Callouts & quotes from 2,092+ activist slides

"And from a capability point of view, we have all the ingredients what we need to compete with MSCI. So that's our ambition level. Yes, it's a EUR 600 million company from a revenue perspective, MSCI is 3 to 4x bigger. But nevertheless, from a qualitative perspective, we have all the ingredients to compete here. And we are winning market shares. We are winning customers here. — Gregor Pottmeyer, Deutsche Börse CFO, 2022 Investor Day; With a combination of ISS and STOXX, we have created a more credible, we call it, MSCI challenger. — Theodor Weimer, Deutsche Börse CEO, 2023 Investor Day"

"So I think the -- first, today, we -- 20% of our revenues, we sell direct, we fulfill direct. This tends to be our largest, most advanced customers. although our largest customer is actually not fulfilled through a partner. Then we have about 30% where you can say, co-sell. The partner might identify the opportunity to qualify it, and we come in and we help with the, say, the more technical part of the sale. And then a lot of the fulfill would come from the partner. And then half of the revenues would come from all partners. — Former CEO Gustafsson, Bernstein Conference, June 1, 2022"

"Beginning with the first quarter of fiscal year 2022, the Company revised the foreign exchange rates used to present segment revenues and segment earnings (loss) before income taxes to further allocate the foreign exchange impact to the individual segment revenue and profit metrics. The presentation of segment revenues and earnings (loss) before income taxes for the prior periods provided in this Form 10-K has been changed to conform to the current period presentation. Total consolidated revenues and earnings before income taxes were not impacted — Broadridge Financial Solutions 10-K"

""This quarter, we reported a positive gross margin of $1.8 million, and we expect to continue to improve our operational synergies..." — Leproust, April 30, 2019 press release. "In addition, we delivered continued improvements in our gross margin, which increased to 16 percent of revenue in the third quarter..." — Jim Thorburn, CFO of Twist, Aug 1, 2019 press release. "We posted a positive 21% gross margin for the fiscal 2019 fourth quarter and 13% for the full year as our revenue scaled and we leveraged our cost structure," — Jim Thorburn, CFO of Twist, Dec 11, 2019 press release."

""As you can see, the combination of Pfizer and Wyeth clearly addresses the revenue decline resulting from the loss of exclusivity of both Lipitor and Effexor." — Frank D'Amelio, SVP & CFO of Pfizer, Wyeth Merger Call, January 2009; "...the Schering portfolio is composed of products that have considerably long market exclusivity in the future; and as you know, Merck faces patent cliffs with respect to certain molecules, including Singulair and 2012, so this is a nice complement..." — Ken Frazier, Global Human Health President at Merck, Barclays Healthcare Conference, March 2009"

""The combined portfolio also reflects a revenue mix that is roughly 60% product, 40% service. As you can see, however, there are differences in the proportion of services and product revenues between our distinct businesses. Leidos has a highly efficient proprietary service model that drives an inverse in the revenue -- in the product revenue mix that is 40% product, 60% service. We intend to apply our model to these two new businesses in order to grow a longer tail of service revenue streams for the product lines that we're acquiring." — L3Harris / Leidos Deal Conference Call"

"What incremental data Intuit does provide shows (1) decreasing penetration of the payroll offering (using the imperfect data Intuit provides), (2) essentially no growth in average employees per payroll customer, suggesting poor mid-market penetration, (3) average payments volume per customer of just $20K, again highlighting Intuit's micro-business customer base, (4) YoY growth rates that are significantly lower than revenue growth rates, suggesting heavy reliance on price increases that may not be sustainable, and (5) declining growth rates over time, particularly in FY 2023."

