Callouts & quotes from 1,047+ activist slides

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

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

"Cost control and asset utilization differences have led to a large and growing margin deficit"

"30% margins are not. And it is this assumption that drives the bulk of the DCF-derived value."

"No Volatility For 3 Years In Reported Gross Margins A Major Red Flag For A Commodity Producer"

"Our research indicates that Vets First Choice will have greater than 30% incremental margins"

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

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

"Implied Operating Profit Opportunity: Achieve Peer Margin: $1.5bn; Achieve Top Third: $4.1bn"

"We believe GCP can improve margins by reallocating resources to more attractive geographies."

"This contrasts with Disney’s vaguely-defined “double digit” margin target with no timetable."

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

"The proportion of low margin component sales has remained unchanged for the last seven years"

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

"Why can't Maxar at least give the same level of disclosure Loral provided on gross margins?"

"We believe that numerous initiatives exist for Bristol-Myers to further improve its margins"

"In general, components are lower margin products, while systems are higher margin products."

"We find that BR's 2022E Gross Margin of 28.0% looks nothing like its peer average of 55.3%."

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

"ADP’s Claims Services Group expanded margins by ~2,000bps within 5 years after sale by ADP"

"We believe Dow Jones is well-positioned to continue delivering healthy growth and margins."

"We believe any significant expansion into India would present a meaningful risk to margin."

"We believe Dow Jones is well-positioned to continue delivering healthy growth and margins."

"These businesses have, on average, a 10% operating margin before stock-based compensation."

"We believe Dow Jones is well-positioned to continue delivering healthy growth and margins."

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

"We believe that Goodyear can earn 385 basis points of incremental margin in the near-term"

"McOpCo's subsidized economics reduce the impact of lower margin product pricing decisions"

"Salesforce generated the lowest incremental adjusted operating margins among its peer set"

"10 pts increase in terminals utilization would drive ~$15 – 25 MM in incremental margin."

"A shift to shorter useful lives would eviscerate CoreWeave's unit economics and margins."

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

"there is no argument against operating with improved efficiency, cash flow and margins."

"In our view, Autodesk can improve its operating margins by at least 1,000 basis points."

"We call on Nuvei to explain how Smart2Pay experienced such dramatic margin improvement"

"Capitalizing more expenses has the obvious impact of enhancing current period margins."

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

"And had it not capitalized all these expenses, margins would have fallen even further."

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

"We believe Viator has the potential to reach OTA-like margins over the next few years"

"We believe Viator has the potential to reach OTA-like margins over the next few years"

"It may be hard for athena to achieve much margin growth in such a competitive market."

"BWLD's franchise operation = a high margin royalty stream that grows without capital"

"BNY Mellon went from a 2%+ margin surplus versus State Street to a 5% margin deficit"

"Higher revenue and margin, despite significantly lower industry aircraft production"

"Higher revenue and margin, despite significantly lower industry aircraft production"

"Numerous Signs of Aggressive Accounting and Financial Policies To Embellish Margins"

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

"GE improved industrial EBIT margins ~250 basis points since 2012 (to ~14% in 2014)"

"We believe Bristol-Myers has a potential opportunity to improve its gross margins."

"Operating margins have severely eroded despite a robust macroeconomic environment."

"PepsiCo's 10.1% EBIT margin outside the Americas suggests significant opportunity."

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

"The CEO evaded the question: " I cannot give you any information on gross margin.""

"The midpoint of Genius’ incremental margin is approximately half its prior figure"

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

"Substantial majority of ES's revenue base has structurally high potential margins"

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

"Oatly owes investors a precise explanation of why its margins fell so materially."

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