Callouts & quotes from 398+ activist slides

"Enterprise Value is the value of the core business operations. This value belongs to all investors in the company, both debt and equity. — The Core Technicals Guide"

"Cashpooling: The Company maintains a current account with BV Inversiones, S.L. to manage the group's treasury. These debts accrue market interest based on Euribor."

"These assets, valued in excess of $1.0 billion, could be used to reduce initial indebtedness levels or provide funds for re-investment in the core business of TWX."

"Our analysis indicates that TWX, as a consolidated entity, should have up to $20.0 billion of debt capacity without jeopardizing an investment grade credit rating."

"When comparing WTRG's long duration debt and equity, there is a clear mismatch in terms of what debt and equity holders think of the Company's earnings prospects."

"When comparing WTRG's long duration debt and equity, there is a clear mismatch in terms of what debt and equity holders think of the Company's earnings prospects."

"Fairfax Used Off-Balance Sheet Debt and a New JV to Create an Illusory $117.1 Million Gain While Avoiding Recognizing Losses on Associates it Stuffed into the JV."

"We believe Stryker has been delaying Capex to temporarily boost cash flow, especially as it has to pay down debt related to the Wright Medical Group acquisition."

"Shift from bank loans to debt in Europe continues to present the largest opportunity in the near-term; Jan. 2006 to May 2012 CAGR: 9% for Bonds vs. 5% for Loans"

"The conclusion is that the SeparateCos could borrow up to $23.0 billon of debt to be used to return capital to shareholders or for future strategic initiatives."

"Spruce Point adjusts the Company’s capital structure for Restricted Stock Units, interest payable on outstanding debt, and the book value of the SB Tempus JV."

"and 10-year notes raised at 4.25% and 4.75%, respectively and for $2bn incremental debt assumes 7-year and 10-year notes raised at 4.5% and 5.0%, respectively"

"Greenlight does not understand how debt securities that have to be partially equitized due to below plan operating performance can have a fair value of cost."

"During its time as a Public Company: GGP paid ~$4bn in dividends; GGP refinanced or paid down ~$32bn of debt; Until Q1'09, GGP never defaulted on a mortgage."

"Should Dollarama’s struggles become more pronounced – or should the economic cycle turn for the worse – this debt overhang could loom large over the business"

"Party B shall have ownership rights to the tangible assets, Party B shall also assume any and all obligations or debts resulting from any illegal activities."

"that Kingshott was aware of the implausible story Drier gave many investors. — US Bankruptcy Court: Drier LLP (debtor), Novator Credit Management (defendant)"

"One thing that has grown consistently in the past 5 years at Saputo are its debt obligations, with increasing dependency on short-term unsecured bank loans."

"Exhibit 3.38 provides a summary of the credit of Publishing with leverage of 6.0x total debt/OIBDA (which assumes a non-investment grade rating of Ba1/BB+)."

"Preferred Stocks are treated like Debt in the Equity Value / Enterprise Value calculations. Enterprise Value = Equity Value + Debt + Preferred Stock - Cash."

"A sharp rise in interest rates poses a risk to equity investors as the Company currently has approximately US$8.4 billion of net debt on its balance sheet."

"Management does not commit to conducting M&A, but instead says that it has “optionality to execute M&A,” and says that it may have to assume debt to do so."

"AOL with $4.8 billion in debt would be positioned against a broader group of investment grade and non-investment grade media and communications companies."

"GSHD’s shareholders took on debt, held by the company, and more than half of the proceeds went into the pockets of the CEO and the other pre-IPO holders."

"CCI's essentially domestic tower portfolio does not seem to have garnered the Company an advantage at securing low cost debt relative to its tower peers"

"The Bankruptcy Code offers the ability for debtors to “cram down” creditors so long as each class of creditor receives the present value of their claims"

"Sunnova is essentially a financial engineered platform that benefits debt holders and tax equity investors who receive all of any generated cash flows."

"Sunnova is essentially a financial engineered platform that benefits debt holders and tax equity investors who receive all of any generated cash flows."

