Callouts & quotes from 766+ activist slides

"Autodesk has best-in-class gross margins, but the Company has used that advantage to mask its high operating expense ratios."

"Autodesk has best-in-class gross margins, but the Company has used that advantage to mask its high operating expense ratios."

"Mondelez has invested ~$1.5 billion to upgrade its manufacturing base, which should expand gross margins by ~250 bps by 2018"

"Without the subsidy from net interest revenues, BNY Mellon earns much thinner margins for the valuable services it provides"

"Comparable supplier gross margins rarely exceed the mid-30% range, supporting our view that these systems are commoditized."

"At current margins, CXW management estimates its inventory of existing beds could generate an additional ~$100mm of EBITDA"

"Is it possible that CP has always been efficient while CN (and every other U.S. Class I rail) improved margins massively?"

"New units in the U.S. generate ~30% cash EBITDA margins and ~65% pretax ROIC; new unit economics in China are even higher"

"We estimate that net of USM, FTAI's module business is currently delivering EBITDA margins ~600bps lower than in H1 2024."

"Deliver improved revenue growth and achieve best-in-class EBITDA margins of up to 60% to 70% in the medium to long-term."

"Employer Services is materially underperforming and should achieve 35% or greater margins by FY 2022 if properly managed"

"Employer Services is materially underperforming and should achieve 35% or greater margins by FY 2022 if properly managed"

"The CFO talked about acquisitions being accretive to margins over-time, but the exact opposite appears to have occurred."

"Spruce Point believes that MSCI's segment reporting gives management wide latitude to manipulate margins to its benefit."

"Improve GoDaddy's combination of growth and margins + Improve GoDaddy's capital allocation = Significant Value Creation"

"We estimate that Smart2Pay's net profit margins ballooned from 28.5% (pre-acquisition 2019) to 49.2% (post close 2020)."

"we view it as wholly unlikely that mass market education companies are able to generate gross margins in excess of 50%."

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

"Curiously, ever since the inventory charges stopped, EVM's segment's gross margins have expanded by 540bps in YTD 2024."

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

"We believe its EBITDAP margins are inflated by 610bps, and YoY growth is just 3.3%, not 16.1% depicted by management."

"BWLD's largest franchisee's “4-wall” margins outperform company-owned system average by several hundred basis points"

"What's evident is that transaction-based margins are falling hard and have compressed by ~2,500bps since March 2020."

"ADP's adjusted gross margins(1) are significantly lower than competitors despite ADP's significant scale advantages"

"CP's inferior operating margins lead to lower cash flows and underinvestment in CapEx, driving long-term share loss"

"Shady Accounting And Financial Management Includes Misstatements To The SEC, Inflated Margins And Understated Debts"

"The alcohol opportunity is an example of low-hanging fruit that could improve same-store-sales and margins quickly"

"The alcohol opportunity is an example of low-hanging fruit that could improve same-store-sales and margins quickly"

"Today, Southwest’s margins are the lowest in the peer group and approximately 900 basis points below best-in-class"

"Abnormally large "Non-Recurring" fees that suspiciously boosted index margins when they have struggled to increase"

"We believe this suggest a high likelihood that Mettler’s EBITDA margins are overstated and cannot be relied upon."

"By lowering inventory cost assumptions, the effect would be lower Cost of Goods Sold and increased Gross Margins."

"EBITDA growth lower than sales growth shows diminishing earnings leverage; Underlying margins for Cintas are flat"

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"We believe achieving 10%+ ROIC is overly optimistic given Retail's declining margins and increasing competition."

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"Significant data errors allowed P&G to grossly overstate both the peer median and the expansion of peer margins."

"Disney's studio business, which historically had the best margins in the industry, has turned into a "black box""

"This has the consequence of inflating FTAI’s EBITDA margins, which are ~ten percentage points higher than peers."

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"Disney's studio business, which historically had the best margins in the industry, has turned into a "black box""

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"While the company has made steady progress in boosting margins, we believe that optimized margins are far higher"

"Post-acquisition margins largely flat following inter-company eliminations (and gross margin down through FY18)"

"GE Industrial's gross margins have declined over the past few years and are ~260 bps below historical averages."

"TWC also expects to substantially enhance the ARPU and margins of the acquired Adelphia systems as shown below:"

"Over the last five years, the Superstores segment has generated steady Adj. EBITDA margins between 9.6% - 10.3%"

"Because Huishan has not been self-sufficient in producing alfalfa, the reported outsize margins are fictitious."

"Marathon merchandise margins significantly lag Casey's and Couche-Tard, its closest peers for in-store retail."

"We Believe FIGS Exaggerates Its Total Addressable Market (TAM), Gross Margins, And Glosses Over Growth Issues"

"McOpCo’s Estimated Average Unit EBITDA margins versus U.S. Franchisees’ Estimated Average Unit EBITDA margins"

"...Yet, operating margins are only ~250bps ahead of the peer average, and substantially below “best-in-class”"

"GoDaddy's margins are significantly below its peer group, despite having a similar business model and scale."

"Family Dollar’s lower profitability is a result of both lower sales per square foot growth and lower margins"

"We believe more capacity in oilseed crushing and refining has a negative side-effect on animal feed margins."

"Agilent’s margins are significantly below its closest peer, Waters, despite being more than twice its size"

"We believe GoDaddy should target Adj. EBITDA margins increasing from 28% exiting 2023 to 33%+ exiting 2024"

"Cost cutting and inventory management initiatives will help tenant margins expand despite lower 2009 sales"

"We estimate that the Company is overstating gross and EBITDA margins by 664bps and 1,176bps, respectively."

"We believe GoDaddy should target Adj. EBITDA margins increasing from 28% exiting 2023 to 33%+ exiting 2024"