Callouts & quotes from 1,316+ activist slides

"“Valuation: Our price target is based on a DCF that includes a bolt-on sensitivity, with the increase due to a higher DCF with SLXP more than offsetting a slightly more conservative bolt-on analysis [of $50 dollars in present value per share].” — Goldman Sachs (Apr-12-2015); “While management appears focused on tuck-in deals in the near term, we would not be surprised to see VRX evaluate larger M&A over time. We calculate that continued deployment of cash flow and fully leveraging the company’s balance sheet could drive 2017 EPS near $20.” — JPMorgan (Apr-2-2015); “Valeant’s diversified, global platform gives it the unique flexibility to consider a number of small and large transactions in branded pharma, generics, branded generics, OTC, and aesthetics all around the world.” — Morgan Stanley (Feb-27-2014)"

"“The retailers that we are dealing with are certainly focused on sales, but they are far more focused today on profitability and cash flow, which leads to capital allocation for new stores or remodeled stores upon renewal. What we faced in 2009 was, most retailers saying we are preserving our cash because we are unsure about our line [of credit]. And we are insecure about our ability to finance. Now that they have better cash margins and better cash on deposit, we are now hearing that they are allocating money for new open-to-buys. And I think David gave you a list in his comments of those stores that are looking at that. So I think it is going to be less correlated with sales and more correlated with profitability and cash flow generation.” — Rick Sokolov, COO of Simon Property Group, October 30, 2009"

"“On the other part of the question Q3, Q4, traditionally, seasonality, Q3 is always larger than Q4, and that’s how the plan rolls out in the back half of this year. Q3 is again our seasonally highest quarter, traditionally our highest quarter, and it is higher this year as it has been in all the past years.” — CEO Bemis, Q2 2018, July 2018; “Typically, our cash flow is much stronger in the second half, and we’ll -- we typically have higher earnings in the second half, so there’s some seasonality there. We expect there’ll be some working capital improvements, as we’ve seen in the first half, that will continue to flow in the second. So look, generally speaking, that’s the normal trend we see. And that’s what we expect for the second half, more around seasonality.” — Amcor CFO, H1 Earnings, Feb 11, 2020"

"Under the terms of the agreement, Perion acquired all the shares of CIQ for a total consideration of $73.05 million, of which $15 million in cash was paid upon closing, with an additional maximum $11 million will be paid as a retention incentive. As part of the total consideration, there is a maximum of $47.05 million in earn-outs over a period of two years. The earn-outs are tied to revenue and EBITDA-based metrics that would be paid in full if CIQ generates $158 million in revenues and more than $17 million of EBITDA in aggregate, over the next two years. Further details on the agreement terms and earn-out provisions as well as a reconciliation between GAAP and non-GAAP financial measures are included in a Form 6-K furnished to the Securities and Exchange Commission. — Deal Press Release"

"“These eight CEOs were not charismatic visionaries, nor were they drawn to grandiose strategic pronouncements. They were practical and agnostic in temperament, and they systematically tuned out the noise of conventional wisdom by fostering a certain simplicity of focus, a certain asperity in their cultures and their communications. Each ran a highly decentralized organization; made at least one very large acquisition; developed unusual, cash flow-based metrics; and bought back a significant amount of stock. None paid meaningful dividends... All received the same combination of derision, wonder, and skepticism from their peers and the business press. All also enjoyed eye-popping, credulity-straining performance over very long tenures...” — William N. Thorndike, Jr., The Outsiders"

"“2 million? 5 million?” — John Tartol (current board member); “[T]his opportunity can provide persons with a career level / residual income of an average of $100,000 per year.” — Financial Success System publication (affiliated with Doran Andry); “Cash flow of “$10,000+ by month 6th [sic] is common.” — Freedom Team Presentation (affiliated with Kurt & Cindy O’Connell); “Just after six months in the business, our income was over $6,000 a month... And over the last nine years, we have made millions... And what I know, you could have the same opportunity as we had.” — Michael Burton (later went into personal bankruptcy); “[I]t was crazy, it was unbelievable, I mean, we were able to pay cash for a £80,000 Ferrari... It really is a life, it’s all you dream, really.” — David Bevan"

