Callouts & quotes from 844+ activist slides

"Artificial Intelligence could not do any better. I asked ChatGPT for help and it said that it would be “challenging to provide an accurate forecast for Solvay’s earnings and EBITDA in 2028.”"

"A sharp increase in operating expenses as a percentage of sales have resulted in AOL's EBITDA margins declining from 34% in 2009 to 16% in 2011 and falling substantially below peer levels."

"While Enfusion's recent 2024 revenue and Adj. EBITDA guidance came within market expectations, its new Free Cash Flow (FCF) conversion guidance implies a shortfall of FCF vs. expectations."

"James Taiclet: "The sites we acquired in Brazil are high performing towers and the multiple pay was in the range of 12x to 13x adjusted EBITDA." — James Taiclet, CEO, American Tower Corp."

"AMT exhibits a casual attitude toward its investments, seemingly feeling investments are justified because they are made at lower price to EBITDA multiples than its EV / EBITDA multiple."

"Management has adjusted its definition of adjusted EBITDA on an almost quarterly basis. Rarely do we see management teams make such frequent adjustments to proprietary financial metrics."

"All valuation metrics reflect 2026E consensus segment EBITDA x 6.6x (PSX blended trading multiple) unless sold (zeroed out) or otherwise specified in blue when moving from left to right."

"All valuation metrics reflect 2026E consensus segment EBITDA x 6.6x (PSX blended trading multiple) unless sold (zeroed out) or otherwise specified in blue when moving from left to right."

"Our analysis indicates an alarming result: 2021 acquisitions contributed more Adj. EBITDA than revenue despite management claiming that Fetch, the largest deal of the year, was dilutive."

"All valuation metrics reflect 2026E consensus segment EBITDA x 6.1x (PSX blended trading multiple) unless sold (zeroed out) or otherwise specified in blue when moving from left to right."

"All valuation metrics reflect 2026E consensus segment EBITDA x 6.1x (PSX blended trading multiple) unless sold (zeroed out) or otherwise specified in blue when moving from left to right."

"All valuation metrics reflect 2026E consensus segment EBITDA x 6.6x (PSX blended trading multiple) unless sold (zeroed out) or otherwise specified in blue when moving from left to right."

"Capital leases have the main effect of inflating EBITDA and Free Cash Flow, two key measures investors used to value USCR. More importantly, management's bonus is tied heavily to EBITDA."

"Quantumscape projects a hockey stick revenue ramp in 4 years, reaching $3.2B and $6.4B by 2027/2028 with $808MM and $1.6B in EBITDA, respectively – approaching Google and Apple margins."

"Spruce Point believes the earnout structure allowed Evoqua to book Adjusted EBITDA and earnings for a transaction where management implied a high probability of failing to meet targets."

"We have identified more than $500 million in cost reductions through a combination of improved labor productivity and SG&A reductions, as well as other EBITDA improvement opportunities."

"Spruce Point observes that MSCI is capitalizing a greater amount of software development costs, which are conveniently added back to Adjusted EBITDA and passed-off as non-cash expenses."

"Fairness Opinions are valuation analyses that can be tailored considerably for a client by cherry-picking EBITDA figures, multiples and comparable figures to obtain the desired effect."

"The total consideration for NV5 is approximately $1.7 billion, representing approximately 10.3x 2025E consensus adjusted EBITDA. — Acuren Corporation and NV5 Global, Inc. Press Release"

"Because AMT books these loan repayments (i.e. return legs of financial round trips) as rent revenue, the repayments artificially inflate AMT’s revenue, gross profit, EBITDA, and AFFO."

"NV5 was valued at 10x forward Adj. EBITDA in the deal, a roughly 50% discount to Limbach's current valuation, raising further concerns about the sustainability of Limbach's valuation."

"While investors have cheered WSP's ability to meet net revenue and Adj. EBITDA targets the past few years, we believe investors should scrutinize persistent missed net capex targets."

"Key pillars to accelerate organic growth with high single-digit Adjusted EBITDA CAGR target to reach $2.125 billion by the end of fiscal 2025 — Saputo Presents Its New Strategic Plan"

"Altogether, these components sum to $385.8 million of lost MPLN revenue in 2022, which translates to an organic Adjusted EBITDA and Levered Free Cash Flow decline of $294.2 million."

"In H1 FY 2019, Dollarama’s cash flow contracted on a year-over-year basis for the first time since it went public – this despite management’s efforts to bolster earnings and EBITDA."

"Additional benefits to EBITDA came from cuts to research & development expense (R&D) which should raise questions as Genius needs to continue innovating to stay ahead of the curve."

"Assuming TheFork gets sold at 5x CY26E revenue, Viator improves margins, and Brand Tripadvisor stabilizes growth and/or improves margins, the PF Company trades at just 2.5x EBITDA!"

