Callouts & quotes from 1,508+ activist slides

"GE has exhibited limited margin improvement - despite a beneficial mix shift toward higher-margin services revenue - because equipment margins have significantly declined"

"Ever since the deal has closed, Stryker has walked back revenue growth targets for Wright, and now talks about Wright as growing revenues 6%, or 50% lower than projected."

"The GAAP reporting understates Core's foreign exposure because when Core sends fluids from a well in offshore Angola to its labs in Houston, it counts it as U.S. revenue."

"While a 1,000 foot core from deepwater offshore West Africa is a $2-$3 million opportunity, a similar core from North American shale generates only one-tenth the revenue."

"We estimate that this defection and competition will decrease 2022E revenue by 35% and levered free cash flow by 80%, while net leverage should balloon to more than 8.0x."

"The biggest recent change is that revenue is no longer reduced by estimated amounts due to its credit card partner. This could be a lever used to inflate current revenue."

"YY has created the illusion of a third-party relationship while allowing the company to maintain control of its Potemkin ecosystem of fake viewers and inflated revenues."

"We observe that Monster's philanthropic arm filed no tax form in 2020 in a year the parent Company reported almost 10% revenue growth and more than 20% cash flow growth."

"In the context of our findings about unusual revenue reporting and margins, we are alarmed to see that MSCI's Chief Accounting Officer (CAO) resigned on August 18, 2023."

"We view this program as a negative development with ADI having to be more promotional to stimulate revenue. As a result, we would expect this to weigh on future margins."

"That is a remarkable reversal of fortune for a company that in just five months in 2013 contributed, by our calculation, €3.3 million in revenue to Ströer’s performance."

"Vocera issued long-term revenue growth commitments of 25%. However, by the time Stryker acquired the Company, its top line growth compounded at just 11.4% over a decade."

"It appears that WTRG may be inflating revenues by making a stealth change in 2021 that included in revenues the full impact of infrastructure rehabilitation surcharges."

"We believe HIMS is an e-commerce business selling generic products and services and currently trades at a large premium to peers as a result of its high revenue growth."

"The Access business has experienced significant declines in subscribers and revenue as users migrate to competitors' high-speed broadband and low-cost dial-up services."

"As we discuss in a later section, we think that related party “customers” like Kalo Ingredients are fronts for Ginkgo and its revenue is therefore an elaborate fiction."

"Allonnia financials buried at end of SPAC prospectus show $24.5MM of R&D expenses in 2019, simultaneous with Ginkgo booking $24.5MM of deferred revenue from the entity."

"We believe there is further reason to be suspicious of CLEAR's revenue quality. The Company gives inconsistent descriptions of the factors driving the revenue increase."

"The GSEs' balance sheets do not reflect the ~$32bn in annual net revenue they will receive from g-fees on their existing ~$7 trillion of outstanding single-family MBS."

"Therefore, we believe that neither of management’s stated reasons for its overwhelming revenue contraction offer a robust justification for its lackluster performance."

"Heska's rich 9x revenue multiple is being applied to all revenues. However, three segments that comprise nearly half of the Company's revenues are clearly not growing."

"The GSEs' balance sheets do not reflect the ~$32bn in annual net revenue they will receive from g-fees on their existing ~$7 trillion of outstanding single-family MBS."

"We observe that Zillow’s recent Audit Report now shows more scrutiny of the Premier Agent program, with a specific reference to testing revenue recorded by management."

"The timing and scale of any such rebate may be difficult to predict and may cause fluctuations in our quarterly and annual revenues, gross profit and operating profit."

"RUN is constantly building PV Systems. There is a matching cost to revenue, or a matching cost to systems, problem. RUN does not match the costs to their system flow."

"Spruce Point believes that the diverging fortunes between Dycom and its telecom and media clients which constitute 90%+ of contract revenues is not likely to persist."

"AMR has a history of shifting freight and handling revenues among segments. Without explanation, all of this revenue was allocated to its Trading & Logistics segment."

"With half of revenue from cost-plus contracts, pre-corporate EBIT margins in GY's aerospace segment have consistently been between 9.8% and 11.7% for the past 8 years"

"Without the assistance of revenue acquired in Q4, we estimate that Verint would have missed its Q4 revenue guidance for FY19 (as of Q3) by a significant $9.6M (-2.9%)"

"Without the assistance of revenue acquired in Q4, we estimate that Verint would have missed its Q4 revenue guidance for FY19 (as of Q3) by a significant $9.6M (-2.9%)"

"Moreover, we struggle to comprehend the market's willingness to ascribe a SaaS revenue multiple to a company that neither developed or owns the product it is selling."