""Sportradar is dependent on acquiring sports rights, which represents a high fixed cost of the business. Although the upfront commitment does not guarantee cash flow, and the investment can underperform leading to impairment (for example the recent €38 million impairment of sports rights licenses for the NBA and NFL due to slower than expected development of US sports betting)" — Moody's (October 30, 2020). "The two ratings opinions also provide a partial glimpse into Sportradar's financials. Among them, the company has experienced a $42 million "impairment" of its NBA contract, according to Fitch. That likely means Sportradar has had to write down a portion of its NBA deal to account for being unable to monetize basketball data as expected." — Sportico (October 14, 2020)."

""The amount of FCF should continue to rise in the next two years, in spite of rising capex. As a result, we expect share repurchases/cancellations to recur every year, in addition to rising cash dividends." — Macquarie, July 28, 2016; "One way of unlocking this value could be a holding and operating company separation..." — Morgan Stanley, July 2, 2016; "However, given very modest or even negative market expectations, we see significant rerating upside potential if the company implements better shareholder returns, either proactively or pushed by minority shareholders." — Citi, October 27, 2015; "We believe SEC's significant non-operating asset value should become clear through proactive shareholder returns and the group restructuring process." — Barclays, October 7, 2015"

"We ended the first quarter with cash and marketable securities of $4 billion and generated approximately $591 million of cash from operations in the quarter. This is ahead of our internal targets and significantly more than in Q1 2019. This reflects increased earnings and a reduction in working capital, primarily driven by accounts receivable during the quarter. As I noted in January, we did not repurchase any shares in Q1, nor do we plan to do so during the remainder of the year. In addition to the discretionary spending controls I previously outlined, we have also taken steps to conserve cash, including reductions in planned capital expenditures and project spending, focusing on opportunities and accounts payable and slowing M&A activities. — CEO Lobo, Q1 2020 Conf Call"

"“Based on the information disclosed in the proxy statement, the performance-based RSU and performance-based cash will be subject to a simple performance hurdle (2012 corporate EBIT). If the hurdles is achieved, these awards will be subject two further years of time-vesting. We believe long-term incentives are best structured using performance metrics measured over at least three years. A period of one year does not measure performance in a sufficiently ‘long term’ manner, nor does it property incentive executives to focus on the long-term fiscal health of the Company.” — Glass Lewis. “ [the structure is]...far from ideal and leads us to question how committed the Compensation Committee truly is to linking equity pay to corporate performance.” — Glass Lewis Conclusion"

""In 2015, we determined that certain of our benefit plans (that were frozen between 1994 and 2003) were not properly accounted for since their inception between 1984 and 1988. This resulted in an understatement of long-term retirement benefits and other liabilities and the cumulative historical expenses related to these benefit plans. Additionally, we identified certain liquid short-term bank drafts with maturities greater than 90 days that were improperly classified as cash and cash equivalents instead of other current assets, which resulted in an overstatement of operating cash flows, and tax effects related to certain foreign pension plans that were not properly accounted for on our consolidated financial statements." — Avery 2015 10-K"

"With respect to the Restructuring line item in particular, the Company believes its exclusion from the Company's calculation of Adjusted Gross Profit and Adjusted EBITDA is appropriate and not misleading because (i) it adjusts for expense items that are unusual, non-recurring, and in some cases non-cash operating expenses, (ii) the expenses reflected in the Restructuring line item have not been incurred at scale in the past and are not reasonably expected to be incurred at scale in the next two years and thereafter and (iii) the expenses reflected in the Restructuring line item are separate and distinct from the normal recurring cash expenses the Company expects to incur as a public company. — SEC Correspondence, April 6, 2021"

