Callouts & quotes from 804+ activist slides

"Kroll is looking at the underlying cashflows of these assets and they fall short of RUN’s representations to the IRS and the investors."

"The Company has modified the language and tone around its Free Cash Flow three times from “roughly $500m” of FCF vs. “more than $500m”."

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Leading alternative asset manager with high-quality and rapidly growing cash flows trading at a significant discount to intrinsic value"

"Therefore, we determine that Kornit received $35m of payments in FY 2018 which was 105% of its reported operating cash flow of $33.4m."

"By making more restrictive refund policies, we believe CLEAR can improve its cash flow and allow management to reach its stretch goal."

"The cash outflow is classified as an investment and doesn't to draw too much attention to itself as it leaves the earnings untouched."

"We view Amcor's Adjusted Free Cash Flow as highly aggressive. Notably, they add back proceeds from asset sales to report "Net Capex"."

"Western is one of those trends that never goes away, but its popularity ebbs and flows. — Footwear and accessories analyst at Circana"

"Xylem presented a highly adjusted free cash flow presentation which even included perplexing cash inflows related to software capex."

"Xylem presented a highly adjusted free cash flow presentation which even included perplexing cash inflows related to software capex."

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

"We are in directional agreement with Marcato on opportunities for financial engineering given the durable cash flow of the business."

"Outsourcing these capital requirements to TIP REIT would increase Target Corp’s cash flows and decrease its need for growth capital"

"In an LBO, we care more about Levered Free Cash Flow because the cash flow after interest expense is what we can use to repay debt."

""the operational measurement of success will be [Pfizer's] ability to have a constant flow of breakthrough innovation" — Management"

"Arconic’s poor performance originates in its broken company culture. From this broken culture flows many of the Company’s problems"

"A worst-case potential scenario is that Perion’s cash flow is not what it appears and that the cash is needed to cover its tracks."

"XPO uses aggressive financial presentation methods to bolster its cash flow and leverage by including proceeds from assets sales."

"HASI, in our view, improperly applies widely-used HLBV accounting method to misleadingly inflate income and operating cash flow."

"We find that recent changes in balance sheet debt are deviating materially from changes in debt through the cash flow statement."

"Incorporating the benefit of NOLs, a discounted cash flow analysis indicates an enterprise value range of $17.1 - $21.6 billion."

"Spruce Point observes that REZI's leverage has materially increased while cash flow available for debt reduction has decreased."

"We will explore how Kornit focuses investors on its 20%+ revenue growth, but has historically struggled to generate cash flow."

"Our sum-of-the-parts and free cash flow estimated valuation analyses suggest 40%-80% potential downside risk in Intuit shares."

"Although AOL's core Access and Search businesses generate significant and valuable cash flow, these businesses are in decline."

"Valuing Kratos at a discount to peers on EBITDA, free cash flow, and book value we estimate 40%-70% downside ($3.15-$6.30/sh)"

"We believe Amcor’s Statement of Cash Flow does not comply with FASB guidelines as it does not show restricted cash movements."

"Dillard's is currently trading at ~12% free cash flow yield and has been using all of its free cash flow to repurchase shares"

"Capital leases have the main effect of inflating EBITDA and Free Cash Flow, two key measures investors use to value Dropbox."

"Using given unlevered free cash flow estimates and Project Phoenix, IRRs for the PE Buyers could be 32% to 56% at $40/share."

"These internal credit ratings flow straight into the loss estimating process, which affects reserves and the balance sheet."

"America's trade deficit has grown enormously since 1983. Funding such deficits requires large corresponding capital inflows"

"In general, not enough air flow. The barns will never have enough airflow in summer and will be way too airtight in winter."

"In the YTD 2024 period, FTAI adjusted lower its Cash flows from Operating activities by ~$244m for gains on sale of assets."

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

"To do the reconciliation, we again subtracted the portions of cash flows that seemingly are attributable to the merchants:"

"We believe the market is offering investors a world-class business for relatively low multiples of earnings and cash flow"

"Still no mention of the effect on cash flow specific to Snap, which was projected to generate ~$90m of cash flow in 2025."

"This suggests that management may have pulled forward cash flow, and there are signs pointing to a large reversal coming."

"The cash flow generating capacity is just not there, and we caution “don’t believe everything you hear from management.”"

"It appears that Stryker failed to restate the segment D&A when it made the restatement through the cash flow statement."

"Steady-state free cash flow concept, which debt investors have become comfortable with, is essentially the same as AFFO"

"Bunge Is A Levered Roll-Up With No Evidence It Has Ever Generated Economic Cash Flow And Is Now Under Mounting Pressure"

"Spruce Point also takes issue with management's claims that tax issues are the culprit for recent cash flow headwinds."

"We call upon BUR to reconcile cash flows to the investment performance table for historical periods and going forward."

"The following analysis illustrates the cash flow forecasts of TWC assuming initial leverage of 4.75x total debt/OIBDA."

"Pay down ~$9bn of Target debt using all of the credit card proceeds, a portion of the IPO proceeds, and free cash flow"

"WMB has considerably outperformed SE in the relevant time frame with sell-side valuing WMB’s GP IDR at 25x+ Cash Flow"

"BK has experienced deposit inflow surges during market crises because clients view BK's balance sheet as a safe haven"

"Spruce Point cautions investors that Saputo recently has not generated enough excess cash flow to cover its dividend."

"Spruce Point cautions investors that Saputo recently has not generated enough excess cash flow to cover its dividend."

"Our cash generation and free cash flow conversion remain best-in-class. — Ronald Lombardi, Q4 2020 Call – May 8, 2020"

"A price reduction on the order of 20% would have reduced cash flow by $91 - $126 million assuming all else is equal."

"But none of them generated excess cash flow, not even when oil was at $100 a barrel. In fact, the opposite was true."

"Revenue, Earnings Quality And Cash Flow Are Deteriorating With Clear Weaknesses In Accounting And Auditing Oversight"

"Xerox touts ~$1.2B in "cost cuts" over the past two years, but only ~$30M of those "cuts" flowed to the bottom line"

"CP's inferior operating margins lead to lower cash flows and underinvestment in CapEx, driving long-term share loss"

"Xylem’s cash flow statement only shows a $56 million equity investment, far short of the stated investment amount."