Callouts & quotes from 1,508+ activist slides

"FIGS trades at a material premium to DTC and retail/apparel peers at approximately 4.0x 2022E revenues."

"Despite the CEO's overly bullish comments, we find no organic growth driving the Other Revenue segment."

"Despite MPWR talking sustainable 40-50% revenue CAGRs, actual results are decelerating fast in H1 2019."

"We believe consensus expectations on revenue growth and Adj. EBITDA margin expansion are not realistic."

"GCP is among the smallest of its peers based on revenue, number of employees, and market capitalization"

"Citron believes the whole thing is a fraud to create invoices to deceive the auditors and book revenue."

"This entity has 20% of Mettler's China revenue, $243m, and has no operations at its registered address."

"This fact pattern is concerning in the context of revenue issues we illustrate with the current assets."

"While existing box storage market is well penetrated, the remaining unvended segment is 3x IRM revenue"

"Simon expects to lose less than 2bps of total revenue as the result of rent relief concessions in 2009"

"Simon expects to lose less than 2bps of total revenue as the result of rent relief concessions in 2009"

"There is a potential risk that Celgene could lose greater than 60% of its current revenues before 2026"

"Kao needs to shrink the number of brands and focus on aggressively growing the revenue of what remains"

"Kao needs to shrink the number of brands and focus on aggressively growing the revenue of what remains"

"Sony currently is largely exposed to smartphones (>90% of revenue), but is gaining share in automotive"

"Despite an approximately even distribution of patents, 93% of license revenue comes from Tessera Inc."

"Midpoint of Company revenue guidance is for the rest of the business ex-EPS and auto sheet to shrink!"

"DLO's outlier Take Rates are dependent on outsized revenue from foreign exchange ("FX") transactions."

"Even though RazorInsights has 25 customers, athena left its revenue guidance substantially unchanged."

"Where is the ~RMB 930M (~$135M) of revenue that $QTT reported to the SEC but not to the SAIC in 2018?"

"However, XPO reports to investors virtually no impact to organic revenue from currency fluctuations."

"In 2024, CCEP reported +6.3% volume growth, or 50% below the 13% revenue growth reported by Monster."

"3 of its last 7 acquisitions have represented between 6.3% and 8.4% of Globant's prior year revenues"

"Porch Has The Lowest Revenue (And Is The Only Cash Incinerating Company) 10 Years Into Its Existence"

"In some quarters in 2022 and 2023, inventory hit 120-135% of revenue, compared to a baseline of 30%."

"Revenue has declined dramatically despite expense ratios that are way out of line with peer averages"

"Since FY2013, revenue has increased by 37% while operating income has declined dramatically by 37%."

"Spruce Point estimates that revenue from recent acquisitions declined sharply by approximately 50%."

"Therefore, on what basis are investors to believe anything the CEO claims about long-term revenues?"

"Lazard has the most scale among the publicly-traded boutiques as measured by total advisory revenue"

"The $40.0 million should be recorded as “other income” or the “gains from investment”, not revenue."

"In 2019, AIP target weighting was changed to favor "Total Revenues" and rewards lower margin growth"

"Since FY2013, revenue has increased by 37% while operating income has declined dramatically by 37%."

"At a slightly discounted price of $40MM each, Intel’s fabs could drive $100MM/year revenue at most."

"While this segment is small at 13% of revenues, it is very profitable with mid-30's EBITDA margins."

"Spruce Point observes that long-term deferred revenue is in rapid decline and headed towards zero."

"We wonder why a niche, unexceptional, low-growth business is deserving of an 11x revenue multiple?"

"While only 1% of current revenues, we don't view it as a strong growth driver to the equity story."

"3. We believe that Ginkgo is concealing the true extent of its dependence on related-party revenue"

"Recent revenue, same store sales, and operating margins continue to be the worst among OSS peers."

"We believe that only 10% of Lowe’s revenues face a high risk of competition from online retailers"

"Relatively flat margins despite revenue growth demonstrates the Company's failure to attain scale"

"We believe there is an opportunity to increase revenues in APAC through tiered product offerings."

"Continued revenue growth decline, notably in Q4 which has historically been the strongest quarter"

"ACMR has a massive balance sheet asset that begins converting into revenue a year after shipment."

"athena slipped an accounting change into its third quarter 10Q to accelerate revenue recognition."

"In FY24, Disney is expected to have ~90% of Netflix's current LTM revenue... but still lose money"

"Its financials show a much smaller revenue contribution from FX than DLO's entity financials do."

"From 2010 to 2011, AOL spent approximately $2.59 for every $1.00 of incremental Display revenue."

"Therefore, we believe, recognizing VIK as revenue, and its benefits to growth, is disingenuous."

"Sustainably improve Box’s revenue growth through improvements to the go-to-market organization."

"Margins have deteriorated as noninterest expense has grown rapidly against stagnant fee revenue"

"MSCI's revenue valuation premium is difficult to reconcile in relation to its projected growth."

"We believe that a consequence of the above is that Quintis is actually buying its own revenues!"

"We Believe Zillow Is Using Aggressive Accounting Methods To Boost Revenue, Margins And Earnings"

"Why are they recognizing gross course revenues in one case and just its portion in the latter?"

"The real reason for the elevated inventory is likely a result of overstated revenue and profit"

"Going fwd 2022: "Moving forward, we expect capital expenditures to approximate 3% of revenue.""

"As part of the Cresco IL portfolio, we discounted 2020 rent revenue by 48% due to overpayment."

"According to MW’s report, this is overstating the actual revenue by more than 27 times and 40"