Callouts & quotes from 1,508+ activist slides

"Box’s revenue growth rate continues to decline despite repeated promises from management regarding a reacceleration of revenue growth."

"Content is estimated to generate $20.8 billion in revenue (44% of TWX’s total revenue) and $4.3 billion in OIBDA (36% of TWX’s OIBDA)."

"This runs contrary to the $1.4 billion in [projected] sales, which is significant enough that OEMs would love that incremental revenue"

"Because New Vision is a related party, we do not believe that these revenues to Flexopt actually represent true economic transactions."

"We also observe that client churn and downgrades are detracting more from revenue growth than has been gained from new client revenue."

"JP Morgan has delivered faster revenue growth and deeper expense reductions than BNY Mellon in key investment services business lines"

"1) Servicing (~85% of EBIT) has grown revenue +6% p.a. 2) (+) Gross margins 3) (-) SG&A ratios 4) Alstom upside 5) Capital allocation"

"The inconsistency between VAT and reported revenues highlights the accounting strains resulting from significantly cooking the books."

"In this scenario, the company loses market share and revenue, but continues to operate its Traditional CRM and Heart Failure segment."

"Spruce Point observes that Telaria's revenue and, especially its EBITDA, continued to disappoint up until the deal closed in Q1 2020."

"In the critical new home sales category, the primary driver of revenues, we estimate that BEKE overstated GTV by ~126% in 2Q-3Q 2021."

"Absent the Covid-19 decline in 2Q20, PGNY's revenues from its top 2 customers peaked in 2Q22 and witnessed its first decline in 3Q22."

"KapStone contribution revenue of $2.8bn for WRK's FY2019 is below KapStone's fiscal year projections disclosed in the proxy statement"

"By backing out each acquisition's contributions to deferred revenue and receivables, we find evidence of substantial organic decline."

"The SMB and online sales segments, which primarily serve customers with fewer than 500 employees, combined for <30% of total revenue"

"Other International revenue rises by ~5x the average quarter-over-quarter increase in the quarter following the Crossmed acquisition"

"In instances where we do not have reporting from our partners, we estimate revenue based on information available to us at the time."

"NQ's larger than expected revenue growth and increased guidance are the only tools it has as it attempts to keep its stock price up."

"To the extent that some additional paper revenue might have been needed, these scattered agents would be well positioned to deliver."

"36% of Q1-Q3 revenue came from Duke/UMD, but quickly doubled to 70% in Q3 – just as IonQ needed to show growth for the SPAC listing"

"Given the immaterial level of IonQ’s revenue, the company has tried to re-frame the narrative around bookings and bookings growth."

"Administrative Fees regularly represent over 50% of Premier revenue (after adjusting for discontinued specialty pharmacy business)"

"Spruce Point has concerns about Saputo's revenue reporting. There's an old saying, "if you can't measure it, you can't manage it.""

"TWC's general and administrative expenses as a percent of revenues are projected to improve by more than 200 bps from 2006 - 2009."

"The tables below show that IQ only reported RMB 1.95 billion of advertising revenues to the SAIC in 2015, an overstatement of 74%."

"While listing many marque leagues, we have found evidence to have us believe these partners do not pay any cash revenue to Genius"

"We believe Procept will fail to meet revenue growth, and thus profitability expectations and faces long-term existential threats."

"Resilient Parks business supporting nearly 40% of revenue and 70% of EBIT; scale and diversification across distribution channels"

"ABS growth starting to slow below the overall segment growth rate. IAS has already achieved 70% of DV’s revenue in much less time"

"The GSEs' balance sheet quality is enhanced by their contractual future revenue, as well as their ability to gain share in crisis"

"Resilient Parks business supporting nearly 40% of revenue and 70% of EBIT; scale and diversification across distribution channels"

"The GSEs' balance sheet quality is enhanced by their contractual future revenue, as well as their ability to gain share in crisis"

"Lasertec reports the highest EBIT margin of any semicap equipment company in the world with more than one billion USD of revenue."

"When adjusted for acquisitions, Box’s R&D expense has continued to grow quickly, even as revenue growth continues to decelerate."

"The decision to focus on a product resulted in over $500 million of investment, limited revenue generation, and mounting losses."

"Therefore, we focus on “Net Operational Revenue” and “Net Operational Profits” which excludes PEO pass-throughs and float income"

"SIX and its closest peer Cedar Fair (FUN) have consistently generated mid-single digit revenue growth in normalized environments"

"We believe that If volumes of production are an “estimate” than Oatly’s entire reported revenue stream should also be qualified."

"NQ's online (lack of) card sales affirms our physical store checks that show the cards are obscure and immaterial to NQ revenue."

"The latest amendment opens up the door for more aggressive revenue recognition in regard to Baker Hughes reselling arrangements."

"VAT data from the State Administration of Taxation (“SAT”) show that Huishan reports a significant amount of fraudulent revenue."

"Excluding the estimated $110M net tailwind to revenues that will not repeat in FY23, sell-side estimates look wildly optimistic."

"Today, Crown Castle is spending significantly more capex to achieve disappointing revenue growth because its capex ROI is poor."

"Furthermore, despite a significantly larger revenue base, management’s visibility into the business has been severely impaired."

"Celgene's four blockbuster marketed products account for 94% of 2018 revenues – the majority of which will disappear after 2026"

"Over the next five years, revenue is expected to grow to $13.4 billion in 2010, representing a CAGR of 6.9% from 2005PF - 2010."

"We suspect this language changed because whole engines make up a material portion of inventory and Aerospace Products’ revenue."

"Zinc today is about 30% of the revenue. All I have time for is to say that zinc is another commodity used in galvanizing steel."

"we find that AFAM’s “true” bad debt expense was at least 4.5% of net service revenue – nearly 2.5x the figure reported by AFAM."

"As you can see, the hospital segment is forecast to grow from zero to more than 40% of athena’s revenues... How likely is that?"

"Sony's acquisitions of stakes in Sony/ATV and EMI were well-timed to take advantage of future growth in music industry revenues"

"What we found in SAIC filings was devastating, Ganji seemed to have lost over 95% of its revenue since the acquisition by WUBA."

"We believe EH is using these sham contracts with Kunxiang as the basis fabricated sales that make up most of its total revenue."

"We will explore how Kornit focuses investors on its 20%+ revenue growth, but has historically struggled to generate cash flow."

"BILL’s ‘Rule of 40’ Score has been stagnant for 3 years as revenue growth has slowed and margins remain well below peer levels"

"We believe this transaction was a sham intended to burn off fake revenues and siphon off cash from IQ’s recent Nasdaq listing."

"We question whether the fund has ever invested in a company the purpose which was not to recycle R&D “revenue” back to Ginkgo."

"Under Flex, Zillow only gets paid if leads convert. If there are no transactions, Zillow's Flex revenue is theoretically zero."

"By Q2 2016, nearly half of PLUG’s Adjusted Revenue, and all of its Adjusted Gross Profit, was attributable to these add-backs."

"It appears to be more than a casual mistake that Revenues and Net Income were overstated by 68% and 98%, respectively in 2018."