Callouts & quotes from 844+ activist slides

""Our analysis of a theoretical model in which 80% of BWLD is franchised along conservative industry standards yields per share valuations significantly higher than BWLD's current share price" — Nick Setyan, Wedbush, 2/8/17; "[D]irectionally the activist plan is a much better plan than the one the current management team is focused on" — Howard Penney, Hedgeye, 8/18/16; "[T]he math [on a transition to a 90% franchised business model] looks intriguing, even when using what we think are conservative assumptions" — David Tarantino, Baird, 10/24/16; "[D]uring its Analyst Day...[Management] failed to address any changes to BWLD's long-term company/franchise store mix (now at 52% company-owned, which we believe should be reduced) by defending ongoing consideration of future franchise purchases (where we would hope for a re-franchising strategy)" — Paul Westra, Stifel, 8/16/16; "We like the potential for additional value-unlocking actions or a more drastic tack in strategy in-line with some of the ideas outlined in a recent 13D filing...Investors may look past downward revisions if the prospect of transformative action is on the table, but if this is called into doubt, fundamentals suggest a lower price for the stock" — John Zolidis, Buckingham, 9/15/16; "[A] falling [ROIC] as a result of higher capex could suggest a greater proportion of units would create more per share value as franchised units (e.g., where the same capex could be deployed for share repurchases)...Investors remain highly focused on the potential opportunity for BWLD to increase its franchise mix" — Karen Holthouse, Goldman Sachs, 8/4/16; "We view refranchising as a realistic alternative path to value creation for shareholders...Investors often forget BWLD was >65% franchised a few years ago. Our conversations with brokers that specialize in restaurant and franchisee transactions lead us to believe the appetite for most of BWLD's markets would be strong, and could command multiples towards the higher end of the 5-6x unit-level EBITDA industry standard"' — Nick Setyan, Wedbush, 9/12/16; "We believe investors would applaud the introduction of multi-year refranchising programs from Buffalo Wild Wings" — Jeff Farmer, Wells Fargo, 7/13/16; "'Logic' supports the premise that a franchise model is better insulated against economic volatility, generating a high margin annuity stream of royalties with limited operating volatility...We expect investors to further encourage (re)franchising / licensing at [BWLD]" — Jeffrey Bernstein, Barclays, 5/17/16"

""We think the most viable form of unlock would likely come via spin-off of Midstream....That said, we think it might make the most sense to not include refinery-related assets/EBITDA with the Midstream spin, given the integration with and commercial value to the company's refining business." — J.P. Morgan, February 2025; "However, when [the Company was] pressed on these points, some of the integration case fell apart, in our view. For example, management acknowledged that a midstream spin could be done tax-free." — TPH & Co, April 2025; "In our view, the potential (transformative) investment case for PSX comes down to a question of 1) the potential value uplift of a particular action, and 2) the likelihood of that action taking place. For example, on one end, the monetization of the European retail business is highly likely, but the shareholder impact is relatively modest. On the other end, a spin/sale of the Midstream business is by far the single largest source of potential value creation ($40B-$45B of proceeds at a potential multiple - 10x - that offers by far the largest multiple uplift/arbitrage), but is also the strategy to which the management has been the most strongly opposed." — Piper Sandler, February 2025; "We believe the strong valuations and ability for a standalone company to better capture growth opportunities in the sector make a Midstream spin/sale appealing, in our view." — T.D. Cowen, February 2025; "At our theoretical SOTP of $160/share (our DCF-based price objective is $147), selling some midstream assets could unlock value." — Bank of America, February 2025; "PSX is unlikely to ever receive sufficient credit for much of its marketing and midstream business...there is clearly value to be created via disposals, of which is the initial $3.0B plan is a good start." — Piper Sandler, November 2023"

"And then can you talk a little bit more about the profitability in your clean energy business and with PWRcell? I mean you mentioned that you were profitable. I think that was an EBITDA comment, but I want to clarify that. And can you talk at all about the gross margins for your clean energy business? Where roughly will they be by the end of 2021 in comparison to your overall gross margin? And just how should we think of it more on like a 2 to 3-year basis as you continue to ramp? — Roth Analyst. Yes. Ross, it's York. So yes, making very good progress on gross margin optimization, a lot of focus on the bill of material, a lot of focus on supply chain. And you're right. Leaving the year here in 2020, in Q4, we were profitable. That was a nice landmark or a milestone for the start-up business being profitable in Q4. But throughout 2021, yes, we do expect to ramp up our gross margins to somewhere in the mid-30% range. So that's relative what we do, almost 40%, I guess, high 30s here, gross margin for 2020. So close to the company average by the end of 2020 is the plan. And then obviously, we're going to be ramping up our operating expenses to really go fast after this market. So expecting EBITDA margins to grow throughout the year as well, along with gross margins, maybe hitting double digits there by the end of the year for EBITDA margins. — CFO York, Q4 2020. Today, clean energy, just thinking storage, that is a profitable business today. We haven't quoted exactly what margin profile is. It's profitable today. But over time, over the next call it, few years, that will also grow into that mid- to high teens EBITDA margins as well. So we've got a road map and a path to get there. — CFO York, Q3 2021"

""We agree with Elliott's assessment that there is more upside potential in the refining business, on both capture and opex, and we think Elliott's presence itself could refocus management towards this business." — J.P. Morgan, April 8, 2025; "Where we agree with Elliott that PSX is undervalued - at current levels we see no value for refining in the share price at current levels, under our integrated DCF analysis." — Wolfe Research, April 25, 2025; "We prefer a spin, or large selldown of non synergistic assets as we believe the volatility in Refining EBITDA swamps growth in more stable premium segments, keeping stability seeking midstream investors away." — Bank of America, April 25, 2025; "Despite the noise, expect that Elliott's pressure to execute on these targets will be a strong positive for the stock." — Piper Sandler, November 29, 2023; "We think PSX's 1Q25 results will have a mixed impact on near-term share price performance... the market may interpret the bad news as good news because it will give more support to Elliott's case and thus provide a potential catalyst to the shares." — Scotiabank, April 25, 2025; "We suspect Elliott's updated position will result in PSX having to find additional ways to close the refining performance gap vs large cap peers... A M/S spin seems like easiest to execute...A sale could be a more beneficial outcome, though requires a willing suitor." — T.D. Cowen, February 12, 2025; "Here Elliott sees Midstream assets as potentially worth ~$50B, assuming a ~10x multiple on synergized '26E EBITDA... We agree with Elliott on valuation disparity." — Citi Research, February 13, 2025"

