Callouts & quotes from 662+ activist slides

"At best, the current stock price implies a meager ~2x consensus 2015 EBITDA multiple on the Core Business."

"Wall Street analysts estimated Adjusted EBITDA be 30% BELOW the Company's initial 2018 Investor Day target"

"The Company's Adjusted EBITDA not only failed to improve, but had deteriorated after the 2014 Investor Day"

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

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

"Based on Starboard's margin improvement plan, AAP trades at less than half of ORLY's EV / EBITDA multiple"

"EBITDA should settle at around $425 million per year and EBITDA less Capex should be around $280 million."

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

"Stub NTM EV/EBITDA Discount vs. Peers¹ Increased over 3 times since Vivendi nominees joined TIM Board..."

"If the Federal Reserve increases the interest rate, this will compress both EV/EBITDA and P/E multiples."

"We believe consensus expectations on revenue growth and Adj. EBITDA margin expansion are not realistic."

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

"Turner's overall EBITDA margin of 36%, however, is estimated to be in the lower half of the peer group."

"Management has continued to promise investors an EBITDA target that is unrealistic to cover its tracks."

"Management perceived that if FTAI were considered to be an MRO, it would trade on a multiple of EBITDA."

"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."

"The fact that $283 million in EBITDA is required to reach $1 billion shows leadership's state of mind."

"We Believe EBITDA And Contracted Customer Value Metrics Are Completely Meaningless To Evaluate Sunnova"

"We Believe Samsara’s Aggressive Accounting Policies Massively Inflate Gross Margins And EBITDA Margins"

"Globant's investors need to be cognizant that “Adjusted” EBITDA does not translate into free cash flow"

"We believe Autodesk can achieve 45%+ Adj. Operating Margins and $3.4 billion of Adj. EBITDA by FY2027"

"The fact that $283 million in EBITDA is required to reach $1 billion shows leadership's state of mind"

"Based on the assumptions provided, the Transaction would result in $1.4bn EBITDA in 2009E to TIP REIT"

"We believe Autodesk can achieve 45%+ Adj. Operating Margins and $3.4 billion of Adj. EBITDA by FY2027"

"One former MPLN executive explained to us the apparent secret of MPLN's 76.3% Adjusted EBITDA margin."

"In fewer than 2 years under 3G's ownership, Burger King experienced 5x+ of EBITDA multiple expansion"

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

"After normalizing for Leasing gain on sale, ~80% of Aerospace Product's Adj. EBITDA is gain on sale."

"QSR’s intrinsic value continued to meaningfully increase in 2016, with organic EBITDA growth of 16%"

"5 pts increase in pipeline utilization would drive an additional ~$15 – 25MM in incremental EBITDA."

"The Company made no progress towards its $2.0 billion Adjusted EBITDA target between 2014 and 2016."

"QSR’s intrinsic value continued to meaningfully increase in 2016, with organic EBITDA growth of 16%"

"The Company made no progress towards its $2.0 billion Adjusted EBITDA target between 2014 and 2016."

"The Company's confidence in achieving $2.0 billion of Adj. EBITDA evaporated between 2015 and 2016."

"Compared to Darden’s poor 7.4% LTM fully-leased EBITDA margin, Red Lobster standalone is even worse"

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

"The Company targeted $2.0 billion of Adjusted EBITDA over 2 – 3 years, and MISSED its target by 44%"

"QSR’s intrinsic value continued to meaningfully increase in 2016, with organic EBITDA growth of 16%"

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

"The lower EBITDA stems from the high licensing fees Sportradar has to pay to professional leagues."

"This increase in costs explains greater than 70% of Yahoo's Core Business Adjusted EBITDA decline."

"The analysis demonstrates that the Brand McDonald's contributed approximately 78% of total EBITDA."

"The Company failed to deliver on Adjusted EBITDA commitments from three consecutive investor days."

"The Company repeatedly assured shareholders that $2.0 billion Adjusted EBITDA would be achievable."

"The Company made no progress towards its $2.0 billion Adjusted EBITDA target between 2014 and 2016"

"The Company failed to deliver on Adjusted EBITDA commitments from three consecutive investor days."

"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%."

"EBITDA margins have contracted by 530bps (pre-acquisition to 2022) and 1,130bps (Q1 2020 to 2022)"

"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%"

"Darden could see a ~$30 million EBITDA improvement just from picking the right weeks to advertise"

"Spruce Point believes that Tempus has a $250 million cookie jar to embellish its Adjusted EBITDA."

"Darden could see a ~$30 million EBITDA improvement just from picking the right weeks to advertise"

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

"Management does not explain this $13.1m of Adj. EBITDA discrepancy used to reap $2.7m of bonuses."

"Laut dem eigenen "Adjusted EBITDA" von HelloFresh lagen die RTE-Margen im Jahr 2024 bei nur 1,6%."

"Ferguson is predominantly a North American business (currently ~95% of EBITDA from North America)"

"The Mexico turnkey contract therefore likely generates over half of OSIS's total company EBITDA."