"Leadership in Content Security: The growth of social media platforms and the need to secure the user and advertiser generated content on these platforms has led to an explosion in demand for content moderation services. As of June 30, 2021, we had approximately 5,250 front line teammates performing work in Content Security dealing with misinformation, offensive content, and critical policy issues. We believe our revenue CAGR of 157% in this service offering from 2017 to 2020 is evidence that our clients view this offering as critical and differentiated. — TASK IPO Prospectus"

"While our termite business has been growing by double digits for several years in a row now, termite damage claims as well as any related to litigation have declined year-by-year reaching our lowest level in recent history during 2021. To be more specific, termite damage claims received have declined from a high of 9,349 to the low of 380 new claims received this past year, while at the same time, revenue from termite has tripled. — Wilson, Vice Chairman, Q4 2021; We don't break out the termite business from the ancillary, so it's hard to report that. — Krause, CFO, Q4 2022"

""The pros of acquiring RCA are exemplified by its revenue primarily being subscription based, with 90%+ renewal rates (and improving). Additionally, we believe its mid-to-high teens revenue growth has accelerated over the last two years - despite the pandemic and challenges facing the CRE industry" — Barclays Capital, Aug 2, 2021; "We have a strong conviction in our ability to create incremental value from this combination and are raising our long-term target for real state revenue growth to the high-teens from the mid-teens percentage range." — RCA Deal Call, Aug 2, 2021"

"The intense competition we face in the sales of our products and services and general economic and business conditions could put pressure on us to change our prices. If our competitors offer deep discounts on certain products or services or develop products that the marketplace considers more valuable, we may need to lower prices, introduce pricing models and offerings that are less favorable to us, or offer other favorable terms in order to compete successfully. Any such changes could reduce revenues and margins and adversely affect our operating results. — DV 2022 10-K"

"Total revenue was $51.6 million for the year ended December 31, 2021, an increase of $50.8 million compared to $0.8 million for the year ended December 31, 2020. The increase in revenue was primarily due to $41.2 million of non-cash revenue recognized under our license agreement with SanReno and a development milestone of $10.0 million recognized under our agreement with Merck and Co, Inc., or Merck. The agreement with Merck was acquired through the Merger. For additional information, refer to Note 11 “Collaboration and License Agreements”. — Chinook 2021 10-K, Pg. 77"

""Closed sales represent an estimate of the expected annual recurring fee revenue for new client contracts that were signed by Broadridge in the current reporting period. Management uses Closed sales to measure the effectiveness of our sales and marketing programs, as an indicator of expected future revenues and as a performance metric in determining incentive compensation...Larger Closed sales can take up to 12 to 24 months or longer to convert to revenues, particularly for the services provided by our Global Technology and Operations segment." — 2019 Annual Report"

""And what we said is, it'll be at the low-end of the organic revenue range you've seen from us in the last several years. So, that was the qualitative comment. So, I can put numbers around that, our organic growth rate has ranged from 3.5% to 6.5% over the last call it three years" — G&K CEO, June 9, 2016. "And finally, we are excited about our recent acquisition of G&K. Preliminary results are very encouraging. We are on track to meet our financial and non-financial objectives and look forward to the many opportunities G&K provides" — Cintas CEO, July 20, 2017."

"The absolute level of inventory has gone parabolic; is highly abnormal as a percent of revenue versus its historical trend; began to spike right when it entered the EUV market; hit a preposterous 120-135% of revenue in some recent quarters; hit its highest level in the last 2 quarters as a percent of assets; is the most inflated inventory level of any semicap supplier in the world; and has no explanation versus the 5 largest players - triple or quadruple ASML, Applied Materials, Lam, Tokyo Electron, KLA - even though they all make complex, long lead-time tools."

