Callouts & quotes from 984+ activist slides

"Spruce Point believes there is significant downside risk to MSCI’s share price as its premium multiple is reconsidered by institutional investors in the face of intensifying competition, moderating cash flow and dividend growth, and lower earnings quality."

"Spruce Point believes there is significant downside risk to PERI’s share price as the Company is signaling financial strain and will have difficulty in hitting lofty growth targets while cash flow is starting to contract and it accrues for severance costs."

"Generac recently increased its cash rebate incentives from $600 to $1,000 to sign-up for first time installers. Why would Generac increase incentives if it were having no issues recruiting installers? Even with increased incentives, dealer growth slowed."

"Lower commodity prices are forcing the industry to cut costs. Here we adjust the revenue to the future strip price, and cut expenses by 20%. On that basis, gross cash flow is $30 per BOE and Pioneer earns a positive margin. But, it's not positive value."

"HK has implemented a series of unsuccessful “macro-prudential” reforms to deal with its inflation and wealth gap problems. These efforts do not address the underlying cause of the problems and in some cases are actually inflationary (e.g. cash handouts)"

"In the context of his wildly aggressive revenue target claims, pressures on cash flow, outsized exposure to struggling Facebook as a 22% customer, and new evidence of financial reporting tied to borrowing not adding up, investors should be on red alert."

"Spruce Point believes omitting a clearly identifiable 10.71% minority interest in a principal subsidiary undermines the reliability of the Company’s financial reporting and risks overstating EBITDA, profits, and cash flow available to SGHC shareholders."

"We can see this quite clearly in company guidance. For its $1.85 billion of budgeted Capex, production from the end of last year to the end of this year is expected to be flat, while the “overspend” (their euphemism for cash burn) will be $200 million."

"At present TFS does not have sufficient mature harvests to sell, and is still dependent on MIS investors for cash. At the same time, TFS is paying cash to ‘buy out’ MIS investors through the buy-back scheme and increasing TFS’ share in the plantations."

"We have shown that both GFL's operating cash flow and capital expenditures do not reconcile. As a result, we believe its free cash flow is also potentially misstated. We believe adjusted H1 2020 free cash flow burn was ~60% worse than reported by GFL."

"We believe that because WTRG cannot cover its dividend with free cash flow, money raised from investors through these programs could essentially be used to pay back the same and other investors dividends, or “taking from Peter, to pay Peter and Paul.”"

"Spruce Point is alarmed that management's annual cash bonus structure is most heavily weighted towards fund raising and investor relations. Shouldn't management be compensated foremost on finding long-term committed customers to validate its business?"

"Spruce Point believes Healthcare Trust of America, Inc. (HTA or the Company) and its Audit Committee should open an investigation into its reporting of Same-Property Cash NOI, which exhibits virtually no volatility - a statistically unlikely outcome."

"Spruce Point believes Avery's business has been an abject failure over the past 20 years. It has spent $1.8bn on R&D, $2.8bn for acquisitions, and incurred $1.0bn of restructuring costs. All the while, annual Free Cash Flow hasn't consistently grown."

"CHD reported $763.6m of operating cash flow in 2018. Yet, according to its bonus calculation, actual performance was $771m. So is it claiming better cash flow performance? The difference of $7.5m is exactly the amount of factored receivables in 2018."

"Spruce Point believes that current market data services fail to account for significant cash liabilities tied to unpaid taxes, product recalls, and unfunded employee compensation plans. We believe debt is $3.4 billion more than data services report."

"Spruce Point believes that CLEAR has a history of aggressively promoted Free Cash Flow. For example, it even used to add back the value of share repurchases over fair value, which is a highly unusual adjustment that Spruce Point has not seen before."

"The figures provided for 2022 and 2023 in the footnotes do not reconcile with the figures in the cash flow statement. We believe this could just be more evidence of Enfusion's weak financial controls that undermine confidence in financial reporting."

"Not only has Crown Castle's AFFO per share grown more slowly than that of peers, but its AFFO also includes less of its total capex. In other words, Crown Castle is growing cash flow per share slower than its peers despite spending far more capital"

"They responded to higher oil prices with even more aggressive capital spending, financed ever more cheaply by Wall Street. The result was that higher oil prices led to even greater cash burn. Last year, with $100 oil, the group burned $20 billion."

