Callouts & quotes from 584+ activist slides

"Gross margin for the quarter was 44.8%... Our gross margin for the quarter was approximately $25.2 million or 44.8% of revenue as compared to 40% in Q3 FY '21 and up from 38.3% in Q2. The increased gross margin reflects the impact of higher revenues in particular higher NGS revenues and thus leveraging our fixed costs. — James M. Thorburn, Twist CFO"

"Our total cost of services are tied to increases in headcount as we hire people who deliver specialized services to our clients. The cost of service as a percentage of revenue is not heavily influenced by the service offering mix. Instead, it is primarily influenced by the geographic location from which services are provided. — CFO, Q2'21 Conf Call"

""So you've just seen the acquisition of PCC that's underway by Warren Buffett's Berkshire Hathaway. And he paid for a business that is having $10 billion of revenue, whereas $6 billion of those $10 billion are having a full overlap with us, $37 billion. So you get a feel for the value that's possible there." — Dr. Klaus Kleinfeld, October 8, 2015"

"We grew the total number of customers generating more than $200,000 of revenue by 38% year-over-year on a trailing 12-month basis. — CEO, Aug 3, 2022; Our gross retention rate remains over 95%, and we have achieved 41% growth in the total number of customers generating more than $200,000 of revenue on a trailing 12-month basis. — CEO, Nov 8, 2022"

"Beginning with this Quarterly Report on Form 10-Q, we have ceased using platform revenue retention rate to evaluate the success of our growth strategy... we have determined that platform revenue retention rate currently provides little to no value in evaluating our business and is not expected to provide value in the future. — 2U, Inc. 3Q17 10Q"

"All data should be entered using accounting standards. For example, March sales data should be based on energy consumed between 01 March and 31 March with the revenue amount based on that energy, regardless of when a customer's billing cycle ends or whether you collected the money... — U.S. Energy Information Administration (EIA) instructions"

"I guess the question to really ask is what's the continuing value proposition in the world that has significantly changed? ... I think revenue is going to be pretty easy for them to drive, but I think margin is the one that I really question, if they don't have a significant differentiator. — Former TASK Executive Interviewed By Spruce Point"

"Should the providers of platforms, particularly browsers, further block, constrain or limit our ability to offer or change search properties, or materially change their guidelines, technology or the way they operate, our ability to generate revenue from our users' search activity could be significantly reduced. — Perion 2021 20-F / 2022 20-F"

"“As we work to continually reinvent our category and lead a new era of intelligent finance for SMBs, we are also focused on becoming a more efficient, agile organization so that we can move faster on high-impact opportunities, drive durable revenue growth and deliver superior, sustainable value creation.” — René Lacerte, BILL CEO (10/16/25)"

"“Celgene has guided a 2020 approval date, and $3B in potential peak revenues. While we view the likelihood of a 2020 approval as high, we believe the potential peak sales will be closer to $1.2B. As a third to market product in a developing market wherein sales have been modest thus far, this guidance is aggressive…” — Cowen, February 2019"

"Beginning with the first quarter of fiscal year 2022, the Company revised the foreign exchange rates used to present segment revenues, segment earnings (loss) before income taxes, and Closed sales, to further allocate the foreign exchange impact to the individual segment revenue and profit metrics — Broadridge Financial Presentation Change"

"Focus is solely on revenue. Customer satisfaction isn't acknowledged. Shove integrations down clients throats as fast as possible even if it is sloppy. Company is realigned nearly monthly. I had 6 managers in 12 months, 3 of which never met with me. Company is cut throat and is laying off and firing their best employees. — Glassdoor Review"

"We’re going to have higher margins with the delivery of these cost synergies, and we haven’t quantified the benefits of any revenue synergies but we would clearly expect to be able to grow at higher rates over the longer term than we would independently.... And we see some very specific opportunities — CEO on Revenue Synergies, Aug 7, 2018"

"“Killer Strengths, Just Needs a Killer Growth Strategy” — SMBC Nikko Securities. “Profits bottomed out, but still not much confidence in full-fledged growth turnaround” — J.P. Morgan. “Kao has great technology and many interesting products, but management has yet to translate this expertise into strong revenue-generating products” — CLSA."