"Ending Q1 2011, there were 33 Patches that had above $2,000 per month in revenue. Ending Q4 2011, there were 401 Patches above $2,000 per month in revenue.... We arrived at our cost estimates for Patch of $160 million in 2011 based on the following statement by the Company's Chief Financial Officer at the AOL Investor Day on June 16, 2011: "... we're going to spend $160 million a year this year on Patch..." Further, in a research report published on May 10, 2012, Barclays estimated that Patch generated EBITDA losses of $151 million in 2011. — AOL CFO / Barclays"

"During 2016, expenses were reclassified from sales and marketing expenses to cost of revenue and general and administration for one of our businesses. The expenses moved to cost of revenue are traffic acquisition costs in nature and more appropriately classified as costs of revenue, and the other costs more appropriately classified as general and administrative expenses. For 2015, $994,000 was reclassified from sales and marketing to cost of revenue and $290,000 was reclassified from sales and marketing to general and administrative expense. — 2016 10-K"

"We compute our average days sales outstanding, or DSO, as of a given date based on our trade receivables balance at the end of the period, divided by the average daily revenue of the trailing three-month period. We compute our average days payable outstanding, or DPO, as of a given date based on our trade payables balance at the end of the period, divided by the average daily cost of operating expenses over such period, excluding depreciation, amortization, and certain other costs that are excluded from Adjusted EBITDA. — DoubleVerify Holdings, Inc."

"Cost of revenue primarily consist of professional fees and materials under the Managed Services model and credit card processing fees, including merchant fees. — Prospectus, p. 70; Porch provides ERP and CRM software to a wide variety of home services companies. Those companies can pay us with typical software fees or we really encourage those companies to pay us by providing us access to their consumer, to their homebuyers, where we then generate B2B2C transactional revenues as we help those consumers with key services for their home. — Transcript"

""The issue with the circular revenue with Synlogic, basically, they provided Synlogic $30 million, Synlogic turned around and paid it to them, so they were registering their own money as revenue, and then they tried to make a strain for Synlogic, and it didn't work, and then they had to go to Zymergen and get the strain. I think just two days ago; the clinical trials showed that the Zymergen strain was effective." — Former employee in a managerial role; "It's biology. Nobody even at Ginkgo can say whether it will or not" — Former Ginkgo employee."

""Our gross administrative fees will grow at a faster rate than net admin fees, as we forecast increases in our revenue share obligation due to renewal pricing, shift of fixed fee to shareback agreements, and the impact of performance related fees on the percentage of shareback." — Mike Nolte, COO, MedAssets; "I know we have discussed this in the past, but we do see continued pressure, as we said, in the 100-basis-point to 200-basis-point range for the revenue share obligation -- that's an industry trend." — Haley Wise, Chairman & CEO, MedAssets"

""The company is on track to deliver top-tier earnings and revenue growth, with industry competitive margins - including ~400 basis points of operating ratio improvement during the second half of 2024." — Norfolk Southern press release (Mar. 20, 2024). "Norfolk Southern has brought on John Orr as COO to accelerate the execution of its strategy. John Orr is a PSR expert and comes to Norfolk Southern following a long and successful career at multiple railroads including Canadian National and CPKC." — Norfolk Southern press release (Mar. 20, 2024)."

"Ending Q1 2011, there were 33 Patches that had above $2,000 per month in revenue. Ending Q4 2011, there were 401 Patches above $2,000 per month in revenue.... We arrived at our cost estimates for Patch of $160 million in 2011 based on the following statement by the Company's Chief Financial Officer at the AOL Investor Day on June 16, 2011: '... we're going to spend $160 million a year this year on Patch....' Further, in a research report published on May 10, 2012, Barclays estimated that Patch generated EBITDA losses of $151 million in 2011."

"Q - Amit Singh: Hi, guys. This is Amit Singh for Jason. Just a quick question regarding your guidance for fiscal 2017. So the revenue growth guidance is around 20% year-over-year. How much of that is sort of inorganic from L4? . . . Q - Amit Singh: Okay. And is the inorganic contribution around 1%, 2% from L4? A - Martín Migoya (CEO): Oh, Ale, can you cover me on that? A - Alejandro Scannapieco: No. Definitely, definitely. It's pretty much in that range. . .So you are pretty much in the range. Yes. — 4Q16 Conference Call – February 16, 2017"

