Callouts & quotes from 766+ activist slides

"Direct Peers have all grown operating margins while GCP's have declined"

"Box may have an opportunity to significantly improve its gross margins"

"Retail margins: Margin contraction despite significant growth in scale"

"We believe BILL has best-in-class gross margins, ahead of peer median."

"Across the portfolio, International margins should be mid-20s% to 30%"

"We believe Autodesk has a significant opportunity to expand margins"

"Management’s $7.5bn 2016 EBITDA guidance implies ~57% EBITA margins"

"We believe Autodesk has a significant opportunity to expand margins"

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"We believe Kronos is poised to achieve long-term margins of ~40%"

"We note how often the CFO projects gross margins of 60% or more."

"ADP's SMB should approximate Paychex's ~41% operational margins"

"Shrinking operating profits and margin well below WSP's margins"

"Claim of Boosting Margins by Reducing Feed Costs Lacks Credence"

"Operating margins of at least 25% by 2014 (versus 16% in 2011)"

"Expanded EBITDA margins: From 8% in 2011 to 19% in LTM 9/30/14"

"Trulieve sports unbelievable gross margins of 130% on average."

"Our thesis was that Peloton should have much better margins."

"Operating margins would have been near 0 w/out the benefit"

"We Have Significantly Expanded Margins In Core Operations"

"Since 2010, EBITDA and EBIT margins are essentially flat"

"Significantly lower than 2005 Superstore margins of 9.6%"

"Expanded EBITDA margins: From 8% in 2011 to 20% in 2014"

"Expanded EBITDA margins: From 8% in 2011 to 20% in 2014"

"Expanded EBITDA margins: From 8% in 2011 to 20% in 2014"

"Expanded EBITDA margins: From 8% in 2011 to 20% in 2014"

"Vertiv has an opportunity to more than double margins."

"...and NFLX EBIT margins are ~4,000bps higher than DIS"

"Such Improvements Could Add ~10% to Operating Margins"

"The Company has Led a Staggering Decline of Margins"

"Wix’s margins are significantly lower than peers."

"EBT margins have declined ~480bps since 2006"

"...despite below average growth and margins"

"BELOW peer median driven by LOWER MARGINS"

"Improvement in Services EBIT margins..."

"Tom Pike increased margins by ~425bps!"

"Tom Pike increased margins by ~425bps!"

"Tom Pike increased margins by ~425bps!"

"Tom Pike increased margins by ~425bps!"

"Restoration of Best-in-Class Margins"

"36% consolidated margins in 2015"

"1,000bp+ increase in margins!"

"1,000bp+ increase in margins!"