Callouts & quotes from 1,508+ activist slides

"Engie harvested the asset for cash, while HASI's most recently quarterly filing indicates that negative revenues and losses continue to accumulate."

"In court documents from lawsuits involving YY & Huya, we found that YY itself presented XHL as a reliable source for these companies' revenue data."

"While profits are on the come, Peanut Butter has a significant order backlog, which provides strong visibility to future revenue and profit growth."

"If ROAD / LSP misevaluated who is the actual customer in its business dealings, there is the potential that revenue has been inaccurately recorded."

"Popular amusement parks and golf clubs are steady businesses, but they require maintenance capex and capital for new attractions to sustain revenue"

"If valued at 0.5x to 0.75x NTM revenue, shares in Carvana would be fairly priced at approximately $9.60 to $16.00, implying 50%-70% downside risk."

"After paying for transport costs, at spot commodity prices, Pioneer’s revenues average $36 per BOE – compared to the $59 headline price for crude."

"Summing these FU groups’ gift contributions, we identified 48.0% of livestreaming gift revenue above to be fraudulent based on IMEI sharing alone."

"The revenue from 20,715 performers we monitored covered over 88.3% of the YY Live segment revenue as reported by XHL during the monitoring period."

"Assuming an implied purchase price of ~$30 billion, we estimate pipeline products will need to generate ~$15 billion of revenue to be NPV neutral!"

"We do not believe that this is a healthy, sustainable source of cash flow for a company experiencing stagnant revenue growth and financial strain."

"Based on a global peer benchmarking analysis in the dairy industry, we estimate Saputo spends the least amount of its revenue on R&D expenditures."

"Nothing new on this slide other than a $500m revenue target to anchor investor and analysts extreme enthusiasm to support its inflated share price"

"These numbers seem immaterially small, yet we highlight that each 0.01% decline in utilization represents ~$10M headwind to FY23 vs. FY22 revenues"

"In every other case, Ginkgo aggressively booked revenue and deferred revenue from related parties in which it invested. We were initially stumped."

"AOL appears to be pushing ads to Patch that could have been used on other AOL properties to inflate Patch revenue and justify continued investment"

"Reclassifications related to FX gains/losses in net finance cost and SG&A have been disclosed, but revenue revisions are continuing into Q3 2021."

"During our conversation with a senior industry executive, he told us he would question what makes up Genius’ 11% of revenues from sports leagues."

"Within Revenue Marketing, Customer Marketing remains the biggest immediate opportunity, and it aligns and focuses strategy & customer-centricity."

"In light of the abundance of revenue inflation evidence we uncovered, we believe such contribution patterns are hallmarks of yet more fake sales."

"We believe that most – to all – of that deferred revenue fell to the pretax income line. We also believe that most – to all – it – is fraudulent."

"One estimated that 25-50% of Nevro’s revenue comes from surgery centers pushing patients into "one stimulator and then another and then another.""

"We believe that CSTE is either not properly maintaining its assets, or overstating its sales volume and revenue while PPE remains underutilized."

"Its flagship ACTIS system is dependent on 3 customers – TSMC, Samsung, and Intel – who drove 77% of total company revenue in both 2022 and 2023."

"Significantly improve sales force productivity to benchmark standards to drive improvements in revenue growth with the existing cost structure."

"As the chart on the right demonstrates, revenue growth can be calibrated to the amount of capex spent: More revenue growth requires more capex."

"If we right-size the cost structure to the benchmark, there should be $400 - $500 million of EBITDA from the current subscription revenue base."

"Muddy Waters alleged that for NQ's claimed business revenue from national security products in 2012, at least 72% of the revenue is fabricated."

"With GNYHA responsible for 10% of total Premier revenue, Spruce Point believes that GNYHA has significant negotiating leverage against Premier."

"Recent revenue growth aside, Skechers' management team has presided over a blinding array of scandals, lawsuits, and questionable associations."

"Because State Street allowed its cost base to balloon in the good times and failed to rationalize costs when cyclical revenue reverted to norms"

"TWX's People, Sports Illustrated and Time continue to claim the top three spots with each magazine generating over $1 billion of gross revenue."

"These four movies combined generated $170 million or 2% of total US box office revenue generated by Warner Bros. and New Line from 2001 - 2005."

"Samsung Electronics is and has been the #1 DRAM manufacturer globally for over 20 years and has amassed a market share of nearly 50% by revenue"

"AOL / Time Warner was a highly promoted tech darling mired in accounting fraud charges for “materially overstating online advertising revenue.”"

"Perion's audit fees at just 0.10% of revenues are wildly below the average fee paid of approximately 0.44% in the advertising technology space."

"AOL / Time Warner was a highly promoted tech darling mired in accounting fraud charges for “materially overstating online advertising revenue.”"

"CareDx figured out a way to turn that on its head, commercializing the product first, and then generating revenue by studying whether it works."

"Consumables revenue of $3.9MM divided by 92 machines in the field yields $43K of consumable revenue per machine – or 2-3 runs, by our estimate."

"At a $1.2 billion market capitalization and trading at just 1x 2025E revenue, we think investors in ACMR are buying into an ultimate 10-bagger."

"We suspect that at related-party “customers” Motif and Joyn, Ginkgo may be round-tripping cash, and therefore potentially booking cash-revenue."

"As can be seen in this budget, any decrease in BTC mining revenues due to another drop in the price of BTC would produce an even worse outcome."

"As shown in the chart below, the more revenue Agility generates, the more money it loses - in that sense, Agility is more of the same for INOD."

"Spruce Point believes Genius’ revenue recognition practices and lack of financial disclosures leaves investors with many unanswered questions."

"Despite the growth opportunities and its #1 share in Japan and Asia, Fuji Xerox is on pace to report two consecutive years of revenue declines"

"Of note, close peer BioTelemetry was significantly more profitable at similar revenue scale. Thus, we question iRhythm's financial management."

"The data we collected corroborated a significant delta in the turnover with Mengniu and Yili exceeding Huishan in sales revenue by over 1500x."

"TWX does not break down revenues by business line within Filmed Entertainment, however, an estimate of the division's revenues are as follows:"

"as shown in the chart below, over the past 5 years, on average, the Company has spent almost double the percentage of revenue on R&D as peers."

"If NQ reports strong Q1 2014 advertising revenue, as Mr. Khan indicates, it would be absurd given the contradiction in Mr. Khan's own comment."

"Nidec’s revenue recognition policy is not as conservative as it can be, and in our opinion, could help to enable the alleged channel stuffing."

"The Business Tax YDT paid, which supports total transaction processing volume and therefore gross revenue of only $2.9 million, is irrelevant."

"Offshore spending, which today generates close to 50% of Core’s revenues and even more of its profits, is likely to decline for years to come."

"In this down-cycle, oil prices have fallen further and stayed down longer. Foreign capex has collapsed and this time, so have Core’s revenues."

"We believe management's plan is achievable, and the ARPU tailwind from Pulse will lead to ADT exceeding revenue and profit estimates over time"

"As of June 30, 2021, the Company had a deferred revenue balance of $11.9 million with Kalo, consisting of the non-cash consideration received."

"We suspect that this rapid increase in sales may be due to UFPT's notoriously aggressive revenue recognition method, bill-and-hold accounting."

"D-Wave's financial performance exemplifies the worst hype of the SPAC bubble era, with 2024 revenue coming in -88% below original projections."

"In other words, this is revenue that we believe is subject to overstatement by improperly eliminating Inter-Company receivables and payables."

"MSCI's biggest customer is BlackRock at ~10% of revenue with ~95% coming from fees based on assets in BlackRock's ETFs based on MSCI indices."