"Looking ahead, I anticipate fiscal year '24 revenue may reach the range of $8 billion to $10 billion, considering the current economic headwind may be lasting for many quarters. As we continue to gain IT market share with the best rack scale plug-and-play IT total solutions, I believe we will soon become a $20 billion revenue company. Our business model have been optimized, our engineering teams are fully ready, and our worldwide campus production capacity and efficiency are now second to none. — CEO Charles Liang, Q1 2023 Conference Call"

""I'm compensated based upon AFFO per share growth and ROIC. And so, it's very simple. And so, everything that we do, every new dollar that we allocate within the business will be to drive those - those two metrics in a very high quality way." — CEO Tom Bartlett, American Tower, May 2020; "Some folks want to see that growth on the revenue line. I continue to submit to you that the ROIC that we can produce by doing what we're doing is better and the value created for our shareholders will be better." — CFO Brendan Cavanagh, SBA, April 2018"

""Yeah, well, Intelligent we did last year, it's small more just product oriented and Contact Solutions similar small maybe a few in the quarter, but really small contribution. So to just clarify that we see a part of our land and expense strategy... we generally just focus on the technology and how to bring this technology into our portfolio and of course when we do a larger acquisitions then we provide a complete breakdown of revenue and gross margin and profit, but it's really not applicable in this case." — Doug Robinson – CFO, Verint"

"In 2022, it was identified that certain sale transactions with certain counterparties included the simultaneous execution of a corresponding contract to repurchase the same quantity of goods in the future for logistical purposes. In accordance with IFRS 15, such contracts should not be recorded as revenue from customers as such transactions do not relate to the selling of goods to the end customer. As a result, comparative amounts for revenue and cost of goods sold for 2021 have been similarly represented, with no impact on gross margin."

""The growth of electronic banking and other electronic payment systems is decreasing the demand for checks and consequently causing pricing pressure for our financial supplies business as competitors aggressively compete for share of this shrinking market." — Intuit Prospectus Supplement Filed 3/9/07. "When you combine revenue from Connected Services with other highly predictable sales such as financial supplies and tax desktop software, more than 80% of Intuit's revenue is recurring." — Brad Smith, Intuit CEO, on Q4 2012 Earnings Call"

"“Yes, so I would say certainly, we have been pretty disappointed in a few different cases around the top line expectations that we've set out, as a lot of this evolution that we've been talking about has either taken longer than we originally expected, or we've seen kind of signs of it working really well, when we like hoped, but a lot less consistent globally in certain spots, which has been a drag on the overall growth... We expect revenue growth at that stage to be in the 12% to 18% range.” — CFO Dylan Smith, BoxWorks, October 2019"

"... the reagents revenue is tracking with our expected annuity at around $60,000 to $80,000 per box. ... So once the system is contracted commercially, we have a three-month to four-month lag and then we have that consumable churning on — Steve Reichling. ....we continue to see an annuity stream in the range of $45,000 to $65,000 per instrument with U.S. customers at the upper end of the range and EMEA pulling down the overall average. ...Our target for the time from contract signature to go live is four to nine months. — Larry Mehren"

""The latest portfolio restructuring announcement this morning reflects the last in a series of value-creating divestitures which have been consistent with our stated strategy of focusing on a differentiated portfolio...I expect this new company to generate revenue growth at a rate well in excess of global GDP and average EBITDA margins approaching 15%. We will be a strong vibrant $9 billion differentiated chemical company with tens of thousands of different products and formulations." — Peter Huntsman, President & CEO, February 2007"

""The Company's financial reporting and auditing systems strictly follow U.S. GAAP rules and internal and external controls are supervised closely and approved by our outside auditors, one of the Big Five international accounting firms," said Karen Sarid, Chief Financial Officer. "Allegations of overstatement of revenue and income, as described by the lawsuit announced on October 23, have no basis in fact and will be vigorously defended against." — ESC Medical Systems Responds to Recent Class Action Lawsuits, Nov 11, 1998, Bloomberg"

