Callouts & quotes from 584+ activist slides

"[2023 profit sharing was] definitely underwhelming. And it's probably going to continue that way for another year or two... We have a little bit of a revenue problem right now, right?... We also have a lot of cost creep on the expense side of the house, right? So in order to have profit sharing, you have to have profits. And so those profits have been shrinking. — Southwest Captain Damian Jennette, February 2024"

"[2023 profit sharing was] definitely underwhelming. And it's probably going to continue that way for another year or two... We have a little bit of a revenue problem right now, right?... We also have a lot of cost creep on the expense side of the house, right? So in order to have profit sharing, you have to have profits. And so those profits have been shrinking. — Southwest Captain Damian Jennette, February 2024"

"[2023 profit sharing was] definitely underwhelming. And it's probably going to continue that way for another year or two... We have a little bit of a revenue problem right now, right?... We also have a lot of cost creep on the expense side of the house, right? So in order to have profit sharing, you have to have profits. And so those profits have been shrinking. — Southwest Captain Damian Jennette, February 2024"

"[2023 profit sharing was] definitely underwhelming. And it's probably going to continue that way for another year or two... We have a little bit of a revenue problem right now, right?... We also have a lot of cost creep on the expense side of the house, right? So in order to have profit sharing, you have to have profits. And so those profits have been shrinking. — Southwest Captain Damian Jennette, February 2024"

""So we’ve got Alex [Fala] who is our FO. He’s been with me for just on a year now and he’s stepping into the role as acting CEO to free myself up to go out and find that global CE that we’re looking for; who knows how to grow a business from that $20 million of revenue to over $100 million of revenue, and in quick order." — Vaughan Rowsell, Exit Interview: Vaughan Rowsell steps down as CEO of Vend, Idealog, 2016"

"[2023 profit sharing was] definitely underwhelming. And it's probably going to continue that way for another year or two... We have a little bit of a revenue problem right now, right?... We also have a lot of cost creep on the expense side of the house, right? So in order to have profit sharing, you have to have profits. And so those profits have been shrinking. — Southwest Captain Damian Jennette, February 2024"

""It is one service, I think it has the highest retention numbers of any of our service offerings. So we have proven to our customers over and over again that we provide a very effective mosquito service, but if there's still high skepticism, and I think it'll make up less than 2% of our business last year. It will be probably under $20 million in revenue or around $20 million of revenue." — CFO Cynkus, Q1 2014"

"“But I think what's also clear, and you'd understand this, we're not spending cash. So, appropriately, they put GAAP revenue, but there's no cash revenue that we're spending over at Ginkgo right now because we have credits that go back from 2018 when they got $40 million worth of equity in Genomatica as part of our Series B and in exchange, they gave us a bunch of R&D credits.” — Senior Genomatica employee"

"And then lastly, in terms of utilization, I know you're maybe not ready to break out a specific revenue number. But I think, according to our model, I think the current utilization still came lower than we modeled. — Julia Qin. Yes, good question. As we've discussed, our expectation is to have an annuity in the range of 45,000 to 65,000 per instrument. And that's what we're seeing currently. — Larry Mehren"

"[Y]ou can see as you move to the right, national accounts spaces for clients with employees over 1,000. We have about a little over $2 billion of revenue in that space and 4,000 clients. — Chris Reidy, CFO; And so this business -- our upmarket business is a little less than 20% of our overall [ES] revenues. So just to kind of put things in context. And it's 2,000 to 3,000 clients. — Carlos Rodriguez, CEO"

"With regards to what bookmakers spend with data providers, here is what a sportsbook will pay as a revenue share. The only way to reach 5% of GGR is for Genius to fully trade for the sportsbook (this is called outsourced trading services and is a tiny part of GSG's business). My sportsbook and every other one would never outsource their trading to Genius and not pay 5% of GGR. — Betting Industry Expert"

"As the in-vehicle devices do not have value to the customer on a standalone basis, the delivery or installation of the in-vehicle devices does not represent the culmination of a separate earning process associated with the payment of the up-front fee. Accordingly, we record the amount of the up-front fee as deferred revenue upon invoicing and recognize that amount as revenue ratably. — Fleetmatics 10-K"

"The cost of revenue for our movie theater and traditional outdoor billboard network increased 101% from $28.5 million in 2007 to $57.3 million in 2008. The increase is primarily attributable to...increased leasing costs associated with time we rent on movie theater screens as a result of an increase in the number of theaters we lease in our network from 10,930 in 2007 to 27,164 in 2008. — 2008 20-F"

"widespread accounting violations — SEC. "pushed employees to maximize end-of-quarter revenue, yet failed to devise and maintain sufficient internal accounting controls to accurately record revenue." — SEC. "improperly under-reported certain expenses" — SEC. "engaged in two additional practices over the course of several years that systemically overstated inventory and understated expenses." — SEC."