"Genius has secured partnerships with a large number of sports leagues in 2020, including 20 new partnerships since the beginning of October. Our conversions with experts reveal these partners are unlikely to pay meaningful cash revenue to Genius."

"The Company has a number of loan arrangements with fellow Group entities. In error, cashflow transactions associated with these loan arrangements were presented within "Cash generated from operating activities" within the Statement of Cash Flows."

"Stop lowering the bar with targets such as negative free cash flow and a return on invested capital well below the Company’s estimated cost of capital – unconscionable targets that the Compensation Committee has approved the last two fiscal years"

"Despite over three years of effort and billions spent on acquisitions, the management team that was hired to turn around the Core Business has failed to produce acceptable results, in turn, causing massive declines in profitability and cash flow."

"Stop lowering the bar with targets such as negative free cash flow and a return on invested capital well below the Company's estimated cost of capital - unconscionable targets that the Compensation Committee has approved the last two fiscal years"

"We believe that the Exit Multiple should reflect this significant change in the business as MLP-qualifying income in an MLP structure is extremely valuable to other MLPs and can serve to reduce TPCG's cash tax costs and lower its cost of capital."

"Avery recently updated its accounting for credit losses in Q1 2020, an opportune time as COVID-19 ravaged businesses across the globe. It has also subtly changed the wording on its cash flow statement from "doubtful accounts" to "credit losses"."

"Crown Castle has claimed that the fiber strategy will “enhance” its dividend capacity, but fiber has never generated positive cash flow, which raises the question: How can an investment that is compounding negative cash flow help fund dividends?"

"CTC's cash conversion cycle (defined as DSO + DIO – DPO) has jumped in the first three quarters of 2019 on both a Y-o-Y and an absolute basis. This is further evidence of weakness in CTC's retail business and another sign of strain on cash flow."

"CTC's cash conversion cycle (defined as DSO + DIO – DPO) has jumped in the first three quarters of 2019 on both a Y-o-Y and an absolute basis. This is further evidence of weakness in CTC's retail business and another sign of strain on cash flow."

"The structure raises questions about whether Tempus is round-tripping value through its cash flow statement, as the Company invests $95 million into the joint venture and then receives nearly the same amount back in the form of license payments."

"We find Sunnova reports metrics that are not aligned with those its peers report. Spruce Point has concerns about the quality and relevance of these metrics including Adjusted EBITDA, Adjusted Operating Expenses and Adjusted Operating Cash Flow."

"There is almost universal agreement that WSP's share price is a Buy; what could go wrong? Spruce Point believes that none of the analysts have conducted a rigorous forensic analysis to question the quality of WSP's recent earnings and cash flow."

"Illustrative Equity Value is implied by the Justice transaction. It is calculated by dividing the Justice cash consideration ($1.4bn) by the pro forma Justice shareholder equity interest (25.7%), which excludes the Justice Founders' percentage."

"SCT's capital allocation framework and the strategic rationale behind it are vague and confusing. None of the free cash flow generated by the operating businesses is returned to shareholders causing many to ignore the value of those businesses"

"Spruce Point believes it is a huge red flag that Bunge failed to provide revenue projections for Viterra in its proxy statement which it likely had formulated if it were able to provide Adj. EBIT, EBITDA and Unlevered Free Cash Flow estimates."

"In fact, this new disclosure proves absolutely nothing - it is an unverifiable, unaudited table of numbers in which QTT fails to even name the "state-owned and reputable financial institutions in the PRC" that supposedly hold ~75% of its cash."

"With GTT's poor trailing twelve-month cash conversion rate of 5.1%, and management's guidance for capex of 7% of revenue, it is mathematically impossible for GTT to generate free cash flow unless it can significantly improve cash conversion."

"Through swaps of advertising purchases, other services and commissions for membership revenues with related parties and other partners, IQ can easily inflate membership revenues while simultaneously providing a channel to burn off fake cash."