"In November, we rolled out a trial plan, whereby the qualified agencies are provided with a different level of additional cash incentives if they reach certain growth targets. Although such incentives will likely cause cost in revenue to continue to fluctuate in the future, we believe it will better motivate the agencies and individual broadcasters to invest and grow their business within our ecosystem, which in turn will grow ours. — CFO Johnathan Zhang Q4 2017 Earnings Call; We scaled back the revenue oriented operating efforts around the quarterly competition event. Therefore, cost on bonus or rewards offered to broadcasters during the tournament, was significantly reduced. — Momo CFO Jonathan Zhang on Q1 2018 Earnings Call"

""No other home security company is a significant cash tax payer. Importantly, we expect to be very efficient from a cash tax rate perspective. That's going to be driven by two things. First, we expect that we're going to inherit between $1 billion and $1.2 billion NOL at the time of the spin. In addition to that, we have the opportunity to accelerate certain deductions that will allow us to minimize that cash tax rate for a period of time beyond fully utilizing that initial NOL that we inherit... Overall, we expect our cash tax rate will be driven by federal AMC taxes, state taxes and Canadian income and withholding taxes resulting in an overall cash tax rate of between 6% and 8%." — Kathryn A. Mikells, 9/18/12"

""The other thing I would point out is before we'd even sell stock, that there's a lot of value in these assets. I hear people talking to me about regional malls selling at six cap rates or parking garages selling at five cap rates or 20 times cash flow and you think about -- or highways selling at 50 times cash flow, you think about prisons as infrastructure or some type of real estate asset, I think these could be even sold and harvested in some fashion to avoid selling stock in the future. So there are a number of things that we could do to finance our growth, but just with respect to cash flow and leverage, we could go quite a ways." — Irving Lingo, Former-CFO of Corrections Corp, Q2’06 Earnings Call"

"“You cite increasing cash flow, earnings, taxable income and free cash flow as drivers of your dividend increases. ... We note that operating cash flow decreased in 2023 and income before income tax benefit (expense) decreased in 2022 and 2023 compared to 2021.” — SEC comment letter to CTO Realty. “The Company acknowledges the Staff’s comment and to be more consistent with its use of non-GAAP financial measures, the Company will update this information in future filings to reference Core FFO and AFFO as opposed to “cash flow”, “earnings”, “free cash flow” and “taxable income,” as Core AFFO and AFFO are clearly defined and reconciled to net income in the Company’s filings.” — CTO Realty response to SEC."

"“Look, in a business that's grown as rapidly as we have and with customers that are growing their own infrastructure to support kind of these growth rates. We're all working hard to get the bills and then get the cash in and so we can always do better.” — CEO Nielsen Q4'23: March 1, 2023; “We're working hard to make it lower. We realize how much capital is tied up with every day of DSO. When we're working on these large fiber programs, they're administratively complex. We're working hard, both ourselves and with our customers to simplify the administrative effort behind them. And I think as we get better at that, we have some real opportunities to bring the DSO in.” — CEO Nielsen Q4'24: Feb 28, 2024"

"Integration, compensation and transaction costs are substantial. The costs to implement the Transaction are substantial and include estimated integration costs of US$150 million, approximately US$65 million of compensation costs and approximately US$125 million of transaction costs(excluding GST). Both integration and transaction cash costs are expected to be broadly offset by savings in capital expenditure and working capital over a similar time period (refer to Sections 10.3.2 and 10.3.3 of this report). A significant portion of transaction costs (US$45 million) will be incurred by Amcor (stand-alone) regardless of whether the Transaction is implemented. — Amcor Scheme Booklet, March 13, 2019"

"On May 17, 2020, the Company entered into a purchase agreement with the sole member of Smart2Pay, a payment services provider headquartered in The Netherlands, to acquire all of the sole member's ownership interest for total consideration of approximately $240,001 (€221,567). The total consideration is expected to be settled with a cash consideration of $66,689 (€61,567) and the remaining balance will be paid either by issuance of a convertible debenture of $173,312 (€160,000) or by the issuance of shares of the Company, for which a final determination has not yet been made. The closing of the transaction is subject to certain customary conditions. — Nuvei IPO Prospectus at Sedar.com"