"“...[Huntsman] trades at a relatively discounted valuation vs. peers as shares have lagged the group YTD. While we see these characteristics as favorable, in the context of HUN’s margins and FCF generation that we view as low relative to peers, we see this underperformance as fair...” — Wolfe Research, June 2021; “Huntsman is unlikely to trade at hybrid/diversified chemical multiples. We attribute this primarily to differences in margins and thus the market's perception of the degree of specialization of the company's products. From a segment or portfolio mix perspective it is not self evident that Huntsman meaningfully differs from diversified chemical peers Celanese or Eastman...Not withstanding our view that Huntsman has meaningfully improved its earnings stability and margin structure over the last few years, the company's margin remains well below that of hybrid/diversified peers such as Celanese and Eastman...” — Morgan Stanley, September 2020; “We feel part of the issue is that HUN’s cost structure has not changed as dynamically as its revenue...the elevated cost structure is dampening margins and impeding free cash flow conversion.” — BofA Securities, June 2020; “On cash conversion, we remain skeptical. Free cash flow conversion from Adj. EBITDA for Huntsman has historically lagged, as sizeable restructuring efforts and capital investments have hindered cash flow...We believe the market needs to see a longer track record of solid cash generation before fully underwriting a structural change in the company's cash flow profile...” — Barclays, October 2018"

"“...abrupt material lapse in operational and financial discipline within the Company.” — Vivendi Presentation, Page 5; “Announcing a profit warning a week after issuing a bond has alienated market participants, who are losing trust in TIM.” — Vivendi Presentation, Page 8; “The three-year strategic plan presented by the former management in March 2018 had broad market support.” — Vivendi Presentation, Page 10; “...important need for any plan to contain key pillars, such as focus on enhanced FCF generation, deleveraging, digitalization and improved customer satisfaction, in order to drive value creation.” — Vivendi Presentation, Page 15; “The opaquely worded outlook for 2019 suggests that the bad news is likely to keep flowing as the company seems rudderless and adrift in turbulent waters.” — Vivendi Presentation, Page 36; “New CEO Luigi Gubitosi is throwing the kitchen sink at his predecessor’s ambition to grow domestic EBITDA....” — Vivendi Presentation, Page 36; “These procedures were not followed for the nomination of Luigi Gubitosi as CEO, [whose nomination was] pre-packaged during the shadow meetings held by Elliott representatives and Elliott-nominated Board Members.” — Vivendi Presentation, Pages 37, 39; “None of the new candidates want to be the CEO...and none of the independent directors wants to be Chairman....in other words the chairman will be chosen among the five proposed independent directors and the CEO between the two not-independent directors (De Puyfontaine and Genish).” — Vivendi Presentation, Page 3"

"We view nearly all aspects of the Red Lobster transaction as not particularly compelling. — UBS, May 20, 2014; $2.1billion represents a seemingly compelling 9.0x EBITDA multiple, but it's on artificially depressed F14 ests and offers no premium to a conservative DCF. — Credit Suisse, May 20, 2014; It is unconscionable that the Darden Board would allow the Company to sell its Red Lobster business for what amounts to a 'fire sale' price after shareholders clearly indicated that they did not want the Company to enter into a transaction unless it was subject to their approval. — Barington, May 19, 2014; In short, in our eyes, “the taxman stole the show” by taking 25% of the gross proceeds. — Stifel, May 16, 2014; Today, Darden announced that it has entered into a definitive agreement to sell its Red Lobster business and related assets to Golden Gate Capital for $2.1 billion in cash. Destroying a business and giving it away for free is a familiar practice for CEO Clarence Otis. He first did it with Smokey Bones and has done it again with Red Lobster. — Hedgeye, May 16, 2014; Management's decision to ignore shareholder concerns and go forth with an undervalued sale of Red Lobster as opposed to waiting for operations to improve or entertain monetization without fully disposing the brand during a depressed earning's period will likely result in meaningful changes at the board level and among senior management. — Buckingham, May 16, 2014"

"We use [a lower EBITDA multiple] for MPC given its relatively less desirable refining asset footprint. — Jefferies, August 2016; Rain or Shine, Buybacks through Cycle; Upgrade to Buy — Jefferies, March 2023; MPC is a top-tier refining operator with commercial excellence...MPC [is our] top refining pick even after dramatic outperformance over roughly the past two years. — Raymond James, January 2023; [With] SU's older asset base and the current rising cost environment, it could be difficult to lower absolute operating costs. — J.P. Morgan, April 2022; SU continues to execute well under CEO Kruger, with strong operational results at nearly every Upstream and Downstream asset... — J.P. Morgan, November 2024; While our unchanged target price of $40 drives an attractive total return including dividends of ~19%, we remain In Line rated as we gain more comfort with the newly acquired business line and company's ability to execute on its pro forma financial plan. — Evercore, June 2023; During 2023 and 2024, NRG has been steadfast in executing against their operational and financial framework, which has yielded benefits as the company exceeded its adj. EBITDA guidance mid-point in '23 and raised its '24 guidance. — Evercore, January 2025; In a somewhat surprising tactic, PSX management talked down the potential [sum-of-the-parts] upside (i.e., [stating that the Company is] fairly valued). — Piper Sandler, March 2025"

