Callouts & quotes from 2,092+ activist slides

"We did say on the previous call that the revenue guidance for the year included organic and inorganic sources."

"For larger leagues representing a higher percentage of total dollars waged, the revenue share is less than 2%"

"Despite capital expenditures continuing to grow on both an absolute and relative basis, revenue has declined."

"GGP has over 24,000 tenants, with its largest tenant accounting for only 2.7% of revenue as of March 31, 2009"

"Heska doesn't actually disclose the amount of POC Lab Consumables REVENUE subject to subscription agreements."

"2026E revenue estimates have only modestly declined, with significant room for contraction and disappointment"

"In October 2017 Box accelerated its timeline to $1Bn of revenue, while claiming industry-best predictability"

"We believe fixing ADP’s competitive position will increase ES’s potential revenue growth from ~4% to 7% – 8%"

"Since 2/1/25, iRhythm has increased its 2025E revenue guidance by 6.6%, yet its stock price has climbed 43%."

"The chart below illustrates Zebra's cumulative inventory growth vs. revenue growth between 2018 and H1 2024."

"This provides strong evidence that LSPD accelerated revenue recognition, perhaps faster than it should have."

"Newell engaged in a scheme to prematurely recognize revenue called "Pick and Holds" — SEC Litigation Release"

"Elliott scenarios reduce total Capex from 7.6% (Company guidance) to 6.0% of revenues (in Elliott Mid-case)"

"Higher interest rates may also potentially drive improvements in securities lending and FX trading revenues"

"NQ's purported $36.5 million on 2012 international revenue is absurd, and to be almost entirely fabricated."

"This still assumes ~$7 billion of revenue from five unidentified blockbusters in the earlier-stage pipeline"

"We believe ~35% of the Company’s revenue is tied to high volume / low-margin raw material-indexed contracts"

"Large revenue collapse in Q4'2018. Total revenues substantially less than $35m cited at time of acquisition"

"FY2002A ESM revenues include Other Software revenues. ESM and MSM revenues exclude Other revenues of $7.9mm"

"normalized Business segment revenue (excluding Other) fell -8.6% y/y in 2Q24, the worst in company history."

"Charging more to customers who do not elect GAP coverage to make up for loss of 100% gross margin revenue?"

"Our analysis suggests that revenue per employee has been down since 2018, and essentially flat thereafter."

"In Q4 2015, FX adjusted revenue growth was 6%, while FX adjusted SG&A and R&D fell 7% and 9%, respectively"

"Samara's revenue recognition policy rose to the level of a Critical Audit Matter in Samsara's recent 10-K."

"This leads us to conclude that IonQ’s total cumulative revenue since inception to 9/30/21 was only $451K."

"Conservatively we estimate DKNG could potentially miss full year '25 consensus revenue estimates by 6.2%."

"Adjusting for PEO pass-through revenue in gross bookings, sales force productivity is down ~20% vs. 2011"

"We see this balkanization as giving Eurofins numerous dials to turn to create sham revenue and expenses."

"Frankly, they were looking at ways they could meet their revenue numbers, and this was one way to do it."

"We believe that this 56% increase in effective daily sensor cost contributed to observed revenue growth."

"A FY2018 Q3 offline revenue decline of -3.5% once again contravenes the implication of “healthy” growth."

"We view this as an indication that FND may be stretching for ways to reduce costs and increase revenues."

"How could auditors have signed off fictitious sales such as revenues from the German Institutional Bank?"

"Even using such a conservative assumption, we estimate that BEKE’s revenues are likely inflated by ~96%."

"Amcor's organic revenue decline appeared to accelerate in the period from Sept 30, 2019 to Dec 31, 2019."

"Amcor's organic revenue decline appeared to accelerate in the period from Sept 30, 2019 to Dec 31, 2019."

"This leaves us with a serious question: where is the RMB 930 million (~$135 million) of missing revenue?"

"FIGS trades at a material premium to DTC and retail/apparel peers at approximately 4.0x 2022E revenues."

"Despite the CEO's overly bullish comments, we find no organic growth driving the Other Revenue segment."

"Despite MPWR talking sustainable 40-50% revenue CAGRs, actual results are decelerating fast in H1 2019."

"We believe consensus expectations on revenue growth and Adj. EBITDA margin expansion are not realistic."

"GCP is among the smallest of its peers based on revenue, number of employees, and market capitalization"

"Citron believes the whole thing is a fraud to create invoices to deceive the auditors and book revenue."

"This entity has 20% of Mettler's China revenue, $243m, and has no operations at its registered address."

"This fact pattern is concerning in the context of revenue issues we illustrate with the current assets."

"While existing box storage market is well penetrated, the remaining unvended segment is 3x IRM revenue"

"Simon expects to lose less than 2bps of total revenue as the result of rent relief concessions in 2009"

"Simon expects to lose less than 2bps of total revenue as the result of rent relief concessions in 2009"

"There is a potential risk that Celgene could lose greater than 60% of its current revenues before 2026"

"Kao needs to shrink the number of brands and focus on aggressively growing the revenue of what remains"

"Kao needs to shrink the number of brands and focus on aggressively growing the revenue of what remains"

"Sony currently is largely exposed to smartphones (>90% of revenue), but is gaining share in automotive"

"Despite an approximately even distribution of patents, 93% of license revenue comes from Tessera Inc."

"Midpoint of Company revenue guidance is for the rest of the business ex-EPS and auto sheet to shrink!"

"DLO's outlier Take Rates are dependent on outsized revenue from foreign exchange ("FX") transactions."

"Even though RazorInsights has 25 customers, athena left its revenue guidance substantially unchanged."

"Where is the ~RMB 930M (~$135M) of revenue that $QTT reported to the SEC but not to the SAIC in 2018?"

""The Company has a lot of leakage, as in revenue coming in and cost going out." — Former GFL Employee"

"However, XPO reports to investors virtually no impact to organic revenue from currency fluctuations."

"In 2024, CCEP reported +6.3% volume growth, or 50% below the 13% revenue growth reported by Monster."