Callouts & quotes from 572+ activist slides

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

"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"

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

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

"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."

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

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

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

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

"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"

"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."

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

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

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

"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."

"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"

"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."

"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!"

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

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

"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"

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

"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?"

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

"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."

"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."

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