Callouts & quotes from 984+ activist slides

"Between 2017-2019, AVY portrays Free Cash Flow as having grown by approximately $91m, whereas Spruce Point believes it has declined by $118m."

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow."

"In each of these instances, chronic capex mis-forecasting was a leading indicator of future margin, earnings, and free cash flow contraction."

"25 out of 36 total line items in the FY2009 AR statement of cash flows differed from the figures provided in Q4 2009 statement of cash flows."

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow."

"The company's profitability is largely reliant on paper-gains, namely mark up on biological assets. Real cash flow has been in fact negative."

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"Fairfax Spent Cash for Accounting Gimmicks on Disposal of a Loss-Making Subsidiary that Misleadingly Preserved Book Value of $105.5 Million."

"Now that any DME can offer you a portable oxygen concentrator, Inogen will get much fewer Medicare leads that can be turned into cash sales."

"Timken’s calculation distorts its trading discount by relying on a cash flow multiple that fails to adjust for short-term, temporary impacts"

"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."

"We are concerned by the continued rise of noncash revenue as Genius has stated it will continue to “aggressively deploy its “contra” model”"

"In this contract, 100% of the $89,400 value is provided as value-in-kind at no cost to the Partner, resulting in no cash benefit to Genius."

"On March 17th, Allergan merged with Actavis for $242 per share in cash and stock representing a 88% premium to Pershing Square’s cost basis"

"This contradicts what 2U tells investors and administrators – that a program partnership will net more cash flow to the university then 2U."

"Given the distortions in Leidos income statement metrics, we believe the best way to value the Company is on its operating cash flow (OCF)."

"Val-gan would need to trade at only 7.4x 2014 Pro-Forma Cash EPS1 in order for the Transaction value to exceed Allergan’s unaffected price"

"We believe TMC siphoned US$ 43 million in cash and stock to undisclosed insiders by overpaying for Tonga Offshore Mining Limited (“TOML”)."

"In the next alternative, Apple could keep its current cash balance, but use all of its future free cash flow generation to buy back stock."

"CPI PG reported buying CPI Hotels from MGI for non-cash consideration of €44.9 million that was “settled against outstanding receivables”."

"For the CEO to reverse course on the Q3 2020 conference call and claim zero impact and underlying cash flow improvement is highly dubious."

"This suggests that Flexopt is essentially just round-tripping the cash from INS’s loan right back to INS through the processing agreement."

"We believe GSX overstates its capex investment in order to wash off the cash that was exaggerated on its balance sheet in the first place."

"We believe AVY's free cash flow presentation is highly aggressive and analytically flawed in a manner that vastly overstates performance."

"Spruce Point estimates that the new wellness center buildout could burn over $200M of cash over the next five years, and more thereafter."

"Spruce Point estimates that the new wellness center buildout could burn over $200M of cash over the next five years, and more thereafter."

"Spruce Point believes it is a classic red flag that PowerSchool recently moved to obscure critical line items in its cash flow statement."

"HASI’s “Distributable Earnings” are the Product of a “Have My Cake and Eat it Too” Methodology, and are Non-Cash and Largely Unrealizable"

"Treasury has now recouped its total cash invested plus ~$25bn in excess of what would have been owed under the original 10% dividend rate"

"If free cash flow and non-GAAP operating income were artificially inflated, management's compensation would also be artificially inflated"

"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."

"Treasury has now recouped its total cash invested plus ~$25bn in excess of what would have been owed under the original 10% dividend rate"

"In the comprehensive summary below, we use red to highlight how coded earmark language from Congress translated into IONQ cash each year."

"Implement business improvements to achieve operational efficiencies, increase margins and maximize cash flow available to equity holders"

"Per the below SAIC financials, MobilePeak generates virtually no revenue, has negative net income, and has negative operating cash flow."

"New investments in 2018 are in high-quality, simple, predictable, free-cash-flow-generative businesses with formidable barriers to entry"

"Kroll is looking at the underlying cashflows of these assets and they fall short of RUN’s representations to the IRS and the investors."

"The Company has modified the language and tone around its Free Cash Flow three times from “roughly $500m” of FCF vs. “more than $500m”."

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"At a $15B market cap, we expect they will be trigger happy to cash in when the lock up expires – much like the PIPE holders on Jan 4th."

"Leading alternative asset manager with high-quality and rapidly growing cash flows trading at a significant discount to intrinsic value"

"Therefore, we determine that Kornit received $35m of payments in FY 2018 which was 105% of its reported operating cash flow of $33.4m."

"The effect of the accounting change was a little less muted in Q2, however, it is clear that YoY Cash declined very materially by 40%."

"By making more restrictive refund policies, we believe CLEAR can improve its cash flow and allow management to reach its stretch goal."

"This deal is the largest all-cash takeover on record, and with a headline price of 28 times earnings, the purchase doesn’t seem cheap."

"Taubman was the only mall REIT among peers to neither reduce its all-cash dividend nor pay a stock dividend during the Great Recession"

"On their landing page, FreeCash.com prominently shows a Trustpilot rating of 5 stars, based on an unbelievable almost 250,000 reviews."

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

"Troubling Governance Concerns That Could Enable Financial Impropriety And Skimming of Cash To Management Through Opaque Option Grants"

"It is unclear why Treasury did not allow the preferred stock to pay 12% PIK dividends when the GSEs were unable to pay cash dividends"

"The cash outflow is classified as an investment and doesn't to draw too much attention to itself as it leaves the earnings untouched."

"Both companies appear to have tried to scale their trading businesses too far and too fast, which resulted in substantial cash burns."

"We believe that the repurchase is a good use of cash and will assist in reducing the current discount between its share price and NAV"

"We view Amcor's Adjusted Free Cash Flow as highly aggressive. Notably, they add back proceeds from asset sales to report "Net Capex"."

"It is unclear why Treasury did not allow the preferred stock to pay 12% PIK dividends when the GSEs were unable to pay cash dividends"

"This financial presdigitation appears to have allowed management to increase its cash incentive compensation by 469% on lower goals!!"

"We believe that the repurchase is a good use of cash and will assist in reducing the current discount between its share price and NAV"

"However, by adjusting results for the cash costs of capitalized development expenses, PowerSchool's margin improvement is just 1.6%."