""It illustrates when you have a down market like the refining sector has been in the last couple of quarters, how important having a diversified portfolio and a diversified value chain is to a business like ours." — Q2'16 Earnings Call, 7/28/16; "Across that entire complex, we were able to really lessen the amount of RIN exposure....[T]hat gives us tremendous advantage having all of these options in order to be able to meet or exceed our RIN requirements." — Barclays CEO Conference, 9/6/16; "$1 billion of cash flow, of EBITDA within Speedway takes care of all of our dividends and takes care of all of our interest on the debt." — Barclays CEO Conference, 9/6/16; "Speedway is MPC's most ratable distribution channel, provides a solid base to enhance overall supply reliability and allows us to optimize our entire refining, pipeline and terminal operations." — Q2'16 Earnings Call, 7/28/16; "In periods of volatility...we have a great flexibility and optionality to be able to move our products into the market, away from those markets, probably faster than anyone else in our business. And of course, that leads to a synergy or that leads to the value." — Barclays CEO Conference, 9/9/15; "Our large integrated platform provides us excellent access to price-advantaged domestic crude oil and low-cost natural gas." — Q1'15 Earnings Call, 4/30/15"

""As a reminder, we've been working on a number of finance alternatives to eliminate the need for new restricted cash or PPA deals where Plug Power finances the assets directly. In some, or likely all, of the new financing scenarios the cat profile of the transaction will be much better. The accounting rules dictate we cannot recognize revenues up front as we've done with traditional sale-leaseback arrangements. The presentation of adjusted numbers is intended to show our performance as if we finance a transaction as we have in the past. Again, we believe it provides a clearer picture of the sales and implementation progress of the Company and a consistent comparison to past performance." — Andrew Marsh - CEO, Plug Power; "Before I get started, I want to highlight that beginning this quarter, Plug Power's quarterly financial results will no longer include the non-GAAP measures of adjusted revenue, adjusted gross margin, adjusted EBITDAS, or adjusted EPS to reflect the impact of deployed Power Purchase Agreement transactions under alternative financing arrangements. However, we will continue to provide supplemental information to all external stakeholders as we believe it's important we convey the company's overall progress in growth and cost-downs and to maintain complete transparency." — Andrew Marsh - CEO, Plug Power"

""So as we look at that $2 billion run rate, I don't see any pie in the sky, we have got to go out and double margins in any one product, or have some ridiculous, unrealistic price increase or anything. These are all projects that have been announced...And it is just a question of executing on those...So I feel, today, even more confident in that number than I was when -- in March, when we gave that number to our investors." — Peter Huntsman, President & CEO; "We've spent a lot of time with the investment community talking about a bridge, how we get from where we are to that $2 billion. I think if you dig into those numbers, you'll see that it's certainly achievable in the next 2 to 3 years." — John Heskett, VP – Treasury & Planning; "Our LTM is about $1.4 billion. We have an objective to go to $2 billion of EBITDA. Many of our businesses are sort of at that level...But really, on track we think near term to get to that $2 billion of EBITDA." — Kimo Esplin, CFO; "I would say that we should quite soundly beat the projections that we gave for the $2 billion. Again, we still have a great deal of confidence in the $2 billion number...I think that when we look at the overall composite, we still feel very confident about that." — Peter Huntsman, President & CEO"

""About a year ago, at our Investor Day, we introduced to the market our near-term EBITDA target of $2 billion. We believed that we could achieve this number in the next two to three years...we continue to target a $2 billion run rate in 2017. With present industry trends, we think we will continue to see stronger specialty and differentiated growth than we had expected and softer commodity TiO2 in our recovery." — Peter Huntsman, President & CEO; "We continued to emphasize our goal that we gave out about -- it's been about a year and a half now of a $2 billion EBITDA. Obviously, in the last 18 months, the world's economy and so forth is between the price of crude oil. We made that forecast as, what, about $110 a barrel, and what we were seeing growth in China and so forth. And a lot of that's been turned around from what we saw 18 months ago." — Peter Huntsman, President & CEO; "...of the $2 billion [EBITDA], there was roughly $425 billion of the pigment's EBITDA in there, so if you exclude that and you use the FX headwind, that Peter mentioned, of about $140 million. That's a number, I think, that this company can hit in the next couple of years. Is $1.5 billion a number that we're capable of? Yes, I think that that's realistic." — Kimo Esplin, CFO"

""Now $1 billion is a big number. It's a 5x in fold from where we are today. So, let's talk about how we're going to get there. We're going to do it through acquisitions... We are very serious about our build to $1 billion strategy. With this acquisition, we'll be close to $1 billion adjusted EBITDA which is our EBITDA objective that we set out. We plan to maintain our strategy to achieve this target within the near term. Once this deal closes, or should the deal close, we will be from an EBITDA perspective, the fifth biggest tech company on the TSX." — Matt Proud, CEO of Dye & Durham; "Internally, the single best measure that we have is IRR when we're looking at our acquisition discipline. Personally, what I seek to do and what I've hopefully convinced others around Constellation to do is to use IRR as the method of choice. And because we're looking to buy and hold forever, I feel way more comfortable with IRR as an approach. And so we set a relatively high IRR bar and then we use multiple scenarios that are probability weighted to come up with the IRR that we expect, taking into account all possible outcomes." — Mark Leonard, Founder & President of Constellation Software"

"“On valuation, despite an earnings profile (25% commodity / 75% specialty) in-line with differentiated peers Celanese (8.3x '22E EBITDA) and Eastman (9.2x '22E EBITDA), Huntsman (6.1x '22E EBITDA) continues to trade more like a commodity chemical company (Lyondell: 5.4x '22E EBITDA)” — Deutsche Bank, February 2022; “We view multiple expansion to more closely in line with diversified chemical peers Celanese (CE) and Eastman (EMN) as still more reflective of a blue sky scenario. Although both of those companies have similar mix of commodity/specialty businesses, they trade at higher multiples (currently ~9x EV/EBITDA NTM) as a result of their higher margin structures (mid to low 20s EBITDA margins vs. Huntsman's mid-teens levels).” — Morgan Stanley, November 2021; “HUN's Nov. 9 investor day will be first deep-dive since May 2018. Since then HUN divested the bulk of its commodity chems (~8x EV/EBITDA) & consumer adhesives (~15x) exposure & acquired bolt-on specialty polyurethanes & epoxies (~8x post synergies)... Specialties vs. basics mix is most often compared to EMN & CE (i.e. integrated acetyls v integrated MDI at HUN).” — UBS, August 2021"

