Callouts & quotes from 1,508+ activist slides

"The deal was valued at $310m, putting a 2x revenue multiple on the business that was being turned around, and starting to grow at nearly 20%."

"At a revenue run rate of $40-50 million per year, we estimate that Patch would still lose approximately $79 million to $133 million per year."

"CORZQ’s budget disclosed in its bankruptcy filing anticipates a 7-fold increase in the amount of hosting revenue that it brings in per month."

"The alarming spike is apparent visually – we show inventory as a percent of both revenue and assets annually from 2010 to the last 12 months."

"Accordingly, we believe that YY helps Big Li prop up his and other performers’ popularity—and YY revenues—by spending far more than he gets."

"Warning: We believe Oatly's revenue disclosures are insufficient and not what we'd expect from a company with a 20-year operational history."

"Revenue targets of 3 - 4% CAGR in Investment Services do not reflect ability to capture the long-term growth prospects of underlying markets"

"2U likely stopped disclosing revenue per cohort in 2016 because they did not want investors to be able to point to underperforming programs."

"We forecast high-single-digit revenue growth underpinned by ~7% annual net unit growth led by China as well as other underpenetrated regions"

"Revenue from recent acquisitions has declined double digits for three quarters and incentive earn-out payments also fell sharply in Q2 2023."

"Rollins frequently cites the recurring nature of its revenues, but fails to provide regular updates about gross, net, or acquired customers."

"The segment's revenues and margins have been fairly stable because it specializes in multi-year projects, especially offshore and deepwater."

"Parsing through Heska's revenue disclosure also shows that CVM revenue has declined the past two years, and the YoY decline is accelerating."

"You’d expect results in excess of the “targets” of 30% annual revenue growth, and improving gross and operating margins. But you’d be wrong."

"If all goes according to forecast, revenues will compound at 18% for the next 15 years and athena will become a $10 billion revenue company."

"Goldrone's revenue peaked in 2018, with only US$476,000 (₩700,000,000) in revenue, while incurring a loss of over US$400,000 (₩600,000,000)."

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"We are concerned by the continued rise of noncash revenue as Genius has stated it will continue to “aggressively deploy its “contra” model”"

"In contrast, Muddy Waters sees significant SAIC filing discrepancies – particularly in the revenue line – as important indicators of fraud."

"If TheFork is sold at 5x CY26E revenue and Viator improves its EBITDA margins, Tripadvisor trades at just ~3.0x EBITDA on a pro forma basis"

"BK's ever-deepening gap of core revenues / average employee in comparison to State Street show significant increasing employee inefficiency"

"Kratos' premium valuation of earnings and EBITDA does not reconcile with its below average financial performance and mix of revenue quality"

"The GSEs’ balance sheets do not reflect the ~$30bn in annual revenue they will receive from g-fees on their ~$5 trillion of outstanding MBS"

"As seen in the table below, Axon has been booking substantially more revenue under “multiple performance obligation” accounting since 2014."

"Through consistent revenue growth, proactive cost measures, and improved incremental margins, we believe BILL can be a ‘Rule of 40’ company"

"If TheFork is sold at 5x CY26E revenue and Viator improves its EBITDA margins, Tripadvisor trades at just ~3.0x EBITDA on a pro forma basis"

"Lasertec's largest customers – notably TSMC, Intel, and Samsung, which are 77% of its revenue – are struggling, exasperated, and/or furious"

"We need management focused on achieving at least 38% revenue growth return and the Board focused on accountability and raising expectations"

"Flexopt hardly constitutes a business, with basically $0 in revenue and is simply using CoreCard's own loan to pay for CoreCard's services."

"NBEV ends up paying 50% of revenue for the licensing deal, yet our research indicates that standard rates for this industry are around 25%."

"NQ has its co-headquarters in the US, spends significant sums of money on PR, and yet does not generate meaningful revenue in this market."

"Applying 100% of cost synergies to marketed products would imply EBITDA is higher than revenue from 2024 - 2028... But this is impossible!"

"Note: Revenue on Huishan's online sales outlets, TMall Taobao and Suning Huishan Flagship, were so small they display as effectively zero."

"Based on drivers of change in revenue for the 3 and 6 months ended June 2019, we find that FLAWLESS’ revenue contribution does not add up."

"What happened to management's pre-deal 5-6% revenue growth estimate for Almost Family? What happened to “better, faster, stronger” growth?"

"Historical entertainment studio transaction comps indicate multiples for Sony Pictures ranging from ~12 - 22x EBIT and ~1.5 - 3.5x revenue"

"Increasing revenue from plant-based alternatives directly impacts FIVE of the top 10 ESG factors that are most important to stakeholders:"

"Accounting for 20% of 2021 revenues and making a major contribution to growth, Skechers' China business is vital to its investment story."

"Third-party app data shows installations of the three games responsible for 88% of SKLZ’s revenues all declined substantially in Q4 2020."

"Asia Pacific revenues declined in 2018 and at 10.9% represented the lowest % of total company revenues in its history since coming public"

"Ginkgo discloses revenue and/or deferred revenue from four “Platform Ventures” – its term for de novo related party companies it created."

"We are concerned that Zillow may be inflating its revenue with unrealistic assumptions and masking the true deceleration in its business."

"Goodyear’s consumer retail business only accounts for ~7% of total revenue but could be worth nearly the Company's market capitalization"

"NIKE is a high quality business that should compound long-term earnings at a high rate due to strong revenue growth and margin expansion"

"Oasis believes this fact alone demonstrates the significant limitations facing Kao brands to expand and diversify their revenue streams."

"In fact, we see recent evidence of strain leading up to the auditor change with commissions falling in 2022 despite revenues increasing."

"Even PeptiDream’s biggest successes demonstrate the overall inability of the company to generate meaningful revenue from its technology."

"Per the below SAIC financials, MobilePeak generates virtually no revenue, has negative net income, and has negative operating cash flow."

"We believe Intuit may have attempted to boost Credit Karma revenue just as operating results in that segment were rapidly deteriorating."

"A small insightful survey of China distributors shows significant local competition, and revenues expected to decline mid single digits."

"Based on PBH's disclosed peer group, its revenue weighting of 50% is the only company above 35% and double the peer group median of 25%."

"So for a brand company, I prefer the agent-distributor model, in which case I can more quickly more regularly receive my revenue stream."

"NIKE is a high quality business that should compound long-term earnings at a high rate due to strong revenue growth and margin expansion"

"Management pronouncements may help explain inferior AUC/A growth rates but do not explain inferior asset servicing revenue growth rates"

"Networks is expected to become increasingly important to revenue and OIBDA growth at TWX given the division's strong forecasted growth."

"Revenues and OIBDA for TWC over the 2006 - 2010 period will be driven by growth in all products (video, high speed data and telephony)."

"SBUX has grown EPS in the mid to high-teens driven by revenue growth from SSS and new units, as well as operating leverage and buybacks"

"The valuation of AlloSure, then, is closer to 48x trailing revenues and over 30x the most recent quarter’s annualized revenue run-rate."

"Recession resilient: total revenues grew 4% in 2008 and 3% in 2009 (organically); overall industry also grew in both of last recessions"

"Spruce Point believes Kalshi will continue to operate while in litigation and DKNG's full year '25 revenue consensus is likely at risk."