Callouts & quotes from 1,316+ activist slides

"GMCR has not had much free cash flow and says it won’t have much for the next few years"

"there is no argument against operating with improved efficiency, cash flow and margins."

"Put another way, management can use corporate funds to buy its way toward a cash bonus!"

"As such, we believe its cash collection cycle is at least a month longer then depicted."

"Investors always ask us “where’s the free cash”? Under Dr. Kleinfeld it’s still missing"

"Xerox shareholders sold control for $9.80 in cash and a stub share worth a few dollars"

"The Board has already committed to returning 75-100% of free cash flow to shareholders"

"For example, the prevalence of cash buyers has reduced the impact of mortgage LTV caps"

"Such transactions are for moving and storing large piles of cash with dubious origins."

"While cash hoarding is prevalent in the tech industry, it isn't practiced universally."

"$34bn of available cash for strategic deployment to YE21 (>50% of current market cap)"

"GoDaddy is expected to miss its 2024 free cash flow target by more than $150 million"

"GoDaddy is expected to miss its 2024 free cash flow target by more than $150 million"

"GoDaddy is expected to miss its 2024 free cash flow target by more than $150 million"

"Each dollar of revenue at Lasertec similarly produces far less cash than its peers."

"Unlike industry peers below, WTRG noticeably does not discuss operating cash flow."

"~74% of Val-gan's pro-forma 2014E sales will come from durable, growing cash flows"

"BK only achieved $2.56 of cash EPS in 2014 (24% below 2009 targets, 5 years later)"

"Huntsman operates at a significant free cash flow conversion deficit to its peers."

"In fact, we estimate that cash flow has collapsed by -37% since the 2018 spin-off."

"Capricorn's value is mostly comprised of cash and near-term contingent receivables"

"At the current burn rate, AXDX's cash balance will only last another six quarters."

"Low-yielding cash and interbank investments have accumulated on the balance sheet"

"Which is better for the landlord, tenant sales growth or tenant cash flow growth?"

"In 2018, Autodesk committed to reaching $2.4 billion of free cash flow in FY2023"

"We question whether this discrepancy indicates a cash hole in CPI PG's accounts?"

"In 2018, Autodesk committed to reaching $2.4 billion of free cash flow in FY2023"

"Monetizing a non-core asset means getting cash, not playing financial wizardry."

"Valeant's products are predominantly cash-pay or reimbursed by private insurers"

"Are shareholders aware that management is fraudulently siphoning cash from TFS?"

"CXW trades for ~13x free cash flow per share or at an implied cap rate of 12.2%"

"In our view, this could signal director dissent, retention or cash flow issues."

"We believe that Disney no longer values free cash flow and that needs to change"

"NOAM Physical is Core Business 69% of Revenues, 86% of OIBDA, 96% of Cash Flow"

"Financing with cash on hand and new borrowings -> Highly Accretive Transaction"

"If it was, what was the ultimate source of the cash (if any) used to repay it?"

"Carvana can no longer go running to Garcia II whenever it runs out of cash..."

"Cash Never Generated From Collection of Receivables or Sell Down of Inventory"

"What $619m in 2020 cash would be an all time high. Where is this coming from?"

"We’re valuing a cheap vehicle importer/reseller at 1x revenues plus net cash."

"Almost half of New Red Lobster's cash flow may be due to its rent "subsidy"."

"The Company used more than its COVID cash benefit on large M&A transactions."

"Today, Elliott proposes to acquire athenahealth for $160 per share in cash."

"GGP viewed its MPCs as a cash cow to be liquidated to help pay debt service"

"AST is bleeding cash and execution has been absurdly poor, even for a SPAC."

"These glaringly good reviews are also shown on Trustpilot.com for FreeCash:"

"$20 Million In Quarterly Losses Is Significant, Especially As Cash Runs Out"

"Eurofins' Response about Cash & Equivalents Reclassification is Misleading"

"By 2020 Deckers will still have an estimated net cash position of $335m(1)"

"We Believe Limbach Overstates Free Cash Flow by Excluding Key Uses Of Cash"

"Mercury's FY18 operating cash flow is inflated by $18.8m (43% of total)."

"We consistently found that Cash Equivalents excluded Pooling Receivables"

"EBITDA margins have contracted 470 bps with cash SG&A margin up 320 bps."

"Value of LP Units and Cash from Drops as % of Marathon Market Cap Today"

"GAAP Net Income has not been a good proxy for Valeant's free cash flow"

"On average, free cash¹ has historically averaged ~14% of our fund AUM"

"Cumulative free cash flow was ~11% BELOW the 2018 Investor Day target"

"Cumulative free cash flow was ~11% BELOW the 2018 Investor Day target"

"On average, free cash¹ has historically averaged ~14% of our fund AUM"

"On average, free cash¹ has historically averaged ~14% of our fund AUM"