“Most large enterprises use it, but don’t pay for it.”

 “Despite new initiatives such as launch of partnership with TikTok in Jan, we still remain cautious on subscriber growth which is yet to pick up. In our opinion, a return to sustained user growth (along with cost efficiencies and moving out debt maturities) would be required for a meaningful improvement in investor sentiment and share price.”

 “MCD offers unique liquidity, size & scale within the industry, coupled with strong fundamental growth across the globe, and a return of significant cash, while maintaining relatively modest balance sheet leverage & significant real estate ownership, the latter generating outsized rental income, which we believe is underappreciated.”

 “Organic sales growth will be the key metric to watch for... However, that’s below a consensus of 7%... She also said the company 'faces a relatively tough comparison on gross margins as last year as there was about 70 bps of more discrete benefits within cost of sales that will be lapped, although we still see solid margin expansion working though the puts and takes.'”

 “We expect continued double-digit sales and profit growth in 1Q24 — reflecting the strength of online spending gains from expanded merchandise and faster fulfillment and stabilization (and growth) of AWS.”