Callouts & quotes from 2,092+ activist slides

"3 of its last 7 acquisitions have represented between 6.3% and 8.4% of Globant's prior year revenues"

"Porch Has The Lowest Revenue (And Is The Only Cash Incinerating Company) 10 Years Into Its Existence"

"In some quarters in 2022 and 2023, inventory hit 120-135% of revenue, compared to a baseline of 30%."

"Revenue has declined dramatically despite expense ratios that are way out of line with peer averages"

"Since FY2013, revenue has increased by 37% while operating income has declined dramatically by 37%."

"Spruce Point estimates that revenue from recent acquisitions declined sharply by approximately 50%."

"Therefore, on what basis are investors to believe anything the CEO claims about long-term revenues?"

"Lazard has the most scale among the publicly-traded boutiques as measured by total advisory revenue"

"The $40.0 million should be recorded as “other income” or the “gains from investment”, not revenue."

"In 2019, AIP target weighting was changed to favor "Total Revenues" and rewards lower margin growth"

"Since FY2013, revenue has increased by 37% while operating income has declined dramatically by 37%."

"At a slightly discounted price of $40MM each, Intel’s fabs could drive $100MM/year revenue at most."

"While this segment is small at 13% of revenues, it is very profitable with mid-30's EBITDA margins."

"Spruce Point observes that long-term deferred revenue is in rapid decline and headed towards zero."

"We wonder why a niche, unexceptional, low-growth business is deserving of an 11x revenue multiple?"

"While only 1% of current revenues, we don't view it as a strong growth driver to the equity story."

"3. We believe that Ginkgo is concealing the true extent of its dependence on related-party revenue"

"Recent revenue, same store sales, and operating margins continue to be the worst among OSS peers."

"We believe that only 10% of Lowe’s revenues face a high risk of competition from online retailers"

"Relatively flat margins despite revenue growth demonstrates the Company's failure to attain scale"

"We believe there is an opportunity to increase revenues in APAC through tiered product offerings."

"Continued revenue growth decline, notably in Q4 which has historically been the strongest quarter"

"ACMR has a massive balance sheet asset that begins converting into revenue a year after shipment."

"athena slipped an accounting change into its third quarter 10Q to accelerate revenue recognition."

"In FY24, Disney is expected to have ~90% of Netflix's current LTM revenue... but still lose money"

"“...delivery decisions [were] influenced by revenue recognition factors” — Audit Committee Report"

"Its financials show a much smaller revenue contribution from FX than DLO's entity financials do."

"From 2010 to 2011, AOL spent approximately $2.59 for every $1.00 of incremental Display revenue."

"Therefore, we believe, recognizing VIK as revenue, and its benefits to growth, is disingenuous."

"Sustainably improve Box’s revenue growth through improvements to the go-to-market organization."

"Margins have deteriorated as noninterest expense has grown rapidly against stagnant fee revenue"

"MSCI's revenue valuation premium is difficult to reconcile in relation to its projected growth."

"We believe that a consequence of the above is that Quintis is actually buying its own revenues!"

"We Believe Zillow Is Using Aggressive Accounting Methods To Boost Revenue, Margins And Earnings"

"Why are they recognizing gross course revenues in one case and just its portion in the latter?"

"The real reason for the elevated inventory is likely a result of overstated revenue and profit"

"Going fwd 2022: "Moving forward, we expect capital expenditures to approximate 3% of revenue.""

"As part of the Cresco IL portfolio, we discounted 2020 rent revenue by 48% due to overpayment."

"According to MW’s report, this is overstating the actual revenue by more than 27 times and 40"

"The deferred revenue in the Firstleap acquisition appears to be inflated by 2x to 3x or more."

"Tessera must take immediate action to reverse years of declining revenues in its IP business."

"We concluded that YY Live's gift revenue is approximately 90% fake using these three methods."

"People, Time and Sports Illustrated are #1, #3 and #4, respectively based on 2005 ad revenue."

"ADI (ex-Snap) exclusive brands organic revenue growth collapsed from 32% to 3% from Q2-Q3'25."

"I wouldn't be surprised if 50% to 60% of Ginkgo's revenue this year is that circular revenue."

"Astonishingly, Shanjing Kechuang’s revenues in 2018 were only 2.8% of what they were in 2015!"

"CEO Response: "It's about 3% of revenue, so fairly small." — Dycom Aug 21, 2024 Earnings Call"

"It Takes Six Years Longer than EHTH's Stated Member Life to Collect Cash Equaling MA Revenue"

"Using its aggressive revenue estimates, XL provides a misleading comparison to EV companies."

"Shujia’s 2015 financials show revenue was too small to be consolidating the GZ 1-1 business."

"Could GZ 1-1’s December 2016 revenue have been Rmb 33 million? That seems highly improbable."

"Spruce Point estimates that Magnite's true organic revenue growth in 2020E is a meager 1.7%."

"Bayer estimates that the potential revenue value of these pipeline drugs is 5 billion Euros."

"As Dropbox matures, we believe investors will increasingly focus on cash flow over revenue."

"Celgene generates a significant portion of its revenue from small molecule hematology drugs"

"Ginkgo still recorded $21MM of foundry revenue from it for 2020 - about $1MM per Motif FTE."

"“Moving forward, we expect capital expenditures to approximate 3% of revenue.” — Concentrix"

"Our total Amazon revenue falls short of Kornit's $24.2M reported Amazon revenues for 2018."

"Turner Networks is expected to contribute the largest share of revenue and OIBDA in 2005."

"Absent this one-off contribution, we estimate CTV revenue would have declined by 16% YoY."