"“On valuation, despite an earnings profile (25% commodity / 75% specialty) in-line with differentiated peers Celanese (8.3x '22E EBITDA) and Eastman (9.2x '22E EBITDA), Huntsman (6.1x '22E EBITDA) continues to trade more like a commodity chemical company (Lyondell: 5.4x '22E EBITDA)” — Deutsche Bank, February 2022; “We view multiple expansion to more closely in line with diversified chemical peers Celanese (CE) and Eastman (EMN) as still more reflective of a blue sky scenario. Although both of those companies have similar mix of commodity/specialty businesses, they trade at higher multiples (currently ~9x EV/EBITDA NTM) as a result of their higher margin structures (mid to low 20s EBITDA margins vs. Huntsman's mid-teens levels).” — Morgan Stanley, November 2021; “HUN's Nov. 9 investor day will be first deep-dive since May 2018. Since then HUN divested the bulk of its commodity chems (~8x EV/EBITDA) & consumer adhesives (~15x) exposure & acquired bolt-on specialty polyurethanes & epoxies (~8x post synergies)... Specialties vs. basics mix is most often compared to EMN & CE (i.e. integrated acetyls v integrated MDI at HUN).” — UBS, August 2021"

""...we announced the acquisition of Ciba's textile effects business. This was an acquisition of roughly $255 million with an $88 million LTM EBITDA. It is our objective over the course of the next two years to invest about $100 million into that textile effects business, and we believe we can get that EBITDA up to about 15%, 16% of sales; increase that EBITDA from its present rate of about $90 million run rate, upwards of about $150 million run rate." — Peter Huntsman, President & CEO, September 2006; "We are doing the very same thing in textile effects where over the next two years, we're going to spend $150 million and take an EBITDA that is roughly $80 million and we're going to take it to $150 million of EBITDA." — Kimo Esplin, CFO, March 2007; "...our textile effects business continues to make good progress on the restructuring program that we kicked off this last year. Our goal is to capture $75 million in cost savings and drive EBITDA margins to the mid-teens. In fact SG&A and R&D costs in the textile effects declined by almost $9 million or 17% as compared to second quarter levels." — Peter Huntsman, President & CEO, July 2007"

""We've got to bring more milk into the platform. Right now, if I look at the WCB platform, we're running close to 97%, 98% capacity utilization. On the MG side, we're running somewhere around maybe 58% capacity utilization. So one of the easiest ways to drive synergies and drive profitability is getting more milk through the plant, but of course, it's got to go into profitable products that we can sell either domestically or internationally?" — CEO on Australia (August 2018). "But our projections in terms of the respectable levels of profitability for the combined Australian platform, we believe that we will be there within year 3." — CEO on Australia (August 2018). "Leanne, it just seems that Australia has been problematic for a number of years now because of the inadequate supply of milk coming off the farm..." — BMO Analyst (June 2022). "And I believe that there is a way with the amount of milk that we're processing or we expect to process, this still drives very healthy profitability... So it doesn't mean that we have to reduce our expectation for EBITDA generation because we have less milk." — CEO on Australia (June 2022)."

"The revised performance goals were set at aggressive levels that reflected our realistic expectations at the height of the COVID-19 pandemic. Achievement levels between threshold and target result in payouts from 0% to 100% of target awards. Achievement levels between target and maximum result in payouts from 100% to 200% of target awards. If we achieve corporate adjusted EBITDA of less than 85% of target, the payout for all other components may be capped at target. If corporate adjusted EBITDA is less than 75% of target, the threshold goal, then payment of any other component of the award would be at the discretion of our CEO and the Compensation Committee. The Compensation Committee believes that requiring a minimum adjusted EBITDA threshold be met to receive any payment with respect to the annual cash performance awards both aligns executives' interests with those of stockholders and prevents excessive annual cash performance award payments in times when our financial performance fails to meet our expectations. — Board's Annual Cash Bonus Compensation Philosophy (2021 Proxy Statement)"

"27x EBITDA, 22x on an adjusted basis, and 17x with $140m of synergies, that is crazy expensive and that actually surprised me. We prided ourselves on being disciplined. If you looked across water deals, that's a stand-out. In a league of its own. It's all stock, dilutive, and won't be accretive for at least a year and half. There's a scarcity and ESG argument for it. — Fmr. Xylem Executive (1); I have mixed feelings. They certainly overpaid, but that's what it took to get it done. Patrick needed something transformational. He's not operational. He wants to take big swings and this was the only sizeable asset. My challenge with the deal that this is not a revenue synergy deal. This is a roll-up your sleeves and rip out costs, mess with channels. They have to get $200m of costs out in my opinion, or I would be disappointed as a shareholder. Its hard work to pull out $200m. I really think they need to do $200m not $140m. The revenue synergies aren't going to happen. Mark them at zero, there's a little, not much. — Fmr. Xylem Executive (2)"

""Our LTM is about $1.4 billion. We have an objective to go to $2 billion of EBITDA. Many of our businesses are sort of at that level...But really, on track we think near term to get to that $2 billion of EBITDA." — Kimo Esplin, CFO; "I would say that we should quite soundly beat the projections that we gave for the $2 billion. Again, we still have a great deal of confidence in the $2 billion number...I think that when we look at the overall composite, we still feel very confident about that." — Peter Huntsman, President & CEO; "About a year ago, at our Investor Day, we introduced to the market our near-term EBITDA target of $2 billion. We believed that we could achieve this number in the next two to three years...we continue to target a $2 billion run rate in 2017." — Peter Huntsman, President & CEO; "If we look at our business without our existing Ti02 division, we would be looking at 2016 as a record year for...EBITDA margins, a materially different and stronger company than we what we have today." — Peter Huntsman, President & CEO"