"Absolutely does; it’s at least an order of magnitude off on the revenue side. I could see tens of millions if everything went right, but where are you going to get the volumes you mentioned? The pipeline can be 10 or 20 years to get significant volumes, so its difficult to imagine hundreds of millions of dollars on the recycling side. Margins will be negative, and I wouldn’t want that much capacity. I don’t see it. It’s way too early to talk about that kind of money and volumes and that number of players. — Lithium Industry Expert"

"We have identified and are currently reviewing certain customer transactions for which revenue was recognized and reported in the consolidated financial statements of Stratus Technologies International, S.à r.l. for fiscal 2004 and the first quarter of fiscal 2005... the consolidated financial statements of Stratus Technologies International, S.à r.l. for fiscal 2004 and the first quarter of fiscal 2005 should not be relied upon as an accurate reflection of our financial results for these periods. — Stratus Technologies prospectus"

"“Because when we delight our members, we can drive more engagement, revenue and profit than the competition...Our goals are to sustain healthy revenue growth, expand operating margin and deliver growing free cash flow... Since our global launch in 2016, we’ve been able to invest heavily in our slate...while steadily increasing our operating margins (up more than 5X, from 4% to 21% over the same period) and growing our free cash flow (from negative $3.3B in 2019 to positive $6.9B in 2023).” — Netflix Q4 2023 Letter to Shareholders"

"Other sales and revenues, which includes gains on the sales of loans we originate, GAP waiver coverage and sales commissions on VSCs and totaled $33.4 million and $13.0 million during the years ended December 31, 2017 , respectively. We expect other sales and revenues to increase with retail units sold and as we improve our ability to offer attractive financing solutions and ancillary products to our customers. Other sales and revenues are 100% gross margin products for which gross profit equals revenue. — CVNA FY 17 10-K, Pg. 54"

""So, between the new jet engine, development on both forgings and castings, we're going to grow this business to $1 billion in revenue by the end of the decade. A lot of that is based on projections of the build rates, a lot of that is secured already in LTAs, and we're very confident that we're going to hit that target. We'll see a nice step-up in revenue this year, in 2016, over this number from 2015, and then growth from there through the balance of the decade." — Pat DeCourcy, ATI Senior Vice President and CFO, June 9, 2016"

"Because when we delight our members, we can drive more engagement, revenue and profit than the competition...Our goals are to sustain healthy revenue growth, expand operating margin and deliver growing free cash flow... Since our global launch in 2016, we've been able to invest heavily in our slate...while steadily increasing our operating margins (up more than 5X, from 4% to 21% over the same period) and growing our free cash flow (from negative $3.3B in 2019 to positive $6.9B in 2023). — Netflix Q4 2023 Letter to Shareholders"

""And we already pointed out that in the last quarter we have a path to achieve our 2016 targets. We actually said that we're going to have an EBITDA target of $350 million 2016 on revenues of $1.6 billion... And then on top of it the synergies, and we are at this point in time roughly around 190% – 200% deployed. We have this and the use of the implementation system which gives us a good view inside of it and gives me some comfort that we are on a good path there." — Dr. Klaus Kleinfeld, Q3 2015 Earnings Call, October 8, 2015"

""I'm proud to announce that TaskUs is profitable and on a $35 million revenue run rate. We've doubled revenue and headcount in the past five months, and we plan to triple our current revenue and headcount by the end of 2016." — PR, June 2015; "They've got 1,500 employees between Santa Monica and The Philippines, and closed out 2014 by doing $15 million in top-line revenue, increasing from the $6 million they did in 2013." — Leveling Up Interview; "Revenue was $8 million in 2014" — Spruce Point Interview of Former Executive"

"“Our SORT business has been rapidly growing as a result of privacy trends, I mentioned before.” — Perion CEO (Q3 2022); “This is why we believe SORT will continue to be a major contributor to revenue and EBITDA.” — Perion CEO (Q1 2023); “Another thing we added into the cost, we’re not charging for it, it’s built into the cost... We’re offering different solution for targeting. It’s called SORT. At this point, we are not charging for it. We are offering it to our customers.” — Perion CEO (Needham Conference, May 17, 2023)"