"Although CoreWeave’s reported revenue concentration from Microsoft will decline once newly signed agreements with OpenAI begin contributing, this shift is misleading."

"This means that Moyi Shenzhen and Moxian are no longer able to provide information services or legally generate revenue through placing ads on non-internet platforms."

"The problem facing carriers is systemic: revenue growth is outpaced by the cost of delivering data and is increasing as smartphones and tablets penetrate the market."

"13. IonQ’s revenue and bookings are driven by phony related-party deals and round-tripping, creating the illusion of commercial momentum prior to listing via a SPAC."

"We recommend Autodesk target a minimum of 300bps reduction in G&A spend as a percentage of revenue, which represents approximately $165 million of potential savings."

"As revenue growth slowed, Autodesk’s incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target"

"We believe that EHTH has now decided to book an additional ~15 years of forecasted commissions in order to squeeze further revenue growth out of their customer base."

"Doing the math, Arconic should produce at least $12.58 billion of revenue and ~$2 billion of EBITDA in 2017 vs. management’s $12.1 billion and $1.815 billion targets"

"While Sunnova presents Adjusted EBITDA to investors, treating interest and depreciation as non-core expenses, interest plus depreciation exceeds the Company revenue."

"Twist had negative gross margins as recently as 2018, despite meaningful revenue of $25MM and a negligible asset base, turning sharply positive immediately after IPO"

"Given its product mix, Oasis believes Kao should over time be spending closer to 15-20% of Consumer Goods revenue on marketing depending on the ultimate product mix."

"Spruce Point estimates that there are upwards of 41,000 people selling C3's product suite. Yet, its revenue results imply a meager $5,100 of revenue per salesperson."

"In Lasertec's case, the offset is highly anomalous inventory of ¥162B/$1.1B, hitting 120-130% of revenue in some recent quarters and currently at 70% of LTM revenue."

"Core bragging about a 32% increase on what we estimate to be 10-15% of its total revenue is a bit like Congress bragging about a 32% increase in its approval rating."

"We recommend Autodesk target a minimum of 300bps reduction in G&A spend as a percentage of revenue, which represents approximately $165 million of potential savings."

"As revenue growth slowed, Autodesk's incremental margins declined to 50% – below prior levels and below the 55% incremental margins we believe Autodesk should target"

"This consistent delta implies that Sunrun’s (non-GAAP) Subscriber numbers materially exceed additions of PV systems from which Sunrun generates Subscriber revenues."

"BK can create $11 - $21 per share of incremental value by 2017 from incremental net interest revenue depending on the pace of short-term interest rate normalization"

"Oasis believes that by implementing a marketing campaign and looking to expand well beyond its traditional salon channel, Oribe should reach similar revenue levels."

"Actual revenue for the Company’s TiO2 business ended up significantly lower than what had been communicated to shareholders at the time of the Rockwood transaction."

"CareDx likes to boast that surveillance usage "helps build the recurring revenue effect of AlloSure" but we think that it's helped build an AlloSure house of cards."

"In 2016, DFRL’s liabilities were substantially all (97.4%) composed of pre-payments or advances from customers; or as stated in TAL’s financials, deferred revenues."

"PBH continues to not disclose new product revenue contributions or R&D costs. According to the SEC’s letter to B&G, if material, this information must be disclosed."

"Box has issued a new long-term revenue target almost every year since its IPO, and to date, has missed every single long-term revenue target it has ever published."

"While ADP would report 3.7% total client growth under this scenario, client mix-adjusted revenue would be flat (before sell-in, price, pays-per-control, mix, etc.)"

"iRhythm has been preparing investors for the take-off of its UK business for almost eight years. As of 2023, revenue had flat-lined due to a lack of reimbursement."

"Starting in FY 2022, Saputo stopped disclosing historical revenues of acquisition targets in its AIF after regularly providing the information over multiple years."

"Because FGD historically represents approximately 60% - 75% of RINO's reported revenue, these fabrications show that RINO is significantly overstating its revenue."

"With sales growth from new products likely to slow through the coming years, Hill-Rom may once again be forced to rely on M&A as its main source of revenue growth."