Callouts & quotes from 1,316+ activist slides

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

"Olam’s Aggressive Accounting Masks Its Poor Performance and Incentivizes It to Spend Increasingly Precious Cash"

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

"Our Low End Estimate for Non-Cash ITC-Related HLBV Income in 2020 and 2021 is $20.3 million and $293.2 million"

"A Cash-Burning Inferno That Is Not A Going Concern, Operating A Ponzi-Like Scheme That Will End In Bankruptcy."

"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"

"If scrip acquisitions are “entirely doable”, why have 100% of Rio Tinto’s acquisitions been funded with cash?"

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

"Giving GreenPower the valuation of annual sales plus net cash only gives it a value of about $1.50 per share."

"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"

"War chest? More like a war vault. Apple has by far the largest cash pile – $137 billion and growing rapidly."

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

"A disclosure on page 128 of Wuhan DDMC’s 2018 annual report further belies IQ’s non-cash contribution claim."

"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."

"We propose to acquire 100% of the outstanding shares of QEP for $8.75 per share in an all-cash transaction."

"Something doesn't seem correct here: Cintas produced a 35x cash return on investment and won't explain how."

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

"HASI's preferred non-GAAP metric, “Distributable Earnings”, has almost no relationship with cash earnings."

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

"Spruce Point believes that Generac paid way more cash in acquiring ecobee than it reported on face value."

"Monolithic sits on more cash than any of its semiconductor peers: so what does it do with all this money?"

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

"IQ’s accounting methods are clearly intended to disguise the fact that its business is hemorrhaging cash."

"Vitek Seemingly Creamed ~€30.9 Million in Cash Gains by Round-Tripping Two Empty Plots in the Prague Area"

"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."

"¥2.6trn of cash is enough to buy back 80% of pro forma market cap(5) after the cross-shareholding unwind"

"€20 Million Cash and €78.6 Million Receivables Seemingly Missing From a €35 Million Landbank Acquisition"

"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"

"Warren Buffett’s iconic holding company has significant excess cash and is trading at a cheap valuation"

"Microsoft is not contributing any cash, and providing approximately $2 million of “in-kind” technology."

"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"

"Short-term cash bonuses are growing as a percent of total compensation for Procept senior executives."

"Debts to related companies mainly consist of cash deposits received from subsidiaries of the Company."

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

"The convertible, unlike a cash payment, now potentially puts shareholders at risk of future dilution."

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

"We believe TROX can easily pay between $24 – $43/share in cash and remain conservatively capitalized"

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

"Porch Has The Lowest Revenue (And Is The Only Cash Incinerating Company) 10 Years Into Its Existence"

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