Callouts & quotes from 662+ activist slides

"Huntsman’s Advanced Materials business has one of the lowest Adjusted EBITDA margins among peers"

"Spruce Point believes that Stryker could be dangerously levered around 4.9x Debt to '22E EBITDA."

"HMA demonstrated 86% EBITDA growth in the 10 years ending 2012, but <1% total shareholder return"

"We believe this explains the significant difference in EBITDA margin between FTAI and its peers."

"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."

"We believe that Huntsman can improve its Adjusted EBITDA margin by ~600bps on a run-rate basis."

"We believe that Huntsman can improve its Adjusted EBITDA margin by ~600bps on a run-rate basis."

"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."

"We estimate the opportunity to improve EBITDA through G&A efficiencies is $39 million or more."

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

"We estimate the opportunity to improve EBITDA through G&A efficiencies is $39 million or more."

"In our opinion, management has misrepresented an accurate picture of Adj. EBITDA to investors."

"As a result, investors effectively re-rated Rockwood by 48% to an 11x blended EBITDA multiple"

"As a result, investors effectively re-rated Rockwood by 48% to an 11x blended EBITDA multiple"

"As a result, investors effectively re-rated Rockwood by 48% to an 11x blended EBITDA multiple"

"As a result, investors effectively re-rated Rockwood by 48% to an 11x blended EBITDA multiple"

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

"Pro forma for divestitures, management's new target is for EBITDA/MT to decline by $35 (~9%)"

"Spruce Point believes that WSP's Adj. EBITDA margin increase is purely an accounting mirage."

"If labor costs were 10% higher in FY 2018, EBITDA margins would have been slashed by 80 bps."

"~$180-280MM EBITDA opportunity from closing merchandise gross margin delta to comps by 50%."

"Excluding the market value of its stake in NuScale, Fluor is trading at just 3x CY27 EBITDA"

"Excluding the market value of its stake in NuScale, Fluor is trading at just 3x CY27 EBITDA"

"HGV traded at a comparable EBITDA multiple to VAC prior to COVID, only widening since COVID"

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

"Only by putting Warrick into Alcoa Corp. does management claim to hit the EBITDA/MT target"

"Nearly twelve turns of EV/EBITDA multiple expansion despite just a 2.2% organic sales CAGR"

"Why can PetIQ’s products business support EBITDA margins more than double those of peers?"

"Contrary To Lance's Statement, Management Is Not Compensated on Cash Flow, Instead EBITDA"

"Vets First Corp will have both a stronger topline and EBITDA growth story versus Elanco."

"We believe that Huntsman can improve its Adjusted EBITDA by ~600bps on a run rate basis."

"We believe Fluor should be able to grow EBITDA following the reset in the base business"

"2015 Core Business Adjusted EBITDA is expected to decline (72%) compared to 2012 levels"

"We believe Fluor should be able to grow EBITDA following the reset in the base business"

"FTAI’s per employee revenue and EBITDA is ~3x and ~7x higher, respectively, than peers."

"Textile Effects has NEVER come close to achieving its long-term Adjusted EBITDA target"

"Match's cumulative incremental adjusted EBITDA margin from 2019-2024E was only 33.5%!"

"UFCF = ((EBITDA – D&A) * (1 – Tax Rate)) + D&A +/- Changes in Working Capital – CapEx"

"Crown Castle would have $1B+ more EBITDA today if it achieved the yield of its peers"

"Only by excluding Warrick was management able to claim it “hit” its EBITDA/MT target"

"Under realistic assumptions, the Company will miss its revenue and EBITDA forecasts."

"The $87 million difference is fabricated Gains on Sales of 8.3% of reported EBITDA."

"$2.0 billion EBITDA target contemplated strong growth across all reporting segments"

"Mall segment Adjusted EBITDA margins in 2005 were 3%, having fallen ~60% since 2003"

"If we exclude $55 million of synergies, Firth Rixson earned only ~$80 mm of EBITDA"

"To hit 2U's EBITDA range requires 480 students, not the 300 depicted by management"

"It’s noteworthy that “Acquisition EBITDA” fell materially by 38.5% sequentially."

"Huntsman promised organic annual Adjusted EBITDA growth of 10% from 2018 – 2020."

"過去のバリュエーション推移を鑑みると、スキンケア・化粧品企業は純粋なFMCG企業と比較してEV/EBITDA倍率が約2.5ポイント高い水準で取引されてきました。"

"We believe XPO's Adj. EBITDA is overstated as a result of aggressive add-backs."

"Dropped to MPLX; reflected in increased Pro Rata LP EBITDA and GP distributions"

"Is Adjusted EBITDA the correct way to evaluate Sunnova’s financial performance?"

"Is Adjusted EBITDA the correct way to evaluate Sunnova's financial performance?"

"DuPont's EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"DuPont’s EBITDA margins have lagged peers in 5 of 7 segments (~64% of revenues)"

"Huntsman operates at a significant Adjusted EBITDA margin deficit to its peers."

"Huntsman operates at a significant Adjusted EBITDA margin deficit to its peers."

"Huntsman operates at a significant Adjusted EBITDA margin deficit to its peers."