Callouts & quotes from 575+ activist slides

"Warning: While oat milk is trying to gain share amongst established plant-based milks such as soy and almond, we believe capital is already flowing into the next hot plant trend: peas."

"From the above table, Bohu has made three prepayments to TRE's subsidiaries totaling RMB 105 million. This flow of funds contradicts the disclosed nature of the parties' relationship."

"We believe that if the business is properly managed over this period, you should easily be able to achieve approximately $4.00 per share of Adjusted Free Cash Flow by the end of 2020."

"In another departure from conventional wisdom, Singleton eschewed reported earnings, the key metric on Wall Street at the time, running his company instead to optimize free cash flow."

"Spruce Point's warns that for the first time ever before announcing the acquisition of Evoqua, Xylem citied as its first factor for increased cash flow "higher customer prepayments.""

"To arrive at our NPV per future program, we assume the midpoint of $7.5M ($5M to $10M) of negative cash outflow prior to a program starting and up until completion of its second year"

"Based on Free Cash Flow projections offered in the deal proxy, $1.66 billion was expected for 2019. However, based on our analysis, we estimate actual Free Cash Flow of $489 million."

"Riot's business model is dysfunctional, characterized by seemingly endless capital spending, lack of operating leverage, unpredictable revenue, poor returns, and negative cash flow."

"Recurring, cash-flow generating catering services now opened up for market competition, while SCT is expanding on Food Distribution which require capital for investment in logistics"

"Altogether, these components sum to $385.8 million of lost MPLN revenue in 2022, which translates to an organic Adjusted EBITDA and Levered Free Cash Flow decline of $294.2 million."

"CFO At Jefferies Conference (Aug 2018): "I guess maybe one last comment on shorts. You can't fudge cash and cash flow was very, very strong. And that will my counter point to that.""

"In H1 FY 2019, Dollarama’s cash flow contracted on a year-over-year basis for the first time since it went public – this despite management’s efforts to bolster earnings and EBITDA."

"When combined with the negligible net income produced with realistic margin expectations for SMART Brazil (and SGH as a whole), the Company goes cash flow negative as soon as 2Q20."

"When cash flow is tight and liquidity for paying down CPIPG’s expensive bridge loan is in your own words a “priority above all else”, why did management increase lending to Vitek?"

"In either case, TI can generate $9.00+ of free cash flow per share in 2026 and will have demonstrated a path for continued strong growth in free cash flow in the many years ahead."

"Convenient that management regularly hits 100% or more of its annual target cash inventive bonus every single year consistently while it inconsistently defines its free cash flow!"

"Convenient that management regularly hits 100% or more of its annual target cash inventive bonus every single year consistently while it inconsistently defines its free cash flow!"

"It is rare – even among the frauds, promotes, and detritus that we short – to see losses and cash flow characteristics as dreadful as Ginkgo’s, much less driving a $23B valuation."

"While not calling this an error, it certainly caught our attention that the Company made this change which had the effect of reducing operating cash flow by $3.5 million in 2022."

"It’s no surprise to Spruce Point that XPO recently walked back its free cash flow guidance for 2019E to $650m ( vs. Consensus est. of $884m and implying virtually no YoY growth)."

"Mettler has excessive amounts of add-backs to free cash flow. In our view, cumulative FCF has been inflated by $347m with 80% of it coming after CEO Filliol took control in 2008."

"Spruce Point believes that Amcor's free cash flow presentation is becoming more aggressive, and that by our estimate, actual free cash flow declined more than 50% YoY in 2H 2019."

"Spruce Point believes that Amcor's free cash flow presentation is becoming more aggressive, and that by our estimate, actual free cash flow declined more than 50% YoY in 2H 2019."

"If Mettler’s is exaggerating and inflating profits, it should be no surprise that it would try to use highly aggressive and non-standard ways to portray inflated free cash flow."

"Collectively, the group showed a net cash outflow of RMB 12.0 million. Yet, YY would have recorded RMB 17.1 million in revenues from gifts given to Ruitiantian, as shown below."

"Pershing believes that McDonald's, pro forma for the McOpCo 20% IPO, would have a 2006E Free Cash Flow yield of 4.3 % - 4.7% at stock price in the range of $46 - $50 per share."

"Technology is nothing special; just an expensive mash-up of cheap, lab tools like flow cytometers and fluidics; dismissed it as a glorified cytometer, which sell for $50-$500K."

"When a Company publishes a separate presentation to explain what exactly is going on with cash flow from operations, it is likely in response to investor concerns or confusion."

"On April 1, 2024, Autodesk announced the Audit Committee of the Board was conducting an investigation into the Company’s free cash flow and non-GAAP operating margin practices."

