Callouts & quotes from 1,047+ activist slides

"McOpCo’s restaurant portfolio needs to be optimized in order to improve margins and capital allocation"

"We Believe Samsara’s Aggressive Accounting Policies Massively Inflate Gross Margins And EBITDA Margins"

"Fortrea presents an attractive risk / reward with considerable upside potential at normalized margins."

"Fortrea presents an attractive risk / reward with considerable upside potential at normalized margins."

"Not only has Goodyear failed to close the margin gap vs. peers, the margin gap has continued to widen"

"We believe Autodesk can achieve 45%+ Adj. Operating Margins and $3.4 billion of Adj. EBITDA by FY2027"

"Twist has reported rapidly rising gross margins every year, projected to keep rising per CFO comments"

"Poor operating margins and pension mismanagement have led to negative cash flow over the last 6 years"

"The Company repeatedly told shareholders that its core business would produce record margins in 2016."

"What price do you pay for 20% top line growth that should mature into high single digit EBIT margins?"

"We believe Autodesk can achieve 45%+ Adj. Operating Margins and $3.4 billion of Adj. EBITDA by FY2027"

"One former MPLN executive explained to us the apparent secret of MPLN's 76.3% Adjusted EBITDA margin."

"Adjusted EBITDA margins for the core business (i.e. ex. TiO2) DECLINED ~110bps between 2015 and 2016"

"We believe restructuring sales force incentives could better incentivize margin-maximizing behavior."

"Huntsman is focused on downstream systems, yet seems to have the lowest average margins among peers."

"To generate a 19.3% gross margin at a price of $264 / ton, HBOP would have to produce at $213 / ton."

"Despite claiming confidence in a return to historical gross margins, Box quickly lowered its target"

"We know now that the Georgia plant has not performed up to expectations and been a drag on margins."

"Compared to Darden’s poor 7.4% LTM fully-leased EBITDA margin, Red Lobster standalone is even worse"

"Note how the reported OP margin is approximately 150 basis points higher than our adjusted numbers."

"Thus, we believe its peers do not exploit this accounting trick to materially boost EBITDA margins."

"In 2019, AIP target weighting was changed to favor "Total Revenues" and rewards lower margin growth"

"While this segment is small at 13% of revenues, it is very profitable with mid-30's EBITDA margins."

"Aggressive margin expansion expectations even assuming $140m of cost synergies realized in 3 years"

"This category-level analysis suggests that our 51.5% gross margin estimate for P&G is conservative"

"Given P&G's massive scale advantage, we believe P&G should at least approach Colgate's EBIT margin"

"Wall Street consensus estimates for Adjusted EBITDA margins are BELOW the Company’s targeted range"

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

"The Company has continually missed its own projections on key operational metrics by wide margins."

"Recent pro forma results illuminate that Viterra is an extremely low margin, low-quality business."

"EBITDA margins have contracted by 530bps (pre-acquisition to 2022) and 1,130bps (Q1 2020 to 2022)"

"Recent revenue, same store sales, and operating margins continue to be the worst among OSS peers."

"Assuming flat product segment gross margins: FY20E EBITDA cut by 40% FY20E Adj. EBITDA cut by 35%"

"Assuming flat product segment gross margins: FY20E EBITDA cut by 40% FY20E Adj. EBITDA cut by 35%"

"Relatively flat margins despite revenue growth demonstrates the Company's failure to attain scale"

"Track record of turning around underperforming company-operated restaurants and improving margins"

"We believe Bristol-Myers may have an opportunity to embark upon a similar margin improvement plan"

"Brinker’s turnaround drove a 330 basis point improvement in overall margins from FY 2010 – 2013."

"Brinker's turnaround drove a 330 basis point improvement in overall margins from FY 2010 – 2013."

"Consolidating the Automation Systems businesses would enable TICO to generate margin improvement"

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

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

"What Core really needs is more deepwater drilling to generate more high-margin rocks to analyze."

"EBIT Margins remain depressed as the segment is significantly leveraged to new home construction"

"Three-Year Outlook from January 2024 Explicitly Indicated the Margin Gap to Peers Will Not Close"

"Lasertec margins over time 2010-present – suspiciously high with a suspiciously consistent trend"

"Spruce Point doesn't believe Generac's margin goals for its clean energy business are credible."

"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."

"Margins have deteriorated as noninterest expense has grown rapidly against stagnant fee revenue"

"We have identified opportunities that we believe would improve margins by approximately 900bps."

"Spruce Point's analysis shows that without Baker Hughes, C3's margins are in the mid 60% range."

"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 Believe Zillow Is Using Aggressive Accounting Methods To Boost Revenue, Margins And Earnings"

"Why invest profits from a high margin business into one with uncertain growth and low margins?"

"We believe Autodesk should target ~55% incremental margins, in-line with design software peers"

"Salesforce trades at a discount to its peers and has an outsized margin expansion opportunity."