""And if we were a business today that we're separated from our TiO2, we would be going into 2016 saying...2016 will be a record EBITDA margin year in the history of this company." — Peter Huntsman, President & CEO; "...as much as this is a business that when you start looking at the core performance, if you look at Huntsman without TiO2, we would be going into 2016 here...with some of the highest margins we've ever had in our history and with better than GDP growth." — Peter Huntsman, President & CEO; "So I'll end my remarks on where I started with wanting this slide to be emblazoned in your mind. Again, as I look at the 4 steps that I think get this company another $20 to $30 a share, I think that these are all eminently doable." — Peter Huntsman, Chairman, President & CEO; "We remain very confident in delivering on the 2020 plans that we shared with you then. We are committed to the significant value creation upside of more than $27 per share by the end of 2020." — Peter Huntsman, Chairman, President & CEO"

""It takes five years to six years for a first program in a vertical to steady state, to get to that sort of natural peak of annual enrollment. It takes four-ish years for those programs to breakeven. But as they steady state, it is our expectation that an average 2U program will generate $16 million in top line revenue and generate mid-30s adjusted EBITDA margins." — 2017 Investor Day - 10/05/17; "So for our first program, our cumulative net negative cash investment is typically in the range of $10 million before we get to adjusted EBITDA and cash flow breakeven. . .launching a second, third or fourth program in the vertical however, our cumulative net negative cash investment usually falls by about half, more in the range of $5 million. . . the roughly $5 million to $10 million in cumulative net negative cash flow we refer to, is not an upfront investment with additional negative cash flows expected. It is the total cash investment we expect to make to a program breakeven." — Oppenheimer Conference 8/10/15"

""So the first question I have for Cord, both you and John discussed the - I guess, I'd say somewhat disconnects in your results here with sales and gross and on the EBIDTA side. You mentioned that it had to do with distributor sales from a distributed product. Can you explain further what that was? And then how we should think about that?" — Brian Nagel – Oppenheimer & Co. "...so if you look at our flea and tick category on the OTC side, we've had a historical mix in how those products have been purchased in tens and thousands of locations over the last five years... What we've seen differently is, we've sold more $32 boxes than $10 boxes. And so that's why when you look at our gross margin dollars for the quarter, they're right in line with what we thought we would have because the margin was agnostic and why the EBITDA number is online with that is we're really get our growth rate, our unit growth rate, but the mix is a little bit different." — McCord Christensen – CEO, PetIQ"

""We use [a lower EBITDA multiple] for MPC given its relatively less desirable refining asset footprint." — Jefferies, August 2016; "Rain or Shine, Buybacks through Cycle; Upgrade to Buy." — Jefferies, March 2023; "MPC is a top-tier refining operator with commercial excellence...MPC [is our] top refining pick even after dramatic outperformance over roughly the past two years." — Raymond James, January 2023; "[With] SU's older asset base and the current rising cost environment, it could be difficult to lower operating costs." — J.P. Morgan, April 2022; "SU continues to execute well under CEO Kruger, with strong operational results at nearly every Upstream and Downstream asset...Results have been impressive across the board YTD '24, which we think is indicative of a series of smaller achievements around factors like turnaround benchmarking/efficiency and better use of physical integration, but also a change in culture at the company more broadly." — J.P. Morgan, November 2024"

"The revised performance goals were set at aggressive levels that reflected our realistic expectations at the height of the COVID-19 pandemic. Achievement levels between threshold and target result in payouts from 100% to 200% of target awards. If we achieve corporate adjusted EBITDA of less than 85% of target, the payout for all other components may be capped at target. If corporate adjusted EBITDA is less than 75% of target, the threshold goal, then payment of any other component of the award would be at the discretion of our CEO and the Compensation Committee. The Compensation Committee believes that requiring a minimum adjusted EBITDA threshold be met to receive any payment with respect to the annual cash performance awards both aligns executives' interests with those of stockholders and prevents excessive annual cash performance award payments in times when our financial performance fails to meet our expectations. — 2021 Proxy Statement"

""If we look at our business without our existing TiO2 division, we would be looking at 2016 as a record year for...EBITDA margins, a materially different and stronger company than we what we have today. Obviously, the conclusion of this separation is a very high priority for this company." — Peter Huntsman, President & CEO; "And if we were a business today that we're separated from our TiO2, we would be going into 2016 saying...2016 will be a record EBITDA margin year in the history of this company." — Peter Huntsman, President & CEO; "I've said this many times before, there's nothing fundamentally wrong with the TiO2 industry as much as this is a business that when you start looking at the core performance, if you look at Huntsman without TiO2, we would be going into 2016 here...with some of the highest margins we've ever had in our history and with better than GDP growth." — Peter Huntsman, President & CEO"

"FBR, July 2013: “CLB is one of the most attractive secular growth stories as its core competency of improving reservoir recovery fits in the sweet spot of our technology thesis.”; RBC, April 2014: “The company continues to establish itself as one of the best secular growth stories in the oilfield service sector with a suite of technologies geared toward the exploration and development of offshore and onshore unconventional oil plays with out-sized leverage to deep water field development.”; Morgan Stanley, September 2013: “Given our expectation for long-term secular growth, we believe the appropriate valuation methodology for CLB is discounted cash flow analysis. This differs from most of the stocks in our coverage universe, which we value on multiples (typically P/E and EV/EBITDA) because they tend to exhibit cyclical rather than secular growth.”"

""Phillips 66 Earnings Miss Strains Refiner Snarled In Proxy Fight" — Bloomberg News, April 25, 2025. "-$0.90 vs cons -$0.73...EBITDA missed by 9%. Commentary notes 1Q results reflect one of their largest spring turnarounds with the bulk now behind them. Still, not the type of results that inspire confidence in this operating team giving ongoing proxy fight launched by one of its shareholders." — Wells Fargo, April 25, 2025. "We think PSX's 1Q25 results will have a mixed impact on near-term share price performance. On one hand, the earnings miss and poor refining and RD operations were disappointing and could lead to lower share prices. On the other hand, the market may interpret the bad news as good news because it will give more support to Elliott's case and thus provide a potential catalyst to the shares." — Scotiabank, April 25, 2025."

