Callouts & quotes from 485+ activist slides

"We base these assumptions on NQ's past reptilian pumping behavior, two recent examples of which are below."

"We remain short Herbalife because we believe intrinsic value is meaningfully below the current share price"

"As you can see in the chart below, Yahoo’s Core Business EBITDA has been decreasing at an alarming rate."

"We believe CCI's dividend yield should compress to a 4.0% yield initially, and then below 4.0% over time"

"The below assumptions imply a patent cliff portfolio value in 2020 equal to eight times forward earnings"

"GE’s stock trades well below the ~$40 level it traded when Jeff Immelt became CEO almost 14 years ago(1)"

"Below are the summary projections for Pro Forma McDonald's based on the assumptions detailed on page 68."

"We arrive at a value / kg of $19.5, which is far below the ~$52 / kg value needed to plug the import gap"

"The below assumptions imply a patent cliff portfolio value in 2020 equal to eight times forward earnings"

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

"Florida DOT has responded to our request for all ROAD contracts. Below are two recent examples in 2024."

"Wix is now trading far below peer multiples, despite strong top-line growth and a sticky customer base."

"Below: the corresponding link and SAIC registration certificate with arrows pointing to key information"

"Even if Arconic achieved its free cash flow goals, they would be well below that of its new peer group"

"The below photographs show that the accumulated work in process throughout the factories is extensive:"

"We caution investors not to rely on Net Income since CFO and FCF are both materially below Net Income."

"Only one constituent of the S&P 500 (Oracle) has received more votes below 70% than Disney since 2011."

"Only one constituent of the S&P 500 (Oracle) has received more votes below 70% than Disney since 2011."

"Set forth below are the summary projections for McOpCo based on the assumptions detailed on page 76."

"In 2024, CCEP reported +6.3% volume growth, or 50% below the 13% revenue growth reported by Monster."

"ONP claims to turn over its inventory over 10 times more rapidly than do any of the companies below."

"Wall Street analysts’ current Bristol-Myers 12-Month Price Target is 26% below its peak in mid-2016"

"We believe that ADP’s retention is better than peers in SMB, but is well below peers in Enterprise"

"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%."

"Below: V Team Prague’s 2020 financial statements show €5.8m (CZK 147m) in borrowings from CPI FIM"

"HBO is by far the premium channel leader in terms of subscribers as evidenced by the table below:"

"We believe investors should adjust downward Ströer's reported EBITDA as shown in the table below."

"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."

"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."

"Spruce Point finds that Remitly’s median employee pay is -75% below the industry peer average."

"An EDU employee made the below statements during a call this year with a potential franchisee."

"it shows a pattern of poor and deteriorating results well below management's long-term target."

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

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

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

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

"Sunnova lists interest, a core operating expense and largest expense, below operating loss"

"Lowe’s recent share price of $21.50 is nearly 40% below its peak of ~$35 in February 2007"

"Below are properties listed on Realty Income’s website (www.realtyincome.com) as for sale"

"That said, we remain very committed to driving leverage below 4x as quickly as possible."

"Lazard's recent share price is approximately 50% below its peak of ~$46 in February 2011"

"Our nominees' plan is designed to achieve an OR below 60% twice as fast as management's."

"Zebra last claimed mid-teens growth which appears to be below the industry growth rate."

"The charts below illustrate the premium valuation received by Dycom relative to peers."

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

"Bristol-Myers' P/E ratio is now at its lowest level in years and below its peer group"

"Operating performance for both SCC and SBM have fallen well below management targets."

"FY 2014: Excluding one-time gains and tax benefits, earnings were 13% below guidance"

"Below are examples of invoices we obtained showing the spending on SchoolMessenger."

"If you agree to the foregoing terms, please sign below to indicate your acceptance."

"We believe there is significant room for Oatly's multiple to compress below BYND's."

"If you agree to the foregoing terms, please sign below to indicate your acceptance."

"Unlike industry peers below, WTRG noticeably does not discuss operating cash flow."

"BK only achieved $2.56 of cash EPS in 2014 (24% below 2009 targets, 5 years later)"

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

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

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