Callouts & quotes from 1,434+ activist slides

"Huntsman’s Advanced Materials business has one of the lowest Adjusted EBITDA margins among peers"

"We believe this explains the significant difference in EBITDA margin between FTAI and its peers."

"What Core really needs is more deepwater drilling to generate more high-margin rocks to analyze."

"EBIT Margins remain depressed as the segment is significantly leveraged to new home construction"

"Three-Year Outlook from January 2024 Explicitly Indicated the Margin Gap to Peers Will Not Close"

"Lasertec margins over time 2010-present – suspiciously high with a suspiciously consistent trend"

"Spruce Point doesn't believe Generac's margin goals for its clean energy business are credible."

"Even when adjusted for scale, Fortrea’s adjusted EBITDA margins are well below the peer median."

"Even when adjusted for scale, Fortrea’s adjusted EBITDA margins are well below the peer median."

"Margins have deteriorated as noninterest expense has grown rapidly against stagnant fee revenue"

"We have identified opportunities that we believe would improve margins by approximately 900bps."

"Spruce Point's analysis shows that without Baker Hughes, C3's margins are in the mid 60% range."

"We believe that Huntsman can improve its Adjusted EBITDA margin by ~600bps on a run-rate basis."

"We believe that Huntsman can improve its Adjusted EBITDA margin by ~600bps on a run-rate basis."

"Even when adjusted for scale, Fortrea’s adjusted EBITDA margins are well below the peer median."

"Even when adjusted for scale, Fortrea’s adjusted EBITDA margins are well below the peer median."

"We Believe Zillow Is Using Aggressive Accounting Methods To Boost Revenue, Margins And Earnings"

"Why invest profits from a high margin business into one with uncertain growth and low margins?"

"We believe Autodesk should target ~55% incremental margins, in-line with design software peers"

"Salesforce trades at a discount to its peers and has an outsized margin expansion opportunity."

"We believe Autodesk should target ~55% incremental margins, in-line with design software peers"

"Consolidated EBIT margins are currently at ~5%, well below peak levels of 14% reached in 2006."

"Cost control and asset utilization differences have led to a large and growing margin deficit"

"30% margins are not. And it is this assumption that drives the bulk of the DCF-derived value."

"No Volatility For 3 Years In Reported Gross Margins A Major Red Flag For A Commodity Producer"

"Our research indicates that Vets First Choice will have greater than 30% incremental margins"

"Huntsman's EBITDA margins are ~400bps BELOW the average for 2021 and 2022 performance peers!"

"Spruce Point believes that WSP's Adj. EBITDA margin increase is purely an accounting mirage."

"Implied Operating Profit Opportunity: Achieve Peer Margin: $1.5bn; Achieve Top Third: $4.1bn"

"We believe GCP can improve margins by reallocating resources to more attractive geographies."

"This contrasts with Disney’s vaguely-defined “double digit” margin target with no timetable."

"If labor costs were 10% higher in FY 2018, EBITDA margins would have been slashed by 80 bps."

"The proportion of low margin component sales has remained unchanged for the last seven years"

"Crush margins are the worst in China. We do expect those to improve. — Q1'21 Conference Call"

"~$180-280MM EBITDA opportunity from closing merchandise gross margin delta to comps by 50%."

"Why can't Maxar at least give the same level of disclosure Loral provided on gross margins?"

"We believe that numerous initiatives exist for Bristol-Myers to further improve its margins"

"In general, components are lower margin products, while systems are higher margin products."

"We find that BR's 2022E Gross Margin of 28.0% looks nothing like its peer average of 55.3%."

"GoDaddy's 2022E EBITDA margin of 18% is significantly below the peer group average of 36%."

"ADP’s Claims Services Group expanded margins by ~2,000bps within 5 years after sale by ADP"

"We believe Dow Jones is well-positioned to continue delivering healthy growth and margins."

"We believe any significant expansion into India would present a meaningful risk to margin."

"We believe Dow Jones is well-positioned to continue delivering healthy growth and margins."

"These businesses have, on average, a 10% operating margin before stock-based compensation."

"We believe Dow Jones is well-positioned to continue delivering healthy growth and margins."

"Why can PetIQ’s products business support EBITDA margins more than double those of peers?"

"We believe that Goodyear can earn 385 basis points of incremental margin in the near-term"

"McOpCo's subsidized economics reduce the impact of lower margin product pricing decisions"

"Salesforce generated the lowest incremental adjusted operating margins among its peer set"

"10 pts increase in terminals utilization would drive ~$15 – 25 MM in incremental margin."

"A shift to shorter useful lives would eviscerate CoreWeave's unit economics and margins."

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

""WWW Puts Margin Run-rate Target In-sight nearly 12 mos. Ahead of Plan" - Stifel 11/8/17"

"We have identified opportunities that we would improve margins by approximately 900bps."

"there is no argument against operating with improved efficiency, cash flow and margins."

"In our view, Autodesk can improve its operating margins by at least 1,000 basis points."

"We call on Nuvei to explain how Smart2Pay experienced such dramatic margin improvement"

"Capitalizing more expenses has the obvious impact of enhancing current period margins."

"Incremental margins are expected to be BELOW Autodesk's adj. operating margin targets!"