Callouts & quotes from 1,508+ activist slides

"DSP has missed its expectations for New Product Revenue each of the past three years and New Product Revenue has barely grown over that period despite significant R&D investments"

"Revenue is much harder to manage vs. “Adjusted” EPS. We see that Avery has started to consistently miss revenue expectations while regularly beating “Adjusted” EPS expectations."

"Approximately 35% of total India revenue is reimbursements from carriers for energy costs, this has been grossed up in the AMT 10-Ks. AMT's local accounts only show net revenue."

"We believe unbilled receivables rising reflect a worsening of the quality of business that TASK is undertaking, and that it may be booking revenue ahead of certainty of payment."

"Intuit consensus estimates call for 12% revenue growth over the next two fiscal years, suggesting even the sell-side believes the boom from services adoption has run its course."

"PERI must decide if its search and advertising revenue is presented on a gross or a net basis. Presenting revenues on a gross basis would increase the size of reported revenues."

"Based on interviews with its related-party “customers,” we believe that at least half of Ginkgo’s reported revenue is phantom – that is, non-cash and pure accounting hocus-pocus"

"We see it as no coincidence that gross margin, operating margin and net margin all peaked in Q3 2018, the same quarter that Brazil peaked as a percentage of SGH’s total revenue."

"Ancora believes these calculations directly confirm the crux of our thesis that management and the Board have and continue to pursue revenue growth over profitability and ROIC."

"Collectively, the group showed a net cash outflow of RMB 12.0 million. Yet, YY would have recorded RMB 17.1 million in revenues from gifts given to Ruitiantian, as shown below."

"ELF’s share price commands a premium to peers as revenue growth has recently been more than double the industry average and it has avoided slower growing international markets."

"Therefore, we conclude that IQ simply made up this non-cash contribution to add RMB 757.75 million of fraudulent deferred revenue which management uses to inflate its revenues."

"Lasertec’s largest customers – notably TSMC, Intel, and Samsung, which are 77% of its revenue – are struggling, exasperated, and/or furious with its EUV mask inspection system."

"The three most recent beats (and six times in PGNY's public history) relied on revenue recognized from increased unbilled A/R in order to surpass Wall Street revenue estimates."

"A visual representation of inventory as percent of revenue versus the five largest semicap equipment companies makes clear how unusual Lasertec’s reported inventory balance is."

"We believe a multiple re-rating is warranted given the tectonic shift in the competitive landscape. DKNG has previously traded as low as 1.7x revenues in late 2022 / early 2023"

"We strongly encourage the Board to de-emphasize revenue targets and instead compensate management primarily based on EBITDA and free cash flow per share targets going forward."

"Customer And Revenue Misstatements Along With Significant Promotion Tied To High Growth Areas Such As CTV, Video And Cookieless Technology Should Undermine Investor Confidence"

"IQ reported advertising revenues of RMB 8.16 billion and 9.328 billion to the SEC in those years, representing overstatements of 7.9% and 19.7% in 2017 and 2018, respectively."

"ACMR and ACMS trade at starkly different valuations. In the Chinese stock market, the Shanghai-listed ACMS trades at 6.0x 2025E revenue, an 18% discount to the 7.3x median for"

"We are troubled by the recent omission of intersegment revenue reporting without an explanation that we can identify and by the CFO's recent insistence it was "single digits"."

"Looking carefully at the accounts, we see that in 2024, the amounts added to deferred revenue dropped below amounts recognized for the first time since being reported in 2021."

"With no revenues and a depleting cash balance of US$ 113 million (~$0.50 cash/share as of 9/30/2021), we are short TMC and believe that its stock is going significantly lower."

"Brazil revenues represented 62% of the Company's total in 2018 and regression on SGH's historic financial performance shows that Brazil has been the key driver of its profits."

"Lasertec refuses to reveal how much of its revenue, orders, or backlog actually come from EUV, nor the trend – because, we think, the contribution is now likely close to zero."

"Thus, reported systems revenue has become less indicative of customer adoption, and actual systems revenue growth rates are materially lower once service revenue is excluded."

"Despite the history of past glaring executive incompetence, Edgio's product suite appears in good shape, showing sizable revenue growth in 2023, approaching breakeven EBITDA."

"Opportunities to generate revenue through in-house 3D printing would only make the economic benefits of switching from Invisalign to in-house printers even more overwhelming."

"While Monster's revenue growth slides to a multi-decade low, we observe that promotional discounts and allowances, sales, marketing, and advertising intensity are increasing."