""Phillips 66 Earnings Miss Strains Refiner Snarled In Proxy Fight" — Bloomberg News, April 25, 2025. "-$0.90 vs cons -$0.73...EBITDA missed by %. Commentary notes 1Q results reflect one of their largest spring turnarounds with the bulk now behind them. Still, not the type of results that inspire confidence in this operating team giving ongoing proxy fight launched by one of its shareholders." — Wells Fargo, April 25, 2025. "We think PSX's 1Q25 results will have a mixed impact on near-term share price performance. On one hand, the earnings miss and poor refining and RD operations were disappointing and could lead to lower share prices. On the other hand, the market may interpret the bad news as good news because it will give more support to Elliott's case and thus provide a potential catalyst to the shares." — Scotiabank, April 25, 2025."

"“Great. And maybe just kind of very high level here, during the road show you had kind of guided to 7% to 11.5% EBITDA margins and CarMax probably your closest competitor is around 7.8% last year... So, without opening a capital finance company you are running your own auctions, how do you kind of think about getting to the midpoint or the higher end of your long-term EBITDA guidance?” — Mike Levin, Deutsche Bank; “So I think it's a reasonable question to ask kind of what's the gap there, that gap part of that is made up by pricing differences... We built a pretty unique finance platform that allows us to while not taking credit risk monetize finance originations across the entire credit spectrum, not just to the top end of the credit spectrum, while passing that credit risk on to third parties.” — Ernie Garcia III – CEO, Carvana"

""At the present time with the current forecast we have, our 2019 should be within 5% to 7% of our 2018 EBITDA..." — Peter Huntsman, Chairman, President & CEO; "When the price gets substantially higher than it is today, we'll make a decision to sell [Venator]....And I think it will gradually see improving fundamentals here, and we will judiciously look at our shares, and we'll sell them at a time that makes sense for us." — Peter Huntsman, Chairman, President & CEO; "Putting it all together, if Europe does improve as the Americas returns to plan, our full year EBITDA will be close to the lower end of our initial EBITDA guidance of down 5% to 7% from 2018. However, if the economic conditions within those region stays at current levels, our current year EBITDA maybe down 10% or so..." — Peter Huntsman, Chairman, President & CEO"

"Importantly, we'll have strong cash flow generation as a result of this transaction, about $1 billion in operating cash flow in the second year and accelerating, which means we can quickly de-lever from approximately 5 times to less than 3 times by the end of the second full year post-close... — CEO Jeff Simmons on Acquisition of Bayer by Elanco 8/20/2019; The global diversified strength of the combined business will generate enough cash flow for us to bring our leverage below 3 times adjusted EBITDA by the end of 2022. We realized the timing of our deleveraging is different than what we planned at the IPO by approximately two years. But we believe this delay is warranted by the compelling value proposition that our combined focused animal health company creates. — CFO Todd Young on Acquisition of Bayer by Elanco 8/20/2019"

""I'm going to just give you the highlight -- we will achieve profitability in 2012, and we have a clear path to get there." — Andrew Marsh – CEO, Plug Power; "When I step back and look at it all, I'm more bullish than ever that Plug Power is in the early stages of a very rapid growth market. I'm also bullish that we will make our goal of EBITDA breakeven in 2014." — Andrew Marsh – CEO, Plug Power; "This is something that, as we grow the top line, as we expand the margin side, we are going to grow into that and look to turn profitable in 2016." — Andrew Marsh – CEO, Plug Power; "This year-to-date performance, the growing contract backlog and the continued momentum of driving cost down are a strong indication that we're on track to build a profitable long-term enterprise." — Andrew Marsh – CEO, Plug Power"

""Let me now make a few comments on the acquisition of Biotix, which we completed in the third quarter. Biotix manufactures and distributes plastic consumables associated with pipettes including tips, tubes and reagent reservoirs used in the life science market. Biotix's annual sales of approximately $35 million, we paid $105 million or approximately 10 times EBITDA for the business" — CFO Donnelly. "Thanks. And just one last quick one for context on Biotix. Could you give us what was the historical growth rate for the business maybe for the last two or three years?" — Analyst Zach Wachter. "I would say it was in the 10% to 12% range. I think, if you count year-to-date through, let's say, last 12 month, the LTM ended September 30, and 2016, you probably get numbers in that range." — CFO Donnelly."

"Under the terms of the agreement, Perion acquired all the shares of CIQ for a total consideration of $73.05 million, of which $15 million in cash was paid upon closing, with an additional maximum $11 million will be paid as a retention incentive. As part of the total consideration, there is a maximum of $47.05 million in earn-outs over a period of two years. The earn-outs are tied to revenue and EBITDA-based metrics that would be paid in full if CIQ generates $158 million in revenues and more than $17 million of EBITDA in aggregate, over the next two years. Further details on the agreement terms and earn-out provisions as well as a reconciliation between GAAP and non-GAAP financial measures are included in a Form 6-K furnished to the Securities and Exchange Commission. — Deal Press Release"

""As Gary mentioned, there is a lot of opportunity there. There's a legacy gathering and processing capital in MarkWest that typically run $1.5 billion to $2 billion organic projects per year. So that's part of the projects and EBITDA available as well as the drops. We also spoke at the time of the merger about $6 billion to $9 billion of projects that could be done either at the MPLX or MPC level, likely this will be done in MPC, incubated there and then dropped down to the partnership. As well with the opportunities in the marketplace today and our cost of capital, we'll continue to look at acquisitions. So there's an enormous amount of opportunity for growth at the partnership level that will continue to support the MPC business." — MPLX CFO (J.P. Morgan Energy Conference, 6/27/16)"

""And then can you talk a little bit more about the profitability in your clean energy business and with PWRcell? ... And just how should we think of it more on like a 2 to 3-year basis as you continue to ramp?" — Roth Analyst. "Yes. Ross, it's York. So yes, making very good progress on gross margin optimization... we do expect to ramp up our gross margins to somewhere in the mid-30% range... maybe hitting double digits there by the end of the year for EBITDA margins." — CFO York, Q4 2020. "Today, clean energy, just thinking storage, that is a profitable business today. We haven't quoted exactly what margin profile is. It's profitable today. But over time, over the next call it, few years, that will also grow into that mid- to high teens EBITDA margins as well." — CFO York, Q3 2021."

