Callouts & quotes from 1,508+ activist slides

"This is a false statement. The company misclassified sales as “Booked Annual Recurring Revenue” (BARR) which isn’t real sales."

"EH has only collected cash for 20% of its reported revenues since its IPO, or a grand total of RMB25.2 million ($3.6 million)."

"Management should not remove the divested business from the prior-year revenue base until the business unit has been divested"

"We find it highly suspicious that management now adjusts core growth for M&A only when doing so inflates core revenue growth."

"Product revenues have been basically flat for 4 quarters – typically a death knell for a company that sells a box with chips."

"The larger the difference between EV/Revenue and EV/EBITDA, the less profitable the business and the lower the EBITDA margin."

"Serious Concerns With $1 Billion of Revenue Between Brothers And Frontier Communications; Is It A Related Party Transaction?"

"Although these corporations have their own revenue sources, they could be potentially clawed back to pay the GO obligations."

"Our pro forma analysis illustrates that Stryker has the second highest SG&A margin among peers at 36.1% - 37.1% of revenues."

"The acquisitions we have analyzed are generally consistent in providing Olam with revenue, but with minimal (to no) profits."

"Why did management not increase revenue guidance by Next IT's full likely FY19 sales contribution following the acquisition?"

"Athena missed its organic revenue growth target for 2013, and analysts have cut revenue expectations for both 2014 and 2015."

"With such an insignificant presence in China's two largest media markets, we do not believe CCME's reported revenue numbers."

"The sell-side analysts above don't say how they came to their Instrument revenue % numbers, but they have their own process."

"Since DSP acquired Bonetone (now called HDClear) in 2011, it has continued to push out the timing of its revenue projections"

"Comparable benchmarking requires adjusting ADP's gross operational revenue for significant PEO pass-through revenue / costs"

"Without the subsidy from net interest revenues, BNY Mellon earns much thinner margins for the valuable services it provides"

"NQ is a massive fraud. We believe it is a “Zero”. At least 72% of NQ’s purported 2012 China security revenue is fictitious."

"Spruce Point is concerned that MSCI has gone through greater lengths to qualify its discussion about non-recurring revenue."

"This is the highest revenue Mettler-Toledo company in China with 38%, or $464m in revenue, and it has an incorrect address."

"Incremental Revenue and Profit recognized up front due to accounting change. Incremental Revenue carries 100% Gross Margin."

"Sony dominates the smartphone image sensor space with 70% revenue share and will benefit from this multi-year product cycle"

"We calculate this $22 million sale may have accounted for 50% of IONQ's core quantum computing revenues through Q3 in 2025."

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."

"The 2009 income statement showing RMB 2.3 million revenue (US$0.3 million) and a loss of RMB 6.5 million (US$1.0 million)."

"GGP’s long term lease-based revenue model offers embedded growth in good times and mitigates revenue declines in bad times"

"48 machines permitted at $400k - $500k per new Avalanche 1000 machine, we estimate $19m - $25m of total revenue potential."

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."

"SAIC filings suggest to us that the company has overstated Revenue by a cumulative RMB4.6 billion in the last three years!"

"Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment."

"Based on our diligence, we believe Crown Castle can achieve a 40% capex revenue ROI on $600M of Fiber discretionary capex"

"Given flat overall revenue growth, HH must be experiencing declining sales and losing market share outside of CTC stores."

"The magnitude of this alleged pay discrepancy suggests that revenue on her channel could be overstated by over six times."

"Spruce Point finds clear evidence that TASK's revenue per front line content security employee has been in steep decline."

"Spruce Point is always concerned when public companies become more opaque, especially when it comes to revenue reporting."

"We conclude from our estimates that BEKE's revenues are significantly inflated, even at BEKE's reported commission rates."

"The worsening trends in reported “Grow” revenue are therefore driven by increasingly weak sales of software applications."

"This is in stark contrast to Ginkgo’s related party disclosure, which reports only $73K of foundry revenue from Synlogic."

"In addition to revenue figures, FIGS management made several apparently false statements regarding key business metrics."

"Deliver improved revenue growth and achieve best-in-class EBITDA margins of up to 60% to 70% in the medium to long-term."

"SREC revenue has declined in the first half of 2020 and is beginning to contribute a smaller percentage of total revenue"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Spruce Point doesn't believe that SMCI is a high-quality company and that investors should not chase its revenue growth."

"None of these revenue streams or relationships appears significant enough to justify Publishing being 100% owned by TWX."

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Spruce Point finds more evidence that Magnite is under revenue pressure, and is prone to over-promise and under-deliver."

"DuPont's organic revenue growth has trailed peers in 5 of 7 segments (~71% of revenues) and has rarely met its own goals"

"Leidos revenues have increased ($11+$7+$11) = $29m from the IMX acquisition in 2020 not by $23m as described in the 10-Q"

"But we are overall concerned that audit fees are not growing in line with revenues, and are in fact in a downward trend."

"At the Q2 2019 call, a sell-side analyst also noticed the lower than projected reagent revenue per system (utilization)."

"Wall Street research analysts expect Pfizer's revenue to decline by 3% (9% increase excluding COVID) from 2023 to 2030."

"We believe there is a clear pattern of misreporting of acquisition revenue contribution by Generac between 2019 - 2021."

"Commvault is not executing against this paradigm and is delivering both exceedingly low margins and low revenue growth."

"These connections between performers and PUs further support our estimated that YY has fabricated ~90% of gift revenue."

"The provision was revised to a high of C$246.9 million, amounting to ~15% and ~23% of Wood E&I's gross and net revenue."

"Samsara derives almost 30% less annualized license revenue from forward facing cameras compared to dual facing cameras."