"I would prefer the $1 of Cost Synergy because it flows entirely to EBITDA. By contrast, the $1 of Revenue Synergy will likely incur COGS, so less than $1 will flow to EBITDA."

"White Diamond’s New Findings will prove why AXDX’s Pheno system is unlikely to realize the revenue the street is expecting. The issues we have found have been missed by most."

"We are troubled by extremely low staffing levels, particularly at senior levels and during 2020, a year when the Company grew nearly 140% and posted $263 million in revenue."

"“Dongfang Trading Co. Ltd in the most recent two years almost doesn't have any revenue,” the aforementioned tax bureau insider informed me, “It's just like a shell company.”"

"Although the purported UMD Q-Lab already appears to be IonQ’s key source of revenue and bookings, he indicated the lab remains in the planning stages and is not operational."

"We believe DV made confusing statements about its international exposure. The international percentage was not of total revenue, but of the Direct (now Measurement) segment."

"Over two-thirds of this segment’s revenue comes from products rather than services, which makes Production Enhancement a typical commodity-price-sensitive oilfield business."

"A Capital IQ search for healthcare companies globally >$100MM revenue and >$500MM market cap yielded about 500 results – and only 2 companies with margins worse than Ginkgo."

"there was real pressure to produce, to do work in the Ginkgo foundry to produce revenue in their foundry that would have no real value for [key related party name redacted]."

"Vets First Choice recaptures this revenue source by delivering vet’s clientele with an online purchase experience and greater customer compliance (animal prescription use)."

"Genius trades at a premium to most of its Online Gaming industry peers based on 2021E & 2022E revenue multiples, despite having the second lowest 2022E revenue growth rate."

"Both executives agreed that Xylem overpaid and one believed Xylem needed even more cost synergies to make the deal work and that revenue synergies were not going to happen."

"Management is perhaps crediting itself for revenue from unbilled projects while simultaneously pulling from its Deferred Revenue cookie jar to create even more paper sales."

"Spruce Point believes there is significant downside to DV’s share price as the Company is signaling financial strain and difficulty in hitting lofty revenue growth targets."

"We may experience higher compensation costs to retain and recruit senior management and highly-skilled employees that may not be offset by improved productivity or revenue."

"Spruce Point believes Stryker is becoming more opaque with acquisition announcements. It used to provide some historical revenue context of deals, and now it often doesn't."

"Our North American operating expense estimate including SBC represents 45.4% of revenue, and thus an increase of over 180 basis points over pre-scil expense levels in 2019."

"With 25% of the physicians driving 70% of the revenue, you see massive price erosion, so although Omnia might be their flagship, what percentage of sales is coming from it?"

"From there, mid-single digit revenue growth with synergies ramping should drive high-single digit EBITDA growth and double-digit earnings growth for the next several years."

"Nuvei only reports revenue in one operating segment, and at a most basic level, does not give much insight into the mix of its merchant revenue across "complex" verticals."

"There is clear evidence that ecobee's revenues were greatly diminished in the past few years and have fallen wildly short of its goal to hit $1 billion of revenue by 2020."

"We believe Autodesk can achieve these targets through approximately $350 million of net cost savings and 55% incremental margins on consistent revenue growth expectations."

"The spread between sell-in and sell-out prices increased $10 per tire, equating to ~$400 million on 40 million U.S. replacement units (~205 basis points on 2023E revenue)."

"Based on our many conversations with Bristol-Myers management, we believe management is assuming ~$18 billion revenue contribution from Celgene's pipeline products in 2028"

"Kao's Consumer Products sales have yet to return to pre-COVID levels. Peers have grown their consumer goods revenues by over 10% on a quarterly basis over the same period."

"Intuit generates $1.2 billion of revenue from fundamentally less attractive sources that we believe should be valued at a multiple dramatically lower than the current 11x."

"To assess the authenticity of BEKE's reported GTV and associated commission revenues, we wrote a program to collect the publicly available booking data on BEKE's platform."

"PGNY's largest customer in 2018 accounted for 24% of revenue, meaning the Company would require over 30% revenue growth just to replace revenue from its hypothetical loss."

"As larger customers continue to grow their share of PBH's revenue, it may become more difficult for PBH to offset the pricing pressure by raising other customers' pricing."

"Based on Wilson's comments, Element AIM is expected to contribute $24-$27 million in revenue in 2022. Given the history of delays and obfuscation, we are highly skeptical."

"The majority of ROVI’s limited “growth” in “core” product revenue is due to subscriber growth at ROVI’s customers, not ROVI acquiring new customers or selling new products"