Callouts & quotes from 216+ activist slides

"The financial strategy pursued by TWX should be overhauled to exploit the leverage capacity of the Company and its individual operating units."

"There is a massive opportunity to lower ADT's overall cost of capital by prudently increasing leverage that the Company is currently ignoring"

"None of these changes make banks safer or benefit the customers. They raise costs, reduce liquidity, and add leverage and counterparty risk."

"In periods of market and/or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"All modules leverage and contribute to one of the largest independent repositories of equipment profiles and price data for print suppliers"

"In periods of market and/or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"A quick glance at each of Beiruichen and Luye’s SAIC financials immediately moots any discussion of leverage ratios and security packages."

"Spruce Point believes that PERI's recent 2023 outlook suggests that the best operating leverage and growth potential is already behind it."

"If CCI is unwilling to increase its dividend payout ratio today, we recommend CCI immediately increase leverage to 7.0x net debt / EBITDA"

"We believe ADT should immediately increase leverage to 3.0x Net Debt / EBITDA and maintain a fixed leverage target of 3.0x going forward"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Either way, NMC's FY 2018 leverage was in our view materially higher than reported due to not reporting Aspen leases as finance leases."

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"SBUX has grown EPS in the mid to high-teens driven by revenue growth from SSS and new units, as well as operating leverage and buybacks"

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings"

"We list below some of Realty Income’s largest tenants that we have been able to identify. They are all junk credits with high leverage"

"We believe a reasonable amount of non-recourse leverage, especially if the debt is high-quality, is more of an asset than a liability"

"XPO uses aggressive financial presentation methods to bolster its cash flow and leverage by including proceeds from assets sales."

"Valeant has earned a >20% unleveraged return on the $20bn+ it has invested in acquisitions since 2008 (excluding tax benefits)(1)"

"Valeant has earned a >20% unleveraged return on the $20bn+ it has invested in acquisitions since 2008 (excluding tax benefits)(1)"

"Disney has not provided a timetable for restoring the dividend beyond “achieving pre-Fox leverage levels,” which could take years"

"ATOM has the most leveraged earnings model we have seen, and it won't take much for this company to get to breakeven and better."

"At a minimum, each of these termination rights could be used as leverage to renegotiate the terrible terms in the JV agreements"

"Spruce Point observes that REZI's leverage has materially increased while cash flow available for debt reduction has decreased."

"VRX’s share price declined 86% in 2016 driven by significant business disruption exacerbated by high absolute leverage levels"

"VRX’s share price declined 86% in 2016 driven by significant business disruption exacerbated by high absolute leverage levels"

"Mettler's leverage is greater than it appears given our belief that EBITDA is overstated from cost capitalization strategies."

"VRX’s share price declined 86% in 2016 driven by significant business disruption exacerbated by high absolute leverage levels"

"Tessera should also leverage its platform to make small tuck-in patent acquisitions that compliment its existing portfolio."

"Now assume one of the malls suffers catastrophic risk. One-third of the equity value is lost, and leverage remains the same"

"Publishing's initial leverage at 4.0x total debt/OIBDA would be greater than the leverage levels of most of the peer group."

"Implementations are labor intensive and generally siloed by product – the current structure precludes operating leverage"

"HIMS leverages its role as an intermediary to operate free of the normal healthcare guardrails used to protect patients."

"Spruce Point believes that Advent can, and should, use this as leverage to renegotiate the deal price lower by 35%-50%."

"We estimate pro forma net leverage would be at ~5x today, reflecting Disney’s lower run-rate EBITDA compared to FY 2018"

"Spruce Point believes that Xylem’s talk of margin expansion and operating leverage is a mirage that has not succeeded."

"Wall Street analysts expect Bristol-Myers to continue to grow revenue and leverage it into faster adjusted EPS growth."

"The following analysis illustrates the cash flow forecasts of TWC assuming initial leverage of 4.75x total debt/OIBDA."

"Given Canadian Tire's dependence on leverage to fuel its business model, how are its credit agreements not "Material""

"Unlike traditional IPOs where buyers have all the leverage, PF GGP's equity is already fully committed pre-offering."

"Starboard seeks to leverage its experience turning around Olive Garden in improving operational execution at Outback"

"3.0x net / EBITDA leverage level would enable ADT to immediately repurchase ~30% of the Company at attractive prices"

"In our view, poorly understood and highly leveraged companies are a potentially lethal combination for investors."

"EBITDA growth lower than sales growth shows diminishing earnings leverage; Underlying margins for Cintas are flat"

"This high level of leverage highlights the lenders' confidence in the business and its free cash flow generation"

"ADP is not achieving leverage on its overall associate headcount, particularly in its service organization"

"Dell is really just an over-leveraged secularly challenged business facing massive competitive threats."

"We Believe GE Can Incur just over $20 billion in Leverage and Maintain an Upper Investment Grade Rating"

"Significant Free Cash Flow generation allows Target Corp to de-leverage to 2.8x Lease Adj. Debt/EBITDAR"

"And add the costs back as amortized adjustments to inflate EBITDA and obscure true financial leverage."

"Xylem’s Valuation Is Extreme Relative To Water And Industrial Peers With Higher Margins, Less Leverage"

"Furthermore, lowering Company's cost of capital by increasing leverage creates immediate equity value"

"We believe State Street is structurally better positioned to leverage comp expense than Blackrock"

"FDO remains under leveraged. A leveraged buy back would create meaningful value for shareholders"

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

"Standalone Phillips Midstream would be able to drive higher leverage to fund competitive growth"

"Failure to achieve financial targets has left Elanco with a leverage profile of ~5.6x in 2023."