Callouts & quotes from 662+ activist slides

"In 2005, Borders' consolidated Adjusted EBITDA margins fell to 7.4% from the previous four-year average of approximately 8.6%"

"The larger the difference between EV/Revenue and EV/EBITDA, the less profitable the business and the lower the EBITDA margin."

"Capital leases have the main effect of inflating EBITDA and Free Cash Flow, two key measures investors use to value Dropbox."

"In the past five years, GE has spent more than $30 billion on major acquisitions at a weighted average price of 10.3x EBITDA"

"Looking back you can see this 2017 EBITDA range is even lower than the range that was forecasted in the same period in 2015!"

"We assume that Macy’s pays down enough debt to achieve 3.5x Adjusted Debt / EBITDAR and maintains a $1 billion cash balance."

"If Wendy’s company-operated restaurants could increase profitability by 400bps, EBITDA would increase by approximately $86mm"

"We do not believe investors and analysts are looking carefully at its aggressive use of capital leases which inflate EBITDA."

"We consider it a major red flag that Generac is now lowering EBITDA margin guidance by 50bps and blaming it on this reason."

"Should all member owners receive market-rate sharebacks of 60-75%, Premier's FY22-23 EBITDA would be cut by more than half."

"We value the slow-growing Company at an EV/EBITDA multiple of 8-10x for a price target of $17-25, yielding 60-70% downside."

"Highly stable, royalty-like businesses of this nature typically trade in the range of 10x – 12x EBITDA, depending on growth"

"At current margins, CXW management estimates its inventory of existing beds could generate an additional ~$100mm of EBITDA"

"We believe Limbach’s treatment of acquisition and restructuring costs in its Adj. EBITDA calculation is overly permissive."

"Olam's net debt to LTM adjusted EBITDA is now 8.4x, compared to 7.8x at the end of Q1. These numbers are dangerously high."

"New units in the U.S. generate ~30% cash EBITDA margins and ~65% pretax ROIC; new unit economics in China are even higher"

"The bar graph below shows the difference between the consolidated EBITDA Casino reports, and what it proportionally owns."

"We estimate that net of USM, FTAI's module business is currently delivering EBITDA margins ~600bps lower than in H1 2024."

"Deliver improved revenue growth and achieve best-in-class EBITDA margins of up to 60% to 70% in the medium to long-term."

"A 4.5% miss on Adjusted EBITDA results in an 18% decrease in bonus, but a 4.5% beat results in a 100% increase in bonus!"

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

"The EBITDA AMT was implying for Site Sharing at that time was at least 53.5% higher than Site Sharing's actual EBITDA."

"Zebra's EBITDA to Interest Expense credit metrics would look worse if factoring fees were considered interest expense."

"Therefore, one could conclude that BP's 2025 EBITDA guidance was implicitly revised down by around 12% to cUSD40-43bn."

"Since the $750 million acquisition of Insight Pharma in September 2014, we estimate organic EBITDA has been declining."

"We estimate that FBHS can generate at least $400MM in EBITDA on today’s sales base by cutting capacity and excess cost"

"We believe its EBITDAP margins are inflated by 610bps, and YoY growth is just 3.3%, not 16.1% depicted by management."

"By reducing the time it takes to bus a table by 2 minutes, we believe Olive Garden can improve EBITDA by $6 million."

"Assuming Valeant achieves “Floor” 2016 EBITDA guidance of $7.5bn, the stock is inexpensive as a multiple of 2016 EPS"

"Pure trades at 6.3x and 26.9x CY2026 revenue and EBITDA, respectively, representing 95% and 171% premiums to NetApp."

"By reducing the time it takes to bus a table by 2 minutes, we believe Olive Garden can improve EBITDA by $6 million."

"The analysis demonstrates that the Real Estate and Franchise business contributed approximately 78% of total EBITDA."

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

"As shown below, by increasing the price it pays for the tower, AMT increases its EBITDA margin from 60.0% to 73.3%."

"Why We Believe Aggressive Accounting Inflates Total Contract Value And Adj. EBITDA By $600M And $250M, Respectively"

"Adjusting for capitalized commissions reduces reported FY19 Adj. EBITDA by 12% and FY19 Non-GAAP Net Income by 17%."

"Return to double digit revenue growth seems optimistic. Even analysts don't believe Zillow's 45% Adj. EBITDA target"

"While EBITDA is expected to approach 2019 levels, shares are down nearly 70% from prior highs and 50% year-to-date"

"After these adjustments, we reduce 2025 Adjusted EBITDA by approximately 90%, from $1,054 million to $103 million."

"McOpCo would likely be valued at $6.0 billion to $7.1 billion of equity market value or 6.5x–7.5x EV/’06E EBITDA."

"We believe this suggest a high likelihood that Mettler’s EBITDA margins are overstated and cannot be relied upon."

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

"This has the consequence of inflating FTAI’s EBITDA margins, which are ~ten percentage points higher than peers."

"We believe these quantifiable EBITDA improvement initiatives alone will create ~$15 - $26 per share in value(1)"

"On a normalized basis, Huntsman made no progress towards its $1.3 billion Adjusted EBITDA target over two years"

"Over the last five years, the Superstores segment has generated steady Adj. EBITDA margins between 9.6% - 10.3%"

"The vast majority of Phillips 66 Midstream EBITDA could be fully sold or separated as part of a tax-free spin."

"The vast majority of Phillips 66 Midstream EBITDA could be fully sold or separated as part of a tax-free spin."

"In total, we believe that at least 11.4% of Adj. EBITDA are attributable to unusual and unjustified add-backs."

"Implied EV / Closing LTM EBITDA of 14.4x (13.3x NTM(1)) represents discount to historical food average of ~16x"

"Real estate companies trade at substantially higher multiples of EBITDA compared to Target or other retailers"

"McOpCo’s Estimated Average Unit EBITDA margins versus U.S. Franchisees’ Estimated Average Unit EBITDA margins"

"Management estimates that when housing starts recover to ~1mm to 1.5mm, EBITDA will be 2 to 3x current levels"

"The $(50) million of Q4 Adj. EBITDA is inconsistent with history and the improved operations of the business"

"The opportunity to increase alcohol sales could drive an estimated $56 million in annual EBITDA improvement"

"Wall Street analysts estimated Adjusted EBITDA be ~35% BELOW the Company’s initial 2018 Investor Day target"

"The opportunity to increase alcohol sales could drive an estimated $56 million in annual EBITDA improvement"

"We believe GoDaddy should target Adj. EBITDA margins increasing from 28% exiting 2023 to 33%+ exiting 2024"

"We believe Huntsman’s claims of beating its 2020 Adjusted EBITDA target is blatantly misleading and false."

"We estimate that the Company is overstating gross and EBITDA margins by 664bps and 1,176bps, respectively."