"Tempus has a relatively uncommon requirement that it must maintain minimum consolidated revenues at $1.0 billion to avoid violating its debt covenant."

"Because TRE has $2.1 billion in debt outstanding, which we believe exceeds the potential recovery, we value its equity at less than $1.00 per share."

"It is possible that Zebra is factoring lower quality receivables or retaining them and under-reserving for bad debts which would overstate earnings."

"Under PROMESA, Puerto Rico is able to restructure its debt under Title 3, which is similar to a bankruptcy process but outside of bankruptcy court."

"TWX, despite the full implementation of the Management Repurchase Plan, would continue to be overcapitalized with significant excess debt capacity."

"We don't see a path to profitability for AREN and we would be surprised if both RILY's debt and equity positions were wiped out by the end of 2023."

"Teck doesn't have any debt coming due until 2030. Management says that once QB2 comes online, the free cash flow will be returned to shareholders."

"All Together, Insiders Cashed Out $4.5 Billion From PLTK Before/Through IPO, Leaving Public Investors With Over $2 Billion Debt. What Is The Rush?"

"After this transaction, Pro Forma McDonald's would be leveraged approximately 3.5x Total Debt/EBITDA or at a 25% Debt to Enterprise Value ratio."

"We believe investors should be discounting substantial dilution and more debt issuance into the forward valuation of WTRG's equity share price."

"The Company’s financial condition was deteriorating significantly with Net Debt / EBITDA > 10x and EBITDA interest coverage hovering around 1x."

"We Believe Broadridge’s Billion Dollar Sink Hole Project With UBS Wealth Management Needs To Be Impaired And A Debt Covenant Breach Is Imminent"

"A company levered only 2x requires ~45bps less margin expansion per year to achieve the same EPS growth than an identical company with no debt"

"The majority of the committed liquidity Carvana represents as "available" is not available for its most pressing concern: servicing its debt."

"In Q3 2018, INGN lowered provisions in two categories, sales returns and bad debts and warranties. Doing so increased gross margin by 1.77%."

"In general, we only need to add Debt and subtract Cash from Equity Value. Therefore, you can just say that formula by default in interviews."

""Debts to related companies mainly consist of cash deposits received from subsidiaries of the Company." — Eurofins 2018 Financial Statements"

"We find a cumulative delta of approximately $320m, which corresponds approximately with the amount of debt increased on the balance sheet."

"If CCI is unwilling to increase its dividend payout ratio today, we recommend CCI immediately increase leverage to 7.0x net debt / EBITDA"

"What we see is that the cash equivalent in Megalab is not cash but, instead, a debt that the Spanish cash pooling entity owes to Megalab."

"Spruce Point believes that current market data services fail to account for Saputo's growing $724 million unfunded U.K. debt obligation."

"We believe ADT should immediately increase leverage to 3.0x Net Debt / EBITDA and maintain a fixed leverage target of 3.0x going forward"

"TWX, as a consolidated entity, should have up to $20.0 billion of debt capacity without jeopardizing an investment grade credit rating."

"ROAD levered its balance sheet to acquire LSP (and Overland Corp.) and now has pro forma Net Debt / Adj. EBITDA of approximately 3.4x."

"As you can see below, RILY's debtors almost uniformly live in the right tail (distressed) end of their industry default distributions."

"Given ability to raise capital via debt markets or raise proceeds from infrastructure, Hess Resource Co. has ample cash to standalone"

"We believe a reasonable amount of non-recourse leverage, especially if the debt is high-quality, is more of an asset than a liability"

"GGP’s bankruptcy is the result of the unprecedented disruption in the credit markets coinciding with large near-term debt maturities"

"Having incinerated ~$360MM of cash since 2012, the debt requires new debt or equity to be repaid - in our opinion, a textbook Ponzi."

"In an LBO, we care more about Levered Free Cash Flow because the cash flow after interest expense is what we can use to repay debt."

"the Board has no appetite for M&A — Colleen Moorehead (Chair). The Board’s priority is to reduce debt. — Colleen Moorehead (Chair)."

"However, this lower income now needs to support 87% (1) less of net debt & pension liabilities with net debt decreasing by 96% (1)"