""The most investment we did was tag or connect all those assets into our intelligent hub. That's the secret sauce." — CEO Needham Conf, May 17, 2023; "Growth #5 and the one that I think is making the most impact on our business is our iHUB." — Q1 2023, May 3, 2022; "From our perspective, our iHub sits in the center of the supply and the demand side of the market. This is an innovative model that no one else in the industry has." — Q2 2022, Aug 3, 2022; "In its first year, iHub contributes 40% of our year-over-year EBITDA growth..." — Q3 2022, Nov 9, 2022; "We are very proud. We are very proud of our iHub, the intelligent hub. It's AI-driven technology that 2022 is going to be the first year, which is fully in operation." — Q4 2021, Feb 9, 2022."

"With respect to the Restructuring line item in particular, the Company believes its exclusion from the Company's calculation of Adjusted Gross Profit and Adjusted EBITDA is appropriate and not misleading because (i) it adjusts for expense items that are unusual, non-recurring, and in some cases non-cash operating expenses, (ii) the expenses reflected in the Restructuring line item have not been incurred at scale in the past and are not reasonably expected to be incurred at scale in the next two years and thereafter and (iii) the expenses reflected in the Restructuring line item are separate and distinct from the normal recurring cash expenses the Company expects to incur as a public company. — SEC Correspondence, April 6, 2021"

""It is our intention within the 24-month period to be able to take this combined business, this pigments business, which will be in excess of $3.5 billion in sales..." — Peter Huntsman, President & CEO, September 2013; "It is our intention within the 24-month period to be able to take this combined business, this pigments business... and have a normalized EBITDA in excess of $0.5 billion" — Peter Huntsman, President & CEO, September 2013; "We continue to remain focused as a Company and our Board of Directors on deleveraging. I think that when you look at our targets going out 2015 and 2016...our leverage ratios go to our long-time stated objective of 2.0 times our EBITDA." — Peter Huntsman, President & CEO, September 2013"

"We continue to remain focused as a Company and our Board of Directors on deleveraging. I think that when you look at our targets going out 2015 and 2016, our leverage ratios during that time period, particularly when you take into account an IPO during that time period, that our leverage ratios go to our long-time stated objective of 2.0 times our EBITDA. It is our intention within the 24-month period to be able to take this combined business, this pigments business, which will be in excess of $3.5 billion in sales and have a normalized EBITDA in excess of $0.5 billion, take this Company public and use that as an opportunity to create further shareholder value. — Peter Huntsman, President & CEO, September 2013"

""Further more, PSX's refinery assets are some of the best-in-class vs overall industry with a Nelson Complexity Index of 11.1" — UBS, January 2021; "... [We] remain skeptical of the ability to generate EBITDA/gal as VLO or MPC, with lower quality assets..." — Piper Sandler, February 2025; "We see a lot of potential in Phillips 66. ... So the message would be, be optimistic, be positive. I think what we're looking at is restoring the operating excellence that Phillips 66 has been known for historically." — Brian Coffman; "In a somewhat surprising tactic, PSX management talked down the potential [sum-of-the-parts] upside (i.e., [stating that the Company is] fairly valued)..." — Piper Sandler, March 2025."

"Performance Metric Selected: Our Compensation Committee periodically reviews the appropriateness of the performance measures used in our incentive plans (including the 2016 Plan), the degree of difficulty in achieving the targets based on these measures, as well as certain strategic and nonfinancial objective criteria. In 2016, the Compensation Committee again selected Total Adjusted EBITDA as the performance measure used for determining whether bonuses would be paid under the 2016 Plan. The Compensation Committee also reviewed the target level of Total Adjusted EBITDA under the 2016 Plan and adjusted it as appropriate to account for strategic acquisitions throughout 2016. — 2017 Proxy Statement"

"Rubicon: "Our advertising spend, revenue, cash flow from operations, Adjusted EBITDA, operating results, and other key operating and financial measures may vary from quarter to quarter due to the seasonal nature of buyer spending. For example, many buyers devote a disproportionate amount of their advertising budgets to the fourth quarter of the calendar year to coincide with increased holiday purchasing." — Rubicon 10-K, p.14; Telaria: "During the first quarter, advertisers generally devote less of their budgets to ad spending, with the fourth quarter generally representing the largest quarter of ad spending." — Telaria 10-K, p.21"

""Q4/2023 adjusted EBITDA increased 18% y/y to $525 million, in line with the FactSet consensus of $522 million and our $527 million estimate" and "Management continues to deliver impressive EBITDA margin improvement WSP's Q4/2023 adjusted EBITDA margin increased 150 bps y/y to 19.0%....." — Canaccord, 2/8/24; "Adj. EBITDA of $525 mm beat Stifel's $518 mm by 1.4% and FactSet consensus of $522 mm by 0.6%. Adj. EBITDA margin of 19.0% was very strong and came in higher than our forecast of 18.2% and the Street at 18.7%. EPS was $1.99, 4.2% higher than us at $1.91 and 3.8% higher than the Street at $1.91." — Stifel, 2/29/24"

"Mercury is building a C4I rugged server business. Mercury highlighted how its acquisition of Germane benefits from its FY18 acquisition of Themis, which the company views as a platform to build upon. The two entities have complementary rugger server portfolios and cover much of the C4I market with an expected ~$100 mn in revenue. Near-term, the Germane acquisition is dilutive to company-wide profitability but Mercury should achieve cost synergies after integrating the units and believes the combined entity will reach the midpoint of MRCY's adjusted EBITDA margin target in 2020 — JPMorgan July 2018"

"Look, we love Amex. We think having a credit card partner is important. It's been a valuable brand awareness and distribution for us. But our business has scaled significantly since 2019. And as we've talked about, the gap between the wholesale and the retail price has widened to a fairly significant level. And we believe it depresses our bookings and EBITDA, obviously benefits our working capital. The wholesale price is so low relative to the $199 retail. Look, we believe the renewal rates at full price would be larger than the percentage discount rate. — Q4 2024 CFO Commentary On AMEX"

