Callouts & quotes from 804+ activist slides

"BN’s valuation of ~15x earnings is a significant discount to intrinsic value and comparable U.S. peers, despite similar cash flow profile (e.g., KKR and APO)"

"BKD must act now with 1) major initiatives complete, 2) IRS REIT moratorium lifted and 3) average HC REIT forward cash flow multiple trading at 7.4x premium"

"Free cash flow conversion. This is my favorite slide. 124% for Church & Dwight; peer average is 91%. A lot of companies target 100%. — CFO Q4 2018 Conf Call"

"Love it! I'd also like to have a transfer from the airport, daily private masseuse and add flowers and condoms in the room. — Guest email to Fairmont Mumbai"

"Attributable free cash flow per share deducts the minority interest free cash flow pertaining to the 20% stake of McOpCo’s no longer owned by McDonald’s."

"Trian believes that Lazard's strong free cash flow and limited need for capital investment should allow the company to decrease its share count each year"

"Globant has yet to illustrate that its operations can generate any meaningful free cash flow, but Globant is generating cash by trading stocks and bonds"

"Was Deloitte aware that TAL's overly simplistic preparation of cash flows does not conform with U.S. GAAP requirements for foreign currency translation?"

"Although Prestige Brands may appear cheap vs its peers on a P/E and EBITDA multiple basis, PBH trades at a premium to its operating cash flow and sales."

"Sunnova is essentially a financial engineered platform that benefits debt holders and tax equity investors who receive all of any generated cash flows."

"Sunnova is essentially a financial engineered platform that benefits debt holders and tax equity investors who receive all of any generated cash flows."

"Ownership of Aerojet’s stock by long-term fundamental owners has been on the decline, while passive index buyers chasing ETF flows appear to be adding."

"Spruce Point finds alarming evidence that WTRG's operating cash flow margin is in continued decline - having been 48.2% in 2017 to just 23.9% in 2022."

"WTRG's Ability To Cover Its Divdend Has Been Declining As It Scales NOT Improving. Free Cash Flow Available For Dividends Started Worsening In FY 2018"

"As low-cost workflow options grow increasingly diverse and easier-to-use, we expect more and more Align doctors to explore alternatives to Invisalign."

"Despite the attractive cash flow characteristics of OUTR’s core Redbox and Coinstar operations, shareholders have NOTHING to show for their investment"

"By removing the cash outflows from acquiring licensed copyrights from OCF and recording it under cash flows from investing, IQ’s OCF appears positive."

"A company has positive earnings and positive cash flow just went bankrupt. What can cause this to happen? We'll leave this one as food for thought :)"

"At that moment, we came to understand the only purpose that the so-called fab serves: as a storage facility for overflowing finished goods inventory."

"Once the Company has committed to returning the majority of its free cash flow in dividends every year, the stock’s valuation should correct quickly"

"Investigators heard from competitors that Broad Ocean has failed to sell those 400 motors and this has become a huge drag on the company's cash flow"

"Ancora estimates the combined company will have improved EBITDA margins and free cash flow generation which should lead to a re-rating in valuation."

"GFI successfully recruited several top WFG producers, including Greg Kapp, the 23rd top cash flowing WFG leader in 2021, now GFI's Agency Chairman."

"Based on the warrant vesting formula, we can determine that total payments by Amazon to Kornit in 2018 were 105% of total 2018 operating cash flow."

"Spruce Point finds that Bunge’s reporting of cash flow, capital expenditures, and adjustments to be aggressive and / or irregular for its industry."

"We do not believe that this is a healthy, sustainable source of cash flow for a company experiencing stagnant revenue growth and financial strain."

"Teck doesn't have any debt coming due until 2030. Management says that once QB2 comes online, the free cash flow will be returned to shareholders."

"Generac's goals are heavily tied to EBITDA over actual cash flow. In fact, even the 25% “Individual Performance Goals” references back to EBITDA."

"Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap (partially caused by Bakken build-out)"

"A policy of consistent 14% discounted off-market share buybacks would be the most efficient mechanism to release excess cash flow to shareholders"

"We believe Samsara (IOT), like the examples below, promotes itself to retail yet fails to have a sustainable path to profitability and cash flow."

"23 out of 35 total line items in the FY2010 AR statement of cash flows differed from the figures provided in the Q4 2010 statement of cash flows."

"After the drops, MPLX will still deliver 8% EBITDA growth... leading to 8% growth in distributable cash flow and 12% growth in GP distributions."

"Spruce Point believes that Amcor’s cash flow in the first half of calendar year 2020 (second half of its FY end June 30, 2020) will disappoint."

"We estimate fair value using an equally weighted combination of discounted cash flows and multiples of revenue and EBITDA. — 2014 Annual Report"

"Source: Kerrisdale analysis based on “Illustrative Cash Flow Impact of New Contract” disclosure provided to sell-side analysts on June 9, 2025."

"It appears that Kroll, hired by RUN, does not find enough cash flows in the pool of collateral to meet the claimed FMV for ITC basis purposes."

"The HKMA’s 2008/2009 intervention, in response to over HKD $600bn of money flows, greatly increased the size and leverage of its balance sheet"

"CXW’s repurchase of 10.7 million shares in Q4 ’08 – Q2 ’09 (~8.5% of total shares) provides a tailwind for NTM free cash flow per share growth"

"Between 2017-2019, AVY portrays Free Cash Flow as having grown by approximately $91m, whereas Spruce Point believes it has declined by $118m."

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow."

"In each of these instances, chronic capex mis-forecasting was a leading indicator of future margin, earnings, and free cash flow contraction."

"25 out of 36 total line items in the FY2009 AR statement of cash flows differed from the figures provided in Q4 2009 statement of cash flows."

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow."

"The company's profitability is largely reliant on paper-gains, namely mark up on biological assets. Real cash flow has been in fact negative."

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"Timken’s calculation distorts its trading discount by relying on a cash flow multiple that fails to adjust for short-term, temporary impacts"

"This contradicts what 2U tells investors and administrators – that a program partnership will net more cash flow to the university then 2U."

"Given the distortions in Leidos income statement metrics, we believe the best way to value the Company is on its operating cash flow (OCF)."

"In the next alternative, Apple could keep its current cash balance, but use all of its future free cash flow generation to buy back stock."

"For the CEO to reverse course on the Q3 2020 conference call and claim zero impact and underlying cash flow improvement is highly dubious."

"We believe AVY's free cash flow presentation is highly aggressive and analytically flawed in a manner that vastly overstates performance."

"Spruce Point believes it is a classic red flag that PowerSchool recently moved to obscure critical line items in its cash flow statement."

"Spruce Point believes that REZI is being pressured by significant capital flows into its core distribution, security, and safety markets."

"If free cash flow and non-GAAP operating income were artificially inflated, management's compensation would also be artificially inflated"

"Implement business improvements to achieve operational efficiencies, increase margins and maximize cash flow available to equity holders"

"Per the below SAIC financials, MobilePeak generates virtually no revenue, has negative net income, and has negative operating cash flow."

"New investments in 2018 are in high-quality, simple, predictable, free-cash-flow-generative businesses with formidable barriers to entry"

"In March 2018, Dave Francis said that he expected the Medicare business to become cash flow positive “certainly by 2019”. — Dave Francis"