Callouts & quotes from 766+ activist slides

"Unfortunately, we believe that this plan does not go far enough as margins will still be significantly below nearly all of the Company's peers, as shown below."

"We believe Bristol-Myers standalone adjusted EBITDA margins could improve from 36% to 45%, with an opportunity to potentially expand margins further over time."

"While there are some differences in business model and mix, both S&P Ratings and MH Financial operate at margins well below best-in-class pure play competitors"

"The effect of EEGs on the bottom line is very important because, like any trading company, Olam generates substantial amounts of revenue with very low margins."

"Borders was trading at approximately $27.50 per share in February 2005 but has since traded down primarily due to weakening margins and same store sales trends"

"Ferguson's US business has organically outgrown the market by an average of 300-400bps while delivering improving operating margins and increasing ROIC to ~23%"

"The reality of business in China – particularly retail business – is that competition is far more deleterious to margins than most foreign investors perceive."

"Incremental volumes will come at very high incremental margins and require minimal capital investment due to significant excess capacity on UNP’s rail network"

"We conclude that Huishan has fraudulently inflated its gross margins and reported profits since at least FY14 by lying about being self-sufficient in alfalfa."

"Pioneer Power stands out as Limbach’s lowest-margin acquisition, with EBITDA margins meaningfully below those of its prior targets and of the legacy business."

"Our model assumes the base business will earn ~57% EBITA margins through 2020, implying continued spend on promotion and R&D, despite no pipeline contribution"

"The U.S. tower business is highly attractive, highlighted by long-lived physical structures, low churn, built-in price escalators and 95% incremental margins"

"We believe ADT's margins will continue to expand over time, as they have done steadily over the past 5 years, driving EBITDA growth in excess of the top-line"

"Once a profitable mid-teens margin business, margins have been falling since 2020 and the past three year average operating margin is now just single digits."

"We believe that without these controlled entities, ANTA’s financials would show materially lower margins, belying the notion that ANTA is a strong operator."

"“One-time” charges recur annually, and yet Avery would like investors every single year to ignore these costs as “adjustments” to increase margins and EPS."

"Despite ranking favorably in this category, we will show why we believe Generac is losing market share and margins are under pressure from price deflation."

"Autodesk produced meaningful margin improvement from FY2018 – FY2021, with adjusted operating margins expanding from (5%) in FY2018 to nearly 30% in FY2021"

"Autodesk produced meaningful margin improvement from FY2018 – FY2021, with adjusted operating margins expanding from (5%) in FY2018 to nearly 30% in FY2021"

"Spruce Point calls on management to explain how all of the direct revenues recognized from the Baker Hughes JV are being recognized at +99% gross margins?"

"Poor M&A and slow response to consumer trends has reduced margins from high teens to single digits over the last four years with no clear turnaround plan."

"Ultimate Software expects to achieve ~35% – 40% operating margins when it reaches scale and as growth decelerates from ~20%+ per annum — Ultimate Software"

"“... any healthy content business, media business would have margins attached to it that are attractive.” — CEO Tim Armstrong 1Q11 conference call, 5/4/11"

"As larger customers account for a greater percentage of PBH's sales, this practice may no longer be able to offset the pressure and margins will decline."

"Lowe's sales/ft² is 25% less than peak levels achieved nearly six years ago. EBIT margins are ~350bps below peak margins achieved nearly five years ago"

"36% incremental margins are not acceptable and not fully explained by the agency transition. We believe Autodesk should target 55% incremental margins."

"36% incremental margins are not acceptable and not fully explained by the agency transition. We believe Autodesk should target 55% incremental margins."

"The Company believed that it would nearly double Adjusted EBITDA in the Textile Effects business and raise Adjusted EBITDA margins into the mid-teens."

"Software companies with high gross margins and solid revenue growth can generate high incremental margins, which should drive margin expansion at BILL"

"Snacks business, if standalone, would be one of the most attractive consumer companies in the world (leading market shares, strong margins and growth)"

"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"

"PCC had better margins when it was the same size as EPS is today; EPS actually has greater Net Property, Plant and Equipment than Precision Castparts"

"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"

"Increased operating margins from negative 32% to analyst expectations of 20% in a little over a year and sold the company for a significant premium."

"Nestlé's CY16 EBIT margin 15.3% (16% ex-items) is at the low end of its peers, nearly all of which are now targeting high-teens to low 20's margins."

"Ancora estimates the combined company will have improved EBITDA margins and free cash flow generation which should lead to a re-rating in valuation."

"The segment has significant excess capacity, which is pressuring margins today, but will allow for explosive growth when the housing markets recover"

"NMC's margins appear “too good to be true” relative to UAE-focused publicly traded comps, Mediclinic International plc and Aster DM Healthcare Ltd."

"TWX has produced solid top-line growth versus the industry and has significantly greater margins reflecting its size, scale and leading franchises."

"Cognizant maintains operating margins below HCL and Wipro, despite those being structurally lower margin businesses (low-to-mid 30% gross margin)."

"The performance of AOL's advertising segment trails the growth rates and profit margins achieved by Google, Yahoo, and other Internet comparables."

"As it scales up, we expect its negative margins to inflect in 2024 and reach 8% by 2027. From there, margins should continue improving toward 10%."

"FTAI’s Leasing Segment Assumes a Material Portion of Aerospace Products’ COGS, Which Explains the ~1,000bps Discrepancy in EBITDA Margins Vs Peers"

"A recent benchmarking analysis of road paving profit margins suggest that LSP’s financial performance is at best average relative to the industry."

"Margin targets have been consistently missed and lowered. Why should investors trust this Board to execute on yet another plan to improve margins?"

"Margin targets have been consistently missed and lowered. Why should investors trust this Board to execute on yet another plan to improve margins?"

"Using the Wayback Machine, we find evidence that Generac is having to absorb increasingly more shipping costs which would pressure gross margins."

"Sub-scale and rapidly growing peers have significant operating expense burdens in their P&L – margins improve with greater scale and lower growth"

"In order to give the appearance of high gross margins, the Company has reclassified a material amount of expenses from cost of goods sold to R&D."

"BMC's growing Professional Services segment barely breaks even at the gross margin level compared to peers who have significant operating margins"

"The obvious effect of this reclassification is to improve Gross Margins which was a promoted long-term goal in 2021 that subsequently fell short."

"In addition to the company’s declining gross margins, its reported non-GAAP operating margin seems to have reached its peak of 27.7% in Q2 2019."

"We believe Enterprise should have consolidated operating margins of mid-20s% to 30%, including the drag from lower-margin BPO / benefits, etc."

"Lastly, we observe that MSCI is increasing its cost capitalization of development expense, which has the obvious effect of flattering margins."

"“...We do believe, as you mentioned, that we can achieve OTA-like margins over the longer term [at Viator].” — Tripadvisor CFO, September 2025"

"“...We do believe, as you mentioned, that we can achieve OTA-like margins over the longer term [at Viator].” — Tripadvisor CFO, September 2025"

"The Company is promising to improve Adjusted EBITDA margins to 18 – 20% and consistently deliver an Adjusted EBITDA to FCF Conversion of >40%"

"Set forth herein is a table which details our assumptions regarding average unit level 4-Wall EBITDA margins for McOpCo and U.S. Franchisees."