Callouts & quotes from 572+ activist slides

"ADP's SMB should approximate Paychex's ~41% operational margins"

"Shrinking operating profits and margin well below WSP's margins"

"Claim of Boosting Margins by Reducing Feed Costs Lacks Credence"

"Operating margins of at least 25% by 2014 (versus 16% in 2011)"

"Expanded EBITDA margins: From 8% in 2011 to 19% in LTM 9/30/14"

"Trulieve sports unbelievable gross margins of 130% on average."

"Our thesis was that Peloton should have much better margins."

"Operating margins would have been near 0 w/out the benefit"

"We Have Significantly Expanded Margins In Core Operations"

"Since 2010, EBITDA and EBIT margins are essentially flat"

"Significantly lower than 2005 Superstore margins of 9.6%"

"Expanded EBITDA margins: From 8% in 2011 to 20% in 2014"

"Expanded EBITDA margins: From 8% in 2011 to 20% in 2014"

"Expanded EBITDA margins: From 8% in 2011 to 20% in 2014"

"Expanded EBITDA margins: From 8% in 2011 to 20% in 2014"

"Vertiv has an opportunity to more than double margins."

"...and NFLX EBIT margins are ~4,000bps higher than DIS"

"Such Improvements Could Add ~10% to Operating Margins"

"The Company has Led a Staggering Decline of Margins"

"Wix’s margins are significantly lower than peers."

"EBT margins have declined ~480bps since 2006"

"...despite below average growth and margins"

"BELOW peer median driven by LOWER MARGINS"

"Improvement in Services EBIT margins..."

"Tom Pike increased margins by ~425bps!"

"Tom Pike increased margins by ~425bps!"

"Tom Pike increased margins by ~425bps!"

"Tom Pike increased margins by ~425bps!"

"Restoration of Best-in-Class Margins"

"36% consolidated margins in 2015"

"1,000bp+ increase in margins!"

"1,000bp+ increase in margins!"