"Based on the 2023 AGM proxy filing list of companies used as a reference for compensation benchmarking purposes. These are companies “that are in our industry or have similar lines of business, are competitors for our executive talent, are large, complex organizations with global reach and / or similarly sized from a revenue and market capitalization perspective” — BlackRock 2023 AGM Proxy Filing"

"“What’s different [for Southwest] vs. some of the smaller domestic airlines is that Southwest has the network depth & breadth, balance sheet and brand to pivot quickly. Unfortunately, they have been slow to move, while industry costs ballooned. Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment.” — Melius Research, April 2024"

"“Porch provides ERP and CRM software to a wide variety of home services companies. Those companies can pay us with typical software fees or we really encourage those companies to pay us by providing us access to their consumer, to their homebuyers, where we then generate B2B2C transactional revenues as we help those consumers with key services for their home.” — Porch's CEO At Gateway Conference"

"“What’s different [for Southwest] vs. some of the smaller domestic airlines is that Southwest has the network depth & breadth, balance sheet and brand to pivot quickly. Unfortunately, they have been slow to move, while industry costs ballooned. Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment.” — Melius Research, April 2024"

"What’s different [for Southwest] vs. some of the smaller domestic airlines is that Southwest has the network depth & breadth, balance sheet and brand to pivot quickly. Unfortunately, they have been slow to move, while industry costs ballooned. Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment. — Melius Research, April 2024"

"What’s different [for Southwest] vs. some of the smaller domestic airlines is that Southwest has the network depth & breadth, balance sheet and brand to pivot quickly. Unfortunately, they have been slow to move, while industry costs ballooned. Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment. — Melius Research, April 2024"

"It’s extremely competitive. A D2D operation is extremely expensive. Your cost per lead over the past 5 years has probably quadrupled. D2D would cost you 55%-70% of first year revenue, but a Google lead would cost 25%. But now Google is starting to get to 50%-60% so now there’s almost an indifference point. The only difference is you can dial digital up and down with a budget. — Industry Expert"

"What’s different [for Southwest] vs. some of the smaller domestic airlines is that Southwest has the network depth & breadth, balance sheet and brand to pivot quickly. Unfortunately, they have been slow to move, while industry costs ballooned. Given the lack of pivot, the revenue outcomes for Southwest have, frankly, not been acceptable in the current environment. — Melius Research, April 2024"

"The differences between the SAIC report and the credit report for Dianguan are mainly attributable to different presentation methods. In the SAIC report, we presented revenues and costs on a net basis, while in the credit report we were suggested to present on a gross basis. The net profit and net asset (total equity) in the two presentations had no material differences with each other. — QTT"

""Our compensation-to-revenue ratio came in at 34.8%. This is the low end of the range of what we have been running for the last several years. We have been running in the 35% zone. It is down almost a half point from our 2009 margin and really is consistent with our focus of realizing the benefits of beta flowing through to our shareholders." — Larry Fink, BlackRock Earnings Call (1/25/2011)"

"Porch provides ERP and CRM software to a wide variety of home services companies. Those companies can pay us with typical software fees or we really encourage those companies to pay us by providing us access to their consumer, to their homebuyers, where we then generate B2B2C transactional revenues as we help those consumers with key services for their home. — Porch CEO At Gateway Conference"

"For the twelve-month period ended on December 31, 2018, the Specialty Cheese Business generated revenues of approximately A$192 million (CDN$182 million) and later revised at closing to For the twelve-month period ended on December 31, 2018, the Specialty Cheese Business generated revenues of approximately A$192 million (approximately CDN$171.1 million). — Saputo 2018 and 2019 Annual Report"

"Based on the 2023 AGM proxy filing list of companies used as a reference for compensation benchmarking purposes. These are companies “that are in our industry or have similar lines of business, are competitors for our executive talent, are large, complex organizations with global reach and / or similarly sized from a revenue and market capitalization perspective” — Bluebell Capital Partners"

""Three big initiatives of asset velocity, structural costs and the long train principles; I would say those are the three great building blocks that capture some pretty substantial course of what we're doing." — June 2011 Detailed Plan; "Revenue growth is integral to achieving lower OR and is dependent on maintaining strong personal relationships with customers." — Current Detailed Plan"

"False Claim: Vivion tenant Rent24 is a related party and represents a significant portion of the Company's business. The Facts: Vivion's shareholders have no ownership interest in Rent24. While Vivion's Founding Shareholders were early investors in Rent24, this stake was sold on September 1, 2017. Rent24 currently accounts for less than 2.5% of Vivion's revenue. — Vivion Investments"

""CGI's corporate performance - and stock price - warrant scrutiny. Among them are decreasing cash flow - a key metric of financial health - and falling bookings of new business, as well as various "accounting conventions" that have improved CGI's earnings, in part through recognizing revenue already counted by Logica plc, a big technology company CGI bought last year." — Newsweek"

