Callouts & quotes from 804+ activist slides

"Below are the summary cash flow projections for Pro Forma McDonald's based on the assumptions detailed on page 68."

"Ignore REZI's Non-GAAP results; cash flow never lies and we believe it is the ultimate arbiter of REZI's failures."

"I would pick the Cash Flow Statement because a company’s valuation is based on how much cash flow it can generate."

"Xerox shareholders are selling ~$535 million of normalized annual recurring net cash flow for just ~$1.25 billion"

"In this scenario, Macy's would receive approximately $409 million of cash flow through distributions from the JVs"

"We believe this supports our concerns that AVY’s Free Cash Flow is overstated and cannot be taken at face value."

"This high level of leverage highlights the lenders' confidence in the business and its free cash flow generation"

"We believe Salesforce can reach the Rule of 50 and generate more than $20 of free cash flow per share in FY2028."

"We believe Salesforce can reach the Rule of 50 and generate more than $20 of free cash flow per share in FY2028."

"“the best measure to judge a company’s performance,” — Texas Instruments (referring to free cash flow per share)"

"One of the few public companies Spruce Point has ever seen that avoids providing quarterly cash flow statements"

"Do they do this to artificially deflate their headline capex figure, thereby inflating reported free cash flow?"

"Set forth below are the summary cash flow projections for McOpCo based on the assumptions detailed on page 76."

"1H total revenue growth of 180%, Foundry revenue +41% - no mention of related party contribution or cash flows"

"A handful of top distributors take nearly all of the cash flow; almost no one joining today can reach the top"

"Why is AMR showing $21.8m of cash outflows associated with its share repurchase program when it spent $23.8m?"

"Inventory declines, coupled with cost reduction measures, has resulted in materially higher tenant cash flows"

"Inventory declines, coupled with cost reduction measures, has resulted in materially higher tenant cash flows"

"These combined misclassifications boosted operating cash flow by RMB 88.3 million (US$12.9million), or 57.6%."

"A handful of top distributors take nearly all of the cash flow; almost no one joining today can reach the top"

"Refranchising can generate capital and improve the quality of earnings with a limited reduction in cash flow"

"Refranchising can generate capital and improve the quality of earnings with a limited reduction in cash flow"

"Tenant Sales are Down, but Inventories are Down Even More While Retailer Cash Flows Have Improved Materially"

"such inclusions more accurately represent the cash flows in that strategy — Burford Capital (quoted in text)"

"Pfizer management committed to “constant flow” of innovation – as highlighted by 15 potential blockbusters."

"Pfizer management committed to “constant flow” of innovation – as highlighted by 15 potential blockbusters."

"Pfizer management committed to “constant flow” of innovation – as highlighted by 15 potential blockbusters."

"Match now trades at less than 8.5x 2024 free cash flow, a nearly 45% discount to the companies shown below."

"The main problem is that GTT does not generate organic growth or enough free cash flow to service its debt."

"Pfizer management committed to “constant flow” of innovation – as highlighted by 15 potential blockbusters."

"Pfizer management committed to “constant flow” of innovation – as highlighted by 15 potential blockbusters."

"Pfizer management committed to “constant flow” of innovation – as highlighted by 15 potential blockbusters."

"Given an inability to generate consistent cash flow, and weakening end markets, Maxar is a potential zero."

"When a critical cash flow line item doesn’t add up, it calls into question the accuracy of Telaria’s cash."

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

"Management expects to invest the majority of the company's free cash flow in value-creating acquisitions"

"When adjusting for these items, Sunnova’s cash flow profile appears much worse than the Company reports."

"When adjusting for these items, Sunnova's cash flow profile appears much worse than the Company reports."

"Large increase in financing expense that doesn't impact operating or free cash flow. No footnote detail."

"Relative to other real estate asset classes, malls have historically generated the most stable cash flow"

"The Transaction achieves significant cash flow savings given the tax-efficient structure for owning land"

"The Transaction achieves significant cash flow savings given the tax-efficient structure for owning land"

"Management expects to invest the majority of the company's free cash flow in value-creating acquisitions"

"Significant Free Cash Flow generation allows Target Corp to de-leverage to 2.8x Lease Adj. Debt/EBITDAR"

"Taser "didn't have the cash flow needed to pay these officers to do free training work." — Thomas Smith"

"The 2019 changes put lipstick on the pig by appearing to pad cash flows and Direct segment recoveries."

"Even if Arconic achieved its free cash flow goals, they would be well below that of its new peer group"

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

"How Does This End? Without A Major Improvement in Cash Flows, We Think Every Option is Dilutive to NAV"

"Poor operating margins and pension mismanagement have led to negative cash flow over the last 6 years"

"Be extremely careful when operating cash flow is being revised in the first year after going public."

"The $20.0 billion repurchase has modest advantages in terms of Free Cash Flow and EPS growth at TWX."

"Free cash flow is much higher than net income due to a mismatch between D&A and capital expenditures"

"It appears not just Broad Ocean, but also its Chairman might be experiencing cash flow difficulties"

"MSCI's recent financial guidance update was underwhelming with expenses up and cash flow unchanged."

"Under the old method, Free Cash Flow in Q4'18 would have been -$8.0m instead of +$2.1m as depicted."

"Increases free cash flow at Target Corp by nearly $500mm, thereby decreasing Target’s capital needs"

"This minimizes Darden's cash flow requirements while still improving and revitalizing store image."

"Valeant removes certain non-cash expenses to better match Net Income with recurring Free Cash Flow"

"Valeant removes certain non-cash expenses to better match Net Income with recurring Free Cash Flow"