Callouts & quotes from 984+ activist slides

"We question whether this discrepancy indicates a cash hole in CPI PG's accounts?"

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

"Monetizing a non-core asset means getting cash, not playing financial wizardry."

"Valeant's products are predominantly cash-pay or reimbursed by private insurers"

"Are shareholders aware that management is fraudulently siphoning cash from TFS?"

"CXW trades for ~13x free cash flow per share or at an implied cap rate of 12.2%"

"In our view, this could signal director dissent, retention or cash flow issues."

"We believe that Disney no longer values free cash flow and that needs to change"

"NOAM Physical is Core Business 69% of Revenues, 86% of OIBDA, 96% of Cash Flow"

"Financing with cash on hand and new borrowings -> Highly Accretive Transaction"

"If it was, what was the ultimate source of the cash (if any) used to repay it?"

"Carvana can no longer go running to Garcia II whenever it runs out of cash..."

"Cash Never Generated From Collection of Receivables or Sell Down of Inventory"

"What $619m in 2020 cash would be an all time high. Where is this coming from?"

"We’re valuing a cheap vehicle importer/reseller at 1x revenues plus net cash."

"Almost half of New Red Lobster's cash flow may be due to its rent "subsidy"."

"The Company used more than its COVID cash benefit on large M&A transactions."

"Today, Elliott proposes to acquire athenahealth for $160 per share in cash."

"GGP viewed its MPCs as a cash cow to be liquidated to help pay debt service"

"AST is bleeding cash and execution has been absurdly poor, even for a SPAC."

"These glaringly good reviews are also shown on Trustpilot.com for FreeCash:"

"$20 Million In Quarterly Losses Is Significant, Especially As Cash Runs Out"

"Eurofins' Response about Cash & Equivalents Reclassification is Misleading"

"By 2020 Deckers will still have an estimated net cash position of $335m(1)"

"We Believe Limbach Overstates Free Cash Flow by Excluding Key Uses Of Cash"

"Mercury's FY18 operating cash flow is inflated by $18.8m (43% of total)."

"We consistently found that Cash Equivalents excluded Pooling Receivables"

"EBITDA margins have contracted 470 bps with cash SG&A margin up 320 bps."

"Value of LP Units and Cash from Drops as % of Marathon Market Cap Today"

"GAAP Net Income has not been a good proxy for Valeant's free cash flow"

"On average, free cash¹ has historically averaged ~14% of our fund AUM"

"Cumulative free cash flow was ~11% BELOW the 2018 Investor Day target"

"Cumulative free cash flow was ~11% BELOW the 2018 Investor Day target"

"On average, free cash¹ has historically averaged ~14% of our fund AUM"

"On average, free cash¹ has historically averaged ~14% of our fund AUM"

"Juniper's net cash as a % of market cap has continued to trend higher"

"Based on this metric, rent24 seems to have struggled to collect cash."

"We Also Observe Sub-Par Balance Sheet And Cash Flow Situation At PLTK"

"We use a discounted cash flow analysis to value the cliff portfolio"

"We use a discounted cash flow analysis to value the cliff portfolio"

"Allonnia financials indicate its R&D spend with Ginkgo was non-cash"

"We believe AMR's cash generation shouldn't be taken at face value."

"We find many indicators that WTRG's cash flow is being pressured."

"Operating cash flow is peaking as the slope of the curve flattens"

"And A Substantial Part of Dauman’s Compensation is Cash Not Stock"

"A business that burns cash and doesn't grow isn't worth anything."

"Over $5 billion in sales with attractive free cash flow dynamics"

"$3+ billion of excess cash can be used to Fund Utica development"

"Below: CPI PG 2023 Cash Flows show only €3m in interest received"

"Cash flow is so microscopic it is not even visible on the Y-axis"

"Peroxides is a high margin business and generates a lot of cash."

"Reported earnings for Book Retailers understates true cash flow"

"Margin has Expanded & Cash Flow Nearly Doubled in Last 3 Years"

"Apple has a number of ways it can return cash to shareholders."

"Bottom quartile among peers in returning cash to shareholders"

"Analysts want Hess to return cash and halt failed exploration"

"Elliott proposes to acquire QEP for $8.75 per share in cash."

"Cash Distributors Can Be Great Growth Businesses For Decades"

"It's another maddeningly wasteful use of shareholders' cash"

"Recurring revenue, Predictable growth, High free cash flow"