"Capitalize on Corporate Infrastructure Investments. In recent periods, we have made significant investments in our senior management and corporate infrastructure in anticipation of future revenue growth... We therefore anticipate that, to the extent our revenue grows, we will be able to leverage this infrastructure base and increase our operating margins. — Kratos 2013 10-K, p. 9"

"For this year 2023, Burgiss is projecting slightly above $90 million of forecasted revenue with a mid-teens standalone EBITDA margin. Together with the benefits we bring to the business, we're projecting 20% top-line growth in the near term and gradually expanding margins. I would point out that we do expect this to be dilutive for the next 12 months. — Burgiss Deal Call Aug 2023"

""We're in the third year of the 3-year program. We target $475 million this year. That's on top of $680 million done last year and then $550 million in 2016. Those costs have not flowed all to the bottom line on our side, because we're offsetting whether it's currency headwinds, declines in revenues, this past year, about 4.7% in constant currency." — William Osbourn, Xerox CFO"

"CFO Rowland: "We're also excited as we continue to lean in and drive a conversion of our revenue portfolio towards digital, that roughly 50% of this backlog is higher-margin digital business." — Investor Day Sept 2021; CFO Rowland: "And then, of course, our backlog has a higher digital mix. And so that will naturally bring with it some higher margins." — Q3'22 Earnings Nov 2022"

"In addition to the China closure, we are seeing softness in certain end-markets across semiconductor and data center expansions. Accordingly, we are updating full year 2019 revenue to range between $354 and $362 million, which excludes $16 million of revenues in 2019 attributable to SMTC’s operations in China, and Adjusted EBITDA to $25.0 and $26.0 million,” said Smith. — SMTC"

"In 2015, HomeTeam grew 93,000 Taexx Tubes in the Wall installs to bring the life-to-date total to over 900,000 homes. In 2015, revenue grew 8.1%, which was primarily driven by an increase in Taexx system activation of 16.5. — FY 2015 Investor Presentation. We don't break out the size of HomeTeam at this point in time. We continue to see very positive trend. — Q3 2016 Conf Call"

"CEO Gerald Hassell: "It's part of our goals that if we get a 4%, 5% revenue growth in a range, we should be able to produce positive operating leverage" — CEO Gerald Hassell. CFO Todd Gibbons: "Our core fee business has been growing at about the 3% to 5% range...on the lower end of that, to generate positive operating leverage...is going to be challenging" — CFO Todd Gibbons."

"Cost cuts alone cannot help multiples expand and in order for the stock to see significant upside, there needs to be a credible revenue reacceleration story... now revenue growth requires a balance between price and unit growth. The company has to drive this process while reducing content and marketing costs, which makes the task even more difficult. — Barclays, November 2023"

"Cost cuts alone cannot help multiples expand and in order for the stock to see significant upside, there needs to be a credible revenue reacceleration story… now revenue growth requires a balance between price and unit growth. The company has to drive this process while reducing content and marketing costs, which makes the task even more difficult. — Barclays, November 2023"

""The costs attached to each of the receivable balances have essentially been absorbed as we generate the revenue in any particular quarter. So as the cash comes in, there is no additional cost attached to that. And the reason that those receivables are there is because there is no meaningful service component attached to them either." — Scott Flanders Q1 2018 Earnings Call"

"Basically, for these, we acquired, as you know, on the 2nd of November. We acquired the companies, so we had 2 months, November and December. And for the 2 months, basically, the contribution was, in terms of revenues, more than EUR 25 million, and in terms of EBITDA, it was more than EUR 10 million, between EUR 10 million and EUR 15 million. — 2015Q4 transcript in 2016/2"

"ISS is a leading North American water treatment solution and services provider that brings access to a durable and highly recurring revenue stream as well as a diverse and attractive industrial verticals. With approximately 75% recurring revenue, ISS is known for dependability and bringing mission-critical water treatment expertise to our customers. — CFO Rowland Q2 2023"

"Expanding Our International Presence. We intend to continue to grow our presence in international markets in order to meet the needs of our existing customers and accelerate new customer acquisition in key geographies outside of North America. We expanded into ten countries during 2019 and 2018, which has accelerated our revenue growth in those markets. — DV Prospectus"

"I feel like it was the wrong decision to make. So when you're down in market share and you're down in volume because of competition, the last thing we need to do is take a price increase to try to, they're trying to make the revenue goals, but at the end of the day, you can't let volume erode to make your overall profit. — Former Monster Employee Familiar With Sales"

"I don’t think there’s another option. That’s what you have to do. — UCSF administrator; They increased their revenue in liver in 2023 by pushing every liver program not to use their OCS system as an a la carte item, but as part of their NOP program. We’ve pushed back saying we don’t need your surgeon and we don’t need your aviation company. — USC transplant surgeon"

