Callouts & quotes from 582+ activist slides

"Notice carefully that Vidazoo's actual 2022 Adj. EBITDA margin fell below plan at 15.9% vs. 17.3%."

"Below: V Team Prague’s 2020 financial statements show €5.8m (CZK 147m) in borrowings from CPI FIM"

"HBO is by far the premium channel leader in terms of subscribers as evidenced by the table below:"

"We believe investors should adjust downward Ströer's reported EBITDA as shown in the table below."

"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."

"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."

"Spruce Point finds that Remitly’s median employee pay is -75% below the industry peer average."

"An EDU employee made the below statements during a call this year with a potential franchisee."

"it shows a pattern of poor and deteriorating results well below management's long-term target."

"2024 consensus EBITDA is ~$65mm below 2021 levels despite capturing $400mm of EBITDA synergies"

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

"Below: From Fairfax Financial Holdings Annual Report 2020, P. 10. — Fairfax Financial Holdings"

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

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

"Sunnova lists interest, a core operating expense and largest expense, below operating loss"

"Lowe’s recent share price of $21.50 is nearly 40% below its peak of ~$35 in February 2007"

"Below are properties listed on Realty Income’s website (www.realtyincome.com) as for sale"

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

"Lazard's recent share price is approximately 50% below its peak of ~$46 in February 2011"

"Our nominees' plan is designed to achieve an OR below 60% twice as fast as management's."

"Zebra last claimed mid-teens growth which appears to be below the industry growth rate."

"The charts below illustrate the premium valuation received by Dycom relative to peers."

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

"Bristol-Myers' P/E ratio is now at its lowest level in years and below its peer group"

"Operating performance for both SCC and SBM have fallen well below management targets."

"FY 2014: Excluding one-time gains and tax benefits, earnings were 13% below guidance"

"Below are examples of invoices we obtained showing the spending on SchoolMessenger."

"If you agree to the foregoing terms, please sign below to indicate your acceptance."

"We believe there is significant room for Oatly's multiple to compress below BYND's."

"If you agree to the foregoing terms, please sign below to indicate your acceptance."

"Unlike industry peers below, WTRG noticeably does not discuss operating cash flow."

"BK only achieved $2.56 of cash EPS in 2014 (24% below 2009 targets, 5 years later)"

"PepsiCo’s EBIT(1) margin (before advertising expense) is well below the peer group"

"Best-in-class margin target is still below levels Southwest historically achieved"

"Best-in-class margin target is still below levels Southwest historically achieved"

"Best-in-class margin target is still below levels Southwest historically achieved"

"CN is the only railroad that remains below pre-pandemic levels on all key metrics"

"Best-in-class margin target is still below levels Southwest historically achieved"

"Best-in-class margin target is still below levels Southwest historically achieved"

"According to Google, interest in "Canadian Tire" is below typical November highs"

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

"We estimate continuing EPS approx. -47% below the street “adjusted” estimates"

"We estimate continuing EPS approx. -36% below the street “adjusted” estimates"

"We estimate continuing EPS approx. -47% below the street “adjusted” estimates"

"Recent same-store sales growth has been below BWLD's 10-year average of 5.3%"

"PepsiCo EBIT margin before advertising expense is well below the peer group"

"A peer analysis below shows AMR is an outlier at almost 3x the industry."

"Prices can't stay below the cost of the lowest cost producers for long."

"Cumulative free cash flow was ~11% BELOW the 2018 Investor Day target"

"Cumulative free cash flow was ~11% BELOW the 2018 Investor Day target"

"The table below sets forth the Income Statements for the two entities"

"This is significantly below TFS's price assumptions of US$4,500/kg."

"We excerpt some questions below – the subjectivity is self-evident."

"The table below sets forth the Balance Sheets for the two entities"

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"Fortrea’s adjusted EBITDA margins are well below the peer median."

"2020 compensation Adj. EBITDA target 29% BELOW Investor Day goal!"

"Fortrea’s adjusted EBITDA margins are well below the peer median."