Callouts & quotes from 306+ activist slides

"Now assume one of the malls suffers catastrophic risk. One-third of the equity value is lost, and leverage remains the same"

"Publishing's initial leverage at 4.0x total debt/OIBDA would be greater than the leverage levels of most of the peer group."

"No major changes to the Company's financial leverage and capital allocation approach — Q3 2017 Earnings Call Presentation"

"Implementations are labor intensive and generally siloed by product – the current structure precludes operating leverage"

"HIMS leverages its role as an intermediary to operate free of the normal healthcare guardrails used to protect patients."

"Spruce Point believes that Advent can, and should, use this as leverage to renegotiate the deal price lower by 35%-50%."

"We estimate pro forma net leverage would be at ~5x today, reflecting Disney’s lower run-rate EBITDA compared to FY 2018"

"Spruce Point believes that Xylem’s talk of margin expansion and operating leverage is a mirage that has not succeeded."

"Wall Street analysts expect Bristol-Myers to continue to grow revenue and leverage it into faster adjusted EPS growth."

"The following analysis illustrates the cash flow forecasts of TWC assuming initial leverage of 4.75x total debt/OIBDA."

"Given Canadian Tire's dependence on leverage to fuel its business model, how are its credit agreements not "Material""

"Unlike traditional IPOs where buyers have all the leverage, PF GGP's equity is already fully committed pre-offering."

"Starboard seeks to leverage its experience turning around Olive Garden in improving operational execution at Outback"

"3.0x net / EBITDA leverage level would enable ADT to immediately repurchase ~30% of the Company at attractive prices"

"In our view, poorly understood and highly leveraged companies are a potentially lethal combination for investors."

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

"This high level of leverage highlights the lenders' confidence in the business and its free cash flow generation"

"ADP is not achieving leverage on its overall associate headcount, particularly in its service organization"

""In the case of this Sunnova model, all the leverage is with the salesperson." — former Sunnova employee"

"Dell is really just an over-leveraged secularly challenged business facing massive competitive threats."

"We Believe GE Can Incur just over $20 billion in Leverage and Maintain an Upper Investment Grade Rating"

"Significant Free Cash Flow generation allows Target Corp to de-leverage to 2.8x Lease Adj. Debt/EBITDAR"

"And add the costs back as amortized adjustments to inflate EBITDA and obscure true financial leverage."

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

"Furthermore, lowering Company's cost of capital by increasing leverage creates immediate equity value"

"We believe State Street is structurally better positioned to leverage comp expense than Blackrock"

"FDO remains under leveraged. A leveraged buy back would create meaningful value for shareholders"

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

"Standalone Phillips Midstream would be able to drive higher leverage to fund competitive growth"

"Failure to achieve financial targets has left Elanco with a leverage profile of ~5.6x in 2023."

"Huntsman repeatedly told shareholders that it would not take on leverage to execute large M&A."

"We have used a conservative 9.5% discount factor to apply to the unleveraged free cash flow."

"That said, we remain very committed to driving leverage below 4x as quickly as possible."

"Gain leverage through either price and innovation. Use leverage to drive volume or price"

"Asset managers have lower compensation ratios due to the operating leverage in the model"

"Publishing should target a long-term leverage ratio of 3.25x - 3.50x total debt/OIBDA."

"It’s just volume leverage; Days Improvement (DI) system and gross productivity = talk"

"Investors are still paying for the Fox deal as Disney works to reduce its leverage"

"Revenue and unit growth have not provided the operating leverage Darden promised"

"Revenue and unit growth have not provided the operating leverage Darden promised"

"Agilent's net leverage of <1x is significantly below average peer levels of ~3x"

"Reduce leverage to industry-standard levels of approximately 5x gross leverage."

"~1.5x incremental leverage at DuPont yields earnings accretion of 9% by 2017(3)"

"Ensuring momentum is key to employee morale and creating incremental leverage"

"Canadian Tire is exposed to all of the debt and leverage at the Dealer level"

"Management has re-defined “operating leverage” three times in the past year"

"Immense operating leverage: EBITDA can be 3x in a normalized housing market"

"Leverage Rising And Valuation Downside Increasing: 35% – 75% Downside Risk"

"As a result, we believe its true leverage is closer to 2.3x and not 1.5x."

"Phillips leverage today is reasonable when considering its business mix"

"Phillips leverage today is reasonable when considering its business mix"

"Revenue and unit growth have not provided the leverage Darden promised."

"We believe its leverage is even higher than optically being portrayed."

"Trian recommends ~$20 billion in incremental net leverage by 2018(1)"

"Mall REIT leverage ratios have decreased meaningfully since May"

"Too Bad Viacom Doesn't Have Lower Leverage Now To Do Buybacks"

"PF GGP’s leverage will be meaningfully reduced upon emergence"

"We find no evidence of operating leverage being created."

"Current leverage is >5.5x Net Debt/Pro-Forma LTM EBITDA"

"CoreWeave's business runs on leverage, not innovation."