenly thinks U.S. shale is 30-35% of revenues. — Greenlight Capital"

"We question why Nuvei would buy a controversial entity, only to see its revenues decline sequentially post close."

"Against YY's reported Bigo revenue of $417.0 million, this yields an estimate that 59.1% of Bigo revenue is fake."

"Non-compensation expenses have grown faster than revenue (+34% expense growth vs. +21% revenue growth) since 2006"

"As of September 2009, top 5 customers account for [36%] of its total revenues, dramatically down from 88% in 2007"

"In the Final Days of December, FTAI Seemingly Parked Aircraft With an Intermediary to Record Questionable Revenue"

"Sunrun has consistently reported higher Subscribers than EIA Net Metering and Sales & Revenue by ~20% on average"

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"We believe that Bigo’s corrupted origin story and grossly overstated revenues make it YY’s most rotten business."

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"Despite high AUVs and industry leading revenue, Darden’s operating performance is significantly worse than peers"

"Since the acquisition, Sole’s net revenue has declined 12.9%, and it only recently generated positive OP margin."

"Programs drive both predictable near-term revenues and long-term value creation with asymmetric upside potential"

"7. The related party “customers” are mostly fronts for Ginkgo and its revenue is therefore an elaborate fiction."

"It’s ironic that AUID is supposed to guard against fake logins, yet it provides fake revenue numbers in its PRs."

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

""Right now, between Facebook and YouTube, they make up about 15% of our total revenue." — CEO, Q3 2021 Conf Call"

"Geographic Revenue Reporting Potentially Misleading, Enabling MPWR To Lower Taxes And Understate Customer Risks"

"Management was certainly aware that up to 45% of VIP revenue was attributable to the sale of products to PetIQ."

"We believe Skechers has dramatically increased its purchase commitments right as revenue growth begins to slow."

"We believe the aggregate impact of all these trends and changes has resulted in a worsening of revenue quality."

"We estimate DGW's actual revenue is no greater than US$800,000 annually, versus the US$154.4 million it claims."

"HBO revenue is expected to grow from $3.5 billion in 2005 to $4.7 billion in 2010, representing a CAGR of 6.1%."

"Revenue estimates crept higher despite Florida awards declining and estimates just increased after the LSP deal"

"Despite increasing investments in Sales and Marketing, BMC has failed to generate meaningful ESM revenue growth"

"Despite starting from a lower base, Kao’s growth target for Curél through to 2027 (8% revenue CAGR) lags peers."

"The Independent Peer Group's median market cap and revenue are well within both ISS and Glass Lewis guidelines."

"In Morinda's, case, we estimate that Morinda's revenues from China are inflated by 36% in 2017 and 51% in 2016."

"We expect Focus Universal to post revenue of $2 million in 2021, $45 million in 2022, and $150 million in 2023."

"In Morinda's, case, we estimate that Morinda's revenues from China are inflated by 36% in 2017 and 51% in 2016."

"26% annual streaming revenue growth and ~360 bps of average annual EBIT margin expansion over last three years"

"We remind investors that segment revenues are still below 2013 levels, and operating profits (still negative)."

"Cost of revenues and SG&A (and related taxes) were subsequently increased after the initial 4Q16 press release"

"Even at Considerably Smaller Revenue Scale, BMC's Growth is Extremely Unimpressive Relative to its Competitors"

"1H total revenue growth of 180%, Foundry revenue +41% - no mention of related party contribution or cash flows"

"We believe German entity revenues declined approximately 23% in 2020 based on disclosure in Heska's 2020 10-K."

"If the bad debt allowance is being manipulated, it stands to reason that revenues may also be manipulated too."