Callouts & quotes from 1,316+ activist slides

"Dell's Go-Private transaction exposes the disingenuous nature of the cash hoarding rationalizations."

"The transformed Norfolk Southern is projected to operate with dramatically improved cash efficiency."

"At The Current Burn Rate of $1.1m/Day, Carvana Had Just 70 Days of Operating Cash On Hand At Yr End"

"How much did you receive in cash? - On the sales price - this our answer - silence has been agreed."

"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"

"current Align customers could increase their cash flows by over 12% by printing aligners in-house."

"In some ways, the cash sitting unused year after year is analogous to having an inventory problem."

"We believe there are multiple signs that Leidos is mitigating Operating Cash Flow (OCF) pressures."

"RILY’s total cash and investments, net of debt, fell by $950 million to -$350 million during 2022."

"These dividends were not really paid out of free cash flows, they were funded primarily with debt."

"“CCI, like the rest of the tower companies, is highly cash generative.” — Credit Suisse, June 2014"

"OUTR has already committed “to return 75% to 100% of free cash flow to investors” — Outerwall Inc."

"Track Record of Generating Strong Free Cash Flow Through the Cycle — Bunge Investor Day March 2026"

"Spruce Point observes substantial modifiers tied to the analytically flawed Free Cash Flow metric"

"As a result, this is a potential lever being used by management to embellish operating cash flow."

"GY's Free Cash Flow significantly exceeds its reported GAAP Net Income, for four separate reasons"

"When Apple pays out 100% of its future cash flow, it depletes its domestic cash sometime in 2014."

"G&A spend remains astronomically high and represents a severe level of cash burn for shareholders"

"Facing bankruptcy can force change. Peloton has started to right-size and cash burn has stopped."

"NO MATERIAL TIES TO OTHER DIVISIONS AND A NEED TO USE ITS CASHFLOW TO REINVEST TO RESTORE GROWTH"

"Factoring in the excess cash, we estimate a price target of $27.50 – $40.00 (40% - 60% downside)"

"Free cash flow is so microscopic it is not even visible if graphed next to market capitalization"

"“non cash transaction that led to an increase in non-current assets” — Ströer 2015 Annual Report"

"Valeant's adjusted tax rate is a more accurate measure of the company's annual cash tax expense"

"Macy's has an ability to pay down most of its debt and still maintain a $1 billion cash balance"

"That's some heavy dilution, and the company will only receive about $2M cash from the warrants."

"Combination leads to ~$2.4B in free cash flow in FY23 — Autodesk 2018 Investor Day Presentation"

"Combination leads to ~$2.4B in free cash flow in FY23 — Autodesk 2018 Investor Day Presentation"

"Valeant removes restructuring charges to better match Net Income with recurring Free Cash Flow"

"Almost Everyone Is Mistaken About Dropbox's "Strong Free Cash Flow" And Conservative Reporting"

"Publishing is expected to generate steady free cash flow at a conversion rate of 40% of OIBDA."

"Revealed: Global private hospital group embroiled in ‘cash for kidneys’ racket — The Telegraph"

"The Company generated ~$40 billion in cumulative incremental free cash flow in 2021 and 2022."

"Net-net, Olam had only approximately S$60 million of truly free cash as of the end of FY2012."

"The Company generated ~$40 billion in cumulative incremental free cash flow in 2021 and 2022."

"Box built an oversized cash balance as a result of the unnecessary convertible debt offering"

"We have used a conservative 9.5% discount factor to apply to the unleveraged free cash flow."

"It Takes Six Years Longer than EHTH's Stated Member Life to Collect Cash Equaling MA Revenue"

"Based on our analysis, Zebra's cumulative Cash Earnings over the past 5 years is ~19% lower."

"Such discrepancies, particularly in cash balances, are indicators of manipulation or fraud."

"As Dropbox matures, we believe investors will increasingly focus on cash flow over revenue."

"We have long believed that Level 3 fair valuations are a license to print non-cash profits."

"Casino's consolidated financials are meaningless to understand the cash flow to the parent."

"If the sovereign debt trades to a negative yield, it would be wise to sell it to hold cash."

"BLC has a clear conflict between its cash accounting policy and its actual cash accounting."

"A 10.2x multiple post-synergies would generate ~$45bn of cash for Phillips shareholders(2)"

"A 10.2x multiple post-synergies would generate ~$45bn of cash for Phillips shareholders(2)"

"A 10.2x multiple post-synergies would generate ~$45bn of cash for Phillips shareholders(2)"

"Companies generally prefer not to use Stock because Cash and Debt are cheaper than Stocks."

"Contrary To Lance's Statement, Management Is Not Compensated on Cash Flow, Instead EBITDA"

"This retroactive adjustment allowed the Viteks to cream an additional €52.1 million cash."

"A 9.7x multiple post-synergies would generate ~$43bn of cash for Phillips 66 shareholders"

"WD-40's days of inventory outstanding and cash conversion cycle are extremely elevated.."

"This is one more reason why the perception that AMT's cash flow is stable is incorrect."