Callouts & quotes from 984+ activist slides

"As a result, this is a potential lever being used by management to embellish operating cash flow."

"GY's Free Cash Flow significantly exceeds its reported GAAP Net Income, for four separate reasons"

"When Apple pays out 100% of its future cash flow, it depletes its domestic cash sometime in 2014."

"G&A spend remains astronomically high and represents a severe level of cash burn for shareholders"

"Facing bankruptcy can force change. Peloton has started to right-size and cash burn has stopped."

"NO MATERIAL TIES TO OTHER DIVISIONS AND A NEED TO USE ITS CASHFLOW TO REINVEST TO RESTORE GROWTH"

"Factoring in the excess cash, we estimate a price target of $27.50 – $40.00 (40% - 60% downside)"

"Free cash flow is so microscopic it is not even visible if graphed next to market capitalization"

"Valeant's adjusted tax rate is a more accurate measure of the company's annual cash tax expense"

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

"That's some heavy dilution, and the company will only receive about $2M cash from the warrants."

"Valeant removes restructuring charges to better match Net Income with recurring Free Cash Flow"

"Almost Everyone Is Mistaken About Dropbox's "Strong Free Cash Flow" And Conservative Reporting"

"Publishing is expected to generate steady free cash flow at a conversion rate of 40% of OIBDA."

"The Company generated ~$40 billion in cumulative incremental free cash flow in 2021 and 2022."

"Net-net, Olam had only approximately S$60 million of truly free cash as of the end of FY2012."

"The Company generated ~$40 billion in cumulative incremental free cash flow in 2021 and 2022."

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

"We have used a conservative 9.5% discount factor to apply to the unleveraged free cash flow."

"It Takes Six Years Longer than EHTH's Stated Member Life to Collect Cash Equaling MA Revenue"

"Based on our analysis, Zebra's cumulative Cash Earnings over the past 5 years is ~19% lower."

"Such discrepancies, particularly in cash balances, are indicators of manipulation or fraud."

"As Dropbox matures, we believe investors will increasingly focus on cash flow over revenue."

"We have long believed that Level 3 fair valuations are a license to print non-cash profits."

"Casino's consolidated financials are meaningless to understand the cash flow to the parent."

"If the sovereign debt trades to a negative yield, it would be wise to sell it to hold cash."

"BLC has a clear conflict between its cash accounting policy and its actual cash accounting."

"A 10.2x multiple post-synergies would generate ~$45bn of cash for Phillips shareholders(2)"

"A 10.2x multiple post-synergies would generate ~$45bn of cash for Phillips shareholders(2)"

"A 10.2x multiple post-synergies would generate ~$45bn of cash for Phillips shareholders(2)"

"Companies generally prefer not to use Stock because Cash and Debt are cheaper than Stocks."

"Contrary To Lance's Statement, Management Is Not Compensated on Cash Flow, Instead EBITDA"

"This retroactive adjustment allowed the Viteks to cream an additional €52.1 million cash."

"A 9.7x multiple post-synergies would generate ~$43bn of cash for Phillips 66 shareholders"

"WD-40's days of inventory outstanding and cash conversion cycle are extremely elevated.."

"This is one more reason why the perception that AMT's cash flow is stable is incorrect."

"GMCR has not had much free cash flow and says it won’t have much for the next few years"

"there is no argument against operating with improved efficiency, cash flow and margins."

"Put another way, management can use corporate funds to buy its way toward a cash bonus!"

"As such, we believe its cash collection cycle is at least a month longer then depicted."

"Xerox shareholders sold control for $9.80 in cash and a stub share worth a few dollars"

"The Board has already committed to returning 75-100% of free cash flow to shareholders"

"For example, the prevalence of cash buyers has reduced the impact of mortgage LTV caps"

"Such transactions are for moving and storing large piles of cash with dubious origins."

"While cash hoarding is prevalent in the tech industry, it isn't practiced universally."

"$34bn of available cash for strategic deployment to YE21 (>50% of current market cap)"

"GoDaddy is expected to miss its 2024 free cash flow target by more than $150 million"

"GoDaddy is expected to miss its 2024 free cash flow target by more than $150 million"

"GoDaddy is expected to miss its 2024 free cash flow target by more than $150 million"

"Each dollar of revenue at Lasertec similarly produces far less cash than its peers."

"Unlike industry peers below, WTRG noticeably does not discuss operating cash flow."

"~74% of Val-gan's pro-forma 2014E sales will come from durable, growing cash flows"

"BK only achieved $2.56 of cash EPS in 2014 (24% below 2009 targets, 5 years later)"

"Huntsman operates at a significant free cash flow conversion deficit to its peers."

"In fact, we estimate that cash flow has collapsed by -37% since the 2018 spin-off."

"Capricorn's value is mostly comprised of cash and near-term contingent receivables"

"At the current burn rate, AXDX's cash balance will only last another six quarters."

"Low-yielding cash and interbank investments have accumulated on the balance sheet"

"Which is better for the landlord, tenant sales growth or tenant cash flow growth?"

"In 2018, Autodesk committed to reaching $2.4 billion of free cash flow in FY2023"