Callouts & quotes from 1,316+ activist slides

"The GSEs have paid dividends to Treasury totaling $203bn, which is more than the $187bn of cash they received from Treasury"

"This document indicates that Olam could be on the hook for substantially more cash (and risk) than it previously disclosed."

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

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

"HTA's Quarterly Same-Property Cash NOI since 2013 has fallen in a narrow range (2.8% to 3.4%) with very little deviation."

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

"We estimate 75% of WD-40's cash is in its U.K. subsidiary. A falling British Pound creates material risk to the business."

"New units in the U.S. generate ~30% cash EBITDA margins and ~65% pretax ROIC; new unit economics in China are even higher"

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

"iPrefs are a creative way to unlock significant value for shareholders in publicly traded cash rich technology companies."

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

""We're not replacing any level of cash comp with stock comp" — Peter Anevski on 4Q21 Conference Call on February 28, 2022"

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

"These non-cash charges are required by GAAP purchase accounting, but do not reflect a loss of economic value for Valeant"

"In our experience, low interest income relative to reported cash balances is a significant indicator of overstated cash."

"Ironic Fact: TAL was likely the first Shunshun investor to actually record a cash contribution into the Shunshun entity."

"Remember that the issuance of the iPrefs doesn't require Apple to actually use any of its existing $137 billion of cash."

"We believe the true "cash-on-cash" returns to equity holders on new stores fail to clear management's 20% return hurdle"

"Accordingly, a lowering of HASI's discount rate can mean tens of millions in extra annual non-cash, unrealizable gains."

"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"

"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."

"Management made false statements because it is still unable to explain why all of its cash was classified as Level 2."

"The only cash movement in this strategy is from TFS to the hands of its management; often in the millions of dollars."

"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."

"Notice for the first time that cash liquidity fell below cash on the balance sheet while foreign cash balance surged"

"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"

"The SAIC financial changes show a sloppy book cooking mistake – messing up the purported amount of cash in the bank."

"The GZ 1-1 purported sale and buyback were engineered non-cash transactions designed to create the $50 million gain."

"That leaves $84 billion in free cash to use for a one-time dividend, or a one-time self-tender offer for its shares."

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

"A decade later, Mayer now has used Yahoo’s shareholders’ cash to buy companies run by former APM members including:"

"The opportunity to round-trip cash back to INS, or even to siphon off cash for themselves, becomes very pronounced."

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

"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."

"Where negative working capital becomes a killer is if the businesses don't have enough cash and can't borrow debt."

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

"Recall, our view is that the cash probably is no there at all and this is just a book keeping/balancing exercise."

"We question where over half of Burford's cash went, and we encourage investors to remain focused on cash on hand."

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

"Under the bad case, we discount 2020 rent by 65% due to potential default and their cash burn of around 4 months."

"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 Pershing Square leadership team joining HHH will receive no cash or equity compensation as employees of HHH."

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

"We believe that HASI collects PIK interest to generate paper income when its EMIs are too stressed to pay cash."

"Our High End Estimate for Non-Cash ITC-Related HLBV Income in 2020 and 2021 is $60.6 million and $353.2 million"