Callouts & quotes from 1,434+ activist slides

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

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

"If PHA suppliers reduce prices to compete with conventional plastic, their margins will surely take a hit."

"there’s no reason that it should not be a 60-plus precent gross margin business. — CFO of Twist Bioscience"

"$100/t Carbon tax represents only 10% of marginal copper costs but 80% of aluminium costs — Wood Mackenzie"

"Based on Starboard's margin improvement plan, AAP trades at less than half of ORLY's EV / EBITDA multiple"

"Predictably, the company has established a beat-and-raise narrative around its gross margin achievements."

"In our estimation, interest and the highest marginal rate could easily push the effective rate above 50%."

"An optimized workforce location strategy can drive higher margins and increase access to talent globally"

"Speedway does not capture higher fuel margin than peers from its integration with Marathon’s refineries."

"We believe recent improvements in SCC margins are unsustainable without fundamental operational changes."

"Covestro believes a 300 – 600bps margin improvement opportunity is available in its downstream business."

"Multinational is a highly differentiated and rapidly growing product scaling to 35%+ structural margins"

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

"Wall Street consensus estimates for Adjusted EBITDA margins are WELL BELOW the Company's targeted range"

"Turner's overall EBITDA margin of 36%, however, is estimated to be in the lower half of the peer group."

"Fortrea presents an attractive risk / reward with considerable upside potential at normalized margins."

"Xylem’s Valuation Is Extreme Relative To Water And Industrial Peers With Higher Margins, Less Leverage"

"Fortrea presents an attractive risk / reward with considerable upside potential at normalized margins."

"McOpCo’s restaurant portfolio needs to be optimized in order to improve margins and capital allocation"

"We Believe Samsara’s Aggressive Accounting Policies Massively Inflate Gross Margins And EBITDA Margins"

"Fortrea presents an attractive risk / reward with considerable upside potential at normalized margins."

"Fortrea presents an attractive risk / reward with considerable upside potential at normalized margins."

"Not only has Goodyear failed to close the margin gap vs. peers, the margin gap has continued to widen"

"We believe Autodesk can achieve 45%+ Adj. Operating Margins and $3.4 billion of Adj. EBITDA by FY2027"

"Twist has reported rapidly rising gross margins every year, projected to keep rising per CFO comments"

"Poor operating margins and pension mismanagement have led to negative cash flow over the last 6 years"

"The Company repeatedly told shareholders that its core business would produce record margins in 2016."

"What price do you pay for 20% top line growth that should mature into high single digit EBIT margins?"

"We believe Autodesk can achieve 45%+ Adj. Operating Margins and $3.4 billion of Adj. EBITDA by FY2027"

"One former MPLN executive explained to us the apparent secret of MPLN's 76.3% Adjusted EBITDA margin."

"Adjusted EBITDA margins for the core business (i.e. ex. TiO2) DECLINED ~110bps between 2015 and 2016"

"We believe restructuring sales force incentives could better incentivize margin-maximizing behavior."

"Huntsman is focused on downstream systems, yet seems to have the lowest average margins among peers."

"To generate a 19.3% gross margin at a price of $264 / ton, HBOP would have to produce at $213 / ton."

"“Employer Services’ overall margin increased from 30.4% to 30.6% for fiscal 2017...” — ADP Form 10-K"

"Despite claiming confidence in a return to historical gross margins, Box quickly lowered its target"

"We know now that the Georgia plant has not performed up to expectations and been a drag on margins."

"Compared to Darden’s poor 7.4% LTM fully-leased EBITDA margin, Red Lobster standalone is even worse"

"Note how the reported OP margin is approximately 150 basis points higher than our adjusted numbers."

"Thus, we believe its peers do not exploit this accounting trick to materially boost EBITDA margins."

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

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

"Aggressive margin expansion expectations even assuming $140m of cost synergies realized in 3 years"

"This category-level analysis suggests that our 51.5% gross margin estimate for P&G is conservative"

"Given P&G's massive scale advantage, we believe P&G should at least approach Colgate's EBIT margin"

"Wall Street consensus estimates for Adjusted EBITDA margins are BELOW the Company’s targeted range"

"Notice carefully that Vidazoo's actual 2022 Adj. EBITDA margin fell below plan at 15.9% vs. 17.3%."

"The Company has continually missed its own projections on key operational metrics by wide margins."

"Recent pro forma results illuminate that Viterra is an extremely low margin, low-quality business."

"EBITDA margins have contracted by 530bps (pre-acquisition to 2022) and 1,130bps (Q1 2020 to 2022)"

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

"Assuming flat product segment gross margins: FY20E EBITDA cut by 40% FY20E Adj. EBITDA cut by 35%"

"Assuming flat product segment gross margins: FY20E EBITDA cut by 40% FY20E Adj. EBITDA cut by 35%"

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

"Track record of turning around underperforming company-operated restaurants and improving margins"

"We believe Bristol-Myers may have an opportunity to embark upon a similar margin improvement plan"

"Brinker’s turnaround drove a 330 basis point improvement in overall margins from FY 2010 – 2013."

"Brinker's turnaround drove a 330 basis point improvement in overall margins from FY 2010 – 2013."

"Consolidating the Automation Systems businesses would enable TICO to generate margin improvement"