""So you've just seen the acquisition of PCC that's underway by Warren Buffet's Berkshire Hathaway. And he paid for a business that is having $10 billion of revenue, whereas $6 billion of those $10 billion are having a full overlap with us." — Dr. Klaus Kleinfeld, October 8, 2015; "So, I mean, the most natural competitor when you go to aerospace is PCC right? And the aerospace business, I mean, pretty much we are catering in all of these businesses that PCC also caters to, right?" — Dr. Klaus Kleinfeld, September 8, 2015"

""Our go-to-market improvements enabled us to deliver efficient and consistent revenue growth. And we generated a 13% year-over-year improvement in sales force productivity, primarily driven by our enterprise sales force. We plan to grow our quota-carrying sales force in the low teens in FY '22 focusing on our higher-performing geographies and segments. We will also continue investing in our customer success organization to help our customers adopt higher-value use cases." — CFO Dylan Smith, Q4 FY2021 Earnings Call"

"On July 31, 2012, the Group acquired 80% equity interest in Tianjin Libao Coal Trading Company (“Tianjin Libao”), a company incorporated in Tianjin, People’s Republic of China (“the PRC”) at a total consideration of RMB 1,300,000 (equivalent to HK$1,579,858). Tianjin Libao is principally engaged in trading of coals in PRC. The acquired business contributed revenue and net loss of HK$112,080,000 and HK$61,901,000 respectively to the Group for the period form 31 July 2012 to 31 December 2012. — Superb Summit 2012 AR"

"“Based on our confidence in ozanimod’s potential, we are raising our 2020 revenue targets to more than $21 billion…it’s an incredibly exciting time for Celgene as we continue to invest in our future and accelerate growth potential through 2020 and beyond.” — Bob Hugin, Chairman & CEO, July 2015; “We believe that ozanimod has the potential to generate peak sales in the range of $4 billion to $6 billion annually in just the initial indications.” — Scott Smith, President – Global Inflammation & Immunology, July 2015"

"We believe $1 of revenue from small cells is as valuable as $1 of revenue from the tower business. It has all the same characteristics, long-term committed contract, annual escalation, the same components of we don’t have the incremental cost as we add additional tenants, high returns ultimately as the asset is leased up...So over time, we need to prove out that small cells has the same characteristics and sustains itself in the same way that towers has for the last couple of decades. — CEO Jay Brown, April 2017"

"I see if we have change, we have something -- a killer product, which what we're bringing this year. I think we released already. And so that's our growth strategy. And other things worth to mention about, since we're now focused on the mega market and also we're now focusing -- we're now doing things chasing the revenue next 12 months. We have really a long consistency, see where our values, where things ought to be. And that's where we've put our resources into. — CEO Hsing, William Blair June and July 2016"

"Under the terms of the amended MIPA, it was agreed with the Sellers, that (i) revenue and EBITDA of Pub Ocean will be attributed towards Sellers' revenue and EBITDA targets under the MIPA with Perion; and (ii) Sellers will bear 40% of the cost of milestone payments that are ultimately payable to Pub Ocean under the Asset Purchase Agreement (as defined below), which will be paid solely by deductions from their own earn-out payments and certain escrowed amounts. — Perion 20-F Reports and Spruce Point analysis"

""The timing and acceptance of Element AIM is a key assumption in our model...I could tell you that it's about less than 5% of our total revenue projected for 2021. As we move into a global launch in '22 and '23, we're still targeting about a 10% annual installed base, but on our global customer profile, and obviously, with that would come a significant contribution to revenue in those two years, exceeding 10% and exceeding 15% just based on those targeted percentages." — Wilson (Investor Day, November 2020)"

