Callouts & quotes from 984+ activist slides

"On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase"

"Attributable free cash flow per share deducts the minority interest free cash flow pertaining to the 20% stake of McOpCo’s no longer owned by McDonald’s."

"Trian believes that Lazard's strong free cash flow and limited need for capital investment should allow the company to decrease its share count each year"

"We believe that to an extent Olam Management might be using desired income and cash balances as inputs into its financial statements rather than outputs."

"Flush with cash from selling stock at record prices, it’s easy for the CEO to purchase a lakefront mansion for $14.2m, a corporate jet and a helicopter."

"In its quest to grow and rush an IPO so investors can cash out, we believe there is clear evidence of Oatly disregarding these enormous climate factors."

"Seven-year maturity extensions coupled with a reduced cash dividend would allow GGP to delever its balance sheet and create a substantial equity cushion"

"Globant has yet to illustrate that its operations can generate any meaningful free cash flow, but Globant is generating cash by trading stocks and bonds"

"Was Deloitte aware that TAL's overly simplistic preparation of cash flows does not conform with U.S. GAAP requirements for foreign currency translation?"

"Although Prestige Brands may appear cheap vs its peers on a P/E and EBITDA multiple basis, PBH trades at a premium to its operating cash flow and sales."

"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."

"In our view, inserting a straw buyer likely enables BEKE a convenient mechanism to fake cash that is a byproduct of significantly overstating revenues."

"NewMed's recommended offer represents a US$242 million discount to ERCE's independent assessment of Capricorn's current cash-weighted fair market value"

"Spruce Point finds alarming evidence that WTRG's operating cash flow margin is in continued decline - having been 48.2% in 2017 to just 23.9% in 2022."

"WTRG's Ability To Cover Its Divdend Has Been Declining As It Scales NOT Improving. Free Cash Flow Available For Dividends Started Worsening In FY 2018"

"HASI purchased its 49% equity stake for just $10,000, yet we estimate that it booked 2021 non-cash, unrealizable gains of $34.8 million from Vivint 3."

"HASI books non-cash, unrealizable income when another financing partner in the deal, the Tax Equity Partner, realizes its investment tax credit (ITC)."

"Despite the attractive cash flow characteristics of OUTR’s core Redbox and Coinstar operations, shareholders have NOTHING to show for their investment"

"Spruce Point's forensic accounting analysis reveals that the most recent amendment actually reduced the net cash commitments from the Baker Hughes JV."

"By removing the cash outflows from acquiring licensed copyrights from OCF and recording it under cash flows from investing, IQ’s OCF appears positive."

"If a creditor is not paid in cash or property upon emergence, it must receive future payments, the present value of which equals its bankruptcy claim"

"We believe that these “loans” were actually ways of providing YDT a way to pay down fictitious ARs until cash could be raised from sales of NQ stock."

"A company has positive earnings and positive cash flow just went bankrupt. What can cause this to happen? We'll leave this one as food for thought :)"

"The most likely overstatements of assets in order of likelihood are accounts receivable, cash, inventory, investments, or intangible or other assets."

"Once the Company has committed to returning the majority of its free cash flow in dividends every year, the stock’s valuation should correct quickly"

"Investigators heard from competitors that Broad Ocean has failed to sell those 400 motors and this has become a huge drag on the company's cash flow"

"Ancora estimates the combined company will have improved EBITDA margins and free cash flow generation which should lead to a re-rating in valuation."

"Even though costs have been cut to end the cash burn, Peloton still achieves basically zero adjusted EBITDA versus the peer median of $406 million."

"Engie harvested the asset for cash, while HASI's most recently quarterly filing indicates that negative revenues and losses continue to accumulate."

"GFI successfully recruited several top WFG producers, including Greg Kapp, the 23rd top cash flowing WFG leader in 2021, now GFI's Agency Chairman."

"Based on the warrant vesting formula, we can determine that total payments by Amazon to Kornit in 2018 were 105% of total 2018 operating cash flow."

"Spruce Point finds that Bunge’s reporting of cash flow, capital expenditures, and adjustments to be aggressive and / or irregular for its industry."

"AOL's CEO and CFO total cash compensation as a percentage of EBITDA of 1.7% is significantly higher than the Independent Peer Group median of 1.0%."

"Recall That Mr. Shi Cashed Out Big Time During/Pre-IPO. Of The Remaining Shares He Still Owns, We Believe He Has Pledged Most Of Them As Collateral"

"Recall That Mr. Shi Cashed Out Big Time During/Pre-IPO. Of The Remaining Shares He Still Owns, We Believe He Has Pledged Most Of Them As Collateral"

"We do not believe that this is a healthy, sustainable source of cash flow for a company experiencing stagnant revenue growth and financial strain."

"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?"

"As shown in this contract with a partner sports league, 100% of the $46,530 annual value is paid-in-kind, resulting in no cash benefit to Genius."

"Generac's goals are heavily tied to EBITDA over actual cash flow. In fact, even the 25% “Individual Performance Goals” references back to EBITDA."

"Penalty #2: Hess given lower multiple than peers due in part to higher capital intensity and cash flow gap (partially caused by Bakken build-out)"

"A policy of consistent 14% discounted off-market share buybacks would be the most efficient mechanism to release excess cash flow to shareholders"

"We believe Samsara (IOT), like the examples below, promotes itself to retail yet fails to have a sustainable path to profitability and cash flow."

"As of Q1'09, GGP's trailing twelve month cash NOI grew 1.4% on a year over year basis. Adjusting for lease termination income, cash NOI grew 2.4%"

"Actual FY 2020 Adjusted EBITDA was 6% below threshold, which should have resulted in NO annual cash bonus payment if targets had not been revised"

"Actual FY 2020 Adjusted EBITDA was 6% below threshold, which should have resulted in NO annual cash bonus payment if targets had not been revised"

"One might expect that Shunshun had to pay TAL for this new lease on corporate life. However, the opposite is true. TAL invested cash in Shunshun."

"23 out of 35 total line items in the FY2010 AR statement of cash flows differed from the figures provided in the Q4 2010 statement of cash flows."

"After the drops, MPLX will still deliver 8% EBITDA growth... leading to 8% growth in distributable cash flow and 12% growth in GP distributions."

"The reversal of non-cash HLBV income creates an incentive for HASI to continually invest in questionable projects to report growing HLBV income."

"We estimate that the Rosie EMI accounted for approximately 12% of our ~$300 million estimate of HASI’s 2021 non-cash, unrealizable HLBV income."

"Over the past three years, FND's change in payables reported through cash from operations has totaled $245 million which dwarfs industry peers."

"We suspect that at related-party “customers” Motif and Joyn, Ginkgo may be round-tripping cash, and therefore potentially booking cash-revenue."

"Spruce Point believes that Amcor’s cash flow in the first half of calendar year 2020 (second half of its FY end June 30, 2020) will disappoint."

"It appears that Kroll, hired by RUN, does not find enough cash flows in the pool of collateral to meet the claimed FMV for ITC basis purposes."

"The Company could repurchase a significant amount of stock at a price of $58 per share and be left with substantial cash on its balance sheet."

"SPRD's lack of any cash income tax payment in 2010 is inconsistent with prior years as well as the PRC's provisional tax payment requirements."

"CXW’s repurchase of 10.7 million shares in Q4 ’08 – Q2 ’09 (~8.5% of total shares) provides a tailwind for NTM free cash flow per share growth"

"As of June 30, 2021, the Company had a deferred revenue balance of $11.9 million with Kalo, consisting of the non-cash consideration received."