"Scott D. Farmer, Cintas's Chairman and Chief Executive Officer, stated, "We are pleased with these fourth quarter financial results which conclude a very successful year. For the ninth consecutive year, our organic revenue growth was in the mid- to high- single digits and EPS grew double digits when adjusted for one-time and special items. Additionally, our strong cash flow and balance sheet enabled us to deploy cash to increase shareholder value. In fiscal 2019 we paid an annual dividend of $220.8 million that increased 26.5% over the prior year, and we purchased 4.8 million shares of company stock in a total amount of $953.4 million." — Fiscal Year 2019 results press release"

"“With your stock price near an all-time low, with interest rates near all-time lows...you could basically buy back 25% of the company and still be within your [target leverage] range. Have you thought about that?” — Investor at 2010 Investor Day; “You’ve got a rather miniscule dividend. With lack of big acquisition opportunities, no need to reduce debt, why not establish a really significant payout ratio? You’re a slow growth company.” — Investor at 2010 Investor Day; “On the dividend strategy...it’s basically $50MM. Your business throws off $300MM of cash, just seems like a very small amount given the growth nature of the business.” — Investor at 2010 Investor Day"

""Alcoa Corporation would not exist if it hadn't been for me basically creating it." — Dr. Klaus Kleinfeld, February 1, 2017; "[Management] is unequaled in its efforts to put a positive spin on bad news by accentuating the positive and eliminating the negative.... [I]f free cash flow looks bad, it will redefine it.... [S]omeday we will write a treatise on the psychology of earnings reports and presentations. And Alcoa will be our case study.... I think Alcoa is one of the more blatant spin doctors.... [N]othing ever looks bad in management's version of the world, where all the news is good news." — Carol Levenson, Director of Research for Gimme Credit, July 11, 2016"

"“Ginkgo's cash investment in Genomatica was simply the $15 million back in 2016. Viking has invested—let me do quick math. Let's say somewhere between $60 and 70 million, something like that.” — Senior employee of Genomatica; “Yes. Ginkgo is a little bit north of Casdin; they're close to Novo” — Senior Genomatica employee; “This is 2016. Ginkgo invested in August/September, and then it was maybe about four or five months later, then Viking came in. About two years later, we did another round where we got Casdin Capital; you may be familiar with them. They invested and led a round in Genomatica. We got introduced to them through Ginkgo.” — Senior Genomatica employee"

""No, the leagues are never paying Genius, at least for the Genius Sports module when they were providing digitization, social media, integration, websites, mobile apps." — Former Genius Sports Manager; "From the Genius Sports part, that seems high to me because a lot of the deals, they are either paying money or its contra. $16 million seems quite high." — Former Genius Sports Manager; "It is unlikely if any of these sports pay Genius real cash, or at least significant amounts. Even the NBA deal is VIK, as is the English Premier League whereby Genius pays an estimated GPB 20m a year, on which they are supposedly making a loss." — Betting Industry Expert"

""Though we acknowledge that DIN trades at a premium valuation relative to its leverage, we believe this is warranted due to the stable characteristics of its franchise model. That model provides a stable stream of royalty revenue that is generally immune to negative operating leverage and fluctuations in commodity and labor costs. Furthermore, the model enables low capital expenditures, thereby maximizing free cash flow." — Goldman Sachs, May 11, 2011; "The company has evolved its business into a more profitable franchise-centric model while bolstering its capital structure and balance sheet with significant debt reductions." — B Riley, October 12, 2011"

""Though we acknowledge that DIN trades at a premium valuation relative to its leverage, we believe this is warranted due to the stable characteristics of its franchise model. That model provides a stable stream of royalty revenue that is generally immune to negative operating leverage and fluctuations in commodity and labor costs. Furthermore, the model enables low capital expenditures, thereby maximizing free cash flow." — Goldman Sachs, May 11, 2011; "The company has evolved its business into a more profitable franchise-centric model while bolstering its capital structure and balance sheet with significant debt reductions." — B Riley, October 12, 2011"

