Callouts & quotes from 1,316+ activist slides

"“Burford also has a strong cash position, with approximately $400 million in cash and cash equivalents on hand presently.” — Response to Short Attack, August 8, 2019"

"AMR Has Poorly Positioned Coal Assets Experiencing Increased Signs of Mounting Financial Stress Including “Hidden Borrowing”, Cash Shortfalls, And Cash Misreporting"

"While Spruce Point does not agree with Sunnova's selected peers, none of the peers use Adjusted EBITDA or adjusted operating cash flow as a metric for compensation."

"While Spruce Point does not agree with Sunnova's selected peers, none of the peers use Adjusted EBITDA or adjusted operating cash flow as a metric for compensation."

"Autodesk announced an accounting investigation “regarding the Company’s free cash flow and non-GAAP operating margin practices” leading to a delay in its 10K filing"

"Autodesk announced an accounting investigation “regarding the Company’s free cash flow and non-GAAP operating margin practices” leading to a delay in its 10K filing"

"The growth and stability of the Company’s cash flows handily exceeds the companies below in our view, and yet CCI currently trades with among the lowest PEG ratios"

"Cashpooling: The Company maintains a current account with BV Inversiones, S.L. to manage the group's treasury. These debts accrue market interest based on Euribor."

"Something appears incredibly wrong with AMR's cash interest expense, reported annually as a "supplemental disclosure" at the bottom of the Statement of Cash Flows."

"After adjusting the top three coal companies cash flows for tax refunds and DTA expense, we see that AMR's operating cash flow margin is significantly below peers."

"Twist’s only disruption was wrecking the entire industry’s economics and devastating its cash flow in the process, like a suicide bomber blowing off its own limbs."

"Potential for $130mm of cash flow generation (or ~12% of the current equity market value) through working capital improvements at Superstores over the next 2 years"

"Even after having spent over $1B on acquisitions and related costs since FY14, LHCG has shown no material growth in free cash flow per share since the end of FY15."

"Even after having spent over $1B on acquisitions and related costs since FY14, LHCG has shown no material growth in free cash flow per share since the end of FY15."

"Spruce Point believes Leidos has not been particularly transparent about what is driving its cash flow, notably its 2020 target increase in Q2 from $1.0 to $1.2bn."

"EOS had cash and cash equivalents of A$55.3 million, and had no other financing available, meaning that there was massive insolvency risk hanging over the company."

"For the six months ended June 30, 2020, cash flow from operating activities was $82.0 million, an increase of 125.9% compared to the same period in the prior year"

"Something appears to be very wrong. LSPD made an unusual financial statement showing negative cash spent for acquisitions in the three months ended Sept 30, 2020."

"This convoluted structure, involving related parties and non-cash consideration, raises serious questions about the authenticity of reported revenue and backlog."

"We believe Stryker has been delaying Capex to temporarily boost cash flow, especially as it has to pay down debt related to the Wright Medical Group acquisition."

"Because of its higher ROIC, improved free cash flow profile, and more efficient capital structure, Target Corp’s EPS growth will exceed that of Target Standalone"

"Because of its higher ROIC, improved free cash flow profile, and more efficient capital structure, Target Corp’s EPS growth will exceed that of Target Standalone"

"“...our conventional portfolio generate[s] the cash needed to fund the unconventional growth that we have in the Bakken and the Utica.” — John Hess, January 2013"

"Spruce Point believes shares of GFL Environmental (TSX/NYSE: GFL), a cash degenerative North American roll-up of environmental service companies, are worthless."

"Combining our estimates of cash collections per paying member per year with estimated member churn yields a nine-year payback period for EHTH’s booked revenues."

"Whereas on the surface, WSP's 2023 operating cash flow growth was 21%, but adjusted for the interest expense misclassification, it was less spectacular at 7.4%."

"Xin'ai's filings never mention an additional non-cash investment nor record a receivable for IQ's purported RMB 757.75 million additional non-cash contribution."

"Given the evidence we’ve presented that USCR’s GAAP financials cannot be taken at face value, we believe the best way to value the Company is on Free Cash Flow."

"A positive working capital means there's a cash surplus from the company's working capital needs while a negative working capital means there's a cash shortage."

"The government announced the net worth sweep just after the GSEs returned to profitability and were able to pay the cash dividends under the original agreement"

"Our diagnosis is simple: Investors are concerned that TI appears to have deviated from its longstanding commitment to drive growth of free cash flow per share."

"The government announced the net worth sweep just after the GSEs returned to profitability and were able to pay the cash dividends under the original agreement"

"We believe this is an improper method of accounting for these dual memberships which allows IQ to inflate its revenues and burn off fake cash at the same time."

"In the absence of explanation, we therefore adjust free cash flow downward by this delta. We also think this is a very concerning sign about Ströer’s accounts."

"The government announced the net worth sweep just after the GSEs returned to profitability and were able to pay the cash dividends under the original agreement"

"We observe capex figures don't reconcile to PP&E footnotes. Quarterly and semiannual supplemental capex figures don't reconcile. Operating cash revisions made"

"Because by doing this preferred equity arrangement you’re taking as much cash off the table as you can, while still saying you still own the assets long term."

"The answer isn't surprising: Current development economics don't cover the company's cost of capital, so the discounted cash flow spits out a negative number."

"We believe YY's 2010 buyout of Bigo for $1.45 billion in cash and stock was a scheme to bilk investors by buying another fraudulent company from the chairman."

"This finding is significant because it implies an even greater delta between the real CapEx expenditure on PP&E, and that derived from the cash flow analysis."

"We ask, why take a less than $250,000 8% interest rate loan from directors when you supposedly have at least 27x in both operating cash flow and cash at hand?"

"As a result, not only did Burford's cash receipts decline by -11.8% YoY, but Burford overstated its 2019 cash receipts by 14.5% by changing their definition."

"Beginning in Q4 FY 10, Amdocs' cash position was inflated by up to $200-250M in Q4 of each fiscal year, only to fall by a similar amount in the following Q1."

"As a result, Bristol-Myers' P/E ratio is now at its lowest level in years and below its peer group, despite a growing franchise and a net cash balance sheet."

"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)"

"Hannon Armstrong has still failed to publicly acknowledge – or deny – that in 2021, it booked ~$300 million of non-cash income that will never be collected."

"Since Engine has been involved and pushing management to do less M&A and focus on FCF, transaction-related costs have decreased, and free cash has increased"

"IUL's are a type of permanent life insurance that offer both a death benefit and a cash value component whose performance is linked to a stock market index."

"Genomatica illustrates how Ginkgo injects cash into related-party “customers,” with Ginkgo investors like Viking, Casdin, and others playing a central role."

"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"

"Preferred Stocks are treated like Debt in the Equity Value / Enterprise Value calculations. Enterprise Value = Equity Value + Debt + Preferred Stock - Cash."

"After analyzing Monster's cash and investment accounts, we have difficulty explaining how Monster realized a higher return on investments in 2024 vs. 2023."

"Receivables mainly consist of cash advances or deposits with a duration of less than one year to related companies. The cash advances do not bear interest."

"On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase"

"Given the pattern of behavior we detail throughout, it seems possible—if not probable—that this discrepancy signals a cash hole in CPI PG’s 2021 accounts."

"On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase"

"On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase"

"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"