Callouts & quotes from 1,508+ activist slides

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

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

"Since the acquisition, Sole’s net revenue has declined 12.9%, and it only recently generated positive OP margin."

"Programs drive both predictable near-term revenues and long-term value creation with asymmetric upside potential"

"7. The related party “customers” are mostly fronts for Ginkgo and its revenue is therefore an elaborate fiction."

"It’s ironic that AUID is supposed to guard against fake logins, yet it provides fake revenue numbers in its PRs."

"Geographic Revenue Reporting Potentially Misleading, Enabling MPWR To Lower Taxes And Understate Customer Risks"

"Management was certainly aware that up to 45% of VIP revenue was attributable to the sale of products to PetIQ."

"We believe Skechers has dramatically increased its purchase commitments right as revenue growth begins to slow."

"We believe the aggregate impact of all these trends and changes has resulted in a worsening of revenue quality."

"We estimate DGW's actual revenue is no greater than US$800,000 annually, versus the US$154.4 million it claims."

"HBO revenue is expected to grow from $3.5 billion in 2005 to $4.7 billion in 2010, representing a CAGR of 6.1%."

"Revenue estimates crept higher despite Florida awards declining and estimates just increased after the LSP deal"

"Despite increasing investments in Sales and Marketing, BMC has failed to generate meaningful ESM revenue growth"

"Despite starting from a lower base, Kao’s growth target for Curél through to 2027 (8% revenue CAGR) lags peers."

"The Independent Peer Group's median market cap and revenue are well within both ISS and Glass Lewis guidelines."

"In Morinda's, case, we estimate that Morinda's revenues from China are inflated by 36% in 2017 and 51% in 2016."

"We expect Focus Universal to post revenue of $2 million in 2021, $45 million in 2022, and $150 million in 2023."

"In Morinda's, case, we estimate that Morinda's revenues from China are inflated by 36% in 2017 and 51% in 2016."

"26% annual streaming revenue growth and ~360 bps of average annual EBIT margin expansion over last three years"

"We remind investors that segment revenues are still below 2013 levels, and operating profits (still negative)."

"Cost of revenues and SG&A (and related taxes) were subsequently increased after the initial 4Q16 press release"

"Even at Considerably Smaller Revenue Scale, BMC's Growth is Extremely Unimpressive Relative to its Competitors"

"1H total revenue growth of 180%, Foundry revenue +41% - no mention of related party contribution or cash flows"

"We believe German entity revenues declined approximately 23% in 2020 based on disclosure in Heska's 2020 10-K."

"If the bad debt allowance is being manipulated, it stands to reason that revenues may also be manipulated too."

"For larger leagues representing a higher percentage of total dollars waged, the revenue share is less than 2%"

"Despite capital expenditures continuing to grow on both an absolute and relative basis, revenue has declined."

"GGP has over 24,000 tenants, with its largest tenant accounting for only 2.7% of revenue as of March 31, 2009"

"Heska doesn't actually disclose the amount of POC Lab Consumables REVENUE subject to subscription agreements."

"2026E revenue estimates have only modestly declined, with significant room for contraction and disappointment"

"In October 2017 Box accelerated its timeline to $1Bn of revenue, while claiming industry-best predictability"

"We believe fixing ADP’s competitive position will increase ES’s potential revenue growth from ~4% to 7% – 8%"

"Since 2/1/25, iRhythm has increased its 2025E revenue guidance by 6.6%, yet its stock price has climbed 43%."

"The chart below illustrates Zebra's cumulative inventory growth vs. revenue growth between 2018 and H1 2024."

"This provides strong evidence that LSPD accelerated revenue recognition, perhaps faster than it should have."

"Elliott scenarios reduce total Capex from 7.6% (Company guidance) to 6.0% of revenues (in Elliott Mid-case)"

"Higher interest rates may also potentially drive improvements in securities lending and FX trading revenues"

"NQ's purported $36.5 million on 2012 international revenue is absurd, and to be almost entirely fabricated."

"This still assumes ~$7 billion of revenue from five unidentified blockbusters in the earlier-stage pipeline"

"We believe ~35% of the Company’s revenue is tied to high volume / low-margin raw material-indexed contracts"

"Large revenue collapse in Q4'2018. Total revenues substantially less than $35m cited at time of acquisition"

"FY2002A ESM revenues include Other Software revenues. ESM and MSM revenues exclude Other revenues of $7.9mm"

"normalized Business segment revenue (excluding Other) fell -8.6% y/y in 2Q24, the worst in company history."

"Charging more to customers who do not elect GAP coverage to make up for loss of 100% gross margin revenue?"

"Our analysis suggests that revenue per employee has been down since 2018, and essentially flat thereafter."

"In Q4 2015, FX adjusted revenue growth was 6%, while FX adjusted SG&A and R&D fell 7% and 9%, respectively"

"This leads us to conclude that IonQ’s total cumulative revenue since inception to 9/30/21 was only $451K."

"Conservatively we estimate DKNG could potentially miss full year '25 consensus revenue estimates by 6.2%."

"Adjusting for PEO pass-through revenue in gross bookings, sales force productivity is down ~20% vs. 2011"

"We see this balkanization as giving Eurofins numerous dials to turn to create sham revenue and expenses."

"Frankly, they were looking at ways they could meet their revenue numbers, and this was one way to do it."

"We believe that this 56% increase in effective daily sensor cost contributed to observed revenue growth."

"A FY2018 Q3 offline revenue decline of -3.5% once again contravenes the implication of “healthy” growth."

"We view this as an indication that FND may be stretching for ways to reduce costs and increase revenues."

"How could auditors have signed off fictitious sales such as revenues from the German Institutional Bank?"

"Even using such a conservative assumption, we estimate that BEKE’s revenues are likely inflated by ~96%."

"Amcor's organic revenue decline appeared to accelerate in the period from Sept 30, 2019 to Dec 31, 2019."

"Amcor's organic revenue decline appeared to accelerate in the period from Sept 30, 2019 to Dec 31, 2019."

"This leaves us with a serious question: where is the RMB 930 million (~$135 million) of missing revenue?"