Callouts & quotes from 306+ activist slides

"TWC, as a standalone, public company should seek to increase leverage on its balance sheet and should adopt a policy of no dividends for the intermediate term."

"Uber is a high-quality business which is positioned for rapid earnings growth over the medium-term based on strong revenue growth and robust operating leverage"

"Uber is a high-quality business which is positioned for rapid earnings growth over the medium-term based on strong revenue growth and robust operating leverage"

"The Company's actual net leverage ratio ended up significantly higher than what had been communicated to shareholders at the time of the Rockwood transaction."

"Tantu will leverage Ginkgo’s foundries to accelerate strain construction as a key step toward human clinical trials. — Tantu and Ginkgo Bioworks Press Release"

"Based on cumulative income inflation estimates, we adjust Moody's key leverage ratio, Tangible Common Equity to Tangible Managed Assets, from 36.7% to 29.4%."

"Exhibit 3.38 provides a summary of the credit of Publishing with leverage of 6.0x total debt/OIBDA (which assumes a non-investment grade rating of Ba1/BB+)."

"“Huue will leverage Ginkgo’s platform to optimize microbe strains to accelerate production of its sustainable indigo dye.” — Ginkgo Bioworks Press Release"

""The Board appointed Alan Shaw as CEO because the depth and breadth of his experience would best position us to leverage PSR..." — Norfolk Southern Board"

"The chart above shows that SGH has begun exhibiting negative operating leverage – its operating expenses remain stable even as revenue declines rapidly."

"Conservatively assuming Valeant never makes another acquisition, has modest organic growth and reduces leverage significantly, the stock is inexpensive"

"We believe BR will be in violation of its Leverage Ratio covenant at 3.5x but has avoided tripping it through an aggressive cost capitalization policy."

"Conservatively assuming Valeant never makes another acquisition, has modest organic growth and reduces leverage significantly, the stock is inexpensive"

"Management expects this $300mm cost reduction program and continued operating leverage to increase operating margins from 25% in 2014 to ~34% by 2017"

"GoDaddy expects to generate 7% revenue growth and 28% Adj. EBITDA margins in Q4'23E as growth headwinds abate and operating leverage improves margins"

"GoDaddy expects to generate 7% revenue growth and 28% Adj. EBITDA margins in Q4'23E as growth headwinds abate and operating leverage improves margins"

"Management expects this $300mm cost reduction program and continued operating leverage to increase operating margins from 25% in 2014 to ~34% by 2017"

"The Transaction Would Enable HHH to Leverage Pershing Square’s Deal Sourcing and Execution Capabilities in the Private and Controlled Company Markets"

"“although the sale and leaseback of the towers improved their liquidity, their lease adjusted leverage remains essentially the same.” — Fitch Ratings"

"Spruce Point sees these deals as a sign that Amazon and Walmart used their leverage as major customers to secure advantageous terms from a producer"

"We believe deconsolidating both NetCo and Sparkle could allow TIM to maximise the value of its assets as well as bring leverage in line with peers"

"As you see in the chart below, since IPO, Lamb Weston's sales have roughly doubled, yet the Company has generated little to no operating leverage."

"The low operating leverage makes the EBIT ramp to 13% by the end of the decade plausible. But, the proposed ramp to 30% by the end of 2030 is not."

"After this transaction, Pro Forma McDonald's would be leveraged approximately 3.5x Total Debt/EBITDA or at a 25% Debt to Enterprise Value ratio."

"With GNYHA responsible for 10% of total Premier revenue, Spruce Point believes that GNYHA has significant negotiating leverage against Premier."

"As it is conceivably in Advent's best interest to walk from the deal, we believe that Advent should use this as leverage renegotiate the price."

"The HKMA’s 2008/2009 intervention, in response to over HKD $600bn of money flows, greatly increased the size and leverage of its balance sheet"

"The financial strategy pursued by TWX should be overhauled to exploit the leverage capacity of the Company and its individual operating units."

"There is a massive opportunity to lower ADT's overall cost of capital by prudently increasing leverage that the Company is currently ignoring"

"None of these changes make banks safer or benefit the customers. They raise costs, reduce liquidity, and add leverage and counterparty risk."

"In periods of market and/or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"All modules leverage and contribute to one of the largest independent repositories of equipment profiles and price data for print suppliers"

"In periods of market and/or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"A quick glance at each of Beiruichen and Luye’s SAIC financials immediately moots any discussion of leverage ratios and security packages."

"Spruce Point believes that PERI's recent 2023 outlook suggests that the best operating leverage and growth potential is already behind it."

"If CCI is unwilling to increase its dividend payout ratio today, we recommend CCI immediately increase leverage to 7.0x net debt / EBITDA"

"We believe ADT should immediately increase leverage to 3.0x Net Debt / EBITDA and maintain a fixed leverage target of 3.0x going forward"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Either way, NMC's FY 2018 leverage was in our view materially higher than reported due to not reporting Aspen leases as finance leases."

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"SBUX has grown EPS in the mid to high-teens driven by revenue growth from SSS and new units, as well as operating leverage and buybacks"

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"“That said, we remain very committed to driving leverage below 4x as quickly as possible.” — Matthew Proud, CEO (Q4 2024 Earnings Call)"

"We list below some of Realty Income’s largest tenants that we have been able to identify. They are all junk credits with high leverage"

"We believe a reasonable amount of non-recourse leverage, especially if the debt is high-quality, is more of an asset than a liability"

"XPO uses aggressive financial presentation methods to bolster its cash flow and leverage by including proceeds from assets sales."

"Valeant has earned a >20% unleveraged return on the $20bn+ it has invested in acquisitions since 2008 (excluding tax benefits)(1)"

"Valeant has earned a >20% unleveraged return on the $20bn+ it has invested in acquisitions since 2008 (excluding tax benefits)(1)"

"Disney has not provided a timetable for restoring the dividend beyond “achieving pre-Fox leverage levels,” which could take years"

"ATOM has the most leveraged earnings model we have seen, and it won't take much for this company to get to breakeven and better."

"At a minimum, each of these termination rights could be used as leverage to renegotiate the terrible terms in the JV agreements"

"Spruce Point observes that REZI's leverage has materially increased while cash flow available for debt reduction has decreased."

"VRX’s share price declined 86% in 2016 driven by significant business disruption exacerbated by high absolute leverage levels"

"VRX’s share price declined 86% in 2016 driven by significant business disruption exacerbated by high absolute leverage levels"

"Mettler's leverage is greater than it appears given our belief that EBITDA is overstated from cost capitalization strategies."

"VRX’s share price declined 86% in 2016 driven by significant business disruption exacerbated by high absolute leverage levels"

"Tessera should also leverage its platform to make small tuck-in patent acquisitions that compliment its existing portfolio."