""The Company has a number of loan arrangements with fellow Group entities. In error, cashflow transactions associated with these loan arrangements were presented within "Cash generated from operating activities" within the Statement of Cash Flows. As a result, the 2021 comparative figures in the Statement of Cash Flows have been restated to present cashflow transactions associated with loans receivable within "Cash generated from investing activities" and cashflow transactions associated with loans payable within "Cash generated from financing activities" in line with the requirements of IAS 7 Statement of Cash Flows." — WSP UK Limited Error Disclosure"

"“It is. I think the point in time in which we are paying a dividend, I think our dividend payment will look very much like a bond payment. In essence you have got secured cash flows under long-term leases from very high-grade tenants in the US business... Today the public market doesn't seem to make a valuation difference between cash flows that are bought in a developing country or Verizon Wireless. My own view and our firm view is that there is a big difference in terms of the credit quality of those cash flows, the sustainability of those cash flows, and predictability of those cash flows.” — Jay Brown, Crown Castle International - SVP & CFO"

""Our strong start to the year means we're also shifting more of our EBA customers from multiyear paid upfront to annual billings, which is good for them and good for Autodesk... While we had already assumed this change in fiscal '23, it has a modest impact on fiscal '22 billings and free cash flow... Most EBAs are already on annual billing terms. And also, we had already assumed that EBAs would all be on annual billing terms starting next year in our fiscal '23. We're making the change now because with the strong start to fiscal '22, we decided to get moving earlier to execute on the shift." — CFO Deborah Clifford, Q2 FY2022 Earnings Call"

""Urgh." — former AMT executive when asked about AMT's India investments. "We think there are a lot of risks associated with the emerging markets that are not maybe necessarily completely appreciated. The US has a fantastic environment of very high barriers to entry that we haven't seen in other countries. And then, as we think about some of the things like currency risk and taxes and the ultimate ability to take cash flow and distribute it out to the shareholders longer term, those become hurdles for us to get over in order to make an investment outside of the US." — Jay Brown, Chief Financial Officer, Crown Castle International Corp."

"Rubicon: "Our advertising spend, revenue, cash flow from operations, Adjusted EBITDA, operating results, and other key operating and financial measures may vary from quarter to quarter due to the seasonal nature of buyer spending. For example, many buyers devote a disproportionate amount of their advertising budgets to the fourth quarter of the calendar year to coincide with increased holiday purchasing." — Rubicon 10-K, p.14; Telaria: "During the first quarter, advertisers generally devote less of their budgets to ad spending, with the fourth quarter generally representing the largest quarter of ad spending." — Telaria 10-K, p.21"

"“...we remain committed to the proactive and disciplined allocation of capital. We have the capacity to return the majority of normalized free cash flow to shareholders in fiscal 2019, subject to factors such as M&A, financial markets and prevailing industry conditions. I am pleased to say this includes a proposed increase in the quarterly cash dividend for the sixth consecutive year, subject to shareholder approval in the annual general meeting in January 2019. Additionally, we retain the optionality to execute on M&A strategically for long-term goals, possibly utilizing debt where appropriate.” — Shuky Sheffer, CEO, Amdocs"

""This company is very unethical and they do everything they can to try to get over on senior citizens by harassing them to buy this portable oxygen concentrator for $3000 to $5000 and most of these people see the crooked advertisement saying the machine is covered by Medicare." — Former Employee (August 16, 2018); "I would just say that it seems the company is overly obsessed with pumping up their stock price and being considered a ‘hyper growth’ company." — Current Employee (January 9, 2019); "The call objective is to switch from what consumer has seen in advertisement to CASH purchase" — Current Employee (October 18, 2017)"

""We can absolutely do scrip deals out of the DLC... We can buy from the DLC, we can buy from the Plc, from the Ltd, we can do a lot. That is absolutely not an excuse for M&A, but M&A, of course, has to make sense in itself." — Jakob Stausholm, CEO, 31 July 2024; "I must say we didn't discuss that much because it just adds a layer of complexity... It's not going to make a material difference from our point of view. When we became clear about that, the perfect match for us was to get into Arcadium, we focused in on a cash deal... and therefore didn't choose to open up for further complexity." — Jakob Stausholm, 9 October 2024"

