Callouts & quotes from 575+ activist slides

"We believe Samsara (IOT), like the examples below, promotes itself to retail yet fails to have a sustainable path to profitability and cash flow."

"23 out of 35 total line items in the FY2010 AR statement of cash flows differed from the figures provided in the Q4 2010 statement of cash flows."

"After the drops, MPLX will still deliver 8% EBITDA growth... leading to 8% growth in distributable cash flow and 12% growth in GP distributions."

"Spruce Point believes that Amcor’s cash flow in the first half of calendar year 2020 (second half of its FY end June 30, 2020) will disappoint."

"It appears that Kroll, hired by RUN, does not find enough cash flows in the pool of collateral to meet the claimed FMV for ITC basis purposes."

"The HKMA’s 2008/2009 intervention, in response to over HKD $600bn of money flows, greatly increased the size and leverage of its balance sheet"

"CXW’s repurchase of 10.7 million shares in Q4 ’08 – Q2 ’09 (~8.5% of total shares) provides a tailwind for NTM free cash flow per share growth"

"Between 2017-2019, AVY portrays Free Cash Flow as having grown by approximately $91m, whereas Spruce Point believes it has declined by $118m."

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow."

"In each of these instances, chronic capex mis-forecasting was a leading indicator of future margin, earnings, and free cash flow contraction."

"25 out of 36 total line items in the FY2009 AR statement of cash flows differed from the figures provided in Q4 2009 statement of cash flows."

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow."

"The company's profitability is largely reliant on paper-gains, namely mark up on biological assets. Real cash flow has been in fact negative."

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow"

"Timken’s calculation distorts its trading discount by relying on a cash flow multiple that fails to adjust for short-term, temporary impacts"

"This contradicts what 2U tells investors and administrators – that a program partnership will net more cash flow to the university then 2U."

"Given the distortions in Leidos income statement metrics, we believe the best way to value the Company is on its operating cash flow (OCF)."

"In the next alternative, Apple could keep its current cash balance, but use all of its future free cash flow generation to buy back stock."

"For the CEO to reverse course on the Q3 2020 conference call and claim zero impact and underlying cash flow improvement is highly dubious."

"We believe AVY's free cash flow presentation is highly aggressive and analytically flawed in a manner that vastly overstates performance."

"Spruce Point believes it is a classic red flag that PowerSchool recently moved to obscure critical line items in its cash flow statement."

"Spruce Point believes that REZI is being pressured by significant capital flows into its core distribution, security, and safety markets."

"If free cash flow and non-GAAP operating income were artificially inflated, management's compensation would also be artificially inflated"

"Implement business improvements to achieve operational efficiencies, increase margins and maximize cash flow available to equity holders"

"Per the below SAIC financials, MobilePeak generates virtually no revenue, has negative net income, and has negative operating cash flow."

"New investments in 2018 are in high-quality, simple, predictable, free-cash-flow-generative businesses with formidable barriers to entry"

"Kroll is looking at the underlying cashflows of these assets and they fall short of RUN’s representations to the IRS and the investors."

"The Company has modified the language and tone around its Free Cash Flow three times from “roughly $500m” of FCF vs. “more than $500m”."

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Our analysis shows, CTC does not have the required free cash flow to maintain its current level capital returns and reduce its leverage"

"Leading alternative asset manager with high-quality and rapidly growing cash flows trading at a significant discount to intrinsic value"

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

"By making more restrictive refund policies, we believe CLEAR can improve its cash flow and allow management to reach its stretch goal."

"The cash outflow is classified as an investment and doesn't to draw too much attention to itself as it leaves the earnings untouched."

"We view Amcor's Adjusted Free Cash Flow as highly aggressive. Notably, they add back proceeds from asset sales to report "Net Capex"."

"Xylem presented a highly adjusted free cash flow presentation which even included perplexing cash inflows related to software capex."

"Xylem presented a highly adjusted free cash flow presentation which even included perplexing cash inflows related to software capex."

"Free cash flow conversion. This is my favorite slide. 124% for Church & Dwight; peer average is 91%. A lot of companies target 100%."

"We are in directional agreement with Marcato on opportunities for financial engineering given the durable cash flow of the business."

"Outsourcing these capital requirements to TIP REIT would increase Target Corp’s cash flows and decrease its need for growth capital"

"In an LBO, we care more about Levered Free Cash Flow because the cash flow after interest expense is what we can use to repay debt."

"Arconic’s poor performance originates in its broken company culture. From this broken culture flows many of the Company’s problems"

"A worst-case potential scenario is that Perion’s cash flow is not what it appears and that the cash is needed to cover its tracks."

"XPO uses aggressive financial presentation methods to bolster its cash flow and leverage by including proceeds from assets sales."

"HASI, in our view, improperly applies widely-used HLBV accounting method to misleadingly inflate income and operating cash flow."

"We find that recent changes in balance sheet debt are deviating materially from changes in debt through the cash flow statement."

"Incorporating the benefit of NOLs, a discounted cash flow analysis indicates an enterprise value range of $17.1 - $21.6 billion."

"Spruce Point observes that REZI's leverage has materially increased while cash flow available for debt reduction has decreased."

"We will explore how Kornit focuses investors on its 20%+ revenue growth, but has historically struggled to generate cash flow."

"Our sum-of-the-parts and free cash flow estimated valuation analyses suggest 40%-80% potential downside risk in Intuit shares."

"Although AOL's core Access and Search businesses generate significant and valuable cash flow, these businesses are in decline."

"Valuing Kratos at a discount to peers on EBITDA, free cash flow, and book value we estimate 40%-70% downside ($3.15-$6.30/sh)"

"We believe Amcor’s Statement of Cash Flow does not comply with FASB guidelines as it does not show restricted cash movements."

"Dillard's is currently trading at ~12% free cash flow yield and has been using all of its free cash flow to repurchase shares"

"Capital leases have the main effect of inflating EBITDA and Free Cash Flow, two key measures investors use to value Dropbox."

"Using given unlevered free cash flow estimates and Project Phoenix, IRRs for the PE Buyers could be 32% to 56% at $40/share."

"These internal credit ratings flow straight into the loss estimating process, which affects reserves and the balance sheet."

"America's trade deficit has grown enormously since 1983. Funding such deficits requires large corresponding capital inflows"

"In general, not enough air flow. The barns will never have enough airflow in summer and will be way too airtight in winter."