"We continue—we continue to drive both of the levers that create de-leveraging. One is higher EBITDA, on the denominator, and the other is driving higher free cash flow. We talked at Investor Day and reiterated today, activities that are underway, including looking at various assets on our balance sheet that can be monetized and turned into cash, whether that’s the securitization of additional orbitals or other opportunities. So we’re working all of those. And our goal, as Anil said, is very clear: to achieve 3.8 times leverage by the end of 2018 — CEO Lance Q1’18 Conference Call"

"When you think about how cash flow and leverage should play out over the balance of the year, we should incur an additional $140 million to $150 million of CAPEX and approximately $140 million, $145 million of cash interest costs in the second half of the year. If you layer on the conservative assumption of working capital, ending the year as cash flow neutral, you get to a free cash flow number of somewhere between $275 million and $300 million for the back half of the year, depending on your views of where we end up in terms of EBITDA. — Q2 Earnings Conference Call"

"We believe Adjusted EBITDA is useful to management, investors and analysts in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis. These adjustments are intended to exclude items that are not indicative of the ongoing operating performance of the business. Adjusted EBITDA is also used by our management for internal planning purposes, including our consolidated operating budget, and by our Board in setting performance-based compensation targets. — NOVA 2019 10K"

"Ending Q1 2011, there were 33 Patches that had above $2,000 per month in revenue. Ending Q4 2011, there were 401 Patches above $2,000 per month in revenue.... We arrived at our cost estimates for Patch of $160 million in 2011 based on the following statement by the Company's Chief Financial Officer at the AOL Investor Day on June 16, 2011: "... we're going to spend $160 million a year this year on Patch..." Further, in a research report published on May 10, 2012, Barclays estimated that Patch generated EBITDA losses of $151 million in 2011. — AOL CFO / Barclays"

""We heard investors and reducing our leverage ratio is a priority for us. Our aim is to bring the business down to below 4x total net debt to adjusted EBITDA as soon as possible." — Mr. Proud, Q1 2024 earnings call; "We are committed to driving our leverage ratio below 4x net debt to adjusted EBITDA, including the converts as quickly as possible." — Mr. Proud, Q2 2024 earnings call; "We understand the importance of reducing our leverage, and we have set a clear target to reduce it below 4x total net debt to adjusted EBITDA." — Mr. Proud, Q3 2024 earnings call"

""When you think about how cash flow and leverage should play out over the balance of the year, we should incur an additional $140 million to $150 million of CAPEX and approximately $140 million, $145 million of cash interest costs in the second half of the year. If you layer on the conservative assumption of working capital, ending the year as cash flow neutral, you get to a free cash flow number of somewhere between $275 million and $300 million for the back half of the year, depending on your views of where we end up in terms of EBITDA." — GFL Management"

"“Our LTM is about $1.4 billion. We have an objective to go to $2 billion of EBITDA. Many of our businesses are sort of at that level...But really, on track we think near term to get to that $2 billion of EBITDA.” — Kimo Esplin, CFO, December 2014; “I would say that we should quite soundly beat the projections that we gave for the $2 billion. Again, we still have a great deal of confidence in the $2 billion number...I think that when we look at the overall composite, we still feel very confident about that.” — Peter Huntsman, President & CEO, February 2015"

"When you think about how cash flow and leverage should play out over the balance of the year, we should incur an additional $140 million to $150 million of CAPEX and approximately $140 million, $145 million of cash interest costs in the second half of the year. If you layer on the conservative assumption of working capital, ending the year as cash flow neutral, you get to a free cash flow number of somewhere between $275 million and $300 million for the back half of the year, depending on your views of where we end up in terms of EBITDA. — GFL Management"

"We compute our average days sales outstanding, or DSO, as of a given date based on our trade receivables balance at the end of the period, divided by the average daily revenue of the trailing three-month period. We compute our average days payable outstanding, or DPO, as of a given date based on our trade payables balance at the end of the period, divided by the average daily cost of operating expenses over such period, excluding depreciation, amortization, and certain other costs that are excluded from Adjusted EBITDA. — DoubleVerify Holdings, Inc."

""At current valuation levels, by simply marking to market the value of non-refining businesses, we estimate one can create the MPC refining business for effectively free before even incorporating the upside from IMO 2020." — Goldman Sachs, March 19, 2019; "We see discounted value in MPC with the stock trading in line with many of its peers on 2020 EBITDA despite its corporate structure with retail and midstream deserving a premium. However, debate has centered on investors' confidence in MPC's earnings achievability." — Morgan Stanley, May 9, 2019"

"Ending Q1 2011, there were 33 Patches that had above $2,000 per month in revenue. Ending Q4 2011, there were 401 Patches above $2,000 per month in revenue.... We arrived at our cost estimates for Patch of $160 million in 2011 based on the following statement by the Company's Chief Financial Officer at the AOL Investor Day on June 16, 2011: '... we're going to spend $160 million a year this year on Patch....' Further, in a research report published on May 10, 2012, Barclays estimated that Patch generated EBITDA losses of $151 million in 2011."

"CTC's commercial paper rating could be downgraded to P-3 if a material weakening of liquidity occurs at any of its three business segments, if a material deterioration occurs in the bank's credit card portfolio quality or capital levels, if a deterioration in Retail market position occurs, reflected by sustained weakening of comparable sales and declining profitability or if it sustains consolidated adjusted Debt/EBITDA above 5x (4.8x for LTM Q1/2019) and EBIT/Interest below 4.5x (3.9x for LTM Q1/2019). — Moody's Rating Report, June 7, 2019"

"“Elliott renewed its call, first made in November 2023, for PSX to close its EBITDA/bbl gap vs. peers including VLO and MPC on a like-for-like basis.” — Citi Research, February 13, 2025; “An activist shareholder, Elliott, can be a positive catalyst for shareholders.” — Wells Fargo, November 29, 2023; “We agree that PSX’s midstream does not reflect full value...selling some midstream assets could unlock value.” — Bank of America, February 14, 2025; “Most investors we talked to welcomed Elliott's involvement in PSX.” — UBS, December 1, 2023"