"Henry Fernandez, our lead independent director, is a director and Chairman of the Board of MSCI. In April 2021, we entered into a cooperation agreement with MSCI, pursuant to which we will assist MSCI in MSCI's construction of life sciences index products in exchange for a share of MSCI's revenues from those products. — Royalty Pharma"

"“The profit arising from license income sales to joint ventures in 2015 represents revenue of £15,310,000 offset by an elimination of unrealised profit of £7,286,000 relating to our retained interest in the Compound Semiconductor Centre Limited joint venture. No such elimination has occurred in 2016.” — IQE Annual Report disclosure"

"“We’re going to have higher margins with the delivery of these cost synergies, and we haven’t quantified the benefits of any revenue synergies but we would clearly expect to be able to grow at higher rates over the longer term than we would independently”.... “And we see some very specific opportunities” — Amcor CEO, Aug 7, 2018"

"Agriculture is DuPont's most important business, representing ~40% of total segment revenue and ~47% of total segment PTOI excluding Performance Chemicals... It concerns us that Agriculture seemingly borrowed from 2014 to make DuPont's overall 2013 numbers. — Trian letter to DuPont's lead director, Alexander Cutler dated 2/10/14"

"The retail segment contributed approximately 44% of total USA Sector revenues. Two of its retail brands maintained their #1 market share positions. Frigo Cheese Heads continued to lead the string cheese brand category in the USA market and Treasure Cave continued to lead the crumbled blue cheese category. — 2018 Annual Report"

"bARR & ARR should not be considered as predictors of future revenues but only as indicators of the direction in which revenues may be trending. Actual revenue results in the future as determined in accordance with GAAP may be significantly different to the amounts indicated as bARR or ARR at any time. — authID Inc. Disclaimer"

"So [the customer] can basically pay a financer monthly, and the financer obviously pays Samsara directly upfront. So Samsara recognizes that revenue or that purchase immediately, while the [customer] and the financer have the kind of payment relationship. — Former Samsara Senior Account Executive (Tegus Interview, 11/10/22)"

""It's all a question of what Time Inc.'s revenue growth potential is and how they see their business model evolving, and how stable are Time Inc.'s revenues going forward. Can Time Inc. be a killer brand online? If not, they'd better figure out ways to harvest cash from cost-cutting." — Richard Greenfield, research analyst"

"Dynetics and SDA showing in results. With a combined $376 million in revenue contribution during the quarter, the Dynetics and SDA acquisitions continue to prove to be a source of significant growth during the pandemic, especially as Dynetics remains well positioned with DoD priorities. — Baird Equity Research, Nov 2, 2020"

"[T]hose quantities of oil and gas, which ... can be estimated with reasonable certainty to be economically producible ... under existing economic conditions [...] [E]conomically producible ... a resource which generates revenue that exceeds, or is reasonably expected to exceed, the costs of the operation. — SEC Definition"

"You will also see in our compensation discussion and analysis in our annual circular that in 2018 management is now compensated on cash flow in addition to revenue and EBITDA. And that'll be a friendly reminder to everyone on the leadership team to pay attention to that. — Maxar CEO Lance Q4'17 Conference Call (Feb 2018)"

"The acquired E&I business contributed revenues of $443.9 million and net earnings of $34.1 million from September 21, 2022 to December 31, 2022. The acquired businesses contributed revenues of $72.8 million and net earnings of $4.8 million from their respective acquisition dates to December 31, 2022. — 2022 Annual Report"

"Needham: Growth has come it at the low end, growing by ~2x, but that includes abnormal and unexplained Q4 2022 revenue that management needs to explain. Future growth is likely to be much slower. Barclays: Offices are closing. Now fewer foreign office locations are listed on the website. — Spruce Point Capital Management"

"Year End 2021: "You'll recall that weather has a very direct impact on gas consumption and associated revenue. So we closely monitor the heating degree days as an indicator." — WTRG Earnings Call; "February 2023 will go into the record books for several reasons, but first on the list is for the lack of snow." — CBS News"

"In the twelve months ended December 31, 2020, Inteliquent recorded revenues of USD 533 million, Gross Profit of USD 256 million, EBITDA of USD 135 million, and capex of 32 million. Adjusted for a Covid-related uplift that is considered to be temporary, revenues are estimated to have been — Sinch Acquisition News Release"

