Callouts & quotes from 984+ activist slides

"A handful of top distributors take nearly all of the cash flow; almost no one joining today can reach the top"

"Refranchising can generate capital and improve the quality of earnings with a limited reduction in cash flow"

"Refranchising can generate capital and improve the quality of earnings with a limited reduction in cash flow"

"Tenant Sales are Down, but Inventories are Down Even More While Retailer Cash Flows Have Improved Materially"

"War chest? More like a war vault. Apple has by far the largest cash pile – $137 billion and growing rapidly."

"Match now trades at less than 8.5x 2024 free cash flow, a nearly 45% discount to the companies shown below."

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

"We propose to acquire 100% of the outstanding shares of QEP for $8.75 per share in an all-cash transaction."

"Something doesn't seem correct here: Cintas produced a 35x cash return on investment and won't explain how."

"Given an inability to generate consistent cash flow, and weakening end markets, Maxar is a potential zero."

"HASI's preferred non-GAAP metric, “Distributable Earnings”, has almost no relationship with cash earnings."

"When a critical cash flow line item doesn’t add up, it calls into question the accuracy of Telaria’s cash."

"Spruce Point believes that Generac paid way more cash in acquiring ecobee than it reported on face value."

"Monolithic sits on more cash than any of its semiconductor peers: so what does it do with all this money?"

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

"IQ’s accounting methods are clearly intended to disguise the fact that its business is hemorrhaging cash."

"Vitek Seemingly Creamed ~€30.9 Million in Cash Gains by Round-Tripping Two Empty Plots in the Prague Area"

"Management expects to invest the majority of the company's free cash flow in value-creating acquisitions"

"When adjusting for these items, Sunnova’s cash flow profile appears much worse than the Company reports."

"When adjusting for these items, Sunnova's cash flow profile appears much worse than the Company reports."

"Large increase in financing expense that doesn't impact operating or free cash flow. No footnote detail."

"¥2.6trn of cash is enough to buy back 80% of pro forma market cap(5) after the cross-shareholding unwind"

"€20 Million Cash and €78.6 Million Receivables Seemingly Missing From a €35 Million Landbank Acquisition"

"Relative to other real estate asset classes, malls have historically generated the most stable cash flow"

"The Transaction achieves significant cash flow savings given the tax-efficient structure for owning land"

"The Transaction achieves significant cash flow savings given the tax-efficient structure for owning land"

"Management expects to invest the majority of the company's free cash flow in value-creating acquisitions"

"Warren Buffett’s iconic holding company has significant excess cash and is trading at a cheap valuation"

"Microsoft is not contributing any cash, and providing approximately $2 million of “in-kind” technology."

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

"The 2019 changes put lipstick on the pig by appearing to pad cash flows and Direct segment recoveries."

"Even if Arconic achieved its free cash flow goals, they would be well below that of its new peer group"

"Globant's investors need to be cognizant that “Adjusted” EBITDA does not translate into free cash flow"

"How Does This End? Without A Major Improvement in Cash Flows, We Think Every Option is Dilutive to NAV"

"Short-term cash bonuses are growing as a percent of total compensation for Procept senior executives."

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

"Poor operating margins and pension mismanagement have led to negative cash flow over the last 6 years"

"The convertible, unlike a cash payment, now potentially puts shareholders at risk of future dilution."

"Be extremely careful when operating cash flow is being revised in the first year after going public."

"We believe TROX can easily pay between $24 – $43/share in cash and remain conservatively capitalized"

"The $20.0 billion repurchase has modest advantages in terms of Free Cash Flow and EPS growth at TWX."

"Porch Has The Lowest Revenue (And Is The Only Cash Incinerating Company) 10 Years Into Its Existence"

"Free cash flow is much higher than net income due to a mismatch between D&A and capital expenditures"

"Dell's Go-Private transaction exposes the disingenuous nature of the cash hoarding rationalizations."

"The transformed Norfolk Southern is projected to operate with dramatically improved cash efficiency."

"At The Current Burn Rate of $1.1m/Day, Carvana Had Just 70 Days of Operating Cash On Hand At Yr End"

"How much did you receive in cash? - On the sales price - this our answer - silence has been agreed."

"It appears not just Broad Ocean, but also its Chairman might be experiencing cash flow difficulties"

"MSCI's recent financial guidance update was underwhelming with expenses up and cash flow unchanged."

"Under the old method, Free Cash Flow in Q4'18 would have been -$8.0m instead of +$2.1m as depicted."

"Increases free cash flow at Target Corp by nearly $500mm, thereby decreasing Target’s capital needs"

"This minimizes Darden's cash flow requirements while still improving and revitalizing store image."

"Valeant removes certain non-cash expenses to better match Net Income with recurring Free Cash Flow"

"Valeant removes certain non-cash expenses to better match Net Income with recurring Free Cash Flow"

"current Align customers could increase their cash flows by over 12% by printing aligners in-house."

"In some ways, the cash sitting unused year after year is analogous to having an inventory problem."

"We believe there are multiple signs that Leidos is mitigating Operating Cash Flow (OCF) pressures."

"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."

"Spruce Point observes substantial modifiers tied to the analytically flawed Free Cash Flow metric"