"In addition to its incredibly stable and secure cash flows, TIP REIT has strong growth prospects, given its initial 2-year exclusive right as Target Corp’s land developer and its formal Preferred Vendor Agreement with Target Corp thereafter"

"Spruce Point views the pending legal battle as a sign of PBH's poor business practices to not uphold its end of the obligation and worst-case scenario is part of a last-ditch effort to preserve cash as revenue and cost pressure intensifies."

"PBT was the same in both statements. The Q4 2010 Statement of Cash Flows obviously should have included the transaction costs and impairment charges. That it did not is another example showing that Olam's accounting is incompetent at best."

"Given our concerns about the reliability of Kornit's financials, we believe the most conservative way to value the Company is on its revenues and cash flow, both of which we believe will normalize for the large Amazon contribution in 2018."

"IPX has no raw materials, in process, or finished goods inventory on the balance sheet at June 30, 2025 and reported no cash flows from operating activities related to production, development or inventory purchases through September 30th."

"The Transaction allows for meaningful debt paydown by 2011E of $7.8bn. Of this amount, $4.4bn comes from selling the remaining 53% interest in credit card receivables and $3.2bn from free cash flow after operating and investing activities"

"The model is simple – Twist investors on one side, customers on the other, and Twist as the middleman flipping cash from capital raises to customers to create “revenue,” with insiders pocketing a vig for the trouble via stock-based comp."

"Zebra uses accounts receivable ("A/R") factoring arrangements. Receivables sold are recorded through cash from operations, and when measured as a percent of sales and total operating cash flow, we see greater usage intensity since 2022."

"Since the initial investment, Huntsman has invested an incremental ~$660 million into a business that has yet to perform in-line with the Company's initial expectations, and continues to be free cash flow negative on a cumulative basis."

"Just a reminder that insiders recently disclosed a stock selling program dating back to Nov 2022 when the stock was in the low $20s, and that the last time PERI reported operating cash flow under $20m, the share price was single digits."

"The net cash outflow connected with the acquisition amounted to EUR 0 million as the consideration of EUR 273.0 million was off-set with loans provided by the Group to Senales Invest, entity fully owned by the Group's main shareholders."

"Disney fails to set challenging financial performance targets (70% of annual bonus), including negative free cash flow targets in FY 2021 & 2022 and targets well below consensus estimates when comp plans for the year are made ('20-'23)"

"It is self-evident that Huue could only “leverage Ginkgo’s platform” if it’s plied with cash that will be recycled back as fictitious revenue, and we question whether it’s even an active startup or a carcass being exploited as a front."

"Disney fails to set challenging financial performance targets (70% of annual bonus), including negative free cash flow targets in FY 2021 & 2022 and targets well below consensus estimates when comp plans for the year are made ('20-'23)"

"On the surface, and taking management's headline numbers, everything looks great. But, cash flow is stalling out, while USCR's dependency on "adjustments" to engineer earnings growth rise. Q1'2018 results are showing significant strain"

"An efficient “low-cost” miner should be among the best in generating operating cash flow from its fleet. Riot screens as the worst among its closest peers while also among the worst when it comes to share dilution though ATM issuance."

"Given that over four-fifths of Capricorn's net asset value is comprised of cash and near-term contingent receivables, the terms of the Proposed Merger imply that Tullow is paying nothing for Capricorn's Western Desert assets in Egypt."

"At or around the current valuation, we believe Match should be using 75% or more of its free cash flow, plus some or all of the approximately $900 million of available capacity under its 3.0x net leverage target, to repurchase shares."

"Starboard believes the Series A Financing has no bona fide business purpose given the Issuer's substantial cash balance and was done solely to entrench the Board and "buy the vote" ahead of a potential election contest with Starboard."

"The Company has diluted shareholders at a rate of 20%+ p.a. and has generated negative cumulative free cash flow throughout its public history. This has resulted in just $0.53 cents of “Adjusted” EBITDA per share to existing holders."

"P&G is comparing apples and oranges by subtracting earnings of discontinued operations for historical periods while showing a benefit from share count reduction or cash proceeds from the sale or exchange of such divested businesses."