Callouts & quotes from 766+ activist slides

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow."

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

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow."

"Overstated Margins from Day One. CoreWeave assumes EBITDA margins hit 80% immediately, a figure a former CoreWeave engineer called “utopian.”"

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"EBIT margins expanded by >1,000 bps since 2018; company is targeting an average annual increase of 300 bps per year over any few-year period"

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"Analysts estimate that gross margins will magically increase, yet none are aware of Axon’s significant exposure to China imports and tariffs"

"The segment's revenues and margins have been fairly stable because it specializes in multi-year projects, especially offshore and deepwater."

"You’d expect results in excess of the “targets” of 30% annual revenue growth, and improving gross and operating margins. But you’d be wrong."

"If TheFork is sold at 5x CY26E revenue and Viator improves its EBITDA margins, Tripadvisor trades at just ~3.0x EBITDA on a pro forma basis"

"Through consistent revenue growth, proactive cost measures, and improved incremental margins, we believe BILL can be a ‘Rule of 40’ company"

"If TheFork is sold at 5x CY26E revenue and Viator improves its EBITDA margins, Tripadvisor trades at just ~3.0x EBITDA on a pro forma basis"

"It is perplexing that both growth and margins can be down so much – despite better end markets and significant reinvestment opportunities."

"Given the differences in profitability between Target and Wal-Mart, we believe there are opportunities to improve Target's retail margins."

"Insist management develop and articulate a clear DTC strategy with tangible goals that will achieve Netflix-like margins of 15-20% by 2027"

"We expect 67% - 87% share price upside as Southwest restores its best-in-class margins and we believe a turnaround is eminently achievable"

"Insist management develop and articulate a clear DTC strategy with tangible goals that will achieve Netflix-like margins of 15-20% by 2027"

"Significant margin deterioration at First Student since 2009 while National Express grew its North American margins during the same period"

"Taubman's EBITDA margins declined by 230 bps in the first quarter of 2018, while its Class A Mall Peers EBITDA margins increased by 60 bps"

"This contradicts EDU's frequent mention of its "premium pricing" in China to explain how it is producing 60% gross margins to investors."

"Spruce Point also sees that GFL restated its Adjusted EBITDA to make the USA Waste segment's margins look much better by +2.1% (210bps)."

"Abbott, as the low-cost manufacturer by a factor of 4, can put heavy pressure on Dexcom profits with little downside to its own margins."

"Implement business improvements to achieve operational efficiencies, increase margins and maximize cash flow available to equity holders"

"This change in practice could be risky if sales fall below plan or the discount programs don't repeat as it could affect future margins."

"Take the worst case in the below sensitivity analysis and we see 500k cars with 20% gross margins at a P/E of 20x and the stock is $599."

"We See Multiple Headwinds To Margins And Believe Rollins Is Underinvesting In Its Business While Technology Equalizes The Playing Field"

"Shareholders of UK-listed companies have previously approved transactions involving a United States relisting (by significant margins):"

"While management is making progress with their plan to increase margins to 17-18% by 2018, we believe optimized margins are far higher"

"We urge the Company to embark on a cost cutting program that addresses both margins and the disposal of excess underperforming assets."

"No companies in the battery value chain come close to achieving 78% net margins, or even 78% EBITDA or gross margins, for that matter."

"Until its IPO, Box achieved gross margins in excess of 75%, and management suggested it would remain at this level over the long-term."

"The last quote from former CFO Meera Rao in Jan 2016 about new products not translating into higher ASPs or margins is very revealing."

"Layering ADP’s current operating expense burden of ~39% on competitor gross margins of 73% – 85% yields operating margins of 34% – 46%"

"While the change is subtle, it opens the door for management to potentially delay painful cost revisions that ultimately harm margins."

"While management is making progress with their plan to increase margins to 17-18% by 2018, we believe optimized margins are far higher"

"1) Servicing (~85% of EBIT) has grown revenue +6% p.a. 2) (+) Gross margins 3) (-) SG&A ratios 4) Alstom upside 5) Capital allocation"

"In comparing the gross margins of the trading company to Henan Ruili, it is even clearer that Henan Ruili's margins are problematic."

"Employer Services’ growth can increase from ~2-4% to ~7%+, while operating margins should increase from ~19% today to 35% or greater"

"Notice he said economics were holding, but at the time LSPD didn't disclose margins. Now with hindsight, we see they worsened a lot!"

"Employer Services’ growth can increase from ~2-4% to ~7%+, while operating margins should increase from ~19% today to 35% or greater"

"Employer Services’ growth can increase from ~2-4% to ~7%+, while operating margins should increase from ~19% today to 35% or greater"

"BILL's operating margins are well below that of peers, suggesting meaningful opportunity for improved efficiency and profitability."

"This unexplained change in accounting policy raises significant questions about IQE's accounting practices, and historical margins."

"With stagnant sales, MGPI’s inventory turnover has been falling for many quarters, and yet its gross margins are near record highs."

"How does Dollarama support EBITDA margins more than double those of its peer group, and in line with premium global retail brands?"

"Despite generating higher sales per square foot than OfficeMax, Office Depot’s operating margins are less than half of OfficeMax."

"EPS product mix – more fastener and casting sales, fewer forgings – actually suggests margins should be higher not lower than PCC"

"“We were told, ‘Figure out product market fit and we’ll figure out margins later.’” — Former Samsara Director, Product Management"

"A former employee we spoke with, and an industry expert, both agreed that the margins in this business have been under pressure."

"Management is expecting to achieve tremendous efficiencies to reach EBITDA margins >2x the industry average on below-average GPU"

"The CEO forecasted margin improvements from the project in early 2019, but instead Non-GAAP EBIT margins fell 150 basis points."

"Given the lack of controls exhibited by these charges, it is not surprising that Investment Management has had sub-30% margins"

"How does Mettler achieve consolidated EBITDA margins higher than Lab peers, when 50% of its business is in lower margin areas?"

"BILL’s ‘Rule of 40’ Score has been stagnant for 3 years as revenue growth has slowed and margins remain well below peer levels"

"AMT has not been forthcoming about its exposure to ground rent increases, which we expect to materially impact AMT’s margins."

"Target to increase EBIT margins from 16% to ~22.5% to achieve performance levels in line with its well-run competitor Praxair"

"In 2005, Borders' consolidated Adjusted EBITDA margins fell to 7.4% from the previous four-year average of approximately 8.6%"

"Mondelez has invested ~$1.5 billion to upgrade its manufacturing base, which should expand gross margins by ~250 bps by 2018"

"Really! "Generally" assumed margins will go up despite the fact they've consistently gone down since the acquisition closed."