Callouts & quotes from 575+ activist slides

"In the YTD 2024 period, FTAI adjusted lower its Cash flows from Operating activities by ~$244m for gains on sale of assets."

"Love it! I'd also like to have a transfer from the airport, daily private masseuse and add flowers and condoms in the room."

"To do the reconciliation, we again subtracted the portions of cash flows that seemingly are attributable to the merchants:"

"We believe the market is offering investors a world-class business for relatively low multiples of earnings and cash flow"

"Still no mention of the effect on cash flow specific to Snap, which was projected to generate ~$90m of cash flow in 2025."

"This suggests that management may have pulled forward cash flow, and there are signs pointing to a large reversal coming."

"The cash flow generating capacity is just not there, and we caution “don’t believe everything you hear from management.”"

"It appears that Stryker failed to restate the segment D&A when it made the restatement through the cash flow statement."

"Steady-state free cash flow concept, which debt investors have become comfortable with, is essentially the same as AFFO"

"Bunge Is A Levered Roll-Up With No Evidence It Has Ever Generated Economic Cash Flow And Is Now Under Mounting Pressure"

"Spruce Point also takes issue with management's claims that tax issues are the culprit for recent cash flow headwinds."

"We call upon BUR to reconcile cash flows to the investment performance table for historical periods and going forward."

"The following analysis illustrates the cash flow forecasts of TWC assuming initial leverage of 4.75x total debt/OIBDA."

"Pay down ~$9bn of Target debt using all of the credit card proceeds, a portion of the IPO proceeds, and free cash flow"

"WMB has considerably outperformed SE in the relevant time frame with sell-side valuing WMB’s GP IDR at 25x+ Cash Flow"

"BK has experienced deposit inflow surges during market crises because clients view BK's balance sheet as a safe haven"

"Spruce Point cautions investors that Saputo recently has not generated enough excess cash flow to cover its dividend."

"Spruce Point cautions investors that Saputo recently has not generated enough excess cash flow to cover its dividend."

"A price reduction on the order of 20% would have reduced cash flow by $91 - $126 million assuming all else is equal."

"But none of them generated excess cash flow, not even when oil was at $100 a barrel. In fact, the opposite was true."

"Revenue, Earnings Quality And Cash Flow Are Deteriorating With Clear Weaknesses In Accounting And Auditing Oversight"

"Xerox touts ~$1.2B in "cost cuts" over the past two years, but only ~$30M of those "cuts" flowed to the bottom line"

"CP's inferior operating margins lead to lower cash flows and underinvestment in CapEx, driving long-term share loss"

"Xylem’s cash flow statement only shows a $56 million equity investment, far short of the stated investment amount."

"Below are the summary cash flow projections for Pro Forma McDonald's based on the assumptions detailed on page 68."

"Ignore REZI's Non-GAAP results; cash flow never lies and we believe it is the ultimate arbiter of REZI's failures."

"I would pick the Cash Flow Statement because a company’s valuation is based on how much cash flow it can generate."

"Xerox shareholders are selling ~$535 million of normalized annual recurring net cash flow for just ~$1.25 billion"

"In this scenario, Macy's would receive approximately $409 million of cash flow through distributions from the JVs"

"We believe this supports our concerns that AVY’s Free Cash Flow is overstated and cannot be taken at face value."

"This high level of leverage highlights the lenders' confidence in the business and its free cash flow generation"

"We believe Salesforce can reach the Rule of 50 and generate more than $20 of free cash flow per share in FY2028."

"We believe Salesforce can reach the Rule of 50 and generate more than $20 of free cash flow per share in FY2028."

"One of the few public companies Spruce Point has ever seen that avoids providing quarterly cash flow statements"

"Do they do this to artificially deflate their headline capex figure, thereby inflating reported free cash flow?"

"Set forth below are the summary cash flow projections for McOpCo based on the assumptions detailed on page 76."

"1H total revenue growth of 180%, Foundry revenue +41% - no mention of related party contribution or cash flows"

"A handful of top distributors take nearly all of the cash flow; almost no one joining today can reach the top"

"Why is AMR showing $21.8m of cash outflows associated with its share repurchase program when it spent $23.8m?"

"Inventory declines, coupled with cost reduction measures, has resulted in materially higher tenant cash flows"

"Inventory declines, coupled with cost reduction measures, has resulted in materially higher tenant cash flows"

"These combined misclassifications boosted operating cash flow by RMB 88.3 million (US$12.9million), or 57.6%."

"A handful of top distributors take nearly all of the cash flow; almost no one joining today can reach the top"

"Refranchising can generate capital and improve the quality of earnings with a limited reduction in cash flow"

"Refranchising can generate capital and improve the quality of earnings with a limited reduction in cash flow"

"Tenant Sales are Down, but Inventories are Down Even More While Retailer Cash Flows Have Improved Materially"

"Pfizer management committed to “constant flow” of innovation – as highlighted by 15 potential blockbusters."

"Pfizer management committed to “constant flow” of innovation – as highlighted by 15 potential blockbusters."

"Pfizer management committed to “constant flow” of innovation – as highlighted by 15 potential blockbusters."

"Match now trades at less than 8.5x 2024 free cash flow, a nearly 45% discount to the companies shown below."

"The main problem is that GTT does not generate organic growth or enough free cash flow to service its debt."

"Pfizer management committed to “constant flow” of innovation – as highlighted by 15 potential blockbusters."

"Pfizer management committed to “constant flow” of innovation – as highlighted by 15 potential blockbusters."

"Pfizer management committed to “constant flow” of innovation – as highlighted by 15 potential blockbusters."

"Given an inability to generate consistent cash flow, and weakening end markets, Maxar is a potential zero."

"When a critical cash flow line item doesn’t add up, it calls into question the accuracy of Telaria’s cash."

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

"Management expects to invest the majority of the company's free cash flow in value-creating acquisitions"

"When adjusting for these items, Sunnova’s cash flow profile appears much worse than the Company reports."

"When adjusting for these items, Sunnova's cash flow profile appears much worse than the Company reports."