"Included in transaction revenues was the impact of a newly negotiated contract with our Payments partner at Upserve and ShopKeep. This new contract did two things, provide us with better economics than the businesses we're achieving on their own and also brought us better control over the end customer relationships. As a result of this we were able to realize an uplift in revenue of approximately $7 million in the quarter and greater gross margins as well, this is a great news story. — CFO Nussey, May 2021"

""The author's allegations regarding our loyalty program are the unfortunate result of not understanding our business. The author does not at the least take due care to quote the correct financial figures, as the author claims that 'as of Q2 2019, trailing twelve-month loyalty program expenses totaled $701.8 million, or 100.2% of its SEC reported revenue', while our reported figures were RMB 2,074 million (or approximately USD 300 million), or 43% of SEC reported revenue." — QTT's response to our report."

"An increase in transportation costs could have an adverse effect on our ability to increase or to maintain production on a profit-making basis and could therefore adversely affect our revenues and earnings. Because transportation costs represent a significant portion of the total cost of coal for our customers, increases in transportation costs could also reduce overall demand for coal or make our coal production less competitive than coal produced from other sources or other regions. — AMR Disclosures"

"“The company sells constant-speed drive shaft, car wheel units and drive shaft and other products. Revenue recognition for domestic sales meet the following conditions: the product has been delivered to the company according to the contract, and the amount of product’s sales revenue is determined, the payment has been collected or a payment voucher has been obtained, the associated economic benefits will likely flow to the company, the costs related to the products can be reliably measured.” — Wanxiang"

""Our guidance includes the following assumptions related to the acquired G&K business: no transaction and integration expenses; revenue of $870 million to $900 million, compared to a prior year run rate of $965 million; synergies of approximately $50 million to $55 million; purchase price amortization expense related to intangible assets of $50 million; interest expense on G&K acquisition debt of about $65 million; and an EPS contribution of $0.15 to $0.17." — CFO Q4 2017 Earnings Call, July 20, 2017"

"The acquisition is highly strategic and complementary to both businesses, aimed at accelerating the growth of the combined organization. It further strengthens Nuvei’s payment technology and creates a truly global presence. While Nuvei has traditionally operated in the US and Canada focusing on the SMB market, SafeCharge has established a solid foothold across European, Asian and Latin-American territories, servicing large scale merchants in both revenues and size. — Nuvei Press Release, Aug 1, 2019"

"I'd like to now speak about our Q3 results in the context of the key drivers of our business: people, products, traffic, and revenue. Starting with people, we ended the quarter with 10,700 full-time employees and just under 800 contractors, bringing our overall head count down 14% year over year and down 32% over the current management's tenure. We will continue to be disciplined on our head count and our thoughtful work on this area has helped appreciably on expenses. — Mayer on Q315 Earnings Call"

""Smart Provosts and CFOs are already rejecting OPM contracts as inconsistent with the long-term goals of the university... We are fast approaching the moment at which the permanent revenue share model will disappear. And so some of the traditional OPMs now offer schools as much as $2 million as a signing bonus. They're not doing it out of a humanitarian impulse; they're doing it to prop themselves up, knowing that their profit on your students will be ten or twenty times that." — Noodle Partners"

"B. Riley has acquired Targus in a transaction valued at approximately $250 million on an enterprise value basis, which represents a multiple of approximately 5.2x Adjusted EBITDA for the trailing twelve-month period ending June 2022. Targus generated revenues of approximately $415 million for the same trailing twelve-month period. Financing for the transaction included approximately $85.5 million of bank financing, and $114 million of seller financing and B. Riley bonds. — B. Riley Press Release"

"BR lists its number #1 driver of Non-GAAP operating income margin is from “Scale and Natural OpEx leverage from a SaaS business.” However, Spruce Point does not believe that BR is a high-quality SaaS business, if one at all, given it admits it drives no pricing power and does not report metrics consistent with other SaaS companies such as Net revenue dollar retention or remaining performance obligation, and has just $414m of deferred revenue in relation to $3.7 billion of recurring fee revenue."