"Credit rating — A downgrade in our credit rating could increase our borrowing costs and negatively affect our financial condition and results of operations: In addition to using cash provided by operations, we regularly issue commercial paper to meet our short-term liquidity needs. Our credit ratings are important to our ability to issue commercial paper at favorable rates of interest. A downgrade in our credit rating could increase the cost of borrowing or the fees associated with our bank credit facility, or the credit spread incurred when issuing long-term debt in the capital markets. — Amcor Annual Report Risk Factor"

"From a revenue perspective, core FFO was negatively impacted by the write-off of $500,000 of straight-line rent receivables related to nonperforming tenants, the vast majority of which was associated with The Hall at Ashford Lane. While The Hall was open and operating at quarter end, we were proactive in shifting to cash-based revenue recognition during the second quarter in consideration of their ongoing challenges. The straight-line rent receivable write-off does not impact our AFFO results, given that we've always adjusted for noncash straight-line rent in our AFFO reconciliation — CTO Q2 2023 earnings call."

""No incremental debt incurred in acquisition" — TROX presentation – slide 15, 10/6/11; "Future cash flow from operations expected to be sufficient to pay cash portion of merger consideration ($12.50 per share or ~$190 million in aggregate)" — TROX presentation – slide 15, 10/6/11; "We've announced that we intend to issue dividends that are consistent with the industry peers. But with this level of free cash flow generation, there will also be opportunities for return of additional cash above and beyond the dividend to shareholders, and we will be exploring those alternatives." — TROX conference call – 10/10/11"

"Notable investing and operating cash flow items during the quarter included: A$10.5M cash proceeds from the sale of the Snow Lake shares, A$1.5M proceeds from the exercise of U.S. Nasdaq warrants, A$1.1M exploration and evaluation costs, principally related to the PFS test work, mining and environmental studies, sample analysis, and camp running costs, A$403k administration and corporate expenses, the majority of which are related to marketing and share registry costs, and A$301k for antimony grant consulting costs, audit, tax and legal fees. — Nova Discussion of Investing and Operating Cash Flows (March 2025)"

"The biggest priorities for our cash have not changed over the years. We want to maintain the cash we need to fund our day-to-day operations, to invest in our future, and to provide flexibility so that we can respond effectively to the strategic opportunities we encounter along the way. As we said in February, our goal is to become approximately net cash neutral over time. Given our strong confidence in Apple's future and the value that we see in our stock, our board has authorized a new $100 billion share repurchase program which we will start executing during the June quarter — Luca Maestri, Apple CFO"

"“If you want some money today, perfect, put together a retail plan. But if you want lifestyle money, if you want to build that financial independence, you want to lock in that security for life, you need to recruit. And the other thing you need to do to, be prepared to roll that cash flow for straight 9 to 12 months. Because you know what, in that short space of time, by making that commitment, you are going to create a foundation for life. Absolutely. Not just for yourself, but a legacy, a legacy for your family, for your children, and their children’s children.” — Herbalife Independent Distributor"

"On October 28, 2019 (“the effective date”), Nanox IL signed an agreement with Dr. Ilung Kim, according to which Dr. Kim will provide certain services to the Company. Dr. Kim will not receive any cash compensation but will be granted options to purchase 1,206,290 ordinary shares with an exercise price of $2.21. 301,572 of the options vested as of the grant date and the remaining 904,718 options will vest in equal monthly installments over a period of three years from the grant date. The vested options will be exercisable in accordance to the terms specified in the agreement. — NNOX Draft Prospectus"

"At year-end 2019, we had cash and cash equivalents of $253.7 million held in accounts at third-party financial institutions. Our cash balances are held in numerous locations throughout the world. At year-end 2019, the majority of our cash and cash equivalents was held by our foreign subsidiaries. However, if we were to repatriate incremental foreign earnings and profits, we could be subject to cash payments of withholding taxes imposed by foreign tax authorities and additional U.S. taxes due to the impact of foreign currency movements related to such earnings and profits. — 2019 10-K, p. 13"

