Callouts & quotes from 1,508+ activist slides

"We estimate that revenue per new store fell from $15.0 to $12.4 million ($178 to $172 per sqft.) between 2022 and 2023."

"Be Wary of Chasing SMCI’s Revenue Growth Story As Many Signs Point To Failure And The CEO Dumps Record Amounts of Stock"

"Spruce Point finds this maneuver particularly aggressive and gives the Company no credit for its “revenue adjustments.”"

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

"Revenue is the only metric difficult to manipulate, and would reflect USCR's negative true organic volume growth rates."

"Yet again, this data point calls into question why Leidos implied that ~90% of the deal revenue would be international."

"We think that within 6 months AXDX management will be forced to revise down reagent revenue expectations a second time."

"Peloton's interim co-CEOs are telling the same story of a recurring, high-margin subscription revenue stream business."

"Autodesk has spent $2.4 billion on acquisitions over the last five years, mostly for assets with little to no revenue."

"Counter-cyclical elements in fee revenue mitigate the impact of severe market downturns and provide earnings stability"

"Muddy Waters, LLC believes that DGW is the biggest fraud we have encountered so far in terms of revenue overstatement."

"Bristol-Myers management seems to be expecting five unidentified products to generate average revenues of $1.4 billion"

"The revenue trajectory for existing CAR-T therapies suggests it will be very challenging to achieve blockbuster status"

"Wall Street analysts expect Bristol-Myers to continue to grow revenue and leverage it into faster adjusted EPS growth."

"A significant improvement in cost management and modest revenue growth can drive nearly a 75% increase in EBIT by 2014"

"Analyzing recent commercial protection and safety deals, we find that revenue deal multiples are in the 1x – 2x range."

"Display revenue has declined despite approximately $900 million of acquisitions and investments to grow this business."

"“Pretty much all customers are struggling in phasing in the Lasertec tool”; current revenue likely previous pre-orders"

"SNAP is now trading at its largest-ever discount to social media peers despite generating the fastest revenue growth."

"Philidor represented only ~1% of Valeant sales last year, but grew to ~7% of total revenue in the most recent quarter"

"AMR's Coal and met segment revenues could be overstated by at least $107 million by including third party coal sales."

"We believe Skillz did not disclose these issues because they render the company's lofty revenue projections farcical."

"$524m is 97% of total revenues in FY 2016, and 70% more than CSTE's reported North American segment revenue of $308m."

"Salesforce's vision and leading market position has allowed it to grow revenue at a ~38% CAGR over the last 20+ years"

"Limbach’s limited disclosure, by contrast, makes it difficult to assess the sector concentration of its revenue base."

"Philidor represented only ~1% of Valeant sales last year, but grew to ~7% of total revenue in the most recent quarter"

"The Board is responsible for holding management accountable on improving its expected revenue return to at least 38%"

"Pure trades at 6.3x and 26.9x CY2026 revenue and EBITDA, respectively, representing 95% and 171% premiums to NetApp."

"Here is more evidence to suggest that Baker Hughes might be used as a "cookie jar" reserve when revenues are needed."

"For high growth and high multiple technology stocks, missing revenues is like the kiss of death for the stock price."

"For high growth and high multiple technology stocks, missing revenues is like the kiss of death for the share price."

"There is a strong possibility that close to half of STJ’s revenue is about to disappear for approximately two years."

"Revenue, Earnings Quality And Cash Flow Are Deteriorating With Clear Weaknesses In Accounting And Auditing Oversight"

"The Board is responsible for holding management accountable on improving its expected revenue return to at least 38%"

"Subtracting this $6.5M payment from Carvana's FY 17 gross revenue would cut FY 17 GPU by 10%, from $1,539 to $1,392."

"Box has repeatedly delayed and lowered its revenue target, leading to a total loss of credibility amongst investors"

"Southwest’s dated commercial strategy has resulted in the worst unit revenue performance among its peers since 2018"

"For a company demonstrating no revenue growth, Arconic has sure managed to win a lot of contracts over the years..."

"Even with large expectations for the pipeline, revenue will be declining, possibly impacting the valuation multiple"

"PERI also has conflicting average deal size reporting. This further undermines our confidence in revenue reporting."

"In fact, over the past four quarters, China has accounted for 30-45% of revenue for the leading U.S. WFE companies."

"Cutting R&D for a technology-centric business is a risky move that could hamper future competitiveness and revenue."

"Specifically, the Company Would Have to Generate $79 Billion in 2030 Revenue to Achieve Peer Median Revenue Returns"

"I think there’s a lot of window-dressing with Grossman and that’s why you’re not seeing this big uptake in revenue."

"Return to double digit revenue growth seems optimistic. Even analysts don't believe Zillow's 45% Adj. EBITDA target"

"Spruce Point believes that Remitly's playbook of finding revenue and cost levers to improve performance is waning."

"Spruce Point believes that Remitly's playbook of finding revenue and cost levers to improve performance is waning."

"Why doesn't the segment revenue plus freight revenue match the reported segment revenue? They should be identical."

"We believe this discrepancy illustrates that FTAI is categorizing revenue from whole engine sales as module sales."

"We question why PGNY would just not practice conservatism and recognize revenue when the full service is complete?"

"If we cut Morgan Stanley's revenue per doctor assumption from $63,000 to $36,600, it reduces the DCF value by $44."

"We question why Nuvei would buy a controversial entity, only to see its revenues decline sequentially post close."

"Against YY's reported Bigo revenue of $417.0 million, this yields an estimate that 59.1% of Bigo revenue is fake."

"Non-compensation expenses have grown faster than revenue (+34% expense growth vs. +21% revenue growth) since 2006"

"As of September 2009, top 5 customers account for [36%] of its total revenues, dramatically down from 88% in 2007"

"In the Final Days of December, FTAI Seemingly Parked Aircraft With an Intermediary to Record Questionable Revenue"

"Sunrun has consistently reported higher Subscribers than EIA Net Metering and Sales & Revenue by ~20% on average"

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"

"We believe that Bigo’s corrupted origin story and grossly overstated revenues make it YY’s most rotten business."

"Despite high AUVs and industry leading revenue, Darden's operating performance is significantly worse than peers"