"“Those -- the businesses that we have been winding down -- we're out of the third-party rental business, we'll be out of third-party services business by the end of this year. So the $40 million or so of revenue that we had in this year's results for those businesses that we're getting out of will basically be nothing next year.” — Steven Strobel – CFO, Hill-Rom"

"In our GetSmarter business, students enroll with and pay tuition directly to GetSmarter, and we recognize the full amount as revenue. We then pay the university partners their share upon course completion, and this expense will make up the first part of a new cost line on our P&L called curriculum and teaching — Catherine A Graham, CFO (2Q’17 Conference Call)"

""But with the introduction recently of Lightspeed Payments, we now have the ability to earn a much larger portion of the transaction value, and this will become a growing portion of our revenue over time." — CFO Nussey, Q1 2020 Conf Call. "But overall, kind of our 2.6% and 65 to 70 basis point net. That's been holding for us." — CFO Nussey, Q1 2021 Conf Call."

"“The question that we're getting a lot from investors is how to think about EPS growth and should EPS growth just follow and marry revenue growth, or is there opportunity and would management and the Board come off their 19% and 20% margin range or even perhaps get more aggressive on share repurchases or get more aggressive on M&A.” — Oppenheimer, Aug. 2016"

"In Q2, I briefly discuss the increase in account receivable as a result of our strong revenue growth. We saw the impact of strong revenue growth on receivables again in Q3 as AR increased by $29.7 million from Q2 of 2021. We are implementing a new order to cash process as we onboard, new clients and expect to reduce our DSO in 2022. — CFO on Q3'21 Conf Call"

"“...Verint’s revenue disclosures are lacking...it does not provide inorganic revenue, maintenance revenue, or cloud revenue, metrics we believe would help us better judge the quality of revenue, the contribution to growth of different revenue streams, and organic growth.” — Samad Samana, Jefferies research analyst, Jefferies Research Report January 10, 2019"

""It will do 20 thousand tons and if you took the last 12 months on commodity prices, it would have done $200 million in top line revenue." — Doug Cole (YouTube). "it's at least an order of magnitude off on the revenue side. I could see tens of millions if everything went right, but where are you going to get the volumes you mentioned?..." — Lithium Expert"

"“...we are pleased to share that $150 million announced cumulative savings will drive a $100 million improvement in operating profit for the fiscal year 2020 [relative to 2017]. With these savings, along with modest low single-digit revenue growth, we believe we can achieve an operating margin of 13% in fiscal year 2020.” — 5/25/17 FQ4 2017 earnings call"

"“I know that some of you are already doing the math, running the math and are probably saying, ‘Heck, what are they doing? They are paying at a multiple that's above the average multiple.’ You won't understand how the multiple here has to be calculated if you don't apply these backed-by-contracts revenues on a highly profitable basis.” — Klaus Kleinfeld"

""Sales advertising and other revenue increased by 22% as a result of a higher number of daily monetizable search grades we deliver to Microsoft Bing and others. Our daily number of searches was 17.7 million compared to 12.2 million last year. In addition, we added 13 new publishers to our network during the quarter." — Perion Q1'21 Earnings Announcement"

""Sales advertising and other revenue increased by 22% as a result of a higher number of daily monetizable search grades we deliver to Microsoft Bing and others. Our daily number of searches was 17.7 million compared to 12.2 million last year. In addition, we added 13 new publishers to our network during the quarter." — Perion Q1'21 earnings announcement"

""Chief Revenue Destroyer," — Jensen Huang (Nvidia CEO). "When Blackwell starts shipping in volume, you couldn't give Hoppers away." — Jensen Huang (Nvidia CEO). "A year ago or so, an H100 was $5-6 per hour. Now, it's around 75 cents, maybe less. Hardware typically depreciates in three to five years, but that's happening in a year now." — CEO of host.AI"

"Days Sales Outstanding (DSO). DSO is a metric we use to evaluate the efficiency of our working capital. It represents the average number of days to convert our trade and other receivables, unbilled receivables, contract assets, and deferred revenue to cash. We calculate DSO by annualizing gross revenue for the quarter as reported under IFRS. — Stantec"

"For select Premier Agent revenue transactions included within Residential revenue, we tested the amount of revenue recorded by developing an expectation for the amount by applying the percentage change from an independent variable to historical amounts recorded and comparing our expectation to the amount recorded by management. — Deloitte & Touche LLP"

"“...And for the overall business planning, we have our own team, in-house team for the e-commerce. In terms of the management of all the other aspects, we also continuously to consolidate. We believe in the e-commerce, in the future, it's going to be at least about 20%, 30% of the total revenue.” — Jie Zheng, ANTA Executive Director & Brand President"