"During fiscal year 2022, the Company announced that it had begun to shift enterprise customers to contracts billed annually, and that it had assumed fiscal 2023 enterprise contracts would be billed annually. The Company subsequently determined, however, to pursue multiyear upfront contracts with enterprise customers to help meet its fiscal year 2023 free cash flow goal. Upfront billings of enterprise customers in fiscal year 2023 substantially exceeded historical levels, helping the Company to meet its lowered annual free cash flow target. — Autodesk Audit Committee Investigation Findings"

"During fiscal year 2022, the Company announced that it had begun to shift enterprise customers to contracts billed annually, and that it had assumed fiscal 2023 enterprise contracts would be billed annually. The Company subsequently determined, however, to pursue multiyear upfront contracts with enterprise customers to help meet its fiscal year 2023 free cash flow goal. Upfront billings of enterprise customers in fiscal year 2023 substantially exceeded historical levels, helping the Company to meet its lowered annual free cash flow target. — Autodesk Audit Committee Investigation Findings"

"We continue—we continue to drive both of the levers that create de-leveraging. One is higher EBITDA, on the denominator, and the other is driving higher free cash flow. We talked at Investor Day and reiterated today, activities that are underway, including looking at various assets on our balance sheet that can be monetized and turned into cash, whether that’s the securitization of additional orbitals or other opportunities. So we’re working all of those. And our goal, as Anil said, is very clear: to achieve 3.8 times leverage by the end of 2018 — CEO Lance Q1’18 Conference Call"

"Total revenue was $51.6 million for the year ended December 31, 2021, an increase of $50.8 million compared to $0.8 million for the year ended December 31, 2020. The increase in revenue was primarily due to $41.2 million of non-cash revenue recognized under our license agreement with SanReno and a development milestone of $10.0 million recognized under our agreement with Merck and Co, Inc., or Merck. The agreement with Merck was acquired through the Merger. For additional information, refer to Note 11 “Collaboration and License Agreements”. — Chinook 2021 10-K, Pg. 77"

"When you think about how cash flow and leverage should play out over the balance of the year, we should incur an additional $140 million to $150 million of CAPEX and approximately $140 million, $145 million of cash interest costs in the second half of the year. If you layer on the conservative assumption of working capital, ending the year as cash flow neutral, you get to a free cash flow number of somewhere between $275 million and $300 million for the back half of the year, depending on your views of where we end up in terms of EBITDA. — Q2 Earnings Conference Call"

""Capital discipline is the critical process of allocating a company’s most precious resource after its people, cash flow, to ensure desired investment returns for the benefit of all stakeholders. At Anadarko, we created a culture of capital discipline through development of a focused allocation framework: Constraining capital in order to drive portfolio depth and constantly high-grade the portfolio, Instilling intellectual integrity via an honest but probing post-mortem processes, and Creating a learning culture that emphasized continuous improvement." — Karl Kurz"

""When you think about how cash flow and leverage should play out over the balance of the year, we should incur an additional $140 million to $150 million of CAPEX and approximately $140 million, $145 million of cash interest costs in the second half of the year. If you layer on the conservative assumption of working capital, ending the year as cash flow neutral, you get to a free cash flow number of somewhere between $275 million and $300 million for the back half of the year, depending on your views of where we end up in terms of EBITDA." — GFL Management"

"When you think about how cash flow and leverage should play out over the balance of the year, we should incur an additional $140 million to $150 million of CAPEX and approximately $140 million, $145 million of cash interest costs in the second half of the year. If you layer on the conservative assumption of working capital, ending the year as cash flow neutral, you get to a free cash flow number of somewhere between $275 million and $300 million for the back half of the year, depending on your views of where we end up in terms of EBITDA. — GFL Management"

""In the first quarter of 2020, we adopted, using the modified retrospective approach, amended accounting guidance that required credit losses on financial instruments, including trade receivables, to be measured based on an expected credit loss model instead of the incurred loss model. The expected credit loss model requires us to consider forward-looking information to estimate our allowance for credit losses. Our adoption of this guidance did not have a material impact on our financial position, results of operations or cash flows." — 2020 10-Q, p. 6"