"“No recession, I would think [Mailchimp revenue grows] probably 5% to 10%. And I'm really just thinking there about pricing increases. Unless they solve for some reason why more customers are going to start like coming to them again. That's really through pricing increases.” — Former Manager at Mailchimp, Tegus, 2/6/23"

""[Sino-Forest] can categorically say Sino-Forest is not the ‘near total fraud’ and ‘Ponzi scheme’ as alleged by Muddy Waters...Far from being a ‘near total fraud’ and ‘Ponzi scheme’ as alleged by Muddy Waters, Sino-Forest is a real company, with real assets and real revenue." — Sino-Forest Independent Committee Report"

"DiRicco, who prepared SOC's 2012 corporate income tax returns, was convicted in 1989 for conspiring to defraud the United States, aiding and abetting in the preparation of false tax returns, and obstruction of justice; and, in 2000, for interference with administration of internal revenue laws — Legal filing excerpt."

"“That has surprised me. I would’ve bought more stock if I knew that. Yeah, because back in the day when I was doing that, you couldn’t get that kind of revenue (growth). Well, the only years we had it was where we jumped into the consumer market and it turned around and bit us in the ass.” — MPWR’s Former Executive"

"Q3. Revenue growth guidance for 2017 of 9% was encouraging as the company announced its plans to sell a new product at Lowe’s this year and enter direct distribution in the UK. For a growth story that had stalled, the resumption of revenue growth is clearly an important sign. — Stifel Earnings Analysis - 8 Feb 2017"

"On your second question, so about 21% of our revenue in Q4 was spent on inventory, on our IoT devices and on inventory. And so with a minus 3% free cash flow margin, our free cash flow margin sans dollars going out the door for inventory would have been positive 18%. — Samsara CFO Phillips, Q4 FY2023 Earnings Call"

"“We use EBITDA Less Float to measure the profitability of our core business (excluding “float” revenue, over which we have less control), and believe EBITDA Less Float acts as a guardrail to ensure that Core Revenue performance is achieved in a sustainable way.” — BILL 2024 Definitive Proxy Statement (10/25/24)"

""Operating expenses as a percentage of revenue, excluding intangible amortization, increased approximately 50 basis points as compared to the prior year period due to the impact of recent acquisitions that have a higher operating expense load relative to sales, given their start-up nature." — CFO Ragen Q1 2022"

"Ms. Xu worked at NQ for less than six months, as marketing director, and then left NQ in 2007 in order to buy her stake in YDT; YDT is a separate and completely independent business from NQ; and NQ accounts for only 60% of YDT’s revenue. — NQ “Response to J Capital Report, ‘NQ Not At Any Price,’” August, 2013."

"“Big picture, Disney's cost base is $4.8 billion larger than Netflix at similar revenue levels which given Disney's library, brand equity ability to window content and ownership of significant Media Networks to help promote their DTC platforms doesn't make sense at face value.” — MoffettNathanson, January 2024"

"“Big picture, Disney's cost base is $4.8 billion larger than Netflix at similar revenue levels which given Disney's library, brand equity ability to window content and ownership of significant Media Networks to help promote their DTC platforms doesn't make sense at face value.” — MoffettNathanson, January 2024"

"“Recurring revenue, on both a GAAP and non-GAAP basis, is the portion of our revenue that we believe is likely to be renewed in the future, and primarily consists of initial and renewal PCS, SaaS, term-based licenses, and managed services, which are recognized over time.” — VRNT Q4 FY19 Earnings Press Release"

"The critical question for the FTC is whether the revenues that primarily support the commissions paid to all participants are generated from purchases of goods and services that are not simply incidental to the purchase of the right to participate in a money-making venture. — FTC Staff Advisory Opinion (2004)"

""Subscription ARPU which excludes our transaction-based revenue stream increased by over 10% as more and more customers adopt functionality beyond the basic POS. And ARPU increase as a result of Payments grew significantly given the success we have had with driving Payments revenue." — CFO Nussey, May 2021"

""Stack it high and watch it fly" — Canadian Tire Dealer. "We had strong revenue performance in the quarter and while we were left with some excess inventory versus last year, the vast majority of that has been shipped to dealers in Q3." — Allan Angus MacDonald, EVP of Retail, Q2 2019 Call, August 8, 2019."