"Assuming TheFork gets sold at 5x CY26E revenue, Viator improves margins, and Brand Tripadvisor stabilizes growth and/or improves margins, the PF Company trades at just 2.5x EBITDA!"

"PERI's EBITDA per average employee is similarly out-of-line with its advertising technology peers and closer to technology companies such as Microsoft, Google, Apple, and Facebook."

"Assuming TheFork gets sold at 5x CY26E revenue, Viator improves margins, and Brand Tripadvisor stabilizes growth and/or improves margins, the PF Company trades at just 2.5x EBITDA!"

"Assuming TheFork gets sold at 5x CY26E revenue, Viator improves margins, and Brand Tripadvisor stabilizes growth and/or improves margins, the PF Company trades at just 2.5x EBITDA!"

"The only public video company we could find that EBITDA margins equal to or greater than 50% is called China MediaExpress Holdings Inc. ("CCME"). However, CCME was a complete fraud"

"We believe there is evidence that Danimer’s EBITDA margin projections are overly optimistic based on the margin profiles of both its self-selected peers and chemical/plastic peers."

"To achieve management’s high-end EBITDA margin target on a GPU of $3,000, Carvana would have to maintain SG&A (ex-advertising) less than 1/3 that of CarMax. How plausible is this?"

"Although Canadian Tire may appear cheap compared to retailers on a P/E and EBITDA multiple basis, this is the incorrect way to value Canadian Tire given its unique business model."

"Q2 results illustrate how the underlying business of the legacy MDA is deteriorating fast. YTD underlying organic growth was -12.7%. Management also cut EBITDA margins materially."

"This structure demonstrates that Darden can separate its real estate while enhancing its credit rating and dividend coverage, even without any of our expected EBITDA improvements"

"This structure demonstrates that Darden can separate its real estate while enhancing its credit rating and dividend coverage, even without any of our expected EBITDA improvements"

"The 5.4x EBITDA multiple paid by Golden Gate to acquire Red Lobster compares to Darden's current multiple of approximately 9.5x and the peer group average of approximately 10.5x."

"We use a 3.5x 2015E EV/EBITDA multiple because there are limited bidders (possibly only one) for the Eurasia and Nepal assets and TeliaSonera has signaled it is a willing seller."

""believes that Adjusted EBITDA provides a simple and understandable measure of our recurring profitability and it is highly correlated to our stock price performance" — HMA Proxy"

"What this tells us is that BWLD could improve its valuation if operations were adapted to run like efficient franchise units – potentially increasing dollar EBITDA double-digits"

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips 66 continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"At the 2016 Investor Day, the Company appeared confident its core business would generate $1.3 billion of Adjusted EBITDA by 2017, and again FAILED to deliver on its commitment."

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips 66 continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"When capitalized commissions are deducted from both Adj. EBITDA and Non-GAAP Net Income in FY19, growth in both metrics is cut from mid-teens levels to close to (or below) zero."

"When capitalized commissions are deducted from both Adj. EBITDA and Non-GAAP Net Income in FY19, growth in both metrics is cut from mid-teens levels to close to (or below) zero."

"Phillips' 2024 refining EBITDA per barrel has trailed best-in-class peer Valero by $3.75 per barrel, widening to a $4.75 per barrel shortfall in the most recent fourth quarter."

"We strongly encourage the Board to de-emphasize revenue targets and instead compensate management primarily based on EBITDA and free cash flow per share targets going forward."

"After adjusting Olam's EBITDA to remove non-cash accounting gains, it is showing that Olam is currently leveraged at 9.3x gross debt to LTM EBITDA, and 1.6x interest coverage."

"As illustrated below, after normalizing for Leasing Gains on Sale, ~80% of AP’s EBITDA has been reclassed to the Investing section and seemingly is largely whole engine sales:"

"The fact that Adj. EBITDA growth does not translate into cash flow confirms to us that management's proprietary definition is not a meaningful measure of Company performance."

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"Despite the history of past glaring executive incompetence, Edgio's product suite appears in good shape, showing sizable revenue growth in 2023, approaching breakeven EBITDA."

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"MGPI's valuation is rich and its financial condition is fragile with no cash and significant leverage on earnings and EBITDA expectations that are likely to sorely disappoint"

"Despite ~40% of EBITDA coming from attractive midstream assets, Phillips continues to trade like a refiner, missing the value uplift in the midstream space over the last year"

"I would prefer the $1 of Cost Synergy because it flows entirely to EBITDA. By contrast, the $1 of Revenue Synergy will likely incur COGS, so less than $1 will flow to EBITDA."

"We estimate the opportunity to improve EBITDA through implementing procurement and supply chain discipline and improving execution around food waste is $75 million, or more."

"We estimate the opportunity to improve EBITDA through implementing procurement and supply chain discipline and improving execution around food waste is $75 million, or more."