""We believe that the market is giving a sizable discount to the value of its cash and investment assets which account for 44% of the current market cap due to poor capital management." — JPMorgan, June 15, 2015; "With the newly created incentive to pay out more of it earnings through dividends, all investors in SEOC [newco] would benefit." — Credit Suisse, January 12, 2015; "If Samsung Group were to restructure into a holding company, our case studies show it would be likely to have positive share price implications." — Deutsche Bank, November 3, 2014"

"Although there is some considerable overlap among analysts as to what might be appropriate adjustments to Funds From Operations that would make it a better measure of dividend paying capacity, NAREIT believes that there is not adequate consensus among preparers and users of the REIT financial statements to allow agreement on a single definition of Funds (Cash) Available for Distribution or AFFO. Further, NAREIT does not believe that there is a single measure of distributable cash that is consistently applicable to all REITs. — NAREIT 2002 White Paper"

""Importantly, we'll have strong cash flow generation as a result of this transaction, about $1 billion in operating cash flow in the second year and accelerating...." — Acquisition of Bayer by Elanco 8/20/2019; "Looking at our returns, Elanco will generate significant cash flow and exercise strong cash management to pay down debt, reducing interest cost as quickly as possible, increasing optionality of the business and most importantly delivering double digit EPS growth to unlock value for you, our shareholders." — Elanco 2020 Investor Day 12/15/2020"

"It is called an index universal life insurance policy. It is cash value on steroids. — WFG Recruiter; You can never get that in the bank. It's gonna never, ever, ever lose money, my friend. Never in your life. And you will never ever pay taxes. — WFG Recruiter; I-U-L remember, I told you to write down index universal life. If you can qualify for that baby, your future is brighter than the sun. — WFG Recruiter; I could not tell you this in all fidelity with the license, and keep my keep my license. If I wasn't telling you the truth. — WFG Recruiter"

""[Management] is unequaled in its efforts to put a positive spin on bad news by accentuating the positive and eliminating the negative.... [I]f free cash flow looks bad, it will redefine it.... [S]omeday we will write a treatise on the psychology of earnings reports and presentations. And Alcoa will be our case study.... I think Alcoa is one of the more blatant spin doctors.... [N]othing ever looks bad in management’s version of the world, where all the news is good news." — Carol Levenson, Director of Research for Gimme Credit, July 31, 2016"

""The Company’s loss reserve committees estimate expected loss to be paid for all contracts by reviewing analyses that consider various scenarios with corresponding probabilities assigned to them. Depending upon the nature of the risk, the Company’s view of the potential size of any loss and the information available to the Company, that analysis may be based upon individually developed cash flow models, internal credit rating assessments, sector-driven loss severity assumptions and/or judgmental assessments" — AGO 10-K, February 23, 2018"

""Quintis has not amended its profit guidance for 2016-17 because it had not factored any Galderma sales into its expectations, and its contract with the Swiss group did not specify any fixed volume. The company is predicting 2016-17 sandalwood product sales in the range of $45 million to $55 million for the full financial year, up from $29.9 million, it said at its half-year results in February and reiterated in March. Also, "cash EBITDA" will increase by at least 25 per cent on 2015-16, it has stated." — The Australian Financial Review"

""As a growing SaaS Company, we believe cash flow represents the best indicator to our path to profitability." — Q4 2019 Conf Call; "Business at key inflection point with recent launch of Lightspeed Payments." — Q4 2019 Earnings Presentation; "In our press release dated August 7, 2019, we updated the full year 2020 outlook with respect to cash flows used in operating activities... As a result, we are withdrawing the previous outlook that cash flows used in operating activities will be in the range of $9.5 to $11 million." — Q3 2020 MD&A"

"In China and in emerging markets the level of corporate governance may vary significantly between companies. Corporate governance is important as it provides mechanisms whereby outside investors can protect themselves against expropriation by insiders. Corporate governance can impact on the risks that outside investors may face in respect of any expropriation of assets. These factors together with the size and other market frictions may warrant an adjustment to the cash flow expectations and/or an — Dr. Mardsen, University of Auckland"