Callouts & quotes from 398+ activist slides

"NMC unjustifiably in our view understated its FY 2018 debt by at least approximately $320 million, and likely continues to do so."

"We find that recent changes in balance sheet debt are deviating materially from changes in debt through the cash flow statement."

"The spread on PSH USD-denominated debt has declined from 337bps at its inaugural issuance to 175bps at its most recent issuance"

"Spruce Point observes that REZI's leverage has materially increased while cash flow available for debt reduction has decreased."

"we find that AFAM’s “true” bad debt expense was at least 4.5% of net service revenue – nearly 2.5x the figure reported by AFAM."

"If Valeant has additional debt capacity (up to 4x) after acquisitions, cash is used to buy back stock at 18x trailing earnings"

"This effectively indentures agents to WFG as they are unable to register with another insurance firm with an outstanding debt."

"Vitek secretly controlled MGI and CPI Hotels, which he apparently used to rack up debt to CPI PG of approximately €60 million."

"We assume that Macy’s pays down enough debt to achieve 3.5x Adjusted Debt / EBITDAR and maintains a $1 billion cash balance."

"CoreWeave isn’t pioneering the future of AI – it’s a debt fueled GPU rental business with no moat, dressed up as innovation."

"Like Bon-Ton, many feared Claire’s would seek bankruptcy protection. Year-to-date, its debt has traded up more than 4 times"

"Publishing's initial leverage at 4.0x total debt/OIBDA would be greater than the leverage levels of most of the peer group."

"Olam's net debt to LTM adjusted EBITDA is now 8.4x, compared to 7.8x at the end of Q1. These numbers are dangerously high."

""invest in our operating subsidiaries, repay short-term debt, and for general corporate purposes." — WTRG (quoted in text)"

"Proceeds from the IPO and the sale of the remaining interest in the credit card receivables can be used to pay down debt"

"Steady-state free cash flow concept, which debt investors have become comfortable with, is essentially the same as AFFO"

"In Greenlight's opinion, when an equity sponsor has to guarantee the bank debt the investment is a troubled situation."

"The following analysis illustrates the cash flow forecasts of TWC assuming initial leverage of 4.75x total debt/OIBDA."

"Pay down ~$9bn of Target debt using all of the credit card proceeds, a portion of the IPO proceeds, and free cash flow"

"Certain peers of TWX, including lower rated credits, easily accessed the public debt markets during the fall of 2002."

"While we suggested a maturity extension of GGP’s unsecured debt, the vast majority of it will be repaid at emergence"

"Shady Accounting And Financial Management Includes Misstatements To The SEC, Inflated Margins And Understated Debts"

"It seems that ~70% - 75% of the U.S. loan book is unable to service its debt absent rate swaps, based on the CLOs."

"Where negative working capital becomes a killer is if the businesses don't have enough cash and can't borrow debt."

"“When you invest in a suit like this, you’re not betting on sovereign debt.” — BUR FY2019 Earnings Call Transcript"

"We estimate GFL's debt is C$460m more than reported and financial data providers fail to capture the adjustments."

"Spruce Point believes that WTRG’s growing dependence on short-term debt is a sign of its rising financial stress."

"About 30% is GOs or General Obligation bonds. These are generally believed to be the best positioned of the debt."

"This repurchase would result in pro forma TWX total debt rising to $43.6 billion or 3.8x total debt/2005PF OIBDA."

"Having To Borrow Commercial Paper To Pay Down Long-Term Debt Is Worrisome. Why Couldn't Amcor Issue More LT Debt?"

"What Is Even Worse Is That The Large Pay Day To Insiders Was Financed By Debt Taken On By PLTK Shortly Before IPO"

"PSH's ability to access low-cost, investment-grade, long-term debt is an important competitive advantage for PSH"

"PSH's ability to access low-cost, investment grade, long-term debt is an important competitive advantage for PSH"

"The fact that it is taking longer to collect receivables does not reconcile with a lower reserve for bad debts."

"Our ability to access low-cost, investment grade, long-term debt is an important competitive advantage for PSH"

"Our ability to access low-cost, investment grade, long-term debt is an important competitive advantage for PSH"

"Our ability to access low-cost, investment grade, long-term debt is an important competitive advantage for PSH"

"If the bad debt allowance is being manipulated, it stands to reason that revenues may also be manipulated too."

"The main problem is that GTT does not generate organic growth or enough free cash flow to service its debt."

"We argue that Fairfax has used equity transactions with OMERS and CPPIB to obtain off-balance sheet debt."

"Stryker's bad debt allowance has been steadily rising and now exceeds peers such as Zimmer and Medtronic."

"AVY wants investors to see improved ROTC, but ignores pension, operating leases and other forms of debt."

"On average, tenants have improved their net debt positions more than 30% since the same period last year"

"On average, tenants have improved their net debt positions more than 30% since the same period last year"

"Significant Free Cash Flow generation allows Target Corp to de-leverage to 2.8x Lease Adj. Debt/EBITDAR"

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

"This is the real issue with Casino - it has far more debt to enterprise value than investors realize."

"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."

"Maxar should immediately cut or eliminate the dividend and direct capital towards debt reduction."

"Maxar should immediately cut or eliminate the dividend and direct capital towards debt reduction."

"Revised Proposal requires no incremental debt to be issued over total debt position as of 9/30/05"

"With Dubai Properties, Vitek "Repaid" CPI's Loan with by Saddling CPI with Off-Balance Sheet Debt"

"Spruce Point believes that Stryker could be dangerously levered around 4.9x Debt to '22E EBITDA."

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

"RUN investor relations referred to tax equity as “effectively debt” — Sunrun Investor Relations"

"Moody’s suggests an upper bound of 3.5x debt/LTM EBITDA for the current rating level of Baa2."

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

"Debt-Fueled Acquisition Roll-Up Is Hitting A Wall And No Longer Producing An Attractive ROIC"

"Huishan has a high chance of defaulting in the next year due to its massive short-term debt."