""While the revenue came in the quarter was strong, the overall performance of the sales organization and specifically new sales activity in the second quarter was unacceptable. The management team and I have spent the past month restructuring the global sales function" — CEO Siebel (2Q'22 Conference Call)"

""~11% revenue growth in FY’21, while almost the entirety of the software space is parading the past year as the year of digital transformation acceleration, has left BOX shares at a standstill and is head-scratching as the pandemic should logically be a major tailwind for BOX." — Craig-Hallum, March 2021"

"Volker is a private company with annual revenues of approximately $100 million in 2010. As previously disclosed, Hill-Rom anticipates the transaction will not have any impact on adjusted earnings per share in fiscal year 2012, but is expected to be accretive thereafter. — Volker Acquisition Press Release"

"“So I was really doing well on the top line, which is great because that’s where you get your bonus. You also get some bonus on the revenue end of it. But I was killing sales plan, but I was burning through cash because, we had way too much inventory when we grand opened.” — Tegus-sourced Store Manager"

"“Sorry, my other question was on CTV. I was really interested that the CTV revenue grew 12%, but overall video grew 26%, which is quite a slowdown in CTV. So could you actually speak to, in more detail, why is video revenue growing so much faster than CTV revenue in the first quarter?” — Analyst Martin"

"And customer growth slowed years ago. That's why they stopped reporting customer unit numbers in QuickBooks. It's all about revenue. It's all about revenue because you can't acquire small businesses fast enough to grow at the rate they used to on a business basis. — Former VP at Intuit, Tegus, 9/8/23"

""the strong market demand for IonQ's innovative quantum computing and networking products," — IonQ; "IonQ's trailblazing technology has grown quantum into a substantial global business." — IonQ; "We've got double the GAAP revenue in 2024 of everybody else combined." — de Masi (Fox Business Network)"

"We said this Zillow Offers business, the Homes segment, we'd anticipate could be $20 billion in revenue a year, okay. And that $20 billion in revenue would represent 5,000 homes sold a month, which would represent only about 1% of the overall transactions in the market. — RBC Conference 11/20/2019"

"“Products and Solutions revenue decreased $111 million, or 4%, mainly due to lower sales volume of $307 million and unfavorable foreign exchange fluctuations of $5 million, partially offset by price increases of $102 million and $99 million of revenue from First Alert, Inc.” — Resideo SEC filings"

"We didn't think it was commercially viable. We didn't think there's sufficient value just because of the nature of the NFL game that the incremental revenue upside didn't justify the additional investment it would have required us to get that official data stages. — Strategy Director, Sportradar"

"Assuming a conservative spherical titanium metal powder price of ~US$130/kg (vs. current estimated market pricing of ~US$200/kg), and using key operating assumptions, the TCF-1 has the potential to generate revenue of ~US$145 million and EBITDA of ~US$100 million in 2026. — IperionX (Mid-2023)"

"“We have found that the consumables revenues increase when a customer upgrades from a VetTest analyzer to a Catalyst analyzer due to the superior test menu capability, flexibility, and ease of use of the Catalyst analyzers, which leads to additional testing by the customer.” — IDEXX 2020 10-K"

"“too little, too late” — Southwest Airlines (assigned seating change announcement); “complexities in adapting its revenue management to current booking patterns,” — Southwest Airlines (June guidance reduction); “heart of the company,” — Mr. Jordan; “in charge” — Elliott Investment Management"

"Shifting to international expansion. International revenue grew by almost 70% last year with APAC revenue growing by 84% and EMEA by 61%, all outpacing the industry and our competitors. International now contributes 26% of our overall direct revenue. — DoubleVerify Earnings Conf Call Q4 2021"

"We shipped products to approximately 2,900, 2,200, and 1,300 customers in fiscal years ended 2021, 2020, and 2019, respectively. Our percentage of revenue from repeat customers were 98%, 97% and 97% for the fiscal years ended 2021, 2020, and 2019, respectively. — Twist 10K filing for 2021"

"We do not believe this adjustment is appropriate as it represents a material element of your customer arrangement (i.e., a sales incentive) and could lead investors to improperly infer that you would have generated the same revenue levels without granting this incentive. — SEC Response"