"Using an appropriate mix of debt and equity as well as growing cash flow from their franchise operations, they have paid out 210% of their cumulative Free Cash Flow since IPO."

"We estimate that, with proceeds from asset sales deflating reported capex, Amdocs' free cash flow has been overstated by between $5M and $30M on an annual basis since FY 2016."

"The key takeaway from this period of TI's history is that long-term strategic investments and the commitment to free cash flow per share are not mutually exclusive priorities."

"We strongly encourage the Board to de-emphasize revenue targets and instead compensate management primarily based on EBITDA and free cash flow per share targets going forward."

"Spruce Point believes the ultimate evidence that Stryker is struggling is by observing that its 12 month trailing Operating and Free Cash Flow has not been growing for a year."

"Despite spending an aggregate of $33bn from 2009 to 2012 – which was over 100% of operating cash flow – on capex, net acquisitions and restructuring, EPS has grown at just 5%."

"It is unclear what this $96m and $62m cash flow discrepancy in 2013 and 2014 could be; however, in our LBO analysis we have conservatively included these ‘mystery’ cash costs."

"The fact that Adj. EBITDA growth does not translate into cash flow confirms to us that management's proprietary definition is not a meaningful measure of Company performance."

"As a result of the Company's improved capital allocation, pre-tax unlevered free cash flow has increased from a five-year low of $2.0 billion in 2002 to $3.5 billion in 2004."

"I would prefer the $1 of Cost Synergy because it flows entirely to EBITDA. By contrast, the $1 of Revenue Synergy will likely incur COGS, so less than $1 will flow to EBITDA."

"At $21 per share, Veritas is buying the Company for 7.6x 2024 unlevered free cash flow, a multiple that is too low for a business with the positive characteristics of HMHC."

"The disconnect between Dr. Kleinfeld’s rhetoric and the reality of business performance has only furthered the erosion of his credibility flowing from that poor performance"

"Like most aggressive tech companies with poor business models that Spruce Point evaluates, we find that Dropbox tries to spin a rosy "Non-GAAP" Free Cash Flow presentation."

"Saputo claims that EBITDA is a measure of cash flow in performing its DCF. However, our analysis shows that EBITDA is a poor proxy for cash flow and converts at around 70%."

"Spruce Point believes CHD effectively controls Armand Products and is using the entity to inflate key financial metrics (gross margin, free cash flow, and working capital)."

"Scientists are highly resistant to adopting BLI and more trusting of cheaper flow cytometers; has little incremental benefit and "doesn't make sense" versus existing tools."

"As shown below, a picture taken of Trulieve's “Dutch Hawaiian” cultivar by a Florida medical patient shows that contaminated flower has been sold as-is to Florida patients."

"Management has spent $1.6B on M&A since the financial crisis to grow operating cash flow from $519M to $557M in ten years, for an operating cash flow CAGR of less than 1%."

"By making this change, it will reduce its accounts receivable outstanding, artificially enhance its operating cash flow, and make its cash conversion cycle appear better."

"We estimate that this defection and competition will decrease 2022E revenue by 35% and levered free cash flow by 80%, while net leverage should balloon to more than 8.0x."

"We believe that TROX post-Exxaro deal ("New TROX") will be the strongest player in its industry with 100% vertical integration and unparalleled free cash flow generation"

"The Company's entire new plan – pausing M&A, focusing on organic growth opportunities and using cash flows to reduce leverage – is essentially ripped from Engine's plan."

"Notice carefully, that Oatly does not report any cash associated with asset sales that should flow through the "Investing Activities" section of the cash flow statement."

"We observe that Monster's philanthropic arm filed no tax form in 2020 in a year the parent Company reported almost 10% revenue growth and more than 20% cash flow growth."

"Given TIP REIT’s de minimis maintenance capital requirements, TIP REIT’s free cash flow should be compared to a real estate investment trust’s AFFO, not the “FFO” metric"

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"Spruce Point believes that Amcor's free cash flow, and commitment to repurchasing shares, leave it little room to protect its dividend under current market expectations."

"At Sony's current share price the stock is trading at a 7% (12% normalized for semiconductor growth spending) unlevered free cash flow yield, based on this FCF guidance"

"The Ghanaian investment appears to be overvalued particularly when compared to their discounted cash flow model valuation and the unjustified increased purchase price."

"If achieved, the $14 billion 2025E mid-cycle EBITDA target translates to $9 billion of free cash flow, which at a 10% free cash flow yield implies a >$205 share price."

"If achieved, the $14 billion 2025E mid-cycle EBITDA target translates to $9 billion of free cash flow, which at a 10% free cash flow yield implies a >$205 share price."